Oxford Economics, a British forecasting firm with offices in the United States, has studied Republican presidential nominee Donald Trump’s economic policies. They concluded that Trump as president would cost us $1 trillion.
Trump gave a big economics speech on Thursday in Des Moines, Iowa. Trump gave a long, not very coherent speech about the economy. He said that Clinton is running a “policy-free” campaign. Yes… I guess he doesn’t know how to find her website to see the specific plans she has. He is not the biggest fan of computers.
Oxford found that Trump’s tax and immigration policies would cost us four million jobs.
Jamie Thompson, head of macro scenarios at Oxford Economics said:
“Combining these policies together, the impact could be significantly negative for the U.S. economy.”
The report also said:
“Should Mr. Trump prove more successful in achieving adoption of his policies, the consequences could be far-reaching—knocking 5% off the level of U.S. GDP relative to baseline and undermining the anticipated recovery in global growth.”
Oxford are not the only ones who have predicted this. University of Pennsylvania’s Wharton Budget Model also predicted four million jobs would be gone.
One of the worst case scenarios they tested was the possibility of Trump slapping a 35 percent tariff on goods from Mexico (i.e. cars and air conditioners). The problem with this scenario is that many of the parts for those cars originate here in the United States. U.S. manufacturing companies would lose customers if they have to pay such high tariffs on what they contribute to.
Apparently, The Donald doesn’t want to fix the economy. He talks so much about making people rich, but he doesn’t want to get his hands dirty. He said:
“We’re in a bubble. And, frankly, if there’s going to be a bubble popping, I hope they pop before I become president because I don’t want to inherit all this stuff. I’d rather it be the day before rather than the day after, I will tell you that.”
Like his fellow Republicans, he doesn’t want to be blamed for screwing up the economy. Hm… There seems to be a pattern here. I guess Donald Trump doesn’t want to get blamed for things his predecessor did. Let’s ask Obama what that’s like.
Here is the full speech Trump gave in Iowa Wednesday:
Featured image via YouTube screenshot.
