Former Labor Secretary Robert Reich poked holes on Thursday in Donald Trump’s tax proposals during a debate with the Republican nominee’s advisor, Larry Kudlow.
“I have never heard how isolationism — a kind of Smoot-Hawley isolationism in terms of withdrawing from the global market — at the same time you are cutting taxes — mostly on the wealthy — and trickle-down economics at the same time you’re embarking on a huge military buildup which Trump also wants to do,” Reich said. “How do you do this and how at the same times do you get 25 million new jobs and growth out of this? This is wishful thinking beyond wishful thinking. This is fairy-land.”
“My regret, Chris Matthews, down through the years is that I can’t convince my very good friend Robert Reich that lower tax rates create incentives and rewards to grow the economy,” said Ludlow, a CNBC host. “I love the guy, but he’s never understood the growth model.”
“The reason you haven’t been able to convince me is because nothing has trickled down,” Reich responded. “We’ve been trying, every time we have a Republican administration starting with Ronald Reagan, we tried trickle-down economics and what happened to the middle class? Median wages, median household income has almost gone nowhere with regards to big tax cuts at the top. How can you keep on, after all these years, believing this stuff?”
Trump said earlier in the day that his plan would cut $4.4 trillion in taxes, while also increasing not only military spending, but border security, health care for veterans, and infrastructure.
Watch the segment, as aired on Thursday, below.
Japan wants to dump Fukushima radioactive water into ocean
Japan's top government spokesman slapped down the environment minister on Tuesday after he said there was "no other option" but to release radioactive water from the crippled Fukushima nuclear power plant into the ocean.
"It is not true that we have decided on the disposal method," Chief Cabinet Minister Yoshihide Suga told reporters after Environment Minister Yoshiaki Harada's comments earlier in the day.
The operator, Tokyo Electric Power Co. (TEPCO), is storing more than one million tonnes of contaminated water in tanks at the site of Fukushima Daiichi Plant that was wrecked by the 2011 earthquake, tsunami and nuclear meltdown.
Here’s one big reason why Trump is having a white-hot meltdown over the Fed not dropping interest rates
President Donald Trump has a personal conflict-of-interest that may be impacting his decisions in his public feud with Federal Reserve Chair Jerome Powell.
"President Trump stands to save millions of dollars annually in interest on outstanding loans on his hotels and resorts if the Federal Reserve lowers rates as he has been demanding, according to public filings and financial experts," The Washington Post reported Saturday.
Trump approves of North Korea missile tests: ‘I have no problem’ because they’re just ‘short-range missiles’
On Thursday, in conversation with reporters, President Donald Trump said that he had 'no problem' with North Korea's new round of missile tests.
"Short-range missiles, we never made an agreement on that," said Trump. "I have no problem, we'll see what happens, but these are short-range missiles. They're very standard."
The thought that short-range missiles would still be capable of hitting our allies in the region, like South Korea and Japan, does not seem to have occurred to him.
Trump says he has "no problem" with North Korea testing missiles because they are just "short-range missiles" that are "very standard." pic.twitter.com/fdKtQ6yrBE