Full Transcript: Final 2016 Presidential Debate Donald Trump vs Hillary Clinton

Hillary Clinton: Well, I think when the middle class thrives, America thrives. And so my plan is based on growing the economy, giving middle-class families many more opportunities. I want us to have the biggest jobs program since World War II, jobs in infrastructure and advanced manufacturing. I think we can compete with high-wage countries, and I believe we should. New jobs and clean energy, not only to fight climate change, which is a serious problem, but to create new opportunities and new businesses.

I want us to do more to help small business. That’s where two- thirds of the new jobs are going to come from. I want us to raise the national minimum wage, because people who live in poverty should not — who work full-time should not still be in poverty. And I sure do want to make sure women get equal pay for the work we do.

I feel strongly that we have to have an education system that starts with preschool and goes through college. That’s why I want more technical education in high schools and in community colleges, real apprenticeships to prepare young people for the jobs of the future. I want to make college debt-free and for families making less than $125,000, you will not get a tuition bill from a public college or university if the plan that I worked on with Bernie Sanders is enacted.

And we’re going to work hard to make sure that it is, because we are going to go where the money is. Most of the gains in the last years since the Great Recession have gone to the very top. So we are going to have the wealthy pay their fair share. We’re going to have corporations make a contribution greater than they are now to our country.

That is a plan that has been analyzed by independent experts which said that it could produce 10 million new jobs. By contrast, Donald’s plan has been analyzed to conclude it might lose 3.5 million jobs. Why? Because his whole plan is to cut taxes, to give the biggest tax breaks ever to the wealthy and to corporations, adding $20 trillion to our debt, and causing the kind of dislocation that we have seen before, because it truly will be trickle-down economics on steroids.

So the plan I have I think will actually produce greater opportunities. The plan he has will cost us jobs and possibly lead to another Great Recession.

Chris Wallace: Secretary, thank you. Mr. Trump, why will your plan create more jobs and growth than Secretary Clinton’s?

Donald Trump: Well, first of all, before I start on my plan, her plan is going to raise taxes and even double your taxes. Her tax plan is a disaster. And she can say all she wants about college tuition. And I’m a big proponent. We’re going to do a lot of things for college tuition. But the rest of the public’s going to be paying for it. We will have a massive, massive tax increase under Hillary Clinton’s plan.

But I’d like to start off where we left, because when I said Japan and Germany, and I’m — not to single them out, but South Korea, these are very rich, powerful countries. Saudi Arabia, nothing but money. We protect Saudi Arabia. Why aren’t they paying? She immediately — when she heard this, I questioned it, and I questioned NATO. Why aren’t the NATO questioned — why aren’t they paying? Because they weren’t paying. Since I did this — this was a year ago — all of a sudden, they’re paying. And I’ve been given a lot — a lot of credit for it. All of a sudden, they’re starting to pay up. They have to pay up. We’re protecting people, they have to pay up. And I’m a big fan of NATO. But they have to pay up.

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She comes out and said, we love our allies, we think our allies are great. Well, it’s awfully hard to get them to pay up when you have somebody saying we think how great they are. We have to tell Japan in a very nice way, we have to tell Germany, all of these countries, South Korea, we have to say, you have to help us out. We have, during his regime, during President Obama’s regime, we’ve doubled our national debt. We’re up to $20 trillion.

So my plan — we’re going to renegotiate trade deals. We’re going to have a lot of free trade. We’re going to have free trade, more free trade than we have right now. But we have horrible deals. Our jobs are being taken out by the deal that her husband signed, NAFTA, one of the worst deals ever. Our jobs are being sucked out of our economy. You look at all of the places that I just left, you go to Pennsylvania, you go to Ohio, you go to Florida, you go to any of them. You go upstate New York. Our jobs have fled to Mexico and other places. We’re bringing our jobs back.

I am going to renegotiate NAFTA. And if I can’t make a great deal — then we’re going to terminate NAFTA and we’re going to create new deals. We’re going to have trade, but we’re going — we’re going to terminate it, we’re going to make a great trade deal. And if we can’t, we’re going to do it — we’re going to go a separate way, because it has been a disaster. We are going to cut taxes massively. We’re going to cut business taxes massively. They’re going to start hiring people. We’re going to bring the $2.5 trillion…

Chris Wallace: Time, Mr. Trump.

Donald Trump: … that’s offshore back into the country. We are going to start the engine rolling again, because…

Chris Wallace: Mr. Trump?

Donald Trump:… right now, our country is dying at 1% GDP.

Hillary Clinton: Well, let me translate that, if I can, Chris, because…

Donald Trump: You can’t.

Hillary Clinton:… the fact is, he’s going to advocate for the largest tax cuts we’ve ever seen, three times more than the tax cuts under the Bush administration. I have said repeatedly throughout this campaign: I will not raise taxes on anyone making $250,000 or less.

I also will not add a penny to the debt. I have costed out what I’m going to do. He will, through his massive tax cuts, add $20 trillion to the debt.

Well, he mentioned the debt. We know how to get control of the debt. When my husband was president, we went from a $300 billion deficit to a $200 billion surplus and we were actually on the path to eliminating the national debt. When President Obama came into office, he inherited the worst economic disaster since the Great Depression. He has cut the deficit by two-thirds.

So, yes, one of the ways you go after the debt, one of the ways you create jobs is by investing in people. So I do have investments, investments in new jobs, investments in education, skill training, and the opportunities for people to get ahead and stay ahead. That’s the kind of approach that will work.

Chris Wallace: Secretary…

Hillary Clinton: Cutting taxes on the wealthy, we’ve tried that. It has not worked the way that it has been promised.

Chris Wallace: Secretary Clinton, I want to pursue your plan, because in many ways it is similar to the Obama stimulus plan in 2009, which has led to the slowest GDP growth since 1949.

Donald Trump: Correct.

Chris Wallace: Thank you, sir. You told me in July when we spoke that the problem is that President Obama didn’t get to do enough in what he was trying to do with his stimulus. So is your plan basically more — even more of the Obama stimulus?

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Hillary Clinton: Well, it’s a combination, Chris. And let me say that when you inherit the level of economic catastrophe that President Obama inherited, it was a real touch-and-go situation. I was in the Senate before I became secretary of state. I’ve never seen people as physically distraught as the Bush administration team was because of what was happening to the economy.

I personally believe that the steps that President Obama took saved the economy. He doesn’t get the credit he deserves for taking some very hard positions. But it was a terrible recession. So now we’ve dug ourselves out of it, we’re standing, but we’re not yet running. So what I am proposing is that we invest from the middle out and the ground up, not the top down. That is not going to work. That’s why what I have put forward doesn’t add a penny to the debt, but it is the kind of approach that will enable more people to take those new jobs, higher-paying jobs. We’re beginning to see some increase in incomes, and we certainly have had a long string of increasing jobs. We’ve got to do more to get the whole economy moving, and that’s what I believe I will be able to do.

Chris Wallace: Mr. Trump, even conservative economists who have looked at your plan say that the numbers don’t add up, that your idea, and you’ve talked about 25 million jobs created, 4%…

Donald Trump: Over a 10-year period.

Chris Wallace:.. growth is unrealistic. And they say — you talk a lot about growing the energy industry. They say with oil prices as low as they are right now, that’s unrealistic, as well. Your response, sir?

Donald Trump: So I just left some high representatives of India. They’re growing at 8%. China is growing at 7%. And that for them is a catastrophically low number. We are growing — our last report came out — and it’s right around the 1% level. And I think it’s going down. Last week, as you know, the end of last week, they came out with an anemic jobs report. A terrible jobs report. In fact I said, is that the last jobs report before the election? Because if it is, I should win easily, it was so bad. The report was so bad.

Look, our country is stagnant. We’ve lost our jobs. We’ve lost our businesses. We’re not making things anymore, relatively speaking. Our product is pouring in from China, pouring in from Vietnam, pouring in from all over the world. I’ve visited so many communities. This has been such an incredible education for me, Chris. I’ve gotten to know so many — I’ve developed so many friends over the last year. And they cry when they see what’s happened. I pass factories that were thriving 20, 25 years ago, and because of the bill that her husband signed and she blessed 100%, it is just horrible what’s happened to these people in these communities.

Now, she can say that her husband did well, but, boy, did they suffer as NAFTA kicked in, because it didn’t really kick in very much, but it kicked in after they left. Boy, did they suffer. That was one of the worst things that’s ever been signed by our country. Now she wants to sign Trans-Pacific Partnership. And she wants it. She lied when she said she didn’t call it the gold standard in one of the debates. She totally lied. She did call it the gold standard. And they actually fact checked, and they said I was right. I was so honored.