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Column: 5 Ways Trump Could Stop Obama's Expansion
In his new US News column,“5 Ways Trump Could Stop Obama's Expansion,” Simon warns that Trump’s economic policies are more likely than not to derail the long Obama expansion.
According to Simon, there are 5 steps Trump is taking that are likely to weaken growth and hasten a recession:
• Labor market disruptions
• Loss of tourism
• Making America sicker and poorer
• The weakening of the global trade system
• A reckless budget
An excerpt from "5 Ways Trump Could Stop Obama's Expansion" –
"If the president's plans provide huge tax benefits to those already well off – as Bush's did – and create massive deficits, the net result will harm the U.S. economy and the nation's fiscal integrity. The hugely regressive nature of the Trump-Ryan health care bill is a sign of where the GOP is going, and it should worry everyone concerned about a strong, healthy American economy.
So, growth or recession? If the president just kept current economic policies in place, the U.S. would probably be headed for a few more years of growth, possibly even strong growth. But the president isn't keeping those policies in place, and I worry that what he is trying to do will in aggregate threaten our economy more than help it grow.
Our president has made a good living catering to wealthy Americans and foreigners. While that strategy may have worked as a private business, the American people and their economy can prosper only if the tide is lifting all boats, not just those docked at Mar-a-Lago. And that just isn't where America is headed now. So count me as worried about our economic prospects, and the ability of Trump to sustain a long and durable expansion left for him by his predecessor."
For more of NDN's work on the Democrats and Republicans' stewardship of the US economy, please review our memo, "In A New Global Age, Democrats Have Been Far Better for the US Economy, Deficits, and Incomes."