Donald Trump has built much of his campaign on claiming to be the candidate who will fight for working class white voters, promising to "Make America Great Again" and to build a wall to keep out the immigrants that, he argues, are stealing their jobs. But here's the thing: so many of Trump's financial policies would do anything but benefit the working class. While campaigning in Ohio on Monday, Trump criticized the Federal Bank's low-interest rates and claimed it has created a "false economy," according to a report in The Guardian. According to a financial report in Fortune, an increase in interest rates, as suggested by Trump, would mean increased credit card payments, increased home loan payments (and more difficulty taking those loans out), and a slower hiring process in the job market due to harder lending practices towards business owners.
As you can imagine, a financial policy that increases payments on current debt, potentially slows down the hiring process, and makes home mortgages less accessible is not beneficial to the already struggling working class. It would, however, increase the possible interest accrued on large savings accounts according to a report on BankRate, so if you have a good stock of cash in the bank, Trump is looking out for you.
Trump's view on the federal interest rate isn't the only policy of his that could ultimately hurt the working-class Americans he professes to champion. While Trump's nationalism may in many ways appeal to financially disenfranchised supporters, the reality of his proposed 45 percent Trump Tariff tax would mean a 10 to 15 percent price increase on clothing, food, electronics and other household goods, according to the National Foundation for American Policy as reported by Politico.
The report outlined the ways in which Trump's policies on foreign trade would directly affect the working-class by marking up basic expenses such as food and housing. Specifically, the report stated:
Then the results would be truly catastrophic for the poor. It would be as if the United States imposed a new tax of 53 percent on the lowest 10 percent income decile and a 20 percent tax on the next lowest decile. It would be the equivalent to an 11 percent flat tax on the after-tax income of U.S. workers.
The working-class woes should Trump be elected president wouldn't end there. According to a report in the Huffington Post, Trump once said of The Department of Education, "No, I'm not cutting services, but I'm cutting spending. But I may cut the Department of Education." In April, Trump told Fox News' Sean Hannity that he believed the Department of Education could "be largely eliminated." Yet, he promised last month at a rally in New Hampshire in August, "We are going to bring back great education for our inner cities and for our country.” How, Mr. Trump, are you doing to do that by getting rid of the Department of Education?
Trump may claim he'll "Make America Great Again," but thus far, his policies don't seem like they'll make the country great for working-class Americans.