President-elect Donald Trump’s victory in the November 5 election highlights the frustrations of millions of voters, with many Americans noting in exit polls on Tuesday that they’re still hurting from the highest inflation in 40 years and dissatisfied with the nation’s economic trajectory.
Trump ran on a campaign that vowed to tackle those issues, pledging to end the “inflation nightmare” and to bring prices down “very quickly.” He also offered a myriad of tax cuts to various groups, ranging from senior citizens to homeowners, as well as to finance some of those cuts through new tariffs on imports from China and other nations and to deport millions of undocumented immigrants.
In the aftermath of Trump’s win, economists and policy experts are assessing how those policies might impact the economy as well as consumers’ wallets. Already, Wall Street is predicting that his policies could boost corporate growth, sending the S&P 500 higher by as much as 2.2% on Wednesday.
But some experts note Trump’s plans may also boost inflation, potentially hurting consumers who are hoping for relief at the checkout counter.
“The devil will be in the details,” Ed Mills, Washington policy analyst at investment bank Raymond James, told CBS MoneyWatch. “The Trump tax, trade, tariff and immigration agenda could have significant economic impacts and raise concerns about a second wave of inflation.”
However, compromises or alterations to his plans…
