Former President Donald Trump laid out his plan to fight inflation at the Republican National Convention, targeting what he sees as a major economic challenge.
“Inflation has been a killer for our country,” Trump said, highlighting how rising prices affect everyone regardless of income.
Trump’s strategy centers on tax cuts, energy production, and trade policy.
He promises big tax breaks, including getting rid of taxes on tips for service workers and keeping the tax cuts from his 2017 law.
Trump claims these moves will boost incomes and jobs while making inflation “vanish completely.”
When Donald Trump was president, we had tariffs, we had tax cuts, and we did not have inflation.
The moment Joe Biden took office, his reckless spending caused record inflation. pic.twitter.com/W6lWASo4jP
— Tom Cotton (@SenTomCotton) July 19, 2024
On the energy front, Trump wants to ramp up U.S. oil and gas drilling.
He believes this will lead to lower prices across the board, from transportation to household goods.
“So much starts with energy,” Trump noted, emphasizing America’s abundant fossil fuel resources.
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Trump also plans to double down on his tariff policies.
He’s talking about putting a tax of at least 10% on all imports, with even higher rates for goods from China and foreign-made cars.
However, these trade policies might backfire. A report from a non-partisan research group suggests Trump’s tariff plan could cost the average middle-class family about $1,700 per year.
While Trump’s proposals aim to tackle inflation, experts debate whether they’ll work as intended.
What's up with Wall Street economists?
Predicting the future is tough, but why make faulty predictions about the past? Nobel laureates and top economists believe Biden > Trump in handling inflation, debt & interest rates.
Both have been President; numbers don't lie! 📈 pic.twitter.com/VhemhQOLTs
— Stephen Moore (@StephenMoore) July 19, 2024
Some worry his plans might have unwanted side effects on the economy.
As the election nears, voters will need to weigh these ideas against other economic strategies to decide what’s best for the country’s financial future.
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Trump’s inflation-fighting plan offers a clear contrast to current policies.
