Hillary Clinton: Donald Trump is Unfit to Manage the U.S. Economy & Here’s Why, Literally

NEW YORK–(ENEWSPF)–June 21, 2016.  Hillary Clinton just delivered a major economic policy address in which she outlined this core proposition: if Donald Trump were to get behind the wheel of the American economy, he would very likely drive us off a cliff, and working families would bear the brunt of the impact of lost jobs, lost savings, and lost livelihoods. That’s the natural conclusion when you look at Trump’s policy proposals, his rash and reckless temperament, and his record in the private sector of doing harm to working families and small businesses. Need proof? Just this week former McCain economic policy adviser Mark Zandi released a report saying that if Trump got his way he would lead our economy into a ‘lengthy recession’ that would cost millions of jobs, reduce growth, stagnate middle class incomes, and explode the debt.

See for yourself how the lines from Hillary’s Clinton’s speech today compare with Trump’s record:

A few weeks ago, I said his foreign policy proposals and reckless statements represent a danger to our national security.

Liberals and conservatives say Trump’s ideas would be disastrous. The Chamber of Commerce and labor unions… Mitt Romney and Elizabeth Warren… and economists on the left, right and center all agree: Trump would throw us back into recession.

One of John McCain’s former economic advisers actually calculated what would happen to our country if Trump gets his way.  He described the results of a Trump Recession: we’d lose 3.5 million jobs, incomes would stagnate, debt would explode, and stock prices would plummet.  And you know who’d be hit hardest:  the people who had the hardest time getting back on their feet after the 2008 crisis.

One of the leading firms that analyzes the top threats to the global economy – the Economist Intelligence Unit – comes out with a new list every month.  It includes things like terrorism and the disintegration of Europe.  And this month, #3 on the list is Donald Trump becoming president.  Just think about that.

Politico: A Donald Trump presidency poses a top-10 risk event that could disrupt the world economy, lead to political chaos in the U.S. and heighten security risks for the United States, according to the Economist Intelligence Unit.

The Economist: July 2016 – Trump has a score of 16 on the same list as a Eurozone breakup (15) and the “rising threat of jihadi terrorism destabilises the global economy” (12)

Every day, we see how reckless and careless Trump is.  He’s proud of it

Donald Trump actually stood on a debate stage in November and said that wages are too high in this country.  He should tell that to the mothers and fathers working two jobs to raise their kids.

He said – quote – “having a low minimum wage is not a bad thing for this country” – at a time when millions working full-time are still living in poverty.

Back in 2006, before the financial crash, he said, quote, “I sort of hope” that the housing market crashes, because he’d make money off all of the foreclosures.

Over the years, he said all kinds of things about women in the workforce.  He called pregnant employees – quote – “an inconvenience.”

He says women will start making equal pay as soon as they do as good a job as men – as if we aren’t already.

And he clearly doesn’t know how much of our growth over the last 40 years is thanks to women.

And he wants to end Obamacare, but he has no credible plan to replace it or to help keep costs down.  It wouldn’t be good for our economy if 20 million people lost their health insurance.  And it would be devastating to all those families.

What would Trump do?  He said he wants to wipe out the tough rules we put on big banks.

He said they created – quote – “a very bad situation.”

He also wants to repeal the new consumer watchdog that Senator Warren helped create to protect families from unfair and deceptive business practices.  That new agency has already secured billions of dollars for people who’ve been ripped off.  He wants to get rid of it.

Donald Trump would take us back to where we were before the crisis.  He’d rig the economy for Wall Street again.

He calls himself the “King of Debt,”

And his tax plan sure lives up to the name.  According to the independent Tax Policy Center, it would increase the national debt by more than 30 trillion dollars over 20 years.  That’s “trillion” with a “t.”

It’s much, much more than any nominee of either party has ever proposed.

Economists describe it with words like “simply dangerous” and “not even in the universe of the realistic.”

Glenn Hubbard, former chairman of the Council of Economic Advisers under President George W. Bush: Described Trump’s ideas on taxes and the budget as “unrealistic” and “simply dangerous”

Marc Goldwein, Center for a Responsible Federal Budget: “It’s not even in the universe of the realistic.”

And how would he pay for all this debt?  He said, quote, “I would borrow, knowing if the economy crashed, you could make a deal.  It’s like, you know, you make a deal before you go into a poker game.”

The full faith and credit of the United States is something we can just gamble away.  That would cause an economic catastrophe worse than anything we experienced in 2008.

You don’t have to take it from me.  Ronald Reagan said, “We have a well-earned reputation for reliability and credibility – two things that set us apart from much of the world.”

Maybe Donald feels differently because he made a fortune filing bankruptcies and stiffing his creditors.

Trump also says, we can just print more money to pay our debt down

The American dollar is the safest currency on the planet.  Why would he want to mess with that?

Finally, the Trump campaign said that, if worst came to worst, we could just sell off America’s assets.

First, really?  And second, even if we sold all our aircraft carriers and the Statue of Liberty – even if he let some billionaire turn Yosemite into a private country club – we still wouldn’t even get close.  That’s how much debt he’d run up.

Maybe this is what he means when he says “I love playing” with debt.

Center on Budget and Policy Priorities: Millionaires Would Gain Trillions Under Trump and Cruz Tax Plans

Tax Policy Center: An Analysis of Donald Trump’s Tax Plan

The Briefing: The Trump Tax Plan – By the Billionaire, For the Billionaires

Emmanuel Saez of the University of California, Berkeley and Garbiel Zucman of the London School of Economics: Wealth Inequality In The United States Since 1913

TRUMP: Hedge fund guys are getting away with murder.

TRUMP: The hedge fund guys won’t like me as much as they like me right now. I know them all, but they’ll pay more.

Josh Barro, New York Times: The usual fee structure for a hedge fund is called “2-and-20”: a flat management fee (often 2 percent) on all assets, plus a performance fee (often 20 percent) on profits above a set threshold. Currently, the management fee is taxed at ordinary rates up to 39.6 percent, while the performance fee enjoys a preferential rate of 23.8 percent. Under Mr. Trump’s plan, all this income would be taxed at a maximum of 25 percent. The performance fee would be subject to a small tax increase, but that effect would be dwarfed by the large tax cut on ordinary management fees

TRUMP: There’s nothing to learn from them

TRUMP: It’s none of your business, you’ll see it when I release. But I fight very hard to pay as little tax as possible