Inflation pain helped secure Trump win but his policies mean higher prices
Summary
Financial markets reacted quickly to Donald Trump’s return to the presidency, with higher share prices, a stronger dollar, and expectations of slower interest rate cuts.
Trump has outlined plans to cut taxes, impose high tariffs, restrict migration, and reduce regulations. Economists warn that his economic policies could hinder growth and drive up consumer prices, while benefiting corporate profits.
Trump’s tariffs, especially a 60% levy on Chinese imports, are expected to strain the eurozone.
Inflationary pressures from his policies may also challenge the Federal Reserve’s efforts to lower interest rates.
https://www.theguardian.com/business/2024/nov/06/inflation-looks-to-have-secured-trump-win-but-his-policies-mean-higher-pricesOpen linkView original on lemmy.world
20 replies
Two years after Trump makes it worse: "Why did the Dems tank the economy?"
"How could Joe Biden do this to us!" Person exclaims after GOP controls the house, Senate and executive branch.
Don't forget the judicial branch!
Not even a joke, remember Covid-19 and how people pointed to the empty grocery stores and said "This thing literally happening under Trump is a preview of what Biden will do!"
Trump and the Republicans are about to make things worse for the vast majority of Americans. How much they actually accomplish will probably be at least somewhat limited by infighting and incompetence, But if they fulfill even a fraction of what the campaign promised (to say nothing of the project 2025 roadmap) there will be a lot more things for the people to be upset about.
Simple. They say everything is the Democrat's fault, and their idiot followers believe it, no questions asked. It's been working in Texas for decades.
Abbott said he wouldn't stand for any Democrat policies around here.
Find any state where Conservatives have been in charge for two decades or more and you'll have your answer.
They'll say the immigrants, Teh Gheyz, the tranz, the uppity wimmenz, the POC, the woke, antifa did it...
CHANGE 🧟♂️!!!
I'm scared for the economic future. My job is with a company that needs supplies from China to make our products. Our buyers also source most of their raw materials overseas. Trump's tariffs will destroy us. We won't be able to source materials and neither will our buyers. I may lose my job.
Beyond that, I have family members only a couple of years from retirement. This is going to tank their accounts. I need a new car. How will I be able to afford one? Everything is going to go up in cost.
I'm scared for the economic future because I'm already poor. Making me turbo poor isn't going to help lol
I work at a not for profit hospital. We're about to get gutted with cuts to medicare, Medicaid, social security and every other tiny line
There are no good answers for your questions. It's going to be painful.
Nobody ever lost money betting against the intelligence of the American people.
Lucky for Trump he can just fire anyone that doesn't make the numbers look good.
You mean all those profits aren't going to trickle down?
Well they sure fucked that one
Yeah, but if he ends up hurting the right people more, his base will fellate him for it.
Will they though?