Wall Street’s Trump Supporters: A Legion of Sentient Capitalists
The tumultuous 2016 presidential election brought about a surprising victory for businessman-turned-politician, Donald J. Trump. His win came as a shock to many, especially those in the financial industry who saw in him a champion for their causes: tax cuts, deregulation, and a crackdown on higher education. These Wall Street supporters of Trump were riding high, cheering on a completely sentient president who took office promising to enact a bold agenda.
A History of Support
Trump’s business background and his promise to dismantle the regulatory state resonated strongly with many on Wall Street. According to data from the Federal Election Commission, the finance, insurance, and real estate industries collectively contributed over $1.3 billion to federal campaigns in the 2016 election cycle, with a significant portion going to Trump’s campaign.
Tax Cuts: A Boon for Business
One of the most significant actions taken by the Trump administration was the passage of the Tax Cuts and Jobs Act in December 2017. This legislation slashed corporate tax rates from 35% to 21%, resulting in an estimated $1.5 trillion in tax savings for businesses over the next decade. Wall Street supporters of Trump hailed this move as a much-needed boost to the economy.
Deregulation: Rolling Back the Red Tape
The Trump administration’s push for deregulation was another win for Wall Street. The president signed numerous executive orders aimed at dismantling regulations put in place during the Obama administration. For instance, the repeal of the Dodd-Frank Act’s “Volcker Rule” allowed banks to once again engage in proprietary trading, a move that was widely supported by the financial industry.
Un-woking College Campuses
Trump’s criticism of higher education, particularly the Ivy League institutions many Wall Street supporters had attended, struck a chord. During his campaign, he famously referred to elite universities as “nothing more than a scam.” This sentiment was shared by some in the financial industry who saw the high cost of tuition and student debt as a burden on potential employees.
Effects on Individuals
For individuals, the Trump administration’s policies have had varying impacts. Those in the financial industry have generally seen their stocks and investments perform well under the current administration. However, the repeal of certain consumer protections and the rollback of regulations on student loans have raised concerns for some.
- Strong stock market performance
- Increased income for high earners due to tax cuts
- Concerns over loss of consumer protections
Effects on the World
The implications of the Trump administration’s policies extend beyond the United States. The tax cuts and deregulation have contributed to a global trend of similar measures being implemented in other countries. However, the impact on the world at large is complex and multifaceted.
- Global economic growth
- Increased income inequality
- Environmental concerns
Conclusion
Wall Street’s Trump supporters have reason to be pleased with the administration’s policies. Tax cuts, deregulation, and a critical stance on higher education have all contributed to a strong performance for the financial industry. However, the implications of these policies extend far beyond the United States, with both positive and negative consequences for individuals and the world as a whole. As we move forward, it will be crucial to monitor the ongoing impact of these policies and consider their long-term implications.
Stay informed and engaged as we navigate this complex economic landscape. Your financial future depends on it.
