WASHINGTON, Aug. 8, 2016 — Democrat Hillary Clinton’s economic plan—and record—is falling flat, and Republican Donald Trump is stepping up with his own plan.
The Washington Report says that Clinton’s claims about job creation as senator from New York are at best disingenuous. On Fox News this morning, John Sununu, former governor of New Hampshire and White House chief of staff under President George H. W. Bush, said that Clinton does not understand economic stimulus: She believes the economy is stimulated by giving the government more money and more power. Stimulus that is effective in the long term comes from reducing the burdens of regulatory compliance and penalties on job creation—tax cuts and programs to increase business and job creation.
In an Omaha, Nebraska, speech last week, Clinton said to cheers from the crowd, “we are going to raise taxes on the middle class.” A lot of effort has been expended to see whether that “are” was really an “aren’t,” but the Tax Foundation concludes that the net impact of her tax proposals is a 1 percent cut in take-home pay for the lower and middle classes. Can they take another income cut?
Trump’s plan for the economy, which Sununu remarked has roots in Mitt Romney’s economic plan, will be the topic of his speech in Detroit this morning. His event will begin at 11:30 a.m. Eastern Time.
This is not a traditional rally and will not be open to the public, as Trump will be addressing the Detroit Economic Club lunch. Indiana Gov. Mike Pence, the Republican vice presidential nominee, will be in attendance. Trump will focus on how his view of the economy differs from Clinton’s: Trump is more coal- friendly, would reinstate the XL-Pipeline conversation and propose drastic tax cuts for businesses.
Clinton famously said she wants to kill coal, and the Democratic platform calls for producing 50 percent of America’s electrical output from “clean sources” within a decade. There is no discussion from Democrats about what those sources will be or what they will cost. Conversely, Trump wants to unleash our energy potential, starting with our most abundant energy resource, coal.
Trump will be speaking at a closed event at the Cobo Center and before the Detroit Economic Club. Watch the live stream here:
Early reports are that the speech will focus on energy, regulation, taxes and trade.
The Obama administration has passed over 400 major regulations costing American business over $100 billion. Trump says he will make it easier for business to do business and create jobs in America by calling for a temporary suspension of new financial regulations until the economy shows “significant growth,” according to Bloomberg.
On taxes and trade, Trump believes that lowering the corporate tax rate will bring business back to America, including auto manufacturing that has moved to Mexico, back to Detroit. The platform will also call for a repeal of the estate tax and for three income-tax brackets, compared to the seven currently in existence.
Trump is holding this event in Detroit in part because he hopes to use the city as an example of what he describes as President Obama’s failed policies, painting Hillary Clinton as a third term for Obama.
Most of Michigan’s top Republicans will not be in attendance for the speech, including the state’s governor, Rick Snyder, according to M Live.