Trump and Musk Talk About the American Dream: 4 Ways the Former President Says He Would Bring It Back
Written by
Chris Adam
Edited by
Chris Cluff
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Given that Donald Trump has long talked about “making America great again,” it’s probably no surprise that he and Elon Musk discussed the topic at length during their recent conversation on X (formerly Twitter).
“You know, they want the American dream back, more important than anything else,” Trump said.
He outlined several ways he plans to improve the economy and ease financial strain on Americans, if reelected.
Use Tariffs and Cut Taxes
Trump said he knows voters are struggling with the impacts of inflation and higher prices and discussed wanting to end taxes on tips.
“Trump says he wants tariffs on trade partners and no taxes on tips. He would like to knock the corporate tax rate down a tick,” PBS reported after the Republican National Convention in July.
While Trump didn’t discuss tariffs during the X interview with Musk, he has spoken of them at rallies and other events. The plan has been at the center of controversy this election season, with critics saying it would hurt the overall economy.
Use Incentives To Bring Jobs
Trump said during the X interview that if he’s elected to another term, he wants to use incentives to bring companies into the United States and keep them here. In fact, Trump said they’re going to be giving “tremendous incentives.”
“We want companies to build here, not to build in other locations. And we wanna create jobs. And again, it’s about the American dream.”
More Oil and Gas Drilling
During the campaign, Trump has been vocal about his thoughts on energy in the U.S.
According to Fox Business, Trump has said he’ll bring down inflation by opening up the country to more oil and gas drilling. He said a greater production of fossil fuels in America would lead to a large-scale decline in prices. It’s part of a larger effort by Trump to focus on reducing energy costs as a way to reduce prices for household goods.
Deregulation and Spending Cuts
During the conversation, both men blamed excess government spending during the pandemic as the primary cause of inflation.
However, as noted by Vox, “Economists generally attribute recent U.S. inflation to a mix of reasons — not just government spending, but also supply chain interruptions combined with a surge in consumer demand. The $2.2 trillion CARES Act, one of the major COVID-19 stimulus packages, was signed into law by Trump.”
The former president has said that if he wins another term, he will look at deregulations and cuts in government spending to help fight inflation and put more money in the pockets of consumers.
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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