Trump's Grand Scheme Fails

Exploring the impact of fiscal policies on societal equity

by Zain ul Abedin
Trump's Grand Scheme Fails
© Joe Raedle/Getty Images

In a revealing analysis of the Super Tuesday outcomes, exit polls highlighted an intriguing trend among Republican voters: a strong conviction that Donald Trump would better serve their financial interests compared to President Biden.

This perspective emerges despite Biden's notable success in steering the nation towards recovery from the economic downturn he inherited, a point of contention given the robust performance of the Biden economy, as reluctantly acknowledged even by Fox News.

The New York Times suggests a widespread "collective amnesia" among the electorate, forgetting the reasons behind Trump's 2020 ouster and idealizing a Trump administration era that, in reality, never was. Trump's rhetoric and that of his supporters consistently paint a picture of an economy on the brink of disaster, a narrative Trump reiterated in a lackluster victory speech.

He has expressed a rather grim wish for the economy to tank within the next 12 months, aiming to avoid a Herbert Hoover-like legacy - a comparison Biden made in an interview, highlighting Trump's unique position as a president who saw job losses over his term, paralleling Hoover's tenure.

Despite inflation's stabilization, there's a lingering desire among the populace for a return to pre-pandemic price levels. Trump, echoing his 2016 promises, claims he alone can rectify the situation, albeit with vague strategies that include significant tariff increases and mass deportations - policies that would likely fuel inflation.

He also proposes to fund Social Security and Medicare through "growth" and the sale of Alaskan oil leases, a plan as fantastical as financing them through Martian diamond mines.

Wealth Over Welfare

Trump's strategy extends beyond economic policy, revealing a stark commitment to tax reductions for the wealthy, as evidenced in a candid moment with affluent donors at Mar-a-Lago.

This approach is consistent with his major legislative achievement: a tax cut for the rich, mirroring the Republican Party's long-standing agenda to empower the wealthy under the guise of economic liberation. The narrative of tax cuts as a panacea for economic woes continues, despite overwhelming evidence to the contrary.

Trump's administration saw tax reductions failing to pay for themselves or deliver on the promised wage increases for workers. Research indicates these cuts primarily benefited the wealthy, exacerbating income inequality without fostering significant economic growth or employment opportunities for the general population.

This week's data further dismantles the myth of tax cuts as an economic stimulus, with findings indicating they add significantly to the national debt without delivering the touted benefits. The allure of tax cuts persists as a GOP strategy, seducing wealthy donors like Elon Musk to the fold, despite their populist posturing.

Beneath the surface, the Republican agenda remains unchanged: a party devoted to the interests of the affluent, perpetuating a decades-old con that continues to find success.