Staff Reports
The rise of Sen. J.D. Vance (R-OH) as the Republican Party’s vice presidential nominee has been met with excitement and some head-scratching as he leans into the “Trumpism” brand. Hailing from Ohio, Vance’s journey has evolved from writing a bestseller to becoming the running mate of Donald Trump for the 2024 election. However, the fundamental question arises: can Vance balance his populist roots with the economic pragmatism that Trump embodies?
While both Vance and Trump share a general skepticism towards trade deals that favor countries like China and a mutual disdain for the elitist establishments of academia and conglomerate businesses, tensions are visible. Their economic ideologies are somewhat aligned, centering on a populist theme of bringing American jobs back by leveraging tariffs. However, where Vance tends to emphasize a more blue-collar appeal, Trump is more focused on growing the economic pie through traditional pro-growth policies.
Washington Examiner: JD Vance may hold heterodox economic opinions, but he’s perfectly happy being subservient to Trump https://t.co/G2wplgwqmw
— Ian Hansen 🇺🇸🇺🇸 (@IanHansenFeed) July 26, 2024
In a modern twist reminiscent of a classic buddy cop film, the duo seems to operate under the understanding that Trump’s policy decisions will ultimately take precedence—after all, he’s the one at the top of the ticket. Vance’s reluctance to cut taxes further than Trump’s historic cuts raises eyebrows and suggests a divergence in their approaches to stimulating growth. While Trump’s 2017 Tax Cuts and Jobs Act decisively lowered corporate taxes, Vance appears hesitant to take that leap, proposing instead higher taxes on university endowments, which seems more suitable for a generous leftist than a conservative with populist aspirations.
The most striking philosophical disagreement surfaces in the realm of currency. Vance has voiced concerns about the U.S. dollar’s status as the world’s reserve currency, calling for significant reflection and even a potential devaluation. This insinuation is both puzzling and concerning, as it plays into fears that pro-growth enthusiasts generally harbor about currency manipulation and economic stability. Trump, on the other hand, has committed to maintaining that coveted reserve status—a move that doubles down on fiscal prudence and keeps America in the financial driver’s seat globally.
The juxtaposition of Vance’s economic philosophy with Trump’s is essential to understanding the potential hurdles ahead for the Republican ticket. Vance’s warnings about devaluation and his musings about the long-term viability of the dollar infiltrate the classic conservative narrative that champions a strong and stable currency. As inflation remains a pivotal issue on the minds of many Americans, particularly after facing unprecedented economic challenges, Vance’s vocal hesitance surrounding the dollar could be seen as akin to introducing chaos where stability has been hard-won.
In this contest of economic ideals, the reality is clear: when push comes to shove in the 2024 fight for the White House, it will be Trump’s vision that takes center stage, with Vance tasked with the supportive role. The adage about “no taxation without representation” might be updated here to “no policy without Trump’s okay,” and that’s a reality that Vance must navigate if he hopes to champion a conservative resurgence in America effectively.
