Yahoo Finance I’m Voting for Trump: This Is What I Want To See Him Do for the Economy
Jayon Evans*, 37, a police officer in New City, New York (which has a population of close to 35,000 people), has been utterly unimpressed with — if not downright disgusted by — the work of the Biden administration. He’s avidly supporting Donald Trump in the 2024 election, with the expectations that the former president will make key moves to benefit the economy.
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Before going into the specific economic efforts Evans is banking on from Trump should he win back his previous role as commander-in-chief, let’s first explore precisely why Evans thinks Biden has failed the economy over the past three and a half years.
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The Ordering of Covid-19 Vaccine Mandates
“This is something that he said he would never do,” Evans told GOBankingRates. “As a result, the country was faced with the resignation and firing of police officers, firefighters, healthcare workers and Armed Forces personnel. Despite the availability of vaccines, more people have died of COVID-19 during Biden’s presidency than during Trump’s.”
Though Biden did vie for a vaccine mandate for businesses, it did not go totally into effect. In January 2022, the Supreme Court struck down the Biden administration’s mandate that large businesses must have their employees either be vaccinated or tested once a week for Covid. The justices did, however, allow a Covid vaccination mandate by the Centers for Medicare and Medicaid Services for healthcare workers at roughly 76,000 federally funded facilities.
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The Build Back Better Bill
Evans said the enactment of the Biden administration’s Build Back Better legislation “will raise the average top U.S. tax rate on personal income to 57.4%, the highest level in the developed world. His spending proposal will increase the tax liability of up to 30% of middle class families.”
The Build Back Better legislation required people with high incomes to pay more taxes, reduced tax advantages for profitable corporations (particularly large multinationals) and aimed to close the roughly $600 billion annual gap between taxes legally owed and taxes paid — a gap that is largely a result of high-income filers’ exploitation of loopholes, according to the Center on Budget and Policy Priorities.
The top federal tax rate for individuals in 2023 was 37%.
The American Rescue Plan Act
“This included a provision that forced reporting to the IRS for $600 in transactions in a year for goods and services paid through apps like Venmo and PayPal,” Evans said.
What Evans Likes About Trump
Evans believes that Trump, when acting as president, rolled out a number of initiatives that helped the American economy. He pointed to these moves, specifically.
The Tax Cuts and Jobs Act
“The largest tax reform package in history,” Evans said. “Doubled the standard deduction, making the first $24,000 earned by a married couple completely tax free. Doubled the child tax credit.”
Job Creation
“America gained 7 million new jobs, more than three times government experts’ projections,” Evans said. “The unemployment rate reached 3.5%, the lowest in a half-century. Jobless claims hit a nearly 50-year low.”
Trump left the White House with the U.S. economy having lost about 3 million jobs during his four-year tenure as president, according to the Bureau of Labor Statistics. However, before the pandemic stormed the U.S. in March 2020, the economy saw the addition of about 6.7 million jobs between January 2017, when Trump was inaugurated, and February 2020. Over the same amount of time during Biden’s presidency, the U.S. saw the creation of about 14.9 million jobs.
Stock Market’s Performance
“The Dow closed above 20,000 for the first time in 2017 and topped 30,000 in 2020,” Evans said.
This is true. The Dow then topped 40,000 for the first time in May 2024, under the Biden administration.
Here’s What I Want To See Trump Do for the Economy If He Wins in 2024
Evans predicted that if Trump reclaims the Oval Office, he will make the following economic moves.
Bring Back Manufacturing Jobs to the U.S.
Evans’ hope is that Trump will “stop companies from having to flee to other countries so that we can have more people working in American factories and making ‘American-made products.”
Trump has talked extensively about ending the offshoring of U.S. jobs while campaigning in 2016, 2020 and now. However, between Trump’s inauguration day in 2016 and the end of June 2020, the Labor Department certified 1,996 petitions related to companies shifting work overseas, Bloomberg reported. Those petitions covered 184,888 jobs, including in the manufacturing sector.
During the same period of time under former President Barack Obama’s second term, the Labor Department certified fewer petitions covering fewer jobs. Ultimately, 12,552 more jobs left the U.S. in the first three and a half years under Trump than under Obama, according to the Labor Department data.
Bring Back Fracking and Drilling
Evans wants to see Trump “help lower prices on natural gas and gasoline,” by embracing fracking and drilling, which Trump has promised to do if he wins back the Oval Office. Though Biden has publicly disavowed drilling on federal lands, his administration has not shied away from fracking and drilling in general. Since taking office, the Biden administration has approved thousands of new oil and gas drilling permits, according to Food & Water Watch.
Double Down on Immigration
“Stop using our hard-earned money/taxes to pay for migrants/migrant hotels,” Evans said.
In April, Trump said that, if re-elected, he would use the National Guard in an effort to deport millions of illegal immigrants. The Biden administration largely supports legal immigration to the U.S. Since Biden took office in January 2021, his administration has worked to reverse Trump-era restrictions on immigration.
*Editor’s note: This is not the source’s real name. He requested the alias Jayon Evans.
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This article originally appeared on GOBankingRates.com: I’m Voting for Trump: This Is What I Want To See Him Do for the Economy
