Donald Trump
Donald John Trump, Sr. (born June 14, 1946) is an American businessperson and media personality. He is the chairman and president of The Trump Organization and the founder of Trump Entertainment Resorts. Trump's career, branding efforts, personal life, wealth, and outspoken manner have made him famous. In 2015, the Forbes estimated that the net worth of Trump was 4 billion but Trump himself claimed that his net worth was more than 10 billion dollars.
Presidential campaign, 2016
Trump formally announced his candidacy for the presidency in the 2016 election on June 16, 2015. Trump also pledged he would fund Social Security (not cut it), renegotiate U.S. trade agreements, oppose federal Common Core education standards, and complete the United States-Mexico border fence and make Mexico pay for it (You can imagine the Great Wall which is in China). Trump said he would self-fund his presidential campaign, and would not need to use money from donors and lobbyists. However, if you look at his campaign website, it is not like what he claimed.
Economic Policies 1. Massive tariffs on China and Mexico. Slapping tariffs on foreign goods and negotiating better trade deals. In his campaign announcement speech, he threatened a 35% tax on Ford (F) vehicles made in Mexico that are brought back to the U.S. to be sold, and in 2011, he has made headlines for suggesting a 25% tariff on goods coming from China to the U.S.
However, he claimed himself a free trader. 2. Keep the minimum wage ... but not increase it. Trump is one of the few Republicans in the 2016 field who isn't skeptical of the usefulness of a federal minimum wage, but he doesn't think it should be increased from the current rate of $7.25 an hour. 3. For a 'wealth tax' ... but also big tax cuts. Back in 1999, he said he wanted to enact a 14.25% one-time tax on the wealthy (those making over $10 million) to help pay off the debt. However, more recently, in 2011, he criticized Obama more not wanting to extend the Bush tax cuts, including for those earning over $250,000. 4. Get Wall Street pros to run the economy. Trump says he knows all the smart businessmen who should be running things in Washington. People like billionaire hedge fund manager Carl Icahn. Trump also mentioned private equity titan Henry Kravis and former GE (GE) CEO Jack Welch as top Treasury Secretary Candidates. 5. Repeal Obamacare. Obamacare, The Patient Protection and Affordable Care Act, has been blamed as one of the reasons that led to the U.S deficit. Trump called the Affordable Care Act a disaster and insisted that the worst of it won't be felt until 2016. Donald said:“You can't let the people in this country, the people without the money and resources, to go without health care”. However, a new report from the Congressional Budget Office and the Joint Committee on Taxation estimates that the cost of repealing the taxes levied by Obamacare, and the cost controls imposed by the law, would by themselves increase the deficit by $353 billion between 2016 and 2025.
Personal opinion
The first policy is anti-international business. The increased tariff would discourage import business in the U.S. and it is not good for the world economy as a whole. In addition, at face value, what Trump has proposed would start an immediate trade war that would likely hurt American jobs and exports. This policy along with other immigration plan that Donald Trump has brought up represent the concern of the majority American people, that is when the economy in a country is not so well, it tends to build up barriers to protect its economy. However, Trump has gone too far in this aspect, especially when he wants to ban Muslims from entering the U.S.
The minimum wage policy is reasonable, after all, it is not a good thing for economic development to increase the minimum wage.
Taxation policy, cut taxes for wealth people can actually boost the economy of a country, however, it would increase the gap between the rich and the poor, and it will also trigger the anger of the poor Americans. That’s the reason why he did not mention it in this presidential campaign.
2008 crisis started from the Wall Street. And the reason is that the insufficient regulation over financial sector. There is a big question mark regarding the Wall Street pros.
The weakness of Obamacare is that it charge an entry level fee for the insurance and if someone does not pay the fees, they will get fined. If we do not consider humanity and caring for the poor. The Obamacare is a good way to collect money to cover reduce the deficit. If Trump will repeal Obamacare, it would harm the economy of the U.S.