The article analyzes the economic landscape President Trump inherited, highlighting challenges like a large national debt, a weaker labor market, and a cost-of-living crisis. It suggests solutions, including increasing energy production, implementing strategic trade policies, and reducing federal spending. The author emphasizes the need for fiscal responsibility and the importance of Trump's economic team.
If you’re under the impression that President Trump inherited “a strong economy,” as an NPR headline claimed recently, guess again. He’s got his work cut out for him.. Combine that with a $36 trillion national debt, a labor market that is much weaker than previously estimated, and deteriorating federal finances, and it’s clear Trump has a real mess through which to navigate.
America is also perfectly positioned to export vast quantities of energy worldwide. The U.S. has a four-to-one cost advantage over Europe when it comes to natural gas and natural-gas-derived chemicals; that’s a golden opportunity to increase exports, close the trade deficit, and boost both economic growth as well as national income.
Trump will also need to avoid the mistakes of presidents like Clinton and Bush, who signed trade agreements which negligently hollowed out American industry. And he should crack down on abuses of his own signature trade treaty, the US-Mexico-Canada-Agreement .to abuse the USMCA by routing subsidized products through their countries before dumping them in America. That makes it impossible for American workers to compete with their foreign counterparts.
ECONOMY TRUMP TRADE FISCAL POLICY ENERGY
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