Will You Thrive in the Trump Economy? If you make an honest living, you will love Trumponomics. If not, it's about time to start.
Opinions expressed by Entrepreneur contributors are their own.
If you're at all nervous about how business will change once Donald Trump becomes President, you'd better sit down before you read this. With a mandate to shake things up in Washington and control of both houses of Congress, no matter what you do for a living or where you live, your life is not going to be the same.
Should you be terrified or elated? That sort of depends. Here are 10 categories that I expect to be most impacted by the Trump economy -- most for the better, but not all. Better strap yourself in and hold on to your hats; it's going to be a wild ride, folks.
Thousands of rules and regulations were created every year under the Obama administration. Not only are those days over, many existing regulations will be rolled back. Along with lower tax rates and increased lending from a less-constrained bank sector, business owners will feel a huge weight lifted off their shoulders.
On the one hand, a lower corporate tax rate and repatriation tax for offshore capital will be huge growth and reinvestment drivers for corporate America. On the one hand, deregulation will make it easier for startups to compete and disrupt markets dominated by corporate giants. Anticompetitive behavior and megamergers will be heavily scrutinized. Take notice, Amazon and AT&T - Time Warner.
Silicon Valley elites came out strongly against candidate Trump, including 140 who signed an open letter claiming he would be bad for innovation. Wrong. Trump is all about protecting our intellectual property, and Trumponomics will free up investment capital and lower competitive barriers for startups. Last week, Softbank's Masayoshi Son vowed to invest $50 billion in American businesses. That's huge.
Repealing and replacing Obamacare and allowing insurance companies to compete across state lines will improve the healthcare system across the board and be a boon for doctors and patients alike. For lawyers, not so much. Time to put an end to frivolous lawsuits with much needed federal tort reform, including a "loser pays" provision like they have in the U.K.
The public sector.
If you work in or around the beltway, the gravy train you've been riding for the past eight years is about to be derailed. Big government and all the perks that go with it are over. That may have a ripple effect on state and local institutions, as well. Better polish up your resume and find a real job in the private sector.
Governments and institutions are not the only places where bureaucrats thrive. Runaway political correctness and diversity groupthink threaten the principles of meritocracy that made American entrepreneurship the envy of the world. Trump is decidedly not PC. There's a new sheriff in town and he doesn't speak bureaucrat.
Haves and have-nots.
We keep talking about income inequality and improving the lives of the middle class while at the same time the gap between the haves and have-nots keeps growing. That's because politicians don't create companies and jobs; business leaders do. It's time we quit talking and start doing. Deregulating, lowering taxes and boosting the economy will shrink the wealth gap.
Time for the runaway environmental movement spearheaded by the EPA to kiss their power trips and subsidies goodbye. The new mantras are energy independence and free market economy, and that means oppressive, out of control environmental regulations, policies and mandates will soon be history.
If you're on Social Security or Medicare, little will change. If, on the other hand, you're one of the tens of millions of able-bodied Americans who have benefitted from record welfare spending that's not nearly as means-tested or fraud-free as it should have been, it's time to take your hand out of the taxpayers' pockets and get to work.
The rest of the world.
Americans are generous to a fault. Even though the U.S. is $19 trillion in debt, it provides aid, assistance and protection to practically every free nation on Earth. That doesn't make a whole lot of sense. America's new negotiator-in-chief will seek better, fairer and more balanced international deals, as he should.
That's just the beginning. Inner cities dwellers will benefit from improved law enforcement. Bad guys -- criminals and terrorists -- not so much. Entitled students can probably kiss their safe spaces goodbye. Overall, I'd say this: If you make an honest living, you will likely thrive in the Trump economy. If not, it's about time to start.