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tv   Cavuto Coast to Coast  FOX Business  August 11, 2016 12:00pm-2:01pm EDT

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we've had donald trump about 20 minutes off the cuff speaking right out there. he was funny and engaging. ashley: great delivery. perfect. stuart: and the dow industrials are up about 130 points because largely the price of oil is up a buck 48 at $43 per barrel. charles payne, it's yours, sir. charles: thank you very much, stuart varney. donald trump is talking up his plans of the economy, moments ago stuart just mentioned in what some are calling a scathing address the homebuilders association. meanwhile hillary clinton said to deliver her economic rebuttal. she is going to make some very big promises but the question is of course how is she going to pay for them? all i can tell you, hold onto your wallets. this is cavuto coast to coast i'm charles payne in for neil cavuto. critics already doubting her fixes, however, and questioning really how she's going to pay for them. among them of course is the campaign's been calling for the largest investment and what they call good paying jobs since world war ii
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tuition free college and for the middle class and debt-free college for everyone. profit-sharing workers and reforming laws how families live, learn, and work in the economy. all of this paid for by new taxes paid for on the wall street and others. but as she pushes for the rich to pay their quote fair share, it looks like americans already are tax revenues are hitting a record highs they did in july. take a look at that. the obama administration has brought in nearly $20 trillion in taxes. yet the debt clock keeps surging and millions of americans are still struggling. so are more taxes and spending going to jump-start the economy the director. all right. todd. hillary clinton making some pretty bold promises there. some of the i think low hanging fruit. some of it, in fact, seems to crisscross with some of the things donald trump is talking about. overall, though, the economic viability of it. >> look, hillary clinton
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clearly think so that the basic problem with the american economy is that rich people make too much money and keep too much money. and because of that, poor people don't have enough. i think that zero sum game of approach is not a very smart way to run the economy and is not even the way her husband ran the economy. you know, the economy wasn't bad. it was actually pretty darn good in the '90s. it was good in the 19 '80s. and it was a entirely different philosophy. it was a philosophy to inspire companies to invest and start new businesses. so she's starting now where the u.s. corporate tax rate is uncompetitive. it is higher than virtually all of our trading partners, and that discourages businesses from not just operating here or bringing back profits hear, but from reinvesting here and that's what we have to get at if we're going to create new jobs. neil: listen, i'm a supply sired, and i think many of us subscribe to the same theories. but with respect to winning
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the election and also maybe with respect to where the economy has been over the last 40 years, there is a certain going on. you mention bill clinton's economy. unfortunately, george bush's wasn't that great. in fact, it was much closer to barack obama's than ronald reagan or clinton. the argument people are making is that something has gone wrong, that capitalism no longer serves a purpose or provides a sort of win fall that it used to. at least not for the majority of people. how do you tell a common person that that's not true? not only common, but someone who doesn't have the economic mind-set that you have? >> yeah. well, charles, look. there are social problems and sociological problems. and there are also economic problems. i worry in this country. i'm deeply worried. and, in fact, i know you're a fan of my book, the price of prosperity. but in that book, i point out that while some worry about an inequality in the distribution of income, i worry about an inequality in the distribution
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of work ethic. you know, there are millions of americans who wake up each morning, look in the mirror and say work, work. a job? not really my field. and they file for disability, or they simply stay home. the labor participation rate has been dropping low. and i think that's not a system of capitalism is failing us, but we've lost something in this country. we've lost some grit. i think one thing we should be doing and frankly neither candidate is doing this. we ought to be talking to young people and say an afternoon job or high school is good for you forget about the enrichment course, you know? i'm all for higher equation, but i don't think kids need to stay late at school in order to take an extra course in algebra. i rather them work at the supermarket and, you know, stock the diary she feels. they may learn more about work insulin, which would pay off
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in the long run for them. >> joining the military, doing volunteer work, or any of that stuff you're talking about, i think we need it desperately, in fact, i agree 100%. i think everyone needs to have some skin in the game. and, unfortunately, though, it feels like the pendulum is swinging toward the idea that you're owed something simply because you were born in this country. todd, thank you very much, buddy. appreciate it. >> good to be with you, charles. stuart: donald trump hitting on clinton's economic policy just a few moments ago in miami. take a listen. >> planning another job killing. 1.3-trillion-dollar tax increases. her plan -- 1.3 tax -- think. her plan will tax many small businesses. you, folks, by almost 50%. enjoy your tax increase, folks. charles: all right. let's go to former democratic governor of new mexico, bill richardson. governor, thanks for joining us. you have an idea what hillary clinton's going to talk about in less than an hour, and you just heard what donald trump had to say.
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can you explain how more taxes and higher debt will actually be the magic to create prosperity in this country? >> well, i want you to check my record. i was a tax cutting governor in new mexico, the state income tax capital gains, we invested in renewable energy. so i am sympathetic to the view that you have to have a sensible tax policy. but i think what hillary's going to talk about is, first of all, if you look at trump's plan, it's just for the 1%, a corporate tax cut, a trade war for china, what she's going to talk about is find a way to keep the jobs, manufacturing that ship jobs overseas. tax cuts for small businesses. if they hire new people. i think you're going to see some very creative educational initiatives that allow a lot of students to go to community college, to training that will get tax incentives that will make it easier for them.
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i think she's a pro growth democrat like her husband. i was in her husband's administration. stuart: you know, there's so many dissimilarities between some of the things her husband did and some of the things it feels like she's proposing. i would argue and present this idea to you that you don't hear her talk about use the word growth much. you don't hear her use the word prosperity. we do hear about fair and redynamics, which seems like status quo for the most part. how do we create an economic backdrop, though, where someone can go from rags to riches or is it the the society where everyone is sort of the same? >> well, i think what hillary is saying that we need to find ways to boost manufacturing in this country. that's the biggest problem. this is why she's making this speech in michigan. that we need to create jobs in the midwest, to make sure that we haven't lost that manufacturing base. charles: well, governor, why did we lose them in the first place? why did we lose those jobs in the first place?
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is it because of our trade policies? is it because of nafta? >> no. look, i support nafta. i support the transpacific partnership. i think we're losing these jobs because of tech logical changes. not because of trade deals. but put that aside, we have to discourage our companies from creating jobs overseas. and ship the jobs overseas instead of keeping them in the united states. and i think that makes a lot of sense. charles: all right. so a company like caterpillar who does 70% of its business outside of america. if they want to -- if they get a contract to build something or building a new bridge in china, and they build a factory in china, you would -- would you tax them on that, even though it would not necessarily be moving jobs, just a creation of brand-new jobs. i mean the notion that somehow you can determine or delineate which jobs are going overseas or which jobs are just opportunities for american companies, i don't know how
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that's going to work. >> well, you know, take caterpillar, for instance. i'm a supporter of the exxon bank. i don't mind helping finance some of those jobs because you do get some jobs out of the china jobs in the united states too. so i support -- i think it makes sense. but at the same time. charles: yeah. >> but at the same time i think you've got to penalize those companies that just blatantly because they want to save money, close plants in the midwest to go to mexico, to go to china, to go anywhere. i don't think that's right. charles: okay. and on a consumer side of this argument then, you would also ask the american public to do the right thing and be patriotic and pay maybe $2,000 more for a car that was made here rather than in a mexico plant. >> well, that's apples and oranges. i don't think that's an adequate comparison. look, i think the american people
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should have a free choice as consumers to purchase whatever they want at the best possible price. but that doesn't mean that you put sanctions or become protectionists to protect the american consumer. i'm a free trader. charles: okay. >> and i think the most competitive economy is what we should be pushing for, and i think you will hear that from hillary today in her speech. charles: it still feels, unfortunately, to me, the notion that we're in a static world where it's just about redistributing the slices of that pie. and, by the way, the bank, isn't that the primary symbol of government crony capitalism run amuck? >> no. i don't think so. i think the exxon bank has helped a lot of companies legitimately do business overseas, and it has helped create jobs over here. we disagree on that. charles: i appreciate you
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coming on. >> thank you. charles: meanwhile republicans are piling on as new e-mail questions are popping up. the relationship between the state department and the clinton foundation is a question -- is in question of course after a new batch of e-mails reveal that some clinton acquaintances may have received special access to clinton's sedate department for personal gains. yet the e-mail saga isn't impacting hillary clinton in the polls. so, voters, look at this. they're going with her big time. what will help? what will turn this around for donald trump and his team? donald trump senior political adviser kelly joins me now. thanks for coming in. >> my pleasure. charles: donald trump gave a speech today in miami. and it's an economic speech to the homebuilders association, but it began with president obama being the founder of isis. where is the campaign going to go with respect to the restart? and where will the focus be on? cutting the attention of voters that it looks like you're losing in the polls with the scatter shot?
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>> it's very important to focus where the campaign wants to focus, charles, which is on the issues. this has been a substance-free campaign in many ways because other networks are very concerned about covering what donald trump said on a given day or 50 years ago, in fact. so if he can focus the way he has this week on monday at the detroit economic club on specific solution policies that will help middle class voters and talks about tax cuts, rolling back the 600 plus regulations that president obama has laid at our feet, he does well. but national security is also very important to voters as well. as is homeland security. so what i think trump is saying that the birth of isis happened on barack obama and hillary clinton. you can't deny the timeline. in addition he's talking about the national security economy. ethics is also a big issue this year. there's a slow drip, drip, drip, of more information and the state department being for
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sale among some of the higher senior officials. more people are going to say hold on. i know you don't trust her, but this is exactly what donald trump means when he talks about totally shaking up and restarting washington d.c. charles: right although the democrats are going to come back and say isis was created because of an ill-faded war started by republicans. i don't want to talk about that some of us i want to talk about the economy. that speech today, i thought the tone was phenomenal. i would have liked to have seen that tone, in fact, on monday. it felt more personal, you know? >> yeah, agreed. charles: i don't know if this is because he's trying to follow the teleprompters, but i notice he gets tenser, his voice gets loud we are and it feels like he's shouting, when he doesn't have them, it sounds more personable and unbelievable. what i am curious, though, about the donald trump economic plan, it moves really far away from traditional conservative orthodoxy, and we're going to have higher debt for infrastructure. we're going to raise debt.
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maybe double size the military, you're going to have to go further into debt. child care issues, i think ivanka had a major impact with him. i think it's smart politically. but are we seeing the new economic idea for republicans in general? is this sort of them saying, hey, the world has changed a little bit, we want to change too? >> yes, charles, wait i see it, it borrows much from traditional tax cut regulations, economic growth. i don't think we talk a lot about growth. the gdp is just pathetic, well under 122%. and the trump budget, the trump economic plan depends on growth where it actually should be. it has not been there under president obama. secondly when you -- i think it bars from that, but also builds on it. i think the left saying trickled down economics. they're not reading the plan. it's very different views on trade here. talk about making child care accessible and affordable all is quite new for republicans. they usually say, oh, that's not a federal issue. i can't touch it. meanwhile maybe you believe that. but at least say it.
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say let's incentivize employers because to not say that is to say that child care is crushing many american families, even those who can afford it say they still struggle with making sure that the delegate staff holding of child care works for the family. so at least mr. trump is giving voice and visibility to many of the struggles people are echoing around the kitchen tables and the cappuccino counters. charles: you're right. i've been trying to hire people for a couple of weeks, and it has come up often. i think it's not a bad idea with respect to the polls also. >> and yesterday he gave a great speech with respect to the coal miners. charles: i didn't see most of that. i was watching spider-man. i'm just joking. but i did see this. i thought the tone was right. i thought everything was right? >> for those who want to find the substance specific, you can go to the website. charles: thank you very much. to the economy, the task force reporting on it just revealed that u.s. intelligence painted
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a rosier picture of our fight against isis. adam shapiro is in the newsroom with those details. adam. >> that's right. this is a special house republican task force looking into allegations from last year that intelligence on isis was manipulated and skewed to make things look better than they really were. now, the white house denied this, insisted that nobody in the administration had pressured anyone to do it. but the report is out, and here's some of what they found. it was based on the defense department whistle-blower allegation that they did manipulate the data and the report found that it was quote inconsistent with judgments of many senior career analysts. these products, those would be the reports also, consistently described u.s. actions in a more positive light than other assessments from the intelligence community. and we're typically more optimistic than actual events wandered. now, the department of defense has a sign the inspector general's office to investigate these allegations. they issue a statement today that says quote that investigation is on going.
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and we will take no action or make any comment could appear to influence the ig's work. so this is pretty impressive. now, you've got republican representative mike from kansas. he issued a statement today saying the facts on the ground did not match what the intelligence was saying out of the united states central command. so the question remains, did actually because of pressure, because of someone at the top skew reports to make things look better than they really were as isis was growing? charles: yeah, i'm shocked gambling is going on in this establishment. adam shapiro, thank you very much. >> yeah. charles: the dow hitting a new lifetime high. better than expected results from macy's and kohl's. that's sparking this rally today. the department store higher. wow. good news also helping nordstrom and a whole bunch others. they're going to report after the bell. but we're going to tell you all about it right after this [ hip hop beat throughout ] [ fans cheering ]
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♪ olympics 2016, let me get you on my level. ♪ ♪ so you never miss a moment, ♪ ♪ miss a minute, miss a medal. ♪ why settle when you can have it all? ♪ ♪ soccer to wrestling. track and field to basketball. ♪ ♪ fencing to cycling. diving to balance beam. ♪ ♪ all you have to say is, ♪ "show me," and boom it's on the screen. ♪ ♪ from the bottom of the mat, ♪ ♪ to the couch where you at? ♪ ♪ "show me the latest medal count?" ♪ ♪ xfinity's where it's at. ♪ welcome to it all. comcast nbcuniversal is proud to bring you coverage of the rio olympic games. [ clock titime. ] you only have so much. that's why we want to make sure you won't have to wait on hold. and you won't have to guess when we'll turn up. because after all we should fit into your life. not the other way around.
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. stuart: so the market is being void by a stronger than likely results, brick and motor retailers, kohl's beat by 19 points, they're certainly much better than expected, and they do suggest that the american consumer is spending more. in fact, data from the federal reserve points to a shift from spending on college and cars, which, by the way, climbed 2% last month. that was a slowest pace since august of 2011 to spending on day-to-day items. now, credit card spending up 9%. and while there are naturally red flags associated with this. the thing to worry about, delinquency rates are down. the question we must and is
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where y are consumers spending more with credit cards and dipping into savings? do they sense that the coast is clear? do they think that their jobs are safe? or do they simply sense that they'll start to get pay raises? or maybe they just don't want to live in a future, they want to live in a moment. they think the future is bleak. i will tell you this. the good news for investors is that even with this movement discretionary stocks, this week the sector continues to trail the broad market badly. i'll have an idea for you on this. i'll give you one stock i think you can vest for this trend. in the meantime let's go to real clear markets editor john for his stocks. john, you can see over the last few weeks, over the last few months rather, where savings have gone down, consumer spending gone up and now startings to use credit cards. i think at this stage of the cycle is not too bad. >> well, in isolation, it appears good. people can't consume unless they produce first. so it's a sign of increased production. but let's remember in the
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1970s and also the george w. bush years people were devaluing the dollar and people had no choice simply because they weren't being rewarded for savings. you have to look behind what's happening. charles: yeah, that's what the federal reserve does. it sparks the virtuous cycle. if you're money is not doing anything, might as well go out and spend it. but why now? are there other factors beyond federal reserve and currency? is there something else going on with respect to maybe people thinking jobs are secure? are they getting a raise? are there other factors? >> well, the economy -- let's be clear. the economy has improved. we've had gridlock in washington for four years. so washington has some degree been removed as a threat to the economy. the dollar is strengthened quite a bit. if you look throughout history, these are indicative of a growing economy. so i think a lot of this is positive stuff. you just -- you just always want to be looking out for the other things. savings are what drive
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consumption. and the biggest way possible, savings back the creation of new companies, more productive forms of work, to leave even more consumption. so it's not a healthy thing if americans are spending every dime they make. we are relying on savings in order to grow. but in this case, i think it looks good. charles: still about 400 billion away from our peak. john, thank you very much. appreciate it. >> thanks for having me. charles: well, the new concerns over health of housing, donald trump addressing his fix for housing. we're going to give you this details right after this
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>> no people that can't get mortgages to buy houses and that's why you're housing numbers are way down from what they were. here is a charge. most of you can see. you don't need good eyesight to see what is going on. here is obama and here is the end.
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to me, that is just so much because it is homeownership. that is the american dream and it the lowest it's been in 51 years. charles: donald trump lasting president obama for the drop in home ownership which is that a 51 year low. i've been analyst katrina, if the white house is solely to blame, katrina, you know, when the housing market imploded, one of the things conservatives that if everyone should not own a home and that was a big mistake that bill clinton made actually forcing this idea and making the government complete it in a housing bubble. >> well, the housing recovery in 2012 has overall lifted the market. but it's left many in the middle class behind creating what people are saying threatening to create permanent renters. many economists are saying home prices have gone out because of a lack of supply. 83% of the market in the united
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states have actually gone up in price. but the main fact there here is that new home construction is actually down tremendously and the supply levels are those that are associated generally with a recession. homeownership is donald trump mentioned today that a fifth a one-year low as 62.9%. another factor is mortgage availability is difficult nowadays for the younger buyers who may have student loans. they don't have enough of a down payment. they don't have jobs necessary to qualify for a mortgage. charles: right. there are some elements to this. first-time buyers which is the key dividing buying an expensive set like this for a while. katrina mentions these embedded problems. methane is moving as fast as rent perhaps as health care costs. the replay and a sullen president obama and if this there is a solution, what would
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it be? >> i don't and you blame it on anyone president. the key is obviously it is better for a family to an home of the long-term because you build and test a period that is the occupied homeowner ray. how is it possible the homeownership rate is declining at the same time that the housing market is ascending. the reason for that is their new classes, new kinds of homeownership. you've done stories here about millennial, how they want to rent and live in urban centers. they want the flexibility. they want the mobility. there is a trend afoot right now you'll see barrett data later we're renting an apartment in new york city and san francisco but buying rental property in florida, texas and arizona. that is new demand. you homeownership not occupied homeownership. six or seven publicly traded weeks to invest in single-family housing.
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everyday people buy shares for 20 bucks in american homes in silver bay realty trust. those stocks are all up. new demand replacing owner-occupied demand is the reason why the housing market is still healthy despite the fact homeownership is declining. charles: katrina, what should be done? presidents plan to homeownership under their watch. the next president, should they ask things to go with no money down a 5% down or should they've or should they revamp fannie mae and freddie mac and start buying all these loans? what should be done if anything to spur private-sector homeownership? >> i definitely don't think we should go to but created the housing mess which was 0% down and so forth. i'm not a proponent of that. one thing that needs to change or the regulations. as far as new construction and donald trump reference this today. it has stated that 25% of a contract or is caused are
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actually regulations. you see that donald and construction, but many small owners. charles: almost every business with the same thing. katrina greg, thank you are a match. hillary clinton's economic fixes moment the way. we will cover that. we will be right back. automobile insurance i spent 20 years active duty they still refer to me as "gunnery sergeant" when i call being a usaa member because of my service in the military to pass that on to my kids something that makes me happy my name is roger zapata and i'm a usaa member for life. usaa. we know what it means to serve. get an insurance quote and see why 92% of our members plan to stay for life.
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charles: shares of amazon.com hitting an all-time high for the second time this week their shares of google also rallying
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to a lifetime high as well. both companies finish in positive territory in the market. it will mark the third consecutive record for the online giants. donald trump has laid out his economic plan. billy clinton will do the same in less than an hour. 2016 libertarian vice presidential candidate and former governor bill rove says his ticket plan is the answer. welcome to the show, governor. >> thank you, charles. charles: hey buddy, tommy how it delivers. the libertarian plan from gop and democrats. >> well, i didn't really think that mr. trump's economic plan with a plan. it was kind of a collection of buzzwords and dog whistles. he seems to love in vain against foreign powers, kind of a conspiracy theory that is run throughout his campaign. i think his remarks about trade -- i'm not sure how much he understands about international trade in the current global economy.
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he seems to yearn for the days of the buggy whip. sophisticated roddick beat days of raw materials come from three different countries, maybe three different countries. the work was done in a seventh country. you can't unscramble that omelette. mr. trump seems to think if we have a trade imbalance come a trade deficit with a trading partner that's the end of the world. it's not the end of the world as long as the dollar -- charles: what about the people who say ever since the world trade organization, ever since nafta, you look at it and it is pretty clear we have lost millions and millions of jobs and people want those jobs that. >> no, you can't connect those dots. china has lost in the wto twice when they complained about surcharges they put on exports. the wto work in our favor. mr. trump is arguing because something happens after something else that happened because of it. we have the greatest product
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committee for worker and we are always going to pilot the new increased high-paying jobs when we have free global trade. you can't go back to the smoot-hawley tariff as mr. trump wants to. trade to the last three quarters have seen the product to be the miracle banish, it's going backwards. the federal reserve has printed as much money as they can possibly print. if you kind of look through it, it looks very murky and that our economic miracle, you can attach quotes has run dry in part because it was all gimmicky and it's over. >> that gets me more to the democrats that mr. shrum. i do believe the plan that mrs. clinton will roll out today probably is going to call for more spending and more taxes. the democrats almost seem to want to have government do everything for people including living our lives for us. we can't keep on doing that.
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charles: s. got less than a minute left. i want to give you a chance to tell us what you and your partner, running mate would deliver for the economy. >> well, we would finally balanced budget in year one, not five, seven years come in nine years has people in washington think it will tank. every governor has to finally balanced budget every year by constitution except in vermont. we've been there, done that every vote for red governors in blue states, to terms states, to terms that we corral spending and taxes. we've cut taxes many times and improve the economy. we have done the things that the other candidates are claiming they have a plan to do. that is the big difference between our ticket on the other two tickets. we've got a path right up the middle, fiscally conservative, socially conclusive. the third way probably represent the majority thinking of people in the united states.
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charles: governor, thank you for it much. appreciate it. oil prices rising after the oil minister signals possible actions to stabilize prices. i talked about that earlier in the week. the dow's hitting the highest level ever. find out what is driving that in 90 seconds. ♪ [announcer] is it a force of nature? or a sales event? the summer of audi sales event is here. get up to a $5,000 bonus on select audi models.
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>> i am nicole petallides with
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your fox business brief here that gallo record highs today. up 130 points now. 18,622. this week we have seen from railways nurse. reduce the energy and retailing in the way today. look at what is matching the nasdaq. the nasdaq and the s&p 500 could close at record high. their norwegian cruise, yahoo! all doing well. bouncing back today with netflix the winner. yahoo! doing well on the heels of alibaba's numbers seem the most revenue growth since ipo and yahoo! had stake in yahoo!. both are moving to 52 week highs. now i look at macy's. macy's says they are going to be closing 14% of their stores. you can see the stock is up about 17%. much more "cavuto: coast-to-coast" coming up after the break.
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charles: hillary clinton expected to continue the obama administration's push for clean energy and that goal -- got cold ceo robert rory real worried. >> coal miners don't want hillary clinton's welfare from the taxpayer. they want jobs and this whole clean energy routine of hillary clinton is all about money. it is all about money. it is all about wine influence. it will not affect the environment at all. charles: the administration has been pushing solar twos network
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ceo jen was in ruins all solar panels and says energy independence is crucial. you are in a unique position. you've testified in front of congress about slander and you don't necessarily think for the same hand she. >> that's right. i don't see solar is a clean energy plan something we ought to worry about as far as culture or what is invoked for a cool president or whatever else. it's really bad economics. if economics of solo work at a competitive business and not to be paid attention to. charles: if you strip out all the subsidies, all of the penalties ,-com,-com ma is it economically viable right now? i feel like the evolutionary process this summer would get in 10 years or 20 years. right now seems that only works in government is mandating it. >> let's talk specifically about the tax credit, which is a fact of life for the next five years.
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today we are a great parody and 42 different states where it really makes sense economically. five years from now, without the investment tax credit, it will make more sense. it will be less expensive and more economical than that it is today with the investment tax credit because we have great visibility with the reduction of cost on the part site, the supply-side as well as the investment and installation side. charles: there are some embedded issues. the ability to store this energy and transfer and transmit it and the ability of it to power and economy. coal is the fastest growing energy source around the world. economies that are on fire are using cool to fire those economies. are we in a position where we can trust solar panels are enough to power a prosperous united states? >> yes, we are. we have great visibility and
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ultimate widespread adoption of solar is going to be driven by economics. as we look forward at that point, solar is going to be competitive. charles: i know one of the big solar power plants in california took a big 1.5 billion government loan. google is in there. i think a people run the whole thing. what about job displacement? the poll workers could never get those jobs back. how do we reconcile that when cool is so cheap it will be cheaper in the future? >> that's an issue going on for 150 years. this new technology, the industrial revolution, jobs are going to be displaced in new industries are going to come up to absorb those jobs. we have to consider what is best for the country because ultimately what is best for the country's desperate job seekers as well.
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charles: some people argue that argument is about picking winners in picking losers as opposed to the free market. i will bring you back and talk about it. we are out of time. you guys just are for the vice presidential nominee. you'll hear more from him in presidential nominee kerry johnson as john stossel associated libertarian townhall this friday. 9:00 p.m. eastern time right here on cox business. the latest food chain -- what is behind so many fast food restaurants. we will talk with the ceo of next. v your insurance company
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charles: shake shack plunging despite earnings report on top and bottom line. restaurant and it does merit. we remain optimistic for the fast food industry in general.
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serious reactions to fast food restaurants at this earnings period. jack-in-the-box, the only one i can recall. a something happening now? is there another shift going on and this is a reflection of the consumer? >> i think it's a couple things. we have had very miserly economic growth over the last three quarters. they've actually averaged a little under 1% of the last three quarters and not is a restaurants are part of the economy. people eat out more when i have more money and as the economy declines in sales to grow coming you see less growth in the restaurant sector. commodity costs have come way down, so grocery stores have been able to lower prices. restaurants have had a more difficult time over in prices because while commodity prices are down, labor costs have gone way up to two different initiatives like the minimum wage increases regionally, like the department of labor now imposing extra overtime requirements for our employees.
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there are labor requirements, labor mandates that of increased labor costs. crisis that restaurants can stay pretty steady, but you do not do anything at home has gone down. both of those things have affected restaurant sales past couple of quarters. charles: so, how do you think this change is because certain other areas that affect people are spending money on homeying s and stuff like that. >> well, we've just got economic growth. it will solve so many problems we are facing. when there is growth, people and fast. businesses haven't been investing or three quarters which means we have fewer jobs that we've got employees competing with each other for low-paid jobs as opposed to employers competing for employees which would drive wages. we've got real wage stagnation which causes people not to spend as much. we need economic growth plans.
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what you'll hear from hillary clinton is more regulation, more government that mandates to solve problems created because of poor economic growth, whereas donald trumps plan is to try to generate economic growth to solve those problems. i think you will see a real contrast today and if we adopt mr. trump's economic policies, we will see businesses in the game and wages going up in people prospering. charles: you are resistant to $10.15 minimum wage in this current atmospheric -- atmosphere. >> there was a report by -- out of the congressional budget office about two years ago is that a $10 an hour you kill 500,000 jobs. i'm not in favor of killing 500,000 jobs. that may change the past couple years. there is a point you can raise the minimum wage without really damaging the economy.
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the problem is the reason that wages are down, the reason wages are stagnant isn't because we have an increased minimum wage. it's because we haven't had the economic growth that drives wages. we need economic growth, not more government mandate. look at hillary clinton's plan a donald transplant. it will be a stark comparison between a plan based on government and the dirt, having open economy with equal opportunity. we will see big differences today. charles: i don't disagree with you. the central issue will be whether people have faith anymore that the capitalistic system that got us to this point works or whether government steps in. there is something i don't think i'm hearing business leaders pushed back on. hillary clinton is asking the american public for the power to take money off the balance sheet, to maybe add a line to the income statement.
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she wants to go and take those profits and redistribute to the public, sort of like making business part of the public domain. >> exactly. she wants to raise taxes and punish corporations to reduce their taxes. she wants corporations to share the profits with employees. she wants to mandatorily increase wages and benefits. she wants to discourage investment and increase the cost of hiring people. that is not going to result in economic growth. rather than a larger pie, with hillary clinton and you have an ever diminishing pie where people get smaller but more equal pieces. the free enterprise system is the way to go. we don't need this closed economy with the government and politicians making these artificial decisions were they really don't understand how the economy works. we need to let the economy work and create growth. charles: in which he appeared to conjure with the smallest income inequality is north korea.
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>> that's exactly right, buddy. charles: hillary clinton moments away from her economic rebuttals. we are going to to determine what this country goes that she is elected. not everybody is happy with it, so please stick around.
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charles: breaking news. economic battle lines are being drawn. tax cut versus tax hikes. more government versus less government. in moments coming over clinton will take the podium and give her economic rebuttal to the scathing speech by donald trump in detroit a few days ago. >> she is the candidate of the past. ours is the campaign of the future. she supports the high taxes and radical regulation that forced outside of your community. i am proposing an across-the-board income tax reduction, especially for middle income americans. it will present a night and day
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contrast for the job killing, tax raising, poverty inducing obama clinton agenda. charles: the same things pushed to the left is now detroit. hillary clinton is about to label a businessman who outsources its products to former obama florida state campaign dirt buechel. we saw what donald trump said on monday and we kind of have an idea what hillary clinton is going to talk about today. two very different words in america as you go. why does she think in your mind this is the winning one? >> listen, and in the fox news poll this week, you saw clinton is beating trump whenever possible issue except for the economy. if she can make that a push, she
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basically has the election one. she will lay out a vision thing they've got 77 months of consecutive job growth. stock market at 10,000 points, but there's some places jobs need to grow in terms of wages and growth and i have a plan to do so. charles: keith fitzgerald come i never believed president obama had an economic thing per se. i felt his whole agenda was based on an ideology and most of that was fixated on social justice. hillary clinton does martha seem to be quite frank. the ways that surrounding an economic speech that make you seem pretty flowery. >> you know, i agree with that. if you take politics out of this, trump is correct and that you got failed policies. we've got failed taxes come increased regulations. on the other hand an allegation is the carrot or peace getting red in to label templates. you take politics out of that it back in.
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the lots of money are clear on this. more regulation equal smaller wallet. you've got to strike a balance and that is to challenge these two candidates face right now. charles: i want to bring in former bush 43 spokesperson, mercedes lapland. it was pretty easy for the market and the total freefall. we had a housing crisis that many blamed on the bank insect there. it was easy to say we need a regulation. obviously they can't regulate themselves. now we see what kind of stranglehold that puts on the american public, it is kind of interesting that hillary will ask for even more. >> way. this is where hillary clinton does fail to understand how a business works. you have to give it to donald trump when it's able to talk about his father's story about how he would build a structure, build a house and having first-hand experience of what it means to be able to be a job
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creator, for example. that is something hillary clinton does not understand. she is proposing more tax hikes, more federal spending, more regulation, which is the status quo economic agenda. what we do need is to bring in more wealth into america, which is something trump talked about. for hillary clinton, is just a misunderstanding of how we need to be pushing more investment into the united states. i think our policies are much the same as what we've seen with president obama. it's not working. when you talk to any small business owner, we have a small business. it really does impact regulation to impact how you were able to connect business, whether you can hire more employees for your company. those are serious concerns for many small businesses across the country. charles: you should see how many people we have to jump through here. by nature to stick around for a
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moment because the obama administration bringing in record taxes, but still piling on record that. why would hillary clinton pitch more taxes and spending as a way to fix that problem? blake burman is live in michigan. he's got the latest. reporter: hi there, charles. north of downtown detroit come downtown detroit, this aerospace and manufacturing plant is where hillary clinton will lay out once again her economic agenda and offer a rebuttal to donald trump's economic speech from just down the road earlier this week. the clinton campaign tells us she will go through a handful of different items both on the spending side and on the tax side. then they give you a couple each on the spending side she will call for the need for investment in job creation. she will also talk about her plan for debt-free college for all. i'm a tax that she will talk about charles: incentivize corporations to share profits along with her fair share
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initiatives, most notably the buffer pool, which is the millionaires she feels should pay at least an effect or tax rate of over 30%. as i mentioned, she will indeed dry contract with donald trump. a couple different ways she will do so at first she will introduce a term later today that she calls the trump loophole, which she feels donald trump's tax plan essentially allows for a pass or entities for corporations that she says he benefits from. she also will talk about the need to expand the estate tax were as donald trump has called for earlier this week completely abolishing it. clinton has called it a $4 billion gift to him and his family. we expect hillary clinton in 15 minutes or so. back to you. charles: blake irvin, thank you very much. uncertainty from the election and the uncertainty part now having an impact in the u.s.
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economy. steve, keep in mercedes. we obviously always have a certain amount of anxiety as we get it towards an election but it's actually a negative impact on the economy. >> i totally agree with that. that is something i felt for a long time. i talk to ceos all the time and the fact that there is uncertainty that they don't know what to do about capital expenditures, don't know how to hire or expand product line. they are concerned about protecting margins, all of which are clearly important to both political candidates. what the markets want is stability and that is the piece that's missing. uncertainty is absolutely toxic. charles: on the business investment side, it's absolutely crazy. businesses have been sitting on their hands on before the election and a lot of people blame president obama. in addition to regulatory staff, you build a fact to raise any have to pay a fine because he picked up some dust.
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there are some issues that have been lingering for a while and now they get even more tense because of the elections, steve. >> part of this is supply and demand. a lot of republicans don't want to raise the minimum wage. make it harder to buy products. growing the economy from the bottom up is creating an economy where people can buy things. the whole argument that déjà vu to my economics class. the clinton economics would crash the economy. we've never recover from it. we had the longest, most sustained period of growth in our countries history. charles: some people say, mercedes, it was sparked by ronald reagan and bill clinton was smart enough to pay that after a devastating midterm election loss. he also was fortunate that he was president the midst of what many call the third industrial revolution. what are your thoughts? >> we are talking about gdp growth of close to 4%.
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the goal when you look at the gdp, you are talking measly 1.2%. maybe we got to 2% once in a while. there is a real important opportunity when you look at these two candidates, which one of them really presents the bold agenda. the one that is really going to be a look to jumpstart this economy. so i think hillary has marred the same old, same old were you just continue to create security not for those people that don't have jobs. for donald trump is more about how you are able to about these companies and businesses to say let's invest in america. let's get people back to work. let's negotiate trade deals we haven't negotiated for over 20 years and see how we can halt the americans regained to bring industry back. let's think about the energy sector. that's a topic we can talk about completely.
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charles: donald trump at nafta really hard, but he did it moments ago and i want the audience to take a listen. >> nafta destroyed upstate new york, destroyed it. our factories closed. our jobs flat, many to mexico, which is the third world. when you look at mexico, we are like third world now when you look at the factories they are building there. what a sad, sad state of affairs. nafta made that all possible and it was signed by her has-been. charles: donald trump continues to keep hitting trade. i know you are an internationalist. i'd drop them into a globalist. you buy stocks or people in part because of profits and growth around the world. where should we be going with respect to trade? should we tear up nafta? >> you know, i am not an expert on nafta, but i am an expert on money. money is going to go where it's treated best. he got to not look at the
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legislation that does is it right or, you have to look in see what ceos decide. they will put a corporation, fact treat, put it overseas if they can put a higher profit. investors are members of pension funds, you name it. it makes america stronger. the question is where's that domicile? right now we have an environment that is hostile to doing that here. >> you can argue that's because benefits are menacing. i don't care. money has moved the manitoba got to focus on. the nation is filled with clever resilient people who want to go to work. give them the opportunity. charles: if the opportunities are being blocked, whet a start up from or the ease to play around with the capital. let me ask steve. hillary clinton is going to talk about penalizing companies that move jobs outside of this country. how she going to monitor that
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and know something is nonorganinonorgani c job and mcdonald's opens in china. you would have chinese people working there. would that really be a smarter solution rather than making it easier for someone to start a business and never think about moving? >> i suspect i'm closer to keep on trade and hillary clinton are donald trump. i'm much more internationally focused. they are companies that part their money overseas to avoid taxes. people that decide because they don't pay taxes there. it's a perfectly legitimate conversation. it's largely the same thing. charles: the m. version embeds completely different. more products outside of this country than inside. can we do that?
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is there a way to get that done? how do you make a less hostile environment. the companies can come back to the united states where there is the talent pool. the degree is penetrating and skills they need it back together for point is how you close to scale back here in the united states to ensure they can match the jobs to the employees. those are the challenges we are facing right now. what we do now is the track of the obama administration where you're talking about more regulation, we talk about the fact that the taxes are high. of course corporations are termed obscene am not going to invest in the united states. charles: there's probably solutions on business and potential of all americans right there in the it. you are fantastic. all three. appreciate it. i will come back to you, but
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i've got to switch topics for a moment. let's give bernie sanders and love. his crowd looking for a lot from hillary clinton. what does hillary has to do to convince the bernie sanders voters that are still largely -- to a large degree not convinced that hillary has gone to block -- go down that bernie path? >> charles, to be quite honest, i'm sick of hearing the speeches. let's look at the action but has put into place. but they have supported in the past. the actions are pretty clear. zero-point thing for small businesses. i've run 300 employees. i know what it means to employ people, put people to work in the state of florida was of florida with an ms in 22,008, 2012 and guess what is a hot mess right now. the status quo, people like nancy pelosi and orlando florida, organizing, cherry-picking for candidates is more of the same.
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more status quo, and more lobbying for the big dance. more special interest not for business owners. nancy pelosi is not concerned about putting people back to work in the state of florida. they are concerned with protecting our own interests. they have been, always will be. they not listen to speech but go back and look at the transcripts the wall street transcript and i guess that'll never happen. in the meantime, let's look at the facts that have been presented with african-americans and let's look at what small businesses have been able to accomplish during the last administration. the answer is a resounding zero. charles: listening to you, and it sounds like you've got four choices. your two main choices it seems like you would gravitate more towards the message of donald trump and hillary clinton right now. >> i think it is the message of seeing things as it is. when we look at why people talk
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about but they're not, they get we don't see the action whether it's the message you hear from donald trump, whether here from jill stein. the jig is up. people figured it out. they've looked at their bank accounts. i shut my small business down because i ran a staffing firm. in the state of florida health care reform destroyed it. single moms, people on different types of probation are different types of programs they need to continue to work. i don't see the democrat party doing anything to help those individuals. i don't predict them doing anything in the future. hillary clinton another one that supports are in congress all the way the ballot down. charles: i've got to go. listen, i love your passion and where you're coming from. you have not decided who you're going to throw your support behind? >> what i've decided as long as you have yet to be talking, that's what i'll continue to do. i will not be supporting hillary clinton. charles: thank you very much.
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charles: have you checked your 401(k)? you will be happy if you do. given the highest level of brazil or clinton is expected to go after wallace draped. charlie china lebanon whether her banking backers are worried it is his wink wink and going on with her? >> i think so. they think she is a shoo-in to win. i just got a call from one of those hillary backers who has had some access to internal polling. for her and trump. take it from the source. the source is democrat. anti-trump is the source and it is some guy very connected on
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wall street. he told me simply that he's going ahead in the battleground is by very wide margins. they think she has it in the bag. by the way, the state should mention include ohio and florida and north carolina as well. it sounded like the bleeding hasn't stopped yet. we will see what the other polls are saying. it's getting pretty bad for donald trump. she figures that she's got a recipe where she can -- the bankers. on one and wink, wink, nod, nod. i will be nice to you on the other. a lot of these people are willing to accept it. charles: when you were being seated, you heard this woman figaro appeared she wasn't buying it. people are saying there is these tears disconnect. if you look at hillary events, they've got about five folding chairs at an outdoor picnic bar and donald trump has 10,000
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people. it is a regular person and how this blowout polls? >> though caputo, the great author has some great books, bestsellers, but also some bombs. on a 5000 people bought that book. buy a dozen people in my living room. we are getting snapshot of days. the other thing as what is scary about this election the way it may come out to be as hillary clinton make a 51% of the vote because so many people despise her and don't like her. donald trump may only get 41% because a lot of people have problems and there will be a protest to gary johnson and that is the way the polls are looking. that means she went about every state. >> when ronald reagan won 9%. just want to let the audience know that as hillary clinton to her in a factory and ahead of her big speech industry.
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the sin, charlie. the e-mail thing yesterday. there's all kinds of things lingering out there. you've got the debates. isn't it premature to call this thing over? these are the same experts that trump would in this position in the first place. charles: i agree with you. she's still not piercing the 51%, 52%. president obama got in the polls so she still has issues. it has the opposition. one thing i would be scared about is the opposition to donald seems to be his negatives are high in the opposition seemed to be firm enough. it seems like gary and has become the libertarian candidate is a default choice publicans charles: every poll i see when you clinton, her numbers go down more than trump. >> she gets 50, he gets 40 and she gets nine. there's some polls out there now and we will get a better taste of where this and. train to stay right there.
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charles: hillary clinton touring a tool manufacturing factory in the michigan. expected to hit trump really hard. we have a keith fitz-gerald and her -- mercedes schlapp. i've been doing a lot of work on this, we're capitalists and free market people, but almost 60% of the millenials see socialism in positive light. 58% of democrats see it in positive light. a lot of people feel like capitalism doesn't work anymore. seems like a document be move for hillary clinton to move further to the left but politically, is it really? >> you know, it's scary. it is not whether it's a dumb move, charles, it is scary that can hillary clinton wants to move to the left.
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in the convention speech she made it clear she sent a message to bernie sanders supporter she was listening to them and really embracing the democratic socialist agenda, which is more of the free entitlement stuff, from the college, colleges, to, what you're going to do with medicare and the social programs. so what it really signifies for the u.s., is the fact that, do we want to become a society about entitlement? where it is about insuring we don't allow for, for example, for innovation, entrepreneurship? the ability for the millenials to be able to be, work hard and be able to grow in their jobs, in their careers? so i think that message being sent out by democrats, i think it is just very scary. charles: keith, we've got record low fertility rates. near record low entrepreneur rates. we have homeownership at 50-year low.
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some are saying these millenials, that mercedes just referenced, they're not buying into this anymore. that's perhaps why all of this thing sounds so great. we all know, this is what europe looked like 20, 30 years ago, we see the results of that nevertheless not from economic point of view, pure political point of view, what is one of the main reasons she is at least advertising this. >> i struggle with this on a daily basis because the millenials who work on my team are highly motivated, they understand the american dream. they want a part of it. they're all over the world. so i have a real problem looking at those poll numbers, because that is not the millenial generation i know. now that having been said, you wonder what is driving those poll numbers? is it really millenials talking or millenials they haven't yet encountered, responsibility for own actions, drive to get wealth and need to fork it somebody else says say. charles: people say if you're
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not a liberal in your 20s you don't have a heart, with you in your 40s, if you're not conservative you don't have a brain to keith's point. hillary going after corporate profits. that is huge red flag. she has to do this, right? we've begun building great utopia. freedom from wont, fdr's fourth freedom. why would companies invest, why would they innovate if there was no profit motivation? >> well, listen, i think there is a lot of fear-mongering going on here. 77 months of consecutive job growth. a lot of income issues we're dealing with as keith knows are not unique to the united states. a lot of westernized democracies are struggling with income growth. we're going through major period of economic change, turn of the century into the 20th century. a lot of struggles not related to politics. the fact we don't make things the same way we used to. we're innovation based economy. i think these are economic issues that are bigger than
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this. you know, but again, the economy is not in bad shape as mercedes said. stock market 10,000 points. 77 consecutive months of job growth, something we didn't see under george bush. donald trump hitting hillary clinton and obama on isis. >> our government unleashed isis. i call president obama and hillary clinton the founders of isis. they're the founders. in fact, i think we'll give hillary clinton the, you know, if you're on a sports team, most valuable player, mvp. you have the mvp award. isis will hand her the most valuable player award. charles: be in the shape of a hand grenade. guys, hillary clinton tweeting moments ago to. anyone willing to sink so low, so often should never be allowed to serve as our commander-in-chief. no, barack obama is not the founder of isis. can be difficult to muster
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outrage as frequently donald trump should cause it but smear against president obama requires it. mercedes, we started the week with the gop promising, a reboot, focus on the economy. the last couple of days we've been hearing about isis and barack obama being its founder. i know that works with the core of the donald trump fans. will that expand his popularity? could that get him to the white house? >> well, i think that, it would be more effective for donald trump if he were able to say exactly what the facts are, which is, the hesitancy from this presidency, from obama, the obama administration, the judgment calls from hillary clinton in terms of libya, where they created a vacuum, where then isis was able to grow in libya. then it took them years to take action in libya to try to fight off isis. i think that, he could be so much more powerful if he could just state the facts. and instead he goes off into the
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founder of isis. again, i don't think that works. i think in the end we know this president, although taken him a while to try to figure out a strategy, a half-hearted strategy that is not totally completely effective. we've seen intelligence reports come out today, charles. charles: right. >> basically saying that the data was manipulated showing they were trying to paint a rosy picture on isis. this is the stuff that drives the american people crazy. so i think that trump could be a lot more effective if he just sticks to the facts on these issues. charles: steve, i mean there is no doubt president obama calling isis the jv team, and of course, listen he initially ran for president as the antiwar candidate, economy falling apart fell into his lap. he took the ball and ran with it. but we know he has a certain disdain for conflict. he has a certain disdain for us fighting. certain disdain for us not being quote, unquote citizens of the world.
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there is no doubt he botched that. i think democrats like it when they say he is founder of isis? >> i think he has a certain disdain for war. i don't think anybody has a pleasure for war. let's remember in 2008 john mccain called him naive would go into pakistan after barack obama. go into pakistan after usama bin laden. charles: can we trust the report after we heard, central command being sort of told, hey, paint the rosiest picture possible? can we even trust that report? >> i mean listen, people will not trust anything. 72% of the republicans think obama wasn't born in america. what we do know that, isis is shrinking. feels like to me donald trump was almost rooting for them. that is where i have a problem. go back to 9/11. republicans an democrats had differences going into iraq but nobody was rooting for saddam hussein. literally feels like trump is
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hoping isis attacks that he can take credit for it. i have a problem with that. charles: mercedes? >> i totally disaagreement trump made it clear defeating isis is his top priority. he feels frustrated by the fact that this administration an hillary clinton literally created an environment where isis has been able to grow, like in the case of libya, like the instability in iraq. and it's taken the obama administration a long time to try to figure out how they can somehow take down or minimize isis in many so of the region, but there has been expansion of isis in over 18 countries across the globe. that doesn't include lone wolves, those people out there, including in the united states, that are willing to attack. charles: there is something really disheartening, keith, and panel, when bush was the president and we heard about the darfur, and the charges that were leveled at bush, that he was insensitive. that he didn't care blacks were
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being slaughtered in africa. those kind of things, yet we see boko haram, we see the growth of isis. keith, i got to tell you something, president obama didn't found it, but to mercedes point they have flourished mightily under his watch. >> you know the question is, did it flourish because of him or flourish on his watch. i don't know the answer to that but i do know we have not been able to filed an effective response. from an investment standpoint that proves the uncertainty. from an opportunity standpoint you don't want to dance on anybody's graves but there are plenty of companies out there prepared to address this threat, if they are properly engaged, and to keep coming back to the money in middle of all of this, that is investable opportunity. charles: speaking coming back to the money. they're playing music. they announced, hillary clinton and she will be stepping up any moment now to give her big, big speech on the economy. remember, guys, looking at five big points here. the largest investment in so-called good-paying jobs since
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world war ii, tuition-free college for the middle class and debt-free college for all. workers sharing in the profits they create. it that doesn't send a shiver up your spine as ceo, nothing will. making wealthy pay their part. wall street, big corporations, you want to know how they pay for the welfare utopia? she is i lag it out for you. match how families live, learn and work in today's economy. these are bullet points she put out for public consumption prior to this speech. it is going to be a serious rebuttal also to donald trump, who had an opportunity in the same neck of the woods to present his economic vision or the nation on monday. it was a speech well-received by just about everyone, particularly the business community. i got a feeling hillary's will not be aimed at that particular community, but aimed at the white house regardless how feasible it is or not. she is of course baaing in the glow. up in almost all of the polls. and she is doing extremely well. take a listen.
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[shouting] >> hillary! hillary! >> to think 61 years ago a gentleman was driving down a local road called groesbeck highway. he wanted to start a company. vehicle pulled up asong lied. i need to pick a name. car pulled up, 1949 oldsmobile, rocket 88. he thought, that was great. he started a company in michigan doing small odd jobs. through continuous investment in the company and facilities, and employees, partnering with mccomb county community college and apprentice ship program, developing associates, this is what you stand in today. thank you very much for being here. to introduce you to madam secretary, hillary clinton. [cheers and applause]
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>> thank you. i have to tell you, i'm thrilled to be here for a number of reasons. wonderful to be back in michigan. [cheers and applause] you can really feel the energy and dynamism that is driving this state's comeback. and in detroit we've got new businesses opening, neighborhoods like midtown and eastern market are coming back. the auto industry just had its best year ever! [cheers and applause] over in ann arbor, high-tech firms are thriving. next generation of engineers are trained up in houghton. and here in futureramic, so
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well-named. you are on front lines i believe will be a true manufacturing renaissance in america. [applause] i just was given a short, but exciting tour by mark jurak and john couch, who are telling me about how this company was started as and for most of its early history, was an auto supply company. and then in 2000, as the market began to change and some of the auto companies began to realign, they were faced with a choice. we all face choices in life, don't we? and this company could have just said, hey, you know, our business is not going to be what it was. we got to just fold up.
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let as, you know, just kind of quit. that's not what happened here, and what happened here is what can happen across america. you are in now what is largely an aerospace company. and -- [applause] and because of the workforce and work ethic and commitment of company you got to see when is unfold. i got to see the ls rocket that will go from mccomb to mars. [applause] i saw the two halves of a f-35
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nose cone waiting to be put together. i talked with some of the workers about the absolute perfection that is required to do this work. and what i believe with all my heart is, what's happening here can happen in some places if we put our minds to it. if we support advantagessed manufacturing, if we are the kind of country that understands how important it toys build things. we are builders and we need to get back to building! [applause] so we're making progress. none of us can be satisfied until economic rye vitalization of some parts of michigan reaches every community. it is inir. >>ing to see this combination of old-fashioned hard work and cutting-edge innovation.
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i know my opponent in this election was here in michigan. it was like he was in a different place. when he visited detroit on monday he talked only of failure, poverty and crime. he is missing so much about makes michigan great. [cheers and applause] the same is true when it comes to our country. he describes america as an embarassment. he said, and i quote, we're becoming a third world country. look around you, my friend. [booing] go visit with the workers building rockets. that doesn't happen in third world countries. [applause] we have a lot of urgent and important work to do. that is what i'm going to talk about today.
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because all of the people that i have met, throughout this campaign, really prove how wrong this negative, pessimistic view is. america's best days are still ahead of us, if we make up our minds to actually go out and make that happen! [applause] just consider our assets. we have the most dynamic, productive workforce in the world, bar none. [applause] we have the most innovative businesses, the top colleges, universities, community colleges, training programs, in the world. and the best science and technology. we have enormous capacity for clean energy production. we are resilient, determined, hard-working. there is nothing america can't do if we do it together.
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and i, i know this. [applause] because this is how i was raised i don't think mr. trump understands any of it. he hasn't offered any credible solutions for the very real economic challenges we face. those challenges emerged long before the great recession and they have persisted through our recovery. there is too much inequality, too little upward mobility. it is just too hard to get ahead today but there are common sense things that your government could do that would give americans more opportunities to succeed. why don't we do it? because powerful special interests and the tendency to put ideology ahead of political progress have led to gridlock in congress.
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and how can you not be frustrated and even angry, when you see nothing getting done. and lot of people feel, no one is on their side and no one has their back. and that is not how it is supposed to be in america. if i am fortunate enough to be your president i will have your back every single day that i serve. [cheers and applause] and my mission in the white house will be to make our economy work for everyone, not just those at the top. this is personal for me. i am the product of the american middle class. i was born in chicago. i was raised in a suburb but my grandfather worked at the scranton lathe mill, in
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scranton, pennsylvania, for 50 years, and because he worked hard my dad was able to go to college and eventually start his own small business and send me out into the world to follow my own dreams. no matter how far those dreams have taken me, i have always remembered, i am the daughter of a small business owner, and the granddaughter of a factory worker, and proud of both. [applause] so here's what i want. i want every american family to be able to tell the same story. if you work hard, you do your part, you should be able to give your children all of the opportunities they deserve. that is the basic bargain of america. now whether we will be able to renew that bargain, on even better terms for the 21% century, depends in large measure on the outcome of this
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election. so here are four questions that i hope the american people will ask of both candidates. and that the answers should help make your choice in november crystal clear. first, which candidate has a real plan to create good-paying jobs. second, who will restore fairness to our economy and insure that those at the top pay their fair share of taxes. [applause] third, who will really go to bat for working families? and forth, who can bring people together to deliver the results that will make a difference in your lives? now -- [applause] now, i hope that after giving a
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fair hearing to both sides, you will join the millions of people across our country supporting this campaign, not just democrats but a growing number of republicans and independents as well. now when it comes to creating jobs i would argue it is not even close. even conservative experts say trump's agenda will pull our economy back into recession. and according to an independent analysis by a former economic advisor to senator john mccain, if you add up all of trump's ideas, from cutting taxes for the wealthy and corporations, to starting a trade war with china, to deporting millions of hard-working immigrants, the result would be a loss of 3.4 million jobs. [booing] now, by contrast, the same
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analyst found that with our plans, the economy would create more than 10 million new jobs. [applause] so let me tell you how we would do that. i believe every american willing to work hard should be able to find a job that provides, dignity, pride and decent pay that can support a family. so starting on day one, we have will work with both parties to pass the biggest investment in new, good-paying jobs, since word war two. we -- world war ii. we -- [applause] we will put americans to work building and modernizing our roads, our bridges, our tunnels, our railways, our ports, our airports. [applause]
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we are way overdue for this, my friends. we are living off of the investments that were made by our parents and grandparents generation. we will also help cities likes detroit and flint connect underserved neighborhoods to opportunity-expanding affordable housing and we will repair schools and failing water systems as well! [cheers and applause] you know, i happen to think we should be ambitious. while we're at it, let's connect every household in america to broadband by the year 2020! [cheers and applause] it is astonishing to me, how many places in america, not way, way far away from cities but in
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cities and near cities, don't have access to broadband and that disadvantages kids asked to do homework using the internet, five million of them live in homes without access to the internet. you talk about achievement gap, it starts right there. let's build a cleaner, more resilient power grid with enough renewable energy to power ever home in our country as well. [applause] some country is going to be the clean energy superpower of the 21st century and create millions of jobs and businesses. it will be either china, germany or america. i want it to be us. we invented the technology, we should make it and use it and export it, which will help to
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grow our economy. [applause] and here's something that you don't always hear enough of from democrats a big part of our plan will be unleashing the power of the private sector to create more jobs at higher pay. and that means for us, creating an infrastructure bank to get private funds off the sidelines and compliment our private invests. $25 billion in government seed funding, could, unlock $250 billion and get your country moving on our infrastructure plan and we're going to invest $10 billion what we're calling it, make it in america partnerships to support american manufacturing and recommit to scientific research that can create entire new industries. [applause]
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when mark and john giving me the tour and talking to some workers along the way, and asking them where some of the precision machinery came from that is being used here at futuramic, it is what i hear all over the country, germany, japan, italy. , i want to bring that precision manufacturing back to the united states. there is no reason we can't begin to make those machines ourselves an supply the rest of the world instead of buying somewhere else. [applause] let's expand incentives like the new market tax credits that can bring businesses, government and communities together to create good jobs in places left out and left behind. to logging country, coal
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country, native-american communities, rural areas ravaged because of lost jobs and industrial regions hollowed out as factories closed. as president i will make a major push to empower small businesses and entrepreneurs. [applause] with new national initiatives to cut red tape at every level and expand access to credit, especially through community banks and credit unions. i will propose a new plan to dramatically simplify tax filing for small businesses. [applause] right now, the smallest businesses, the kind that my dad had, it was a really small business, spent 20 times more per employee to prepare their taxes compared to larger companies.
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it should be as easy as printing out a bank statement. let's free entrepreneurs to do what they do best, innovate, grow, and hire. as mark said, this company started because of a drive down a road and thinking about it, talking about it, then seeing one of the old, old oldsmobile futuramics, and coming up with a name. in america you should dream it and build it and we'll get back to doing that. [applause] donald trump has a different view. he has made a career out of stiffing small businesses from atlantic city to las vegas. there are companies that were left hanging because he refused to pay their bills. a lot of those companies scraped together what they could to pay
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their employees, and many of them put their businesses at risk and some of them inned up taking bankruptcy. it wasn't because trump couldn't pay them, it was because he wouldn't pay them. that is why i take it personally. my dad ran a printing plant. he had two really long tables. he printed fabric for draperies. he would lay out the fabric and take a silk screen and he would go down the table. he would put the silk screen down. he would pour the paint in. he would take the squeegee. he would go across the screen. lift it up, go down, all the way to the end and then start on the other table. he worked hard. when he was finished he would load all the fabric up, put it in his car and take it to the business that had ordered it. maybe a restaurant or a hotel or
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a some office. he he expected to be paid to show up and did the work. for supplies and labor often hired to help him on big jobs. he expected to be paid. i can't imagine what would have happened to my father and his business and contract from trump. showing up, submitting his bill we're not going to pay. if you don't like it, sue us. my father could have never sued a big organization like that. workers, painters, plumbers, small businesses that provided pianos, installed grass or marble, all of whom were denied payment.
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is not how we do business in america. so we've got, to create create more good jobs. that are going to help more people. for example, our modern service economy is emtoering consumers with more choices and greater flexibility but we do have empower the workers in our service sector too. the people taking care of our children and our parents, they deserve a good wage and good benefits, and a secure retirement. [applause] crucial that every american have access to the education and skills they need to get the jobs of the future. so we will fight to make college tuition free for the middle class and debt-free for everyone.
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we will also liberate millions of people who already have student debt by making it easier to refinance and repay what you owe as a portion of your income, so you don't have to pay more than you can afford. it is just not right that donald trump can ignore his debts but students and family can't refinance their debt. and here's something else that i really want to emphasize. i don't think anybody in america is talking about this enough. and that is a four-year degree should not be a four-year degree shouldn't be the only good path in america [cheers and applause] you should be able to learn a skill, practice a trade, make a good living doing it. so many americans have the talent and the will to succeed

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