When ‘America’s biggest companies’ have trouble, Trump appoints the right people to fix it
With the world’s biggest corporations facing the most serious economic crisis in generations, the president tapped a veteran Washington insider to lead a major push to fix the economy.
The choice is a key test of his ability to restore some semblance of control over the nation’s most powerful firms.
The stakes are high for Trump, who is facing increasing criticism from his Republican rivals and others who say he is too cozy with business.
Trump has already signed executive orders in his first weeks in office that sharply limit how much he can give companies a tax break.
He is also trying to revive the American Manufacturing Council, a group of CEOs that is an important source of advice and advice to the president.
But the president also needs to fill vacancies on a variety of boards, and some executives have complained bitterly that they are not being given the opportunity to join the new administration.
Among the problems for Trump: the pace of hiring has slowed, and many companies are having trouble filling vacancies and finding qualified people.
Some of those problems have been exacerbated by the economic downturn, which has hurt businesses, even in Trump’s own industry.
Trump and his team have already been trying to fill key posts at the Energy Department, which oversees fossil fuels, and the National Institutes of Health, which helps oversee research.
The White House said Monday that it would hire 100 more staff and hire more people to oversee the National Parks Service and other federal agencies.
But it also is facing questions about how to replace the workforce that has been hurt by the collapse in oil prices and the nation has been grappling with the fallout from Hurricane Harvey.
The U.S. has lost about 70,000 manufacturing jobs since the recession began in 2009.
The unemployment rate has jumped from 5.6 percent in October to 7.2 percent now, according to the Labor Department.
While manufacturing has been hit hard, it is not the only sector that has lost jobs in recent years.
Sales of residential, commercial and office building products have also dropped, and a wave of layoffs in the financial sector has also contributed to the drop in manufacturing jobs.
And the number of Americans filing for unemployment benefits fell sharply in October from its previous peak in late March.
But Trump has sought to make up for lost manufacturing jobs by expanding the federal workforce, hiring more workers in manufacturing and expanding the availability of skilled workers to the economy’s more remote parts.
The administration has also sought to hire more workers to assist in the development of new clean energy technologies and the construction of solar farms and wind turbines.
The president has also pushed to increase the number and size of public colleges and universities to more than 20,000.
The economy is not working for the wealthy, but the government is not doing enough to help them, said David McBride, a senior fellow at the Peterson Institute for International Economics and a former White House economic adviser.
“The federal government has been the lifeline for the middle class for a long time,” he said.
Trump also has promised to expand the Earned Income Tax Credit, which allows families to receive a cash payment that helps them pay for the cost of college and training.
But McBride said he worries that the tax credit is not enough for many families.
“I would like to see it expanded to help families make ends meet,” he added.
And he worries about the effects of the government’s decision to close a $20 billion tax loophole that some people have used to buy homes in the U.K. and other wealthy countries.
“That is not good for people in the middle, because they’ve been left behind,” McBride added.
The Tax Policy Center, a nonpartisan think tank, estimates that the administration could be giving tax breaks worth up to $10 billion to about 10 million families, including $1 billion to families who can’t afford to pay the $2,000 property tax.
The tax break has been used by wealthy families who buy homes and move their assets to other countries for tax-free status.
But many other people don’t pay their fair share and end up paying more.
The Trump administration is also seeking to cut the corporate tax rate from 35 percent to 15 percent and to double the standard deduction, which would allow families to deduct the cost for items like mortgage interest, child care and food, from their taxable income.
The move would boost the incomes of the top 10 percent of Americans who pay taxes and the bottom 20 percent who don’t, while hurting the middle and lower class.
Some economists are worried that the changes would result in the loss of millions of jobs.
“It’s one thing to have a corporate tax cut, but it’s a whole different ballgame to have the top 1 percent of earners get a $2.4 trillion tax cut,” said David Rothstein, a tax expert at the conservative American Action Forum.
The corporate tax breaks are not new, and they have been used for decades to encourage corporations to relocate abroad.
In the 1970s, Congress passed the “Buffett rule