Campaign 2016: How Trump Administration will affect economy - FOX 8, WVUE, fox8live.com, weather, app, news, saints

Campaign 2016: How Trump Administration will affect economy

NEW ORLEANS, LA (WVUE) -

In his victory speech, one of the first things President-Elect Donald Trump talked about was rebuilding the economy.

Trump said, “ We’re going to fix our inner cities and rebuild our highways, bridges, tunnels, hospitals. We are going to rebuild our infrastructure.”

FOX 8 Political Analyst, Mike Sherman said, “We know he’s going to have a focus on jobs. We know he’s going to have a focus on trade.”

Sherman says Trump’s message certainly resonated with voters across America.

“This is where the rubber meets the road. He now needs to translate those into policies that can get passed by Congress and implement that change.”

Trump promised to spend heavily on programs that would create thousands of new jobs.

Jim Spiro said, “So, those kinds of things would create jobs but realize that somebody’s got to pay for all of that, and that means the U.S. tax payer or borrowing more from overseas.”

Trump has promised to cut taxes across the board, but here are fears of increasing the national debt.

Managing Director for Morgan Stanley, Jim Spiro, believes the Trump administration will create tax reform, bringing corporate taxes rates down and simplifying the tax code.

Spiro said, “I’m really quite confident about this, of the tax code could be simplified into lower brackets, a broader base, getting rid of loopholes, reductions, advantages and so forth, many that are available to guys like Trump. He readily admitted that he took advantage of them.”

Senator Bill Cassidy said, “Under the Obama Administration, we’ve seen a decrease in the number of small businesses, not an increase. Trump will understand the negative effects that taxes will have a small business person. I think his policies will be more likely to favor small businesses.”

Sherman says while Trump is for cutting taxes and spending more on infrastructure, things could get tricky.

Especially with a Republican controlled Congress that doesn’t want to raise the debt ceiling.

Sherman said, “One of the early conflicts that might be a party conflict among republicans themselves is how you balance Donald Trump’s desires to increase infrastructure spending on veterans health care and military and tax cuts, without raising the debt ceiling, without engaging in higher deficient spending.” 

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