On Aug. 8 Donald Trump, the Republican candidate for President, gave a speech to the Detroit Economic Club to discuss his general platform for what he would do in economic terms should he win in November. And over the course of 60 minutes, the New York businessman and political outsider stressed how electing him to the White House would be a step towards the future, while electing Hillary Clinton would be a return to the past.
But interestingly enough, and perhaps ironically if you look at it, both candidates are reaching back to the past, and towards policies and ideologues whom they felt most connected with their views on what the economy needs to do to Make America Great Again.
Donald Trump: Channeling supply side economics, low taxation, and self-sustainability... a return to the 80's and Reagan economics.
In his speech, Trump focused on four key issues, and multiple sub-issues that he wants to implement quickly should he win the White House in November. These key issues are:
Energy: In regards to energy, Donald Trump wants to expand domestic energy production to fulfill all of the country's needs. And this includes re-vamping the coal industry, which President Obama has nearly obliterated in his destructive Global Warming/Climate Change agenda that has only made energy costs escalate higher.
And as I correlated earlier, Trump's ideas are almost lock-step in line with that of a former Republican Commander-in-Chief. And here is what Reagan thought of self-sustained energy programs for the country.
Taxes: Trump in his speech today adjusted his tax bracket goals from when he ran for the candidacy during the primaries. Back then, his tax plan included breaking down the brackets from seven to three, and at rates of 10, 15, and 20%. But now his tax proposals aim for a rate breakdown of 12, 25, and 33%.
Reagan's tax initiatives:
Regulations: Under Barack Obama, regulations have skyrocketed to where it is estimated that 2,948 new regulations are enacted every year. In fact, in relation to the Affordable Health Care Act (Obamacare) alone, what started out as a 2,700 page law has morphed into a monstrosity that is now 30 times larger than the original bill. Donald Trump seeks to eliminate large portions of these regulations in Obamacare, and with umpteen other regulations tied to current and ongoing laws, and attempt to streamline government agencies into focusing on their mandates, rather than agency empire building.
Reagan's regulation policies:
Trade: Donald Trump has been vilified, and wrongly accused in the media for being in opposition to free trade. But on the contrary, Trump is extremely open for free trade agreements, but not in the globalistic ways that the establishment wants to continue forward with. Once President Reagan was out of office, every single President since has furthered the cause of globalism and corporatism by sending our production elsewhere. And this can be seen by the fact that the makeup of the annual GDP changed from primarily being manufacturing and industry under Reagan, to now having consumer and government spending making up over 80% of the annual productivity.
These four planks in Donald Trump's economic platform are nearly identical to the decade in which we saw the greatest productivity in our nation's history, at the cost of a small increase in debt to gdp. And when compared with Hillary Clinton's desired continuation of Obama's/Bill Clinton's legacy of higher taxes, greater regulation, the highest government spending in history, and the lowest GDP results for any President ever, the battle will be won over who can sell the past the best, and use it as the springboard towards the future, and towards the potential for either Making America Great Again, or seeing its final demise.