Here's What Trump is Turning the U.S. Economy Into
Robert Reich | Substack • • business
Key Points:
- Donald Trump made three key promises in his 2024 presidential campaign: securing the southern border, avoiding foreign wars, and lowering prices while creating jobs, but critics argue he has failed on all counts.
- Under Trump, oil prices have risen above $116 per barrel, gas prices average $4.00 per gallon, and tariffs on imports have increased, contributing to higher costs for American consumers.
- Trump’s economic record includes a historic net loss of nearly 3 million jobs in his first term and an additional 150,000 job losses in his second term, contrasting with job growth under President Biden.
- Tax cuts under Trump primarily benefited the wealthy and corporations, failing to deliver promised wage increases for average Americans, while contributing to growing national debt and deficits.
- Historically, the U.S. economy has performed better under Democratic presidents, with Republican administrations linked to major economic crises and policies that prioritize the wealthy over investments in infrastructure, education, and healthcare.
