tv Cavuto Coast to Coast FOX Business August 8, 2016 12:00pm-2:01pm EDT
we will be hearing from donald trump fairly soon after the top of the hour. the market down slightly. oil the big story up some 3%. unfortunately oil is up at the markets are down. i'll tell you who isn't down. charles payne. take it away. >> thanks a lot, actually. donald trump in a major speech in detroit will happen any minute. wall-to-wall coverage. thanks for joining us. this is caputo coast-to-coast. i am charlayes pne tournament where neil cavuto appeared really not an agenda to call for lower taxes, less regulation as a whole lot to dig into an majority got a of the plan from some of his advisers. one of them will join us in the next hour for reaction. former presidential candidate ben carson. let's start with charlie gasparino.
>> i got a glimpse of the plan last friday. that was addressed. these two challenges here. the draft i heard was very happy on lowering taxes on individuals and businesses, getting rid of needless regulation particularly on the draft i heard about. this will talk about how dodd-frank is making it difficult to live with small businesses. or will it go the other route which is some of the nonsensical argument about how nafta is killing jobs. that is not the reason why we have a jobs problem. if you go that route, the demagogic trade route will talk a lot about tax credits for child care and things of that nature. obama late infrastructure plan. if 500 alien and obama's with 800 -- i've got news for you. none of those infrastructure plans never worked very well.
charles: eisenhower's work pretty good. >> we have to go that far back? >> interesting in terms of an infrastructure plan to rebuild stuff and create jobs, eisenhower had a lot of other forces working including an industrial country post-world war ii period you could go that route or the net of tax cuts and other things. charles: i really believe that the foundation that is more supply-side, reagan mask that people can argue ushered in either six great years under ronald reagan or you can argue from 1981-2007. the remnants of the american economy. >> i agree with that. a lot of his advisers agree with that and that's where they wanted to go. i've a feeling that's most of the speech. then he has to deliver. not just be.
over the next 90 days, but we have left, he has to stick on that message on the economy and despite the good job numbers last week if he scratched the surface it wasn't that great. that's the sort of donald trump. he's easily distracted. when you are that easily did, it is hard for you to win. charles: for tax brackets. here, five, 10, 15%. 5% for businesses, get rid of the alternative and a lot of these onerous things that do nothing but bogged down. blueblood jeer at those loopholes where peer >> you will be carried interest. that's the tack benefit to private equity. charles: which is a handful of people. low-hanging fruit for both sides of the aisle.
>> it's good to get rid of it if you're going to reform taxes. charles: you would suspect the other side is preparing their counterattack >> you think about it, and dismissed every debacle known to mankind since they were existing and filled with keynesian spenders. they believe hillary clinton, that donald trump's plan will cost a lot. it will increase the deficit i delete compared to clinton's beard via keynesians. they don't live in a supply-side push to the economy and they are always wrong. always about everything. charles: when ronald reagan, by the time he finished, he had to brackets. he did admit the one misgiving for his two terms was a higher deficit. that is the one area people are worried about good when they break these things a certain
way, the tax foundation says we had 10 trillion last. the tax policy says 12 trillion. we know there will be less money because the tax rate is lower. the argument is the economic at dignity would be so robust. >> here's the problem. there is a supply-side leg. that is what happened under braking. we are going to have some budget issues. the other problem is we should point out that reagan was doing. essentially there was a war on communism. we were spending mightily on defense to defeat russia. the thing that scares me about donald as he is very light on how to control the size of government. you really do have a massive deficit. he talks about expansion of all these programs plus not getting rid of obamacare. charles: to your point from eight years under ronald reagan. the last six years 4.6%.
once i got no, it was pretty good. terms: bank reforms, return the glass-steagall. do you know exactly the position? >> this is what i got from the people friday so it's an obvious change. he supports a return to glass-steagall personally. he believes the sandy wilde who created the big universal bank which ended last april and now believes it should be broken up from a commercial banking site to a risk banking side has deposit insurance and the public is on the hook for that. he thinks he should do it. i can't tell you whether it's in the speech or not. i don't know. he may talk. i think he's going to talk about tanks are too big anwe might have to break them up to get them smaller. charles: you say he wants to take on the task? if not for the democratic position?
>> there's a free market interpretation. he was the one who put in the platform personally i understand the return of glass-steagall. here's the free market. when you have two entities come a commercial banking site is insured by the government. you automatically subsidize the race because they're never going to let that bank on there. >> will remind the audience by three republican. i don't think it's a big deal one way or the other. you said reiko banks. when we broke up banks only say you fell next time around is on you. >> my guess is if you want the insurance, you can't be a risk-taking investment bank. that's one way to do it. the other way to do it is to ramp up the capital levels so
high. charles: a lot of banks say is already high. >> then you force them to break out. charles: or spin off the risk-taking odds. some of these are banks to begin with your goldman sachs is not really a bank. >> it owns a small commercial bank. jamie dimon would come here and argue with me about this thing that we are not as enough we cannot compete against deutsche bank. goldman sachs is a good job in a less regulated environment. >> 132,007, to fascinate in the great cereion we'll y have to in the world. the ones that were above are banks suffered greater. deutsche bank took on too much in the economy. we talked a little bit about the democrats. one of the big things don't talk about because we hear this with ronald reagan. the rich got extremely richer. the supply-side trickle-down doesn't work. it didn't trouble down enough.
the first draft i saw were people who made 2 million a year with huge tax benefits. they will keep two or 300 extra grand mal someone making 40 grand. >> someone making 40 grand doesn't pay a lot of those taxes. the guy making 2 million doesn't put it under his mattress. he spent that her say say. that helps investment. the economic rationale is pretty weak when tax breaks don't help anybody else because they do. my dad was a bartender for a long time. love rich people. rich people tip come poor people don't. charles: we will hear it over and over again that the guy down the street will pocket a couple hundred grand while you get three grand. >> it was a successful argument by an incredibly articulate and smart politician, barack obama.
charles: is that being redundant? >> i don't think hillary clinton makes that argument as well, when her husband was much more reagan asked then she -- charles: she's hinted at his economy growing at 3.9%. charles: charlie, stay right there. a top issue for voters. donald trump, hillary clinton. trump was ahead of her in a fox news poll. to actually crashing carl takes the. on this issue beginning with today's speech. what do you think? >> i think at this point, the speech is little reason for the campaign. he's coming off of a disastrous week and is get back on message. he sees the economy is the way to do that. in particular independent voters who say the tax policy as something that would be detrimental to the future.
i think it was mentioned by charles very, very well. there is a huge issue when it comes to trumps beaches. there is the draft version in the trump delivery version. if he sticks to its version he might actually see above a bit of a bump. i don't think so because they know him to be tough on trade. that is one thing that i really think the republicans like me is a huge sticking point. he also talks about increasing minimum wage. which actually will hurt jobs and small businesses. he really needs to get on page with his messaging. he needs to stick to a script and talk about tax deductions for middle income families and the middle class families. i think that's great. at the same time he appears off in every which direction and no one can get details on what he does then that is what is concerning us. charles: okay, hold it there. governor mike pencil introduced
donald trump. i want to ask you real quick about this. a lot of people on the donald trump team have to be behind closed doors pushing on certain areas. a higher minimum wage. ten dollars is a killer. try to be pushing on a notion that should be able to ban tracking. already major impact in colorado and so on and so on. a lot of individual issues behind the scene these economic advisers have not been on toward race because they know would not necessarily help their own businesses. >> that's true. you look at the minimum wage that happened in connecticut. mcdonald's fired a large sign of employees, but what donald trump needs a hit on here and we don't communicate withhe campaign because i'm at great america pay i see -- pac. if you introduce you of
unparalleled manufacturing and search like in world war ii. we had innovative because they unleashed the individual genius of the american economy. if you get government out of the way and lets them achieve what they want lake a 15% corporate tax, which he is alleged to say today, that will bring jobs back into america. he made a great point as well about the fact there is a lack in some of that, but that takes time and economy to realize its okay we have 15% corporate tax rate down from 39. that allowed businesses to come back in. when hell acquaintances why are you making your ties in china, you should say the rules to put in place that made it prohibitively expensive to produce things in america, i will change those and bring them back so they are made here among up to $15,000 pants is. >> we should mention that this is his rebuild. >> the clock is ticking. we are down to 90 days.
actually, some people are saying if you think about this jobs that we are going to bring back, they pay a big manufacturer in china that makes the iphone since samsung $4100 on average year. bring that job here. had here. had he made that a $50,000 a year job? >> i think it's extremely difficult to do that. we have the specifics on how he plans to manufacture incentive-based jobs that is no doubt because of the fact you can outsource them because they weren't exactly stable careers for a lot of people. my dad is someone who's worked in the mechanical engineering and manufacturing field and they produce medical devices. i would like to hear something from trump on that as well. at this point they've seen a lot of jobs but what we've heard time and time again as he is more supportive of big government policies and i don't like that. charles: what policies you think
he likes? for me the big sticking point is the minimum wage issue left to each state. we have seen time and time again when you leave small businesses and states in charge of these, the economy flourishes rather than a federal mandate. >> donald trump says it should be up to the days that he would like to see a federal minimum wage. >> 's economic record is somewhat schizophrenic. he just came a conservative. >> i don't think he actually is. >> you just recently started these theories. here's the thing. he is for expansion of medicare, medicaid. social security, obamacare, not calling for any cuts. i don't think he can have his cake and eat it too. that is problematic. we have much more of a supply-side record. mike pence is a pretty smart
guy. he's got to be whispering in his ear you've got to do something. charles: a lot of small people around him. i spent the weekend looking at supply-side theory, ronald reagan. there is no doubt that this will have some of that in that. let's find out because the moment of truth is here. they are announcing donald trump. [cheers and applause] >> thank you, everybody. thank you very much. [cheers and applause] thank you such a crowd. beautiful. thank you very much. please. thank you for the invitation to speak to you today.
it is wonderful to be in detroit. i've been here many times. [applause] we now begin a great notch null conversation about economic renewal for america. it is a conversation about how to make america great again, for everyone, especially for those who have the very least. [applause] the city of detroit is where our story begins. detroit was once the economic envy of the world. the people of detroit helped empower america to its position of global dominance in the 20th century. [inaudible] [booing]
[applause] >> thank you. thank you very much. when we were governed by the am policy, detroit is absolutely booming. engineers, builders, laborers, shippers and countless others went to work each day provided for their families and live out totally lived out the american dream. but for many, living in the city, that dream has long ago vanished. when we abandon the policy of america first, we started rebuilding other countries instead of ireland. the skyscrapers went up in beijing and many other cities around the world while the factories and neighborhoods
crumbled rate here in detroit. i rose and bridges fell in to disrepair, yet we found the money to resettle millions of refugees at taxpayer expense. detroit has per capita income of under $15,000, about half of the national average. 40% of the city's residents lived in poverty. over 2.5 times the national average. the unemployment rate is more than twice the national average. half of all detroit residents do not work. detroit tops the list of the most dangerous cities in terms of violent crime. [inaudible] [booing]
[cheers and applause] >> thank you. thank you. detroit tops the list in terms of violent crime. these are silenced big guns whose stories are never told by hillary clinton, but the terms suffering is no less real or permanent. in short, the city of detroit is the living, breathing example of my opponent failed economic agenda. [cheers and applause] every policy that is filled the city of the many others that the policies supported by hillary clinton.
she supports the high taxes and radical regulation that forced outside of your community. endocrine policies have made you far, far less safe in the immigration policies that have strained local budget and trade deals like nafta, signed by her husband that if shifted your jobs to mexico and other countries and she supports the education policies that deny your student's choice, freedom and opportunity. [applause] she's the candidate of the past. ours is a campaign of the future. [applause] this is a city controlled by democratic politicians at every level.
unless we change policies, we will not change results 100%. [applause] today i will outline my economic vision. in the coming weeks, we will be offering more detailed on policies and the ones we have are ready rolled out -- [inaudible] [applause] >> thank you, everybody. this is what happens when you go from 35 people took close to 2000 people a gas. in the coming weeks, we will be offering all of these policies
and the ones that are ready rolled out can be viewed on my campaign website. our opposition on the other hand has run out of ideas. all hillary clinton has to offer is more of the same. more taxes, more regulations, more eurocrats, more restrictions on american energy and un-american production. more of that. if you were a foreign power looking to weaken america, you couldn't do better than hillary clinton's economic agenda. [applause] nothing would make our foreign are serious happier than for our country to tax and regulate our companies and our jobs right out of existence. the one common feature of every hillary clinton idea is that it
punishes you for working and doing business in the united states. [applause] every policy issue you have tilts the playing field towards other countries that are and that is why she tries to distract us with tired, political rhetoric that seeks to label us, divide us and call us apart. my campaign is about reaching out to everyone as americans and returning to a government that puts the american people first. [applause] >> thank you.
[cheers and applause] thank you. here is what an america first economic plan looks like. first, let's talk tax reform. taxes are one of the biggest differences in this race. hillary clinton, who has spent her career voting for tax increases plans another massive job killing $1.3 trillion tax increase. take increase. one of the biggest ever. her plan would tax many small businesses by almost 50%. recently at a campaign event, hillary clinton -- you've heard this one. hillary clinton short-circuited again to use, a now famous term, when she accidentally told the truth and said that she wanted to raise taxes on the middle
class. [applause] i am proposed an across-the-board income tax reduction, especially for middle and un-american. this will lead to millions of new and really good pain jobs. the rich will pay their fair share, but no one will pay so much that it destroys jobs are undermined our ability as a nation to compete. [applause] as part of this reform, we will eliminate the carried interest deduction. [booing] as part of this reform, we will eliminate the carried interest
deduction, well-known deduction and other special-interest loopholes that have been so good for wall street investment and for people like me, but unfair to american workers. tax simplification will be a major feature of the plan. [applause] are occurring tax code is so burdened some and so complex that we waved 9 billion dollars a year in tax code compliance. my plan will reduce the current number of iraqis from seven to three and dramatically streamlined the process. [applause] we will work with house republicans on this plan using the same bracket as they have proposed.
12%, 25% in 33%. for many american workers, their tax rate will be zero. while we will develop -- [applause] while we will develop our road assumptions and policies, according in some areas, but not in others, we will be focused on the same shared goals and guided the same shared presents. jobs, growth and opportunity. [applause] these reforms will have the biggest tax revolution since the reagan tax reform, which
unleashed years of continued economic growth and job creation. we will make america well again. [applause] the days ahead we will provide more details on this plan and how it will help you and most importantly your family. it will present a night and day contrast to the job killing poverty inducing obama clinton agenda. [applause] so imports and the state of new york has already lived through hillary clinton's failed leadership.
the "washington post" just published today a devastating article on hillary clinton's broken promises. she pledged 200,000 jobs for upstate new york. but what happened? what happened? the "washington post" writes, and i quote, upstate job growth stagnated over all with manufacturing record-setting levels. nearly 25%, the former first lady was totally unable to pass big-ticket legislation. many promised jobs. they were all promised to i remember it so well. vote for hillary. she will bring back your jobs. many promised jobs never
materialized. others migrated to other states. she turned her first presidential run, which also was a disaster. [applause] >> thank you. data shows that upstate lost jobs, a moderate them during clinton's first term. in other words, she was all talk, no action, upstate new york for disaster. it is a disaster what is happening to upstate new york. and nafta, which her husband ryan is a very, very big reason.
compare that to my record in a recent new york post article, how donald trump helped save new york city, the paper raised that high, and this is a direct quote, in other words, it is not for me. [applause] [booing] thank you. thank you. this is all very well planned out. last night [applause] and this is a direct quote that basically donald trump waded into a landscape of empty fifth
avenue. the dust bowl muggings ground the central park so dangerous. a wall street area seemingly on it last leg as companies move out. and then, almost by sheer force of will, she to the vast you. expressing where faith in the future, he was instrumental in kick starting the regeneration of neighborhood, almost given up on for dad. that's the same. i didn't pay. they say it. this is what i want to do. [applause]
we all remember new york city was a. we made it great. we made it great. this is what i want to do. thank you. this is what i want to do for our country. i want to jumpstart america and it can be done and it won't even be that hard. [applause] now let's look at what the obama policies have done nationally. their policies produce 1.2% growth, the weakest so-called recovery since the great depression. it's all over. it's a disaster. a dumpling at the national debt during the obama years. there are now 94.3 million americans outside of the labor
i will say the bernie sanders people have far more energy and spirit. i will say. [laughter] [cheers and applause] nearly 12 million people have been added to the food stamp and these people are growing and is growing so rapidly. since president obama took office, another nearly 7 million people, great americans are right now living in poverty. poverty. we have the lowest labor force participation rate in four decades. 58% of the african-american youth are either outside of the labor force are not employed. one in five american households do not have a single number in the labor force. not a single number of the
household. these are real unemployment. the 5% figure is one of the biggest hoaxes and america in modern politics. [applause] meanwhile, american households are earning more than $4000, $4000 less today than they were 16 years ago. the average worker today is 31.5% of their wages to income and payroll taxes. on top of the outcome of state and local taxes consume another 10%, very grim picture. the united states has the highest business tax rate among
the major industrialized nations of the world at 35%. it is almost 40% -- [inaudible] [booing] it is on most 40% when you add in taxes at the state level and in many cases and many state it is much higher than not. in other words, we punish companies for making products in america, but let them shape products into the united state tax-free if they move overseas. this, ladies and gentlemen is backwards. all policies should be geared
for keeping jobs inside the united states. [applause] under my plan, no american company will pay more than 15% of their business income in taxes. [applause] in other words, we are reducing taxes from 35% to 15%. [applause] thank you. thank you. small businesses will benefit most from this plan. hillary clinton's plan will require small business to pay as much as three times more in
taxes than what i am proposing and her onerous regulations will put them totally out of business then you won't be able to start. you cannot ever start a small business under the tremendous regulatory burden that you have today in our country. [applause] i am going to cut regulations massively. massively. i lowered business tax will also end job killing corporate inversion and cost trillions to come pouring into our country. and by the way, into cities like right here in the straight. [applause]
to help unleash this new job creation, we will allow businesses to immediately expands new business investment. no one will gain more from these proposals than low and middle in common americans. [applause] my plan will also help reduce the cost of childcare by allowing parents to fully deduct the average cost of childcare spending from taxes. [applause] we are also going to bring back trillions of dollars from american businesses that are now part overseas. they can't bring their money back into our country. [applause] our plan will bring back home, applying only a 10% tax.
this money will be reinvested in states like michigan, states like michigan, which are having serious problems. finally, no family will have to pay the death tax. american workers -- [cheers and applause] american workers have paid taxes their whole lives. they should not be taxed. it is just plain wrong and most people agree with that. [applause] we will repeal it. next comes regulatory reform. as with taxes, i will have one overriding goal when it comes to regulation. i want jobs and i want well to stay in america.
[cheers and applause] motor vehicle in manufacturing is one of the most heavily regulated industries in the country and even in the world. the u.s. economy today is 25% smaller than it would have been without the surge of regulations and 1980. it is estimated that current overregulation is costing our economy as much as $2 trillion a year. that is money taken straight out of cities like detroit. so many of our cities are suffering though gravely. right out of detroit and others. the federal register is now over 80,000 pages long. "the wall street journal" noted, president obama has issued close
to 400 new major regulations since taking office, each with a cost to the american economy of $100 million or more. in 2015 allowed, the obama administration unilaterally issued more than 2000 new regulation, each hidden tax on american consumers than a massive bike weight on the american economy. it is time to remove the anchor dragging us down and that is what it's doing. it is dragging us down. [applause] upon taking office, i will issue a temporary moratorium on new agency regulations. [applause] my running mate, mike pence -- by the way, a great guy --
signed a similar order when it came in when he worked so hard and indiana as his governor. this will give our american companies the certainty they need to be in rest in our community, get cash off of the sidelines, start hiring new jobs and expanding their businesses. so important. that is what it about. [applause] i will also immediately can't tell all the legal and overreaching executive orders. [applause] next, i will ask each and every federal agency to prepare a list of all the regation they
impose on americans, which are not necessary. do not improve public safety and which needlessly kill many, many jobs. those regulation will be eliminated quickly. [applause] we are in a competition with the world and i want america to win. [applause] we don't win anymore, but when i'm president, we will start winning again. and the most important is trade reform. as frank sanders says that, hillary clinton has bad judgment. many times.
in libya, iraq and syria. we've seen it in iran. we have seen from president obama when he gives $150 billion, the number one terror state and even gives them 400 million in money laundered cash as a ransom payment. but we've also seen the terrible obama clayton judgment right here for everybody to see in detroit. hillary clinton has supported the trade deals for mr. green day cd in this country of his jobs and is well. she supported the clintons nafta. she supported china's entrance into the world trade organization. she supported job killing trade deal and that was a really bad one with south korea. she supports the transpacific partnership not now, but vy
soon if she wins and we can't let her when. that will be a disaster for detroit and everybody else. [applause] let's talk about south korea for a moment. it perfectly illustrates different says that have hurt american workers. president obama and the usual so-called offers to obtain wrong about every trade deal predicted that the trade deal with south korea would increase our exports to south korea by more than $10 billion, resulting in some 70,000 jobs. like hillary clinton's broken promises to new york, these all turned out to be false. instead of creating 70,000 jobs, it has killed nearly 100,000
jobs according to the economic policy institute. our exports to south korea have been increased at all, but their imports to assets surged more than $15 billion, more than doubling our trade deficit with that country. what else is new? the next betrayal will be the transpacific ridership. hillary clinton's closest friends, terry mcauliffe confirms what i've been saying and this is from the beginning. if sent to the oval office, hillary clinton will inactivate tpp. her donors will make sure a vote for hillary clinton is a vote for tpp and it's also a vote for nafta, our annual trade deficit with mexico has risen from close
to zero. think of that. close to zero in 1993 to almost $60 billion today. our total trade deficit in goods hit nearly $800 million last year. total trade deficit almost $800 million. this is to strike at the heart of michigan and our nation as a whole. according to the bureau of labor statistics, before nafta went into effect, there were 285,000 auto workers in michigan. today, that number is only 106,000. detroit is still waiting for hillary clinton and. she has been a disaster. obama has been a disaster. i expect detroit will get that apology right around the same
time hillary clinton turns over the 33,000 e-mails she deleted. [applause] hillary clinton's transpacific ridership will be an even bigger disaster. even bigger and even worse than that. in fact, ford motor company has announced its opposition to the deal. according to the economic policy institute, the u.s. trade deficit with the proposed tpp member, all of the member countries has cost over 1 million manufacturing jobs in the year 2015. 1 million jobs. by far, the biggest losses occurred in motor vehicles and parts which lost nearly 740,000 manufacturing jobs.
what are we doing? michigan ranks first for jobs lost as a share of state work force due to the trade deficit with tpp members. just imagine how many more automobile jobs will be lost if the tpp is actually approved. it will be catastrophic. that is why i have announced we will withdraw from the deal before that can never, ever happen. [applause] hillary clinton will never withdraw from tpp. she is bought, controlled and paid for by her donors and special interests 100%. [applause] because my only interest in american people i have
previously laid out a detailed seven-point plan available at her website. in an good strong protections against currency manipulation. [applause] tariffs against any countries that keep by unfairly subsidizing their goods and it includes a total renegotiation of nafta, which is a disaster for our country, a total renegotiation. [applause] and if we don't get a better deal, we will walk away. [applause] at the center of my plan is trade enforcement with china. this alone could return millions of jobs into our country. china is responsible for nearly half of our entire trade deficit.
they break the rules in every way imaginable, including militarily. china engages in illegal export, subsidies, prohibited currency manipulation and rampant theft of intellectual property. it's rampant. it's out of control. they also have no real environmental or labor protections further undercutting american workers, totally undercutting our workers. just enforcing intellectual-property rules alone could save millions and millions of american jobs. according to the u.s. international trade commission, improve protection of america's intellectual-property, and china would produce more than 2 million more jobs right here,
right now in the united states. [applause] add that to the save jobs from cracking down on current bgp and product doubling and we will bring trillions of dollars in new wealth than wages back to our country come to the united states of america. thank you. [applause] so simple. so simple. trade has big benefits. thank you. trade has big benefits than i am in favor, totally in favor of trade. but i want trade deals for our country that create more jobs and higher wages for american workers. isolation is not an option.
[booing] [chanting] >> thank you. isolation is not an option. only great and well crafted trade deals where we as a country for once benefit that it being taken advantage, instead of being taken advantage of, we are going to benefit and our workers are going to benefit are we are not going to make those deals. also critical to our economic renewal will be energy reform. the obama clinton at ministration have bought and destroyed millions of jobs through their anti-energy regulation on raising the price of electricity for families and
businesses. as a result of recent obama epa action, coal-fired plants across michigan have either shut down entirely or undergone extensive conversions, making them noncompetitive in many ways. the obama clinton cole has caused michigan over 50,000 jobs. hillary clinton says her plan will put a lot of coal companies and coal miners out of business. we will put our coal miners and our steelworkers back to work where they want to be. [applause] claimed did not know that embraces president obama's job killing energy restriction, but wants to expand mac, including going after oil and natural gas
production that employs 10 million americans. according to the heritage foundation, by 2030, think about, 2030 the obama clinton energy restriction will eliminate another half a million manufacturing jobs, reduce economic output by $2.5 trillion reduce incomes by $7000 per person. a trump administration will end this war and the american worker and family should energy revolution that will bring vast new wealth to our country according to the institute for energy research, lifting the restrictions on all sources of american energy will do the following. increase gdp by more than $100 annually, at over 500,000 new
jobs annually and increase annual wages by more than $30 billion over the next seven years. [applause] additionally, it will increase federal, state and local tax revenue by almost $6 trillion over four decades. increased total economic activity by more than $20 trillion over the next 40 years. the reforms i've outlined today are only the beginning. when we reform our tax, trade, energy and regulatory policies, we will open a new chapter in american prosperity, which is so desperately needed. we need a new chapter. [applause] we can use this new wealth to rebuild our military, which is
desperately needed and their infrastructure. as part of this new future, we will also be rolling out the postals to increase choice and reduce cost and childcare, offering much-needed relief to american families. they are suffering. they are suffering. we are going to get banned this much-needed relief. [applause] i will unveil my plan on this in the coming weeks that i've been working on with my daughter, ivanka, who is here. [cheers and applause] she feels so strongly about this. likewise our education reforms will help parents send their kids to a school of
our police in this country are really unrecognized for the incredible job they do. thank you. [applause] in the coming days, we will be rolling out plans on all of these items. one of my first acts as president will be to repeal and replace disastrous obamacare, saving another 2 million american jobs. [applause]
we will also rebuild our military and get our allies to pay their fair share for the protection we provide to them. saving us countless more billions of dollars to invest in our own country. [applause] we also have a plan on our website for a complete reform of the veterans administration. [applause] this is something so desperately needed to make sure our vets are fully supported and get the care they deserve, which they have not been getting, not even close. [applause] detroit, the motor city will come roaring back. roaring back.
[cheers and applause] we will offer a new future, not the same old failed policies of the past. our party has chosen to make new history by selecting a nominee from the outside. and that's outside of the very, very already proven rigged system. [applause] the other party has reached backwards to choose a nominee from yesterday, who offers only the rhetoric of yesterday and the policies of yesterday. just take a look at what happened to new york state manufacturing. and take a look at her promises before this happened. a disaster.
there will be no change under hillary clinton. only four more years of weakness and president obama. but we are going to look boldly into the would you state your full name. we will build the next generation of roads, bridges, railways, tunnels, seaports, and airports. that, believe me, folks, is what our country deserves. [applause] american cars will travel the roads. american planes will connect our cities. and american ships will patrol the seas. american steel, steel. american steel will send new skyscrapers soaring all over our country. we will put new american metal
into the spine of this nation. [applause] it will be american hands that rebuild this country, and it will be american energy mined from american sources that powers this country. [applause] it will be american workers who are hired to do the job, american workers. [applause] americanism, not globalism will be our new credo. [applause] our country will reach amazing new heights, maybe heights never obtained before. all we have to do is stop
relying on the tired voices of the past. we can fix a rigged system by relying on the people who we -- and just remember this. so important. we are residential on people that rig this system in the past. we can't fix it, and we're going to rely on these people again. we can't solve that problem. [applause] so we can't solve our problems if we're going to just go back and rely on these precisions. because that's what we've been doing. only by changing to new leadership and new solutions will we get new and great results. we need -- thank you. we need to stop believing in politicians and start believing in our great country. [applause]
before everything great that has happened, the doubters have always said it couldn't be done. they say it right now. it couldn't be done. they actually said it when i ran for political office. not going to happen. never happened before. not going to happen. america is ready to prove the doubters wrong. they want you to think small. i am asking you to think big. we are ready to dream great things for our country once again. we are ready to show the world that america is back. bigger and better and stronger than ever before. thank you very much. god bless you. thank you. thank you very much.
charles: donald trump making his pitch for the economy. was it enough to turn this race around? let me bring in the economic panel, charlie gasparino, also governor jim gilmore. brian west bury, let me start with you. a little bit of a surprise in the tax brackets, at first we were told 0 to 25%, 12, 28, and 23 i think are realistic tax brackets. what do you think? >> yeah. i think they are, charles. 33%. that's a nice cut from 39.6 plus the obama extras on there right now. that will be a boost to the economy. and let me just say this right away. these analyses that are out that say trump's plans are going to hurt the u.s. economy, they are totally wrong. cutting tax rates, especially on corporations and this individual tax cut are going to boost economic growth in the united states. charles: jarrold, a lot has been made about donald trump
borrowing a lot supply side economics if you will. part of that too was strict money supply. you know, we saw what did. a tough couple of years. that's an integral part of this as well, isn't it? >> well, i guess so. the question is does this all add up? tax cuts are very good as brian west burry said. but if you don't get control of spending, it's not going to work out in the end. when reagan did it, he did get spending down gradually as a percent of the economy. that's why it worked. charles: yeah, charlie, we talked about that already. obviously these days politicians make a lot of promises. the side of this the fact that people have more money in their pocket, they go out and spend it. you can't measure that. >> and it doesn't happen immediately. listen, we can get bogged down -- and i think brian was absolutely right. the mood investors serve people, the world say this is going to add trillions to the debt, and it should be taken with a grain of salt.
what i found troubling in this speech. i think he's right on energy, right on taxes obviously, on regulations. but then he -- and this is the problem with donald. he veers off into these almost this demagoguic portrait of trade that somehow he sat there -- and this is when troubles me about him. blames detroit's roles nafta. we engage in a trade war with -- charles: well, china is major manufacturing. now that manufacturing has been going to -- >> nafta? detroit has been a hell hole, a liberal experiment hell hole of taxes and spending and predating nafta. way predating nafta. the other thing is if we go this route that he wants to go with china. trillions are not coming back here. that's absurd. so i think he would be better off sticking with realistic
stuff and not the -- not demagoguing trade. i just think -- listen, we can get better trade deals. i get it. but it's not going to do what he says it's going to do. charles: governor jim gilmore, i think you might be pleased with the plan? >> i am pleased with the plan. i've been reallying talking about the necessity of economic growth for years now, both through the nonprofittary aggression regress foundation but also in my political campaigns that this is what donald trump must do. get on the right message for the people of the united states, explain the direction in which he wants to take the country, and that is the growth of the economy. and it's also very, very important to point out to the people of the united states that the difficulties are in because of the democratic party. because of barack obama. because of hillary clinton. as a result of that, labor participation's at an all-time low. growth has been slow for years and years and years. wages have been flat. and this must change. and we've got a nation leader who will come out and say so.
>> he did more attacking nafta on that front than he did obama. charles: but also let's face it. i think there's a specific reason donald trump picked detroit. that was the perfect backdrop if you wanted to show the failures of progressive economic plans or lack thereof. brian, you're one of my favorite economists not only because you're one of the most brilliant but also rose colored glasses kind of guy. do the math off the top of your head, can trump at the same time curve the deficit? >> yeah. as long as -- jarrold is absolutely right on this. as long as he cuts spending. the number -- when we have profitable companies, which we do today. you think of amazon and apple, and i'm not trying to pick on tech companies. but the boom in productivity that we're seeing because of new technology when we redistribute that wealth, we suck it away. and those profits can't be reinvested back in. they're reinvested in what the government wants to do. and if that's what he means by a rigged system, i am
completely with him. the government is three times bigger than it should be today. back in the 1950s and '60s, everybody says that was the heyday of the middle class. well, guess what? nondefense core government spending was only 6% of gdp. today it's 17% of gdp. charles: right? >> that's what's killing us. and then finally let me just make a quick comment on the trade issue. it's not nafta and tpp that are hurting manufacturing in the u.s. it's our tax rates and our regulation. i'm for seduction. i want to seduce companies when they come here, not make them go somewhere else. you seduce companies to -- charles: same page there, brian, i want to ask jarrold real quick. if we're going to build more rails, more air ports, seaports, we know that creates an economic boom whether it was in spain, china, or
america. the long-term how will that work out? also repatriation. why can't we get rid of that and have those companies bring back those trillions of dollars? >> oh, that would be a great boom, the repatriation. you're quite correct. my question is what kind of infrastructure are we going to get? i have a feeling that probably from a trump, it's going to be the kinds of things you're talking about. i have a feeling, though, when this infrastructure spending gets started, people are going to say, well, windmills are infrastructure -- and you know what i'm talking about. charles: yeah. >> let's have smart infrastructure. smarter infrastructure. charles: hey, guys, thank you very much. speaking of smart, you all are very smart. helped me out a lot there. also speaking of which, dr. ben carson. he is next. so, please, stay with us v ♪
. charles: well, donald trump staying on message today, sticking on the economy, and sticking it to the current administration. >> one in five american households do not have a single member in the labor force. not a single member of the household. these are real unemployment numbers. the 5% figure is one of the biggest hoaxes in american modern politics. [applause] . charles: the former presidential candidate dr. ben carson who says today's message on taxes and economy will help donald trump win the election. ben, were you happy with the way it was presented? >> i was very happy. i thought he did a masterful job. stayed on point. on topics. these are the things that really concern the american people. those are the reasons that he had so much traction with so many across country. and if he can -- if he can stay with those issues, i
don't think hillary has anything that even comes close to being on par with this. charles: no, what i think when i look at these two tax policies. one essentially is saying, hey, we have faith in the american people. you've earned the money, you get to go out and spend it the way you want. the other one says let us take care of the american peculiar public, let us tax all of guys, particularly the ones who have done better than the rest, and we'll take care of you. and those seem to be the choices. >> well, you know, if we look back at america, and you look at america's heyday, you know, how do we get to be the world economic power so quickly from, you know -- from our beginnings? it did not -- it took us lens 100 years to become the pinnacle nation in the world in terms of the economy because we allowed people to do things. we did not disincentivize them and as a result of that, our government did well too because they generate a lot of wealth and the government gets
a percentage of that. that's a model that works extremely well. not with socialism where you can spend everything you get until you run out of other people's money. charles: yeah, we call it supply side economics. worked wonders for ronald reagan. and of course the left bernie sanders was tweeting around this time saying that this is just huge tax breaks for the rich. and i think that's what it always boils down to. politics of envy sort of, hey, this guy's making more than you rather than politics of you can pull yourself up by the bootstraps. >> well, just remember, said you must always keep class warfare on the front burner because you're always going to have more people people than rich people. and if you can create that resentment, you will create a voter base. so that's why they do it. they know better of course. they know that you can get rid of all the rich people and what will everybody else do? sis around and sing? because there won't be anything to do. there won't be any sports, television, there won't be anything. charles: i don't know if they want to get rid of them. they just want them to work
for free i guess. and of course we all want to be rich; right? >> well, of course. the american dream. you know, you work hard, you live by the rules, and you do well. and that's great. it worked for me. it worked for you. charles: you know what else i think -- and this is something that i really think about you on. you've had the influence. he talked over and over again about school choice the ability of parents to be able to allow their kids -- because isn't that the true key of economic freedom? combination of a good education and a great work ethic and the america as the backdrop, you can go anywhere you want. >> yeah. well, you know, i've had many conversations with donald trump about that. and he feels extremely strongly about this. he's not just talking about this. recognizing that it doesn't matter what your background is. if you get a good education, you write your own ticket. and that's why it was emphasized so strongly by the founders of this nation who also said if we ever become uneducated and uninformed,
we're going to change it to something else because we'll be easy to manipulate. well educated and informed people are very hard to manipulate. he was talking about, you know, the 5% unemployment rate. you know, people who are not informed and educated, i say, oh, wow isn't that great? because they don't even understand the labor force participation rate and what's really happening. charles: yeah, education strongly supported by the founding fathers and you, dr. ben carson. thank you very much. >> thank you, charles. charles: donald trump calling for tax and trade reform. hitting hillary clinton during the speech. we're going to have more reaction coming up you stay up. you listen. you laugh. you worry.
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short-circuited, again, to use a -- now famous term -- when she accidentally told the truth and said that she wanted to raise taxes on the middle class. charles: of course hillary clinton plans to fire back with her own economic speech on thursday from detroit. former democratic congressman here with reaction. first of all, what did you think about donald trump's presentation? new tax rates and some of the other proposals? >> well, first of all, as the race shifts to economics, that's good for the american people. charles: absolutely. >> because that really is where the race has to be on economics. and i think what donald trump has done, with his speech, and with the plans that he's spoken about before the speech is to throw down the gauntlet on trade, on glass, on infrastructure, and of course how to pay for it. and that is going to bring about i think an important
debate for this election. charles: although i think hillary clinton low hanging fruit infrastructure maybe will battle over who can have the biggest plan at some point. and that and glass steegal were going to be parts of their plan. you don't think so? >> no. and i'll tell you why. the key plan of infrastructure, which frankly mr. trump and secretary clinton have not addressed is how you're going to pay for it. and i would suggest that it's going to take a shift in monetary policy where the same kind of case of qe2 and qe3 would be used to rebuild wall mainstream in the way it was used -- charles: how would money be repaid? >> well, the money's repaid through -- the money cycling in the economy. it's a whole different approach than the fed is using right now, which is really a key issue in this election. . charles: right. >> what are the policies of federal reserve? neither candidate has really addressed that. charles: well, donald trump talked about a private fund -- hillary clinton has talked about taxes or even bringing back money and using
infrastructure fund sort of what president obama has. so they both put out there how you pay for it. the argument is should we have higher taxes? or should we make it private? should we actually allow investors to invest similar to war bonds, and a lot of people think that's a great idea. >> well, i don't think it's a great idea because what happens when you start privatizing infrastructure, people have paid for that infrastructure once and end up paying for it a second and third time. we don't need to do that. charles: every time i look across the george washington bridge -- i know i've paid my fair share already. >> hey, i'm with you on that. okay? you just proved my point. but i think if we're going to finance the two to three trillion dollars in improvements that are needed in america, then we're going to have to look at monetary policy and address it there. we can't do it by cutting taxes. charles: right. >> but what we have to do is look at the tax code right now and our monetary policy i think could lead us to reduce taxes. charles: what about when hillary had one of those short circuit events last week
talking about raising taxes on the middle class? her prepared text said she would not. but of course if you go through it, it's been graded by a couple of entities, and you would pay more taxes through all level of brackets. not a lot. but she's asking for that money because she wants government to pay for child care, she wants government to pay for college. i mean she's asking for trillions and trillions of dollars is that the government can take the role that most people do on their own right now. >> well, donald trump and both hillarinton want child care. but today looking at full tax cuts to provide for child care, that's taking money away from the federal government. hillary wants to put it forward as a direct expenditure. i want to say this, though. one of the that things trump has brought up that i think could change the nature of the debate is that he's challenging the amount of money that the u.s. is
spending abroad on military services for other countries. that is a big issue, and it's one that secretary clinton is unlikely to touch. charles: all right, dennis, thank you very muc really appreciate it. >> thank you. charles: hey, just moments ago donald trump laying out his trade and infrastructure plans right here on fbn. trump campaign economic adviser steve police officer, the one and only. he's here next ♪ i'm going to make this as simple as possible for you. you can go ahead and stick with that complicated credit card that limits where you earn bonus cash back. or... you can get the quicksilver card from capital one. quicksilver earns you unlimited 1.5% cash back on ev-e-ry purchase, ev-e-ry-where. i shouldn't have to ask. what's in your wallet?
>> trade has big benefit than i am in favor, totally in favor of trade. but i want trade deals for our country that create jobs and higher wages for american workers. isolation is not an option. charles: donald trump detailing his plans for trade. many not on board. advisors steve margarines us now. cert is the centerpiece of conservative policy if you will, free trade. donald trump in isolation is not an option. however, what happens because we are talking about do you think china will break out the gate? >> first of all, good to be with you. we are here where the speech was given. i've got to tell you there's an amazing electricity, like the
current of electricity that went through this auditorium. people were so excited. my phone and e-mails have been lit up with people saying finally trump has turned the corner. this is a turning point. he knocks on regulation and energy. i'm glad she played that little clip. trade is good because that is an important line. we do need trade, but when you trade deals that work better. i think that is something all republicans and conservatives can agree with. charles: i can live with that. i think we can win a trade war, but i always caution people that wouldn't be easy. my question is how do we go about it. we do not store a block away from it. >> well, look. nafta is one of the issues i personally disagree with with donald trump.
let's look at these other trade agreements where we know countries are cheating and we know they are violating the agreement that they are not living by the rules of the agreement. donald trump as saying that these countries are treating in dealing, we had to renegotiate. i completely agree with that. he had a statistic about tens of billions of dollars, i think over $100 billion that flies the american economy because many asian countries steal our technology, charles. that is then free trade. having somebody like donald trump at the negotiating table and saying unless you start paying us for the services and goods you take from us, we will not open up the markets. we need you to stick with these countries because they are cheating. >> i certainly would rather have hillary clinton across the table from me than donald trump. having said that tommy talked about paper talked about labor rules. are we going to get china to change those elements are
because they don't adhere to them, it gives them an advantage. >> i think what he is saying is the most important thing with respect for trading with china and i would say japan is love and other asian countries, what happens with these negotiations as we open up our markets to them and they don't open up their markets to us. he mentioned korea where we've seen him as no increase in our experts but they've seen a huge increase. that is something i don't think the american workers will go for. unless you are in favor of unilateral free trade of some of my libertarian friends are, that is not a real trade deal. i was only a small portion. the tax stuff is really revealing fear one-liner want to repeat by me. this is an orton. hillary is talking about raising taxes on businesses to as high as 50% when you take into account her income tax surcharge on the ridge.
trump is talking about 15%. which is better for business? a 50% tax on exports for 15%. charles: a no-brainer. not too economic. let me ask you real quick. i want to talk specifically about infrastructure. donald trump talked about that moments ago. let's refresh the audience. >> we will open a new chapter in american prosperity, which is so desperately needed. we need a new chapter. we can use this new wealth to rebuild our military, which is desperately needed in our infrastructure. we will build the next generation of roads, ridges, railways, tunnels, seaports and
airports. that, believe me folks, is what our country deserves. trades are a couple things. obviously, who ultimately pay for this and where do we get to a point like spain has 40 airports, 20 of them never use. they created a lot of jobs initially, but long-term. >> charles, everybody is upset about the condition of barbara. i drive to work every day in the potholes all of the place every way too much traffic congestion. the roads are congested. that means that one of the line i want to hear donald trump more about is what happened to the money barack obama spent on infrastructure. the shuttle ready projects and we spent with hundreds of billions of dollars that obama and the roads are terrible. we need to do it in a smart way.
we have to pay for the $70 billion high-speed rail system in california. it's got to take politics out of it and get better infrastructure. trade to according for the engineers, and we have $3.5 trillion from these bridges to the road. real quick. >> i don't believe that figure appeared who's going to get the money for spent $3 trillion. charles: the point is everyone agrees we need to do something. >> we need more. trade do you agree. i like the new comb-over appeared he probably did that because here with trump today. not me. we are going to get reaction to them still ahead.
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>> my plan will also reduce the cost of childcare by allowing allowing parents to fully deduct the average cost of childcare spending from taxes. charles: donald trump promising tax breaks for childcare. sabrina schaeffer on the policy. this sort of rings in old-school gop thinking. it might be realistic in a modern age. >> absolutely, charles. i was excited to hear trump reference some of these were the challenges that many working women face. i have three kids in the green room right now waiting for me to the end of summer vacation. this is an issue they can help working families that and it does not need to come at the expense of freedom. i think trump could consolidate
a lot of the existing childcare tax credit that men and women and 10 mice have more control over the choices they make by keeping our resources they earn. >> which route is the best. the right payment plan that hillary clinton talks about her having a deduct from your taxes. doesn't matter either way. >> we recommend the childcare tax credit. we want to make sure we are not punishing at the expense of others. everybody is not apparent to everybody does not have the same major preferences of the work is her family arrangements. we want people to have the freedom to make the choices that make sense. some people choose to have a stay-at-home parent. others say their children with a family member. others choose a day care facility. all of these things are fine, but we want to make sure people have the freedom to make choices and government is advising against or for different arrangement.
charles: it gets back to the supply-side argument that ultimately if the government is involved in spending money on this one way or the other, by having people go to work they will make money and spend the money and circle in the economy. is that essentially how it works? >> it is. i'm a wary of pushing the labor force or dissipation. what would that look like if we had no parents around to raise the children. it's important to keep in mind when it comes to working moms come in a pew research center told only 23% of working mom said they would choose to work full-time borodin option. most women are working because they have bills to pay and they need to pay those bills and make their families work. we need to do more to help people without government. child care, paid leave and the like that will actually help working families. charles: no doubt 20 million people work part-time because they want to. another large chunk work
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that was a long time ago. >> as it was. i thought the speech was pretty amazing. is where you come to someone's town and trash talk to residents there, which is essentially what donald trump did not even once mentioning the fact that the real problem, the real reason the middle-class has been hollowed out over the last 50 years is because union membership has been on the rapid decline thanks to government policies. charles: some would argue detroit always had a gop mayor from the very time he ran against that. some would say the unions and big government spending like the amazing library and the artworks and things, while fantastic, he overspent and that's typical of a progressive society and the unions running amok. >> in the case of detroit institute of art, which is one of the finest public collections available, that was in private hands and was decreased to the
city. i may get to sound vain house mentioned about how we need to go back and on school choice. school choice is feeling horrendous liane teacher much to the chagrin of those pushing the policy. i don't understand what trump was doing out there then trashing the city. charles: the resident doug detroit are illiterate. you're not telling me they have a great school system and that these kids who live in detroit had a chance to make it in this world and that cooler school system. >> you are right here we need to do better, but we're not doing that by diverting resources to charter schools that are doing just that bad and in some cases worse than public schools. we need a real sound investment in public education and a reasonable approach to education in the city of detroit.
one of the challenges is that cut the poorest community and entire state bred in the city. you are unable to get funding for public education is underprivileged kids need. charles: so windtunnel top -- when donald trump talks about those things that attract investment. aren't those the things that would jumpstart an industrious city like detroit that is looking for some sort of spark? >> you know, one of the only things i heard from donald trump today that i agree with the comment he made on trade policy and the transpacific partnership. in the case of donald trump, it's an example of an arsonist of how to burn down buildings. donald trump is making his ties in china and is positively delusional to think he would be something that could cause he is talking about. charles: one thing it's not
debatable. democrats in charge of detroit for decades now. what is left of it is not something anyone would write about. i appreciate your passion. i will put you down as it may be a donald trump. donald trump laying out his economic policy. hillary clinton will have a chance thursday in detroit as well. fox business covering the speech as well. a ho-hum monday friday after the big rally only down 23 points.ie more for you after this. found a missing piece in my asthma treatment with breo. once-daily breo prevents asthma symptoms. breo is for adults with asthma not well controlled on a long-term asthma control medicine, like an inhaled corticosteroid. breo won't replace a rescue inhaler for sudden breathing problems. breo opens up airways to help improve breathing for a full 24 hours. breo contains a type of medicine that increases the risk of death from asthma problems and may increase the risk of hospitalization in children and adolescents. breo is not for people whose
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look at that! [laughter]. charles: thanks to "fox & friends" letting me cool off on saturday. i will be on tonight, 6:00 p.m., making money. she will take you through the next hour. trish: i saw the clip when it happened. all i could think of was bert you than me, charles. donald trump outlining his economic and tax plan in a rally in detroit. hoping for a campaign reset after a rough couple weeks by hitting his sweet spot, the economy. an issue which voters do prefer him to. then hillary clinton, can he refocus his campaign the number one issue facing american public and and the economy. welcome, i'm trish regan, welcome to the teleagainst report. in a speech interrupted 14 times by well-heeled protesters. watch here.