Key Takeaways:
– Donald Trump’s economic policies heavily favor the wealthy
– Trump’s 2017 tax cuts largely enriched the top 20% of America, particularly the 748 billionaires
– Wealth inequality under Trump has rapidly escalated, benefitting the richest 1%
– Trump’s proposed ‘Project 2025’ may undermine the rights of workers
– Trump’s economic mismanagement during the pandemic was mitigated under Biden and Harris’ administration
The Influence of Trump on the Economy
The ideology that former President Donald Trump would be economically better than Vice President Kamala Harris is a perspective seemingly skewed by grand delusions. Unsurprisingly, numerous billionaires, including Elon Musk, have supported Trump throughout his political journey, not due to their altruistic spirits, but because of Trump’s policies that are tailored to their financial benefits.
Trump’s Helping Hand to Billionaires
Trump’s economic record is predominantly identified by his 2017 tax cuts that, on the surface, appeared to be geared towards the American proletariat. However, the reality is starkly different, as it was designed to cater to the wealthiest 20% of America. This massive wealth transfer enabled America’s 748 billionaires to amass a staggering $2.2 trillion after the tax adjustments.
The Broken Promise of Trickle-Down Economics
An old economic myth was revisited when Trump reduced the corporate tax rate. His Council of Economic Advisers guaranteed workers a bonus of at least $4,000 to their salaries via the trickle-down economics theory. Yet, this hasn’t materialized. One analysis of S&P 500 companies in 2018 revealed that over 80% of the tax cut income was channeled towards company owners, with marginal 20% reinvestment into the businesses.
The Billionaire Booty in Pandemic Times
During the first year of the global pandemic, while millions of average Americans lost their jobs, the country’s billionaires increased their wealth by a whopping $1.2 trillion. The world’s richest person, Musk, reportedly paid only about 3% in taxes from 2014-2018, while the average American was taxed close to 15%.
Global Wealth Accumulation under Trump
Wealth distribution under Trump’s watch didn’t just affect American billionaires, but also their global counterparts. Between 2020 and 2023, the richest 1% accumulated two-thirds of the new wealth created. Foreign billionaires, not just content with their wealth surge, also offered financial support to Trump’s cause.
The oligarchs’ Secret Dealings
The Panama Papers leak of 2016 unveiled a covert network of shell companies utilized by the global elites to evade taxes. Unfortunately, the legal proceedings concerning this scandal have largely acquitted the charged individuals, while some American taxpayers were sentenced in 2020 for related fraud and money laundering crimes.
Trump’s Improper Economic Propositions
Amidst these observations, it’s baffling that working-class Americans would still believe that Trump’s economic policies would benefit them. Consider ‘Project 2025,’ a proposed outline for a potential second Trump administration that would potentially undermine workers’ rights and allow corporations to sidestep paying overtime.
Trump’s Mismanagement and the Pandemic
It’s crucial to mention that Trump’s economic mismanagement was evident during the pandemic, with American workers only seeing some gains due to the corrective measures adopted by the Biden and Harris administration. Notably, the American Rescue Plan, which played a significant part in economic relief during the pandemic, saw no support from the Republican side, including Trump.
Final Remarks
Despite his everyman persona, Trump’s tenure as President revealed a clear penchant for serving the wealthy elites over the American worker. His economic strategies and policies reveal a systematic approach to amass wealth for the rich at the cost of the average American citizen. Thus, one must question the belief that a ‘Trump economy’ would serve all equally. It’s in the data and the narratives: it is essentially a system that robs the many to enrich the few.