An awkward moment occurred during a Hillary Clinton interview with Fox News on Wednesday, when the presumptive Democrat nominee could not list a single thing she would do differently than President Obama to address the nation’s struggling economy.
Last week, the Labor Department reported just 38,000 jobs were added in May, which was the lowest number since 2010. That number was down significantly from April, when 160,000 jobs were added.
The Labor Participation Rate decreased to 62.6 percent, with a record 95 million working age Americans not in the labor force. The last time the United States experienced such a low participation rate was the late 1970s, under Democrat President Jimmy Carter.
When asked about the economy, Clinton said, “I do believe, based on historical evidence, that our economy does better when we have a Democrat in the White House.”
“There are lessons to learn from what my husband did during his eight years. And I think President Obama does not get the credit he deserves for having to deal with a terrible crisis with the Great Recession,” she added.
Fox News’ Bret Baier, noting that 65 percent of Americans think the country is moving in the wrong direction, asked, “What specifically would you do differently with the economy than President Obama has done?”
The Democrat candidate did not answer the question, instead replying haltingly, “Well, I think that 76 months of job creation is a good start.”
“Well it’s just not different. What specifically would you do differently than the Obama administration?” Baier followed up.
Clinton replied that it took awhile to get out of the “deep ditch” the U.S. was in economically. The candidate went on to offer that the country needs a big infrastructure plan. “I want to have as big an infrastructure project as Dwight Eisenhower had when he did the interstate highway system.”
“I also want to do more to incentivize the return and growth of manufacturing jobs in America. And finally, we’ve got to combat climate change, and I think we do that with clear renewable energy jobs,” she added.
The problem with Clinton’s answer is that none of it differs from Obama. He poured hundreds of billions of borrowed government dollars into “shovel ready” and renewable energy projects through the infamous Stimulus Bill and other spending bills, racking up unprecedented $1 trillion-plus annual deficits throughout his first term.
Obama has also offered rhetoric regarding bringing manufacturing jobs back to the United States, but has not been willing to lower the corporate tax rate of 35 percent, the highest in the world, which actually would incentivize manufacturers to return. Further, his administration has increased the regulatory burden on job creators at a rate not seen since the 1960s and ’70s.
To address the ailing economy and loss of manufacturing jobs, Trump has proposed at least three main actions: Reducing corporate and individual tax rates and taxes on investments, addressing trade imbalance by cracking down on currency manipulation by China and other nations, and disincentivizing American companies from moving their manufacturing facilities overseas through a tariff on the goods they import.
The fundamental principles of Trump’s tax plan have been endorsed by former Reagan economists Art Laffer and Stephen Moore, who both believe it would stimulate economic growth.
As reported by Western Journalism, the disparity between the Reagan and Obama recoveries is staggering. Both came to office facing, the worst economies since the Great Depression. Unemployment actually peaked at a higher rate during Reagan’s early years in office than under Obama.
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Since Obama took office, the economy has added approximately 10 million jobs, which has caused many to note it is the weakest economic recovery since World War II. By comparison, by this point in the Reagan presidency, over 13 million new jobs had been added when the country’s population was 100 million less.
The growth rate over the first 25 quarters (6 1/4 years) was a cumulative 34 percent with Reagan at the helm, versus 14.3 percent under Obama. Reagan’s policies emphasized lowering taxes to a top rate of 28 percent, and cutting regulations on businesses, while Obama’s policies have emphasized increasing taxes to a top rate of 40 percent and increasing the number of government regulations at a staggering rate.
The four million jobs Obama liked to brag about adding during his first term, Reagan’s economy added in 1984, the last year of his first term, alone.
The Washington Examiner reported the cost of the Obama regulations (Obamacare, EPA, financial, etc.) to the economy was nearly $200 billion in 2015, or $784 million for each day the government was open.