MSNBC's Kornacki Highlights Moody's Economic Report “Suggesting A Recession” Could Result From Trump's Economic Plans

Kornacki: Moody's Report Shows Trump Would “Blow An Even Bigger Hole In The Deficit,” “A Recession Could Be In The Offing”

From the June 21 edition of MSNBC's Live:

STEVE KORNACKI (HOST): All right, and the backdrop for that speech Hillary Clinton delivered today, it's a scathing new report blasting Trump's economic program, and it comes from Moody's Analytics. Moody's is part of a major credit rating agency, it's highly respected in the industry. The report's lead author, Mark Zandi saying quote, “If Mr. Trump gets precisely what he's proposed, then the US economy will suffer meaningfully.”

Now, we should note that that lead author that we're talking about there, Mark Zandi, he is a registered Democrat, he has donated to Hillary Clinton, he has also worked with Republicans in the past. He was an adviser, for instance, to John McCain's presidential campaign back in 2008. But let's take a closer look here at what this report is saying.

So, you can see here, Trump's economic plans, some of the key aspects of the economic plan that this report is looking at, they are looking at his calls for tax cuts, there are across the board sweeping tax cuts. They're also looking at his insistence that he will not cut the social safety net, Social Security and Medicare. Of course, there's also that question of immigration. Trump saying that people who are in this country illegally, that they should be deported. Potentially that could mean millions of people, up to 11 million people. They are looking in this report, they say, at the impact that that would have on the labor market in this country, and so you can see some of the findings there.

According to this Moody's assessment of Trump's plan, they are looking at the impact that that immigration plan would have on the labor market. They're also saying that by cutting taxes so much and not identifying where you're going to cut spending, you would blow an even bigger hole in the deficit. Also, Moody's suggesting a recession could be in the offing if Trump's plan were implemented as it is currently presented. Again, that is coming from Moody's today. That report came out just before Hillary Clinton gave her speech going after Donald Trump on the economy.


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