{"id":124164,"date":"2024-11-10T08:56:47","date_gmt":"2024-11-10T01:56:47","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=124164"},"modified":"2024-11-10T08:56:47","modified_gmt":"2024-11-10T01:56:47","slug":"frustrated-americans-who-voted-for-trump-await-the-economic-changes-he-promised","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=124164","title":{"rendered":"Frustrated Americans who voted for Trump await the economic changes he promised"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p>WASHINGTON (AP) \u2014 Fed up with high prices and unimpressed with an economy that by just about any measure is a\u00a0healthy one, Americans demanded change when they voted for president.<\/p>\n<p>They could get it.<\/p>\n<p>President-elect Donald Trump has vowed to topple many of the Biden administration\u2019s economic policies. Trump\u00a0campaigned on promises\u00a0to impose huge tariffs on foreign goods, slash taxes on individuals and businesses and deport millions of undocumented immigrants working in the United States.<\/p>\n<p><a href=\"https:\/\/www.pbs.org\/newshour\/politics\/voter-anxiety-over-the-economy-and-desires-for-total-upheaval-brought-trump-back-to-office-ap-votecast-shows\"><strong>READ MORE:<\/strong> Voter anxiety over the economy and desires for \u2018total upheaval\u2019 brought Trump back to office, AP VoteCast shows<\/a><\/p>\n<p>With their votes, tens of millions of Americans expressed their confidence that Trump can restore the low prices and economic stability they recall from his first term \u2014 at least until the COVID-19 recession of 2020 paralyzed the economy and then a powerful recovery sent inflation soaring. Inflation has since plummeted and is nearly back to normal. Yet Americans are\u00a0frustrated over still-high prices.<\/p>\n<p>\u201cHis track record proved to be, on balance, positive, and people look back now and think: \u2018Oh, OK. Let\u2019s try that again,\u2019 \u201d said Douglas Holtz-Eakin, a former White House economic adviser, director of the Congressional Budget Office and now president of the conservative American Action Forum think tank.<\/p>\n<p>Since Election Day, the Dow Jones Industrial Average\u00a0has skyrocketed\u00a0more than 1,700 points, largely on expectations that tax cuts and a broad loosening of regulations will accelerate economic growth and swell corporate profits.<\/p>\n<p>Maybe they will. Yet many economists warn that Trump\u2019s plans are likely to\u00a0worsen the inflation\u00a0he\u2019s vowed to eradicate, drive up the federal debt and eventually slow growth.<\/p>\n<h3 class=\"mb-0 pb-2 ap-font-bold\">Trump policies could boost inflation<\/h3>\n<p>The Peterson Institute for International Economics, a leading think tank,\u00a0<a href=\"https:\/\/www.piie.com\/sites\/default\/files\/2024-09\/wp24-20.pdf\">has estimated<\/a> that Trump\u2019s policies would slash the U.S. gross domestic product \u2014 the total output of goods and services \u2014 by between $1.5 trillion and $6.4 trillion through 2028. Peterson also estimated that Trump\u2019s proposals would drive prices sharply higher within two years: Inflation, which would otherwise come in at 1.9 percent in 2026, would instead jump to between 6 percent and 9.3 percent if Trump\u2019s policies were enacted in full.<\/p>\n<p>Last month, 23 Nobel-winning economists\u00a0<a href=\"https:\/\/www.documentcloud.org\/documents\/25247867-23-nobel-economists-sign-letter-saying-harris-agenda-vastly-better-for-us-economy\">signed a letter<\/a>\u00a0warning that a Trump administration \u201cwill lead to higher prices, larger deficits, and greater inequality.\u201d<\/p>\n<p>\u201cAmong the most important determinants of economic success,\u201d they wrote, \u201care the rule of law and economic and political certainty, and Trump threatens all of these.\u2019\u2019<\/p>\n<p><a href=\"https:\/\/www.pbs.org\/newshour\/show\/examining-how-economic-plans-from-trump-and-harris-could-affect-inflation\"><strong>WATCH:<\/strong> Examining how economic plans from Trump and Harris could affect inflation<\/a><\/p>\n<p>Trump is inheriting an economy that, despite frustratingly high prices, looks fundamentally strong. Growth came in at a healthy\u00a02.8 percent annual rate\u00a0from July through September.\u00a0Unemployment is 4.1 percent\u00a0\u2014 quite low by historic standards.<\/p>\n<p>Among wealthy countries, only Spain will experience faster growth this year, according to the International Monetary Fund\u2019s forecast. The United States is the economic \u201cenvy of the world,\u201d the Economist magazine recently declared.<\/p>\n<p>The Federal Reserve is so confident that U.S. inflation is slowing toward its 2 percent target that it cut its benchmark rate\u00a0in September and again this week.<\/p>\n<h3 class=\"mb-0 pb-2 ap-font-bold\">Americans are deeply unhappy with prices<\/h3>\n<p>Consumers, though, still bear the scars of the inflationary surge.\u00a0Prices on average are still 19 percent higher than they were before inflation began to accelerate in 2021.\u00a0Grocery bills\u00a0and rent hikes are still causing hardships, especially for lower-income households. Though\u00a0inflation-adjusted hourly wages have risen\u00a0for more than two years, they\u2019re still below where they were before President Joe Biden took office.<\/p>\n<p>Voters took their frustration to the polls. According to\u00a0<a href=\"https:\/\/www.pbs.org\/newshour\/politics\/interactive-how-key-groups-of-americans-voted-in-2024-according-to-ap-votecast\">AP VoteCast<\/a>, a sweeping survey of more than 120,000 voters nationwide, 3 in 10 voters\u00a0said their family was \u201cfalling behind\u2019\u2019 financially, up from 2 in 10 in 2020. About 9 in 10 voters were at least somewhat worried about the cost of groceries, 8 in 10 about the cost of healthcare, housing or gasoline.<\/p>\n<p>\u201cI don\u2019t think it\u2019s either deep or complicated,\u2019\u2019 Holtz-Eakin said. \u201cThe real problem is the Biden-Harris team made people worse off, and they were very angry about it, and we saw the result.\u2019\u2019<\/p>\n<p>The irony is that mainstream economists fear Trump\u2019s remedies will make price levels worse, not better.<\/p>\n<h3 class=\"mb-0 pb-2 ap-font-bold\">Tariffs are a tax on consumers<\/h3>\n<p>The centerpiece of Trump\u2019s economic agenda is\u00a0taxing imports. It\u2019s an approach that he asserts will shrink America\u2019s trade deficits and force other countries to grant concessions to the United States. In his first term, he increased tariffs on Chinese goods, and he\u2019s now promised much more of the same: Trump wants to raise tariffs on Chinese goods to 60 percent and impose a \u201cuniversal\u2019\u2019 tax of 10 percent or 20 percent on all other imports.<\/p>\n<p><a href=\"https:\/\/www.pbs.org\/newshour\/economy\/trump-favors-huge-new-tariffs-how-do-they-work\"><strong>READ MORE:<\/strong> Trump favors huge new tariffs. How do they work?<\/a><\/p>\n<p>Trump insists that other countries pay tariffs. In fact,\u00a0American companies pay them\u00a0\u2014 and then typically pass along their higher costs to their customers via higher prices. Which is why\u00a0taxing imports is normally inflationary. Worse, other countries usually retaliate with tariffs on American goods, thereby hurting U.S. exporters.<\/p>\n<p>Kimberly Clausing and Mary Lovely of the Peterson Institute have calculated that Trump\u2019s proposed 60 percent tax on Chinese imports and his high-end 20 percent tariff on everything else would impose an after-tax loss on a typical American household of $2,600 annually.<\/p>\n<p>The economic damage would likely spread globally. Researchers at Capital Economics have calculated that a 10 percent U.S. tariff would hurt Mexico hardest. Germany and China would also suffer. All of that depends, of course, on whether he actually does what he said during the campaign.<\/p>\n<h3 class=\"mb-0 pb-2 ap-font-bold\">Deportations would rattle the U.S. job market<\/h3>\n<p>Trump has threatened to\u00a0deport millions of undocumented immigrants, potentially undermining one of the factors that allowed the United States to tame inflation without falling into recession.<\/p>\n<p>The Congressional Budget Office reported that net immigration \u2014 arrivals minus departures \u2014 reached 3.3 million in 2023. Employers needed the new arrivals. After the economy rebounded from the pandemic recession, companies struggled to hire enough workers, especially because so many native-born baby boomers were retiring.<\/p>\n<p><a href=\"https:\/\/www.pbs.org\/newshour\/show\/the-potential-economic-impact-of-trumps-mass-deportation-promise\"><strong>WATCH:<\/strong> The potential economic impact of Trump\u2019s mass deportation promise<\/a><\/p>\n<p>Immigrants filled the gap. Over the past four years, 73 percent of those who entered the labor force were foreign born.<\/p>\n<p>Economists Wendy Edelberg and Tara Watson of the Brookings Institution\u2019s Hamilton Project found that by raising the supply of workers, the influx of immigrants allowed the United States to generate jobs without overheating and accelerating inflation.<\/p>\n<p>The Peterson Institute calculates that the deportation of all 8.3 million immigrants believed to be working illegally in the United States would slash U.S. GDP by $5.1 trillion and raise inflation by 9.1 percentage points by 2028<\/p>\n<h3 class=\"mb-0 pb-2 ap-font-bold\">Big tax cuts could swell the federal deficit<\/h3>\n<p>Trump has proposed extending 2017 tax cuts for individuals that were set to expire after 2025 and restoring tax breaks for businesses that were being reduced. He\u2019s also called for ending taxes on Social Security benefits, overtime pay and tips as well as further reducing the corporate income tax rate for U.S. manufacturers.<\/p>\n<p>The University of Pennsylvania\u2019s Penn Wharton Budget Model estimates that Trump\u2019s tax policies would <a href=\"https:\/\/budgetmodel.wharton.upenn.edu\/issues\/2024\/8\/26\/trump-campaign-policy-proposals-2024\">increase budget deficits by $5.8 trillion<\/a>\u00a0over 10 years. Even if the tax cuts generated enough growth to recoup some of the lost tax revenue, Penn Wharton calculated, deficits would still increase by more than $4.1 trillion from 2025 through 2034.<\/p>\n<p>The federal budget is already out of balance. An aging population has required increased spending on Social Security and Medicare. And past tax cuts have shrunk government revenue.<\/p>\n<p>Holtz-Eakin said he worries that Trump has little appetite for taking the steps \u2014 cuts to Social Security and Medicare, tax increases or some combination \u2014 needed to bring the federal budget meaningfully closer to balance.<\/p>\n<p>\u201cIt\u2019s not going to happen,\u201d Holtz-Eakin said.<\/p>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.pbs.org\/newshour\/politics\/frustrated-americans-who-voted-for-trump-await-the-economic-changes-he-promised\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>WASHINGTON (AP) \u2014 Fed up with high prices and unimpressed with an economy that by just about any measure is a\u00a0healthy one, Americans demanded change when they voted for president. &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=124164\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8629],"tags":[],"class_list":["post-124164","post","type-post","status-publish","format-standard","hentry","category-u-s","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/124164","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=124164"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/124164\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=124164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=124164"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=124164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}