Donald Trump on Budget & Economy
2016 Republican nominee for President; 2000 Reform Primary Challenger for President
Trump wants rates to remain low to prevent the dollar from appreciating, which would bring "major problems." But another consideration, he noted, was the [interest payments on the] national debt: "What do we do with all of the money that we owe everybody when rates go up and now all of a sudden we have to borrow at two points more? One point more, even, is devastating. It has to be handled very, very carefully." For the Fed to base interest-rate decisions on the national debt would blur the lines between monetary and fiscal policy. It's heresy by today's standards, but [was done in the 1960s].
TRUMP: I'm going to be bringing back jobs from China, from Japan, from India, from Brazil. This is going on at a level that you have never seen before. We now have corporate inversions, where companies are moving out of the United States. And they will be moving out in big numbers if we don't do something quickly. And my plan stops all of that.
Q: So, you want to close the loopholes for tax havens?
TRUMP: And I want to bring back trillions of dollars that is stuck in other countries that we won't let back in because we don't have intelligent people running our country.
Q: What about other loopholes on the personal side? Mortgage interest stays in there? Charitable giving?
TRUMP: That's right. Mortgage interest deduction would stay, absolutely. Carried interest, though, would not stay. One of the ways that the hedge fund guys who make a lot of money pay very little tax, the carried interest deduction. I'm knocking that out.
TRUMP: Well, I think what they should do is use the debt limit as a strong negotiating tool to make other changes and to cut costs elsewhere. The Republicans don't know how to negotiate.
Q: But let me ask you about that question of the debt ceiling. Do you think that, if it's breached, that that is an economic problem, leaving aside the question of negotiation?
TRUMP: Well, I don't want to say. And I'll tell you why. We should use it as negotiation. And the problem we have in this country is that we're so predictable.
TRUMP: OK, I would use the debt limit. I want to be unpredictable, because, you know, we need unpredictability. Everything is so predictable with our country. But I would be very, very strong on the debt limit. And I could see asking for a very big pound of flesh if I were the Republicans.
Q: But we just had 4% the last quarter.
TRUMP: But if you look at the overall average, we're doing less than 2% for the year. If China can do 7% -
Q: Right, but an emerging economy is always going to do 6%, 7%. Our sweet spot is 3% to 5%.
TRUMP: Right. If we do 6% or 7% under my plan, everybody benefits in jobs.
Q: We've never had a year of 6% or 7%. How is that gonna look?
TRUMP: Well, number one, corporate inversion is a big deal. There are many companies right now that are talking about very seriously leaving this country. And you're talking about thousands of jobs.
Q: What you're saying is, you make it all up with growth.
TRUMP: Not all up with growth. We also start cutting.
TRUMP: I would get rid of some. For example, the Department of Education. I would certainly get rid of a lot of it. I want local education. We could save a fortune with Environmental Protection--
Q: what is another agency you'd get rid of?
TRUMP: Even in the military, I'm going to build a military that's much stronger than it is right now. But you know what? We can do it for a lot less.
Q: So you believe you can spend less money on defense than we do today?
TRUMP: I think we can make our defense much stronger and spend somewhat less money.
FIORINA: I think Mr. Trump is a wonderful entertainer. He's been terrific at that business. One of the benefits of a presidential campaign is our judgment and temperament is revealed over time and under pressure.
Q: And his temperament regarding the nuclear codes?
FIORINA: That's not for me to answer; it is for the voters of this country to answer.
TRUMP: As far as temperament, I think I have a great temperament. I built a phenomenal business with incredible, iconic assets. And I may be an entertainer, because I've had tremendous success with #1 bestsellers all over the place. But I will tell you this: What I am far and away greater than an entertainer is a businessman, and that's the kind of mindset this country needs to bring it back, because we owe $19 trillion right now, $19 trillion, and you need this kind of thinking to bring our country back.
Here's my view of this situation. We survived and prospered after 9/11, and we will do the same this time. The components are different, but I believe the government is doing the right thing with this financial mess. They have worked hard and long, but a mess is a mess. I won't equivocate on that. I saw the indications that the world was in for a tough period of time, so I can't say I'm terribly surprised.
In short, there are no guarantees. That means being alert to nation and world markets. Do your homework daily I shouldn't need to emphasize this if you've paid attention to what's transpired in the United States from 2006 until now, which is late 2008. There was an implosion in the financial sector that was unprecedented in our history. I see it as a wake-up call.
I tried to warn people back in 2006. Now I'm back to tell you loud and clear that this area of your life is of great importance. We are all businessmen and women, whether you see it that way yet or not. If you like art and can't make money at it, you eventually realize that everything is business, even your art.
Firing an employee can leave your business in a hole; that's why so many companies hang on to less- than- desirable workers. To replace an employee, you have to go through the entire costly and time- consuming hiring process again. But frequently, you have no choice. If your business is to move forward, unproductive people must go.
Firing can be an essential and responsible business decision. It isn't pleasant, but lopping off a branch can save the tree.
In reality, most of us need to make money; we have bills to pay. However, other objectives can be equally, or more, important, including the stimulation and satisfaction you receive from your work and its challenges. There's also the pleasure of helping others and doing good or the opportunity to learn, grow, and deal with outstanding people, to name just a few.
I honestly believe that my attitude, willingness to work hard, and determination pulled me through. Things are so much better now than they were back then, and I came out of it better than I had been at my previous best.
The most important lesson I learned from that ordeal was that I could handle pressure. At that time, many of my friends also fell deeply in debt. Some went bankrupt. Despite my tremendous debt and all the pressure, I never went bankrupt. I was able to work it out, and I learned I could take the heat. You don't know what pressure is until you owe billions of dollars to banks and they all want their money at once.
The maddening thing is that thereís really no excuse for the way the town has developed. Atlantic City represents a unique situation; it is like no other town in America. In most places youíll find ideas but not enough money to carry them out. In Atlantic City there is plenty of money, but there are almost no ideas.
Rent control is a disaster for all but the privileged minority who are protected by it. As much as any other single factor, rent control is responsible for the desperate housing crisis that has plagued NYC for the past 20 years. Like a lot of failed government programs, rent control grew out of a decent idea that ended up achieving exactly the opposite of its intended effect.
Unlike most developers, I donít advocate eliminating rent control. I just think there ought to be a means test for anyone living in a rent-controlled apartment. People with incomes above a certain sum would be given a choice between paying a proportionally higher rent for their apartment or moving somewhere else.
|Other candidates on Budget & Economy:||Donald Trump on other issues:|
George W. Bush (R,2001-2009)
Bill Clinton (D,1993-2001)
George Bush Sr. (R,1989-1993)
Ronald Reagan (R,1981-1989)
Jimmy Carter (D,1977-1981)
Gerald Ford (R,1974-1977)
Richard Nixon (R,1969-1974)
Lyndon Johnson (D,1963-1969)
John F. Kennedy (D,1961-1963)
Dwight Eisenhower (R,1953-1961)
Harry_S_TrumanHarry S Truman(D,1945-1953)