Biden vs Trump Whose Economic Plan Is Better for You Robert Reich_360P
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00:00It just seems that the economy does better under the Democrats than the Republicans.
00:08Trump failed to deliver on his number one campaign promise.
00:12I will be the greatest jobs president that God ever created.
00:18Donald Trump is now the worst jobs president in American history.
00:23President Trump presided over a historic net loss of nearly 3 million American jobs.
00:30The worst jobs numbers ever recorded under an American president.
00:34This is no fluke. America's economy has almost always done worse under Republican presidents.
00:40A New York Times analysis found that since 1933,
00:44the U.S. economy has grown nearly twice as fast on average under Democrats.
00:50Now, Trump's defenders claim it's not his fault that the economy collapsed under his watch.
00:55It was the pandemic.
00:57We've done a great job. The press won't give us credit for it.
01:00But there are two big things wrong with this.
01:02First, the pandemic recession was as bad as it was because of Trump.
01:07His failure to lead with any national strategy
01:10You bought yourself some time and you didn't use it to prepare hospitals.
01:13Let me just, listen.
01:15Left America in chaos throughout 2020.
01:19Long after other nations had developed coordinated testing,
01:22tracing and social distancing plans that allowed them to reopen their economies.
01:28And secondly, even before the pandemic, Trump failed to deliver on his economic promises.
01:34As much as he liked to claim
01:36I built the greatest economy ever built anywhere in the world.
01:41It just isn't true.
01:43Long before the pandemic, America's job growth slowed under Trump.
01:48America added more jobs in President Obama's last three years than in Trump's first three.
01:54Even before the pandemic,
01:56most middle-class American households saw their incomes go down under Trump.
02:01Trump's major economic policy was cutting taxes on the rich and big corporations.
02:08He promised it would result in
02:10A $4,000 pay raise.
02:13How did that work out?
02:14Did you get a $4,000 raise?
02:17Republicans keep claiming that if we just cut enough taxes on the rich,
02:21the wealth will trickle down.
02:23But it never works.
02:25Ronald Reagan signs into law the largest income tax cut in American history.
02:31Wage growth slowed after Reagan's tax cuts for the rich and big corporations.
02:36As we stand here, Americans cannot find the jobs that they need to pay their bills.
02:41The Bush and Trump tax cuts didn't trickle down either.
02:45These giveaways to the wealthy came at the expense of investments in infrastructure,
02:51education, and health care,
02:53making life more expensive and difficult for everyone who isn't rich.
02:59They also exploded the debt and deficit.
03:02Reagan oversaw a 186% increase in the national debt,
03:08the biggest percentage increase in over 70 years.
03:11The Bush and Trump tax cuts that mostly benefited corporations and the rich
03:16are the main reasons why America's debt is growing faster than the economy.
03:21Republican presidents have led us into the three
03:24worst economic crises of the last century.
03:28And Democrats led us out of them.
03:30Republicans talk about running the country like a business,
03:34but they want to run it the way Trump ran his businesses,
03:38with massive debts,
03:40a string of failures,
03:43and payouts for the folks at the top,
03:45while workers get shafted again and again.
03:50Given Republicans' track record,
03:51why would any hardworking American put their financial security
03:56in the hands of a Republican president ever again?
04:08you