If you are a student of history, it can be difficult to come across an election anywhere in the world where the subject of the economy wasn’t a major issue at play. People everywhere desire prosperity as that means a better standard of living for them personally and their families.
In the 2016 US Presidential election, the subject of the economy is no less important than it was in 2008 when we were hit with a “financial crisis”. While some economic indicators like the stock market have flourished, many others have not been so rosy and GDP has remained remarkably stagnant over 8 years thanks to the punitive and often incompetent economic policies of the Obama administration. Thankfully our Federalist system has helped blunt the impact in some states with sensible and pro-business policies – Utah in particular has enjoyed a decent economy. As a businessman, Donald Trump brings a unique perspective to the office of the Presidency – he’s not been a lawyer or a lifelong government employee whose only requirement is to pay lip service to the concept to keep their job in place. He’s been on the ground creating jobs for most of his life. Has there been failures? Yes. But anyone who does get into business experiences failure at one point or another. What matters are the successes outweight the failures.
To read about his economic policy as published on his presidential profile website, click here.
Veering over to LDS theology for a moment, the Book of Mormon deals with the subject of prosperity from the beginning of the book. For a book that has well over 250,000 words, it isn’t a lengthy promise but it does reoccur in the text through different points of Nephite history to the degree that one could say that they were early beneficiaries of the American Dream – follow God and prosper in the land. To quote the first instance of 1 Nephi 2:20:
And inasmuch as ye shall keep my commandments, ye shall prosper, and shall be led to a land of promise; yea, even a land which I have prepared for you; yea, a land which is choice above all other lands.
After that, the phrase “prosper in the land” shows up as a frequent reminder and promise in the text to people that live in the land of promise, particularly the USA. Keep the commandments and you’ll financially benefit, if that’s one of your goals. God doesn’t want us to be poor…but he’s put forth guidelines for wealth too. Avoid letting it become your personal god and use it if you have it to do good.
How does Donald Trump view the path to prosperity under his leadership? If you haven’t watched this, please do as opposed to relying on biased media filtered sound-bites:
To sum up the many parts:
-“Jobs, growth and opportunity” for Americans is the focus. “We are in a competition with the world and I want America to win.” Of course, that line isn’t repeated and bashed ad nauseaum on CNN/NBC/CBS/ABC/Facebook.
-He uses Detroit as a prime example of a city that used to be great but whose decline is down to progressivist globalist policies. Mentioning that we build up other countries at the expense of the American worker.
-Points out a NY Post Article that was entitled “How Donald Trump saved New York City” and how he would bring that vision to the rest of the country. Also mentioned how workforce participation is struggling, home ownership is down to historic modern lows, that food stamp usage has skyrocketed, that reported unemployment numbers are hoaxes, and that poverty has gone way up under Obama and his policies.
TAXES: Covers the differences between his tax plan (cut them down) and hers (raise them drastically, including on the middle class). Trump’s plan removes some of the brackets in place now, simplifying it to three from the current amount of seven. Later in the speech he proposes cutting corporate taxes from the 35%-40% levels now, down to 15% so that we bring business back into the country, not forcing it out to avoid the punishments. This will be a huge boon to boosting the economy nationwide (He got a standing O for that proposal).
– Some taxes Trump will eliminate include the Carried interest deduction and more importantly, the hated “death” tax.
-Parents can deduct child cares expenses on their taxes.
REGULATION: Hammers over-regulation and how that costs us over $2 trillion a year. That’ll happen when you have over 80,000 pages of regulations. Pointed out the huge numbers of regulations that Onama has put in place in just 8 years. He stated: “I am going to cut regulations massively.” and he will require every agency to justify the regulations they have in place. He will issue a temporary moratorium on new agency regulations on his first day in office.
TRADE: He has often stated in rallies and the like that he’s not anti-trade but he is pro fair trade. He expressed his desire to see TPP defeated, contrasting that against Clinton’s recent flip-flop where she suddenly changed her stance on such a major policy. He also reiterated his long held stance of re-negotiating NAFTA.
-Trade enforcement. This will be to make sure that countries like China stop with their cheating by holding them to account for it.
-Goes off prompter to promote the concept that we have to have trade deals that benefit us as opposed to letting those on the other side reap all the benefits.
-In other speeches he has mentioned Constitutional tariffs as a way to deal both with trade and improve the economy. He avoided those in this speech but it’s important to remember this question: “How did the US government fund its operations before the income tax was added to the US Constitution?” Tariffs helped keep the government small until the money spigot of the income tax was opened.
ENERGY: Always important to any economic health is energy. Trump essentially promises to be the anti-Obama/Clinton when it comes to energy by getting those anti-coal policies out of place.
That’s it for now but overall, Trump’s plans for the economy are a complete 180 of what we have been seeing over not just the past 8 years but the past 30. He has a couple of other mantras apart from “Make America Great Again” – one is Make America Rich Again and another is “America First”. What a refreshing change of pace that will be for the greatest country in the world.