As Treasurer of Iowa for 33 years, my primary concern is advocating for sound budget practices that put local families first. I also believe that as Iowans and Americans, we are stronger together. That is why I support Hillary Clinton: because I know she will build an economy that works for everyone—not just those at the top. That means good-paying jobs, more fairness, and basic economic security for hardworking families.
Hillary is proposing the largest investment in job creation since World War II and wants to provide every American with the opportunity to find a good job by making college debt-free for anyone who wants to attend. And she’ll make the wealthy, big corporations, and Wall Street pay their fair share so we don’t add to the national debt.
And then there’s Donald Trump, who is too erratic and reckless to manage our economy. His dangerous economic plans could cost our country millions of jobs. It serves as just one more reason why he’s unfit to be our next president. Trump has promised that if he is put in the highest office in our country, he will run the economy like his businesses.
Well, if Donald Trump runs the United States economy like his businesses, he will leave a trail of harm and broken dreams. Sure, he managed to make himself rich, but it was at the expense of working Americans. Trump’s business record includes four bankruptcies that wiped out shareholders and jobs. He outsourced the production of his apparel overseas, stiffed hundreds of small businesses, and even established a fake university to swindle people into maxing out their credit cards and spending down their hard-earned retirement savings.
Just how much damage would a President Trump do to our economy? Well, an analysis published this week shows that Trump’s economic plan would lead to a “lengthy recession,” costing 3.5 million jobs, reducing growth, stagnating ordinary incomes, and exploding the debt by tens of trillions of dollars. That analysis didn’t come from a lifelong Democrat, it came from Senator John McCain’s old financial advisor.
He’s not the only one. The Chamber of Commerce, labor unions, Mitt Romney, Elizabeth Warren, and economists agree: a Trump presidency would cause a Trump recession. Donald said that he “loves playing with” debt and calls himself the “King of Debt.” He sure is. His tax plan would increase the national debt by more than $30 trillion over 20 years. But when the bill comes due, he said that he’ll threaten to default, which would cause a global economic catastrophe.
Trump’s tax plan would also give huge breaks to the very rich, with millionaires getting a $3 trillion tax cut; and corporations, a $2 trillion tax break. We don’t know how much he’d help himself, but that’s because he won’t release his tax returns. What we do know is that Trump plans to strip away the reforms that ensure Wall Street can never threaten Main Street again. Allowing Wall Street to take the kinds of massive risks that led to the crisis in the first place would leave the taxpayer holding the bag.
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But every bit as disconcerting are all the plans Trump doesn’t have. Trump has no plan to raise the minimum wage, even saying that “wages are too high.” He has no plan to make college more affordable, despite an entire generation being crippled by the weight of student loan debt. And he has no plan to fix our nation’s aging roads and bridges, all while Iowa was recently named #1 in the country in structurally deficient bridges.
Unfortunately, this has become a common theme of Donald Trump’s campaign: bad ideas, or no ideas. But with too many Americans still struggling after the worst economic crisis since the Great Depression, we need a leader who will bring us together, not apart; and who will fight for us all to succeed, and not just himself. For the future of our country, we need Hillary Clinton.
• Michael Fitzgerald is Treasurer of the State of Iowa.