Donald Trump wants to “Make America Great Again,” but economists aren’t convinced that he would be a good fit for America. Trump’s hardnosed stance has helped him become the Republican presidential candidate, and the billionaire has followed the same course that helped him in the earlier part of his campaign.
The Republican has also stated that when crowds at his speeches seem disinterested, he will mention building a wall on the US/Mexican border to bring life into the crowd.
November’s general election is coming quickly, and whether people agree with it or not, the next president of the United States is likely to be Hillary Clinton or Donald Trump. A third party candidate’s chances of winning is slim if the candidate doesn’t secure 15% in the polls to be able to enter into national debates.
Everything is, of course, speculation, but if Trump wins, the following could occur:
United States Debt Will Soar
Donald Trump’s businesses may have made him a billionaire, but running a country is different. Trump stated in January that he has a bleak outlook for the economy and that he would rather not be the one to deal with it.
Many of the actions and changes Trump recommends will lead to massive debt.
The American Action Forum outlined the issues that would affect the country based on Trump’s immigration plan alone:
- Deportation would cost between $419 and $619 billion
- The country would lose 11 million workers
- The GDP would be reduced by $1.6 billion
The report suggests that it could take up to 20 years to deport all of the illegal immigrants under Trump’s plan. Trump has suggested that he can deport all 11 million people in 18 months, and economists simply don’t agree.
Trump’s Wall Will Cost Billions
Trump has stated that building his proposed wall will cost $8 billion to $12 billion. This claim is based on half of the length of the wall. Erecting the wall has also been estimated to cost as much as $25 billion.
There would be increased maintenance costs, too.
Trump has also asserted that he will make Mexico pay for the wall, but Mexico’s President Enrique Pena Nieto has stated numerous times that Mexico won’t pay for the wall to be built.
Tax Cuts Will Cause Immediate Happiness
Trump has promised tax cuts, and everyone loves when the government takes less from their paychecks. Trump’s initial plan included three income tax rates: 10%, 20% and 25%. The plan came under heavy criticism, and Trump revised it in August.
The new plan raises the tax brackets to: 12%, 25% and 33%.
Trump has stated that poor Americans will not pay taxes. The billionaire also cut the top tax rate, the rate that he pays on his billions of dollars, from 39.6% to 33%.
Business taxes would be capped at 15%.
The Tax Foundation suggests that the plan will look good on paper. The country would add 5.3 million jobs and wages would rise 6.5%, too. Taxes over the next decade would also be reduced by $11.98 trillion.
Citizens would be happy with paying less, but the original plan would reduce tax revenue by $10.14 trillion, leading to higher debt and increasing the deficit greatly.
Obamacare Will Be Challenged
President Obama’s healthcare reform will be challenged. The billionaire suggested allowing healthcare to be purchased across state lines and repealing Obamacare. The future of healthcare is likely to change under any Republican president, for better or worse.
Many Republicans are critical over the health insurance act, and another overhaul will likely take place.
Trade Deals May Collapse
Trump has been harsh on trade deals, and the candidate will do more harm than good if he is allowed to proceed with changing NAFTA and the TPP. The billionaire also stated that he would negotiate better deals for Americans.
Playing hardball with leaders may result in trade deals collapsing, which would greatly hurt the economy.