During his inaugural speech, President Trump clearly and forcefully outlined the strategic political-economic policies he will pursue over the next four years. Anti-Trump journalist, editorialists, academics and experts, who appear in the Financial Times, New York Times, Washington Post and the Wall Street Journal have repeatedly distorted and lied about the President’s program as well as his critique of existing and past policies.
We will begin by seriously discussing President Trump’s critique of the contemporary political economy and proceed to elaborate on his alternatives and its weaknesses.
President Trump’s Critique of the Ruling Class
The centerpiece of Trump’s critique of the current ruling elite is the negative impact of its form of globalization on US production, trade and fiscal imbalances and on the labor market. Trump cites the fact that US industrial capitalism has drastically shifted the locus of its investments, innovations and profits overseas as an example of globalization’s negative effects. For two decades many politicians and pundits have bemoaned the loss of well-paid jobs and stable local industries as part of their campaign rhetoric or in public meetings, but none have taken any effective action against these most harmful aspects of globalization. Trump denounced them as “all talk and no action” while promising to end the empty speeches and implement major changes.President Trump targeted importers who bring in cheap products from overseas manufacturers for the American market undermining US producers and workers. His economic strategy of prioritizing US industries is an implicit critique of the shift from productive capital to financial and speculative capital under the previous four administrations. His inaugural address attacking the elites who abandon the ‘rust belt’ for Wall Street is matched by his promise to the working class: “Hear these words! You will never be ignored again.” Trump’s own words portray the ruling class ‘as pigs at the trough’ (Financial Times, 1/23/2017, p. 11)