What Is Trumponomics?
What is Donald Trump's proposed pandemic policy going into a second term right? So we talked yesterday about how Joe Biden is very much focused on containing the virus Donald Trump on. The other hand is very much focused on vaccines and treatments for the virus. So he has said that he wants to begin distribution of a cove in nineteen vaccine by the end of this year and a number he has put out there is to have three hundred million doses available by January twenty, twenty one. Now that is a lofty goal and of course it. is very dependent on weather pharmaceutical companies. Scientists are able to come up with test and approve of vaccine and then produce it on that scale hundreds of millions of doses. So this is the thing he wants, but it is not entirely under his power and he's been kind of de emphasizing the role of the federal government when it comes to containing the virus. Right and leaving it more to state governments Donald Trump has very much been focused on states. No best governors and state legislatures know best what they should be doing to control the virus in their states. I'm in Washington I I don't know what you need in Nebraska. So the Nebraska Governor, for example, hypothetically should be the person to be calling some of these shots. Also he has been very much attacking Joe Biden's and some other Democrats. Willingness to say look some places, some businesses some schools might have to close down to contain the virus Donald Trump has taken a very you've got to live your lives. We have to have the economy open sort of approach that's the rhetoric he's been using. Okay. Let's go on to the second part of the president trump economic agenda, which is about job creation. As a big policy goal especially in the next year what's going on there right. So he set a very ambitious goal of ten million jobs in ten months. So if you can imagine ten straight jobs, days of a million jobs, a piece or something that averages out to that was great. Yeah. Yeah. Let's let's do it. And by the way, we are down by roughly ten million jobs from where we were pre pandemic. So what he's saying is in ten months, get back to normal but the question is how this is a lovely idea but it's not entirely clear how we would get there. Now one thing he has said, he wants to offer tax credits to manufacturing companies that bring jobs back from China, but that would not get us anywhere near ten million now in addition I reached. Out To. The White House to ask, okay, what else is on the docket and a spokesman got back to me and he largely pointed to past policies saying, for example, lower taxes, deregulation trade policies, and the relief packages already passed laid good groundwork for future growth to happen. So in other words before the pandemic, the economy was going great and I did that. So I think I can just get us back again is a line of logic that he is often using now. There are a lot of flaws to that logic questions that raises for example, should the president get full credit for that? I mean Arguably no long debate long. But yes, he has a very big lofty goal here but not a clear map to get to that goal. Yeah. I, WanNa point out something kind of interesting here though because the president has administration is campaign have talked a lot about lower taxes tax credits tax policy but he did sign into law the multi trillion dollar cares act he has been negotiating. With Democrats in the House of Representatives over a multi trillion dollar new stimulus package, and it's actually the Republicans in the Senate who have said that they don't WanNa. Spend that much more money but the president himself has said that he would be willing to do a big deal he would be willing to spend. Yes. That's true and when you look at. The different numbers put out there between Senate Republicans, the White House and House Democrats. There is a lot of daylight and even then even if it were just the White House in House Democrats, there are also some gaps there in terms of what House Democrats want and what the White House doesn't want. But yeah you in all three of those parties and. They haven't been able to reach a deal and you and I. Both Know American people are very much hurting right now, high unemployment people still on unemployment and needing money to buy the basics. Let's go to the third and final part of the economic agenda that we're going to discuss here, which is trade wars. Trade wars have been a big dominant part of. President Trump's rhetoric and of his actual agenda throughout his first term I suspect we would be seeing more of the same in second-term. Yeah. That's exactly right I mean trump has said that he plans on continuing to used tariffs specifically against China in his second term as he has this term and so the question is what exactly would that do and what would it induced because we did sign that trade deal with China. In February the phase one trade deal thus. Far from the numbers we have China is not on track, meet the commitments it made to buying US goods in areas like agriculture for example, this was a deal that happened after both China and the US had raised tariffs on each other, and then in exchange for lowering some US tariffs, China agreed to buy some US products but so far it's not on pace to actually by as much those products as they said, it was going to. Yeah but on top. Of all of this, there are complicating factors. One is that trump has very much been demonizing China. When it comes to corona virus, he keeps calling it the China virus and thanks to the effect of China needs to pay for its role in Corona virus spreading all over the world. So you can imagine how that might make trade talks in the future much tougher is need. I would imagine exactly that I would add one more point here on the topic of. China and it's that there has been broad agreement bipartisan agreement for a while that yes China has been engaging in unfair trade practices in all sorts of ways. So trump may have the diagnosis right that yeah we need to do something about China's trade practices but the question is whether he has the solution the cure right here in terms of tariffs tell you what l. been so great to have you on our show these last days. Thank you so