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Failing Forward

- March 4, 2016

Today, Clinton Pitched Four More Years Of Failed Clinton-Obama Economic Policies To The Already Decimated Manufacturing Community


TOP TAKEAWAYS

  • Today, Clinton tried to sell four more years of failed Clinton-Obama policies on manufacturing.
  • Clinton's tax and economic agenda mirrors that of Obama's, and promises to shrink the economy, further reduce wages, and reduce the number of American jobs.
  • Not only does the Clinton-Obama agenda assure more pain for the manufacturing community and the economy alike, but her senate record also exposes her record of rejecting manufacturing interests.

Speaking In Detroit This Afternoon, Clinton Spoke About The Economy And Said The Next President Needed To "Offer A Serious Proposal To Jumpstart Manufacturing." CLINTON: "We should never let ideology get in the way of helping Americans find the good jobs they need and deserve. So, I think your next president has to offer a serious proposal to jumpstart manufacturing, with the right policies and investments, we can ensure American continues to have the world's most competitive auto and auto parts industries." (Hillary Clinton, Remarks In Detroit, Michigan, 3/4/16)

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WHILE CLINTON TALKS ABOUT REVIVING THE ECONOMY, HER TAX PLAN WILL SHRINK THE ECONOMY, REDUCE WAGES, AND REDUCE THE NUMBER OF JOBS

According To Analysis By The Tax Foundation, Clinton's Tax Proposals Would "Reduce The Economy's Size By 1 Percent." "According to the Tax Foundation's Taxes and Growth Model, Hillary Clinton's tax plan would reduce the economy's size by 1 percent in the long run." (Kyle Pomerleau and Michael Schuyler, "Details And Analysis Of Hillary Clinton's Tax Proposals," Tax Foundation, 1/26/16)

  • Even An Analysis By The Liberal Tax Policy Center Shows Clinton's Tax Proposals "Could Negatively Affect Economic Activity." "Clinton's tax proposals would raise taxes on high-earners and thus could negatively affect economic activity. However, tax increases were enacted several times in recent history: Ronald Reagan raised taxes in 1982 and 1984; George H. W. Bush raised them in 1990; Bill Clinton raised them in 1993; and Barack Obama raised them in 2012. With the exception of Reagan's tax increases, all of these tax changes included significant increases in top marginal tax rates. The economic effects of these tax increases were not uniform and certainly not universally negative." (Richard Auxier, Len Burman, Jim Nunns, and Jeff Rohaly, "An Analysis Of Hillary Clinton's Tax Proposals," Tax Policy Center, 3/3/16)

According To Analysis By The Tax Foundation, Clinton's Tax Proposals Would Result In "311,000 Fewer Full-Time Equivalent Jobs." "The smaller economy results from somewhat higher marginal tax rates on capital and labor income." (Kyle Pomerleau and Michael Schuyler, "Details And Analysis Of Hillary Clinton's Tax Proposals," Tax Foundation, 1/26/16)

According To Analysis By The Tax Foundation, Clinton's Tax Proposals Would "Lead To 0.8 Percent Lower Wages. "The plan would lead to 0.8 percent lower wages, a 2.8 percent smaller capital stock, and 311,000 fewer full-time equivalent jobs. The smaller economy results from somewhat higher marginal tax rates on capital and labor income." (Kyle Pomerleau and Michael Schuyler, "Details And Analysis Of Hillary Clinton's Tax Proposals," Tax Foundation, 1/26/16)

When Accounting For The Economic Impact Of Clinton's Plan, Clinton's Tax Proposals Would Reduce American's After-Tax Incomes By An Average Of 1.3 Percent. "On a dynamic basis, the plan would reduce after-tax incomes by an average of 1.3 percent. All deciles would see a reduction in after-tax income of at least 0.9 percent over the long-term. Taxpayers that fall in the bottom nine deciles would see their after-tax incomes decline by between 0.9 and 1 percent." (Kyle Pomerleau and Michael Schuyler, "Details And Analysis Of Hillary Clinton's Tax Proposals," Tax Foundation, 1/26/16)

  • American's That Are In The Bottom 90% Of Taxpayers Would See A Reduction In After-Tax Income Of At Least 0.9 Percent Over The Long-Term. "On a dynamic basis, the plan would reduce after-tax incomes by an average of 1.3 percent. All deciles would see a reduction in after-tax income of at least 0.9 percent over the long-term. Taxpayers that fall in the bottom nine deciles would see their after-tax incomes decline by between 0.9 and 1 percent." (Kyle Pomerleau and Michael Schuyler, "Details And Analysis Of Hillary Clinton's Tax Proposals," Tax Foundation, 1/26/16)

For The Majority Of Americans Already Concerned About The Obama Economy, Clinton's Agenda Will "Replicate Or Build On" Obama Policies

According To Analysis From The Tax Policy Center, Clinton's Tax Plan Will "Replicate Or Build On Proposals" Made By President Obama. "For example, tax increases on high-income filers are meant to address income inequality, and revenue from the cap on specified exemptions and deductions is intended to pay for Clinton's college affordability plan. Other proposals, such as new anti-inversion provisions and taxation of carried interest as ordinary income, are intended to deter tax avoidance. Many of these changes replicate or build on proposals from President Barack Obama (US Treasury 2015)." (Richard Auxier, Len Burman, Jim Nunns, and Jeff Rohaly, "An Analysis Of Hillary Clinton's Tax Proposals," Tax Policy Center, 3/3/16)

  • Len Burman Of The Tax Policy Center, Said Clinton's Tax Proposal Is "Not A Major Reform," But Rather "A Lot Of The Provisions Are Carryovers From President Obama's Budget." 'This is a very incremental proposal,' said Len Burman, head of the Washington-based group. 'It is not a major reform - a lot of the provisions are carryovers from President Obama's budget.'" (Brian Faler, "Analysis: "Clinton Proposes $1T Tax Hike, But Middle-Class Tax Cut Plan Coming," Politico, 3/3/16)

49 Percent Of Americans Disapprove Of The Way Obama Is Handling The U.S. Economy. (The Economist/YouGov, 2000 R, 2.9% MoE, 2/24-27/16)

The Gallup Survey U.S. Economic Confidence Rating Is Currently -13. ("Gallup Daily: U.S. Economic Confidence Index," Gallup, Accessed 3/3/16)

The Majority Of Americans Feel The U.S. Economy Remains In Recession. "Other polls have found that a majority of Americans even think the economy remains in recession, even though the Great Recession officially ended in June 2009." (Christopher S. Rugaber, "AP Survey: Voter Anexity At Odds With Economists' Optimism," Associated Press , 3/1/16)

"American Pessimism Is Currently At Its Highest Rating In More Than Two Years." "Nearly 6-in-10 Americans say things are going badly in the United States, the largest share to say so in more than two years, according to a new CNN/ORC Poll." (Jennifer Agiesta, "CNN/ORC Poll: 57 Pessimistic About U.S. Future, Highest In 2 Years," CNN, 1/27/16)

  • 57 Percent Of Americans Feel That "Things In The U.S. Today Are Going Badly." (CNN/ORC, 1,002 R, 3% MoE, 1/27/16)

FOUR MORE YEARS OF CLINTON PROMISES TO CONTINUE THE FAILURES OF THE CLINTON-OBAMA ECONOMY

The Clinton-Obama Economy Has Lost Over 200,000 Manufacturing Jobs

Since Obama Took Office, The Nation Has Lost 205,000 Manufacturing Jobs. (Bureau Of Labor Statistics, Accessed 2/5/16)

"Substantially Less Money" Is The New American Reality Under The Clinton-Obama Regime

American Household Incomes Have "Lost Ground" Year After Year In The Clinton-Obama Economy. "American household incomes lost ground last year and the poverty rate ticked up, the U.S. Census Bureau said on Wednesday, in a sign the U.S. economic expansion has not led to gains for many Americans five years after the 2007-2009 recession." (Susan Heavey, "U.S. Household Incomes Slip, Poverty Rate Up Slightly In 2014," Reuters, 9/16/15)

  • The "Depressing Data" On Middle-Class Wages Is "True Across Almost All Groups Based On Race And Age." "The depressing data on middle-class wages is true across almost all groups based on race and age." (Neil Irwin, "Why Americans Still Think The Economy Is Terrible," The New York Times, 9/16/15)

The Median Household Income In The U.S. Fell $805, Or 1.5 Percent, From $54,462 In 2013 To $53,657 2014. (Census, Accessed 9/16/15)

During The Obama Administration, Median Household Income Has Fallen $1,656, From $55,313 In 2008 To $ 53,657 In 2014 . (Census, Accessed 9/16/15)

Under Clinton-Obama Policies, Nearly 93 Percent Of U.S. Counties Have "Failed To Fully Recover" From The Recession

More Than 6 Years Since The U.S. Economic Recession 93 Percent Of Counties In The U.S. "Have Failed To Fully Recover." "More than six years after the economic expansion began, 93% of counties in the U.S. have failed to fully recover from the blow they suffered during the recession. Nationwide, 214 counties, or 7% of 3,069, had recovered last year to prerecession levels on four indicators: total employment, the unemployment rate, size of the economy and home values, a study from the National Association of Counties released Tuesday found." (Eric Morath, "Six Years Later, 93% Of U.S. Counties Haven't Recovered From Recession, Study Finds," T he Wall Street Journal , 1/12/16)

  • As Recently As 2014, 27 States Did Not Have A Single County That Had "Fully Recovered." "As was the case in 2014, when just 65 counties had fully recovered, most of those that bounced back are in states benefiting from the energy boom. Last year, 72 of the recovered counties were in Texas, the most of any state. Nebraska followed with 22. Minnesota, Kentucky, North Dakota, Montana and Kansas each had at least 10 fully recovered counties. Meanwhile, in 27 states, not a single county had fully recovered." (Eric Morath, "Six Years Later, 93% Of U.S. Counties Haven't Recovered From Recession, Study Finds," T he Wall Street Journal , 1/12/16)
  • A "Large Swath" Of Counties In The Middle Of The Country "Suffered Economic Contractions Last Year." "But a large swath of counties in Texas, Illinois and other states in the middle of the country suffered economic contractions last year." (Eric Morath, "Six Years Later, 93% Of U.S. Counties Haven't Recovered From Recession, Study Finds," T he Wall Street Journal , 1/12/16)

CLINTON'S RECORD OF HARMING MANUFACTURING INTERESTS BEGAN WHILE SHE WAS IN THE SENATE

Clinton Rarely Voted With Manufacturing Interests

In The 110th Congress Clinton Received A 11% Rating From The National Association Of Manufacturers. ( National Association Of Manufacturers Website , Accessed 12/1/14)

In The 109th Congress Clinton Received A 16% Rating From The National Association Of Manufacturers. (National Association Of Manufacturers Website, Accessed 9/12/14)

In The 108th Congress Clinton Received A 32% Rating From The National Association Of Manufacturers. ( National Association Of Manufacturers Website , Accessed 11/12/14)

In The 107th Congress Clinton Received A 6% Rating From The National Association Of Manufacturers. ( National Association Of Manufacturers Website , Accessed 11/13/14)

Clinton Voted Against Lowering Taxes On Overseas Income, So Companies Can Invest In The U.S. And Create Jobs

Clinton Voted Against Lowering The Tax On U.S. Companies' Overseas Income In 2003 To Help Create More Jobs. "Ensign, R-Nev., motion to waive the Budget Act with respect to the Breaux, D-La., point of order against the Ensign amendment. The Ensign amendment would lower the tax on U.S. companies' overseas income in 2003 from 35 percent to 5.25 percent, provided that the company uses the difference to provide more jobs." (S. 1054, CQ Vote #165: Motion Agreed To 75-25: R 51-0; D 23-25; I 1-0, 5/15/03, Clinton Voted Nay)

Clinton Voted Against A Tax Holiday For Corporations In 2003 To Bring Profits Back Home. "Ensign, R-Nev., motion to waive the Budget Act with respect to the Breaux, D-La., point of order against the Ensign amendment. The Ensign amendment would lower the tax on U.S. companies' overseas income in 2003 from 35 percent to 5.25 percent, provided that the company uses the difference to provide more jobs." (S. 1054, CQ Vote #165: Motion Agreed To 75-25: R 51-0; D 23-25; I 1-0, 5/15/03, Clinton Voted Nay)

Clinton Supports Higher Taxes On Domestic Energy Production That Will Increase Energy Prices For Manufacturers

As Part Of Her Clinton's 2016 Energy And Climate Plan, Clinton Says She Would Raise Taxes On American Oil And Gas Companies, But Provides Virtually No Details. "Close oil and gas loopholes and invest in clean energy: Already during this campaign, Clinton put forward a plan to make America a clean-energy superpower by installing half a million solar panels by the end of her first term, and by generating enough renewable energy to power every home in America within ten years. And her plan would be paid for by closing tax loopholes for oil and gas companies." ("Ending Inversions and Investing in America," Hillary For America, 12/8/15)

During The 2008 Presidential Election, Clinton Supported A Plan To Suspend The Federal Gas Tax For The Summer Travel Season. "Senator Hillary Rodham Clinton lined up with Senator John McCain, the presumptive Republican nominee for president, in endorsing a plan to suspend the federal excise tax on gasoline, 18.4 cents a gallon, for the summer travel season." (John Broder, "Democrats Divided Over Gas Tax Break," The New York Times, 4/29/08)

  • Clinton Said She Would Implement A Massive Tax Hike On Energy Producers To Pay For A Gas Tax Holiday. " 'We will pay for it by imposing a windfall profits tax on the big oil companies,' she said on Tuesday. 'They sure can afford it. This is a big difference in this race. My opponent opposes giving consumers a break from the gas tax but I believe the American people are being squeezed pretty hard.'" (Alister Bull, Clinton-McCain Gas Tax Holiday Slammed As Bad Idea," Reuters , 4/30/08).

In 2007, Clinton Voted In Favor Of An Amendment To Add A $32 Billion Tax Hike Package To The CLEAN Energy Act Of 2007 (H.R. 6). "Motion to invoke cloture (thus limiting debate) on the Baucus, D-Mont., amendment no. 1704 to the Reid substitute amendment no. 1502. The Baucus amendment would establish $32.1 billion of tax incentives for alternative energy sources while imposing taxes on the oil and gas industry. It would create $3.6 billion worth of renewable energy bonds, establish $11 billion in tax incentives for renewable energy and authorize $2.5 billion for the Secure Rural Schools and Community Self Determination Act." (H.R. 6, CQ Vote #223: Motion Rejected 57-36: R 10-34; D 45-2; I 2-0, 6/21/07, Clinton Voted Yea)

  • The Tax Hike Would Have Affected Domestic Oil And Gas Manufacturing. "Meanwhile, most of the revenue-raising offsets in the measure would affect the oil and gas industry, which would lose a deduction for domestic manufacturing and face a new tax on operations in the Gulf of Mexico." (Richard Rubin, "Baucus Says Energy Tax Package Can Be Revived, But Details Are Sketchy," Congressional Quarterly Today, 7/10/07)
  • The Energy Tax Hike Would Have Negatively Affected Domestic Oil And Gas Manufacturing. "Meanwhile, most of the revenue-raising offsets in the measure would affect the oil and gas industry, which would lose a deduction for domestic manufacturing and face a new tax on operations in the Gulf of Mexico." (Richard Rubin, "Baucus Says Energy Tax Package Can Be Revived, But Details Are Sketchy," CQ Today, 7/10/07)

In November 2005, Clinton Voted To "Impose A Temporary 50 Percent Tax On Oil Company Profits From The Sale Of Crude Oil." (S. 2020, CQ Vote #331: Motion Rejected 35-64: R 0-55; D 34-9; I 1-0, 11/17/05, Clinton Voted Yea)

  • "[Clinton] Estimated That The Profits Tax And A Repeal Of Other Tax Breaks For The Oil Industry Could Pump $50 Billion Into The Energy Fund Over Two Years And Pay For An Array Of Tax Incentives And For $9 Billion In New Research Initiatives For Wind, Solar And Other Alternative Energy Resources." (Dan Balz, "Clinton Lays Out Energy Plan,"The Washington Post, 5/24/06)

Clinton Celebrates ObamaCare Even While She Acknowledges It Will Lead To Less Manufacturing Jobs

Clinton: "It Was Called Hillarycare Before It Was Called Obamacare." "Democratic presidential front-runner Hillary Clinton is out with a new defense of her healthcare record - rival Bernie Sanders may have helped write ObamaCare, but it was her idea first. 'It was called Hillarycare before it was called Obamacare,' Clinton told a crowd of supporters at a country club in Vinton, Iowa. 'I don't want to start over.'" (Sarah Ferris, "Clinton: Obamacare Was Originally 'Hillarycare,'" The Hill, 1/21/16)

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"ObamaCare Will Force A Reduction In American Work Hours - The Equivalent Of 2 Million Jobs Over The Next Decade." "ObamaCare will force a reduction in American work hours - the equivalent of 2 million jobs over the next decade, Congress's nonpartisan scorekeeper said Monday." (Sarah Ferris, "CBO: 2 Million Jobs' Worth Of Hours Lost Under Obamacare," The Hill, 12/7/15)

In January 2016, ObamaCare's Employer Mandate Will Affect Businesses With 50 Or More Full-Time Employees, Forcing Them To Cover Employees Or Pay A $2,000 Penalty Per Employee. "Starting in January, the Affordable Care Act requires businesses with 50 or more full-time-equivalent employees to offer workers health insurance or face penalties that can exceed $2,000 per employee." (Melody Campbell, "Health Care Law Forces Businesses To Consider Growth's Cost," The New York Times , 11/18/15)

  • According To The Non-partisan Congressional Budget Office, ObamaCare's Employer Mandate Will Cost Businesses $167 Billion From 2016 To 2025. ("Budgetary And Economic Effects Of Repealing The Affordable Care Act," Congressional Budget Office , 6/19/15)

ObamaCare's Employer Mandate Is Forcing Businesses To "Weigh Very Carefully The Price Of Growing Bigger." "For some business owners on the edge of the cutoff, the mandate is forcing them to weigh very carefully the price of growing bigger. 'There's kind of a deer-in-headlights moment for those who say, 'I have this new potential client, but if I bring them on, I have to hire five additional people,' said Philip P. Noftsinger, the payroll unit president at CBIZ, a financial services provider for businesses. 'They're really trying to assess how much the 50th employee is going to cost.'" (Melody Campbell, "Health Care Law Forces Businesses To Consider Growth's Cost," The New York Times , 11/18/15)

Clinton: ObamaCare Is Responsible For Businesses Shifting Workers To Part-Time. QUESTIONER: "Hi, I just want to know why there is discrimination against the part-time workers when so many companies are going to part-time when it comes to FMLA?" CLINTON: "Well, that's why they are going to part-time. That, and also, the Affordable Care Act. You know, we got to change that because we have built in some unfortunate incentives that discourage full-time employment. A lot of employers believe if you don't work 40-hours a week you don't get benefits and that includes; you don't get health care benefits; that might include you're not eligible for the family medical leave; you're not eligible for paid sick days. So, there is a disincentive in our system that we need to deal with and I really worry about it because there is trend to try and move more and more people into part-time work; and how many of you are part-time workers? And sometimes you want to work part-time, it fits into your family, it fits into your life obligations but sometimes you want to work full-time but you can't get a full-time job. So, I want to look at all the employment rules." (Hillary Clinton, Remarks At A Campaign Event, Iowa City, IA, 12/16/15)

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