The Trump team lied. Project 2025 is influential with his transition team and his second cabinet.
Project 2025 Could Impact the Economy and Your Finances
What economic proposals are in Project 2025?
Most of Project 2025 would have economic implications if implemented and many proposals would affect Americans on a personal finance level. While this is not an exhaustive list, here are some key proposals:
- Broad tax cuts to corporate and income taxes.
- Eliminate or reshape the Federal Reserve. One proposal within Project 2025 suggests eliminating the Fed and replacing it with “free banking.” Other proposals seek to diminish the Federal Reserve’s powers in other ways.
- Increase energy production and energy security largely by expanding oil and natural gas production.
- Overhauls to Medicare and Medicaid. Converting the current funding for Medicaid into a block grant program in which each state receives a fixed amount as opposed to funding specific needs; instituting time limits or lifetime caps on benefits; and adding a work requirement. Medicare Advantage, administered by private insurers, would become the default choice for new Medicare enrollees.
- Weaken child labor protections. It would permit teens to work in “inherently dangerous jobs” as long as they have training and parental consent.
- Change overtime laws. Allow employees to choose between receiving time-and-a-half pay or accumulating time-and-a-half paid time off. It also calls for requiring time-and-a-half payment for hours worked on “the Sabbath,” or Sunday.
- Reform additional labor laws. Exempt small-business owners from “first-time, non-willful” violations of certain health and safety precautions that are enforced by the Occupational Health and Safety Administration. It would also make cuts to retirement benefits for federal workers. And it would allow state and local governments to get waivers from federal labor laws.
- Unionization limits. Consider banning public employee unions and more union transparency in the private sector.
- Unemployment limits. Make it more difficult to receive unemployment benefits.
- Get rid of the Consumer Financial Protection Bureau.
- Potentially eliminate the Federal Trade Commission and increase standards for antitrust violation suits.
- Child care. Incentivize on-site child care.
- Decrease government spending.
- Consider returning to a gold-backed currency.
- Abortion. Removing mifepristone, the abortion pill, from the market, including banning distribution by mail. It emphasizes that Congress must “enact the most robust protections for the unborn” and other pro-life policy measures. It also calls for more federal and state support for adoptions.
- Big Pharma. Reform Food and Drug Administration rules to ban pharmaceutical companies from purposely preventing generic versions of their drugs from entering the market.
- Overhaul government employment. Fire certain government employees who are not “ideologically aligned” with the “majority of the American People” and replace them with political appointees.
- Sweeping immigration changes. Increasing funding for a U.S.-Mexico border wall; altering how agencies address immigration; restricting visa access; instituting additional immigrant worker limitations; and dismantling the Department of Homeland Security.
- Higher education. Promote trade schools, apprenticeship programs and alternatives to student loans “that fund students’ dreams instead of Marxist academics.”
- Contradicting tariff proposals: Boosting free trade and fair trade.
*Related:
Trump’s tariffs are equivalent to one of the largest tax increases in decades (archived)
How Successful Were Trump’s Tariffs?
**Job Creation: On average, Trump’s tariffs destroyed jobs. But there were some winners and losers notably steel. The cost of the “winners” was $800,000 to $900,000 per job created. More jobs were lost elsewhere.
**Negotiation Leverage: Nonexistent. Trump resorts to threats so often on the flimsiest of grounds creates mistrust.
**Improve Security: No. Antagonizing allies never improves security.
Project 2025 [under construction]
Ms. Cat’s Chronicles 