While Donald Trump spent much of his campaign painting himself as the “anti-establishment”, “hard on Wall Street” candidate, those claims don’t seem to be playing out in his policy plans.
Instead, Trump has recently said that he plans to halt all financial regulations until he sees that there has been significant growth in the American economy.
He also spent quite a bit of time criticizing the financial reforms made by the Obama administration.
In fact, several months ago, Trump spoke decisively against the Dodd Frank regulations which limited the ability of large financial institutions to gamble with depositors money. He essentially proposed to dismantle the entire program.
That’s a policy that goes in direct opposition to the kind of candidate Trump has tried to make himself out to be.
It’s also a policy which goes directly against what the data says. Trump claims that financial regulations have the effect of slowing and hurting the economy. However GDP growth remained strong and continued growing after Dodd Frank was enacted in 2010. Job growth has also steadily increased.
Perhaps one of the most obvious benefits of Dodd Frank is that it brought in more than $10 billion for relief to customers effected by predatory financial tactics. Furthermore, the entire piece of legislation was built to address systematic issues of our financial system which led to the crash in the first place.
The 2016 elections have been marked by a strong voice of anti-establishment amongst grassroots people. Whether on the right or left, there are millions of people raging against elitist politics and an economic system tailored for the rich.
People are wary of Wall Street, they don’t trust our politicians, and they believe politicians are only working for the benefit of special interests.
Donald Trump must know that, and that’s why he’s playing the character he’s playing. He knows “anti-establishment” is in, so that’s the rhetoric he uses.
But at the end of the day, anyone who is fooled into thinking Trump really is anti-establishment is woefully mistaken.
Not only has he criticized Dodd Frank, proposed releasing all financial regulations until “growth in the economy” and he wants to repeal the estate tax (paid only by the top .2% of Americans) and lower the corporate tax rate to 15%.
Trump has clearly tried to capitalize on the widespread perception of Hillary Clinton as a corrupt politician who gives anything and everything to wealthy elites. But lets look at the big picture here.
Out of the two, given the actions and rhetoric of Trump and the actions and rhetoric of Clinton, which one do you think will actually be a sell-out to the wealthy and elite?
It just seems pretty obvious.