Even before the coronavirus outbreak pushed the U.S. into what is likely a recession, benefits from Trump's policies were largely offset by costs.
President Trump’s pre-pandemic economic blueprint of massive tax cuts and global trade wars not only failed to deliver the promised spike in growth and domestic investment, it now appears to have left the U.S. more vulnerable to the devastating financial impact of the coronavirus outbreak.
The lower corporate tax rate, plus the elimination of taxes on most foreign business income, would make the U.S. more competitive globally, it was argued. With the tax savings,. U.S. multinational firms would repatriate cash stashed overseas and invest domestically, and it would discourage a flight of capital to offshore destinations, ultimately benefiting workers in America.
As for incomes, some workers saw gains but for most, it was a continuation of long-term stagnation of personal incomes and financial security. “At the time, it seemed just a little bit heinous that we should be running a near-trillion-dollar deficit while we were more or less at the top of the business cycle,” said Nicholas Eberstadt, a political economist at the American Enterprise Institute.
“As time goes on, the structural deficit may kind of create extra fatigue that makes it harder for us to support the economy,” Goldwein said. “And allowing us to spend an extra $500 billion for more support for the economy, that would be a big deal.”On the trade front, some economists say the gains in business investment promised from the tax cuts did not materialize in part because of uncertainty created by Trump’s nearly two-year-long trade war with China.U.S.
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