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?
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.