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What you need to know
- Joe Biden, the former Vice President of the United States, was replaced by Donald Trump as president for a second term on Monday.
- Trump’s promises of sweeping reforms will lead to economic effects, including deportations in mass, higher tariffs for imported goods, less regulation and lower taxes.
- Under Biden's leadership, the economy prospered but was undermined by persistent problems including stubborn inflation, high housing costs and a soaring national debt.
Donald Trump became president for the second time on Monday, taking charge of a thriving economy in most ways. However, it faces new challenges.
Trump was sworn in at the Capitol Rotunda. He is now the 47th President of the United States and can pursue all the economic changes he had promised during the election campaign. Trump’s agenda includes cutting federal regulations, deporting illegal immigrants, imposing tariffs and promoting cryptocurrency.
Joe Biden was not able to control the persistent issues that plagued his economy. Biden was president when employers created jobs each month, while the stock market soared. Wages rose more than inflation in some cases, and the economic growth rate exceeded predictions by experts.
The post-pandemic spike in inflation angered voters, and lowered the standard of living of many workers. Home ownership was also the most affordable it had been for decades. Biden’s failed efforts to increase the child credit were halted by the Senate. As a result, the removal of the social safety-net programs from pandemic times put millions of kids back in poverty. The debt of the nation continued to grow, raising concerns over the stability the financial system. This led to political disagreements.
Trump’s promise to overhaul the economy will become a reality now that Republicans control the Senate, House of Representatives and the Supreme Court. With a conservative majority of 6-3, Trump has the power to do so. Trump has pledged to implement many of these changes from Day One, without waiting for legislation. This includes imposing tariffs on imports and setting the stage for mass deportations.
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