中金：不是选择，是必然——政治经济学眼中的美国政策

Core Viewpoint - Trump's unconventional policies are a response to escalating domestic social contradictions in the U.S., rooted in long-term distribution imbalances caused by neoliberalism since the 1980s [2][4]. Group 1: Domestic Policies - Trump's administration has implemented measures to cut government spending, such as the "Great Beautiful Act," which reduces welfare spending and increases eligibility requirements [6]. - The establishment of the DOGE Efficiency Department aims to eliminate government redundancies and promote federal layoffs [5]. - The administration has challenged the independence of the Federal Reserve and proposed a cap on credit card interest rates at 10% to lower consumer loan financing costs [5][6]. - Measures to limit institutional investors from purchasing single-family homes have been introduced to address housing affordability [5][6]. Group 2: Foreign Policies - Trump's foreign strategy includes imposing tariffs on a wide range of imports to protect domestic industries and reduce living costs [5][6]. - The administration has called for an end to the Russia-Ukraine conflict and reduced international aid commitments [5][6]. - There is a focus on increasing military spending and pressuring allies to share defense costs [5][6]. Group 3: Economic Implications - The policies aim to alleviate internal contradictions but are unlikely to resolve them fundamentally, reflecting a tendency for short-term gains at low costs [4][5]. - The proposed changes in monetary policy, such as the nomination of Warsh to the Federal Reserve, could lead to significant market volatility [4][5]. - The ongoing financialization of the U.S. economy has led to a widening gap between corporate profits and worker wages, with the share of labor income remaining stable while corporate income has increased [9][11]. Group 4: Structural Challenges - The U.S. faces significant structural challenges, including income inequality, healthcare affordability, and educational disparities, which have been exacerbated by the pandemic [7][39]. - The political landscape shows increasing polarization regarding economic issues, making it difficult to implement necessary reforms [56][57]. - The return of neoclassical economics has contributed to the exacerbation of social contradictions, with a reliance on Keynesian policies without substantial structural reforms [60][61].