Trump: 4% GDP Growth Rate Under His Plan
Trump’s plan to make America great again starts with a series of extensive reform plans to improve the American economy. In a speech Monday in Detroit, he unveiled his plan that will “substantially lower taxes and make our country hum” and make a 4% growth rate ”easily attainable.”
The current US economy is a disaster. “Gross domestic product, the broadest measure of goods and services produced across the U.S., grew at a seasonally adjusted annual rate of 1.2% in the second quarter, the Commerce Department said Friday. The figure was well below the 2.6% growth economists surveyed by The Wall Street Journal had forecast,” wrote The Wallstreet Journal in the beginning of August.
Pulling the American economy out of the gutter isn’t going to be easy, but Trump is confident that he has just the recovery plan the country needs.
“With this plan I think more than that. I think we’d grow. You know, when China, as you know better than anybody, when China goes down to 7 percent, it’s a national catastrophe. We are at 1 percent and maybe going lower, believe it or not. I think 4 percent is easily attainable,” said Trump on Fox News.
So how does he plan to achieve this? He blames the strict federal regulations for stunting growth, making it “impossible for people to open up new businesses.” His plan would increase jobs, resulting in people paying minimal tax rates.
“We want to create jobs, and the way we’ll create jobs is to lower the corporate rate in particular, because we have companies that are going out of business,” said Trump on Fox News. “The other thing we’re lowering, a very important part of it is we’re lowering regulation.”
He also aims to offer tax exemptions on child care costs, a plan his daughter Ivanka has been very involved in the preparation of. More details will be announced in the next two weeks.
Clinton has been criticizing his plan stating that Trump and his advisors are only concerned about “how to avoid paying their fair share.”
Trump has recently announced his impressive team of economic advisors, which he said was just a partial list and defended his advisors. “We have had tremendous brain power working on it and we understand how to do it,” said Trump. “If you look at Hillary Clinton, when she was a senator she was going to rebuild New York . . . upstate New York is a total disaster. Jobs have left. We lost 47 percent of our manufacturing jobs under her when she was a senator.”
He also said he has never liked the idea of a flat tax and instead, sees the graduated tax as more fair. “I think when you’re making very little, you should be paying, you know, very little tax, because you need the money,” said Trump. “When you’re making a lot it could be graduated upward. I always felt that way.” He plans to remove estate taxes after seeing how it kills businesses.
As for the energy industry, he has plans for an energy revolution.
“The coal miners, these are miners you look at West Virginia, you look at Ohio, you look at Pennsylvania, Hillary Clinton wants to put them all out of business, wants to close every mine,” said Trump. “We’re being played by every country in the world. We don’t know what we’re doing. Honestly, we have leaders that don’t know what they’re doing.”