MILWAUKEE — Donald Trump promised in his Republican nomination acceptance speech Thursday night that if he wins a possible second term, “income rates will soar,” “inflation will disappear” and the Federal Reserve will “cut interest rates.”
The 78-year-old former president unveiled an economic plan that includes eliminating the tip tax and tariffs on other countries, while harshly criticizing President Biden’s handling of the economy.
“We’ve had the worst inflation in history under this guy,” Trump said of Biden, his rival in the Nov. 5 presidential election, without bothering to mention him by name. “Inflation is the killer of our country. It doesn’t matter what you earn, because inflation is going to eat you up.”
“People who were saving money, they were making the best salaries they’ve ever had, they had saved a lot of money and now they’re ruined. They haven’t saved anything, they’re barely surviving. They’re putting money into savings accounts and withdrawing money to live on because of inflation,” he added.
Trump also called on the country to “provide economic relief to the American people” and vowed to “get prices down from day one and make America affordable again.”
“under [President Biden’s] “Under this administration, groceries have gone up 50 percent, gasoline has gone up 60 to 70 percent, mortgage rates have quadrupled, but it doesn’t matter because we’re not actually getting the money anyway,” he said. “Household bills have gone up an average of $28,000 per household.”
Trump said his economic plan would “make prices go down, and they’ll go down very fast.”
“By reducing our energy costs, we reduce the costs of transportation, manufacturing and all our household products. So much starts with energy. And let’s not forget, we have more liquid gold under our feet than any other country. We are a country that has the opportunity to get absolutely wealthy in energy. China doesn’t have that,” he said.
President Trump touted his 2021 tax cut bill, saying, “We’re going to give you more.”
“We’re going to end this ridiculous, and actually incredible, waste of taxpayer money that’s fueling an inflationary crisis. They’ve spent trillions of dollars on a bunch of different things,” he said. “And all of those trillions of dollars that haven’t been spent yet will go to important projects like roads, bridges, dams, and we’re not going to allow that money to go to new environmental scam ideas that don’t make sense.”
Trump also said he would repeal a Biden-era federal policy aimed at encouraging automakers to make half of their new car sales zero-emission vehicles by 2030.
“I will end the electric vehicle mandate on day one, which will save the U.S. auto industry from being completely wiped out and save American customers thousands of dollars per car,” he said.
“I will use the right taxes, tariffs and incentives to bring auto jobs back to our country. We will not allow large auto manufacturing plants to be built in Mexico, China or other countries where they ship product back to the United States, take jobs and create a hopeless situation for our businesses and auto workers,” he said.
He said if automakers were creating jobs in other countries, tariffs of 100% or 200% would make the cars “unsellable.”
Democrats say the new tariffs will lead to higher prices, but Trump said the US has been “taken advantage of by other countries”.
“We’re not going to allow foreign countries to come and take our jobs and plunder our country. The way they can sell their products in America is to manufacture them in America, and only in America,” he said.
President Trump has touted his plans to implement a “no tax on tips” policy, which he says was inspired by a Nevada waitress.
“I said to her, ‘Let me ask you a question: Would you be happy if there was no tax on tips?'” he recalled.
“I’m going to protect Social Security and Medicare. Democrats are going to destroy Social Security and Medicare,” he continued.
“Under my plan, incomes will soar, inflation will disappear altogether, jobs will bounce back quickly, and the middle class will thrive like never before.”
Biden, 81, has frequently criticized Trump for the continued unemployment caused by the pandemic during his final year in office, likening him to Herbert Hoover, president at the start of the Great Depression.
Under Trump, the unemployment rate was 3.5%, the lowest since 1969. according to The federal data was released in February 2020, a month before the pandemic reached the U.S. It hit an even lower 3.4% last year under Biden, but has since started to climb.
Inflation-adjusted incomes have fallen under Biden, and inflation has caused consumer costs to soar. 20% increase During the incumbent’s term of office.
Median household income, adjusted for inflation, increased. 8.5% increase President Trump’s first three years in office.
Under the Biden administration, per capita disposable income fell 9.04% from the first quarter of 2021 to the first quarter of 2024, according to the Bureau of Economic Analysis. data.
