Pandemic Stalls New Money For ‘opportunity Zones’ As Neighborhoods Try To Recover
Echoing goals set during his first campaign and term in office, Trump calls for tax credits to businesses making American products. And he says he will continue to enact “fair trade deals that protect American jobs” and cut back on business regulations.
As part of his agenda on China, Trump wants to establish 1 million domestic jobs that were previously based in China and offer tax breaks for businesses to move jobs out of China and back to the U.S., focusing specifically on pharmaceutical and robotics companies that currently outsource jobs.
There are no details about these plans, apart from their inclusion on the agenda list.
The White House says it will not give federal contracts to companies that continue to manufacture products in China. The president signed an executive order in August that incentivizes federal agencies to domestically source their jobs instead of outsourcing them. Trump has signed several executive orders aimed at boosting domestic production, but critics say that loopholes have allowed government agencies to circumvent these “made in America” provisions.
Fact Check: Trumps Policies For Black Americans
Trump says hes the best president for African Americans. Is that really true?
African American leaders say a prayer with President Donald Trump at the White House on Feb. 27, 2020. | Manuel Balce Ceneta/AP Photo
11/01/2020 06:40 AM EST
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Lil Wayne set social media ablaze Thursday when the self-proclaimed best rapper alive revealed meeting privately with President Donald Trump, joining the pantheon of past-their prime Black male rap stars Ice Cube and 50 Cent in embracing the president.
Tens of millions of Americans had already voted early in the presidential election before Lil Waynes tweet, which garnered more than 468,000 likes. But the fact that the vulnerable incumbent met with the rapper in the final week of the election — and the extensive media coverage of their encounter — are clear reminders that race is also on the ballot.
Trump famously asked Black voters what they had to lose by supporting him in 2016. A tumultuous four years in the White House provides answers.
The president frequently touts a record-low Black unemployment rate, funding for historically Black colleges and universities, opportunity zones and criminal justice reform as evidence of what hes done for African Americans.
But the wins Trump claims come with a combination of caveats and skepticism, according to policy experts. They also ignore the ways his policies are furthering racial segregation, not to mention stoking racial divisions and violence.
Biden’s Plans For The Economy
The Democratic nominee’s economic plans center on his Build Back Better framework, with planks on such areas as increasing domestic manufacturing and investing in clean energy.
Biden’s “Made in America” plan stands as his economic nationalist alternative to Trump’s “America First” policy. It would spend $400 billion in procurement, increasing the demand for American-made goods, as well as $300 billion in technological research and development. These investments would then go toward U.S. businesses that create products in fields including clean energy, cars, medicine, biotechnology, telecommunication and artificial intelligence.
The Biden campaign says the effort would generate 5 million jobs.
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Appendix D: Impact Of Higher Minimum Wage
Joe Biden has promised to increase the hourly minimum wage from the current $7,25 to $15. In this appendix we discuss how we calculated the effects of this policy for the United States economy.
The Congressional Budget Office , which is an institute renowned for being the foremost independent economic advisor of U.S. Congress, has conducted a sophisticated study on the impact of an increase of the minimum wage for the different income groups in the United States. They also examine the impact of a $15 minimum wage option .
Table A.2 displays the effect on the income of the different income groups as suggested by the CBO.
The results show that an increase in the minimum wage to $15 would increase the overall consumption by 0.04% annually. Our research suggests that the lowest income group would spend 1.86% more in contrast to the highest-income group would spend 0.05% less annually. However, one has to bear in mind that a reduction in consumption by the highest-income group is more in absolute terms than the increase in consumption by the lowest income group.
President Donald Trumps Economic Policies: The Good The Bad And The Ugly
Robert WenzelTuesday, March 27, Friends Hall, SC-219
Refreshments and Registration 7 p.m.Presentation 7:30 p.m.
Please RSVP to or call 201.684.7373.
President Trump has launched a number of initiatives across the economic spectrum from new policies on trade to new immigration policies. He also put in place a new Federal Reserve chairman and has cut taxes and increased spending. These moves are all likely to have long-term effects on the economy and not necessarily in a good way. Wenzel will discuss the good and the many dangers in Trumponomics and why it may lead to many undesirable events such as accelerating price inflation and a lower standard of living for all.
Robert Wenzel is editor & publisher of EconomicPolicyJournal.com and Target Liberty. He is well known for forecasting the 2008 financial crisis in real time and of directly challenging New York Federal Reserve economists in 2005, who argued that there was no developing housing bubble. Prior to launching his websites, Wenzel spent 30 years on Wall Street advising companies on financing alternatives across a broad spectrum of industries including the pharmaceutical and film industries.
He is the author of The Fed Flunks: My Speech at the New York Federal Reserve Bank. A frequent guest on radio talk shows, he has been quoted in The Wall Street Journal, The New York Times, Forbes, Bloomberg, ZeroHedge, LewRockwell.com, at CNBC and many other media outlets.
A serious web site.
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Remaking The Federal Judiciary
Appointed a historic number of Federal judges who will interpret the Constitution as written.
- Nominated and confirmed over 230 Federal judges.
- Confirmed 54 judges to the United States Courts of Appeals, making up nearly a third of the entire appellate bench.
- Filled all Court of Appeals vacancies for the first time in four decades.
- Flipped the Second, Third, and Eleventh Circuits from Democrat-appointed majorities to Republican-appointed majorities. And dramatically reshaped the long-liberal Ninth Circuit.
Appointed three Supreme Court justices, expanding its conservative-appointed majority to 6-3.
- Appointed Justice Neil Gorsuch to replace Justice Antonin Scalia.
- Appointed Justice Brett Kavanaugh to replace Justice Anthony Kennedy.
- Appointed Justice Amy Coney Barrett to replace Justice Ruth Bader Ginsburg.
What’s In Trump’s Plan
Donald Trump calls his plan “the most pro-growth, pro-jobs, pro-family plan put forth perhaps in the history of our country”.
- tax cuts of $4.4 trillion over the next 10 years
- creating only three tax rate brackets: 12%, 25%, and 33%, depending on income
- revised tax code promises that no business should pay more above 15%
- a “Penny Plan”, by which 1% of government would be shrunk
- boost military spending and infrastructure spending
- create 25 million new jobs over the next decade
The US economy is currently creating 2.5 million jobs a year, and is therefore already on pace to achieve Mr Trump’s goal.
“My plan will embrace the truth that people flourish under a minimum government burden and will tap into the incredible, unrealised potential of our workers and their dreams,” Mr Trump declared.
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Defending The Second Amendment
After the US was rocked by mass shootings in Texas and Ohio in 2019, Mr Trump expressed support for a series of reforms, like tighter background checks for gun buyers and “red flag laws”, which block access to firearms for those who are deemed a risk to society.
But after this initial flurry of interest, Mr Trump has done little to move these ideas forward. The president has instead continued his vocal defence of the US constitution’s Second Amendment – which preserves Americans’ right to bear arms – and of the powerful gun lobby, the National Rifle Association .
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Appendix E: Modelling Approach
To assess the economic impact of the policy plans of Trump and Biden, we use the National Institute Global Econometric Model developed by NIESR. NiGEM is a macro-econometric world trade model, estimated in a New-Keynesian framework. This means agents are forward-looking, but rigidities result in a slow adjustment process in case of external events or shocks.
Using NiGEM has a couple of benefits. First, the model allows us to assess the impact of policies of both presidential candidates on several key variables in the short to medium term, such as the government debt ratio, economic growth and employment. Second, NiGEM is an error-correction model, which means that short-term deviations of GDP from a countrys growth potential are made up eventually. So, in the long run, growth is driven by structural factors, such as capital formation, structural employment and labor-augmented technological change.
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Cbo Scoring Of The 2018 Budget
A budget document is a statement of goals and priorities, but requires separate legislation to achieve them. As of January 2018, the Tax Cuts and Jobs Act was the primary legislation passed that moved the budget closer to the priorities set by Trump.
Trump released his first budget, for FY2018, on May 23, 2017. It proposed unprecedented spending reductions across most of the federal government, totaling $4.5 trillion over ten years, including a 33% cut for the State Department, 31% for the EPA, 21% each for the Agriculture Department and Labor Department, and 18% for the Department of Health and Human Services, with single-digit increases for the Department of Veterans Affairs, Department of Homeland Security and the Defense Department. The Republican-controlled Congress promptly rejected the proposal. Instead, Congress pursued an alternative FY2018 budget linked to their tax reform agenda this budget was adopted in late 2017, after the 2018 fiscal year had begun. The budget agreement included a resolution specifically providing for $1.5 trillion in new budget deficits over ten years to accommodate the Tax Cuts and Jobs Act that would be enacted weeks later.
The Congressional Budget Office reported its evaluation of President Trump’s FY2018 budget on July 13, 2017, including its effects over the 2018â2027 period.
Failure: Family Separations And The Deaths Of Migrant Children
Trump in 2016 campaigned on reducing undocumented immigration, pledging to take a hardline approach.
He made good on that promise when coming into office, but was accused of human-rights abuses and violating international law by the UN.
The Trump administration’s “zero tolerance” policy on illegal border crossings led to the separations of at least 5,500 families and saw children placed in cages.
The president of the American Academy of Pediatrics at the time described the practice as “nothing less than government-sanctioned child abuse.”
After widespread backlash, Trump issued an executive order in June 2018 to halt the family separations, and a federal judge ordered the Trump administration to reunite all those it had separated. But the fallout from the separations is ongoing.
Trump falsely blamed his predecessor, former President Barack Obama, for the policy that saw thousands of children separated from their parents.
At least six migrant children died in US custody, leading to widespread condemnation of conditions in detention facilities.
The UN human-rights chief, Michelle Bachelet, in July 2019 said she was “shocked” by the US government’s treatment of migrant children and the conditions they faced in detention facilities after crossing the border from Mexico.
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How Does It Differ From Clinton’s Plan
Mr Holtz-Eakin, says that Trump’s new proposal brings him more in line with what his contender, Hillary Clinton, has proposed but the two plans still look remarkably different.
Mrs Clinton wants to raise taxes on the wealthy, lower taxes for businesses that hire Americans, and continue with President Barack Obama’s reduced defence budget, known as the sequester.
Mrs Clinton does prioritise the policing of illegal immigration as Mr Trump does, and she does not plan to build a wall on the US-Mexican border. Economists have debated the true cost of a 1,989 mile wall, but most agree that it will be very expensive.
Mr Trump says that Mexico will “pay for the wall”, but the Mexican government has rejected that notion.
Neither candidate has proposed cuts to costly “entitlement programmes” such as the public pension and healthcare plans known as Medicaid and Medicare.
Trump Vs Obama On Trade
The Trans-Pacific-Partnership could have been the larger global free trade market, but Trump has withdrawn America from it. The deal was negotiated by the Obama administration. Trump has also threatened to leave NAFTA, the largest free trade market agreement as of now. Trump claimed that he wants to negotiate a higher bilateral agreement.
In 2012, Obama closed a bilateral agreement with South Korea. In 2011, another bilateral deal was closed in Colombia and Panama. In 2009, it was Peru. Obama has also negotiated for the Transatlantic Trade and Investment Partnership. However, the Obama administration did not close the deal. It is still unclear whether Trump will continue the TTIP negotiations.
Trade protectionism has been Trumps leading moto. A trade war was launched by Trump in 2018. In January, Chinese washing machines and solar panels saw significant quotas and tariffs. In March, Trump announced that aluminum will carry a tariff of 10%, and steel imports a tariff of 25%. Approximately $34 billion of imports from China saw the hiked tariffs in July. Again, $16 billion Chinese products saw a tariff of 25% in August the same year. It is still not clear what the final result of these trade wars will be. However, several economists say that such a prolonged trade war will hurt American consumers and businesses more. They predict that even a recession could be in its way.
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If Policies To Reduce Inequality Lead To Unsustainable Increases In Private And Public Debts The Stage Could Be Set For The Kind Of Stagflationary Debt Crisis I Warned About Earlier This Summer
Together with trade liberalization and technological advances, these policies boosted corporate profits and reduced labors share of total income, thereby exacerbating inequality. U.S. consumers benefited from the fact that profit-rich businesses could pass along some of the gains reaped from deregulation , but that was about it.
The Clinton, Bush, and Obama economic doctrines were all fundamentally neoliberal, reflecting an implicit belief in trickle-down economics. But things started to move in a more neo-populist, nationalist direction with Trump, and these changes have crystallized under Biden.
While Trump was more heavy-handed with his protectionism, Biden nonetheless is pursuing similar nationalist, inward-oriented trade policies. He has maintained the Trump administrations tariffs on China and other countries, and introduced stricter buy-American procurement policies, as well as industrial policies to re-shore key manufacturing sectors. Equally important, the broader Sino-American decoupling and race for domination in trade, technology, data, information, and the industries of the future has continued.
Under this arrangement, if inflation were to rise moderately, the Fed would have to adopt a policy of benign neglect, because the alternativea tight anti-inflation monetary policywould trigger a market crash and a severe recession. This change in the Feds stance represents another sharp break from the 1991-2016 era.
