The US Presidential elections are less than a month off, and candidates have been focusing on the economy of the nation.
Dave Ramsay of Ramsay Solutions interviewed Donald Trump, former US President and Republican Presidential nominee, to discuss issues which resonated with Americans.
Ramsay said that people are struggling with “$8 egg, $5 gasoline, 7% rates of interest, and houses they cannot afford.” Wages have not kept up with rising housing prices.
Trump was asked about his plan for addressing these urgent concerns.
The key points to remember are:
Drill, baby, drill: Half your energy bills in under a year
Trump pledged to reduce energy prices to half of their current level in less than one year to help bring inflation down.
Trump has said that he will order drilling, remove unnecessary regulations and issue government leases to develop energy.
The lower energy prices will, according to him, have an impact on other products and services.
Trump responded to Ramsay’s question on whether or not he would turn his back on the Keystone Pipelines and remain true to “drill, baby drill” as he said in his speech of acceptance at the convention.
It says it all. I would like to use a better line and we are going to drill, baby drill.”
He said that actions taken to stop energy production such as the Keystone Pipeline shutdown and the drilling project had a severe impact on the economy.
Trump claimed that if it weren’t for the actions of the Biden Administration, the US could have dominated the world in energy.
The corporate tax rate will be reduced to 15%
Trump announced plans to further lower taxes in his administration.
The success in reducing corporate taxes from 39 to 21 percent, which boosted economic growth.
His goal now is to reduce it to 15%. However, there’s a catch: the companies that want to take advantage of this rate reduction must be based in the United States.
Tariffs on other countries will also be implemented to stop them undercutting US industry, referring to the steel and furniture sectors where China previously had a dominant position.
Trump explained that tariffs saved the US Steel Industry, and his tax cut proposals aim to increase American business’s competitiveness globally.
Reduced tax rates will also result in increased federal revenues, as seen under both Reagan and Bush’s administrations.
He said that cutting tax rates to just 21% had been considered impossible. But it has now been achieved. The goal is to lower the rate even further while maintaining jobs and production in the country.
The US experienced increased revenues in the first year that tax rates were reduced, despite their lower rate. This helped to reduce the deficit.
Trump said that the current administration is similar to Bill Clinton’s, noting cost-cutting and tax policies nearly balance the budget.
Elon Musk’s cost-cutting and the future of Elon Musk
Trump has also identified areas where further savings can be made without affecting essential services, such as Social Security. He wants to keep Social Security safe from age increases or cuts. He stated,
We have lots of things to cut costs and it’s fine. Elon is a wonderful guy… and he has a keen sense of what’s needed.
He expressed concern about the burden on Social Security, Medicare and the economy under the current government.
Tariffs for small business protection
He stressed the importance of providing small business owners with a level playing ground for their survival.
In order to support them, he believes that it is important to create a level playing ground through tariffs.
He remembered how China undercut American companies, especially in steel and furniture industries.
Trump claimed that by imposing tariffs on foreign companies, American businesses could stay competitive.
The word tariff is beautiful to me because it could save our nation, really.”
The tariff policies of President McKinley in the 1890s were a major factor for the US’s economic success.
He said that tariffs are so successful at raising revenue, the government has created committees for deciding how to use the excess.
Trump thinks similar strategies can revitalize American modern industries and restore wealth to the nation.
They didn’t know what to do with the money. “They didn’t know how to spend the money…we could turn around our country, strengthen it, and then protect it with tariffs.”
The post titled What Trump said in his interview with Dave Ramsey about “$8 eggs and $5 gas”: key takeaways may change as new information becomes available.
