Tuesday, August 9, 2016

Trump's Economic Plan for Fellow Plutocrats

Kevin Drum boils Donald Trump's economic plan down on Mother Jones (spoiler alert: SOS).

Donald Trump just finished reading his big economic policy speech from a teleprompter. He's really bad at reading from a teleprompter, looking alternately bored and outraged. Here are the pieces that caught my eye:
  • Huge tax cut for the rich.
  • But no spending cuts that he's willing to admit to.
  • End of estate taxes.
  • Cut corporate tax rate to 15 percent.
  • Allow corporations to repatriate foreign earnings at a special 10 percent rate.
  • Declare China a currency manipulator, even though their currency is currently overvalued, not undervalued. A market rate for the renminbi would make Chinese imports even cheaper.
  • Slash regulations on corporations.
  • Pretend global warming doesn't exist.
  • Ban all new financial regulation.
  • Repeal Obamacare.
  • Implement a childcare tax deduction instead of a tax credit.
  • He will work with Ivanka on a childcare plan. Because, I guess, Ivanka has kids, so she's an expert on the problems that low-income workers have with childcare.
Didn't we give this approach a shot under George W. Bush? How did that work out? Tepid GDP and job growth (Drum helpfully provides charts showing both doing better under Obama here) followed by a historic crash enabled by that very de-regulation.

No, thanks.

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