The word-of-mouth about Trump’s economy is spreading like wildfire. President Trump leaves no chance of touting about his robust economic strategies in the United States. To everyone’s horror Donald Trump made an announcement suggesting that “trade wars are good”. And further he is going to proceed by imposing 10% and 25% tariffs on aluminum and steel respectively.
Although the president seemed quite amused with himself about this decision, it could prove to be very distressing to the public for the following reasons:
- Only the craziest advisers of Mr President find the idea as gullible
- It is undoubtedly going to affect the America-based companies as well as the consumers
- All countries across the globe have made warning signs about retaliating if any of their products are going to be imposed with taxes.
The most astonishing part about this scenario is, the President seems to be indifferent about the ongoing economy-related discussions
Here, we have listed some of the bloopers caused in Trump economy, which will be evident enough –why Trumponomics is a train wreck.
1-Creating history: Donald Trump had made a promise to its citizens about demolishing the Trade deficit of America as soon as possible. However, the current scenario has otherwise to suggest. In the meanwhile, when President Trump promised its citizens about bringing down the trade-related issues, it has managed to surge up to the highest level. Now, the US is purchasing more goods from the rest of the world than it is selling. The most shocking part is –it is the first time in history.
2-The Federal debt: When Trump was the presidential candidate in the year 2016, he made promises about completely eliminating the federal deficit in eight years of time. Instead, this took a complete U-turn and the national debt has almost exploded and all the credit goes to our all-so-wise Mr President. The GOP’s $1.9 trillion tax is being deducted from corporations and the wealthy people of the country. However, the situation is growing to be such a wreck that it has started to threaten –Social Security, Medicaid, and Medicare.
3-Boost of wages: Trump had promised about raising the wages of the American workers, which would have resulted in an increase of $4000 for every American family, approximately. But, if we look at the current situation, the wages have remained just as it were. On the other hand, the affluent section of the country has grown to be wealthier as their profits are soaring, yet the gains haven’t managed to trickle down a bit.
4-Failure of administration: During the hours of the election, it was blatantly promised that corporations would invest their savings in reducing the differential tax cuts. But, presently, the corporations are spending a considerable sum of money in buying back their shares during Trump’s administration than they have spent on buying new facilities or equipment.
All the promises made by the current President during candidateship have proved to be vague. And the part where he promised that the tax imposed on the middle-class families is going to reduce –suggests that they will end up paying even more than what they are by the year 2027.