Donald Trump‘s election team addressed concerns on Monday regarding his views on U.S. entitlement programs like Social Security and Medicare following critiques from President Joe Biden.
Biden criticized Trump for suggesting “cutting” these programs.
During a CNBC interview, Trump highlighted the possibility of reducing expenses within these programs by eliminating “theft and bad management,” a point quickly seized upon by Democrats.
In response to the uproar, Trump’s campaign issued a clarification, stating that he was referring to cutting waste, not the benefits themselves.
Trump, who has historically avoided suggesting cuts to these crucial programs despite conservative pressure due to their deficit impact, also spoke about his economic strategies.
He defended his proposal for a 10% tariff on foreign imports on CNBC’s “Squawk Box,” arguing that any resultant increase in goods prices could be balanced by his proposed tax cuts if he wins the November election against Biden.
Trump dismissed concerns about the tariff plan causing inflation and increasing costs for American consumers, positions echoed by U.S. Treasury Secretary Janet Yellen and several economists.
Addressing the nation’s financial stability and political polarization, Trump commented on the 2023 downgrade of the U.S. credit rating by Fitch, specifically rejecting the idea that political instability post-January 6, 2021, was a valid reason for the downgrade.
He underscored the potential benefits of tariffs, stating they provide leverage in international dealings and support American industries against foreign exploitation.
Despite worries about potential retaliatory tariffs, Trump remained unfazed.
Regarding cryptocurrencies like Bitcoin, Trump expressed a lack of interest in banning them, diverging from the views of some economists and lawmakers.
These remarks came as Trump solidified his position as the Republican presidential nominee following Super Tuesday, with his main competitor Nikki Haley exiting the race.
This campaign discourse aims to outline Trump’s economic vision amidst ongoing debates about entitlement reforms, trade policies, and digital currency regulation.