Crony Trump’s Economic Plan: Higher Taxes, Higher Inflation, and Higher Minimum Wage

That didn’t take long.

It was only days after Donald Trump clinched the Republican nomination that the mask (such as it was) came off. Suddenly he was telling multiple interviewers that he could be talked into raising taxes, boosting the minimum wage, and printing enough money to pay the national debt in cheap dollars.

"On my plan [taxes are] going down. But by the time it's negotiated, they'll go up," Trump said. “In my opinion, the taxes for the rich will go up somewhat." (After the outcry, he claimed he meant up from his proposed cuts.)

As for the minimum wage, he talks like Obama, completely uninterested in market forces, as if what people are paid is purely at the discretion of political managers: “I think people have to get more… I don't know how you live on $7.25 an hour.”

Oh, but he says he would leave it to the states to decide the height of the wage floor, which raises the question of why he is talking about it at all, since that can presumably happen now. The Department of Labor he would head as president possesses plenty of power to strongly nudge states however it wants. If Trump favors a higher wage floor, he is going to get it.

And, incidentally, such a higher floor could be an crucial part of an anti-immigration policy as well. If low-wage jobs become illegal, immigrants have no reason to cross the border at all. The eugenicists who passed the 1920s immigration laws understood this well.

As for the national debt, he says it can’t be paid, we can’t default, and so there is only one way forward: “print the money.”

https://fee.org/articles/trump-s-economic-plan-higher-taxes-higher-inflation-and-higher-minimum-wage/

Crony Trump’s Economic Plan: Higher Taxes, Higher Inflation, and Higher Minimum Wage

Crony Trump’s Economic Plan: Higher Taxes, Higher Inflation, and Higher Minimum Wage

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