Donald Trump and Congressional Republicans won big Tuesday night, winning back the White House and Senate while still on track to retain control of the House of Representatives.

But the big winner in Tuesday’s contests is the American people, who continue to suffer from the Biden-Harris administration’s reckless economic policies.

THE cost of daily goods and servicesincluding gasoline and groceries, remains significantly higher than it was when Trump left office.

Donald Trump speaks during a campaign event, September 25, 2024, in Mint Hill, North Carolina. (AP Photo/Evan Vucci)

Rent and housing prices have also skyrocketed. The average cost of a home has increased by more than $100,000 since the fourth quarter of 2020, and mortgage rates have more than doubled since the start of 2021.

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Personal debts, including those related to credit cards and automobiles, have also increased significantly.

President-elect Trump has a bold vision for recover the economyand starting in January 2025, he and his fellow Republicans in Congress will have the opportunity to implement their sweeping reforms.

Below are three of the most important economic policies Americans can expect to see from Trump once the Biden-Harris administration ends.

1. Tax cuts for American workers and retirees

In addition to restoring many business tax provisions that were included in the Tax Cuts and Jobs Act of 2017, Trump proposed a series of tax cuts specifically designed to help middle-income workers and weak and retired Americans.

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For example, Trump is considering exempt social security benefits of federal income tax.

He also proposed exempting overtime and tipped income, which would be a huge benefit for many working-class families.

Additionally, Trump wants to create an itemized auto loan interest deduction, a policy that will reduce taxes for filers with auto loan debt. However, since many middle- and low-income families do not itemize their taxes, the effect of this policy may not be as beneficial as it seems at first glance.

2. Drill baby, drill

During Trump’s first term, his administration reduced energy regulations, spurring additional oil and natural gas production. As a result, the United States became a net exporter of oil for the first time in 75 years.

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Gasoline prices also remained below the 10-year average throughout the duration of the Trump administration’s first term. Fall in gasoline prices has kept the prices of countless other goods and services low because when energy prices rise, so do transportation and manufacturing costs.

The Biden administration has taken a completely different approach to energy policy. Instead of supporting domestic oil and natural gas, Biden has increased regulations on these industries, delayed approval of new oil and gas leases, and spent massive amounts of taxpayer money to help so-called “green” energy industries. “, notably wind and solar energy.

Trump has promised to restore his pro-energy, America-focused policies. If successful, these policies would increase jobs in the U.S. oil and natural gas sector, boost national economic growth, and reduce costs across the economy.

On Trump’s campaign website, he says he plans to “end Biden’s delays in federal drilling permits and leases that are needed to unlock U.S. oil and natural gas production.”

Trump threatens to slap a 25% tariff on Mexico if illegal border crossings don’t stop.

He also promises to “remove all remaining administrative formalities oil and gas projects blocked, including accelerating approval of gas pipelines to the Marcellus Shale in Pennsylvania, West Virginia and New York.

These and other proposals from the Trump administration will have a significant positive effect on the U.S. economy, including helping to further reduce inflation, which has hit families during most of Biden’s term.

3. Create fair trade policies

Many countries around the world, including some of the United States’ biggest economic rivals, impose tariffs on American products, making it harder for domestic manufacturers and businesses to compete with foreign rivals.

To address this important issue, Trump proposed legislation called the Trump Reciprocal Trade Act.

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According to this plan, “if a foreign country imposes tariffs on products manufactured in the United States in excess of the tariffs imposed by the United States, President Trump will have the authority to impose reciprocal tariffs on products of this country.

The proposal would also “empower President Trump will negotiate reducing tariffs on foreign products if foreign countries agree to reduce their tariffs on American products.

Pro-liberty economists disagree about the effectiveness of many types of tariffs. Some believe that imposing more tariffs would have a net negative impact on the U.S. economy, because tariffs raise the costs of goods manufactured abroad. These costs are often passed on to American consumers.

But no matter what one thinks about tariffs in general, there should be no debate about fair trade policies like the Trump Reciprocal Trade Act. If a foreign country imposes tariffs on products made in the United States, the United States should respond with a similar policy.

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A reciprocal trade policy like that suggested by Trump would significantly help American workers, especially the manufacturersby discouraging foreign countries from continuing their unfair trade practices.

Furthermore, the net effect of such a policy would likely be an overall decrease in tariffs, as many foreign producers rely on U.S. consumers and would likely choose to eliminate tariffs in order to protect their own manufacturers.

Fair trade policies will help American businesses compete with foreign competitors in a way that hasn’t been possible for decades, by creating and protecting American jobs.

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The Biden-Harris administration’s economic agenda has been a disaster for families, which is a large part of why voters chose to re-elect President Trump to a second term.

If Trump and Congressional Republicans If countries keep their promise to adopt pro-growth, low-tax policies, the economy will soon improve and the country will prosper for years to come.

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