His proposals would expand budgets, threaten growth, and create inflation.
Tens of millions of voters were driven to the polls in 2024 by anger over the economic damage wrought by the incumbent Democratic administration. While some degree of post-pandemic inflation was inevitable, President Joe Biden ignored economists’ warnings by flooding the economy with too much stimulus, runaway spending, bailouts, and red tape that pushed the inflation rate to 9 percent. Yet Donald Trump—while harshly condemning Bidenomics—is set to repeat Biden’s mistakes by dismissing economists’ warnings against his own reckless proposals to dramatically expand budget deficits, endanger economic growth, and unleash inflation.
Many Republicans who spent the past four years highlighting every negative aspect of the Biden economy will quickly shift to highlighting every positive aspect of the Trump economy. Indeed, Trump boosters will likely declare victory if the economy maintains the healthy growth, soaring stock market, and low unemployment of the past few years. The Trump administration inherited the Biden economy’s worst failures as well—inflation, rising interest rates, and threats to long-term economic growth. Unfortunately, Trump’s policies threaten to worsen rather than improve these economic conditions.
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Brian M. Riedl is a senior fellow at the Manhattan Institute. Follow him on Twitter here.
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