President Donald J. Trump's Economic Plan to Come up Trumps - Initial Thoughts and Reflections
The US has significant structural economic problems which endanger its position of the World economic leader. The US economy is still efficient and competitive but its lead has shrunk significantly in the recent years. For many years, the necessary but often unpopular and difficult economic and related reforms have been postponed or avoided by career politicians. They did not have courage to make tough and risky decisions. As a result, the United States found itself in a need for complex addressing its economic ills and developing an action plan for immediate remedies and improvements. The unmanaged globalization processes significantly changed the global marketplace. The US has not sufficiently represented its own interests and allowed other countries to disproportionately profit from global economic trends at its expense. Weaker US global economic posture also contributed to slowing down its domestic growth. This created tension and discontent among primarily blue collar workers who got fed up with long-term wage stagnation and their jobs being exported to the developing countries. In November 2016, Mr. Donald J. Trump was elected the 45th President of the US, mainly because he, as the only candidate, properly identified the existing problems and voiced those to appropriate audiences. The Trump team prepared an economic plan using the principles of supply side economics (but not only), and requiring many bold actions by the government and the Congress. This paper contains the first step in a long-term, logically organized observation and assessment of this plan. Major steps and challenges in this analysis were defined. This paper constitutes one the first analytical attempts to review and assess President Trump's economic plan assessment. It identifies major elements of the program. The assumptions made by the administration usually are not fully implemented within the US checks and balances system. This may impact their effectiveness. The intentions and implementation will be addressed in the following stages of research, based on thorough observation of the legislative and political processes. Four key elements and other selected tools of the economic plan of the Trump Administration are presented and assessed. Their role in assuring US continued economic leadership and competitiveness in the 21st century, in the new global environment, has been presented. President Trump brought a new quality to Washington D.C., which created surprisingly strong resistance among career politicians and government officials. The time will show if economic acumen or political games will prevail. This will decide about the future of the US as the World economic leader. Analysts and researchers must be observant and patient. Making premature and unfledged conclusions may be risky.(original abstract)
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