Many voters have thrown their support towards Trump believing he can, “Fix the economy”. However, after the release of Trump’s detailed budget plans, it becomes clear that a fixed economy will not be the result of a Trump presidency. In fact his plan involves extreme cuts in government services, massive deficit increases, and a nonsensical tax plan. It doesn’t take an economist to figure out that Trump’s economic policy spells disaster.
The part of Trump’s economic plan that people find most appealing is his tax plan. Taxes aren’t fun, so let’s make this simple: he wants to largely reduce them. His plan involves increasing tax deductions by 400%, and the annihilation of some taxes all together. This tax plan involves reduced taxes for every household, corporation, and small business, but the wealthy will benefit the most from these cuts. If this plan would be implemented it would easily be the largest tax cut in American history. This seems like a great idea, until you look at how much the government loses. This tax plan would cost the government $9.5 trillion over the first decade, and will plunge the nation into extreme debt. Overall this plan does nothing but benefit the rich and send the nation into an economic downward spiral. This plan is so unrealistic that many economists have called it a “fantasy” for it is an idealistic attempt to rid the nation of high taxes, when in reality it does nothing but hurt the economy and benefit the rich.
Alongside the Massive tax cuts Trump also promises massive spending cuts, however many of these cuts involve important government institutions. He has promised to get rid of the Environmental Protection Agency, claiming he values the money more than he values the environment. He wants to defund women’s health facilities, which will heavily impact breast cancer research. Trump has also promised to get rid of Obamacare, however this will leave millions of Americans without health insurance. Even with these cuts the government will still be spending billions of dollars more than it is making in tax revenue. This will lead to massive debts. The only thing the cuts to government services do is leave the American people in a polluted cancerous wasteland with no health insurance to help them.
Trump’s plan also involves massive increases in government spending. Trump has promised to increase the size of the military, even though America already has the largest and most expensive military on earth. But the spending doesn’t end there, for Trump has promised to deport 11 million illegal immigrants. This feat is estimated to cost the country $600 billion. Trump wants to spend billions of dollars the country doesn’t have on things the country does not need.
Trump’s plan promises to cut taxes, and increase spending. This phrase alone sums up the nonsensical nature of Trump’s economic plan. Trump promises that the government debt will be made up through the growth of the economy. However, even the most optimistic projections for economic growth under this plan still see the government loosing trillions. The debt will increase, important institutions will disappear, and spending will increase towards unnecessary aspects of the government. Trump has been travelling the nation claiming that he will “make America great again”, but after looking over his economic policy it is clear he will do nothing but make America broke again.
*All information and analysis of Trump's economic policy was taken from the nonpartisan Tax Policy Center. Follow this link for more information.
http://www.taxpolicycenter.org/publications/analysis-donald-trumps-tax-plan/full
