Economist warns impact of Trump's policy may trigger a bigger crisis 10 years later
Even in the face of a backlash over his policies and handling of the economy, President Donald Trump continues to make claims about improving affordability. But recently, an eminent economist warned that the ill effects of Trump’s policies will truly be visible a decade later, and the future generations will have to bear the burden.
As per a recent HuffPost report, economist Justin Wolfers claimed that the Trump administration has been the most interventionist and least conservative in several years. Wolfers argued that the strongest economies depend on the rule of law, resilient institutions, and free elections. However, in his view, President Trump might have done away with all of those elements. There are millions in the country who would agree with that point of view.
The President has been criticized for a slew of issues, which include rising costs and an inhumane approach to deporting immigrants from the country. Protests have erupted in several states over the latter, especially in Minnesota. Wolfers believes that the consequences of such policies will show up 10 years down the line, as several companies won’t be founded, potential entrepreneurs won’t have the money to pay for business schools, and skilled immigrants with transformative ideas will decide against going to the US.
“Whatever the next generation’s Google or OpenAI is, it may not end up being invented, or it may not happen on our soil,” Wolfers said. To be fair, he has been a long-time critic of the President, so it is not a surprise that he’d have a rather negative outlook about his policies. However, the scenarios he has laid out, especially for future generations, might end up coming true.
“Our kids will feel it in a set of lost opportunities,” he said. “There’ll be businesses they never started, there’ll be job opportunities, there’ll be new technologies, there’ll be ways of creating a greener, safer, more prosperous future that simply aren’t possible, but we’re not going to see it straight away,” he added.
Things are not looking good for the Trump administration, already ahead of the Midterm elections. The last thing they need is a government shutdown that would plunge thousands into financial trouble, just like it did a few months ago. Well, it seems like that is exactly what the American people are going to get. “I think we have a problem, because I think we’re going to probably end up in another Democrat shutdown,” Trump said at the World Economic Forum in Davos. “The shutdown cost us a lot, and I think they’ll probably do it again, that’s my feeling. We’ll see what happens,” he added.
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