Trump Economy to Rely on Traditional Industry: Speaker

What will happen to the U.S. economy now that we're into a new administration?

Todd Buchholz, author and former White House director of economic policy, discussed some of the influencers this morning at the LIMRA Distribution Conference.

In many respects, the nation is still recovering from the Great Recession, Buchholz said, and one result was a backlash against free trade and making money.

With President Donald Trump appointing billionaire industrialist Wilbur Ross as commerce secretary, the administration is sending a message that they are looking to traditional industries such as coal, steel and automobiles as areas for future job growth.

However, Buchholz said, the U.S. is in a global competition for IQ points, as many of the jobs of the future will require specialized education.

The stock market rally post-election was fueled by the promise of deregulation under a new administration, Buchholz said.

One area of concern, he said, is for sectors of the economy depending on a "cheap" dollar, such as exporters.

Consumers are concerned about future interest rate hikes, as two of consumers' top purchases - homes and cars - are driven by interest rates.

Susan Rupe is managing editor for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at [email protected].

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