WASHINGTON”•Donald Trump won the White House race arguing that the US economy is in dismal shape”•despite it growing better than other advanced economies.
Now economists worry about how his views will impact growth going ahead, from the trade protectionism he espouses to criticism of Federal Reserve monetary policy.
Despite four years of solid economic growth, with unemployment falling to 4.9 percent, Trump’s opponent Democrat Hillary Clinton could not capitalize on the stronger economy left by President Barack Obama.
Trump gained more traction with his message to those who may not have felt the impact of the growing economy in their daily lives. He said he would fight back against unfair trade, restore US manufacturing jobs, and create jobs through spending on infrastructure.
“We’re going to rebuild our infrastructure, which will become, by the way, second to none. And we will put millions of our people to work as we rebuild it,” Trump said in his victory speech early Wednesday.
“We have a great economic plan. We will double our growth and have the strongest economy anywhere in the world. At the same time, we will get along with all other nations willing to get along with us.”
In a statement congratulating Trump, the Alliance for American Manufacturing, which represents manufacturers and steelworkers, said the election was about the economic pain felt by voters.
“Communities across America felt left behind as manufacturing jobs disappeared, and no single election cycle can erase that,” it said.
“Factory workers were more than a prop in this election. Now’s the time to deliver for them.”
Economists agree an infrastructure program could provide a boost to the economy and jobs if properly executed over time, and some sectors stand to benefit as well from the tax cuts and deregulation Trump has promised.