Elections

Trump Touts Plan That Would Grow Economy 3.5%

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Ted Goodman Contributor
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Republican nominee Donald Trump said that under his economic plan, the U.S. economy would average 3.5 percent economic growth over the next 10 years and create 25 million new jobs.

Trump gave an economic speech in New York Thursday morning, where he struck an optimistic tone. “Everything that is broken today can be fixed, and every failure can be turned into a great success,” he sad at the Economic Club of New York.

Trump called for a national goal of reaching 4 percent annual economic growth, and asserted that he and his economic team have plan to attain that level. He said that under his plan, over the next 10 years the economy would average 3.5 percent growth and create 25 million new jobs.

The U.S. had experienced sluggish economic growth in the first half of 2016, but the last few monthly jobs reports have shown a steady increase in the creation of new jobs.

He criticized trade deals such as NAFTA, and promised to keep America out of the Trans-Pacific Partnership. The billionaire offered strong language in regards to China, vowing to label the communist country as a “currency manipulator.” Trump also said he would instruct the U.S. trade representative to bring trade cases against China, and said, “China’s unfair subsidy behavior is prohibited by the terms of its entrance to the WTO, and I intend to enforce those rules.”

Trump highlighted his tax plan, which he claimed would simplify the code. The number of tax brackets would be reduced from seven to three. The three brackets would be 12, 25 and 33 percentiles. Trump said that low-income earners would pay no income tax at all and that his plan would actually remove “millions” of workers from the income tax roll. He also called for the business tax rate to be reduced from 35 percent to 15 percent.

Trump recalled his trip to Flint, Mich., which he visited Wednesday, and cited the collapse of the auto industry in that region. In 1970, close to 100,000 people working for General Motors in Flint, while today that number is less than 8,000. Trump pointed to that fact, and blasted Ford Motor Company, which has announced it is moving small car production to Mexico.

The Republican nominee attacked Democratic nominee Hillary Clinton, and said that her economic plan, “offers only more taxing, regulating, more spending and more wealth redistribution, a future of slow growth, declining incomes, and dwindling prosperity.”

The Republican nominee gave the economic speech just minutes before the “Dr. Oz Show” aired its episode featuring Trump to discuss his health.

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