Mighty America was on an unsustainable path of large fiscal deficits (spending more than earning), high current account deficits (consuming more than producing), and an ever-increasing debt-to-GDP ratio. Considering the immense unfunded medical care and social security liabilities, there was an immediate need for course correction.
Trump aimed to cut the current account deficit by imposing tariffs, reduce fiscal deficit by curtailing wasteful govt spending through Musk-led DOGE, earn revenue from tariffs, stabilise the debt-to-GDP ratio through a sovereign wealth fund and a revaluation of gold reserves.
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Views expressed above are the author's own.
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