President Donald Trump laid out five key steps on Thursday to “rapidly defeat” the soaring inflation caused by the Joe Biden-Kamala Harris administration. Meanwhile, Harris is pushing to double down on the same disastrous policies that have driven the nation to the brink of economic collapse.
“We delivered an economic miracle, which Kamala and Joe turned into an economic disaster, just like they turned the border, and indeed the whole world, into a catastrophic surrender,” Trump said during a speech at the Economic Club of New York. He pointed out that inflation was virtually non-existent during his presidency, with an annual rate of just 1.4% when he left office in January 2021.
Since Biden took office, prices have skyrocketed by an average of 20%, not even accounting for rising borrowing costs on homes, cars, and credit cards. The Federal Reserve has had to hike interest rates to counter the inflation caused by the Biden administration’s reckless spending.
“My plan will rapidly defeat inflation, quickly bring down prices, and reignite explosive economic growth,” Trump declared, before outlining his five-step plan to revive the economy.
First, Trump vowed to end Harris’s “anti-energy crusade” and unleash American energy independence. “We have more liquid gold under our feet than any other country, including Russia and Saudi Arabia, and we will be using it,” Trump said. He predicted his energy plan would slash prices by more than half within 12 months, kickstarting an economic revival like never before.
He slammed the Biden-Harris administration for restricting oil exploration and drilling, including shutting down operations in Alaska’s Arctic National Wildlife Refuge. Oil production has only recently returned to 2019 levels, but Trump argued that if Biden had maintained his energy policies, the U.S. would now be producing four times as much oil and would be energy dominant.
Second, Trump would terminate the Green New Deal initiatives, which have tripled their estimated costs under Biden’s Inflation Reduction Act. Researchers from the University of Pennsylvania and Goldman Sachs recently estimated these green programs will now cost over $1 trillion, up from $385 billion.
Third, Trump promised to “liberate” the economy from crippling regulation. He reminded the audience of his first-term pledge to cut two regulations for every new one, which he exceeded. Over the past four years, however, Harris’s policies have added $6,300 per year in regulatory costs for the average American family. Trump vowed to eliminate at least 10 old regulations for every new one in his second term.
Fourth, Trump will establish a Government Efficiency Commission, chaired by billionaire Elon Musk, to conduct a full financial and performance audit of the federal government. “We need to do it. We can’t go on the way we are now,” Trump said. Musk, in a recent post on X, echoed Trump’s concerns, blaming government overspending and excessive regulation for the current inflation crisis.
Lastly, Trump would make permanent the provisions in the 2017 Tax Cuts and Jobs Act, adding new incentives to boost domestic manufacturing. “To support the revival of American manufacturing, my plan calls for expanded R&D tax credits, 100% bonus depreciation, and a reduction in the corporate tax rate from 21% to 15%, but only for companies that make their products in America,” Trump said.
In contrast, Harris plans to let key provisions of the Tax Cuts and Jobs Act expire and to raise the corporate tax rate from 21% to 28%. Forbes reported that this hike would make the U.S. one of the highest-taxed countries for businesses, driving many to move operations overseas.
The solution to the economic mess and inflation is clear: putting Trump back in office for a second term.
