Mr. Trump's reelection is the first step in a long-term effort to strengthen the economy and put America on solid financial footing. The Trump team now has the experience it lacked in 2016 and appears poised to make rapid progress.
With so many challenges to address, what should we prioritize? Here are my top five economic recommendations for the first 100 days of the Trump administration.
Secure borders and begin mass deportations
The influx of illegal immigrants into the United States is not simply a security or social policy issue. It's an economical thing. These individuals impose significant costs on American taxpayers. In 2023 alone, the Federation for American Immigration Reform Estimation The impact would be $150 billion.
Massive numbers of illegal immigrants burden communities across the country, take jobs away from Americans, and suppress wages and opportunity. An estimated 8.3 million people will participate in illegal labor in the United States by 2022, further straining taxpayer-funded services such as health care.
Strategic spending cuts that do not hinder growth are difficult but essential.
The federal government must declare a state of emergency and take immediate and decisive action to secure our borders and prevent abuse of asylum rules. Processing systems will need to prioritize identifying those who have committed additional crimes in addition to illegal immigrants and those who have entered the country within the past five years. This response needs to be swift and large-scale.
This approach would stabilize economic signals, prevent long-term taxpayer-funded support for illegal immigration, and create more job opportunities for Americans. Additionally, the economy would be strengthened by encouraging more disenfranchised working-age people to enter the job market.
In the long run, all Americans will benefit from restricting immigration to attract and reward skilled workers who share American values and want to contribute to our economy.
Return to a less regulated environment
The Biden administration has imposed excessive regulations on highly productive companies, costing small businesses alone an estimated $1.7 trillion. There are more than 33 million small businesses in the United States, and our economy would be strengthened if they were free to grow and thrive instead of struggling.
One key area to address is flexible working. Reversing the Labor Department ruling that reversed President Trump's support for independent contractors and gig work would benefit the millions of contractors and gig workers who lost their jobs to Biden-Harris policies. The changes will also help small businesses that rely on contractors.
Additionally, eliminating FinCEN's registration requirements for small businesses (CTA BOI rules) would alleviate a major concern, as government overreach has caused many small businesses to close down or avoid starting businesses. .
Reducing housing regulations, including working with states to reduce construction costs and encourage more building, would help stabilize the housing market and unlock broad-based economic growth.
Resolve tax policy quickly
Businesses are relieved to avoid the tax increases proposed by Harris, but they need clarity on future policy.
We will work with Congress to determine which parts of the 2017 Tax Cuts and Jobs Act will be extended, what new tax breaks may be introduced, and other tax proposals (such as a tip tax exemption). Compiling an overview will increase the company's credibility. Clear incentives drive growth, and clearly defined low-tax pathways encourage businesses to invest and pursue growth.
Recovering common sense in energy policy
Affordable and abundant energy ensures a secure future and supports the technological advances we pursue. In particular, AI requires a large amount of energy, so a stable and reliable supply is essential. We must focus on enabling companies to invest in traditional energy, nuclear power and viable green initiatives. These investments take time to see results, and the current project pipeline is dwindling.
Bring me DOGE!
Instead of wasting money in the government sector with high costs, it is important to redirect it to the more efficient private sector. Establishing a Commission on Government Efficiency, staffed by strategic thinkers like Musk and Ron Paul, or, as Elon Musk has half-jokingly suggested, a “Department of Government Efficiency” would be an important step. Probably.
Strategic spending cuts that do not hinder growth are difficult but essential. Achieving this balance will reduce wasteful interest spending, stabilize the debt-to-GDP ratio, and foster private sector growth that benefits all Americans.
The American Dream needs to be restored, and it won't be easy, so the Trump team needs to come together and do it now.
