[UNITED STATES] As Donald Trump prepares to take the oath of office for his second term as President of the United States, it's crucial to examine how the country has transformed since his first inauguration in 2017. This comprehensive analysis, presented through 11 illuminating charts, offers a stark comparison between Trump's America then and now, highlighting key economic, social, and political shifts that have shaped the nation over the past eight years.
Economic Landscape
Inflation and Consumer Prices
One of the most significant changes since 2017 has been the dramatic rise in inflation and consumer prices. The cost of living has increased substantially, affecting everything from groceries to housing.
"Inflation skyrocketed. The federal debt ballooned. The economy took a hit but got back up", summarizing the economic rollercoaster of the past eight years.
The surge in inflation has been particularly noticeable in everyday items. For instance, egg prices soared nearly 37% compared to the previous year, while car insurance premiums increased by 11% year-over-year6. These price hikes have put considerable strain on American households, contributing to growing economic frustration among voters.
Employment and Wages
Despite the challenges posed by inflation, the labor market has shown resilience. Unemployment rates have remained low, and wages have increased. However, the wage growth has struggled to keep pace with inflation, leading to a decrease in real purchasing power for many Americans.
"If we examine wage growth the past, it still outacing the overall inflation increase, but the margin is narrow, especially for frequently purchased household items," explains Sarah House, a senior economist at Wells Fargo Corporate and Investment Banking.
Federal Debt and Deficit
The national debt has seen a significant increase since 2017. During Trump's first term, the debt rose by approximately $8 trillion. This trend is expected to continue, with Trump's proposed tax cuts and spending plans likely to further expand the deficit.
Trade and Tariffs
Trump's approach to international trade has been a defining feature of his presidency. His "America First" policy has led to significant changes in the global economic landscape.
"Trump's trade agenda could see Washington abdicating from the global economic order," warns a report from East Asia Forum. The President-elect's plans to impose sweeping tariffs on imports from various countries, including key trading partners like China, Mexico, and Canada, are expected to have far-reaching consequences for international trade in 2025.
However, it's worth noting that Americans appear skeptical about the benefits of these tariff policies. According to an NPR poll, 48% of respondents believed tariffs would hurt the economy more than help it, compared to 31% who thought they would be beneficial.
Immigration and Border Security
Immigration remains a hot-button issue, with Trump promising to reinstate several measures at the US-Mexico border, including the controversial travel ban on countries with majority Muslim populations. The President-elect has also pledged to commence extensive efforts to detain and deport undocumented immigrants starting from day one of his second term.
Energy and Climate Policy
Trump's energy policies represent a significant departure from those of the Biden administration. He intends to overturn various climate policies, including lifting the ban on offshore oil and gas drilling, abolishing the electric vehicle mandate, and ceasing the prohibition on natural gas exports.
The Project 2025 document, a policy wish list for Trump's presidency, proposes "slashing federal money for research and investment in renewable energy, and calls for the next president to 'stop the war on oil and natural gas'".
Social and Cultural Issues
Trump's second term is expected to bring significant changes in social and cultural policies. The Project 2025 document outlines plans to eliminate diversity, equity, and inclusion programs in schools and government departments. It also proposes to remove terms like "sexual orientation," "gender equality," and "reproductive rights" from all laws and federal regulations.
Technology and Education
In the realm of technology and education, Trump's policies aim to increase parental control over schools and combat what his administration terms as "woke propaganda". The Republican platform calls for boosting school choice and criticizes what the party describes as "inappropriate political indoctrination of our children."
Healthcare
While specific healthcare policies for Trump's second term remain unclear, it's likely that efforts to repeal or significantly modify the Affordable Care Act will resurface. The impact of such changes on healthcare coverage and costs will be a critical area to watch.
Foreign Policy
Trump's "America First" approach is expected to continue shaping U.S. foreign policy. This could lead to shifts in international alliances, trade agreements, and the country's role in global affairs.
The Stock Market
Investors will be closely monitoring stock markets following Trump's inauguration. Historical data shows that stock performance on inauguration days can vary widely, and the market's reaction to Trump's second term will be a key indicator of economic expectations.
Public Opinion and Sentiment
Despite economic challenges, there's a sense of optimism among some Americans. The NPR/PBS News/Marist poll revealed that 44% of respondents believe their family's financial situation will improve in the coming year, the highest level of positivity recorded in 15 years.
However, this optimism is tempered by ongoing concerns about the economy. The same poll found that 60% of respondents feel the economy is not functioning well for them, a stark contrast to the two-thirds who felt positively about it just prior to the pandemic.
As Donald Trump begins his second term, America finds itself at a crossroads. The country has undergone significant changes since 2017, facing challenges such as high inflation and increased national debt, while also experiencing low unemployment and wage growth.
Trump's policies on trade, immigration, energy, and social issues are poised to reshape the nation further. His proposed tariffs, tax cuts, and immigration policies could have far-reaching effects on the economy and society at large.
The coming years will likely see a continuation of the polarization that has characterized American politics in recent times. As the country navigates these changes, the impact of Trump's policies on everyday Americans will be closely watched and debated.
While there's cautious optimism about the future, particularly regarding personal finances, concerns about the broader economy persist. The success of Trump's second term will largely depend on his ability to address these economic concerns while managing the social and cultural shifts his policies aim to bring about.
As we move forward, these 11 charts serve as a crucial benchmark, allowing us to track the evolving state of Trump's America and assess the real-world impact of his policies on the nation's economy, society, and global standing.
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