Hillary’s Plan: The Economy

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Under Clinton, Economy is “Stronger Together.”  Under Trump, Economy is “Billionaires First.”

Hillary Clinton believes our economy is stronger when we grow together. She’s put forward a comprehensive agenda to build an economy that works for everyone, not just those at the top — fighting for the largest investment in good-paying jobs since World War II, debt-free college, profit-sharing, tax fairness, and family-friendly policies like paid leave. Donald Trump, on the other hand, has put forward an agenda that showers billionaires and millionaires like himself with trillions in tax breaks and new loopholes, recklessly exploding the deficit while actually raising taxes on millions of middle-class families.

When John McCain’s former economic advisor studied the two plans, he actually calculated that under Hillary’s plans the economy would create 10.4 million jobs in her first term alone—while Trump’s plans would result in a “lengthy recession” and a loss of 3.4 million jobs.

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*Trump has outsourced his products to at least 12 countries and routinely picks Chinese steel over U.S. manufacturers.

Hillary Clinton believes we need to build an economy that works for everyone, not just those at the top.  As president, Clinton will:

Trump’s reckless agenda would shower billionaires and millionaires like himself with trillions in tax breaks and new loopholes, recklessly exploding the deficit while actually raising taxes on millions of middle-class families. Trump will:

  • Enact a massive backdoor tax cut for billionaires and millionaires like himself, also known as “The Trump Loophole.”
  • Widen the “carried interest” loophole by slashing tax rates on partnerships, including hedge funds and private equity firms.
  • Get rid of the Wall Street reforms enacted after the recent crash, removing protections for consumers.
  • Eliminate the estate tax, resulting in a $4 billion tax cut for his family alone — while giving 99.8% of Americans nothing.
  • Actually raising taxes on millions of middle-class families.

Run up the national debt by nearly $21 trillion over 20 years.

For all the latest, follow our Scheduled Events page and follow Clinton on TwitterFacebookYouTube, and Instagram. Also, be sure to subscribe to the campaign’s official Podcast, With Her.

Hillary Clinton Campaigns in Ohio

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Hillary Clinton hit the campaign trail today in Ohio holding two events in the state. Her first event was in Toledo where she focused on her plans to help the middle class. She covered a number of her major policy proposals including her plans to boost American manufacturing, invest in and improve the country’s infrastructure, and create good paying jobs. During the event, Clinton also attacked Donald Trump for the recent revelation that he may not have paid income taxes for nearly two decades. She said, “Trump’s campaign is bragging that not paying taxes makes him a genius. What kind of genius loses $1 billion in a single year?” She pointed out that Trump’s plan would cut taxes for himself even more at the expense of working families. Watch a video of Clinton speech below.

Clinton then traveled to Akron where she continued to focus on the economy and her plans to ensure that everyone has the opportunity to prosper in America. She largely focused on the same big points she hit on in Toledo, but she also spoke about her plans to raise the minimum wage, ensure equal pay for women, and cap the maximum out of pocket expenses for childcare. Clinton continued her assault on Trump’s tax records saying that he has certainly benefited from the tax code, but he has not contributed to the United States. Clinton is likely to continue to criticize Trump’s tax returns as the two prepare for their next debate next week. A video from the Akron event is below.

For all the latest, follow our Scheduled Events page and follow Clinton on Twitter, Facebook, YouTube, and Instagram. Also, be sure to subscribe to the campaign’s official Podcast, With Her.

News Source: Time, The Toledo Blade, Patch

HFA Release on Trump’s Policies

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Leading up to tonight’s presidential debate between Republican Donald Trump and Democrat Hillary Clinton, Hillary for America released a series of responses to Trump’s proposals on the economy, taxes, child care, maternity leave, foreign policy, health care, immigration, trade, and the Veterans Administration. A copy of the release is below.

In a prebuttal to the first presidential debate, Hillary for America released a review of Donald Trump’s few policy proposals from experts and journalists, who have judged them variously as incoherent, unrealistic, excessively costly, and devastating for working families – where he has even bothered to address the issues at all. Whether it’s a dangerous immigration plan based on mass-deportation and a “great and beautiful wall,” a half-baked child care plan that would leave millions of middle-class families to fend for themselves, tax and economic proposals to benefit the rich and explode the national debt while leaving middle-class families holding the bag, or a broader economic agenda that would plunge our country into recession and cost us millions of jobs — Trump’s policy proposals have been panned by experts and critics across the political spectrum.

ECONOMIC PLAN

Donald Trump’s economic playbook has only one trick: to get ahead and stiff others. From a decades-long pattern of scamming small businesses and outsourcing jobs, to a proposal to cut taxes for billionaires like himself and his family at the expense of everyone else, Trump’s self-serving strategy is clear. According to a former economic advisor to John McCain, Trump’s policies would destroy nearly 3.5 million jobs. In fact, economists and business leaders across the political spectrum agree that his economic plan would plunge our country back into recession.

Mark Zandi of Moody’s Analytics: The economy will be significantly weaker if Mr. Trump’s economic proposals are adopted:

“Quantifying Mr. Trump’s economic policies is complicated by their lack of specificity…Mr. Trump’s economic proposals will also result in larger federal government deficits and a heavier debt load…. the economy will be significantly weaker if Mr. Trump’s economic proposals are adopted…four basic conclusions regarding the impact of Mr. Trump’s economic proposals can be reached: 1) they will result in a less global U.S. economy; 2) they will lead to larger government deficits and more debt; 3) they will largely benefit very high-income households; and 4) they will result in a weaker U.S. economy, with fewer jobs and higher unemployment.”

WSJ: Economists Who’ve Advised Presidents Are No Fans of Donald Trump:

“Republican presidential nominee Donald Trump…garners no support from any of the White House economists who have advised U.S. presidents for the past half-century. The Wall Street Journal this month reached out to all 45 surviving former members of the White House Council of Economic Advisers under the past eight presidents, going back to Richard Nixon, to get their views on this year’s presidential election. Among 17 Republican appointees who responded to Journal inquiries, none said they supported Mr. Trump.

National Association of Business Economics: Business Economists Say Hillary Clinton Is Best for the Economy . . . About 14% picked Mr. Trump:

“A majority of business economists in a new survey said Hillary Clinton is the best choice to oversee the U.S. economy as president. Her Republican rival, Donald Trump, didn’t even come in second.”

Politico: Economists savage Trump’s economic agenda:

“…if Trump’s policies were enacted it would be some form of disaster for the economy. If you force 11 million undocumented immigrants to leave in a year, you would be looking at a depression. It would not help the people he is talking to, they would be the first to go down.”

Washington Post Editorial: Trump’s economic plan goes from worse to bad:

“[Trump’s] prescriptions have progressed from preposterous to merely intellectually dishonest; their foreseeable impact on the U.S. economy, from destabilizing to merely dangerous.”

U.S. Chamber of Commerce: Does a recession sound ‘great’ to you?:

“For those keeping track, under Trump’s trade plans, we would see higher prices, reduced spending power, fewer jobs, and a weaker economy, both here at home and abroad, according to the analysis. Of course, that’s the last thing our country and the global economy need right now.”

TAXES

Donald Trump has put out so many different tax plans during this campaign that we’re losing count. But his latest effort is more of the same: doubling down on tax cuts that benefit billionaires like himself and his family, while maintaining his Trump Loophole — the massive backdoor tax cut that would let the wealthy pay less than half the current tax rate on a significant portion of their income. He has also proposed a tax cut that would save his own family $4 billion (that is, if Trump is worth as much as he says he is) – while doing nothing for 99.8% of Americans. And even as Trump is exploding the debt by more than $5 trillion with tax cuts weighted towards millionaires and billionaires, his plan includes a bait-and-switch that would result in millions of middle-class families, including half of all single parents, paying higher taxes.

Washington Post: A new study says Trump would raise taxes for millions:

“More than half of America’s single parents and one-fifth of its families with children could see their federal income taxes go up under Republican Donald Trump’s revamped tax plan…”

TPM: Trump’s Economic Plan Runs Afoul Of Deficit Hawks By Ballooning The Debt:

“The organization of deficit hawks projected that Trump’s plans would increase the deficit by $5.3 trillion over a decade.”

Vox: Donald Trump’s “new” tax plan: a giveaway to the rich that he pretends helps the middle class:

“ Long story short: This is big money, going from very successful businesses to their wealthy shareholders, that Trump is proposing to tax at a much lower rate.

Fundamentally, Trump is still offering voters the same approach to taxes he’s been offering all campaign: massive cuts for corporations of all kinds, big rate cuts for top earners, and benefits supposedly aimed at the middle class that offer less than they initially appear to.”

NPR: Analysis: Trump Tax Plan Would Cost Trillions, Boost Incomes For The Rich:

“The right-leaning Tax Foundation released an analysis Monday that said Trump’s campaign would shrink federal revenues by as much as $5.9 trillion over 10 years…In that top 1 percent, the income growth is particularly high — 10.2 to 16 percent.”

Trump claims his irresponsible tax cuts for the wealthy would be paid for by economic growth – but, as we just made clear, his agenda plunges the economy back into recession.

CHILD CARE

Under Donald Trump’s child care plan, close to 80% of families might, at most, get only four cents on the dollar for child care costs—and millions of these families could very well get nothing or even face a tax increase under Trump’s overall plan. This, while Trump’s plan would provide around 40 cents on the dollar or more to taxpayers in the top bracket. It’s no surprise this regressive policy came from the man living in the penthouse of Trump Tower, who has relied on government his entire life to help pad his own pockets.

The Guardian: Trump’s child care plan is good for the rich. But what about the rest of us?:

“Trump’s plan completely fails to address the day-to-day realities of America’s working families, because it fails to address the underlying problem: it does nothing to make child care affordable. In the United States, the average cost of center-based child care for the typical working family with an infant and preschooler is about $18,000, a steep price for families to cover. If a family cannot afford child care, a tax deduction is irrelevant – a family can’t deduct something that they can’t pay for to begin with.”

Esquire: Why Donald Trump’s New Child-Care Plan Is a Joke:

“However, as reporter Jeremy Diamond clarified, the plan does not entail six weeks of full paid maternity leave. Instead, it offers six weeks of full unemployment benefits. Trump also announced a plan for parents to deduct child-care expenses from their income taxes, capped at the ‘average cost of care’ per state, and deductibles for stay-at-home parents.

All said, Trump’s plan is a big government idea very obviously meant to cater to female voters—and very obviously Ivanka’s brainchild.”

Salon: Trump’s child-care policy: A combination of the useless and the inadequate:

“As Trump hinted last month, the centerpiece of his plan is a provision letting parents deduct the costs of child care from their taxes. The problem here is that people who need the most help affording child care — poor and low-income families — frequently don’t have any federal income tax burden. If they’re already paying zero dollars in federal income tax, an extra deduction won’t do them any good; they’ll still be paying zero dollars.”

MATERNITY LEAVE

Trump’s “maternity leave” plan is demeaning and damaging–casting women as the sole caretaker for a child and undercutting women in the workplace. By only providing leave to married mothers who give birth, the plan tells us which parents Trump doesn’t believe count: single moms, women who can’t physically have a child, same-sex couples that use a surrogate, parents who adopt, and all fathers. It’s not only demeaning, it’s also harmful. Studies have shown that providing paid leave to new mothers, but not to new fathers, negatively affects women’s return to the workplace, can discourage employers from hiring or promoting female employees, and can increase the gender pay-gap.

Huffington Post: Trump’s Maternity Leave Plan Is His Biggest Insult To Women Yet:

“Let’s repeat that: Trump’s solution for struggling American families leaves out men. More than any other problem with the plan ― and there are lots ― omitting half the population is its profoundest and most revelatory flaw, confirming once again Trump’s antiquated, sexist and harmful worldview: Men work. Women do the child-raising. The end.”

Vox: Donald Trump’s plan to fund a paid family leave program is totally absurd:

“Since everything we know so far about Trump’s plan fits into two tweets, it’s hard to say for sure what he’s envisioning. But 88 percent of workers right now aren’t covered by family leave, so requiring businesses to pay for it on their own would be a very big burden. And if leave is really “guaranteed,” it’s going to require something more than a tax credit to make that happen.”

VICE: Donald Trump’s Maternity Leave Plan Is a Big Deal, Too Bad It Sucks:

“Another way Trump’s plan falls short of Clinton’s in scope is that it doesn’t do much for the poor. Most of the childcare benefits would come in the form of income tax breaks, which won’t benefit the poorest Americans, who don’t pay income taxes and would have to pony up for childcare up front.”

Washington Post: Why Trump’s maternity leave plan is unconstitutional:

“In sum, if Trump’s maternity leave plan were ever enacted into law, it would likely be struck down by the courts as unconstitutional. Trump has demonstrated utter contempt for constitutional rights and limitations on government power on a shockingly wide range of issues. His discriminatory maternity leave plan is another addition to a troubling list.”

Washington Post: Donald Trump’s new paid maternity leave plan might exclude single mothers: “The plan is discriminating against fathers, fathers and mothers who adopt, LGBT parents and apparently some set of unmarried parents,” said Carmel Martin, executive vice president for policy at the Center for American Progress, a liberal think tank.”

FOREIGN POLICY

Donald Trump hasn’t said much in terms of real plans to keep our country safe. But foreign policy experts agree, the ideas Trump has mentioned are dangerous, reckless, and wrongheaded. Yet Trump continues to spew fact-free rhetoric about global issues that would make us less secure, including consistent claims that he has a “secret” plan to defeat ISIS, threats to break up NATO along with accusations that NATO countries are “ripping off the United States”, and reckless comments on nuclear weapon.

Washington Post: It’s almost like Donald Trump’s secret plan to defeat ISIS never actually existed: “But on the list of things on which Trump have over-promised and under-delivered, this surely ranks toward the top. He promised he had a “foolproof” way of ending a foreign policy challenge of massive consequence, and now he’s punting to the generals.”

Time: Why ISIS Supports Donald Trump:

“The bottom line is this: Trump’s erratic and belligerent slogans are no substitute for policies based on facts and sound judgment.”

PoliticsUSA: The Reviews Are In: Trump ISIS Speech Was Full Of Lies And Gibberish That Made No Sense:

“The consensus among non-partisan observers is that the speech that Donald Trump gave about ISIS was so full of lies, inconsistencies, and gibberish that it made no sense.”

New York Times: Donald Trump Says NATO is ‘Obsolete,’ UN is ‘Political Game’

“President Obama on Friday rebuked Mr. Trump for his comments, saying he worried the real estate billionaire “doesn’t know much about foreign policy or nuclear policy or the Korean Peninsula or the world generally.”

CNN: The danger of Trump’s NATO comments

“The bottom line is this: Trump’s erratic and belligerent slogans are no substitute for policies based on facts and sound judgment.”

CNN: Japan and South Korea hit back at Trump’s nuclear comments

“Howls of inaccuracy came from the South Korean Foreign Ministry, the U.S. ambassador to South Korea, and even the White House.  Ambassador Mark Lippert said Seoul pays for 55% of all non-personnel costs. And former U.S. Ambassador to South Korea Christopher Hill was more succinct. He told CNN, “I don’t know what he’s talking about but clearly neither does he.”

Business Insider: ‘Total catastrophe’: Experts say Donald Trump’s position on nuclear proliferation would be a disaster

“ But experts from two nonpartisan organizations opposed to the spread of nuclear weapons told Business Insider his position would be dangerous. Jeffrey Lewis, the director of the East Asia Nonproliferation Program at the Middlebury Institute of International Studies, said Japan building nuclear weapons would be a “total catastrophe for Japan and US nuclear power programs.”

The Atlantic: With His Finger on the Trigger: The insane risks of Donald Trump’s stance on nuclear weapons:

“Stephen Walt, a prominent realist scholar, has written, “realists prefer to ‘speak softly and carry a big stick;’ Trump’s modus operandi consists of waving the big stick while running a big mouth.” His loose talk during the campaign has already damaged America’s alliances. And on the central question of nuclear weapons, he has clearly exposed himself to be weak-kneed in his acceptance of international proliferation.”

HEALTHCARE

Donald Trump has promised that he would immediately work to repeal Obamacare, taking health insurance away from 20 million people – and letting the insurance companies write the rules all over again. Trump’s suggested healthcare plan would cost hundreds of billions more, would nearly double the uninsured rate and does not address people with pre-existing conditions. Americans cannot afford that.

Newsmax‎: Trump’s Healthcare Plan Could Cost 25 Million Americans Their Coverage:

“Commonwealth Fund, a nonpartisan foundation that studies healthcare, released a study on Friday analyzing the two candidate’s plans. If Trump becomes president, up to 25 million people could lose their coverage, most of them low-income and already in poor health. Under Clinton, 9.6 million more people could gain access to healthcare.”

Chicago TribuneStudy finds 20M would lose health coverage under Trump plan:

“A new study that examines some major health care proposals from the presidential candidates finds that Donald Trump would cause about 20 million to lose coverage while Hillary Clinton would provide coverage for an additional 9 million people.”

CNBCObamacare repeal would lead to 24 million more people without health insurance:

“If the next president and Congress repeal Obamacare — as many Republican elected officials want to do — there could end up being more people without health insurance than before the law went into effect, a new study says. A total of 24 million more people would lose health coverage by 2021 if the Affordable Care Act was repealed, according to the study issued Monday by the Robert Wood Johnson Foundation and the Urban Institute.”

IMMIGRATION

Donald Trump’s immigration plan remains the same as it’s always been: Send a deportation force into American communities to tear apart families and deport 16 million people from the United States—including every undocumented immigrant and American citizens born here to undocumented parents. Experts say Trump’s immigration policies would be detrimental to the economy. Oh, and he wants to ban all Muslims from entering the United States and falsely claims Mexico will pay for his giant concrete wall.

David LeopoldDeconstructing Donald Trump’s horrifying 10-step assault on immigration, due process and other cherished American values: “Rhetorical gymnastics aside, what’s crystal clear after Wednesday’s immigration speech is that Donald Trump’s ugly vision of America would rip American families apart, devastate communities, wreak havoc on our economy, and threaten our security at home and abroad.”

The Daily Pennsylvanian: Trump’s immigration plan would cost 4 million jobs, according to Wharton model:

“If Trump were to deport 10 percent of undocumented workers per year during two terms in office, based on the limitations of the model, the U.S. would have about 156 million jobs in 2030, compared to the 160 million jobs that the country would have with the its current immigration policies.”

Washington Post: Donald Trump’s “Humane” 1950s Model for Deportation, ‘Operation Wetback,’ Was Anything But:   “

Like usual, [Trump] doesn’t know what he’s talking about,” Rodolfo Acuña, professor emeritus of Chicano Studies at California State University, Northridge, told The Huffington Post … Brownell said, ‘Just give them some live ammo, let them shoot a few people. Then everyone will be scared and they won’t come across the border,” he said. “Really humane.”

CityLabThe Price of Mass Deportation; Trump wants to deport 11 million immigrants. Here are the likely economic consequences of that:

California could lose $100 billion of its GDP, annually. Texas could lose $60 billion. New Jersey, $25 billion. All but 5 U.S. states would see at least 1 percent of their GDP disappear each year. The resulting nationwide losses would build up to about $4.7 trillion in ten years.

TRADE

Donald Trump may talk tough on trade, but his own record of outsourcing contradicts his message: Trump clothing in Mexico, Trump ties in China, Trump shirts in Bangladesh, Trump furniture in Turkey and Germany, Trump mirrors in India, Trump barware in Slovenia. Trump even used to defend outsourcing, saying it created jobs in the long run. Meanwhile, Trump’s statements on trade have been either erratic and irresponsible, full of lies, or (occasionally) taken straight from Hillary’s fact sheets and onto his teleprompter.

Throughout this campaign, Trump’s statements on trade have been erratic and irresponsible — full of bluster, empty promises, and recklessness that would put American jobs at risk. Trump repeatedly rejects the idea that Americans can compete and win in the global economy and does not offer a concrete plan to actually create good-paying jobs here in America.

New York TimesWhy a President Trump Could Start a Trade War With Surprising Ease :

“Mr. Trump is proposing a reordering of the global economic system that would fundamentally reshape the structure of American industry. He could start a trade war that would threaten not only American exporters who need access to foreign markets, but also any business that relies on commodities or products made overseas.”

VoxStudy: Donald Trump’s trade policies could cost 4 million jobs:

“The study, from the Peterson Institute for International Economics, attempted to quantify the impact of Trump’s proposed trade policies. Its conclusion: If a President Trump did what Candidate Trump promised, the US economy would lose more than 4 million jobs and fall into a recession.”

The Daily BeastDonald Trump’s Trade Talk Is Garbage—Literally:

“Two powerful groups, the National Association of Manufacturers and the Chamber of Commerce, moved swiftly to condemn Trump’s [trade policy] speech. Both groups often align themselves with pro-business GOP policy makers, and it is especially unusual for them to take on the Republican presidential nominee so directly.”

CNBC: Trump’s trade policies would send US into recession, study says:

“The study released on Monday by researchers at the non-partisan Peterson Institute for International Economics illustrates how, even as the New York businessman pledges to boost growth and create millions of jobs, most mainstream economists view his economic policies as dangerous quackery.”

VETERANS ADMINISTRATION

The policy reforms Donald Trump has proposed would put us on a path toward the wholesale privatization of the Department of Veterans Affairs (VA). Moving towards privatization as Trump’s plan does would gut the VA of the resources needed to provide high-quality, coordinated care. Fully privatizing the VA – the likely result of Trump’s proposals – is not a fix at all; it’s an ideological crusade that will only compound the problem. It would deprive our veterans of access to the specialized care they require and deserve and leave them at the mercy of a private healthcare market that’s ill-suited to handle their needs. And on top of it, Trump has proposed slashing funding for veterans’ health care by 29% within 10 years.

CBPPTrump’s plans would cut veterans medical care by 29%:

“To help pay for his tax cut plan, Republican presidential nominee Donald Trump is proposing to cut total funding for non-defense programs funded through the annual appropriations process by 1 percent below the previous year’s total each year. While this may sound modest, the cumulative cut would be very substantial.  By the tenth year (2026), non-defense appropriations would be about 29 percent below current levels, after accounting for inflation.”

MSNBCDonald Trump Is Serious About Privatizing Veterans’ Care:

“And what about the rest of Trump’s “10-point plan”? The entire list is online, but it’s woefully thin. It’s really just a series of shallow slogans that mean very little, including the first point: Trump intends to appoint a VA Secretary “whose sole purpose will be to serve veterans.”

NPRIs Donald Trump Proposing Privatizing The VA?:

“The other issue with Trump’s broad proposal is the price tag. According to the nonpartisan Committee for a Responsible Federal Budget, Trump’s plan to reimburse vets for visits to any doctor they like would cost half a trillion dollars over 10 years.”

POLL64% of veterans oppose privatization — with 54% of them strongly opposing it — while only 29% support it.

NO POLICY

Donald Trump has run a campaign devoid of detailed plans – instead it’s been full of bluster, empty words, demagogic rhetoric. He has no real plans to improve the lives of the American people or make this country any better or safer.

National Journal: Trump Policy Shop Still Filling in Blanks:

“As debate looms, GOP nominee’s campaign can’t give clear answers to many basic policy questions.”

AP FACT CHECKTrump says Clinton lacks policies. Seriously?

“THE FACTS: By any measure, Clinton has released far more specific plans on far more topics than her GOP rival. Trump’s website currently lays out eight policy positions, including spelling out his “economic vision,” his plans for child care and immigration reform and his plan to “pay for the wall.” Clinton’s offers position on 38 issues for potential voters to read.”

LA TimesClinton has enough policy to fill a book, while Trump has said little about how he’d govern

“To only has Trump offered no plan to tackle mental healthcare, he’s presented the barest of outlines for most of his governing agenda, even as he now accuses Clinton of “running a policy-free campaign,” as he claimed at recent rally in Iowa. Trump’s vague tax, healthcare and national security proposals have baffled experts on both sides of the political aisle who have struggled to make sense of what Trump is offering. Even Trump’s immigration policy, perhaps the signature issue of his campaign, has proved difficult to decipher.”

PoliticoTrump’s One Unbreakable Policy: Skip The Details

“He has boasted that his main policy adviser is himself and the advisers he does have say he doesn’t read briefing papers. He has mocked Hillary Clinton for surrounding herself with “eggheads” and churning out reams of wonky government reform proposals. Senate Majority Leader Mitch McConnell, who will be speaking on Trump’s behalf at this week’s Republican convention in Cleveland, recently said “it’s pretty obvious he doesn’t know a lot about the issues.”

TIMEIn an interview Trump admits he isn’t worried about creating policy as they are “a waste of paper”

“He [Trump] even mocks her focus on putting out so many policy proposals, a longtime tradition for major party nominees. “She’s got people that sit in cubicles writing policy all day. Nothing’s ever going to happen. It’s just a waste of paper.” (The Clinton campaign counts that paper as a point of pride: 73,645 words of policy and counting.)”

NPRDonald Trump’s Policy Positions Lack Specifics … So Far

“Asked Tuesday morning by Savannah Guthrie on NBC’s Today show about his lack of specific proposals, Trump didn’t answer the question and simply pointed to the record ratings he drew for Fox News.”

For all the latest, follow our Scheduled Events page and follow Clinton on Twitter, Facebook, YouTube, and Instagram. Also, be sure to subscribe to the campaign’s official Podcast, With Her.

HFA’s Response to Trump’s Latest Misleading Ad

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On Monday, Hillary for America Deputy Communications Director Christina Reynolds released the following in response to Donald Trump’s latest campaign ad.

“Donald Trump’s reckless approach to business has devastated working families and communities. He will do and say whatever is in his interest, even if it means swindling working families to make millions for himself. Now Trump is promising the same reckless, self-centered approach to running the country’s economy – with large tax breaks for the wealthy, and a plan that independent experts say would cost millions of jobs. Hillary Clinton is the only candidate who will work to build an economy that works for everyone, not just those at the top, and has a plan that would create jobs, grow incomes and help small business and the middle class. No misleading ad can change that fact.”

V/O: In Hillary Clinton’s America, the middle class gets crushed

SUPER: middle class CRUSHED

“America’s Shrinking Middle Class: A Close Look at Changes Within Metropolitan Areas,” Pew Research Center, 5/11/16

 

 

CLINTON’S PLAN WOULD MAKE THE ECONOMY WORK FOR EVERYONE, NOT JUST THOSE AT THE TOP

Hillary for America Fact Sheet: Stronger Together: Hillary Clinton’s Plan for An Economy That Works for Everyone, Not Just Those at the Top [Hillary for America Fact Sheet, 6/22/16]

Hillary Clinton is running for President to build an economy that works for everyone, not just those at the top. And she is setting five big goals to get there:

1  Break Through Washington Gridlock to Make the Boldest Investment in Good-Paying Jobs Since World War II

2  Make Debt Free College Available to All Americans

3  Rewrite the Rules to Ensure That Workers Share in the Profits They Help Create

4  Ensure That Those at the Top Pay Their Fair Share

5  Put Families First by Matching Our Policies to How Families Live, Learn, and Work in the 21st Century Economy

INDEPENDENT ANALYSIS FOUND LOW- AND MIDDLE- INCOME HOUSEHOLDS WOULD BENEFIT MOST FROM CLINTON’S PROPOSALS

Moody’s: “Those Who Would Benefit Most From Secretary Clinton’s Economic Proposals Would Be Low- And Middle-Income Households.” “Those who would benefit most from Secretary Clinton’s economic proposals would be low- and middle-income households.” [The Macroeconomic Consequences of Secretary Clinton’s Economic Policies, Moody’s Analytics, July 2016]

RESEARCH CITED BY TRUMP CAMPAIGN DOES NOT MENTION CLINTON

“America’s Shrinking Middle Class: A Close Look at Changes Within Metropolitan Areas,” Pew Research Center, 5/11/16

V/O Spending goes up

SUPER: spending goes UP

“Analyzing Clinton’s Health and Education Expenses,” CRFB, 7/27/16

“Estimating the Costs of Candidate Clinton’s Proposals,” American Action Forum, 6/4/16

CLINTON’S PLANS WOULD NOT ADD TO THE NATIONAL DEBT

Wall Street Journal: Study Sees Debt Jumping Under Trump, Staying Steady Under Clinton [Wall Street, Journal, 6/26/16]

Study: Clinton’s proposals would not significantly increase national debt [The Hill, 5/2/16]

Budget group: Debt jumps under Donald Trump, remains steady under Hillary Clinton [CBS News, 6/27/16]

 

 

V/O: Taxes go up

SUPER: Taxes go UP

“Estimating the Costs of Candidate Clinton’s Proposals,” American Action Forum, 6/4/16

 

CLINTON WOULD NOT INCREASE TAXES ON FAMILIES WITH INCOMES LESS THAN $250,000

Politifact Gave A “Pants On Fire” To Donald Trump’s Claim That “Hillary Clinton Wants To Raise Taxes On The Middle Class.” [Politifact, 8/5/16]

Research Cited By Trump Campaign Notes That Clinton Would Not Raise Taxes On Incomes Less Than $250,000

Tax Foundation: “Consistent With The Clinton Campaign’s Pledge Not To Raise Taxes On Households Earning Less Than $250,000, We Assumed That The New Schedule For Long-Term Gains…” “Consistent with the Clinton campaign’s pledge not to raise taxes on households earning less than $250,000, we assumed that the new schedule for long-term gains only would apply to the top marginal tax rate of 20 percent.” [“Details and Analysis of Hillary Clinton’s Tax Proposals,” Tax Foundation, 1/26/16]

V/O: Hundreds of thousands of jobs disappear. It’s more of the same but worse.

SUPER: Clinton’s Tax Plan: hundreds of thousands of jobs disappear

“Details and Analysis of Hillary Clinton’s Tax Proposals,” Tax Foundation, 1/26/16

 

MOODY’S FOUND THAT UNDER CLINTON’S PROPOSALS, THE ECONOMY WOULD CREATE 10 MILLION JOBS

Moody’s: “During Her Presidency, The Economy Would Create 10.4 Million Jobs, 3.2 Million More Than Under Current Law.” “Employment also receives a lift under the secretary’s plan. During her presidency, the economy would create 10.4 million jobs, 3.2 million more than under current law. Unemployment is also lower, with the unemployment rate falling as low as 3.7% in the middle of her term, and ending her presidency in 2020 at 4.4%. Under current law, the unemployment rate hovers just below 5% between now and the end of the decade.” [The Macroeconomic Consequences of Secretary Clinton’s Economic Policies, Moody’s Analytics, July 2016]

Moody’s: Clinton’s Economic Proposals Will Results In A “Stronger U.S. Economy With Increased GDP And More Jobs” That “Will Mostly Benefit Middle- And Lower-Income Households.” “Even allowing for some variability in the accuracy of the economic modeling and underlying assumptions that drive our analysis, four basic conclusions regarding the impact of Secretary Clinton’s economic proposals can be reached: 1) They will result in a somewhat stronger U.S. economy with increased GDP and more jobs; 2) they will mostly benefit middle- and lower-income households; 3) they have little impact on the nation’s fiscal situation, as they result in somewhat larger deficits but a mostly unchanged debt-to-GDP ratio; and 4) they exhibit faith in the ability of government policy to positively influence economic behavior.” [The Macroeconomic Consequences of Secretary Clinton’s Economic Policies, Moody’s Analytics, July 2016]

V/O: In Donald Trump’s America, working families get tax relief

SUPER: Families Get Tax Relief

“A Pro-Growth Tax Code for All Americans,” GOP: A Better Way, 6/24/16

 

TRUMP’S TAX PLAN WOULD DO LITTLE TO NOTHING FOR THE MIDDLE CLASS, WHILE GIVING PEOPLE LIKE HIM A HUGE TAX BREAK

HEADLINE: “Economists: Trump Tax Plan Offers Almost Nothing For The Middle Class.” [Washington Post, 8/8/16]

Center On Budget And Policy Priorities: Trump’s Proposed 15% Tax Rate On Pass-Through Income “Would Be An Expensive Tax Cut That Would Flow Primarily To The Wealthiest Americans.” “A central element of Donald Trump’s tax plan, which he’s expected to discuss in a high-profile speech in Detroit today, is a special 15 percent tax rate on business income claimed on individual tax returns, known as ‘pass-through’ income.  Mr. Trump says it’s designed to help small businesses, which he contends shouldn’t pay a higher tax rate than large corporations.  Mr. Trump, who has proposed a 15 percent corporate tax rate, proposes a pass-through rate of 15 percent as well. The Trump pass-through proposal would be an expensive tax cut that would flow primarily to the wealthiest Americans.  That’s because more than two-thirds of pass-through business income flows to the highest-income 1 percent of tax filers.” [Center On Budget And Policy Priorities, 8/8/16]

Trump’s Financial Disclosure Revealed He Had Holdings In More Than 200 Pass-Through Entities, Which Would See Their Tax Rate Dramatically Reduced Under His Plan. “A little-noticed provision in Donald Trump’s tax reform plan has the potential to deliver a large tax cut to companies in the Republican presidential nominee’s vast business empire, experts say. Trump’s plan would dramatically reduce taxes on what is known in tax circles as ‘pass-through’ entities, which do not pay corporate income taxes, but whose owners are taxed at individual rates on their share of profits. Those entities are the most common structure for small businesses and increasingly popular for larger ones as well. They are also a cornerstone of the Trump Organization. On his 2015 presidential financial disclosure report, Trump listed holdings of more than 200 limited liability corporations, which is a form of pass-through.” [Washington Post, 8/10/16]

TRUMP DIDN’T EVEN CITE HIS OWN TAX PLAN IN HIS AD

HEADLINE: “Trump Ad Credits Tax Plan He Doesn’t Support” [NBC News, 8/29/16]

Donald Trump’s New Ad Cites Two Contradictory Tax Plans — One That Trump Has Explicitly Ruled Out and Another That He Has Yet To Endorse. “Donald Trump’s new $10 million TV ad cites two contradictory tax plans — one that Trump has explicitly ruled out and another that he has yet to endorse — raising more questions about what policies the GOP presidential nominee supports. […] For the ad’s claim that ‘working families get tax relief,’ it refers viewers not to an analysis of Trump’s own tax proposals, but to a white paper by House GOP leaders about their own tax reform plan. […] Trump has not endorsed the House GOP plan outright, but his new proposal, announced earlier this month, has some similarities. […] Things get even more confusing as the commercial continues. The ad’s next two claims that Trump would make ‘wages go up’ and ‘small businesses thrive’ refer to his old tax plan from last year, which had drastically different rates, including a 0% bracket at the bottom and a top rate of 25%. The on-screen citation directs viewers to a Tax Foundation analysis of that now-defunct proposal from September 2015. Trump erased his old plan from his website shortly before he announced his new one in a speech to the Detroit Economic Club earlier this month.” [NBC News, 8/29/16]

V/O: Millions of New Jobs Created

Millions of new jobs

Details and Analysis of the 2016 House Republican Tax Reform Plan,” Tax Foundation, 7/5/16

 

TRUMP’S ECONOMIC POLICIES WOULD REDUCE EMPLOYMENT BY NEARLY 3.5 MILLION JOBS

A Moody’s Analytics Report On Trump’s Economic Proposals On Taxes, Trade, Immigration And Spending Found That Trump’s Policies Could Sharply Reduce Economic Output And Reduce Employment By Nearly 3.5 Million Jobs During His First Term. “A new analysis concludes Donald Trump’s economic proposals, taken at face value, could produce a prolonged recession and heavy job losses that would fall hardest on low- and middle-income workers. The Moody’s Analytics report, which a person close to the Trump campaign strongly disputed, is the first that attempts to quantify the cumulative economic benefits and costs of Mr. Trump’s proposals on taxes, trade, immigration and spending. It determines that full adoption of those policies would sharply reduce economic output during his first term and reduce employment by 3.5 million jobs.” [Wall Street Journal, 6/20/15]

V/O: Wages go up

SUPER: Wages go up

“Details and Analysis of Donald Trump’s Tax Plan,” Tax Foundation, 9/29/15

 

TRUMP THINKS AMERICAN WAGES ARE ALREADY “TOO HIGH”

Trump Opposed Raising The Minimum Wage Because: “Wages Too High, We’re Not Going To Be Able To Compete Against The World.” Trump said he wouldn’t raise the minimum wage, and the reason is that America ‘is a country that is being beaten on every front.’ The problem, he said: ‘Taxes too high, wages too high, we’re not going to be able to compete against the world. I hate to say it, but we have to leave it the way it is. People have to go out, they have to work really hard, and they have to get into that upper stratum.’” [The Week, 11/10/15; Republican Primary Debate, Milwaukee WI, 11/10/15]

Trump: “We Have To Become Competitive With The World.  Our Taxes Are Too High, Our Wages Are Too High.  Everything Is Too High.” TRUMP: “But you know what? We have to become competitive with the world.  Our taxes are too high, our wages are too high.  Everything is too high.” [Morning Joe, MSNBC, 11/11/15; The Hill, 11/11/15]

TRUMP: “HAVING A LOW MINIMUM WAGE IS NOT A BAD THING FOR THIS COUNTRY”

Trump: “But I Think Having A Low Minimum Wage Is Not A Bad Thing For This Country.” TRUMP: “Now — I want to create jobs so that you don’t have to worry about the minimum wage.  They’re do a great job that they’re making much more than the minimum wage.  But I think having a low minimum wage is not a bad thing for this country, Mika.” [Morning Joe, MSNBC, 8/20/15; Washington Times; 8/20/15]

V/O: Small businesses thrive

SUPER: Small businesses thrive

“Details and Analysis of Donald Trump’s Tax Plan,” Tax Foundation, 9/29/15

V/O: The American dream achievable. Change that makes America great again. Donald Trump for President.

SUPER: MAKE AMERICA GREAT AGAIN!

 

 TRUMP’S POLICIES WOULD DRIVE AMERICA INTO A RECESSION

Moody’s Concluded That Trump’s Trade And Immigration Policies Would Sharply Boost The Prices Of Labor And Goods And Could Contribute To A Recession In 2018. “The report singles out trade and immigration policies as the most detrimental to the economy in the short run because they could sharply boost labor and goods prices at a time when there’s less slack in the labor market. ‘It is a massive supply shock to the economy that’s very pernicious, and the Fed doesn’t know how to respond to that,’ said Mr. Zandi. Moody’s concludes that those price pressures would force the central bank to raise interest rates at a faster-than-desired pace, contributing to a recession in 2018 that could produce a 25% drop in the S&P 500.” [Wall Street Journal, 6/20/15]

HEADLINE: “Donald Trump’s Trade War Could Kill Millions Of U.S. Jobs” [Wonkblog, Washington Post, 3/25/16]

HEADLINE: “How Donald Trump Could Cause A Recession” [CNN Money, 3/3/16]

The Republican-Leaning U.S. Chamber Of Commerce Argued That Trump’s Proposed Tariffs Would Likely Cause A Recession. “The U.S. Chamber of Commerce is using a recent analysis commissioned by The Washington Post to argue that Donald Trump’s trade policy platform could cause a recession. The business group, which is a consistent backer of Republican politicians, said in a blog post Friday that a recession would set in during the first year under the Republican front-runner’s proposed tariffs because China and Mexico would likely impose retaliatory tariffs.” [Politico, 4/1/16]

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