Trump Slammed By His Alma Mater Over His Insanely Bad Economic Plan - Ring of Fire

Donald Trump loves to boast about attending business school at Wharton, even though he still won’t release his college transcripts. But there is no doubt that he holds the institution in high regard to this day. That’s why it must be exceptionally annoying for him that the school put out an analysis of both his and Vice President Kamala Harris’s economic plans this week, where they trashed Trump’s plan as being an absolute economic disaster waiting to happen. Ring of Fire’s Farron Cousins discusses this analysis.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

One of Donald Trump's favorite bragging points of all time is the fact that he went to business school at Wharton. You know, even though the guy won't of course release his college transcripts, you know, because obviously they don't show that he was the top student there. He still loves to talk about Wharton. He holds the university in high regard, and that's why it must be exceptionally devastating for Donald Trump to get news out of Wharton this week that his economic plan is an absolute disaster waiting to happen. You see, the good folks at Wharton decided to take an analysis to do an analysis, I should say, of both Kamala Harris's economic plans and Donald Trump's economic plans. And while they found that over the next decade Kamala Harris's plan could end up adding a trillion dollars to the national debt, they determined that Donald Trump's economic plan would be almost six times worse, adding close to $6 trillion to the national debt.

Let me read you this. The Trump report found that his plan to permanently extend the 2017 tax cuts would add over 4 trillion to deficits over the next 10 years. His proposal to eliminate taxes on social security benefits comes with a $1.2 trillion price tag. While his pledge to further reduce corporate taxes would add nearly 6 billion, the Harris analysis showed that her plan to expand the child tax credit, the earned income tax credit, and other tax credits, would raise deficits by 2.1 trillion in the coming 10 years. And her proposal to create a 25,000 subsidy for all qualifying first time home buyers would add 140 billion over a decade. But the Harris Report found that raising the corporate tax rate to 28% from its current level of 21% as the vice president has floated, could partially offset the cost of her spending by 1.1 trillion. So to put that, in other words, yeah, both economic plans are gonna add to the debt and the deficit.

The only difference is that Donald Trump has no idea how to pay for his stuff. He has no plans to pay for it. In fact, he's doing the opposite of paying for it by giving people more tax breaks. The wealthy, not us, of course. And so it drives up the deficit even further. Meanwhile, Harris's plan costs 2 trillion, but she has a plan to at least pay for 1 trillion of it over 10 years. So her cost gets cut in half the amount it would raise the debt and deficit cut in half because she actually has a plan to pay for it. So there you go. And this is just by the way, the tip of the iceberg in terms of Donald Trump's horrific economic plan. Because let's not forget that this man has actually floated the idea of putting a 10% tariff on every single good coming into the United States that would decimate the middle class here

In the United States decimated. And by the way, that's not me saying that, that is economists. Not to mention the fact that we have had 16 Nobel Prize winning economists who have come out and trashed other portions of Donald Trump's economic plan, specifically his plan to deport millions of, uh, immigrants here in the United States that would decimate the economy and drive prices sky high for consumers, no matter which way you slice it. Everybody that has looked at Donald Trump's economic plans without political blinders on have told us this man is a disaster waiting to happen. So maybe this November, let's not put the disaster back in charge of United States economic policy.