Julia Demaree Nikhinson / AFP / Getty Images
The Key Takeaways
- Joe Biden was succeeded by Donald Trump, who took over the presidency for the second consecutive time.
- Trump’s promises include mass deportations of immigrants, 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 took the oath of office as President for a second term on Monday. He will now be in charge of an economy which is running well in some areas but faces unprecedented challenges.
Trump took his oath at the Capitol Rotunda. As the 47th president, he is empowered to make the many sweeping economic changes that he promised in the campaign. Trump’s agenda includes tax cuts, reduced federal regulation, immigration deportation, tariffs imposed on imported products, and cryptocurrency promotion.
The speech promised a new future “golden age” Trump’s economic agenda for the U.S. focused on fighting inflation, taxing trade with foreign countries, and deporting illegal immigrants. As a response to his predecessor Joe Biden’s policies regarding climate change, Trump promoted oil production over green energy.
The Biden administration failed to control persistent issues that plagued the economy. Biden had a successful presidency. The economy was growing at a healthy pace, defying the predictions of many experts who predicted a possible recession.
It was at the same time that the high levels of inflation following the pandemic raged on, infuriating voters and depressing the living standards for many. And home ownership had become the most unaffordable it has been in years. After Biden’s attempts to expand the child tax credits ran into a snag in the Senate, millions of children were forced back into poverty. The debt of the nation continued to grow, raising concerns over the stability the financial system. This led to political disagreements.
Trump, with Republicans controlling the Senate, House of Representatives, and Supreme Court following the elections in November, will be able to make the economic changes he had promised during the election campaign. He has also promised that he will begin to make many changes immediately, even without legislation. These include imposing tariffs or laying the foundation for mass immigration.
UPDATE: This article has been updated to include a reference to Trump's remarks during his inaugural address.
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