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.
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?