Hillary Clinton served up a tired old economic plan like last week’s old lunch. It contained everything Obama tried eight years ago that stifled the economic recovery that began after the financial crisis was ended by George W. Bush. These policies resulted in a pathetic average growth rate of around 1 1/2 percent.
During the Obama years the number of Americans below the poverty line increased 3.5 percent. The number of Americans on Food Stamps increased 39.5 percent and median household income decreased 2.3 percent and a real unemployment rate of 10.1 percent. Meanwhile, the national debt has doubled from roughly $10 to $20 trillion leaving us the most indebted country in the world.
The first thing Hillary retrieved from her dumpster dive was a massive new government jobs program: “We will put Americans to work building and modernizing our roads, our bridges, our tunnels, our railways, our ports, our airports.” Wasn’t that what Obama promised with the $750 billion he fleeced out of we the taxpayers for “shovel-ready jobs”?
Had we really spend that $750 billion on infrastructure, our streets and bridges would be made of gold. Does anybody really know what a billion dollars is anymore, let alone what a billion dollars should buy?
Take a look at all the excess spending at your local airport? Do we really need all those fancy fixtures and expensive finishes that are enough to make an oil-rich potentate blush? And if your local airport isn’t up to snuff, just check out the tiny airport down the street that has no commercial flights. As a private pilot, I see examples of airport pork everywhere.
Face it. The federal government is a poor conduit for taxpayer dollars. Most of it is wasted on overpriced labor, sweetheart contracts and bridges and roads to nowhere that benefit some politician’s family or friends. A House Oversight Committee found that we the people spent over a million dollars a job on many of Obama’s shovel-ready projects. No Hillary. Been there; done that!
The other stinking left-over from Obama and previous liberal leaders is to increase taxes on the rich in the name of creating economic fairness. This, according to a chorus of her left-leaning economists, is supposed to shrink our national debt and improve our economic outlook. In fact, her chief complaint against Trump’s economic plan, which would lower corporate taxes as well as taxes on everyone, is that it would give him a tax cut.
If you are worried about Donald Trump’s taxes, don’t be. The rich employ accountants that you and I could never afford to keep their tax bills as low as possible. It’s the working stiff that ends up the biggest loser when taxes are raised, especially corporate taxes.
When will the American people wise up? Corporations do not pay taxes; individuals do. They are passed along to consumers in the form of higher prices, to employees in the form of lower wages and to shareholders (your retirement fund) in the form of lower returns.
Another of Clinton’s stale answers to our economic problems is to pay for college and to increase the minimum wage again (we’ve done that three times in the last decade). After all, we now have college students working hamburger flipper jobs, but do we really want our college grads flipping hamburgers? No!
Trump has an economic plan that is simply common sense. Lower corporate taxes so the U.S. will be competitive again. Large corporations are mobile. They build plants and invest where the business climate is best. We must also lower taxes on capital gains and investment. History has shown that this is the best way to create jobs and opportunity for everyone.
There are plenty of static models showing that Clinton’s plan will raise more revenue and decrease the deficit, while Trumps plan will increase the deficit. However, the economy is anything but static. Corporations and individuals do not make decisions in a vacuum.
This reminds me of a 1988 study ordered by Sen. Robert Packwood (R-OR) then ranking member of the Finance Committee. He asked the Joint Committee on Taxation to estimate the amount of revenue that would be raised if we taxed all those with incomes over $200,000 a year at 100 percent. The committee actually came up with those figures estimating billions of dollars would pour into the treasury, as if all It all those people would keep right on working. It was meant as a joke!
Unfortunately, Clinton’s garbage economic plan is no joke and is unfit for public consumption.