Donald Trump laid out some big economic plans before a raucous crowd in Arizona on Thursday. His plans are typically ambitious, covering tax evasion as well as interest rates, energy and a number of other things.
Of course, it’s straightforward to make promises, and politicians get elected by promising their voters to act on their behalf. Donald Trump is anything but a typical politician, but he’s perfect in this role.
PRESIDENT TRUMP: Here are the other pillars of my plan to end this nightmare and aid millions of Arizona families afford the home of their dreams.
We will rapidly reduce inflation by drastically cutting energy costs, taxes and regulations. By rapidly defeating inflation, we will in turn… pic.twitter.com/n1FncLU3SB
— Trump War Room (@TrumpWarRoom) 12 September 2024
The thing is, if former President Trump succeeds (as we hope) in securing a second term for Grover Cleveland, without which he will have to finish a termless term, he will need a Republican Congress to accomplish many of these things.
As for taxes, marginal tax rates on income, capital gains, and estate taxes are all set by statute. That means Congress must take action to cut tax rates and make those cuts indefinite—though nothing is ever truly indefinite in matters of this nature. That’s not something Trump can accomplish with an EO; he needs a affable House and Senate.
Interest rates: While interest rates always respond to market pressures to some degree, the policy and trends are due to the actions of the Federal Reserve. The president appoints the members of the Board of Governors but has relatively little influence over this independent, quasi-governmental body. The best way to lower interest rates is to take actions that reduce inflation and boost economic growth. The executive branch has many tools at its disposal to do this. But for other actions – such as taxation – it again needs Congress.
Regulations: This is where the executive branch can pull some levers. Many of the various alphabet agencies – most of which are not authorized by the Constitution, but that’s another story – are under the direction of the executive branch. In my decades in regulated industries, medical devices, and biotech, I have often seen a change in administration change the priorities and inspection/compliance strategies of the regulator (in my case, the FDA). Hopefully a president committed to deregulation can dictate the rules to these agencies that so often overstep their bounds and are so often forgiven for doing so.
See also:
The crucial option that Republicans must secure in November
Trump promises measures to aid families keep more money in their pockets and buy a home in Tucson
Big reforms, big efforts, and big changes require more than the stroke of an executive order. To restore the state’s direction, we need not only a Republican president, but a Republican Congress. The Supreme Court is currently in as good shape as we could expect – and we can hope with all our hearts that Kamala Harris never gets the chance to appoint a Supreme Court justice.
We are already hoping that Donald Trump wins the November election. Yes, there are Republicans who don’t like Trump, and there are some who would have preferred to see another candidate win the primaries. But the primaries are over. Trump is our man. He must win. We must make every effort to win, and not only that, we must make sure his campaign trail is long and wide. Only when the White House, the House of Representatives and the Senate are in the hands of people who believe in free enterprise and individual liberty will a modern President Trump have a real chance of cleaning up at least some or all of the mess that Joe Biden and Kamala Harris have left behind in this abused republic.
The alternative to Donald Trump is, frankly, unthinkable.
