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Trumponomics: what is it exactly?

By Darren Nelson - posted Wednesday, 27 June 2018


President Trump is not a fan of multilateral trade agreements like the Trans Pacific Partnership (TPP). He points out that such agreements are not "fair" to most Americans. He has even, at times, pointed out that such agreements are not "free trade". As I pointed out in Trump's Tariffs: Free, Fair or Foul Trade?:

The TPP's 8,000+ pages are not needed for genuine free trade; and the world hasn't seen much genuine free trade since prior to World War I.

I had a pillar #8 of The Fed in my original ESA talk. Trump has mentioned auditing The Fed from time-to-time as citizen and candidate but not so much as president. Any such audit should include the whole system of printing unsound money by The Fed combined with fractional reserve banking by the Big Banks. I highlighted the latter in Crony Capitalism: Banks Make Money By 'Making Money' by quoting the UK's equivalent to The Fed of the Bank of England:

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Money creation in practice differs from some popular misconceptions - banks do not act simply as intermediaries, lending out deposits that savers place with them. Rather than banks receiving deposits when households save and then lending them out, bank lending creates deposits. Bank deposits make up the vast majority [of broad money] - 97% of the amount currently in circulation.

"Reaganomics" of the 1980s was closely associated with one school of economic thought – Supply-Side Economics. This is not the case with "Trumponomics". Given the economists and other influencers I know from both the campaign and the administration, "Trumponomics" is an eclectic mix of mainly free marketers with a significant dash of central planners.

The free marketers appear to have a greater say on: #2 Tax; #4 Energy; and #5 Regulations. The central planners appear to have a greater say on: #3 Obamacare; #6 Infrastructure; and #7 Trade. Both at least agree on, and support, #1 Constitution.

Of course, the President is his own man and ultimately calls the shots on what "Trumponomics" is and how it is to be implemented. This will hopefully, and not unreasonably, include #8 The Fed as well as an increasingly free market approach to #3 Obamacare, #6 Infrastructure and #7 Trade. In conclusion, as the Founding Fathers knew, only greater freedom and faith can truly "Make America Great Again".

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This article was first published by Townhall Finance.



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About the Author

Darren Brady Nelson is an Austrian School economist, conservative-libertarian and Christian who lives in Brisbane Queensland but is originally from Milwaukee Wisconsin.

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