Manage episode 275883680 series 2780350
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During Trump’s first term, he promised to speed up economic growth, and that he did. Before he took office, the economy was steadily growing at a rate of 2% a year. He was able to increase it to 2.5%. This was before the pandemic. And how did Trump achieve that?
He removed many regulations introduced by Obama.
He cut corporate tax from 35% to 21%. Before he did that, US corporate tax was higher than many European countries, which was why many American companies moved their headquarters to Europe. By cutting corporate tax, Trump hoped to bring companies back. The combination of tax cut and deregulation was supposed to boost economy, but the boost didn’t last long because of the trade conflicts that Trump administration got into with many countries, especially China.
Why did Trump start the trade war? It’s mainly because he viewed deficit as weakness. But other countries retaliate by putting tariffs on American products.
So overall , the tax cut and deregulation did help boost the US economy, but the trade war cancelled out the benefits.
However unemployment rate was down during the first three years of Trump’s first term, because the government spent a lot of money on defense and other infrastructure. Because the unemployment rate was very low, companies had to raise wages to attract workers. And this did benefit the African American community. Black poverty for the first time went down below 20%, which never happened before. But of course, COVID-19 changed all that.
So what will Trump do if he gets re-elected? He will continue to deregulate, cut taxes, and provide stimulus package like he did in spring this year. What about Biden and the Democrats? What will they do if Biden gets elected?
Biden’s economic plan is very different from Trump. But his focus will be more on containing and managing the virus, so he will mandate everyone to wear a mask. He will have more aggressive testing, contact tracing strategies. He will have a national standard on how to open up.
corporate tax: 公司稅
trade conflict: 貿易衝突
Trump administration: 川普政權
cancel out: 抵消
unemployment rate: 失業率
raise wages: 調薪
stimulus package: 刺激方案
contain the virus: 控制住病毒傳播
contact tracing: 結觸者追蹤