(Before It's News)
More than 300 leading economists recently called for the rejection of Democratic presidential candidate Hillary Clinton’s economic agenda.
A statement by these leading academic economists “cited an underperforming US economy as vulnerable to stagnation under Clinton’s outdated policy prescriptions” — which could impact both homeland and national defense spending.
“If you look at Clinton’s promises for more debt-financed programs, higher taxes on investments and families, and a continued regulatory assault, it’s clear these ideas would be harmful to US growth,” said former Office of Management and Budget Director James Miller III. “It’s a promise for more of the same harmful policies that have stifled US growth since the recession.”
“In an economy with millions of Americans having dropped out of the workforce, a $12 an hour federal minimum wage and stalling development of American energy are job-killing ideas,” said prominent national economist Larry Kudlow. “The right prescription is limited but effective government, restrained spending and sound money.”
Meanwhile Clinton often cites a single Moody’s Analytics analysis which concluded Republican presidential candidate Donald Trump’s presidency would “significantly” weaken the country, driving the US into a “lengthy recession” with nearly 3.5 million job losses and a 7 percent unemployment rate. The report she cites was overseen by Mark Zandi, chief economist of Moody’s Analytics where he directs economic research. He’s also a major Democratic donor, including to Clinton, and a surrogate for her. OpenSecrets.org indicated he’s donated over $20,000 to other campaigns during the past decade, almost all of it to Democrats.
Trump policy advisor and economics professor at the University of California-Irvine, Peter Navarro, rejected the Moody’s analysis.
“In Moody’s world, ‘stronger foreign immigration’ pushes up productivity but doesn’t push down wages, the ‘negative employment affect [sic]‘ for a higher minimum wage is ‘modest’ tax hikes do not reduce the spending of higher income individuals, and [Clinton’s] plan will result in only a ‘modest increase in the federal government’s budget deficits.’ No reputable economist would sign on to these fantasies,” Navarro said in a statement.
Despite his Moody’s analysis, Zandi told the Washington Post, that “raising taxes on anyone now, when the economic recovery is so fragile, would be a mistake.”
During a speech in St. Petersburg, Fla., on Aug. 8, Clinton referred to Zandi’s research, noting, “One independent expert — actually, the economist who advised John McCain in 2008, so you know, not somebody that has any pre-disposition towards our side.”
Trump’s economic agenda would:
- Work with Congress to fully repeal the defense sequester and submit a new budget to rebuild our depleted military.Increase the size of the US Army to 540,000 active duty soldiers, which the Army Chief of Staff says he needs to execute current missions.
- Rebuild the US Navy toward a goal of 350 ships, as the bipartisan National Defense Panel has recommended.
- Provide the US Air Force with the 1,200 fighter aircraft they need.Grow the US Marine Corps to 36 battalions.
- Invest in a serious missile defense system to meet growing threats by modernizing our Navy’s cruisers and procuring additional, modern destroyers to counter the ballistic missile threat from Iran and North Korea.Emphasize cyber warfare and require a comprehensive review from the Joint Chiefs of Staff and all relevant federal agencies to identify our cyber vulnerabilities and to protect all vital infrastructure and to create a state-of-the-art cyber defense and offense.
- Pay for this necessary rebuilding of our national defense by conducting a full audit of the Pentagon, eliminating incorrect payments, reducing duplicative bureaucracy, collecting unpaid taxes, and ending unwanted and unauthorized federal programs.
The full text of the 300 economists’ statement follows:
Let’s block ads! (Why?)