Donald and Elon: two immature guys running the entire US economy.

Give them a chance, they haven’t even started yet. Financially I think Trump will actually be better than Biden though not in other ways.

It’s fine by me- I don’t live in the USA. I am more worried about the Uk. These two are going to make a resounding success over the next four years so we can watch from the sidelines?

Yes, a nightmare pairing indeed. Neither of them care anything about the UK economy, only the US. They will bleed us dry and strip us bare and on top of Brexit we are well and truly scuppered.

Be careful what you wish for folks- Trump is a many times failed businessman and felon who inherited most of the wealth he has actually mananged to squander. As for Musk? He would not have made his money without jumping on other people's technological bandwagons and Tesla is losing money hand over fist.

Of course, this doesn't matter because they are both seen as strong men even though they are both as human as you or I.

Perhaps nanna8 and ronib can explain to us how Trump and Musk's proposals will improve the US economy over the next 4 years.

Just bear in mind what is being proposed.

Tariffs on all foreign imports, varying between punitive 60% tariffs on goods from China and 10% for goods from other countries (as yet unspecified)

Wholesale abolition of federal departments, such as Education, in the name of 'efficiency'

Tax cuts and deregulation for businesses.
Tax cuts for the wealthy.

Narrowing the remit of the Affordable Care Act (aka 'Obama Care').

So, good economic reasons for doing this and an explanation of how it is going to improve the US economy and the economic situation of the poor and unemployed would be appreciated...

Whatever DR and EM do, or don’t do, over the next four years, we can talk about it till the cows come home, it won’t make any difference.

My big concern about DT is what might happen to Ukraine, but unfortunately I can’t influence whatever happens.

MaizieD no I shall pass on the details. However in this age of insanity, according to Liz Truss, each American citizen has £25k more per head than in the UK, my hope is that somehow the UK mitigates the economic fallout. The UK needs to work out how to deal with Trump’s economic policies.

nanna8

Give them a chance, they haven’t even started yet. Financially I think Trump will actually be better than Biden though not in other ways.

Why?? Why do think this??

I cannot even remember how many businesses Trump has bankrupted, built over years and years by his father and grandfather.

The US economy did improve when Trump was POTUS, whether this was directly down to him is debatable.

Trump did not get a marginal win it was a landslide, what he says and what actually happens is not always the same thing, by being protectionist the risk is controlling inflation. Government borrowing in the US is very high, much higher than the UK, he does need to control or reduce that if he does not the dollar could well loose value quickly.

The US could produce much more of their own needs at home without buying overseas, currently it’s cheaper to import, but that’s at the expense of their own manufacturing industry. The EU is in same position it doesn’t want to damage its
manufacturing base or food production and be dependant on imports. The UK seems to be heading in the opposite direction, no Tariffs yet pursuing an environmental agenda to lower emissions, yet inevitably increasing imports, greenwashing?

Just like the UK he wants to control migration, the US needs migrant workers as we do, I dont see anything wrong with that policy in the UK or US, nor do a great many Latinos, they don’t want uncontrolled migration risking their jobs, As for welfare spending were not going to see mass starvation in the US

We should worry if he is successful because the dollar will get stronger and our imports will get more expensive

ronib

MaizieD no I shall pass on the details. However in this age of insanity, according to Liz Truss, each American citizen has £25k more per head than in the UK, my hope is that somehow the UK mitigates the economic fallout. The UK needs to work out how to deal with Trump’s economic policies.

Just be honest and say that you don't know, ronib.

Telling us that Trump is going to work economic miracles without being able to explain how it is to be achieved makes your assertion a bit worthless...

Where on earth did Liz Truss get her figures from?

ronib

MaizieD no I shall pass on the details. However in this age of insanity, according to Liz Truss, each American citizen has £25k more per head than in the UK, my hope is that somehow the UK mitigates the economic fallout. The UK needs to work out how to deal with Trump’s economic policies.

Why on earth bring Liz Truss to the party!? She nearly wrecked our economy and still thinks she did the right thing. Regarding the dreaded trump, I worry for Ukraine and really wish that Brexit hadn’t happened. We really need to be close to our old friends in Europe. If the USA decide to leave NATO we need to be shoulder to shoulder with Europe. Sadly, the USA have got what they voted for - a felon, a serial sex offender, bankrupt, appalling liar, all packaged in an orange nightmare.

Ladyleftfieldlover

Very succinctly put and I agree 100%, particularly re Liz “Lettuce” Truss.

ronib

MaizieD no I shall pass on the details. However in this age of insanity, according to Liz Truss, each American citizen has £25k more per head than in the UK, my hope is that somehow the UK mitigates the economic fallout. The UK needs to work out how to deal with Trump’s economic policies.

They probably have more than that BUT they don’t have the same welfare as the UK it’s much more basic, and they have to buy whatever insurance they need to cover health and pension, it’s not a fair comparison.
Having said that my brother and sister are much better off in the US than doing the same work over here.

David49

Trump did not get a marginal win it was a landslide, what he says and what actually happens is not always the same thing, by being protectionist the risk is controlling inflation. Government borrowing in the US is very high, much higher than the UK, he does need to control or reduce that if he does not the dollar could well loose value quickly.

The US could produce much more of their own needs at home without buying overseas, currently it’s cheaper to import, but that’s at the expense of their own manufacturing industry. The EU is in same position it doesn’t want to damage its
manufacturing base or food production and be dependant on imports. The UK seems to be heading in the opposite direction, no Tariffs yet pursuing an environmental agenda to lower emissions, yet inevitably increasing imports, greenwashing?

Just like the UK he wants to control migration, the US needs migrant workers as we do, I dont see anything wrong with that policy in the UK or US, nor do a great many Latinos, they don’t want uncontrolled migration risking their jobs, As for welfare spending were not going to see mass starvation in the US

We should worry if he is successful because the dollar will get stronger and our imports will get more expensive

Maybe not quite such a landslide in reality.

www.independent.co.uk/news/world/americas/us-politics/kamala-harris-votes-trump-election-swing-states-b2645211.html

The US could produce much more of their own needs at home without buying overseas, currently it’s cheaper to import, but that’s at the expense of their own manufacturing industry.

David, the US doesn't have a huge area known as 'the rust belt' for nothing. Their manufacturing industry has declined massively.

How long do you think it's going to take to revive it? From the extraction and processing of raw materials to the setting up of manufacturing supply chains in order to produce the finished product?

I can't see it happening overnight. I don't think that the 4 years theoretically available to the Trump regime will be long enough to make an appreciable difference.

In the meantime tariffs on imported goods will increase the cost of living, particularly for the 'middling classes' which have already been hit by inflation but who are the potential consumers of the revived industries' products.

Hmm - quoting Liz Truss on matters economic: surely not.
She may be a good source of knowledge on other matters, perhaps- knitting, maybe, or croquet, but finance??

MaizieD

^The US could produce much more of their own needs at home without buying overseas, currently it’s cheaper to import, but that’s at the expense of their own manufacturing industry.^

David, the US doesn't have a huge area known as 'the rust belt' for nothing. Their manufacturing industry has declined massively.

How long do you think it's going to take to revive it? From the extraction and processing of raw materials to the setting up of manufacturing supply chains in order to produce the finished product?

I can't see it happening overnight. I don't think that the 4 years theoretically available to the Trump regime will be long enough to make an appreciable difference.

In the meantime tariffs on imported goods will increase the cost of living, particularly for the 'middling classes' which have already been hit by inflation but who are the potential consumers of the revived industries' products.

It’s not going to happen overnight for sure, the old “rust belt” areas need long overdue regeneration,
Personally I think Trump has got a better chance of success than Starmer

David49

MaizieD

The US could produce much more of their own needs at home without buying overseas, currently it’s cheaper to import, but that’s at the expense of their own manufacturing industry.

David, the US doesn't have a huge area known as 'the rust belt' for nothing. Their manufacturing industry has declined massively.

How long do you think it's going to take to revive it? From the extraction and processing of raw materials to the setting up of manufacturing supply chains in order to produce the finished product?

I can't see it happening overnight. I don't think that the 4 years theoretically available to the Trump regime will be long enough to make an appreciable difference.

In the meantime tariffs on imported goods will increase the cost of living, particularly for the 'middling classes' which have already been hit by inflation but who are the potential consumers of the revived industries' products.

It’s not going to happen overnight for sure, the old “rust belt” areas need long overdue regeneration,
Personally I think Trump has got a better chance of success than Starmer

Oh, come on, David How long do you think it will take to make a difference?

Over 50% of the voting population voted for Trump and all the rag tag and bobtail of ministers and advisors he has brought in his train. if they decide later they have made a mistake, and I doubt they will, well that is their problem.

If the put America first means theywill interfere less in other countries affairs, so much the better. the only worry is Ukraine and NATO. On the other hand it might give Europe and the UK a chance to rally round work together and show Trump and his allies how little they really count. America is a failing nation and it has a lot more failing to do.

Didn’t mean to upset your sensibilities in mentioning the lettuce but it was the first time that anyone had mentioned how poor we have become here. I don’t know how to even assess the relative difference in wealth inequality between the UK and the USA but I have a horrible feeling that it’s about to get a lot worse for the UK. Happy if anyone has the inclination to investigate this….

Something which might affect the UK is the export of cars. The UK exported $7.5 billion worth of cars to the US in the year ending June 2024.

Cutting federal budgets "bureaucracy" will surely mean that more will fall on individual States to manage critical areas.

I forsee a right mess and a great deal of conflict ahead both in State disputes over policy decisions and funding replacement local "bureaucrats",

as someone has to manage the huge social security and medical systems.

For example, Social Security facts:

Managed Federally

"The Social Security Administration (SSA) is one of the largest Federal agencies, with 84,000 employees in its central offices and at more than 1,300 field offices and regional operating centers throughout the nation".

Medicare :

"Is Medicare local state or federal?
federal
Because it's a federal program, Medicare has set standards for costs and coverage. This means a person's Medicare coverage will be the same no matter what state they live in. Medicare-related bills are paid from two trust funds held by the U.S. Treasury."

growstuff

Something which might affect the UK is the export of cars. The UK exported $7.5 billion worth of cars to the US in the year ending June 2024.

I have read somewhere recently that UK exports to the US are worth £300billion. Tariffs on everything will affect a bit more than car manufacturing..

Despite Truss's figures the election results seem to tell us that a great many Americans feel poor. The top reason given by most for their vote was 'the economy'.

Given that, I'd still like to know how Trump's plans are going to improve the US economy.

Chocolatelovinggran

Hmm - quoting Liz Truss on matters economic: surely not.
She may be a good source of knowledge on other matters, perhaps- knitting, maybe, or croquet, but finance??

I wouldn't trust her with a knitting pattern!

Actually I don’t know how to break it to you all but the lettuce might be more accurate than you think.
The Adam Smith Institute suggests for example 58136 US dollars after paid health care average income . £35464 before taxes to pay for healthcare in the UK. The Adam Smith Institute finds that the US is a richer society with lower tax and less regulation than Britain.
Interesting so who can’t read a knitting pattern now?