Quote:
Originally Posted by kermitology
Because economic policies, in general, take time to see their effect. Until Trump institutes his tariffs it's going to look like there is continued economic growth because of the Biden policies. Biden spent his first couple of years dealing with the mess that Trump's policies introduced, plus you know.. a global recession and inflation due to a global pandemic.
Think about it this way. If you pass a bill that is intended to stimulate manufacturing, how long does it take for a factory to be built? Likely somewhere in the range of 3-7 years. You have to find the land, deal with zoning, public hearings, get alignment from local government and state government, RFPs for the building, source materials, build the factory. All of that stuff takes time. Look at the Flames new building as a good example of that. It's taken more than a decade to get alignment on all of those things with several starts and stops along the way.
Similarly, making cuts takes time to see the effect as capital dries up and workers are displaced.
Now, if Trump does things like mass deportation.. that's going to severely impact the labour force because small businesses that have slim margins have resorted to finding cheap labour to try and continue to be profitable. Small business owners who voted for Trump are going to have some serious regrets when they have to raise prices to compensate for higher prices on imported goods that they enhance and sell, and they're going to have a hard time finding labour to work for them.
Like, the Hatian migrants for example, they're taking jobs that NO ONE wanted to work. A strong economy has money moving around, but since Reganomics it's been concentrating into less hands.
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So you're trying to tell the American electorate that the following policies had zero negative effect to the economy until Biden took over, then they had a negative effect? In fact, the economy actually got better over the term, even though many of these changes were made in the first 1-1.5 years, but then they made everything worse?
- Tax Cuts & Jobs Act (December 2017), where the standard deduction was doubled (something everyone seems to ignore when talking about the tax cuts)
- Opportunity Zones (December 2017)
- Re-negotiation of NAFTA (signed in 2018)
- Tariffs on steel & aluminum (signed in early 2018, and Biden hasn't made any move to remove them)
- Regulatory Rollbacks, including the 2-for-1 rule