Trump is gonna do what needs to be done. Democrats are expected to get in the way. That will cost you
Trump was elected because of the inflation that happened during the Biden administration, and because most Americans thought their standard of living declined during President Biden's administration. Real after tax income for most Americans has been in decline since the inflationary recession of 1974, that happened when Nixon was president, so it may be true that the decline continued during the Biden administration.
The tariffs that Trump intends to place on imported goods will promote worse inflation than anything that happened during the Biden administration. The next time you go to a department store, look where most of the consumer items are made. They are made in China. Trump intends to place a 70% tariff on Chinese goods. That will be inflationary.
Trump intends to levy 20% tariffs on goods imported from Mexico and Canada. That will also be inflationary. Think of all the new cars purchased in the United States that are imported. The prices on those cars will go way up. Many parts used in cars built in the United States are made in other countries. American cars using those parts will become more expensive.
That is not all. Trump has given Elon Musk the authority to cut two trillion dollars from the Federal Budget. That is nearly one third of the Federal budget. What do you think that will do to the average standard of living in the United States? Don't take my word for it. This is what Elon Musk has said:
-------------
Market Watch
With just a week until the presidential election, Donald Trump’s close ally and major economic adviser Elon Musk is warning supporters to expect economic chaos, a crashing stock market and financial “hardship” — albeit “temporary” — if Trump wins...
Billionaire Musk, Trump’s would-be budget-cutting and government-efficiency czar, also says there will be “no special cases” and “no exceptions” when he starts slashing federal spending after Trump takes office.
And he predicts he will need “a lot of security” personally because of the likely reaction to his policy moves.
Speaking Tuesday on
a “telephone town hall” with supporters, Musk promised deep federal budget cuts, austerity and economic pain ahead in a new Trump administration.
Describing government spending as “a room full of targets,” Musk said: “Like, you can’t miss. Fire in any direction, and you’re going to hit a target.”
He said, “I think once the election takes place we’ll immediately begin looking at where to take the most immediate action.”
And, he added, “obviously a lot of people who are taking advantage of the government are going to be upset about that. I’ll probably need a lot of security.”
“Everyone,” he said, will be taking a “haircut.”
On his social-media platform X, the former Twitter, the Tesla CEO went further and agreed with a supporter who predicted “an initial severe overreaction in the economy” and that “Markets will tumble.”
“Sounds about right,”
Musk replied...
Musk did not address the issue of Trump’s proposed tax cuts, which the
Committee for a Responsible Federal Budget says would add about twice as much to the national debt as the proposals of Democratic rival Kamala Harris. Musk’s concern with the ballooning national debt was focused entirely on cutting spending.
Musk also said cutting federal spending was needed to bring down inflation, even though it has already fallen to 2.4%...
Wall Street economists
are warning that Trump’s tax cuts and tariffs would add more to inflation than Harris’s proposals.