Trump claimed today that Clinton’s donors won’t let her reduce taxes for corporations and the wealthy. Wonder whether anyone else will notice that he said that.
Outside the factory setting [which Clinton toured today before she gave her economic-policy speech], a scattering of pro-Trump protesters held “Hillary for Prison” signs and criticized Mrs. Clinton’s connections to Wall Street. And more than 1,000 miles away in Florida, Mr. Trump echoed that critique.
“She doesn’t have the talent” to jumpstart the economy, Mr. Trump said. “If she wanted to do it, she couldn’t because her donors won’t let her.”
Wielding a chart, Mr. Trump said the Obama administration’s policies that Mrs. Clinton wants to continue have led to plummeting homeownership rates and anemic economic growth. He also suggested that Mrs. Clinton wanted to raise taxes by $1.3 trillion and place more of that burden on the middle class — something that she has not proposed.
“Many workers are earning less money in real dollars than they were in 1970,” Mr. Trump said. “And then you wonder why they’re angry.”
— In Michigan, Hillary Clinton Calls Donald Trump Enemy of ‘the Little Guy’, Amy Chozick and Alan Rappeport, New York Times, today
Okay, so Clinton’s Wall Street donors won’t let her eliminate the estate tax and dramatically cut corporate taxes and taxes on wealthy individuals, which is what the Trump plan—devised by his Wall Street hedge-fund and real estate mogul advisers, his Heritage Foundation-economist adviser, and Edgar Bergen, er, Paul Ryan—says is the surefire way to jump-start the economy. Those folks know that will work because this kind of thing worked so well during the Bush administration.
Well, all right, it worked well in conjunction with bank deregulation and unregulated shadow banking that caused that skyrocketing homeownership rate during the G.W. Bush administration. The highs from which homeownership rates plummeted after the banking and shadow banking industries collapsed in the months before Obama’s inauguration.
The plummeting of which made Trump happy, he has said, because he was able to pick up so much real estate on the (very) cheap once all those homes went into foreclosure.
But Trump is crediting the wrong president for creating that buying opportunity. His memory fails him.
And it’s not only his long-term memory that fails him. His short-term memory is slipping, too. He’s a businessman, so I assume he follows the trend of the stock market and corporate profit reports, or at least the profits of, say, the Fortune 100. But apparently he forgets from one day to the next. And one week to the next. Not to mention one year to the next, although that would be long-term memory, I guess. Anyway, comparisons don’t seem to be his thing.
Which I guess explains why he doesn’t know that both the stock market and large-corporation profits are at record highs. So high, in fact, that corporate CEOs don’t know what to do with all that money. Although they do know what they won’t do with it: raise compensation for their rank-and-file workers and invest in, say, research and development. You know, the stuff that could result in economic growth: spending by these corporations that would obviate the point of dramatic tax cuts, which Ryan, the Heritage Foundation, and Trump’s hedge fund and real estate mogul friends say the corporations would spend on compensation raises for their rank-and-file workers. Well, all the tax-cut savings that are left after all the spending on research and development. Because money isn’t fungible after all.
There’s something about money from tax cuts that would make corporations spend the money in ways other than increased dividends, acquisitions of other companies, and mega-increases in top-executive-suite compensation. And Paul Ryan has the secret to what it is, and he’ll only share it with Trump.
Anyway, at least we now know why Clinton, unlike Trump, wouldn’t eliminate the estate tax and dramatically cut corporate taxes and taxes on wealthy individuals. Her donors won’t let her.
And to think I’ve wanted to see the reversal of Citizens United. How shortsighted of me.