Economic experts are calling out The Donald for his haphazard approach to economic policy.
Donald Trump’s plans would create larger federal government deficits and a heavier debt load, according to analysis with Moody’s (in full disclosure, a former employer).
Moody’s analysts said Trump’s personal and corporate tax cuts would be “massive,” and his calls for expanding spending on veterans and the military are “significant.” And because Trump also opposes any reasonable reforms to entitlement programs such as Social Security and Medicare, “this mix of much lower tax revenues and few cuts in spending can only be financed by substantially more government borrowing,” according to a Moody’s Analytics report. “Driven largely by these factors, the economy will be significantly weaker if Mr. Trump’s economic proposals are adopted.”
If all Trump’s stated policies become law, the analysts predict the economy would suffer a lengthy recession and would contract by the end of his four-year term. They also predicted that by the end of his presidency, there would be some 3.5 million fewer jobs and the unemployment rate would rises to as high as 7 percent, compared with below 5 percent today.
Donald Trump is no ally of the working class or the taxpayer. It’s not too late for Republicans to reverse course and choose a different horse in Cleveland.
Here’s hoping the party elders wise up and do just that.
Photo by Gage Skidmore
Carrie Sheffield is the founder of Bold. She is passionate about storytelling to empower and connect others. A founding POLITICO reporter, Carrie contributed on political economy at Forbes and wrote editorials for The Washington Times. After earning a master’s in public policy from Harvard University, she managed credit risk at Goldman Sachs and researched for American Enterprise Institute scholar Edward Conard. She earned a B.A. in communications at Brigham Young University and completed a Fulbright fellowship in Berlin.