Wednesday, June 29, 2016

Progressive Breakfast: Trump is a William McKinley Protectionist, Not a Bernie Sanders Populist

MORNING MESSAGE

Donald Trump is not a Bernie Sanders populist. He cares not a whit about raising standards at home or abroad. The words “labor,” health,” “human rights” and “environment” were not uttered in his Pittsburgh speech. His embrace of tariffs has nothing to do with Sanders’ vision of higher wages and standards, because he has made it quite clear that he wants lower wages and standards. Trump’s brand of protectionism doesn’t move America and the world forward. It turns the clock back to the Gilded Age. Don’t buy the con.

TRUMP STAKES GROUND ON TRADE

Trump promises to withdraw from trade deals in PA speech. NYT:“He threatened to withdraw from the North American Free Trade Agreement and pledged to label China a currency manipulator and impose punitive tariffs on Chinese goods … Noting that Mrs. Clinton had backed free-trade agreements like Nafta in the past, Mr. Trump warned, ‘She will betray you again.’ At a rally later in the day in eastern Ohio, Mr. Trump attacked the Trans-Pacific Partnership in more provocative terms, saying it was a ‘rape of our country.'”
Trump speech hit from left and right. WSJ:“The U.S. Chamber of Commerce spent much of Mr. Trump’s speech arguing against his views on its Twitter account, saying his approach would cost 3.5 million U.S. jobs and result in ‘higher prices’ and “a weaker economy.’ … Democrats sought to cast the businessman as a hypocrite who pays lip service to making products in the U.S. while outsourcing jobs in an effort to bolster his own bottom line. On her Twitter account, Mrs. Clinton noted that Mr. Trump’s signature shirts are made in Bangladesh.”
Can Trump’s message win Ohio? Cincinnati Enquirer:“Many Ohio Republicans now say they dislike Trump’s presumptive opponent, Democrat Hillary Clinton, but haven’t decided whether they can stomach a vote for Trump in November.”
GOP convention expected to be “chaotic.” W. Post:“Dozens of well-known Republicans aren’t showing up. There’s no word yet on who will speak. A growing number of corporate sponsors are taking a pass. Groups of white supremacists and other agitators are on the way, while the official protest routes are frantically being redrawn after being thrown out in court. And then there’s the fight to dethrone the big star.”

BERNIE WARNS DEMS OF BREXIT FALLOUT

Bernie Sanders tells Democrats to “wake up” after Brexit vote, in NYT oped:“Could this rejection of the current form of the global economy happen in the United States? You bet it could … This is an economic model developed by the economic elite to benefit the economic elite. We need real change. But we do not need change based on the demagogy, bigotry and anti-immigrant sentiment…”
Clinton warns against “easy answers.” W. Post quotes:“I am sympathetic to a lot of the people attracted by Trump’s message who are feeling really left out and left behind … I’ve said to a lot of groups of people as we move to this general election campaign against Trump, that I understand why people are frustrated and even fearful … But don’t look for easy answers and misleading promises that cannot deliver what you’re hoping for.”
Clinton announces plan to help alleviate student debt and foster entrepreneurship. NYT:“…young entrepreneurs could defer payments on their federal student loans for up to three years. The relief might also apply to the early employees of start-ups, like the first 10 or 20 workers … [That] could mean that ‘millions of young Americans’ would not have to pay interest or principal on their loans ‘as they work through the critical start-up phase of new enterprises.'”
Zephyr Teachout wins primary for House seat. The Hill:“Teachout, a progressive firebrand, was endorsed by Bernie Sanders and picked up many endorsements from influential Democrats in the district. In November she will face John Faso … a former state Assembly minority leader [who] won a bruising primary against businessman Andrew Heaney, who tied himself to Donald Trump … The seat is considered a toss-up.”

BREAKFAST SIDES

Senate to vote on Puerto Rico aid. W. Post:“The prospects for a July 1 default depend on the outcome of a morning procedural vote on rescue legislation that passed the House earlier this month … The bill’s success, however, is not assured … Democrats have raised a host of objections to the bill, ranging from the anti-democratic nature of the oversight board to the relatively arcane restructuring process to a provision that could lower the minimum wage for young workers. Some Republicans, meanwhile, have found some provisions unfair to creditors…”
Senate GOP tries to block climate aid. The Hill:“The Senate’s $52.08 billion State Department and foreign operations bill, released on Tuesday, prohibits the federal government from making contributions to the international Green Climate Fund (GCF), a program established to help developing countries cope with climate change. The Obama administration has pledged $3 billion for the climate fund by 2020, and in March the United States made its first payment of $500 million into the program. Funding the GCF is a major goal for international climate change negotiators…”
Congressional pushback against WH crackdown on inversions. The Hill:“…industry representatives and members of Congress say the proposed regulations are overly broad, with potentially damaging consequences for American companies … Worries about the rule aren’t confined to the GOP. A group of Democrats on the Ways and Means Committee said last week … ‘there may be a number of unforeseen circumstances in which the regulations could affect ordinary course business transactions between related parties in the absence of tax avoidance motives.'”

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