Trump’s Plans Could Increase U.S. Debt While Raising Costs for Most Americans

Published On Oct 7, 2024, 5:04 AM

Reports indicate that former President Trump's economic proposals could significantly increase the US national debt by approximately $15 trillion over the next decade. Analyses reveal that Trump's tax and tariff plans would likely result in tax increases for most Americans, excluding the top 5% income earners. The proposals aim to extend certain tax cuts and implement broad tariffs on imports, with experts highlighting their potentially detrimental impact on low- and middle-income individuals while increasing the deficit.

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Given the potential increase in national debt and the burden on average Americans, industries sensitive to consumer spending may face headwinds. Industries such as retail and consumer discretionary could see a slowdown in growth due to decreased spending power among consumers.

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