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Reviews of Trump Economic Speech: Stances that Only Help the Few at the Top

A number of editorial boards and columnists are reiterating what many others have said: yesterday’s economic speech by Donald Trump offered nothing but stale, dangerous ideas and more handouts for those at the top.

 

Mr. Trump’s Losing Economic Game Plan

NEW YORK TIMES // EDITORIAL BOARD

Donald Trump said on Monday that he wanted to usher in “economic renewal,” but most of his proposals would hurt the economy, rack up huge deficits, accelerate climate change and leave the country isolated from the world. In a speech billed as a blueprint for stimulating growth and creating jobs, Mr. Trump offered a grab bag of ideas that borrow from discredited supply-side economics, the fossil fuel industry’s wish list and “America First” isolationism. . .It was vintage Trump, full of promises of greatness and victories backed by fantastical proposals. . . The big problem with Mr. Trump’s tax ideas is that they would leave a multitrillion-dollar deficit for no benefit. . .Mr. Trump’s previous tax plan, released last year, would have reduced federal revenue by $9.5 trillion over 10 years, according to the Tax Policy Center, meaning that Mr. Trump would have to slash government spending or increase borrowing substantially. . . Mr. Trump also promises to take a machete to existing federal regulations and put a moratorium on new rules. . . Increasing fossil fuel production, and the carbon dioxide emissions associated with it, is exactly the wrong strategy at a time when the world has become increasingly concerned about global warming and its disastrous consequences. But this is of little concern to Mr. Trump, who has dismissed climate change as a hoax and whose “energy revolution,” as he outlined it on Monday, made no mention of carbon-free renewable energy sources. . . Mr. Trump considers himself a businessman, uniquely capable of improving the economy. But this list of misguided and risky proposals would reduce economic growth while showering the rich with tax breaks.

 

Trump’s economic plan ignores the Americans he claims to speak for

WASHINGTON POST // EDITORIAL BOARD

. . . Mr. Trump’s economic policy speech to the Detroit Economic Club managed to embrace the worst of traditional Republican doctrine while repudiating the best of it. . . There was, in short, little in the way of tangible benefit for the downscale Americans for whom Mr. Trump claims to speak. Possibly to draw attention away from that fact, Mr. Trump framed his proposals as a salve for such injustices as “rebuilding other countries instead of our own” and “resettl[ing] millions of refugees at taxpayer expense” while our infrastructure “fell into disrepair.” Brimming with statistics, larded with footnotes,Monday’s speech was meant to instill “message discipline” in the Trump campaign. But even that message’s most carefully scripted version is held together by smoke, mirrors and scapegoating.

 

Why Trump’s economic policy would be disastrous

CNN // JEFFREY MIRON

The economic plan that Donald Trump presented on Monday in Detroit, while light on details, provides a good glimpse into what the nation can expect from a Trump presidency. Though the plan had a few noteworthy ideas, it misfired on issues ranging from tax reduction and reform to regulatory reform and trade policy. . . Taken as a whole, Trump’s economic plan is disastrous. Large tax cuts without even larger spending reductions mean explosive deficits and debt.

 

Trump Has a Posture, Not a Plan, on Economics

BLOOMBERG VIEW // EDITORIAL BOARD

Donald Trump said he’d use his speech to the Detroit Economic Club on Monday to unveil a new plan for revitalizing the American economy. Sadly, what he offered wasn’t new, and it wasn’t a coherent plan. The specifics Trump did put on the table would cripple rather than revitalize the U.S. economy. . . When it comes to regulation, Trump is similarly unconcerned with results. Minimizing the burden of regulation on business requires careful justification and good design. Trump says he’s going to cut regulations “massively,” starting with a moratorium on new ones. Such sweeping declarations are worthless. Smart regulatory reform has to move case by case, and demands close attention to detail — not the candidate’s style. . . Policies have consequences, and presidential candidates ought to show they understand this. So far, Trump hasn’t — and until he does, his ideas don’t deserve to be called a plan.

 

Donald Trump Sells Out To Trickle-Down Economics

NEW YORKER // JOHN CASSIDY

From the beginning of Donald Trump’s campaign, there has been a nagging inconsistency in his approach to economic issues. . . Consequently, the contradictions attending Trump’s economic platform are more glaring than ever. He goes into the last months of the election campaign as a political schizophrenic. . . Until he specifies the income thresholds at which each of his tax rates would kick in, it is difficult to estimate the exact distributional consequences of what he is proposing. But to the considerable extent that it mimics the Ryan plan, it would be a boon for the already wealthy. A recent analysis of Ryan’s proposals, from the nonpartisan Tax Foundation, showed that households in the middle of the income distribution would see their after-tax incomes rise by 0.2 per cent. Households in the top one per cent of the distribution, where Trump and many of his economic advisers reside, would see their after-tax incomes go up 5.3 per cent.

 

Economic Hustle

US NEWS // PAT GAROFALO

In the latest attempt to initiate his campaign’s long-promised “pivot” to the general election, Republican presidential nominee Donald Trump delivered an address before the Detroit Economic Club on Mondaythat was equal parts conservative pablum, distortion and conspiracy theorizing. But hey, at least he didn’t insult a new ethnic group, so I imagine some folks are going to score it as a very presidential moment for him. . . As U.S. News’ Robert Schlesinger explained earlier, the song may change but the Trump remains the same. Don’t fall for it.

 

Donald Trump needs to fill in details on economic promises

NEWSDAY // EDITORIAL BOARD

Much of Trump’s policy wouldn’t favor the faithful who pack his rallies. He would drop the estate tax, which applies only to those with very high wealth. (More than a third of it is paid by the top 0.1 percent.) And he would allow for a full deduction of child care expenses, which sounds good, but might replace existing tax credits. That could hurt low-income families.. . .And it’s hard to rely on what Trump says when he includes small children and retirees in his unemployment figures. Trump has to go beyond what people want to hear. Right now, it’s a plan long on promises and fantasy and short on details and reality.

 

They built N.Y., Mr. Trump: Immigrants fueled the city’s comeback 

NEW YORK DAILY NEWS // EDITORIAL BOARD

The new and improved Donald Trump unveiled on Monday was neither, because Donald “I am the only one” Trump was the same ill-informed narcissist that he has always been and always will be. He billed his speech before the Detroit Economic Club as a major economic address. It was no more that than his sales pitches for Trump University accurately represented the fleecing he inflicted on enrollees. . . Well-formed ideas were nowhere to be found. Instead, Trump spoke about Trump, the veritable superman whose powers are so awesome they enabled him even to save New York in the era of urban failure.

 

Trump looks out for the wealthy, not workers

SACRAMENTO BEE // EDITORIAL BOARD

. . . Unfortunately, his big economic plan was mostly a mix of tired Republican favorites – getting rid of regulations and repealing Obamacare – and his own faulty ideas, such as tearing up groundbreaking climate change agreements and a protectionist policy that could easily start a trade war. . . But the gigantic tax cuts he wants would mostly benefit the 1 percent like him. If he’d release his tax returns like every other recent presidential candidate, we’d see just how big a windfall he’d get. . . It’s not at all clear how Trump would pay for all this generosity without exploding federal deficits or making painful spending cuts. He remains much better at complaining about problems (the loss of manufacturing jobs, stubborn unemployment and poverty) than offering real solutions.

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