Hillary Clinton Lays Out Economic Vision CSPAN August 13, 2016 2:30pm-3:20pm EDT
with the january release of four americans detained in tehran. and the limitation of the nuclear deal. be sure to lock c-span -- watch c-span's washington journal on sunday morning. join the discussion. >> libertarian presidential candidate gary johnson is our this on "newsmakers" weekend. he talks about the libertarian left form. he also shares his views on donald trump and hillary clinton and the upcoming presidential debates. coming up next, donald trump and inelary clinton outl their economic agendas at two separate events earlier this week. you will hear from donald trump first, followed by your phone calls, and then hillary clinton's speech at a campaign stop in michigan. foronald trump called
reducing the number of federal income tax brackets and eliminating unnecessary government regulations while outlining his economic plan in detroit where several protesters made an effort to interrupt the republican presidential nominee during his speech. this is an hour. [applause] governor pence: thank you all. thank you, john, members of the lord, of the reception committee, of the detroit economic club. a few weeks ago as a fellow midwesterner from a state south
of here, i was humbled to accept the republican nomination to run and serve as vice president of the united states of america. in the midst of the weakest economic recovery since the great recession, today, at this historic forum, the republican thenee for president of united states will do what so many american leaders have done before at this very podium -- simply put -- today, you will hear your keynote speaker a new economicn, vision to make america great again. and it is an honor for me to introduce him. and man who i have just gotten to know personally over the last couple of months.
we have become fast friends. i haves like someone known all my life, quite frankly. like so many eric -- american on for norse throughout our history, donald trump is a dreamer. he is a builder. he is a driver. and he is a man who speaks his mind. sayhe is also a man i would -- what is so refreshing about donald trump and what explains the connection he has literally made to millions of americans because as he has built skyscrapers to the sky, to the summits of our largest cities, he has never forgotten the men who build our roads, who tend our sick, who reject our families. in a very real sense he has been a builder who has built alongside the men and women who have done the work and to see him far from the campaign trail, to see him among the people that
have worked with him for years, you see that connection. the ground is level around donald trump and he is the kind of leader who is continually of everyone ats every level in his organizations. it is truly inspiring to watch him work. he is quite a contrast from the other party fell nominee. they tell us this economy is the best we can do, and the american people know it a little bit differently. thelast quarter gdp report, slowest since 1949, extraordinary to think the is thee of bashan rate lowest since the 19 70's and heartbreaking, the number of americans living in poverty has increased by 7 million over the last seven and a half years. the american people know it is nowhere near the best we can do. it is just the best they can do,
and donald trump is going to lead this nation back to a dynamic and growing economy that works for all of our people. today, donald trump will outline an economic vision that will unleash the boundless potential of the american people and the economy by empowering businesses large and small to and, to invest, to grow produce here in america again. so, let me say -- [applause] it is truly a privilege but it is also a high honor for me to introduce to you a man who i believe will make america great again, and will be the next president of the united states of america. your speaker, donald trump. [applause] >> thank you, everybody, thank you very much. [applause]
mr. trump: >> thank you, everybody, thank you very much. thank you. such a crowd, beautiful. thank you. thank you for the invitation to speak to you today. it is wonderful to be in detroit. i have been here many times. we now begin a great national 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. the city of detroit is where our story begins. detroit was once the economic envy of the world. the people of detroit help to power america to its position of global dominance in the 20th century. [crowd boos] [applause] >> thank you. thank you very much. when we were governed by the america first policy, detroit was absolutely booming. engineers, builders, laborers, shippers, and countless others
went to work each day, provided for their families, and lived out, totally, lived the american dream. but for many living in this city, that dream has long ago vanished, when we abandoned the policies of america first. we started rebuilding other countries instead of our own. the skyscrapers were not in beijing and many other cities around the world while the factories and neighborhoods crumbled right here in detroit. our roads and bridges fell into disrepair, yet we found the money to resettle millions of refugees at taxpayer expense. today, detroit has per capita income of under $15,000, about half of the national average.
40% of the city's residents live 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. ]protester yelling [crowd boos] [applause] mr. trump: thank you. detroit tops the list of most
dangerous cities in terms of violent crime. these are silent victims whose stories are never told by hillary clinton, but victims whose suffering is no less real or permanent. in short, the city of detroit is the living, breathing example of my opponent's failed economic agenda. [applause] every policy that has failed this city and so many others is a policy supported by hillary clinton. she supports the high taxes and radical regulation that forced jobs out of your community, and the crime, policies have made you far less safe, and immigration policies that have strained the local budgets, and the trade deals like that stuff -- nafta, signed by her husband,
shifting your jobs to mexico and other countries, and she supports the education policies that denies your students choice, freedom, and opportunity. [applause] she is the candidate of the past. ours is the campaign of the future. 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 detail on all of these policies, and the ones
that we have already rolled out -- [crowd boos] [applause] "trump!"]nting mr. trump: thank you, everybody. this is what happens when you go from 35 people to close to 2000 people, i guess. in the coming weeks, we will be offering more detail on all of these policies, and the ones that we have already rolled out can be viewed on my campaign website. our opposition, on the other hand, as long ago run out of ideas. all hillary clinton has to offer is more of the same, more taxes, more regulations, more bureaucrats, more restrictions
on american energy, and on american production. more of that. if you were a foreign power looking to weaken america, you could not do better than hillary clinton's economic agenda. [applause] nothing would make our foreign adversaries 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 she has tilt the playing field toward other countries, at our expense, and that is why she tries to distract us with tired political rhetoric that seeks to label us,
divide us, and pull us apart. my campaign is about reaching out to everyone as americans and returning to a government that puts the american people first. [crowd boos] [applause] mr. trump: thank you. thank you. thank you. here is what an american 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. big increase. one of the biggest ever. her plan would tax many small businesses by almost 50%. recently, at a campaign event, hillary clinton -- you know this, you have heard this one. hillary clinton short-circuited again, to use a now famous term, when she accidentally told the truth and said she wanted to raise taxes on the middle class. [applause] i am
proposing an across-the-board income tax reduction, especially for middle income americans. this will lead to millions of new and really good paying jobs. the rich will pay their fair share, but no one will pay so
much that it destroys jobs, or undermines our ability as a nation to compete.
[applause] as part of this reform, we will eliminate the carried interest deduction. [crowd boos] >> thank you. as part of this reform, we will eliminate the carried interest reduction, and other loopholes that have been good for wall street investors, and people like me, but unfair to american workers. tax simplification will be a major feature of the plan. [applause]
our current tax code is so burdensome and so complex that we waste 9 billion hours a year in tax code compliance. my plan would reduce the number of brackets from seven to three and dramatically streamline the process. we will work with house republicans on the plan using the same bracket they have proposed, 12%, 25%, and 33%. for many american workers, their tax rate will be zero. we will develop -- [crowd boos]
>> we love you, trump. mr. trump: we will develop our own services and policies, agreeing in some areas but not in all or others. we will be focused on the same shared goals and guidance, the same shared principles. jobs, growth, and opportunity. [applause] these reforms will offer the biggest tax revolution since the reagan tax reform, which unleashed years of continued economic growth and job creation. we will make america grow again.
[applause] in 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, tax raising, poverty inducing obama-clinton agenda. [applause] so important, the state of new york has already lived through hillary clinton's failed leadership. "the washington post" today published an article on her broken promises. she pledged 200,000 jobs for upstate new york when she was a senator. what happened? the washington post writes and i quote, upstate job growth
stagnated overall during her tenure with manufacturing jobs plunging to record-setting levels, nearly 25%. the former first lady was totally unable to pass big-ticket legislation. many promised jobs. many promised. i remember so well. vote for hillary, i will bring you jobs. vote for jobs, she will bring back jobs. many promised jobs never materialized and others migrated to other states. she turned her first presidential run, which also was a disaster. [applause] thank you.
thank you. then it shows that upstate actually lost jobs, a lot of them, during her first term. she was all talk, no action, upstate new york, a disaster. it is a disaster, what's happened to upstate new york. nafta is a big reason. compare that to my record. in a recent new york post article, how donald trump helped save new york city. the paper writes that i, and this is a direct quote, in other words, not from me. [crowd boos]
thank you. all very well planned out. [applause] this is a direct quote. donald trump waded into a landscape of empty 5th avenue. the dust balls, central park so dangerous and a wall street area seemingly on its last legs as companies moved out. then, almost by sheer force of will, he rode to the rescue,
expressing rare faith in the future. he was instrumental in kickstarting the regeneration of neighborhoods and landmarks, almost given up on for dead. i did not say it, they said it. this is what i want to do. [crowd boos] remember, new york city was a disaster. 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]
let's look at what the obama policies have done nationally. their policies produced 1.2% growth, the weakest recovery since the great depression. a doubling of the national debt during the obama years. there are now 94.3 million americans outside of the labor force. it was 80.5 million when president obama took office, an increase of 14 million people. the obama/clinton agenda has created a silent nation of jobless americans.
homeownership is at its lowest rate in 51 years. [shouting] [crowd boos] [applause] mr. trump: thank you very much. i will say the bernie sanders people had far more energy and spirit. i will say that. [laughter] [applause] trump: nearly 12 million people have been added to the food stamps and these people are
growing and growing so rapidly. since president obama took office. another nearly 7 million people, great americans are right now living in poverty. we have the lowest labor force participation rates in four decades. 58% of the african-american youth are either outside of the labor force or not employed. one in five american households do not have a single member in the labor force, not a single member of the household. these are the real unemployment numbers. the 5% figures is one of the biggest hoaxes and american modern politics -- in american modern politics. [applause]
meanwhile, american households are earning more than $4000 less today than they were 16 years ago. the average worker today pays 31.5% of their wages to income and payroll taxes. on top of that, state and local taxes consume another 10%. a very grim picture. the united states also has the highest business tax rate among the major industrialized nations of the world, at 35%. almost 40%. [shouting] [crowd boos] [applause]
mr. trump: it's almost 40% when you add in taxes at the state level and in many cases and many states, it is higher than that. in other words, we punish companies for making products in america, but let them ship products into the united states tax-free if they move overseas. this is backwards. all of our policies should be geared toward keeping jobs and wealth inside of 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 the taxes from 35% to 15%. thank you. small businesses will benefit the most from this plan. hillary clinton's plan will require small business to pay as much as three times more taxes than what i am proposing. her regulations will put them totally out of business, and 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.
we are going to end it. i am going to cut regulations massively. massively. [applause] our lower business tax will also end job killing corporate inversions and cause trillions in new dollars and wealth to come pouring into our country. by the way, into cities like right here in detroit. [applause] to help unleash this new job creation, we will allow businesses to immediately expense new business investment.
no one will gain more from these proposals than low and middle income americans. [applause] my plan will also reduce the cost of childcare by allowing parents to fully deduct the average cost of childcare spending from their taxes. [applause] we are also going to bring back trillions of dollars from american businesses that are now parked overseas. they can bring their money back into our country. our plan will bring that cash home, applying only a 10% tax. this money will be reinvested in states like michigan. [applause] states like michigan which are having serious problems. finally, no family will have to pay the death tax. american workers -- [applause]
american workers have pay taxes their whole lives and they should not be taxed -- it is just plain wrong and most people agree with that. 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 wealth to stay in america. motor vehicle 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 since 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 so gravely, right out of detroit and others. the federal register is now over 80,000 pages long. at 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 alone, the obama administration unilaterally issued more than 2000 new regulations, each a hidden tax on american consumers and a massive lead weight on the
american economy. it is time to remove the anchor dragging us down, and that is what it is 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, a great guy, signed -- [applause] signed a similar order when a -- when he worked so hard in indiana as its governor. this will give our american companies the certainty they need to reinvest in our
communities, get cash off of the sidelines and start hiring, new jobs and expanding their businesses. that is what it's about. i will also immediately cancel all illegal and overreaching executive orders. [applause] next, i will ask each and every federal agency to prepare a list of all of the regulations they impose on americans which are not necessary, do not improve public safety, and which needlessly kill many jobs. those regulations 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 am president, we will start winning again, big-league. [applause] one of the most important reforms of all is trade reform. as bernie sanders has said, hillary clinton has bad judgment. we have seen this bad judgment overseas, in libya, iraq and syria. we have seen it in iran, we have seen it from president obama when he gives $150 billion to iran, the number one terrorist state and even gives them $400 million in money laundered cash as a ransom payment. we have also seen the terrible
obama, clinton judgment, right here for everybody to see in detroit. hillary clinton has supported the trade deals, stripping this city and this country of its jobs and it's well. she supported bill clinton's nafta. she supported china's entrance into the world trade organization. she supported job killing trade deals, and that was a really bad one, with south korea and she supports the transpacific partnership. not now, but very soon, if she wins. that will be a disaster for detroit and everybody else. [applause] let's talk about south korea, because it is perfectly illustrating the broken promises that have hurt so many american workers.
president obama and the usual so-called experts who have been wrong about every trade deal for decades predicted that the trade deal with south korea would increase our exports to south korea by more than $10 billion, resulting in 70,000 jobs. like clinton's broken promises to new york, these pledges 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 not increased at all, but their imports to us have surged more than $15 billion, more than doubling our trade deficit with that country. what else is new? it is happening with everyone.
the next betrayal will be the transpacific partnership. hillary clinton's closest friend confirmed what i have been saying, and this is from the beginning. if sent to the oval office, she will enact the tpp as sure as you are sitting there. her donors will make sure a vote for hillary clinton is a vote for the tpp, and it is also a vote for nafta. our annual trade deficit in goods 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 billion last year. almost $800 billion. this is a 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 autoworkers in michigan. today, that number is only 160,000 autoworkers. detroit is still waiting for hillary clinton's apology. 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 partnership will be an even bigger disaster for the auto industry and even worse than nafta. believe me.
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 the member countries, cost is over one million manufacturing jobs in the year 2015. by far, the biggest losses occurred in motor vehicles and parts, which lost nearly 700 -- 740,000 manufacturing jobs. what are we doing? michigan ranks first for jobs lost as a share of trade workforce due to the deficit with tpp members. 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 ever happen. [applause] hillary clinton will never withdraw from tpp. she is bought, controlled and paid for by her donors and special interests. [applause] because my only interest is the american people, i have previously laid out and detailed a seven point plan available on my website. it includes strong protections against currency manipulation, big problem, tariffs against any countries that cheat by unfairly subsidizing their goods, and it includes a total renegotiation
of nafta, which is a disaster for our country, a total renegotiation. [applause] if we don't get a better deal, we will walk away. at the center of my plan is trade enforcement with china. this alone could return millions of jobs to 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 exports , subsidies, prohibited currency manipulation and rampant that of -- theft of intellectual property.
it is rampant. it is out of control. they also have no real environmental or labor protections, further undercutting american workers. totally undercutting american workers. just enforcing intellectual property rules alone could save millions and millions of american jobs. [applause] according to the u.s. international trade commission, improved protection of america's intellectual property in china would produce more than 2 million more jobs right here, right now in the united states. [applause] add that to the same jobs protected from enforcing -- cracking down on cheating and
currency dumping and we will bring new wages back to our country, the united states of america. thank you. [cheering and applause] so simple. so simple. trade has big benefits. thank you. trade has big benefits, and i am 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. [shouting] [crowd boos] thank you. isolation is not an option.
only great and well-crafted trade deals where we are once benefit instead of being taken advantage of. we are going to benefit, and our workers are going to benefit or we will not make those deals. also critical to our economic renewal will be energy reform. the obama/clinton administration has blocked and destroyed millions of jobs through their anti-energy regulations while raising the price of electricity for both families and businesses. as a result of recent obama epa actions, coal fired plants across michigan have either shut down entirely or undergone expensive conversions, making them noncompetitive. the obama/clinton war on coal has cost michigan over 50,000
jobs. hillary clinton says the 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] clinton not only embraces president obama's job killing energy restrictions, but wants to expand them, including going after oil and natural gas production that employs some 10 million americans. according to the heritage foundation, by 2030, the obama/clinton energy restrictions will eliminate
another half a million manufacturing jobs, reduce economic output by $2.5 trillion and reduce income by $7,000 per person. a trump administration will end this war on the american worker and unleash an energy revolution that will bring fast 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 billion annually. add 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. increase total economic activity by more than $20 trillion over the next 40 years. the reforms i have outlined today are only the beginning. when we reformed 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. we can use this new wealth to rebuild our military which is desperately needed and our infrastructure. as part of this new future, we will also be rolling out proposals to increase choice and reduce cost in childcare, offering much-needed relief to american families. they are suffering.