A president has several powers which influence the economy of a country. To begin with, the president is the chief of state. Thus, the president stands for the highest ideals and values of the country. The president is the guardian of the economy, and his role is to assist in running the economy. The president influences the economy because he or she is always apprehensive about taxes, unemployment, prices, and the general prosperity of the country. Using this influence, president Trump repeatedly called on the Federal Reserve to cut the interest rates and ensure that they lift the economy earlier in April 2019 (Tankersley, 2019) . The president was advising the Fed to implement quantitative easing rather than quantitative tightening, which according to him has reduced inflation. The president applies his influence to manipulate the Fed chairman so as to control the economic growth of the country (Tankersley, 2019) . Moreover, the president is the one who controls how the GDP is divided amongst different income classes and also regulates how much security workers have against lost income when they lose their jobs.
The US president has the power to shape the policies of agencies such as the Federal Trade Commission that usually authorize the regulatory environment and the acceptance level for the monopoly power of firms. Hence, the head of state has a great capacity of outlining how the economy would behave. Finally, the president is the chief diplomat and makes the foreign policy of the country. Walt (2019) observes that president Trump has derived various foreign policies, which have affected the country in a great way. The article argues that the president has passed foreign policies aimed at taming other countries such as China, Russia, and other European nations. However, some of the policies have resulted in increased tariffs and taxes that complicate doing business with the US, hence, negatively affecting the economy (Walt, 2019). As such, the influence of the president on the economy can either positively or negatively impact economic growth. The president influences the Congress in lawmaking, and thus, he or she can pass various bills into laws that affect the economy.
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References
Tankersley, J. (2019, April 6). Trump Says Fed Should Cut Rates and Lift Economy. New York Times. Retrieved from https://www.nytimes.com/2019/04/05/business/economy/trump-fed-interest-rates.html
Walt, S.M. (2019). The Tragedy of Trump’s Foreign Policy. Foreign Policy . Retrieved from https://foreignpolicy.com/2019/03/05/the-tragedy-of-trumps-foreign-policy/
