If there’s a clear-cut way for Donald Trump delineate himself from Hillary Clinton it’s in the area of fiscal policy. Hillary Clinton is tied to the failed economic policies of Barack Obama — lackluster GDP growth and an economic recovery, which is the worst ever. More Americans in poverty, on food stamps, and outside of the workforce — no amount of spin can deflect from the truth.
And we have to be very concerned about the new fiscal bubble being created by the insidious monetary policies of the Federal Reserve – i.e. quantitative easing — printing money to purchase our own debt and manipulating low interest rates, down to zero. Even some European central banks are now into negative interest rates.
So yesterday, Trump took to the stage in Detroit, a pure example of the failure of progressive socialist Keynesian economic policy.
As reported by Fox News, “Donald Trump vowed Monday to “jumpstart” the U.S. economy by cutting taxes and regulation and unshackling the American energy industry — as he touted an economic plan he called a “night-and-day-contrast” with the “job-killing, tax-raising, poverty-inducing Obama-Clinton agenda.”
“We have begun a conversation about the great economic recovery of America,” Trump said in Detroit, which he described as a once-thriving industrial city destroyed by failed Democratic Party policies. He used the address to not only unveil a new version of his economic plan but draw a stark contrast with rival Hillary Clinton’s approach.
Here are some highlights from Trump’s speech and proposals:
“We have begun a conversation about the great economic recovery of America,” Trump said in Detroit, which he described as a once-thriving industrial city destroyed by failed Democratic Party policies. He used the address to not only unveil a new version of his economic plan but draw a stark contrast with rival Hillary Clinton’s approach.“Detroit is a living, breathing example of my opponent’s failed economic policies,” said Trump, arguing bad international trade deals like NAFTA have resulted in record unemployment for the city and made a “total disaster” of the entire U.S. economy.”
– An across-the-board tax cut, a simplification of the tax code from 7 to 3 brackets, and a new corporate tax rate of 15 percent. He proposes immediate expensing for businesses, a tax cut on repatriated foreign income, and the elimination of the death tax.
– Temporary moratorium on all new regulations, similar to the moratorium imposed by Governor Mike Pence when he first took office in Indiana. He would immediately rescind all illegal and overreaching executive orders, and he would begin the process of eliminating needless, job-killing regulations. The various agencies would be responsible for identifying the regulations that need to be eliminated.
– Renegotiate trade deals, including his idea to “walk away” from NAFTA.
– Unleash American energy production, especially coal production.
I agree with the reduction of the tax brackets but I would prefer two. Donald Trump proposes three brackets at 12, 25, and 33 percent. I believe two brackets at 15 and 25 percent are what we need, and I don’t agree with having a segment of Americans that pay zero in federal taxes.
We must grow economic opportunities for small businesses, and the 33 percent number is still an impediment. As well, I didn’t like Trump using the language of the progressive socialists of “the rich will pay their fair share.” I firmly support Trump’s lower corporate business tax rate and a one-time even lower tax cut repatriation in order to get the trillions of dollars back to our shores. And the revenue raised from the repatriation should be targeted for “infrastructure” spending — something Barack Obama blew. I guess there were no shovel-ready jobs. And Hillary Clinton proposes new tax increases in order to raise some $265 billion for infrastructure spending…same old tired lefty song.
I support ending the Death Tax but also we need to look at phasing out capital gains taxes, certainly lowering them, and elimination of dividends tax. The tax code needs to be simplified and deductions/exemptions reduced, elimination of loopholes to go along with lower tax rates. Obama has it all backwards.
Onerous regulations need to be reversed within the first 100 days in order to aid in the growth of American small business and return of production/manufacturing jobs. Along with that we need to take a hard look at Dodd-Frank which has had an adverse effect on our small community banks which are the lifeline for small business growth. If you want to reel in the big banks, then take a close look at reinstating Glass-Steagall…and Sarbanes-Oxley should be reviewed so that we can reignite offerings of new IPOs (initial public offerings).
I agree, we must be smarter with trade and reverse the trend of the massive trade deficits we are experiencing. And lastly, we should be producing, consuming, and exporting energy resources, especially oil, natural gas, and coal — not decimating these industries. We need a diversified energy portfolio that embraces an all the above energy strategy and not just make us energy independent, but allow us to be the Country of choice for our allies when it comes to energy resources.
Now, here comes the hard part that was lacking yesterday…how do we offset, i.e. balance all of this? Because the religion of big government is simple: they want the tax dollars, and when they don’t get it, demand higher debt and deficits.
Donald Trump should borrow the phrase used by Bill Clinton twenty years ago at his State of the Union address: “the era of big government is over.” Force Bill Clinton to choose which side he’s on and furthermore put the onus on Hillary Clinton to agree with her husband, a former U.S. president, or shun his economic policies that ultimately lead to surpluses and government reform.
Trump must talk about zero-based budgeting, and ending the practice of baseline budgeting where every year, federal government spending increases. It is the false narrative of “cutting spending” when all that’s being done is a cut on the rate of increased spending. Donald Trump must lay out a plan on how he’ll control government spending and reform a bloated and out-of-control government. Trump needs to use the words of David Axelrod who once admitted that you couldn’t expect Barack Obama to know everything about the federal government and control it. That’s why Trump needs to introduce a plan on how he would reform government.
I’d suggest he go back to the Jimmy Carter presidency and carefully examine every new government agency created since then, and evaluate its value. I can tell you, the Department of Energy is certainly on the block. And I for one would love to be the fella who reforms the Department of Defense. Question: do we still need highly politicized service secretariats? Consider the current Secretary of the Army Eric Fannon who was never served in the Army, was previously a bureaucrat at the Secretary of the Air Force office…and we know why he’s in the position. It has nothing to do with enhancing the Army’s capability but rather the implementation of a social engineering agenda.
Donald Trump’s economic growth speech yesterday was a good start, certainly better than Obama and Hillary Clinton’s. Hillary Clinton’s economic plan is rooted in the same old failures of the past seven-and-a-half years, it represents a policy stuck on stupid, the embodiment of insanity “doing the same thing and expecting different results.” Trump has room to improve. America needs economic growth, and now the onus is on Trump to stay on message, under control.
My recommendation is that Trump sit with former Army Major General Bob Scales who was the Commandant of the National War College and get some commander in chief, national security strategy 101. Not just a one hour chit-chat, I mean a four-day immersion…then come out with his national security strategy the following week.