Trump’s First 100 Days: A Free-Market Blueprint to Let America Prosper

Originally posted to National Review. 

The November 2024 election delivered a mandate for change. Voters, grappling with persistent inflation, stagnant real wages, and a bloated federal government, were looking for new direction. The Trump administration began addressing these issues on day one with a flurry of executive orders and the pace has not eased up.

To truly let America prosper, Trump must advance a free market agenda rooted in limited government, fiscal discipline, and economic freedom.

As someone who worked in Trump’s first White House Office of Management and Budget and collaborated with national and state-level think tanks and experts across the country, I have seen firsthand what works — and what doesn’t. The best strategies are clear: cut government spending, simplify taxes, restore energy independence, expand free trade, overhaul immigration, and slash burdensome regulations. Together, these policies will unleash economic growth and create the conditions for a more prosperous future.

Many of today’s economic challenges lie in Washington’s out-of-control spending. Federal outlays exploded under Trump from $4.5 trillion in 2019 to over $6.5 trillion during the pandemic, and they remain near $7 trillion today. This unsustainable trajectory fuels inflation, crowds out private investment, and burdens future generations with crushing debt.

Trump must act immediately to reduce spending to pre-pandemic levels. Through executive orders, the administration can freeze unnecessary expenditures, claw back unspent Covid-19 funds, and direct agencies to identify and eliminate wasteful programs. He can also use the bully pulpit of the presidency to push Congress to make cuts proposed by the new Department of Government Efficiency (DOGE) or veto legislation without those cuts.

Because Congress is invested with the power of the purse, it must take the lead by cutting government spending to at least $4.5 trillion and passing a reconciliation bill to impose spending caps tied to population growth and inflation. These sustainable budgeting practices would force policymakers to confront the true drivers of our debt crisis: “entitlement” programs like Social Security, Medicare, and Medicaid, which account for nearly 70 percent of federal spending. Without reform, these programs will bankrupt our economy and destroy any hope of future prosperity.

The 2017 Tax Cuts and Jobs Act delivered historic relief, but it only scratched the surface. Trump and Congress must make these tax cuts permanent and build on them with reforms that reduce complexity and support growth.

Reducing the corporate tax rate from 21 percent to at least 15 percent, as Trump has been advocating, would attract investment, create jobs, and ensure that the U.S. economy remains one of the most competitive in the world. Simplifying the individual income tax code by flattening rates, eliminating deductions and credits, and indexing capital gains for inflation would lower compliance costs and increase economic efficiency. Making full expensing permanent would encourage long-term business investment, while ending the state and local tax (SALT) deduction would ensure a more equitable tax system.

These reforms would boost economic activity and allow Americans to keep more of their hard-earned money — an essential step in restoring trust and optimism in the economy.

Energy independence was a hallmark of Trump’s first term — and is shaping up to be a hallmark of his second. Upon his return to the Oval Office, Trump immediately began the restoration of America’s energy dominance by declaring a national energy emergency. While this declaration may not have been necessary to achieve real reform, Trump has paved the way to reduce regulatory hurdles quickly. In order to mitigate the impending effects of Biden’s policies, the administration should reopen federal lands and offshore areas for oil and gas exploration, expedite permits for pipelines and refineries, and eliminate green-energy subsidies. These steps would help lower energy costs, create high-paying jobs, and strengthen national security. A free market energy policy will help stabilize prices and ensure the U.S. can meet its energy needs without relying on hostile foreign powers.

Trade policy, however, is an area in which Trump’s first term made only marginal progress, and there’s a clear danger that this may be lost if the administration continues weaponizing tariffs. Tariffs on intermediate goods and consumer products act as hidden taxes and cost the economy during the first administration at least $80 billion annually.

Rather than doubling down on protectionism and raising costs for Americans, Trump should instead prioritize expanding free trade agreements with allies in Europe and the Asia-Pacific. Removing tariffs will enhance market competition, lower consumer prices, and strengthen America’s position in the global economy. This approach would also allow the U.S. to apply strategic pressure on China to improve its flawed trade practices without resorting to tariffs on China or other countries that harm Americans or starting a trade war that hurts domestic manufacturers.

While securing the border is essential, immigration reform should go beyond enforcement. America needs a market-driven immigration system that aligns with labor market demands. Expanding H-1B visas for high-skilled workers in STEM fields and implementing a merit-based system for all immigrants would help address critical workforce shortages, boost innovation, and ensure the U.S. remains competitive globally while helping people improve their lives. At the same time, reforms should also create pathways for legal entry of unskilled workers to meet the demands of industries like agriculture and construction. A balanced, market-oriented approach to immigration will strengthen the economy while ensuring border security.

Deregulation was one of Trump’s greatest successes in his first term. However, much of this progress was reversed under Biden, as the regulation costs under his administration totaled over $1.8 trillion. Trump now favors expanding his previous “two-out, one-in” rule with a ten out for every one in. While he has started this process with a regulatory freeze, more should be done. Establishing a regulatory “budget”  that prioritizes the elimination of outdated and burdensome rules would be another move in the right direction. Removing superfluous or unduly burdensome regulations will help foster an environment in which businesses are more productive and thus more competitive domestically and internationally.

The November 2024 election wasn’t just about rejecting Bidenomics; it was about embracing a new vision for America’s economy — one more deeply rooted in the principles of free markets, limited government, and fiscal responsibility than before. Trump’s second term offers a historic opportunity to reset the country along those lines and set the stage for long-term prosperity. In some areas, most notably, perhaps, tariffs, Trump will have some different priorities. But that does not alter the fact that cutting spending, simplifying taxes, restoring energy independence, expanding, yes, free trade, reforming immigration, and slashing regulations are not just policy priorities — they are the building blocks of a competitive, dynamic economy that allows all Americans to thrive.
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This historic opportunity must not be wasted. It’s time to let people prosper.