The Trump administration’s economic policy has been characterized by trade protectionism, an anti-immigration policy, the lowering of taxes especially for large corporations and large banks, trillion-dollars yearly fiscal deficits, a very loose monetary policy, and a 13 percent jump in the total U.S. public debt since Jan. 20, 2017, when President Donald Trump took office.
The economic situation of today is, to a certain extent, reminiscent of the U.S. economy in the 1920s, leading to the Great Depression of the 1930s. Indeed, the U.S. economy had been growing by 2.7 percent per year between 1920 and 1929. There was overall full employment and inflation was stable. Also, economic growth had been extended through protectionist measures such as the Fordney-McCumber Tariff of 1922.