- Trump has failed to come up with an economic plan for a second term, according to a leading GOP economist.
- “He doesn’t have an economic plan. I don’t mean I don’t like it. It doesn’t exist,” Glenn Hubbard, former president of the Economic Advisory Council under President George W. Bush, told Bloomberg .
- Trump has struggled to put in place a second term agenda throughout the year.
- A recent analysis from a non-partisan group indicates that permanently extending portions of Trump’s 2017 tax cuts will increase the federal deficit by $ 1.1 trillion.
- Visit the Business Insider home page for more news.
A top Republican economist said that President Donald Trump has failed to draw up an economic plan for his second term.
“He doesn̵7;t have an economic plan. I don’t mean I don’t like it. It doesn’t exist,” Glenn Hubbard, former president of the Economic Advisory Council under President George W. Bush, told Bloomberg .
Hubbard said Trump may have discussed issues like fiscal or trade reform, but has not.
“Anyone who says they know what Trump is going to do for a second term, I don’t know where they got it from,” he said.
Trump has struggled to deliver a vision for a second term throughout the year, even when asked by friendly host on Fox News. He bragged about building the strongest economy ever before a pandemic struck, a false claim because the economy grew faster under previous presidents.
The president did not designate a re-election program about the economy. He called for a tax cut for the middle class without giving specifics. He also wants Congress to forgive the deferred pay taxes earlier this year, which have primarily affected federal employees and the US military.
Trump has also expressed support for another major stimulus after the election, though his view has changed dramatically over the past month.
Read more: Stifel asked his analysts to identify stocks that were most likely to be positively or negatively affected by election results. Here are dozens of stocks to buy or avoid in every 3 results.
The Nonpartisan Tax Policy Center released an analysis last week suggesting that the permanent renewal of parts of the 2017 Republican tax law that expires in 2025 could impact the economy like how. It would increase the federal deficit by $ 1.1 trillion and cut the tax burden at all levels of income. However, most of its benefits will go towards the richer people.
The Center also said Trump’s election campaign would not provide further details on other proposals the president made in speeches, such as tax breaks for domestic production.
“Although TPC cannot estimate the impact of those proposals, their impact is generally clear: They will reduce taxes for certain businesses,” the group said.
Meanwhile, Democratic presidential candidate Joe Biden is campaigning for a sharp increase in taxes on the richest corporations and Americans to fund a host of ambitious plans for healthcare. child care, education and housing. But he has repeatedly pledged not to raise taxes for households with incomes below $ 400,000.
Read more: MORGAN STANLEY: Here’s the way to trade the most profitable assets in Tuesday’s election – plus 5 investors who can count on whoever wins