US Presidential candidates and contrary economic policies

(VOVworld) – US presidential candidates Hillary Clinton and Donald Trump have introduced their economic policies. Differences in their economic management are visible, besides some notable similarities.

US Presidential candidates and contrary economic policies - ảnh 1

On August 8 and 11, Donald Trump and Hillary Clinton revealed their economic policies if they are elected. Besides different interests, they mentioned major issues including tax reduction, minimum ưages, and infrastructure expansion.  

The Republican candidate proposes to drastically cut corporate tax to 25% and halve the number of income tax brackets from 7 to 3. While the Democrat candidate wishes to maintain the current tax rate and supplement the highest tax bracket on high-income earners. Tax collection from the new policy will be used to support disadvantage students. Some economists said some of Trump’s plans are ambitious because his tax policy would reduce the federal revenues by at least 10 trillion USD in the next 10 years. Clinton’s plan would increase the federal revenues by 1.1 trillion USD in the same period. The high-income group would benefit the most from Trump’s plan.

For minimum wage, Trump plans to give states authority to decide while Clinton wishes to increase the federal minimum wage from 7.25 USD per hour to 12 USD per hour, which will directly benefit low-income people. She proposes to expand the federal support policy to healthcare, child care, education, and employees.

Relating to infrastructure expansion, Trump vows to “build the greatest infrastructure on earth” and Clinton designs a project worth 275 billion USD with specific information.

Both candidates have not agreed on contents of the Trans-Pacific Partnership agreement. Trump said trade agreements, which will not maximize benefits for the US, should be removed. The US should increase trade revenues with big partners such as Mexico and China. Clinton said that TPP doesn’t match her criteria, but she pledges not to isolate the US from the rest of the world but increase measures to ensure a fair business environment in the future.

The two candidates have not mentioned support for millions of poor American people. Clinton focuses on improving the life of the middle class without mentioning measures for millions of other American to reach the middle-class. Trump has not proposed support for unemployed people. Their policies concentrate on the production sector which employs less than 10% of the work force.

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