Heritage economist Peter St Onge breaks down Trump’s economic policies on ‘Making Money.’
As ominous energy surrounds the state of the U.S. economy, one concerned economist is sounding the alarm over what Americans could find out after the election.
“That’s the big concern, is that it’s ‘Politics 101,’ that you hide all the crazy stuff until after the election, and Kamala’s handlers know what they’re doing,” Heritage Foundation visiting fellow Peter St Onge said on “Making Money,” Tuesday, before polls closed.
“We’ve already seen a lot of it early in the campaign,” he continued. “Before Kamala thought that she was going to be tapped for president, she talked about environmental regulations, specifically targeting manufacturing and energy.”
When FOX Business host Charles Payne asked St Onge whether he sees any “terrifying things” on the economic horizon, he responded by reminding Americans of policies less talked about in recent campaign days.
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“So the concern is, how much of this is coming after the election? Remember a couple of months ago, they were floating unrealized capital gains [tax]. So, essentially, a wealth tax. She was floating price controls on grocery stores. And then all that sort of quieted down as we came into the election, because that’s how you do elections once November 5th is over,” St Onge explained.
Heritage Foundation visiting fellow economist Peter St Onge explained the economic implications of the 2024 presidential election. (FOXBusiness)
“If, heaven forbid, she does win, all that stuff is going to come roaring back.”
The resident finance expert made the case for Trump’s proposed second-term policies, including tariffs – which are traditionally frowned upon by pro-capitalists.
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“If we look at Trump 1.0, it was really Reaganesque, right? There were two focuses there for the economy, which were lowering taxes, lowering regulations,” St Onge started.
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“I was sort of shocked that Trump was able to push through such dramatic cuts in the corporate tax rate. Those are very easy to demonize. It’s very, very hard to get those three politically. I was shocked that he could pull that off,” he added. “So he’s talking about bringing corporate taxes down, business, income taxes.”
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He expanded: “On Joe Rogan a couple of weeks ago, [Trump] said, ‘Let’s just get rid of the whole darn thing and the income tax, replace the whole thing with tariffs,’ which, of course, that’s what we did in America’s golden age. Before 1913, the federal government was entirely funded by tariffs.”
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