President Trump is holding rallies, while presumed Democratic candidate Joe Biden, 78 anni, is still working remotely from his basement and not seen returning to more active campaigning yet. He has not had a press conference in 83 days, no reporters, no questions on the critical issues gripping the nation.
As always The Trump Campaigns will focus on the economy. We believe that we know what Sleepy Joe’s campaign will declare, and the differences in the opposing platforms are wide.
The Big Q: Which will lead to economic prosperity?
Economic prosperity fueled by high growth rates should be the primary goal of economic policy, as it is the lack of prosperous growth that has led to most of America’s social problems. Without growth, there is little opportunity, without opportunity come extreme social problems.
To achieve growth, the economic policy set by the President should follow the same Key principles that led to the giant success of the U.S.
The US went from the birth of a nation to the largest and most prosperous economy in the world in about 150 yrs. Many other countries were hundreds, and in some cases thousands of yrs older.
There were 4 core principles that promoted the rapid economic growth, they are:
- The principle of individual freedom. As long as an individual did not infringe on the rights of another, the citizen was free to pursue their interests, no matter what they may be.
- The principle of individual responsibility. Every able-bodied American was encouraged to take care of themselves, rather than have the government take care of them.
- Low rates of taxation so that everyone knew that they could keep most of what they earned.
- And a limited role for government. Aside from providing some public goods like a legal system and defense of the country, the government stayed out of the way.
When followed these 4 principles lead to economic prosperity, something not seen here in the US since Y 2000, when the economy grew at a 4.5% annual rate. In fact, the 4,5% annual rate was seen from Y 1997 to 2000, President Clinton following those principles.
After abandoning the national health insurance program in his 1st term, he lowered the capital gains tax rate in Y 1997. The lower rate created more capital which led to the higher growth and greater opportunities, giving workers more freedom.
In his Y 1996 State of the Union speech, Mr. Clinton said, “The era of big government is over.” He worked with Speaker of the House Newt Gingrich to eliminate the deficit and create a budget surplus.
Individual freedom, individual responsibility, low rates of taxation and a limited role of government led to economic prosperity in those years.
The Trump Vs Biden principles
Mr. Biden favors expansion of Obamacare and perhaps even a Medicare for all program. He wants to raise taxes, especially on high income earners and corporations. He wants the government to provide social services like paid sick leave and childcare. He also wants the government to pay for higher education and has plans to reduce income inequality through higher taxes on income earners and government spending on social programs for low income Americans.
Overall Sleepy Joe Biden supports the ultra-progressive liberal views that dominate the Democratic Party today. These policies are opposite to the principles that made America great. Mr. Biden’s policies will reduce individual freedom, since government control of healthcare and higher education markets will lead to less freedom of choice.
Mr. Biden’s policies replace individual responsibility with social responsibility, noting that the government will “take care” of every American’s healthcare needs and higher education needs. These policies will lead to increased government spending which will result in higher tax rates for all Americans. And finally his policies will lead to a larger role for government.
Sleepy Joe Biden’s policies will lead to less individual freedom, less individual responsibility, higher rates of taxation and a larger role for government. These policies will slow economic growth.
President Trump’s policies reduce regulations and government involvement in markets, giving Americans more freedom. He favors less government involvement in both the healthcare and higher education, keeping the responsibility with individuals.
President Trump has already reduced tax rates and would like to reduce the rates further, especially with the crippling 15.3% total payroll taxes that the vast majority of Americans pay, and he wants to reduce the role of government.
President Trump’s policies call for more individual freedom, more individual responsibility, lower rates of taxation and a more limited role for government. Those are the principles that grew our economy.
The Big A: President Trump’s economic policies will bring back economic prosperity and Make America Great Again!
Have a healthy day, Keep the Faith!