Filed under: Bureaucracy, Capitalism, Crime, Democrat Corruption, Domestic Policy, Economics, Economy, Election 2016, Energy, Free Markets, Freedom, National Security, Politics, Progressivism, Regulation, Taxes, The United States, Unemployment | Tags: Failed Economics 101, Hillary's Laundry List, More Taxes - More Rules
Over 80 million people watched the debate last Monday. The most ever. Which seems quite splendid until you stop to realize that the population is over 300 million. But of course everybody has been talking about it ever since. Michael Barone listed some of her ideas:
Hillary Clinton started off with a laundry list of incremental economic programs — none of which would promote economic growth. Some have already been legislated (equal pay for women, 1963), others are tilted to the upscale (debt-free college). A possible exception: the Trans-Pacific Partnership trade agreement, which she has renounced but which she might, as Donald Trump predicted, manage to find acceptable once elected.
What about the “investments” she called for? Infrastructure spending employs a few high-skill workers and may, some day, provide facilities. Other “investments” usually turn out to be subsidies for Democratic-supporting public employee unions. Revive the economy by building solar panels? The government tried that with Solyndra and lost $535 million.
But then, she believes the 2007 financial crisis was caused by Bush’s tax cuts which is beyond absurd.She apparently believes that “clean energy” is a viable way to power the economy cheaply and reliably, because she’s going to go after the coal miners if there are any of them still working. She said so.
The financial crisis of 2007 began when the housing bubble burst. The bubble was caused by government efforts to get more poor people into their own homes, and lending standards were reduced to accomplish that. The Fed kept interest rates artificially low for too long, and the bad loans were passed around creating an economic collapse. It had nothing to do with incentivizing business investment to generate economic growth. Hillary even dragged out the old saw about “trickle-down economics”, trying to pin it on Trump as “Trump Trickledown Economics” in an effort to be clever. Didn’t work.
Hillary wants federal “retraining” of local police and believes that racial disparities in law enforcement are due to “systemic racism” from you and me, rather than the documented racial disparities in criminal behavior. Is that the way to bring out the black vote? I thought people who live in dangerous neighborhoods wanted more police protection. Encouraging protests and riots against police has already proven to be disastrous.
She has endorsed the “Iran Deal” as a way to keep a lid on their nuclear weapons program, rather than the pathway to weapons to attack Israel and the United States, which they candidly admit is their goal.
She believes firmly that “government can create the benefits of economic growth without any actual economic growth. Working Americans are clearly suffering economically. Economic growth is beyond anemic, and the absent recovery is the worst recovery period since World War II. GDP is averaging about 1% so far this year, with no signs of relief.
The Federal Reserve Board is projecting GDP growth going forward at a pitiful 2% annually. The economy is so weak that the Fed is afraid to raise interest rates by even a quarter of a point. One of the primary causes has been a decline in investment. We have the world’s highest corporate tax rate, and with projections of only a mere 2% growth going forward, companies are reluctant to invest.
Mr. Trump believes in offering incentives to encourage growth. He wants to reduce taxes from 35 percent to 15 percent for companies, big and small. He wants to reduce the regulatory burden that is keeping investment low, keep an “all of the above” energy program. If increasing business investment will drive economic growth and create jobs this is a HUGE and effective approach that has always worked.
Hillary wants to raise taxes on “the wealthy” to “make the economy “fairer” without any understanding that jobs are created by people who actually have money to invest. Poor people do not create jobs.
Hillary will turn to government mandates to address stagnant wages, by forcing businesses to share more of their profits with employees. In other words she wants to increase wages and benefits without any actual economic growth to make those increases possible.
FBI director James Comey testified that Hillary seemed to not have much understanding of technology, and blamed much of her troubles on her ignorance. She doesn’t have much understanding of economics either, and her ignorance could cause us all some very real trouble.
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