Sunday, October 13, 2019

Jeb’s Economy

jeb economy

Republican presidential candidate Jeb Bush released his economic policy plan, calling for sweeping tax cuts, job creation in the private sector, and promising an aggressively ambitious 4% economic growth. Bush framed his announcement with an attack on his biggest rival across the aisle, Hillary Clinton, who he felt has accepted a “new normal” of flat wages and slow growth – despite recent news of Obama Administration’s streak of 66 straight months of job growth (primarily in the private sector) – and assailed the former Secretary of State for her incredulity over Mr. Bush’s 4-percent growth pledge.

“Hillary Clinton doesn’t believe that we can grow faster than two percent, because she doesn’t believe in your ability to rise to the challenge,” Bush said. “This is a debate I welcome, because the difference between the Democrats’ new normal, and my vision for high, sustained economic growth is pretty simple to state. The new normal is more businesses going under than starting up, which is where we are right now.”

But Jeb’s record may beg to differ. He plans to call on Congress to reform the tax code, eliminate the Alternative Minimum Tax, expand and reform the Earned Income Tax Credit and cut capital gains tax to 20 percent. Bush touts his economic record as governor of Florida, noting the $19.3 million he cut in taxes, the creation of 1.3 million jobs and an overall growth of 4.4% under his leadership. But he often fails to mention this growth came at the hands of one of the biggest housing bubbles in the nation, which drove up the home prices and affording many short term benefits to Florida. Critics are saying that Jeb’s plan fuels inequality more than in the plan of his brother, former President George W. Bush, and will only benefit the wealthy and stretch thin the middle-class.

“What’s Jeb’s plan? More massive tax cuts for the wealthy and corporations, all while exploding the deficit or shifting the burden onto the middle class — an even more extreme plan than his brother’s,” DNC National Press Secretary Holly Shulman said. “Just as he did in Florida, Bush is embracing a disastrous economic agenda that benefits himself, and those like himself, while leaving the middle class out to dry. Our country simply can’t afford more trickle down Bush economics.”

Latinos overwhelmingly want to see tax increases on the super wealthy, but even with that knowledge in hand, Jeb has hired for his campaign economic advisors who drafted President George W. Bush’s massive tax cuts on the rich. Something’s got to give.

Latin Post