Lots of ink – or electrons – have been spilled on President Trump’s high-fidelity, highly focused DOGE effort to clean up, downsize, and restructure the unaccountable federal bureaucracy. Right, he is. He is also restructuring the US economy, long overdue. It is time!
Underreported, 2024 was one of the worst years on record for US businesses. Almost 700 major businesses filed for bankruptcy, including multi-billion dollar companies seeking to restructure.
These companies had hundreds of thousands of employees, none able to hide like federal employees do behind layered protections like the Civil Service Protection Act, false whistleblower stalling, public union outcries, congressional and judicial interference.
Why did so many companies fold in 2024, from Maine to California? Three guesses.
For starters, Biden’s overspending – $6.17 billion in new debt – caused inflation to hit nine percent in 2022, a level not seen in decades. That inflation level, made worse by reduced use of fossil fuels – despite US abundance – increased our energy prices, triggering a near panic by the Fed, which then raised interest rates. Interest rates on credit and federal debt hit a 22-year high.
Businesses, already hammered – again, from Maine to California – by unconstitutional COVID mandates, Democrat demands that people not gather in businesses, churches, for Easter, Christmas, or Thanksgiving, and even face arrest for not wearing a government-sanctioned mask, collapsed.
The truth is, 2024 was a year of record business bankruptcies. Somehow was not trumpeted by the Biden White House or governors like Mills in Maine, another state barely surviving economically.
Maine, by way of example, saw 27 major bankruptcies, killing hundreds of good jobs, while other businesses moved away to avoid high taxes, growing crime, drugs, and homelessness, regulations, and – due to other failures – lack of trained labor.
If Maine represents what happens when Democrats control a state for too long, the national economy under Biden was in shambles. Trump inherited a mess. So, what is he doing about it?
Trump’s federal restructuring overshadows a larger restructuring of the economy. Big picture, Trump is reducing the federal drain on you and me from ever-greater discretionary spending and fraud in mandatory spending – no more big checks to dead people, corrupt bureaucrats, and contractors.
No more constant piling on of debt, higher taxes, new excuses to spend money on wasteful things, subsidized, impractical energy sources, illegal alien importation and housing, pet projects with no link to US vital or taxpayer interests. Notably, the same scrutiny must happen in states like Maine.
Trump is reopening the energy spickets, using tariffs to restructure bilateral foreign relationships. That is already bringing back trillions in capital, which means new jobs in 12 months, new opportunities for young people, new training, production, growth, jobs, wages, and affordability.
The restructuring includes bringing back to the US pharmaceutical production, likely reducing prices, increasing access, and securing lifesaving drugs against foreign withholding in a crisis.
In that same way, he is securing us by bringing home outsourced parts of the defense supply chain, so that too will not be vulnerable to withholding. Like turning a giant ship, Trump’s rudder adjustments are likely to have a major effect on the wider US economy, a dip followed by a roar.
As downsizing and restructuring of the federal government returns the nation to less spending, which will take time, Trump is also reducing regulatory burdens on businesses, many suffocating –which will lead to fewer bankruptcies, faster growth, more jobs, and in time higher wages.
That idea – massive review of regulations and elimination of barnacles from the boat bottom – is needed in places like Maine, too. The state has become so oppressive for businesses that housing starts – desperately needed – lag by delay, investment hesitates, and many give up and depart
Trump is orchestrating a global reorientation toward America, away from China. As other nations seek access to our markets, prices will pop then fall, and in time, more of our allies will reorient themselves to our more dynamic, freer economy, imports and exports, away from China.
Finally, since consumer confidence drives everything, buying will rise as interest rates fall, jobs appear, wages bounce, national debt comes down, and we get better terms for debt refinancing.
All this is a sign of good things to come, as is a reopening our energy sector, cuts to subsidies for wind monsters and solar to every horizon – all on the government nickel. We cannot afford the fantasies modern “Progressive” Democrats push, nationally and in places like Maine.
What we want is a predictable, strong, vibrant, entrepreneurial economy, good jobs, wages, and houses, freedom to earn, save, speak, worship, and live – and less government. Trump is restructuring the government – and the economy. Right, he is.
Maine now needs that kind of leadership. Like Trump’s clear-eyed decision-making, Maine needs a Governor who understands, gets it done, and does not blink. That is why I am running for Governor of Maine. It is time!
Robert Charles is a former Assistant Secretary of State under Colin Powell, former Reagan and Bush 41 White House staffer, attorney, and naval intelligence officer (USNR). He wrote “Narcotics and Terrorism” (2003), “Eagles and Evergreens” (2018), and is National Spokesman for AMAC. Robert Charles has also just released an uplifting new book, “Cherish America: Stories of Courage, Character, and Kindness” (Tower Publishing, 2024).
Read the full article here