Trump’s policies on unemployment may have been received both affirmatively and depressingly; but success of the policies depends on consistency.
Out of all the policies that Trump has proposed, the ones on immigration, employment and visas seem to be the most direct and ruthless, to a degree. Are we already in a world where visas will be scrapped and the developing world will have to go back to higher rates of discontent? Policies have been multi-faceted till date. They have managed to make several economies grow and enjoy fruits of trade and international trade and commerce. However, Trump’s incumbency has led to an uproar of doubt and tumultuous anti-climaxes in the socioeconomic sphere.
Donald Trump has been ambitious about improving the rate of growth in the US economy to 3.5%. He has made serious arrangements and policies that seem like a revolution to the economy. Apart from the tax reduction policy, which will give the poor an opportunity to improve their living standards and the middle class a chance to enjoy riches, Trump has mentioned other policies concerning immigration and employment rates.
Trump’s economic plans claim that the anticipated economic growth would result to more jobs and immigration reforms would increase wages for the American workers. In his report concerning immigration, Trump suggests that as soon as immigrants leave, the labour market will become tighter and so will the labour costs; employers will struggle to fill vacant job positions, which would prove as an advantage to the jobless Americans. This is in turn expected to lead to a drop in unemployment levels from 5% to 3.5% in 2017. Trump’s three core principles illustrate his agendas much better.
The need for skilled labour has not been ignored either; it would just be made more expensive. Trump has opposed the practise of hiring foreign workers using H- 1B visas claiming that it is bad for resident workers. His proposal addresses hiring from the existing unemployed pool in the country, as well as rise the requirements for the H- 1B. the argument is that the number of workers on H- 1B visas has been high, and this has not been particularly beneficial to American counterparts.
It is however, true that there has been a divide in administration of social and economic policies, till date. The American economy has been focusing more on enriching the rich and leaving out the middle class and the poor. Efforts must be put in to create an economic balance in the society. Trump has suggested strategies and policies that will restore this balance by facilitating the poor, regulating the rich and enriching the middle class. The tax policy may play an important role in this objective. The corporate tax and tax for small businesses will be reduced from 38% to 15%; a lower corporate tax aimed at creating more job opportunities. The taxes for the rich will be increased, American companies will be maintained in the country, and taxes on imports will be increased to increase consumption of local products to encourage expansion of local industries to create more jobs for American citizen.
Trump’s policies may seem far-fetched at the moment, to some critics. However, there is high probability that a tax rate reduction may be something that American businesses are really holding out for. Apart from ensuring that there is adequate liquidity available for new employment, there is also more reason to invest in more business, and accumulate wealth. There is also the added promise of investing in infrastructure, by the Trump administration. But the labor market especially, is the main institution to benefit from the changes and reforms.