Oct 14, 2020 - Economy

Trump promises economic rejuvenation in speech with few policy details

Courtenay Brown

President Trump promised on Wednesday to lift the economy "to unprecedented heights" and bring about a quick "return to full employment," but did not lay out specific economic plans for a potential second term.

Why it matters: Economists have largely abandoned expectations that the economy and labor market will spring right back to pre-pandemic levels. Instead, they are bracing for an uneven, sluggish road back.

What he's saying: President Trump told an event hosted by the Economic Club of New York on Wednesday that "we're going again for a big middle-income tax cut" — which he also promised ahead of the 2018 elections — but didn't provide specifics.

Trump also said he has an infrastructure plan now, "but we're gonna make it much bigger." He did not elaborate.
Trump positioned the election as "a choice between a socialist nightmare and the American Dream," and he claimed a Joe Biden victory would cause a "steep" economic depression.

The big picture: President Trump also said the White House was "trying to get some stimulus money" for industries battered by the pandemic, like the airlines and cruise lines.

He said he'd like to see the Democrats "loosen up a little bit" — a week after Trump called off negotiations and then demanded that Congress "go big or go home" on stimulus.
Negotiations remain at an impasse. Treasury Secretary Steven Mnuchin, who had a call with Speaker Nancy Pelosi on Wednesday, said that it's unlikely there will be a COVID relief deal before the election.

Go deeper: Where Trump stands on economic promises

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Trump promises economic rejuvenation in speech with few policy details

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