Self-Made Millionaire Steve Beaman Explains the Impact of Trump’s Policies on the U.S. Economy
While the Trump administration is attempting to set the U.S. immigration policy and the economy on the right course, the radical Leftists and main stream media pundits are losing their ever-loving minds.
After 8 years of lawlessness, being pushed into a subservient role, and weak economic growth, America is finally restoring Law & Order and rising back up to her status as a World Super Power. This is all being accomplished without the help of our friends on the Left, of course.
As Steve Beaman, a 30-year veteran of the financial industry, describes:
“We are seeing basically a protest a day, which does nothing for helping America’s economy. It just shows the Left for what they really are. Not Helpful.”
Steve Beaman is a self-taught, self-made millionaire, who has been doing incredible things to weave God, values, and purpose into the financial lives of many Americans.
In another EXCLUSIVE interview with PolitiChicks, Beaman explains the true impact of Trump’s immigration policy on the economy, the effects Leftist protests are having on the United States, how Trump’s regulation reform will help small business owners, how the potential new tax cuts will help Americans, and much more.
PC: What are your thoughts on how the Trump administration is doing so far?
SB: I think if we go back and look from the day he started, you can certainly say that we have an active president who is performing as the CEO of America. He’s trying to execute on programs very similarly as a business CEO would, putting into motion the plans that he talked about. So, if nothing else, you can say that he’s living up to his campaign promises certainly. With his Supreme Court nomination, he’s putting in a Conservative name, a respected name up at the court. I think the Republicans will have an okay time getting him through. Overall, I think clearly the markets are reacting positively with renewed optimism in small business and big business alike.
PC: How do you think Trump’s immigration policy with affect the economy?
SB: In the reality of it, I think as he reduces regulation and cuts taxes, the growth in our economy will sustain without an influx of low-end migrant workers who are of little or any real value to the economy. Let’s remember many of the people coming in are not highly skilled. And the argument has been, “Well, they’re doing the jobs Americans don’t want to do.” When we have 25% structural unemployment in the minority communities and 10-12% structural unemployment across the board, I’m sure there are plenty of Americans willing to step up and take those jobs.
Another dimension to this though, and what I have been talking about for the past five years is that –we are entering into a 21st century economy where robotics technology and advanced technologies will replace many, if not all middle and lower class jobs that exist. That in itself is creating an enormous pressure on the labor market. When we don’t need Uber drivers and we don’t need McDonald’s fast-food workers, we have to take into serious consideration what that’s going to do. And I’ve made the argument that what we need is more freedom in the economy because government damage is a ‘rear-view mirror’ and it can’t set up structures that will accommodate this new economy, only free people can do that.
PC: How do you think Trump’s regulation reform is going to help small people owners?
SB: Clearly, when we look at OSHA and its impact on people. When we look at the National Labor Relations Board and its impact on manufacturing. Small businesses suffer due to these regulations and the cost of them. When we look at here in Illinois for example, we’ve got workman’s comp. problems that are just strangling the small business community and the state of Illinois is considering imposing a brand new what they call an “opportunity tax” which is a tax based on their head count in a company. So, the governments at the state level are using workman’s comp. and other regulatory issues to squash small businesses. At the federal level, when you look at the EPA and how it’s caused businesses to not use their own property, it’s a significant cost.
But it all ties together. If Trump cuts taxes to 15% across the board, that cuts taxes on the subchapter S cooperate owners and the LLC owners, that is a huge win. Furthermore, if they come in and cut back some of the onerous stuff from the Affordable Care Act, that on a national level, helps tremendously. Going state and local, I think businesses need to become increasingly involved in the political arena. And we are seeing it on the Left. We are seeing it with Starbucks. But business owners need to support state legislators that will go in and restructure state government.
Overall, what we have seen is that a lot of these regulations have real tangible costs. When you have to put money into a non-productive employee specifically there to accommodate some specific regulation, that’s money you can’t use in research development, marketing or another productive activity.
PC: What overall effect do you think these nationwide protests are going to have on our country?
I think it’ just a bunch of hot air. It’s also a media spin. We recently had two back-to-back protests in Washington. We had the Million Women’s march which got media all over the place. And the next one, we had a pro-life march that had at least as many or more people and it got no media. This all just a bunch of hot air. Donald Trump is president. He’s going to be putting in his policies and practices. Then his real test will come two years from now. If the economy has boomed, if Americans feel more secure, if they’re starting to sustain this optimism then Trump will have a good mid-term election. If he doesn’t perform and the economy is not booming and people feel like it just the “same old same old,” he’s going to get slaughtered. And that matters more than these little protests from people who ought to be out working for a living.
PC: What are your thoughts about Trump imposing a 20% tariff on Mexican goods coming into the U.S.?
SB: First of all, I don’t think he can. We do have a law called NAFTA and that precludes countries from putting tariffs on imported products. I think legally, he has a bit of an issue there. However, with that said, we have to understand that this is a Trump negotiating tactic again. He’s going to companies and saying, “Hey, I want you to rethink your program. If you are going overseas because you think it’s an unfriendly business environment here, I’m going to tax you to the moon. Now, let’s rethink it. What will it take to keep you here?” So, I think it’s more of a negotiation tactic than a real threat. But we can see the result of it with Ford’s decisions, Carrier’s decisions, other companies that are saying “You know what, we’ll try it. If Trump cuts the regulatory nightmare in the United States and he cuts our taxes from the highest in the developed world, just maybe we’ll manufacture in the U.S. and we won’t encourage that problem.”
I also think there’s something else going on here, too. I think we are seeing a realignment of how global trade works.
PC: When it comes to Obamacare, What are your thoughts on what Republicans can propose that would help replace it with something more efficient?
SB: There are a lot of ways to be more efficient. There is a question of cost. For example, if you really do believe that healthcare is right, and I don’t, I happen to think it’s a privilege. But if you really think it’s a right, then we ought to have medicare or Medicaid for all people. We ought to have a base medical plan provided by the government. Then over and above that, you can choose to buy your own plan.
But there are other structural things I think I’d like to see. For example, the idea of companies providing health insurance goes back to the World War II period in which they couldn’t offer salary increases so they began offer benefits like insurance. I’d like to see companies out of the insurance business. I think people should buy their own insurance– and a way to do that is to give deductibility on taxes to individuals. That would give incentive to people to buy their own insurance and instead of hiding the cost of some kind of cost of salary plan, which you are paying for it anyway, you would have a more direct connect with your insurance and the competitive nature of that would then accelerate enormously.
PC: Is there any other wisdom you’d like to share with our readers?
SB: I think if we go back to what Franklin Roosevelt said, “The only think we have to fear is fear itself.” And optimism in an economy, optimism in a nation actually does work. If we look at the Michigan Index of Consumer Confidence and some of the indexes on small business confidence, they are going straight up because people have a volcanic build-up within them. And the lid has been pulled off. They are tired of the malaise we have experienced over the past eight years. They don’t like the new norm of 2% growth rates which barely keeps our heads above water. I think people are genuinely saying, “Hey, if we go back to 4 or 5% growth, I might get a really good job and that’s the optimism we feel.”
Steve Beaman is Chairman of The Society to Advance Financial Education, a not-for-profit organization promoting and providing financial education and the author of the Path to Prosperity and The American Dream Under Fire.
To find out more about SAFE go to safefinancial.org
To find out more about Steve go to www.SteveBeaman.com www.SafeFinancial.org.