MORNING MESSAGE
The Economic Debate and the Failed Consensus
Amid
the insults ... the two presidential candidates traveled to Michigan to lay out
contrasting plans for the economy ... the two speeches ... did give an
indication of how the establishment economic consensus is beginning to crack,
and where the two candidates truly divide ... Most of the commentary focused on
the traditional contrast between the candidates ... But what is more interesting
is how the two candidates are moving to challenge the old, failed, bipartisan
“Washington consensus.”
CLINTON EMBRACES POPULIST RHETORIC
“Clinton
gives liberals nothing to worry about” in economic speech, says W. Post’s Dave
Weigel: “Nothing in the speech nodded at Republicans, or the center-right
goals Democrats have conceded since the Reagan era. Not only was there no
mention of tacking back Social Security, there was no mention of the national
debt.”
But
light on specifics. The Atlantic: “Perhaps the most interesting part of her
speech was her strong and certain affirmation that she would reject the Trans
Pacific Partnership deal if elected … [But] Clinton didn’t introduce any new
policy points on Thursday … She also didn’t have much to say about how her
policies would diverge from the problematic trade deals that she has supported
in the past.”
REPUBLICANS MAY NOT FUND TRUMP
Trump
to meet with RNC today. Politico: “Donald Trump’s campaign and top
Republican Party officials plan what one person called a ‘come to Jesus’ meeting
on Friday … It comes at a time of mounting tension between the campaign and the
Republican National Committee, which is facing pressure to pull the plug on
Trump’s campaign and redirect party funds down ballot …”
W.
Post adds: “More than 75 Republicans have signed a letter urging Republican
National Committee Chair Reince Priebus to spend the party’s money on helping
secure the Republican majority in the Senate, not on Donald Trump’s presidential
campaign.”
Donors
already shift to down ballot. W. Post: “Keen donor interest in down-ballot
races this year has helped drive nearly $1 billion into super PACs … That haul
exceeds the totals amassed by super PACs in every previous cycle since they came
on the scene in 2010…”
Trump
collapse could impact state legislative races. The Atlantic: “[Democrats]
are now aiming to flip at least 10 and as many as 13 legislative chambers. Those
victories could give Democrats complete control of the governments in Colorado,
Minnesota, and Washington state while breaking the GOP’s one-party rule in
Michigan, Maine, and even Florida—all places where Republicans had made gains
during the Obama era.”
Commitment
to low taxes on wealthy keeps Republican establishment behind Trump, argues
NYT’s Paul Krugman: “… if ‘populist’ Donald Trump wins, taxes on the wealthy
will go way down; in particular, Mr. Trump is calling for elimination of the
inheritance tax … they have decided that lower tax rates on the rich are
sufficient payment for betraying American ideals and putting the republic as we
know it in danger.”
Republicans
inch away from attacking Obamacare. Politico: “A handful of moderate House
Republicans in tight reelection contests … say they oppose the health law but
are reluctant to tear it up completely … Donald Trump spends far more time
bashing Mexicans, Muslims and ‘job-killing’ free trade than talking about
repealing the Affordable Care Act. The Republican Senate candidates — with the
exception of Sen. John McCain in Arizona — haven’t made the health law an
overarching theme this year…”
TRUMP MAY NOT HAVE PAID FEDERAL TAXES
Trump
may have paid no taxes, legally. NYT: “That’s because Mr. Trump, as a
prominent and active developer, can take advantage of some of the most generous
tax breaks in the federal tax code to reduce his reported income to near zero,
or even report a loss.”
Trump
has “long sent most of his businesses overseas” reports Time: “He outsourced
the production of his shirts to Bangladesh and elsewhere in Asia. Trump vodka
was made by a distillery in the Netherlands. Trump suits are made in Mexico and
tie clips are made in China. He brought barware in from Slovenia and imported
glass and building materials from China. He has stocked his hotels with products
made abroad, including elevator parts imported from Japan, Trump-branded shampoo
imported from Hong Kong and beach furniture from China…”
Progressive
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