This election night finally settles trump historic win. As predicted, his success was unprecedented by Americans in various ways. With a huge trumps victory, many got upset thinking that now there will be an economic upheaval. As promised by Trump in his victory speech, he will bring success to the White House again.
USA TODAY asked economic experts “Where will Trump’s victory leave American consumers, low-income group, individual and business taxpayers, loan holders and Social Security recipients?”.
Here is what experts told about pocketbook issues.
The Federal Minimum Remuneration
Based on Trump’s current statement “The minimum wage has to rise up.” From $7.25 per hour it might go up to $10 per hour. But the final decision rests with the state.
Trump intends to reduce the tax rates for individuals and businesses. According to Tax Policy Center analyses of Trump’s tax plans, many households are likely to be benefited because of their lower tax bills, however, the low-income group and especially single parent may suffer paying more.
Student Loan Programs
Trump focuses on improving student loan programs and also criticizes college to lower their tuition fee. He also plans to forgive student loan if they have made full payments for 15 years instead of 20 years, the rest of the debt repayment will be exempted.
Trump intends to offer 6 weeks maternity leaves which would cost an average of $300 per week. Whereas, no relief plan is made for caretakers or adoptive parents who are suffering illness since long.
Trump’s plan to establish a savings account for dependents is in the process. He is further planning to make child care affordable by allowing parents to deduct an average child care expenses for up to four kids in their average dependency age.
Saving social security is my aim, said Trump. He has not cut down any benefits associated with social security.
The media and experts common question “Are Trump policies beneficial for economic growth?”
There is no simple Yes or No answer to this question, however, in his victory speech, Trump focuses more on making the United States ‘great’ again. People will now take back their future if there is a change in US trade policy, tax reductions and so on.
He further promises to make America ‘safe’ again by making new plans for increasing local infrastructure, building depleted military again and so on.