Hillary Clinton told us last night that she is going to create 10 million jobs by increasing taxes by trillions of dollars to increase government spending by trillions of dollars. That is the real trickle-down economics. It is Hillary Clinton who thinks that increased taxes and government spending will trickle down to create jobs and economic growth.
But government spending trillions in tax dollars taken out of the economy, or borrowed out of the economy, is not what creates jobs and increases economic growth.
What creates jobs is reducing tax rates, which creates incentives to create jobs and businesses, as President Reagan proved beyond contention with a real booming economic recovery, which shames President Obama’s worst economic recovery since the Great Depression. Even liberal Keynesian economics recognizes that such tax cuts are pro-growth.
But Hillary Clinton told us last night that it was tax cuts that caused the financial crisis of 2008. And then she told us that Trump’s tax cuts will cause the loss of 3.5 million jobs, and another recession. Even liberal Keynesian economics is not stupid enough to believe that. Even liberal Keynesian economics recognizes that tax cuts are pro-growth.
Who are the clowns wearing red noses and clown suits into the office who told her that her tax increases would create 10 million jobs? And that his tax cuts would cause the loss of 3.5 million jobs. The Tax Foundation, which has a real model on the effects of taxes on the economy, says that Trump’s tax cuts will create over 2 million more new jobs.
The bottom line is that Hillary Clinton does not understand how to create jobs and increase economic growth. She is proposing to increase taxes by $1.5 trillion and adopt still more regulations, while maintaining the egregious tax increases and rampant regulatory burdens adopted by Obama. That is what will cause the loss of millions of more jobs and push the economy back into recession.
The weak economic growth under President Obama literally has America on track to become just another third world country over the years. Hillary Clinton has no idea how to get America back on track, and restore America’s world leading economic growth.
Peter Ferrara served in the White House Office of Policy Development and as Associate Deputy Attorney General of the United States. He is currently General Counsel of the Raddington Group, an international economic and political consulting firm, and Senior Fellow for Entitlement and Budget Policy at the Heartland Institute and National Tax Limitation Foundation.