Timely Flashback: Hillary Clinton Predicted Trump's Tax Plan Would Kill 3.5 Million Jobs
The Bureau of Labor released their employment report for the month of May on Friday, and it contained some incredibly good economic news for the United States and American workers.
CNBC reported that the jobs report revealed a total of 223,000 nonfarm payroll jobs had been added over the past month, and the unemployment rate had dropped to 3.8 percent — the lowest since April 2000. These numbers beat estimates of only 188,000 new jobs and the unemployment rate holding steady at 3.9 percent.
Contrast that good news with the dire predictions offered up in 2016 by countless economic analysts and “experts,” who warned that Donald Trump’s tax, trade and regulatory policies would result in a horrendous economic downturn, potentially on par with the “Great Depression” of the 1930s.
More specifically, Townhall’s Guy Benson flashed back to the rather grim prediction by failed Democrat candidate Hillary Clinton during the third presidential debate of the 2016 election.
See her prediction of a dismal Trump economy around the 2:25 mark in the video below:
“By contrast, Donald’s plan has been analyzed to conclude it might lose 3.5 million jobs,” Clinton said.
“Why? Because his whole plan is to cut taxes, to give the biggest tax breaks ever to the wealthy and to corporations, adding $20 trillion to our debt, and causing the kind of dislocation that we have seen before, because it truly will be trickle-down economics on steroids,” she continued.
“So the plan I have I think will actually produce greater opportunities. The plan he has will cost us jobs and possibly lead to another Great Recession,” Clinton added.
But Benson pointed out that while Clinton predicted Trump’s economic policies would result in 3.5 million jobs lost, a recent projection by the Congressional Budget Office suggested that job creation would actually be about 2.6 million more than the initial projections issued in 2017.
Furthermore, a CNBC report in April revealed that more than 3 million new jobs had already been created in the U.S. economy since Trump took office, almost the complete opposite of what Clinton had predicted.
Meanwhile, the massive tax cuts Trump signed into law have had a positive effect on far more than just the wealthy and corporations — one need only ask the tens of thousands of workers who received “crumbs” in the form of large bonuses from the businesses that employ them, proving that the tax cuts did indeed “trickle down.”
On top of that, a report from The Washington Post noted that the recent jobs report fueled speculation among analysts that the unemployment rate will continue to fall throughout the rest of this year, potentially to an astonishingly low level of 3.5 percent, the lowest rate since 1969.
As new jobs are being added and unemployment numbers are dropping, wages are actually beginning to rise as well — something not seen in quite some time — at a rate of 2.7 percent over this time last year.
Additional proof that runs contrary to Clinton’s dystopian vision of Trump’s economy is the fact that the Atlanta Federal Reserve Bank just increased their projection of Gross Domestic Product growth rate for the second quarter of 2018 from 4.7 to 4.8 percent, a key economic metric that indicates the underlying strength of the U.S. economy.
All in all, the U.S. economy is booming, largely due to the fact that Trump kept his campaign promises of cutting taxes on corporations and individuals and rolling back regulations that stifled economic growth.
Like so many other things, Clinton was dead wrong in her predictions of what Trump’s economic policies would bring about, as more and more American workers are finding out each and every payday.
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