Economists have blasted Trump's jobs and taxes plans as dangerous. Someone better tell the public
Donald Trump’s economic policies are extremely popular with voters and often what supporters cite when asked why they support the former president in his third bid for the White House. But economists beg to differ – and they’re begging the public to differ too.
On the surface, Trump’s vague plans to lower corporate taxes, extend his 2017 Tax Cuts and Jobs Act, implement tariffs on imported goods, eliminate taxes on tips and increase domestic employment opportunities sound appealing.
Though the former president has not released a comprehensive economic plan, he has consistently said he will lower costs for Americans and restore the nation’s finances back to a pre-pandemic era.
“My plan will bring back the American dream but bigger, better and stronger than ever before,” Trump touted during a rally in Michigan
It’s why in a Wall Street Journal poll of 750 registered voters, a vast majority of respondents said they’re in favor of Trump’s pitches. Even 47 percent said they supported imposing a tariff of up to 20 percent on goods.
But economists warn Trump’s policies could raise consumer prices, make the market less competitive, threaten the U.S.’s global standing, increase unemployment rates and slow growth.
In the same WSJ poll of 39 economists, the vast majority vehemently disagreed with some of Trump’s most popular policies.
When it comes to eliminating taxes on tips, 87 percent oppose it, believing it would have little impact on lower-wage workers; 85 percent oppose extending, or making permanent, Trump’s 2017 tax cuts. One hundred percent oppose imposing tariffs on imported goods.
And sixteen Nobel prize-winning economists warnedin an open letter that asecond Trump term would have a “destabilizing effect” on the U.S.’s