(UnitedVoice.com) – When President Trump ran for office in 2016, he made the case that his reputation as a savvy businessman and negotiator would mean big financial rewards for America. He was right. Trump grew one of the strongest economies in recent history. However, his economic legacy will be more about how he changed the way America thinks and talks about the economy for decades to come.
Throughout American history, manufacturing jobs were the staple of the middle class. In 2016, former President Barack-Obama said manufacturing jobs were never coming back. For decades, presidents and congresses reshaped the US economy into one that benefited many on the world stage at the expense of middle-class workers and manufacturing. Trade deals, regulations, taxes, and immigration impacted jobs and brought about deep insecurities in America’s ability to bring back manufacturing and rebuild the middle class.
Trump successfully tied the four issues together and packaged them into a cohesive message that people affected by them could rally around. It worked, and in 2017, Trump was inaugurated. However, he didn’t stop talking. The president kept his campaign promises and implemented policies that transformed America’s economy.
What Is Trump’s Economic Legacy?
What are some highlights that will form President Trump’s economic legacy?
- Trump’s trade policies will force future administrations to pay close attention to jobs threatened by China and other foreign actors who crave lousy trade deals with America that benefit them at America’s expense.
- Joe Biden now advocates for a “Made in All of America” program that emphasizes American manufacturing over globalization. How much Biden embraces the true meaning of America First will determine how well Democrats and Republicans do in the upcoming 2022 and 2024 elections.
- President Trump reframed deficit spending from being bad to good by taking advantage of it while interest rates are near zero. Deficit reduction is hardly spoken about outside of hardcore conservative circles. The president repeatedly said over his term that borrowed money was cheap and virtually free. Therefore, the government should take advantage of it to help the American people facing bigger problems than the national debt.
- The appointment of Federal Reserve Chairman Jerome Powell was instrumental in moving the Federal Reserve away from focusing on inflation to concentrating on pro-growth policies.
- The stock market’s record-breaking growth propelled 401(k) growth to record increases for the average American’s retirement portfolio.
- Trade negotiations with Canada and Mexico created the new NAFTA trade deal to re-align manufacturing, farming, and digital trade rules and made trade between the three nations more balanced and fair.
While talking about taxes and regulations is vital and important, the legacies from Trump’s America First policies spurred economic growth and innovation up until COVID-19 wrecked the economy. However, economists believe the foundation laid by President Trump should help the economy rebound quickly once the pandemic is over.
That is unless Democrats revert the US economy to what it was under Obama.
Don Purdum, Independent Political Analyst
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