Trump Pledges 25 Million New Jobs

Republican presidential candidate Donald Trump proposed a bold economic plan Thursday, promising 25 million new jobs and an annual average of 3.5 percent economic growth.

Speaking before the Economic Club of New York at the Waldorf Astoria Hotel, Trump said his economic plan wasn’t just about taxes and jobs. He also targeted regulations, energy, and trade.

“It used to be cars were made in Flint, and you couldn’t drink the water in Mexico,” said Trump. “Now cars are made in Mexico and you can’t drink the water in Flint.”

“One of the keys to unlocking growth is scaling back years of disastrous regulations unilaterally imposed by our out-of-control bureaucracy,” Trump said. “In 2015 alone, federal agencies issued over 3,300 final rules and regulations, up from 2,400 the prior year. Every year, overregulation costs our economy $2 trillion a year and reduces household wealth by almost $15,000. I’ve proposed a moratorium on new federal regulations that are not compelled by Congress or public safety, and I will eliminate all needless and job-killing regulations now on the books.”

Trump said his opponent, Democratic presidential candidate Hillary Clinton, wants to put many people out of business, especially coal miners. He said Clinton’s economic, taxation, and regulatory plans will cost the economy trillions.

“[An] Obama-Clinton directive will shut down most, if not all, coal-powered electricity plans in America,” Trump said. “Remember what Hillary Clinton said? She wants to shut down the miners, just like she wants to shut down the steel mills.”

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Trump was introduced by running mate Indiana Gov. Mike Pence, who criticized Hillary Clinton, suggesting her campaign was lackluster in its policies. Pence said Clinton is urging Americans to accept a regular, long-term economic “malaise.”

Before his policy details, Trump blasted the Ford Motor Co. for announcing Wednesday that it is moving U.S. small-car production to Mexico. He said President Obama leaves the nation in a state of disrepair and dysfunction, and cited water poisoning in Michigan as an example.

“It used to be cars were made in Flint, and you couldn’t drink the water in Mexico,” said Trump. “Now cars are made in Mexico and you can’t drink the water in Flint.”

Trump also threw in a mention of upstate New York, suggesting a line of attack in the future. When running for U.S. Senate in 2000, Clinton promised 200,000 new jobs for upstate New York alone. It didn’t happen by the time she left the Senate in 2009.

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Clinton’s missed goal didn’t make Trump wary of promises. Referring to years of meager economic growth, Trump promised 3.5 percent annual growth and 25 million new jobs.

“This is the weakest recovery since the Great Depression,” Trump said. “Over the last seven years, the economy grew only 2.1 percent, the slowest period in 70 years. Had the economy grown under Obama at the same rate as Reagan, it would have meant 10 million more jobs. Perhaps most shockingly, one in six men aged 18-34 are either in jail or out of work. That’s why I believe it is time to establish a national goal of reaching 4 percent economic growth.”

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Trump outlined an ambitious plan to reform income taxes by consolidating seven brackets to three, by exempting many low-income Americans, and by cutting the corporate tax rate to 15 percent — way down from 35 percent.

The plan got good reviews from some economic analysts on the right.

“He laid out a very clear, concise plan,” said Curtis Ellis, executive director of the American Jobs Alliance. Ellis said the trade reform and renegotiation are especially needed.

“The Clintons gave us NAFTA, gave us China [trade deals], that have been absolutely devastating to America,” said Ellis.

Alan Tonelson, founder of RealityChek blog and an economic policy analyst,  said reducing the trade deficit will speed growth. He liked the other parts of the speech about government policies.

“Trump is certainly on solid ground when he claims regulatory reform and tax cuts can serve as major engines of economic growth,” Tonelson said.