Twenty-three Nobel Prize-winning economists recently released a letter endorsing Vice President Kamala Harris' economic plan, calling it "vastly superior" to her opponent's disastrous vision for America's future.
Donald Trump's mass deportation and trade war plans will tank the economy, says MSNBC Economic Analyst Steve Rattner.
Along with ending Social Security within six years, Trump's reliance on tariffs--which he still doesn't understand-- would cut the GDP by an astonishing 8.9%, kicking the American economy into a recession/depression unlike anything in the country's history, Rattner said on Thursday's Morning Joe.
The Tax Foundation has found that while Trump's plan has one or two good points to help the already wealthy upper echelon, most of his tax proposals are "poorly designed" and "would worsen the structure of the tax code while only creating a muted impact on long-run economic growth, such as the exemptions for tips and Social Security income."
"Worse yet," the Tax Foundation's analysis continues, "Trump’s reliance on import tariffs to offset the cost of tax cuts comes with major downsides. Tariffs are a particularly distortive way to raise revenue, especially as they invite foreign retaliation. We estimate Trump’s proposed tariffs and partial retaliation from all trading partners would together offset more than two-thirds of the long-run economic benefit of his proposed tax cuts."
The Tax Foundation also ran models for Trump's plans for corporate taxes versus domestic. "We estimate the proposal to impose a universal 20 percent tariff on all imports plus additionally raise the tariff on imports from China to 60 percent," they found.
Watch Steve Rattner break it all down.