By Rob Starr, Big4.com Content Manager
Next time you’re talking to any politically motivated friends you might ask them if they know about that old axiom that truth is stranger than fiction. Chances are most of them will have heard of it and the ones that haven’t will see where it fits in nevertheless with the current American political climate.
And the point isn’t just that Donald Trump is the new President of the United States. While that might seem completely surreal to people under 50, there are those of us who remember even more fantastic times where the President was actually forced to leave office because journalists were doing their job properly and not using their influence to stump politically, and other episodes where the Oval Office’s boss had previously starred in movies with titles like Bedtime For Bonzo.
But before we break into a collective rendition of The Who’s famous refrain of “meet the new boss, same as the old boss,” consider the fact Donald Trump is a businessman with no political chops behind him.
So that means it should be a little easier to predict where President Trump will go when it comes to business matters. Of course this all depends on who you talk to and which side of the political spectrum they sit on, but here’s just a few of the predictions from all around the world and what they mean.
Growth Under Trump
The Guardian is predicting that the United States economy under Trump will grow and they are also saying it will eclipse the 2.2% average that was the benchmark during Barack Obama’s term in office. They point to the fact that the Republicans will more likely boost public spending and relax debt limits which is good for the very people that voted Trump into office.
For example, if you are a regular American and say an emergency plumber in Chicago Illinois, you might also benefit from the impending loosening of banking regulations that will have an impact on middle income households. More money in circulation makes for more construction and more homeowners.
CNBC jumped into the fray as well by taking a look at some of the policies that the newly inaugurated President will more than likely be implementing. Trump has been clear that he will spend on infrastructure to put Americans back to work. Noted economists like Paul Krugman have been in favor of increasing fiscal stimulus for years. Now, it seems that Trump is more than willing to take on what is traditionally seen as a left-wing ideological answer to an economy’s problems.
There are other solutions that need to be looked at carefully including a report in the Financial Times whereby Trump would get involved in financial deregulation. The President has gone on record as supporting the repeal of the Dodd-Frank Act of 2010 which was a response to the financial crisis. At least one of the worries is that with the act gone, the markets could return to the kind of freefall that brought the crisis in the first place.
There are some issues that Trump has paid attention to nevertheless that aren’t as flashy as some of the others that have attained more press. For example, the President has carefully outlined his positions on some other topics that involve the family. These include a few tax based incentives like a tax-free dependent care savings account and an Expanded Earned Income Tax Credit.
Of course it wouldn’t be entirely fair to expect the new administration to have everything in order right away. Granted, it might take some time while Trump smooths over the larger policy initiatives that he’s brought in to look after other matters in areas like law.
However, if you dig back 10 years and find a particular version of Mother Jones where Trump was quoted as praising Sharia Law for a great way to allow men to divorce their wives, you hope there isn’t a copycat pattern developing in America.
We are sure that people like the best divorce lawyer Chicago was reading the article from last year that said Trump invoked the Fifth Amendment an amazing 57 times during his divorce from Ivana.
Now that the inauguration is finally behind us and President Trump can move forward using the wide sweeping powers that he has, one of the big questions economic pundits have is how many of his proposed policies will be followed through on and to what extent.
Maybe the best way to answer that question is to remember the truth is always stranger than fiction. One thing seems for certain, that our newly elected President will use a business sense as his sextant to guide him.