Trump Offers a Cure to “Bidenomics” That Will Juice the Economy and Curb Inflation
Donald Trump’s just-presented economic vision for America couldn’t be a more radical — and encouraging — departure from the Harris-Biden horror show of “Bidenomics.”
The former president wants to return to the days when he presided over low inflation and low unemployment — by unleashing domestic manufacturing and energy production, ending wasteful Green New Deal spending, ditching onerous regulations, and making his tax cuts permanent.
That is a winning policy that is about as far from Kamala Harris’ socialist price controls, multitrillion-dollar tax hikes, and more inflation-boosting mistakes of the Biden administration.
Trump sees a more robust energy market jumpstarting the broader economy. He aims to halve energy prices “within 12 months” (triggering lower costs for other goods, too) by declaring a “national emergency” and ramping up “energy production, generation and supply.”
“Starting on Day 1,” he vowed, “I will approve new drilling, new pipelines, new refineries, new power plants, new reactors — and we will slash the red tape.”
He’d also “terminate” the “Green New Scam,” rescinding unspent funds OK’d in Harris-Biden’s price-hiking Inflation Reduction Act.
Other highlights of Trump’s plans to juice the economy include:
- Scrapping 10 on-the-books regulations for every new one.
- Creating a “sovereign wealth fund,” built largely from tariff collections, to invest in infrastructure, defense, and medical research.
- Setting up a government-efficiency task force, headed by Elon Musk, to “audit” all federal operations and recommend “drastic reforms.”
- “Eliminating” the deficit, using wealth-fund money, increased tax revenue from a stronger economy, and spending cuts.
- Making his 2018 tax cuts permanent, eliminating taxes on tips and Social Security benefits, and lowering the tax rate for companies that operate in America to 15% from 21%.
He’d couple all this with a bid to “restore the rule of law” in America — his top priority after years of Democrats “censoring speech” and “weaponizing the justice system.”
Similarly, he’d crack down on the onslaught of illegal migrants (his signature issue) costing Americans jobs and taxpayers “hundreds of billions.”
It is true that Trump may be unable to meet all those lofty goals, especially if Democrats control Congress. Yet he’d push the nation in the right direction after years when Harris-Biden policies drove up energy, and grocery prices and sky-high interest rates made homes unaffordable.
Trump had all the opportunity to do the above in his first term. Guess how much he actually did? Trump is the King of Blowhards, all talk, no action. But, thanks to what Trump did do when he was President, we got near record inflation, from his reckless spending and tax cuts on he wealthy.
Retard joe and his token cunt had the same opportunity. So stfu asshole
Andrew, what country were you living in at that time?
I enjoyed $3 eggs and $2 gas.
As I recalled, No one was entering the country, so the news showed Obama
pictures of kids in cages and called it Trump.
I do not remember hearing about thousands of kids being Raped at the border?
But this is what happens when the Democrat’s make deals with the Cartel gang members!
You must have been in a coma for awhile.
But again, NO one pays attention to government when their lives are good.
Democrat’s must have KAYOS, It gives them POWER!
Republicans to for that matter. Any political person, ( EXCEPT TRUMP )!
You enjoyed $3 eggs and $2 gas until Trump exploded the deficit by $8 trillion before he left office, the highest total in American history for a four year term. Nobody ever did this like Trump did. And you want to bring this total failure back?
We all paid for Trump’s totally reckless spending, as well as his mishandling of the pandemic, where he destroyed countless small business’s to support the far wealthier large companies. I remember how many storefronts in my small city were vacant because of his lockdown policies.
Sorry, i do not need a repeat.
I agree AG. And the second term will be worse. IT will be Trump’s narcissism, racism, sexism, stupidity on tariffs, arrogance, revenge, lawlessness, endless investigations and committee hearings, all on steroids. You are correct when you say “Why didn’t he do this his first term?” Answer is because Trump is all about Trump. He only cares about the country when there is something of grift in it for himself. Add to this, that his second term will be “the revenge tour” characterized by many arrests and sham trials and the destruction of many departments like the EPA, Education Dept, DOJ will be fashioned into a Trump weapon, etc.
In order to preserve our democracy from autocratic holocaust deniers like Trump, we may have to endure higher pump prices, higher food prices, etc. just a little longer in order to kill MAGA. It will not be enough to elect Harris if MAGA survives. Vance and others are in the wings awaiting their big opportunity to deliver us to the fascists.
Nicely played Darren………
Egg’s are due to avian flu, not inflation, in this latest price hike.
The only time since December of 2008, under Obama —- the price smasher…..got gas at $2 or less, was May of 2020 about two months into the lockdown thanks to the Trump Covid Response or TCRsucks. Yes, you are right, he has a way of changing supply and demand. Later that year, as demand flushed down the toilet and no one was buying any gas, much less foreign gas, Trump claimed energy independence.
You are right, those were the days my friends.
Remember when Trump suggested that we just test less and then we will report less cases? Or —– did covid really kill him or was it that hangnail and he just happened to have covid as an aside.
You are right, those were the days my friends.
Under the TCRsucks, we ranked 222 out of 238 countries in per capita death. Don’t have to be a rocket scientist you realize we could have saved a half a million premature deaths if we came in at 100 of 238 countries.
I don’t want to return this felon to power.
Question is “Why would anyone trust a failed business man who has racked up more business bankruptcies than any other American trust Trump with the economy!!!???? His stance on Tariffs should tell even the dumbest of citizens that he knows nothing about the economy. Tariffs are taxes Americans pay to buy a foreign produced goods.
BS: Donald Trump is a consummate liar yet you seem to accept any utterance dribbling out one side of his face or the other. You seem to question nothing.
Do you remember:
Self-fund campaign (and make a profit on interest)
Take no salary (except he probably took the final paychecks, they can’t tell)
Mexico will pay for the wall (not bloody likely, never was)
We will build a wall. (not even close to finished)
Approve the Keystone XL project and reap the profits (no profits, no pipeline)
ObamaCare is ez to fix on day one. (except it isn’t)
Create new fantastic health care accounts (no change)
Allow Health Insurance across State Lines (no change)
Infrastructure weak with $550B investment (sell you a bridge in NJ)
Renegotiate Iran deal (nope)
Place lifetime ban on White House officials lobbying for foreign government. (done by Trump EO on 1/26/2021 to screw Biden)
Close parts of the Internet where ISIS is (nope)
Open libel laws (nope)
Not take vacations (hell nope)
Investigate Hillary (nope)
Place lifetime ban on foreign lobbyists raising money for American elections (Trump raised money this way for 2020)
6-weeks’ vacation for all workers (got it for Federal workers only, go figure on that one)
On his tax cuts to the rich, Trump committed to 4% GDP growth, and associated tax revenue yet verbally promised 6% or higher. He delivered less than 3%. Hoover laughs at him. The deficit roared as Trump printed free money with his tax cut and spend policy that Trumpers love.
Trump promised factories, a number of the press announcement and PR ground breaking events for new factories, never produced a factory. Biden has seen an average monthly increase of 18,200 manufacturing jobs per month, compared to 11,600 per month pre-pandemic under Trump. That’s prepandemic. Trump did not bring back US manufacturing.
You can hassle the jobs, unemployment, whatever, either Biden better or it’s a wash tween the two men.
BS: this ain’t me spewing, you can look it up. And there’s a couple dozen more dozen Trump 2016 commitments and promises never met.
Inflation rose under Trump until the pandemic when he printed money and ran up the highest deficit and debt in our history. Biden did add to the money printing press and got hit with 18 months of really high inflation which is currently 2.89% in July 2024. It was on his watch and he fixed it.
Again, these numbers can be found if you look. NOW, you tell us where Trump economic numbers are better? Show us the money where Trump did better beyond inflation. The man gave you some free money via tax cuts and stimulus. He even tried to get elected on his last minute 2020 stimulus that he bungled for it to come out for Biden to manage, one of many timebombs Trump left behind. NJ remembers Trump leavings…..
But tell us, where is Trumpchaosconomics better than Bidenomics? Because on a personal level, I have never had more wealth than under Biden, and I am retired. It’s an anecdote and a data point is not a statistical truth, but it was not that hard to do. So, show us the money. Show us the truth of Trump economics.
I will go through some of his lack-of-planning plan starting with creation of the tip based economy, the stupidest plan in the world adopted by both candidates. Harris put it up as defense, I really doubt she could ever get it done unless Congress is stupid too. Really stupid.
Very good points Frank. I think MAGA people believe what Trump says and never hold him accountable to the actual facts. Sadly, there are some pretty stupid people in Congress. MTG come to mind? The way I see it, if you know something is a lie but you insist on believing and propagating the lie, then you are stupid. Using this filter, I estimate around 25 to 40% of Congress is really that stupid! Look at how many GOP have been convicted in the past four years. Look at the facts that the GOP attracts folks with high school or lower degrees. There can be no doubt about it, the GOP is dumbing down!
The Plan components:
I can do this one quickly and it applies to Harris and Trump. Title it Getting Tipsy.
In this world, you can generally solve things one of four ways:
1. The right thing, the right way.
2. The right thing, the wrong way.
3. The wrong thing, the right way.
4. The wrong thing, the wrong way.
In the case of no-tax-tips, it’s the wrong thing the wrong way. By either party.
First, focus on the root cause or goal of the problem. Why are we doing this? It must be because we feel these folks need more money than what they are being paid under the current salary and tip structure.
The goal is to give these people more money, a raise, a living wage. And the no-tax-tips answer is to let them not support America while mandating that the other taxpayers cover their collective asses.
Law is always about picking winners and losers and this one artificially picks winners on the backs of the losers who will cover the cost.
The right thing would be to pay them fairly and let the market —– providers and customers —- bear the cost. The way markets are supposed to work in the capitalist world.
The right way would be to raise their wages, the minimum wage, and just pay them fairly.
The wrong way will have unintended effects like changing service markets to be “for tips market,” For every dollar of tip, at an estimated 20% tax which, given SS 6.2% tax, Medicare at 3% (employer pays half, not sure what trumpy do there), is a pretty light estimate means that you have 20 cents tax/profit on every tip dollar. When Joe the painter says “if you pay in tips, I will give you ten percent discount” you will jump at it and Joe will charge you 1$ for the job and you will pay a $10k tip. Untaxed, it’s like getting 20% from the government for goods and services, dropping your price to customer 10%, and taking the remaining 10% extra profit for yourself. Customer pays 10% less, you get 10% more and only the tax revenues and other taxpayers suffer. Trust me, I’m from NJ and we have been paying in cash for decades to escape taxes. Workers will figure this out in a heartbeat and use it for competitive advantage immediately. The process happens overnight and the players can’t even spell arbitrage…… Almost impossible to police.
It’s a stupid idea that will game the system, potentially game a good portion of the free market, and pick winners and losers based on how fast you plan the scam. We will become a tip-based economic model that sucks. It’s a stupid election pandering program by both parties.
And what of the loss in tax revenues? Either programs will be slashed, the burden will be borne by those still paying taxes, or we will run up more debt —– or a combination thereof.
FYI: did you know that Trump’s last tipsy plan was to pool tips at the employer? Went down the tubes when the idiots figured out that employers would probably not pay out the whole amount and there was nothing that legally could be done to stop them. Yeah, he’s a brilliant economist and money manager, that guy….
Did you hear the one where Trump wanted to write-down our debt? I think he got “the call” on that one from “the cabal,” — your’s, mine, and ours’s somebody really secretive and powerful who told him sssssh, ending the world economy will not go good for you Don, stop saying that. I have tracked him saying it twice in eight years. Yeah, a brilliant economist and strongman.
This is a keystone Trump economic program and it is very stupid on many levels, economically speaking. It’s the right thing done the wrong way. Harris is pandering on this one and it will not make lives better —– getting a raise for these folks will. Do the right thing the right way and leave the gimmicks and snake oil economics on the shelf.
BS says: “The former president wants to return to the days” which is a major Republican theme right after “Democrats are communist baby killing demons who let pet eaters into their neighborhoods.” Plans that recycle the past generally don’t profit the future. Those were the days, my friend, is a lament we all have, but face it —- it wasn’t really that much better way back then, was it? Most certainly the Biden economy is better, but many of you still don’t feel it.
On the Trump plan, a few spots I like, most is trash:
Trump promised to bring back manufacturing once before —- he failed to do that on his last four years with the same lame promise. No one can bring manufacturing back, it’s gone, NAFTA may have expedited it, but it would have gone anyways, just a matter of time. Archie Bunker is dead. Biden did better than Trump in adding manufacturing jobs, but we are not going back to the 40’s, 50’s, and 60’s. If you plan to exit High School, work the factory, skip the Union, have a great life, well, get a new plan. That one is high risk for little pay. I suggest learning a skilled trade at minimum, maybe a small business, one you can scale up or franchise, or get an advanced degree if it’s the elitest life you want to lead. But standing on the production line: will be ever shrinking pool due to lower costs elsewhere or the addition of higher automation, soon to be AI driven, here. Matter of fact elitists, you better watch your back as AI starts eating your jobs. Change — the one constant in life. As our economy moves from Henry Ford’s industrial age to the post-industrial age with its service-oriented economy, the best either Harris or Trump can do is blunt the demise, bring back targeted manufacturing for items, like chips, batteries, solar, needed for economic national defense, but going back to the days of Detroit muscle, Pittsburgh steel, and West Virginia coal —– not bloody likely. We need to move ahead into an age where much of our economy will be service-based, and hopefully much will be based in creation of new goods and services —– everything from pet rocks (that you don’t eat) to advanced medicines, machines, and methods. Yes, we will need factories for much of this, but our postindustrial factories will focus on new, pounding out the first introductions, and then releasing them to be made in cheaper locations. Like incubators for future product generations. Even in the factories, we will need advanced degrees to manage that process. The world is getting smarter, we will need to up our game there to compete. Those are the factories we need today. Yes, there will always be some factories, but the industrial age, for us, is over.
Green New Deal Spending bad? Ask Mush, he’s in the EV business —- big time. Green spending bad? Spending is spending folks; you can measure it. So, measure it for success. But don’t bloviate over it. Obama did solar funding, yes, he owned the Solyndra debacle. But the overall program, including Solyndra, turned a profit. That’s right a government program to jump-start solar turned a profit. Democrats made money on investing in solar. For you. Give the rhetoric a rest and get the facts —– there’s good spending and bad spending and GREEN or NOT GREEN determines neither —- the program does. I’d level WV for the coal if it’s profitable. But it is not. On so many levels. Judge the program on it’s financial and societal merits, not emotional outbursts. As an aside, Mush has recently made some real innovations in space —- that’s so cool. Only 55 years since the moon landing and private industry is making space a new market. Gee, I wonder IF we had invested our tax dollars in that we could have expedited the schedule? Get it: sometimes to jump start an industry or market, it’s good to use public funds to begin the adventure. Sure would like to beat 55 years for EVs……. Mush you doggies. Before we eat you…..
“Ditching onerous regulations” is a good one in my book and his 1 for 10 is a most stupid way of doing it but perhaps stupid is what we need given how badly out of control it is. A better way would be to cancel all superfluous regulations ASAP but apparently Trump or the rest of us are too stupid, protective, or lazy to do that. I generally hate stupid fixed-numerical mandates like this preferring quality over quantity, but we are out of control so maybe Trump’s way is best. For now. We could use a metric for success or a goal though. IMO, until we can look to open a small business without outsourcing payroll, taxes, and all the rest of the bureaucratic bullshit to lawyers, cpa’s and other “experts,” we should keep cutting. Until an average American can do their taxes, without software control, in a few hours, we need to simplify the tax code too. Not cut taxes, cut the code complexity. The tax code alone is daunting, but the thought of what it takes to hire one extra person is red-tape mind boggling. We stifle start-ups, we create tax cheats with complexity.
“Making his tax cuts permanent” is whack until they pay for themselves or you cut costs somewhere. These tax cuts are causing a lot of our deficit so either tax or quit spending. And Trump has never quit spending, just increased it in each of his four years previous so hard to imagine he will start cutting when he doesn’t have to cater to voters for re-election.
Energy: Trump can see whatever he wants, but Biden is drilling more oil than Trump ever did. Trump says he wants to explode the market and do everything except coal. Trump left coal out this time, go figure. I ask you, in a world where ev’s are practical, why would you want more oil? All I can say is can you say: Infrastructure Week? We are drilling more oil than ever before and there was still inflation. It’s time to move to the future. Not forced, not a mandate, but expedite the advent of the EV is a good think IMO. I mean I love Detroit muscle, I love my V8 full size 30 year old truck, and will always drive it, but I also love my hybrid for day to day, and look forward to my next EV iteration. Fast and quiet — cool. Humvee just came out and what better than driving an EV Hummer to save the planet, ha ha. Sure, we need more energy — but electric Don, the future Don, it’s here today.
He’s canceling the IRA act. Here’s what you will lose with that: *https://www.whitehouse.gov/briefing-room/statements-releases/2024/08/16/fact-sheet-two-years-in-the-inflation-reduction-act-is-lowering-costs-for-millions-of-americans-tackling-the-climate-crisis-and-creating-jobs/* It did not raise any prices, you have not proved that it did. You are throwing th baby out with the bath water to kill either of the Biden investment bills. They are good, profitable, bills.
Tariffs: Are best used for emergency protection of jobs and production like in times of war. They are best used for short terms of time in that they are punitive and disrupt free market economies while artificially picking winners and losers. Tariffs are a tax borne on the backs of consumers, sellers, or both — probably both. Trump found he can do these without Congress so it’s a favorite tool. His plan is to somehow use the receipts as his piggybank for pet project. That’s not a reality given our three branches of government and a Congress that holds the purse strings. With tariffs, unless low-cost alternative supplies are present, you will pay more, just like inflation to get Chinese and other goods. The goal here is for China to buy more of our shit, or for us to buy less Chinese shit either by forgoing what we want OR getting it elsewhere. Elsewhere can take time depending on production complexity and tariff amount. Basically we will spend more for Chinese goods, Trump will use the money as if he taxed you, and you will see fake inflation and the tariff rate.
Trump further plans to create a “sovereign wealth fund,” built largely from tariff collections, to invest in infrastructure, defense, and medical research. I am not sure this is legal even. But if he plans to manage said fund, look out, remember the Trump Foundation he managed.
Setting up a government-efficiency task force, headed by Elon Musk, to “audit” all federal operations and recommend “drastic reforms.” Hey, I’m willing to listen. HOWEVER, in my life I have seen more political, business, and social revolutions fail miserably with many individuals harmed along the way. I prefer evolution over revolution in most, but not all, situations. This is one, for sure. But I am willing to listen to a report. Musk says himself, that he is a gambler. He hit it big early, then did Paypal and broke the bank. He does not own Paypal, he took the money and rolled the dice again. Now he’s got SpaceX, Tesla, X, and more. It’s not all gone well, many hurt, but he’s a gambler and he continues to roll the dice on high risk ventures. Problem with a swing-for-the-fences approach is often you miss, big time. The government is not a craps game, it should not be treated as a high-risk venture. But I am willing to listen and Musk is one smart, savvy guy. I am personally more a Waren Buffet sort of thinker. I hit base hits with a really high percentage of on-base. That works better for me.
“Eliminating” the deficit” is a joke from this man. Using wealth-fund money is your payments from tariffs, like that? Increased tax revenue from a stronger economy is another joke from the man who failed miserably the last time. Remember, he ran up the same debt as Obama in half the time. As well as promising spending cuts. This man spent more than Obama’s last year in his first year and INCREASED spending every single year in office. In his fourth year, he nearly doubled (7.253.T) Obama’s last year of spending (3.98T). This man never cut spending and increased it a lot. He outspent Obama’s eight years of spending in just four years. Yeah, believe that guy.
“Making his 2018 tax cuts permanent, eliminating taxes on tips and Social Security benefits, and lowering the tax rate for companies that operate in America to 15% from 21%.” I have written the stupidity of the tax-free tip economy, tax-free social security is the same, and lowing tax rates for doing business in America —- why? At some point, unless you cut costs or raise GDP, you get a negative result. Which is what Trump has done so far. He cut taxes, did not cut costs, did not get his GDP growth and now we owe more than we every have before. If he continues his free-money, debt-fueled gambit, at some point our international backers will back the Chinese instead because our risk is too high. It become too high for a bit with Obama, went over the top with Trump, and Biden has barely nudged it back —— financially, the US is at high risk of default. And when that happens, covid will look like the common cold.