President Trump promised to create millions of jobs if he is reelected to a second term, while adding that an administration led by his Democratic opponent Joe Biden would lead to the worst depression in nearly a century.
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During a rally in New Hampshire on Friday, Trump said the U.S. economy has begun to bounce back from a coronavirus-induced recession that began in February, and he expects that to continue if he is reelected.
“If I’m reelected we will create 10 million jobs over the next 10 months and we’ll do that easily,” Trump said.
The U.S. economy readded 6.6 million nonfarm payroll positions in June and July – after losing a record number of jobs at the onset of the coronavirus pandemic.
Trump also said that his administration would make America into a manufacturing “superpower.”
On the flip side, he claimed Biden’s policies would undo all the economic progress his administration has achieved.
“The Biden agenda, with big tax increases and big regulation increases would immediately kill everything,” Trump said. “You will go into a depression the likes of which this country has not seen since 1929, and who knows, maybe worse than that.”
Trump said a “$4 trillion” tax hike that he believes would effect “almost everybody,” as one of the measures that would harm Americans.
“They are playing a suicide mission if they want to raise your taxes,” Trump said.
Biden’s plan does involve raising personal income rates on the wealthy, or those earning more than $400,000, in addition to raising the corporate tax rate. He would also tax capital gains at the same rate as ordinary income, while lowering the basic exclusion amount for the estate tax.