During the 1970s gas prices were high and the stock market was in the doldrums. The oil companies were restricting supply and Iran had taken hostages and would not return them. Things were not going well and people in the United States were looking for change. Jimmy Carter was president and an his opponent was an actor from California, a two term Governor who was sometimes referred to as the “Gipper”. A young Ronald Reagan had played the Gipper in a popular 1940 movie called “Knute Rockne, All American”. The movie was about a football hero at Notre Dame who who died young, of a a strep infection in 1920. The moniker “gipper” stuck to Reagan during his time as President. Much of the US public fell head over heels for the Gipper, and believed Reagan could do no wrong. I think there are similarities between the Gipper and newly elected Trump.

Reagan and his team brought new policies to the Presidency, and these policies have impacted the social and economic fabric of the United States over the decades. Consider some of his most important policy changes and the impact they have had on our society and economy.

Reaganomics and the Laffer Curve: Reagan and his team implemented a new economic policy – “supply-side economics”. The Gipper argued that rich people and large corporations were taxed too heavily, and that by lowering the tax rate more revenue would be collected from the wealthy because they would invest more – leading to more business, more jobs and economic growth. Lower individual and corporate tax rates, coupled with deregulation and reduced government spending were rolled into the Economic Recovery Tax Act of 1981 which aimed to stimulate economic growth.

The Laffer Curve (below, …you can’t make this shit up) was popularized during Reagan’s administration, suggesting that after a point, the more you tax the wealthy, the less revenue is collected. The Laffer Curve and supply side economics has been debunked through the decades, but the policy is still being implemented by the GOP at the State levels and now again, by Trump and his new administration.

Critics argue and data proves that supply side economics disproportionately benefits the wealthy and contributes to income inequality. We all know this. Evidence is overwhelming, and yet Trump is going to again cut taxes for the wealthy and corporations.

Consider for example, the growth in the number of millionaires and billionaires in the United States from mid 1970s to 2024, and the disappearing middle class.

Millionaires: There were approximately 180,000 individuals in the U.S. with a net worth of $1 million or more in the mid 1970s. Now there are 22 million, accounting for about 6.6% of the population.

Billionaires: In 1982 there were only 13 billionaires in the country. Now there are approximately 748. (Data from Fortune and Statista)

Disappearing Middle Class: The middle class is shrinking in the United States, due to the widening gap between the wealthy and the rest of the population. In the 1970s, the middle class—defined as households earning two-thirds to double the national median income—represented approximately 61% of the population. By the 2020s, the middle class had contracted to about 50%, according to Pew Research Center. Now, roughly 4 out of every 10 Americans does not have any savings and would struggle to pay an unexpected bill of $600. Trump’s aim to lower tax rates for the wealthy and corporations is wrong headed and will lead to more inequality and unrest.

Into the Street with the Crazies!!

Another important policy that the Gipper implemented was to accelerate the closure of federal mental institutions pushing many mentally disturbed citizens into the street. Reagan’s 1981 Omnibus Budget Reconciliation Act shifted funding for mental health services from the federal government to states, significantly reducing budgets. This resulted in inadequate health care support for many mentally ill individuals, and coupled with declining affordable housing, and stagnant wages has lead to a large and increasing homeless population with many people suffering from mental health issues and no where to turn.

Reagan’s innovative new policies of the 1980s have lead to increased income inequality and more homeless people with mental health issues and no support. Two very important issues for the shrinking middle class of America.

And now here we are in 2025 with the call for change and the new GOP administration. What will be the impacts of Trump’s new policies?

1. Ukraine war? If Trump supports Putin, what will the world look like in 10 years? Will the United States be a leader in the world? Part of NATO or in an alliance with Russia and Saudi Arabia? How are relations with Canada, Mexico, South America and Europe?

2. Abandon or destroy US public health care? Trump has reversed drug price controls to begin with, has proposed cuts to Medicare and he wants to abandon the Affordable Care Act, suggesting that Artificial Intelligence (AI) can provide a lever for improved healthcare. What will our world look like in 10 years if Trump throws out the Affordable Care Act? AI will not cut it for the poor says I.

4. Removal undocumented workers?: Everyone understands the need to control a country’s borders and no one that I know of is against it. We all seem to be on the same page. During this past year, Trump and his team stopped a bi-partisan bill that would have solved many of the problems at the border. The GOP squashed the bill so they could run on the problems related to illegal immigration. Totally irresponsible of Trump and the GOP, but pretty much standard fare for the current GOP. There are certain industries in the States (construction and agriculture come to mind), where undocumented workers are necessary for the companies to produce. Trump doesn’t seem to understand that his new policy may harm the US economy in an important way. 10 years from now, the evidence will be in and what will it reveal?

3. Reduced taxes for the wealthy and large corporations? …..just so wrong for the moment we are in and the future of the country (see above). Just wrong and bad for America, exacerbating current problems that are deteriorating the fabric of our society.

5. Removal of the “Deep State”: Trump and his team are set on destroying what they call the deep state. Specific policies of Trump and his administration aim to get rid of merit based government employees and replacement them with Trumpers that will do the administrations bidding without thought of the impact and consequences of the actions. In 10 years we will clearly see the damage Trump has done to America.

6. Rule of people, … no longer a “rule of law”: Trump is a convicted felon. Indicted by a grand jury of his peers, and then convicted by a jury of his peers. The man is a convicted criminal and clearly lacks morals and ethics. Until 2025, everyone in the United States was subject to the rule of law. That is, that even if you were the President, if you perpetrated a crime, you were held responsible by the law. Now, it doesn’t matter what the laws say. Some people are held responsible, and others with the right political connections, are not held responsible. Wonder what could go wrong with this over the next 10 years?

7. Tariffs on our neighbors? Nobody is sure that Trump actually understands how tariffs work. I mean he is the President, so he should have someone on his staff that he trusts, that could explain how they work to him. But for sure we will have the opportunity to look at data in a couple of years and see the havoc that Trump will reap on the US economy with his ignorance and corruption.

8. Destroy public education? What is Trump up to with education? Will he and his delinquents destroy public education? And install religious doctrine in education? What could go wrong with this?

And other Trump policies affecting State budgets and responsibilities, wind, solar, the Paris Climate Accord, cancelled DEI, left wing, “unconstitutional censorship” by the federal government are among the policies that will have long term impact on US society and the economy. Trump will surely turn Reagan’s “shining city upon a hill” into a windblown wasteland of dilapidated buildings, with tumbleweeds rolling through deserted streets.

What is your opinion? Which of Trump’s policies will most harm the United States in the long run? Which policy will be the most positive for America? Opinions are welcome in the comments.