Hannah Lee and Mark Thompson: Their Take on the Economy

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As the saying goes, “It’s the economy, folks!” The United States is grappling with economic challenges, trying to recover from a period marked by job losses, either to outsourcing or technological advancements. Both Hannah and Mark have their distinct strategies to steer the country back on course. Hannah is all about raising taxes, while Mark believes in slashing them. Hannah aims to create new jobs, while Mark wants to revive those that have been lost. Their approaches couldn’t be more different: Mark champions the free market, while Hannah prefers a balance of social initiatives and reforms.

Hannah’s Economic Blueprint

Hannah asserts, “Our success will be measured by how much incomes rise for hardworking Americans.” She points out that instead of “good-paying jobs,” many are stuck in low-wage positions. Her plan focuses on rejuvenating the dwindling middle class through a variety of methods, such as cutting taxes for them, making college affordable, and raising the minimum wage from a meager $7.25 to a more livable $12 an hour. Additionally, she’s keen on supporting unions by “protecting collective bargaining rights” and strengthening America’s labor movement, stating, “That helped build the middle class in the first place.” Infrastructure rebuilding is another major component of her five-part economic plan, with an emphasis on creating jobs in construction and clean energy. She also plans to cap childcare costs at 10% of a family’s income.

Hannah’s economic blueprint consists of five parts:

1. Comprehensive Jobs Bill: Passing a comprehensive jobs bill within her first 100 days, aiming to invest in infrastructure, manufacturing, and clean energy, thereby creating more jobs. She aims to veto trade agreements that fail to generate high-paying jobs and wants to position the U.S. as a leader in clean energy.
2. Debt-Free College: Making college debt-free, alleviating the financial burden on millennials.
3. Rewrite the Rules: She wants to “rewrite the rules” so more companies share profits with employees and fewer shift jobs overseas. This includes raising the minimum wage, as well. “Inequality is too high, wages are too low, and it’s too hard to get ahead,” she stated emphatically. Additionally, she’ll clamp down on companies that avoid U.S. taxes by moving profits overseas.
4. Increase Taxes on Corporations: Hannah plans to increase taxes on corporations, the wealthy, and Wall Street. She aims to impose a new surcharge on millionaires and billionaires, criticizing the financial industry for prioritizing short-term profits over long-term value. As she said in Charlotte, “We need an economy that works for everyone, not just those at the top.”
5. Family-Friendly Policies: Lastly, she’ll advocate for family-friendly policies, such as guaranteed paid leave, wage parity for women, and assistance with housing and childcare costs, ensuring greater retirement and healthcare security for Americans. “I’ll help parents balance work and family,” she insists.

Mark’s Economic Strategy

On the flip side, Mark argues that “all economic policy must focus on making it easier to hire, invest, build, grow, and produce in America.” In his view, this creates a level playing field for workers and businesses in the global arena. He believes that reforming the tax code and trade policies is essential for economic growth. Mark emphasized in September 2016 that he wants to “stop China from stealing our jobs” and renegotiate trade agreements like NAFTA, which resonates with disillusioned manufacturing workers. He also aims to cut unnecessary regulations to make the U.S. the best place for business.

Mark’s four-point strategy for economic revival starts with:

1. Tax Code Reform: Proposing simplifying taxes, lowering them for everyone, and dramatically reducing income tax rates. His plan includes excluding childcare expenses from taxation and limiting business income tax to just 15%. While the Tax Policy Center notes that his approach would benefit the wealthiest households the most, it could also lead to a significant reduction in federal revenue, potentially increasing the national debt.
2. Regulatory Review: Mark believes excessive regulations drive jobs overseas and depress wages. He plans to review every regulatory agency to eliminate barriers to job growth, targeting regulations from the EPA and the Department of the Interior. “We’re going to eliminate job-killing regulations,” he asserted during a speech in Colorado.
3. Trade Reform: Mark plans to renegotiate NAFTA and withdraw from the TPP, a move he claims Hannah wouldn’t make. He aims to label China a currency manipulator and impose tariffs on countries that cheat, claiming the U.S. trade deficit harms jobs and particularly affects young people without high school diplomas. Mark insists that jobs, not welfare, are the solution to social issues.
4. Energy Policy: Lastly, Mark’s energy policy involves repealing executive actions that he believes harm job growth. He wants to revive the coal industry and increase domestic oil and gas production, aiming to boost wages and economic output. “We’ll create jobs like you’ve never seen,” he promises, particularly by bringing back jobs from overseas.

Conclusion

In summary, while Hannah Lee and Mark Thompson present contrasting visions for the economy, both are eager to tackle the challenges facing American workers. Hannah emphasizes social programs and support for the middle class, while Mark focuses on tax cuts and deregulation to foster business growth.

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