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20 <br /> It is important to note the financial market changes in stocks, interest rates, and expected <br /> inflation happened at the end of 2016 occurred before Donald Trump was inaugurated as <br /> President and any specific proposals were sent to Congress. Financial markets attempt to <br /> account for future changes and price those changes into current values. <br /> Of course, expectations can be proven inaccurate, and there are still many questions <br /> about the content and impacts of the emerging Trump agenda. While a tax reduction and <br /> infrastructure spending package are almost certain to be sent to Congress, the final forms of the <br /> Trump plans are unknown. Nor do we know how Congress might change those plans. Tax plans <br /> are always contentious, with debates over rates, deductions and credits, and impacts for <br /> households of different income levels. The size of the infrastructure package, the designation of <br /> projects, and the speed of starting the projects will be debated both within the Trump <br /> Administration as well as between the Administration and the Congress. <br /> There are also questions about the economic impact of the tax and spending proposals. <br /> Will President-elect Trump's goal of 4% annual growth be achieved? In the 36 years since <br /> 1980, a 4% annual growth rate in GDP has occurred only nine times, and it has not happened at <br /> all since 2000. Some say the reason is not economic policy, but rather is demographics. Like <br /> most developed countries, the U.S. is aging. Historically, older societies have slower rates of <br /> economic growth. <br /> President-elect Trump has also vowed to reduce regulations by changing recent <br /> legislative acts in health care (the Affordable Care Act), the financial system (Dodd-Frank <br /> Financial Reregulation Act), and the environment (several recent Environment Protection <br /> Agency rulings). The speed of making changes and the ultimate results are still unknown. <br /> 5 <br />