Past is Prologue: A Second Trump Term Will Be Worse
Trump's first term in office lead to economic downturns. Donald J. Trump came into office in 2017 riding the wave of an Obama economy for which he quickly took credit. However, due to his poor economic policies there were severe economic repercussions that the Biden administration worked hard to stem. Sadly, Trump's base believed the lies he peddled and blamed economic woes on the Biden administration. But that's not how it works.
Past is Prologue
Tariffs, tax cuts, and inadequate responses to crises like COVID—exacerbated economic disparities, inflation, and supply chain disruptions, leading to hardship for everyday people. A second term for Donald Trump will bring intensified challenges, especially if past policies and approaches are revived or expanded. His plans for more tariffs, additional tax cuts for the wealthy, and mass deportations will result in a broken economy with grave outcomes.
Understanding Economic Impact
Tax Cuts: The 2017 Tax Cuts and Jobs Act (TCJA) provided substantial benefits to corporations and high-income earners but had limited long-term benefits for middle- and low-income households. The cuts also added to the federal deficit, which constrains future economic flexibility.
Tariffs:The imposition of tariffs, especially on goods from China, led to retaliatory measures that impacted U.S. exports, particularly in agriculture. While the tariffs were positioned as protecting American jobs, they raised costs for manufacturers and consumers, contributing to inflation.
COVID-19 Response:Mismanagement during the pandemic resulted in mass unemployment, overwhelmed healthcare systems, and disrupted supply chains. Policies that failed to prioritize public health and economic stability compounded the crisis.
What to Expect Under Trump's Second Term
These effects will worsen during his second administration:
Trade and Supply Chains:Expanded tariffs or trade wars will increase prices for essential goods and food. Deportation or other anti-immigration measures could cripple the agricultural and meatpacking industries, leading to shortages.
Forced Labor and Ethical Concerns:Desperate measures to address labor shortages, such as forced labor policies, could emerge. Historically, such policies have disproportionately impacted marginalized communities.
Inflation and Scarcity:With potential cuts to social safety nets, deregulation, and unchecked corporate profiteering, inflation could spiral, leaving many unable to afford basic necessities.
Trump's Proposed Policies
Impact of Proposed Policies
1. Increased Tariffs
- Rising Costs for Consumers: Tariffs act as taxes on imports, which businesses pass on to consumers. Essentials like food, clothing, and electronics will become significantly more expensive.
- Supply Chain Strain: Industries reliant on imports, including agriculture, manufacturing, and tech, will face disruptions, leading to shortages and higher unemployment.
- Global Retaliation: Other nations may impose tariffs on U.S. goods, harming exports and worsening economic conditions for farmers and manufacturers.
2. Tax Cuts for the Wealthy
- Widening Inequality: Additional tax cuts for high-income individuals and corporations will reduce government revenue, leading to cuts in social programs that support low- and middle-income households.
- Increased National Debt: The 2017 tax cuts added trillions to the deficit; repeating this policy will further strain public finances, reducing resources for critical infrastructure and emergency aid.
3. Project 2025
- Reshaping Federal Government: This initiative aims to consolidate power in the executive branch and roll back regulations on environmental protections, worker rights, and public health.
- Labor and Immigration Policies: Plans to deport workers and crack down on immigration will decimate sectors like agriculture and food processing, leading to forced labor or other extreme measures to fill gaps.
- Climate and Sustainability Risks: Deregulation could exacerbate climate change, increase pollution, and make it harder for communities to prepare for natural disasters.
