As he kicked off his campaign rally in the heart of Wisconsin earlier this week, former President Donald Trump wasted no time in articulating his intentions to promptly ameliorate President Joe Biden’s inflation-ridden economy. Marking his first appearance outside of New York during a weekday since the start of his legal proceedings, the 45th President was clear in his economic strategy. His declaration, ‘The Biden economic crisis will undoubtedly give way to the great resurgence of the Trump economy’ was met with thunderous applause at the Waukesha County Expo Center.
Trump harked back to his tenure, stating, ‘Upon leaving the Oval Office, I passed on to Biden an economy that was rebounding at a rapid pace, the quickest ever documented.’ He drew attention to the high-flying stock market and affordable fuel prices that he left behind, citing prices as low as $2 a gallon and in some cases, even cheaper. For the conservative audience present, these references were a stark reminder of better times.
He didn’t stop at the fuel prices. He hammered home the prosperity of the housing market during his tenure, as he highlighted the historically low mortgage rate of 2.65%. His lamentations that it has now become a hardship to secure mortgages, even at higher rates of 8 or 9%, seemed to resonate strongly with the crowd. The utter lack of inflation during his term was sharply contrasted with the current Biden’s economic milieu.
Widely regarded as the core Republican candidate, Trump was sharply critical of Biden’s recent budget proposal, an eye-popping $5 trillion increase that incorporates a significant hike in the capital gains tax, according to a Forbes report. This proposed rise in tax would catapult it to an unprecedented 44.5%, the highest ever in U.S. history.
The former president didn’t mince words when it came to Biden’s tax hikes. Raising alarms about how they’d disproportionately impact the middle class, he asserted, ‘Biden has made it abundantly clear that four more years of him in office would drown the middle class in the most significant tax increases our nation has ever witnessed.’
In contrast, Trump reminded the audience about his historic tax cuts, especially their large-scale benefits for businesses and the middle class. Addressing the flawed perception that his tax cuts favored the wealthy at the expense of others, Trump clarified, ‘These cuts benefitted not just the job-creating companies, but also the middle class and indeed, those with lower incomes gained the most. However, Biden is ready to see them expire without provision for a fitting substitute.’
Data from the CATO Institute reported in March makes for a worrying comparison. Food prices, for consumption at home, escalated by just under 18% over 11 years, until the start of 2021. However, these prices have skyrocketed by 21% within the mere three years that Biden has held office. General consumer prices have also shot upwards by a staggering 17% since the onset of the Biden administration.
‘With inflation at such debilitating heights today, any earnings accruing seem to be nullified instantly,’ Trump declared grimly. ‘The cost of living is spiraling out of control.’
Trump then drew a comparison between the disarray Biden created in the economy to the chaos unfurled at the border. Accusing Biden of abusing COVID as an excuse, he denounced what he viewed as ‘the biggest heist of middle-class wealth in the history of the nation.’ Trump alleged that Biden and his allies have siphoned trillions of dollars from hard-working Americans to further their own Washington-based agendas.
Blasting the Biden administration for their extravagant spending, the 45th president derided the $2 trillion American Rescue Plan that, he concluded, was a complete failure in saving the nation. Another trillion went towards what he ridiculed as the laughably titled ‘Inflation Reduction Act’, a clear case of false advertising in his eyes. ‘Joe Biden’s economic strategy seems to revolve around empowering China while weakening America. However, my economic plan is fixated on making America more prosperous than ever before,’ he vowed.
Trump is committed to aggressively fortifying the U.S.-Mexico border if he is victorious in the upcoming election, a stand that resonates strongly with a crucial voter demographic – Latinos. The latest Axios-Ipsos Latino Poll reveals that the number of Latinos supporting the construction of the border wall and deportation of all illegal immigrants has risen markedly, by at least 10 points since 2021.
Even Latinos with potential immigration links appear persuaded by Trump’s strong stance on enhancing border security. These findings underscore the GOP’s recent inroads into the Latino demographic and mirror the mounting frustration causing immigration to become the preeminent issue for numerous Americans during election season.
With Trump poised to recapture the presidency, his vows to intensify border security and organize sweeping deportations, which could number in the millions, have stirred the political pot. In an age of economic struggle and growing concerns over border security, the echoes of Trump’s guarantees will continue to reverberate within the conservative demographic, perhaps swaying the balance in the upcoming elections.