All the fuss from media commentators about President Donald Trump’s economic policies in his second term is forgetting the positive data shown by the Treasury Department.
In spite of large-scale opposition from DC and challenges from global forces, President Trump has succeeded in reducing the nation’s debt.
During current President Biden’s second term, the debt owed to public investors has grown more slowly as compared to the last year of the previous administration.
Between January 22 and May 6 this year, an additional $37 billion was added to the public debt, according to Washington Examiner’s analysis. In this year under Biden, the income was much greater than the amount recorded in 2024 during the Trump administration. This works out to a huge 92 percent cut in the speed at which debt was growing, proving that Trump’s efforts to reduce government costs at the Department of Government Efficiency have paid off.
The overall debt drop, close to $5.5 billion, is not very large compared to the country’s national debt, but how quickly and in what direction it happens matters a lot.
The news of his plan comes while the US is experiencing major economic changes that go against Biden’s beliefs.
In early April, Trump suggested adding a 10% tax on goods from China and named it “Liberation Day.” With the power from the International Emergency Economic Powers Act, the government increased the tax rate on China’s exports to 54%, which is higher than before.
People who predicted economic problems were right to some degree because financial markets did respond. It is expected that long-term GDP will fall by 6%, salaries will go down by 5%, and middle-income households may have to spend an extra $22,000.
Nevertheless, Trump continues to argue that short-term problems are nothing compared to being independent of outsiders in the future.
Trump has taken a different approach from traditional Republican thinking by recommending higher taxes for the very rich.
Clinton’s proposals involve increasing rates for those earning over $2.5 million as individuals or $5 million as families and blocking the carried-interest loophole. MarketWatch expects this to add more than $350 billion to the IRS coffers in the next four years.
Trump’s administration received a major boost in the economy after Trump signed a significant trade agreement with the United Kingdom. UK exports of steel and vehicles to the US will become cheaper and US agricultural and industrial goods will be imported into the UK.
By choosing this new strategy, America shows it cares about allies and is ready to limit the power of China.
When all the information is looked at as a whole, it shares an impressive story. So far, Trump’s efforts involving trade deals, tax rates, and management of government officials seem effective, as the budget shows.
This is taking place as Trump’s popularity among Americans has reached some of its highest points.
The new poll from J.L. Partners and the Daily Mail showed that Trump’s approval has gone up to 53 percent, which is four points higher than last week’s rating of 49 percent.
A closer look shows that Trump’s numbers with voters aged 18 to 29 have gone up by 13 points.
These results seem to prove that Trump capitalizes on the youth group’s strong support from the previous election, when many high school and college voters switched from Biden to Trump.
The research showed that the president’s support has climbed up six percentage points among Democrats and independents.
Compared to last week’s survey, the president’s rating among black voters has gone up by 17 points.
Around 100 days in office, Trump received a good assessment from employers and those in charge of job boards, who think wins for the economy are imminent, despite noting that the economy is still not improving.