Hillary Clinton went to Michigan last week to deliver her big economic speech in which she laid out what she would do if elected president. Here’s what Ms. Clinton proposes:
- “job creation”—where government hires people to build things.
- “infrastructure bank”—the ultimate in crony capitalism with the government deciding which projects get or do not get funding. Or, scratch my back and I’ll scratch yours.
- “increasing taxes” through “the Buffet rule”—the little problem is that W.B. makes most of his money in the form of unrealized capital gains, which are not taxed. And H.C. is not proposing that they should be.
From the government’s limitless credit card Hillary also wants “free college! Student loan forgiveness! Handouts to everyone for childcare!” As Francis Menton notes in the Manhattan Contrarian:
The speech is devoid of any recognition that the wealth of society comes from the hard work of free people in the private sector, or that the private sector needs freedom from oppressive government taxation and other meddling in order to do its job. Instead, in this vision, wealth either magically pre-exists or comes from government initiative, and then the government brings about perfect fairness and justice by an ever-expanding list of handouts and programs that will always work perfectly and never have any downsides.
… Larry Kudlow calls Hillary’s plan “insanity.” I’d call that charitable. The sad news is that Donald Trump’s proposals aren’t a whole lot better. But Trump has recently taken on Stephen Moore as his economic advisor, so maybe there is some hope.