What followed over the next 8 years was one of the most successful economic periods in American history.
- 20 million new jobs created
- Inflation dropped from 13.5% in 1980 to 4.1% in 1988
- Unemployment fell from 7.6% to 5.5%
- Net worth of average earning families grew by 27%
- Real gross national product rose 26%
- Interest rates down from 21.5% in 1980 to 10% in 1988
You know when a period of economic success has taken place when they name it after the leader and the term Reaganism economic policy is now embedded into American political history. It is true that Reagan held a degree in Economics but Donald Trump’s personal economic record is not too shabby either.
I have a feeling that Trump would be fired up to prove the world wrong and would want to make America great again. The American and world economy would be something he would take on as a personal challenge to establish his own place in history and he does seem to have the Midas touch.
How a President Trump would affect Europe is anyone’s guess. Hopefully he would listen to his advisers and not continue to poke his nose into the affairs of Europe. Criticising Merkel and other European leaders is not something that will build relationships and let us hope that the comments he is making about European policies on immigration, for example, are just his own electioneering.
What is needed is something to give the markets a boost. Shares have continued to spiral downwards over a prolonged period and the price of Oil is continuing to float around the $30 a barrel price – though whether this is due to the normal supply and demand factors or whether it is due to the USA controlling the price by flooding the market for their own political reasons is another question.
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One of the most common questions asked of expat financial services firms is what should clients do with their pensions. Some wish to keep all their money in a UK-based pension, some will look to transfer to a Qualifying Recognised Overseas Pension Scheme (QROPS) and others will want to take a tax-free lump sum from their fund. In short, what an individual chooses to do will depend heavily on their personal circumstances together with any advice they receive from their expat financial services professional.
was ushered in on 6 April 2016 as a result of a massive shake-up. The new payout has been designed to make the whole process easier to understand, although it’s still far from simple.