With election day less than two weeks away, critics, supporters, and neutral analysts alike are zeroing in on the two major presidential candidates’ plans and platforms, particularly when it comes to reducing the national debt.
According to a new report from the nonpartisan Committee for a Responsible Federal Budget, both Democrat Hillary Clinton’s and Republican Donald Trump’s proposed tax plans would significantly increase the current $20 trillion national deficit, despite their vastly opposing economic plans.
In spite of her claims that tax increases on the wealthy would “not add a penny to the debt,” the Committee’s analysis suggests that Clinton’s overall spending program would add $200 billion to the national deficit over the next 10 year period. It would, however, generate an additional $1.4 billion in revenue over the same time frame, according to a separate study completed by the Tax Foundation, a Washington-based think tank.
In contrast, Trump has vowed to reduce taxes across the board, arguing that “trickle-down” spending from the wealthy would help stimulate national economic growth during a time when the average American borrower owes $17,900 in car payments alone. His plan would reduce revenue by an estimated $5.9 billion over 10 years, the Tax Foundation suggests, while adding $5.3 trillion to the federal debt, according to the CRFP.
No matter his economic policies, Trump’s campaign has been overshadowed in recent weeks by the disparaging comments he has made about many minorities — and women in particular, as revealed in a leaked 2005 conversation with former Access Hollywood correspondent Billy Bush.
Despite the candidate’s insistence that his remarks in the audio about sexual assault were mere “locker room talk,” the popular media has not been so forgiving.
Actor Tom Hanks addressed the issue during a recent press tour for his latest film Inferno, with few positive things to say about the GOP presidential hopeful and former reality television star.
“That’s just not right, I’m sorry,” Hanks said about Trump’s 2005 comments that women will do “anything” for famous men. “It’s not right at work, it’s not right in the locker room. It’s wrong, period. The end. That’s all.”
The actor did go on, however, to compare the current political climate to a routine dental procedure that’s performed more than 15 million times every year.
“It’s kind of like if you have a horrible, painful tooth, and you need a root canal. Who are you going to see? A guy who says, ‘Oh, I think I can figure that out, how to do a root canal for you. Lay down,'” Hanks said. “Or are you going to see somebody who’s done 6,000 of them. Has a degree on the wall and has a great history and expertise when it comes down to it.”
Many Americans remain divided, however, over the impending decision between two major party nominees that have been equally described as some of the least-liked presidential candidates in recent history. The most recent debt and tax analyses certainly don’t bode well for either party’s cause.
“These increases to the debt come on top of current law projections that show our debt growing by $9 trillion over the next decade,” said CRFB President Maya MacGuineas in a statement. “It is clear we are on an unsustainable path and the candidates’ failure to address this issue would have damaging consequences on the future of our economy and the financial well-being of all Americans.”
