Clinton Can’t Escape Obama’s Legacy – Like him or not, Obama’s 8 years in office have been about as successful as possible. He’s implemented a health care system that’s insured millions and has made some much needed services cheaper, especially for women. His economic policies have lowered the unemployment rate. The next president has tough policy shoes to fill. Trump could potentially dismantle everything Obama fought for (everyone move to Canada!) and Hillary could bring another 4 years of Obama-ism.
Trump put forth his economic plan recently. It’s definitely something. His economic advisors have turned him into Jeb Bush economically, which I guess isn’t as bad as it could be. The Upshot analyzed his plan a bit and found that the math just doesn’t add up. Trump stated that there were about 92 million Americans not working but when you break that number down you find that, while true, it isn’t quite what it seems. From The Upshot:
But the problem with that number (it actually is 94 million, if he’s referring to the Bureau of Labor Statistics number for adults not in the labor force) is that it includes a lot of people who aren’t working for good reason: They’re high school and college students; stay-at-home parents; people who are disabled; retirees.
Further, how does he plan to create jobs? Manufacturing jobs aren’t coming back, we are no longer specialized in those types of jobs and manufacturing things in the U.S. is not only more expensive but less efficient. That’s why Ford is moving small car production to Mexico. Stopping them, as Trump suggests, doesn’t make any sense from an economic stand point. Manufacturing cars in a more expensive country means those cars need to be priced higher to recoup production costs, which means less demand, which means less cars produced, which means slower production and less jobs. How can we keep manufacturing in the United States? Through automation, not people.
So if manufacturing jobs are going where will we find these magical jobs that trump wants to create? (Hint: Deregulation is not the answer.) Infrastructure programs would create millions of jobs, clean energy investment would create millions of jobs, strengthening small businesses would create jobs. Oddly enough, except for infrastructure spending, these are not programs that Trump has supported.
Edit: It’s important to note that achieving 3.5%-4% growth in a developed economy isn’t impossible but in order to do so you need not only jobs, but people. We currently don’t have enough people to achieve that growth. The good news is that there is a way to get the people we need in order to fill these jobs–through immigration, something that the GOP wants to severely limit.