Donald Trump’s newly unveiled economic plan for the U.S. marks a bold and optimistic shift away from the current administration’s “Bidenomics” approach.
The former president aims to bring back the low inflation and unemployment rates seen during his term by boosting domestic manufacturing, expanding energy production, cutting excessive Green New Deal spending, eliminating restrictive regulations, and cementing his tax cuts into law.
This plan stands in stark contrast to Kamala Harris’ price controls, massive tax increases, and the inflation-fueling policies of the Biden administration.
Trump envisions a robust energy sector as the catalyst for broader economic growth. He pledges to halve energy prices within a year—leading to lower costs across other industries—by declaring a “national emergency” and accelerating energy production, generation, and supply.
“On Day 1,” he promised, “I will greenlight new drilling, pipelines, refineries, power plants, and reactors — while cutting through the bureaucratic red tape.”
He also plans to dismantle the “Green New Scam” by canceling unspent funds approved in the Harris-Biden Inflation Reduction Act, which he says contributes to price increases.
Key aspects of Trump’s economic vision include:
- Repealing 10 existing regulations for every new one.
- Establishing a “sovereign wealth fund” funded by tariffs to invest in infrastructure, defense, and medical research.
- Forming a task force led by Elon Musk to review federal operations and recommend significant reforms.
- Reducing the deficit by using wealth fund revenues, tax revenue from economic growth, and spending cuts.
- Making his 2018 tax cuts permanent, eliminating taxes on tips and Social Security benefits, and lowering the corporate tax rate to 15%.
Additionally, Trump would prioritize restoring the “rule of law” in response to what he describes as Democratic-led censorship and misuse of the justice system.
His plan also addresses the influx of illegal immigration, which he claims is costing American jobs and adding significant expenses for taxpayers.
While some of Trump’s goals may face challenges, particularly with a Democratic-controlled Congress, his policies could provide a significant shift after years of Harris-Biden initiatives that have raised energy and grocery costs and made housing less affordable.
