By Jerry Shaw
Change is in the air with the election of Donald J. Trump as president of the United States. As a billionaire real estate developer, Trump is truly an outsider in the world of politics, and now he will be the holder of the highest office in the land.
His victory took many people by surprise, especially because critics doubted his campaign’s success since he first announced his candidacy more than a year ago.
Beginning on Jan. 20, 2017, the hard work begins for the new president. Here are seven things Trump's win means for America:
1. Tax cuts across the board – “His tax plan is one of the most dynamic and pro-growth tax plans out there,” says Merrill Matthews of the Institute for Policy Innovation, according to TheStreet. Trump’s plan includes business taxes capped at 15 percent, which could boost business investment and help grow the economy.
2. Tariffs and immigration – Critics charge that the tax levies on foreign goods and deportation for illegal immigrants proposed by Trump could damage the economy, according to Bloomberg. A lot depends on how much a President Trump can get through Congress. Many Mexican and Chinese goods aren’t produced in the U.S., which will cause them to become more expensive. And the labor force could be affected negatively by the deportation of millions of immigrants.
3. Fair trade – Trump has consistently attacked the North Atlantic Free Trade Agreement (NAFTA) and the Trans-Pacific Partnership Agreement (TPP) for being managed trade agreements instead of free trade terms that benefit the U.S. His goal is to negotiate new agreements based on fair trade to bring outsourced jobs back to America, Investopedia reports.
4. Building a wall – This was one of Trump’s most appealing and criticized plans during the campaign. He has maintained he will build a wall between Mexico and the U.S. and have Mexico foot the bill. Trump now faces the task of convincing Americans and Congress that this can realistically be accomplished.
5. Middle East – Trump may have difficulty balancing his non-interventionist stance with his promise to defeat the ISIS terrorist organization. He was critical of the Iraq War and the meddling in the Middle East that led to chaos. Republicans and Democrats mainly agree with his goal to destroy ISIS, but may be divided over his plan to use bombing and ground troops.
6. Armed forces buildup – Trump says the Obama administration has cut hundreds of billions of dollars from the national defense. He wants to significantly increase the size of the Army, Navy, Air Force, and U.S. Marine Corps. He proposes growth in an effective missile defense system and modernizing the armed forces, according to his campaign website.
7. Healthcare – The Affordable Care Act has suffered from runaway costs, high premiums, fewer choices, and less competition, Trump notes on his website. He plans to work with Congress to repeal Obamacare and replace it with reform, based on free market principles.