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Fresh Air
Trump's 2nd Term & The Economy
Dec 4, 2024
David Wessel, a senior fellow at the Brookings Institution and former Wall Street Journal journalist, dives into Donald Trump's economic plans, discussing the implications of tariffs, tax cuts, and the idea of a government efficiency overhaul led by Elon Musk and Vivek Ramaswamy. Meanwhile, Maureen Corrigan, a literature professor and book critic, reviews Niall Williams' poignant novel 'Time of the Child', exploring themes of community and personal struggle in a rural Irish setting. The conversation weaves together economics and literature in a captivating narrative.
45:30
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Quick takeaways
- Trump's proposed tariffs aim to reshape the economy by boosting domestic manufacturing, although their effectiveness amidst automation remains debatable.
- The establishment of a Department of Government Efficiency, led by figures like Musk and Ramaswamy, seeks to streamline federal spending, yet faces challenges without congressional support.
Deep dives
Trump's Economic Policy Changes
Donald Trump proposed significant economic changes during his presidential campaign, including high tariffs and tax cuts aimed at reshaping domestic industry. He swiftly announced controversial cabinet appointments to push his agenda forward rather than delaying his plans after the elections. The introduction of 25% tariffs on goods from Mexico and Canada was designed to deter illegal immigration and drug trafficking into the U.S. This approach marked a shift in how trade is viewed—less as a foreign policy tool and more as a domestic policy mechanism meant to bolster American manufacturing jobs.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode