Whether Hillary Clinton or Donald Trump wins the presidency, Americans will end up paying more, Washington Free Beacon reporter Lachlan Markay said Thursday night on Fox Business.
Trump laid out an economic plan on Thursday of 3.5 percent annual economic growth that would create 25 million jobs, with a goal of four percent growth. The growth goal was based on Trump’s proposed policies of tax cuts and reduced regulations, although Moody’s Analytics released an analysis in June stating that Trump’s protectionist trade policies would raise domestic prices and reduce exports.
"He has this ... nostalgia for this 20th century manufacturing economy that he wants to bring back to the United States, which sounds great, if you’re in a manufacturing industry," Markay said. "But even his advisers admit that this entailed higher prices for pretty much everything that Americans spend money on–clothing, food, electronics, these basic household necessities."
"So it’s basically, in effect, subsidies for industries that Trump or his administration favors at the expense of everyone who buys pretty much everything," he added.
Host Kennedy said, in theory, the idea of having everything made in the U.S. sounded nice, but not if you wanted "affordable cars or clothes or computers." Markay drew a comparison between Clinton’s tax hikes and Trump’s economic policies, saying both would move costs onto the average American.
"It’s not that much different, really, from the Democratic idea of subsidizing certain politically favored industries," Markay said."Hillary Clinton wants to make government more expensive, in effect, by raising taxes on just about everyone. Donald Trump wants to make pretty much everything else more expensive, so you’re going to end up paying more regardless of which candidate wins."