Published On: Fri, Feb 21st, 2020

Trump’s 2021 budget boosts job creation, economic growth; cuts ‘duplicative regulations’

By Carlo Barbieri

The time of the year has come when every U.S. President must put his money where his mouth it.

It’s no different for Donald Trump who, on Feb. 10, released the thickly bound document containing his $4.8 trillion spending plan for fiscal year 2021.

The cover of the book with Trump’s financial proposal inside says, in big, bold letters, “A budget for America’s Future.”

In the end, congressmen and senators will determine if that appellation is true. But the president seems to continue focusing on job growth, military might, protection of America’s southern border and other programs that have lit a fire under surging employment and buoyed the nation’s soaring economy.

“Today, there is hope throughout America,” the chief executive says in a message accompanying his spending package. “There is optimism that was not here before 63 million Americans asked me to work for them and drain the swamp.”

“For decades, Washington elites told us that Americans had no choice but to accept stagnation, decay and decline. We proved them wrong. Our economy is strong once more, and America’s role as leader of the free world has been restored. America is the single greatest country in the world.”

Commenting on the spending package, Commerce Secretary Wilbur Ross assessed it this way: “President Trump’s dedication to the success of all Americans has fostered an unprecedented period of growth for our economy and created the biggest economic boom in our nation’s history.”

“The President’s 2021 budget for America’s Future exemplifies his bold leadership and commitment to tackling the big structural issues that will allow every American to have equal and limitless opportunities to succeed.”

He continued: “This budget codifies the President’s commitment to protecting the interest of American taxpayers by putting us on the path to a balanced budget, including making tough choices to balance the budget in 15 years [, including] $4.6 trillion in deficit reduction over 10 years.”

“By putting more money in the pockets of American’s through historic tax cuts and eliminating burdensome and unnecessary bureaucratic regulations, we can promote prosperity for all Americans for generations to come.”

The essence of President Trump’s financial outlook concentrates on might and right. He is committing more resources to the military and to protecting the border between the U.S. and Mexico. He has pared the amount of cash he has earmarked to social programs, but, in so doing, he has protected Medicare and Social Security – the segments senior citizens depend most upon.

In his own words, President Trump outlined the “key priorities of my administration.”

  • Better trade deals. Renegotiated or new trade deals with Canada and Mexico, China, South Korea and Japan… These deals will enable our country’s manufacturing renaissance to continue. Trade deals are in development with the United Kingdom and the European Union, as well as other countries that desire access to the coveted American market.”
  • Preserving peace through strength. “To sustain security at home and promote American interests abroad, my administration has rebuilt the military. A strong military, fully equipped and integrated with our allies and all our instruments of power, enables our nation to deter war, preserve peace, and, if necessary, defeat aggression against the United States and her people. To that end, my budget requests $740.5 billion for national defense.”
  • Overcoming the opioid crisis. “Because of my administration’s aggressive tactics to fight over-prescription of opioids, promote effective treatment for addiction and secure the border, we are turning the tide of the opioid crisis. Since my term began, we have seen a more than 30 percent decrease in the total amount of opioids prescribed, and deaths from drug overdose fell for the first time in nearly 30 years in 2018.”
  • Regulation relief. “Many pundits and Washington insiders laughed when I promised to cut two regulations for every new regulation. They were correct that two-for-one was the wrong goal. Instead, the federal government has cut more than seven regulations for every significant new regulation. After only three years, my administration has cut a historic number of regulations, and we have put the brakes on an endless assault of new, costly actions by federal agencies.”

Trump went on: “Our commitment to regulatory reform stems from the simple truth that the vast majority of business owners want to do the right thing, comply with the law, and treat their workers fairly. The federal government ignored this reality for far too long and abused its authority to go after businesses, especially small businesses and entrepreneurs, in ways that can only be described as arbitrary and abusive. At the same time, we are maintaining America’s world-class standards of environmental protection.”

“My administration continues to support growth in the energy sector by removing unnecessary regulations and unleashing America’s vast natural and human resources. Through these actions, the United States is now on track to be a net exporter of crude oil and natural gas.”

Other segments of Trump’s budget, in summary, include:

  • [Funding] to complete the 2020 Decennial Census.
  • To support the Administration’s aggressive approach to a global market that allows U.S. businesses to compete fairly, the Budget provides $474 million for the International Trade Administration (ITA).
  • The budget supports the modernization of the Committee on Foreign Investment in the United States (CFIUS) to implement the Foreign Investment Risk Review Modernization Act (FIRRMA).
  • The National Oceanic and Atmospheric Administration’s FY 2021 budget of $4.6 billion prioritizes core government functions that promote national security and public safety and support economic opportunity.

“Finally, the budget maintains investments continuing the implementation of modern capabilities to support administrative management systems (financial management, acquisitions, property), an enterprise data warehouse and business intelligence reporting solutions across commerce.”

 

About the Author

- My name is Carlo Barbieri, an entrepreneur, civic activist and a leader of many organizations associated with Brazil. A native of Brazil myself, I am currently the CEO of Oxford Group, a firm composed of many international consulting and trading companies. I am also a founding member of the Brazilian Business Group and founding member and Past President of the Brazil Club. In addition, I serve as a Board member of the Deerfield Chamber of Commerce. I have served as a member of the Florida Chamber of Commerce and the Florida Brazil Partnership. Past President of the Rotary Club – Boca Raton West for the 2014-2015 term, I have also been Vice President and Professor of 2Grow – Human Development. An Ambassador of Barry University in Brazil, I am the former President of the Black Fire Bull Steak House. I have also presided over a number of organizations such as the Brazilian Association of Trading Companies (ABECE), Brazil-China Chamber of Commerce in São Paulo, Brazil-Australia Chamber of Commerce, Brazil-Dominican Republican Chamber of Commerce; director of the Trade Center of the State of São Paulo, Brazilian Association of Freight Forwarders and Brazilian Association of Banks. I was also a local Council member for the Consulate General of Brazil in Miami, for the 2013-2017 term.

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