Speaking to an audience at the New York Economic Club, Republican presidential nominee Donald Trump promised that his economic plans would “massively increase jobs, wages, incomes and opportunities for the people of our country.”
However, some experts are finding that Trump’s economic policies could end up costing the United States quite a bit, actually.
“Should Mr. Trump prove more successful in achieving adoption of his policies, the consequences could be far-reaching – knocking 5 percent off the level of U.S. GDP relative to baseline and undermining the anticipated recovery in global growth,” Oxford Economics, a global research firm, said in a study released Tuesday.
“My economic plan rejects the cynicism that says our labor force will keep declining, that our jobs will keep leaving and that our economy can never grow as it did once before,” Trump said in his Thursday address, adding, “Everything that is broken today can be fixed, and every failure can be turned into a great success.”
The research group found that if all else remains as-is, the U.S. gross domestic product will grow consistently at a rate of around two percent from 2017, reaching $18.5 trillion in 2021. However, their estimates also find that if Trump is elected and enacts his proposed economic policies, U.S. growth would slow and fall near zero percent in 2019, slowing the overall GDP growth by a projected $1.75 trillion.
While taking down Democratic presidential nominee Hillary’s Clinton economic policies, Trump insisted that “it is time to establish a national goal of reaching four percent economic growth.”
“In working with my economic team, we’ve put together a plan that puts us on track to achieve that goal. Over the next ten years, our economic team estimates that under our plan the economy will average 3.5% growth and create a total of 25 million new jobs,” Trump said during the Thursday address.
Notably, the Wharton School at the University of Pennsylvania—Trump’s Alma matter—estimated that the GOP nominee’s cornerstone immigration proposals would cost the U.S. His plan to deport the 11 million undocumented people in the United States would result in the loss of four million jobs and their subsequent generated income by 2030, the school said in a forecast.