Last night Hillary Clinton and Donald Trump faced off in their final presidential debate. Jobs and the candidate’s plans for creating them were one of the hot topics discussed.
Like most issues, Clinton and Trump have two different views on what it will take to bring jobs back to the U.S. Since it can be hard to hear through all the name calling and low blows we decided to break down each candidate’s ideas for job growth.
To keep things civil we’ll lay out the former first lady’s plans first.
Hillary Clinton’s Jobs Plan
Mission: Making the Largest Investment in Good-Paying Jobs Since World War II
# Jobs created: 10.4 million jobs in the first term alone
Throughout her campaign Clinton has promised to invest in the country’s youth as well as education. Beginning with a $20 billion initiative Clinton is aiming to create new jobs specifically for millenials. Within the initiative lies a $1,500 tax credit for employers that create apprenticeships. This credit will increase for employers that bring on young adults.
Clinton believes that student debt is preventing millenials from contributing to our economy. She is committing to create a program that lets anyone with a college loan to refinance and enroll in income-based repayments. She’s also pledging to make community college free, while enabling working families to continue their education with free tuition at public four-year-colleges.
Clean energy is also a priority for Clinton. She vows to install half a billion solar panels by the end of her first term. If she can set out to achieve these goals, there will be jobs created in the renewable energy sector.
She wants to do more to support small business. While her website points out that she is to “cut taxes, reduce red tape, and support innovation so that small businesses can grow and hire,” it’s not entirely clear how she will do this. Though, It’s worth noting she wants young entrepreneurs to be able to defer their loans without payments or interest for up to three years to help them get their businesses off the ground.
Supporting scientific research and technological innovation are also on the agenda for the former Secretary. Clinton believes new industries will be created by investing in the two.
America’s infrastructure is another area Clinton wants to invest in. The repairing of roads, bridges, and schools, for example, will create jobs in a variety of industries.
Last but not least, Clinton wants to invest in American manufacturing. She plans on encouraging U.S. companies to keep jobs on our soil by charging companies that move overseas an “exit tax”. She also wants to enforce companies to “pay us back” when they take tax breaks as well as hire overseas workers.
On the subject of trade, Clinton wants to reject the Trans-Pacific Partnership as it does not put U.S. job creation first.
While Clinton’s well rounded jobs plan sounds promising, it does come at a cost. How will she pay for this elaborate plan exactly? Tax hikes on the wealthy. For example, Clinton’s proposed tax plan includes a new tax bracket for those making $5 million and over.
Critics of her tax plan have some serious concerns. They fear her proposal to raise the business investment tax rates will kill jobs, reduce wages and hurt the economy.
But whether you agree with Clinton’s jobs plan or not, any tax plan changes must get passed by Congress. Which leads us to…
Donald Trump’s Jobs Plan
Mission: To be the Greatest Jobs President God Ever Created
# Jobs Created: 25 million in next decade
Donald Trump’s job creation plan is based on his pro-growth economic policy. It begins with a completely revised tax plan that cuts rates for everyone. Trump proposes that the current seven tax brackets be reduced to just three with anyone making $29,000 a year or less paying nothing at all.
His tax plan also includes a lowering of the business tax. Trump believes companies will want to keep business in the U.S. by reducing the business tax rate from 35% to 15%.
More elements of Trump’s tax plan include the closing of special interest tax breaks, the elimination of the carried interest loophole for Wall Street and a child care deduction.
The reform of government regulations is another component of Trump’s plan to bring back jobs. He wants agency and department heads to identify all job killing regulations. Any that are not compelled by Congress or public safety will be removed.
To be specific, Trump gives examples such as the Waters of The U.S. Rule and the EPA’s Clean Power Plan. Both would be wiped out under Trump’s presidency.
Trump is pledging an America-first trade policy. He believes the fastest way to bring back America’s lost manufacturing jobs is to renegotiate our current trade deals. For example, he is adamant about renegotiating NAFTA and wants to withdraw from the Trans-Pacific Partnership entirely.
Trump has also been extremely vocal about putting an end to the abuse of trade agreements. He will have China labeled as a currency manipulator. In the event China does not stop its illegal trade activities, Trump will use every lawful presidential power to resolve trade disputes and apply tariffs.
The final piece of Trump’s jobs plan revolves around energy production. Trump wants the U.S. to not only be energy independent, but become the world’s leader in this field. He wants to lift current restrictions on all sources of energy including coal and onshore and offshore oil and gas.
Trump will also support hydraulic fracturing, and allow energy production on federal lands. By lifting the existing energy restrictions, Trump estimates over 500,000 new jobs will be added annually.
With vastly different views from his opponent, Trump’s plans to reform tax, trade, energy and regulatory policies are his plans to create new jobs. The Trump campaign’s economist estimates that the economy will see a boost under his plan, ultimately creating 25 million jobs over the next decade.
However, critics of the dubbed “Trump Economy” fear that while he may create jobs in the short-term, the federal debt created from his tax plan could slow job-creation down over the next decade.
Remember, any changes to tax policy have to get passed through Congress. While the subject of Congress passing laws is a controversial one, it is important to stay informed on who’s running for the Senate and what they stand for. After all, the Congressional election is on November 6th as well. If you’re unsure as to whether Clinton or Trump can produce jobs, you still have the power to vote for your congressman or congresswoman!
Editor’s Note: This article contains the highlights of each of the candidate’s jobs plans. You can find their full plans for job creation on their campaign websites.