(CNN)President-elect Donald Trump announced Steve Mnuchin as his pick for Treasury secretary Tuesday. Mnuchin is not only a former hedge fund manager and banker — he’s also credited as the producer on more than 30 movies.
So what kind of economy would Mnuchin be inheriting as the head of the Treasury? What are his plans for the US economy? We thought it’d be most appropriate to explain it in GIFs from some of his films.
The back story
First of all, the Federal Reserve’s interest rate could go up soon. That means credit card and mortgage rates would go with it. Like a punch to the gut and/or the face.
The unemployment rate, as reported by the Bureau of Labor Statistics, is 4.9%. It’s hovered between 4.7% and 5% the entire year.
The stock market has seen some record highs since Trump’s victory at the beginning of November. Just last week, the Dow closed above 19,000 for the first time ever.
The US debt is estimated at more than $19 trillion. When Obama took office in January 2009, the debt was $10.6 trillion.
US gross domestic product (GDP) saw 3.2% growth in the 3rd quarter and consumer spending was up by 2.8%. Both are good signs for the economy.
Median household income in the US rose to about $56,000 in 2015. That’s more than a 5% increase from 2014. We can all drink to that.
So what is Mnuchin wanting to do at Treasury? Well, first he’s going to have to face off with the Senate for his confirmation hearing.
Remember that time the housing market exploded? Mnuchin’s probably going to get heat for his involvement with IndyMac, the sub-prime home loan lender that he bought in 2009.
If he makes it past the Senate, Mnuchin wants to implement a “bold economic agenda.”
Mnuchin told CNBC that he wants to do the largest tax overhaul since President Ronald Reagan’s administration. President-elect Trump has previously said that he wants to slash the tax brackets from seven to three.
In the same interview, Mnuchin promised corporate tax rates will fall in an effort to encourage domestic job growth.
Want more info? Check out the Mnuchin coverage from our friends at CNN Money.