On Nov. 5, voters face a choice regarding the future. The people can vote for Vice President Kamala Harris, a far-left politician, or they can cast their ballots for former President Donald Trump, a man with a proven record of economic growth.
The polls say Harris is the slight favorite. She leads because Trump chooses to focus on personality and not substantive ideas. The former president must tack and focus on policies that promote economic growth. It was true three decades ago, and it is true today. It is the economy that matters most.
Trump should campaign on an abundance agenda. People are angry about the cost of living. Today’s inflation is principally a consequence of too much COVID-19 spending and Biden’s spendthrift programs regarding the environment and student loans. Yes, supply chain issues contributed to inflation, but spending is the proximate cause. Trump must tackle the deficit. Lower federal spending will push interest rates lower.
The United States is an energy powerhouse. It is the Saudi Arabia of natural gas. It is the leading producer of oil. With technology, the U.S. has almost unlimited reserves of oil and gas. Unleash the dynamism of the oil and gas sector. Lower prices for gasoline, and home heating will flow directly to the bottom line of households.
The country dominates the high-technology sector.
Artificial intelligence can increase long-term economic growth from the current 2% to 3%, or perhaps 4%. That is a big deal for the deficit. Harris is a San Francisco progressive. She wants to strangle AI and other cutting-edge technologies. Allow the U.S. to do what it does best: Innovate and implement dynamic technology solutions. The federal government should fund more research and development spending.
Trump should promote policies that make housing more affordable. The federal government has vast powers regarding interstate commerce. Trump should promise to use Constitutional powers to persuade local governments to say “Yes, in my backyard” for residential development. More homes and apartments will lower housing costs.
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Excessive healthcare spending is a great drag on economic growth. With AI, America’s scientists can defeat Alzheimer’s which costs the economy about $300 billion a year. Trump should also announce a war on obesity. With pharmaceuticals, the U.S. can reduce obesity which drains $500 billion from the economy each year. The country defeated the tobacco industry. It can beat obesity.
An optimistic campaign about economic growth and defeating social ills can win the White House for Trump and get America back on the path of free market capitalism and dynamic innovation. Such a message would make former President Ronald Reagan smile.
James Rogan is a former U.S. foreign service officer who later worked in finance and law for 30 years. He writes a daily note on the markets, politics, and society.