I was astounded the other day when some people were questioned. Several said they thought electing Donald Trump would be better for the economy. I could understand that if those questioned were rich, but they were not. They seemed to be members of the working and/or middle classes.
Where did they get such a crazy idea? How could they think that a super-rich person who has never done anything for workers would do so in a new term? What are his policies that they think would help workers?
Although Trump has been campaigning for months, he has only revealed three things he would do for the economy: extend the tax cut he got passed when he was in office, impose heavy tariffs (between 10% and 60%) on imported goods entering the U.S., and put billionaire corporate mogul Elon Musk in charge of de-regulating corporations.
Extending his tax cuts (82% of which went to the rich) will not help anyone but the rich - and it will add trillions of dollars to the national debt. How will that help the working or middle classes?
His tariff idea would just significantly increase the price of goods in the United States. Inflation has been reduced during the term of President Biden, and it is still falling. Trump's tariffs would reverse that - increasing inflation. How will that help the working or middle classes?
And de-regulating corporations would not help. Those regulations are in place to protect workers and consumers. And the corporations don't need that de-regulation, since they are currently making record profits with the regulations in place. How would de-regulation help the working and middle classes?
The truth is that Trump's economic policies would be great for the rich, super-rich, and corporations. But it would not help anyone else. Trump's policies would actually make things worse for the bottom 90% of Americans.
Trump loves to claim the economy was better under him than under Biden. That's a lie. Real GDP is higher now than it was under Trump. And more jobs have been created under Biden than under Trump. Both are true even after accounting for the effect of COVID.
Don't fall for Trump's lies. The economy would NOT be better under him - it would be worse for the working and middle classes!