President-elect Trump has suggested a number of economic policies that he will work with Congress to implement early into his presidency. All of his policies are consistent with the core principles that made America the economic powerhouse that it is today. What are those principles?

The U.S. went from the birth of the nation to the largest, most prosperous economy in the world in about 150 years. Other nations were hundreds, and in some cases thousands, of years older. Yet the U.S. accomplished this feat because we followed some basic principles.

In fact, when the U.S. strayed from these principles, like what occurred in the prior administration, economic problems developed which led to social problems developing also.

Individual Freedom

The U.S. economic policies were geared toward individual freedom. Basically, as long as an individual did not infringe upon the rights of any other individual, a person was free to pursue their own interests. This freedom allowed every willing American to “follow their dreams” no matter what those dreams may be.

Individual Responsibility

As long as an individual was mentally and physically able, every American pretty much took care of themselves. Obviously, where possible, the family helped. Americans did not rely on or even expect the government to take care of them. This meant Americans knew they had to be prepared for whatever problem may come their way.

Low Rates of Taxation

For nearly all of the first 150 years there was no Federal Income Tax, no Social Security tax and no Medicare tax. Individuals knew that whatever they were able to earn they would be able to keep almost all of it. That provided tremendous incentives for people to take chances. And that led to great accomplishments.

Limited Role for Government

The government provided what were obviously public goods. These included defenses of the country, a legal system and leadership by elected officials. Other than that, the government stayed out of the way, which allowed Americans to pursue their interests. The government also recognized the right to private property.

While things have changed somewhat, and the majority of Americans recognize some social responsibility, especially to the elderly, is needed. Adherence to these four basic principles brought American economic greatness. The prior administration implemented policies that were exactly opposite to these principles. That created the economic mess we are in today. Fortunately, President-elect Trump’s policies are geared to following the basic principles.

The Biden administration wanted to limit individual freedom by influencing or eliminating consumer choice. Biden wanted Americans to drive electric cars rather than the car of their choice. Biden wanted to have more control of health care and education choices meaning less individual choice. Biden believed the government should make consumer purchasing choices for consumers.

Biden wanted to replace individual responsibility with social responsibility. While most Americans agree that a minimal social safety net is proper, Biden wanted to tell Americans that when problems occurred the government would take care of Americans. Forgiving student loans was an example.

In order to pay for his spending, Biden wanted to raise taxes on all Americans but particularly on those high income earners who provided capital to the economy to foster economic growth. He sought o raise taxes on even the middle class, leading to high rates of taxation.

Finally, Biden wanted an exceptionally large role for government. He felt the government should have more control over many key industries.

For the U.S. to return to economic greatness, these principles must be followed. And that is exactly what Trump will do.

He will remove unnecessary and counter-productive regulations that have reduced individual freedom. For every new regulation he will eliminate perhaps as many as ten unneeded regulations, just as he did during his first term.

He will encourage individual responsibility by removing costly and often counter-productive social programs while recognizing that there should be a minimal safety net provided.

Trump will keep tax rates as low as possible. He will extend the Trump tax cuts implemented in 2018 and look for new ways to cut taxes for all Americans recognizing that some tax revenue is needed to pay for government spending.

Trump will dramatically reduce government spending and government regulations, leading to a more limited role for government.

Within a year or two, Trump’s policies will lead America back to economic greatness. He will, indeed, make America great again.

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Michael Busler is a public policy analyst and a professor of finance at Stockton University in Galloway, New Jersey, where he teaches undergraduate and graduate courses in finance and economics. He has written op-ed columns in major newspapers for more than 35 years.