Workers Cannot Afford A Second Trump Term
July 15, 2024
FOR IMMEDIATE RELEASE Biden-Harris 2024
July 15, 2024
Statement: Workers Cannot Afford A Second Trump Term
Biden-Harris 2024 Campaign Manager Julie Chavez Rodriguez released the following statement:
“More than 30 of the nation’s largest unions have Joe Biden’s back because they know Joe Biden will always fight for working people. Joe Biden knows unions built this country and the middle class. He is the most pro-union and pro-worker president ever, defending more than 1 million pensions, creating nearly 16 million jobs, fighting for workers over big greedy corporations, and is the first president to join workers on the picket line.
“Donald Trump will always choose big greedy corporations and anti-union extremists over the working men and women of America. As a failed businessman, Trump stiffed workers. As President, he gutted labor laws, rolled back basic worker protections, appointed anti-union judges and labor relations board members, and proposed cutting Social Security and Medicare every year.
“Workers and families across America cannot afford a second Trump term and his disastrous Project 2025 agenda will raise taxes on them by $2,500, cut back overtime pay, and eliminate workplace safety laws. Donald Trump does not care about workers or their families – and he never has. He only cares about himself and his corporate donor friends.”
Donald Trump was the worst president for workers – ever.
All Donald Trump delivered workers across the country were broken promises. He is a fraud who over-promised, under-delivered, and sold America out.
During his presidency, the Supreme Court and National Labor Relations Boards members he appointed made anti-union decisions which hurt workers and unions.
He was the worst jobs president in modern American history. He broke promises and lost jobs in states like Wisconsin, Michigan, and Pennsylvania who watched their factories close down and their jobs get shipped overseas under his watch. Trump’s signature tax giveaway to big corporations encouraged companies to move these jobs overseas.
Trump lost more than 150,000 manufacturing jobs and in his final year in office, and 830,000 energy workers jobs were lost – a 10% drop.
His Project 2025 agenda for workers would be even worse:
Questioned if public-sector unions should be allowed to exist
Attacking unions, union workers, and the ability for workers to organize
Allows employers to stop paying many workers overtime
Weakening union labor safety and prevailing wage laws
His proposals for our economy could “trigger a recession by mid-2025,” eliminate more than 3 million jobs, add $2,500 in taxes for working families, and inflict “inflation bomb” on the middle class. Under Trump, working-class families would pay more and billionaires would pay less.
Look at what economists, Nobel Laureates, and experts are saying about Trump’s Project 2025 agenda:
Moody’s: Trump’s agenda would trigger a recession by mid-2025, inflation would rise, and the U.S. would lose more than 3 million jobs.
“Biden’s policies are better for the economy,” says Mark Zandi, chief economist of Moody’s Analytics. “They lead to more growth and less inflation.”
According to a Moody’s study, Trump’s plan would trigger a recession by mid-2025 and an economy that grows an average 1.3% annually during his four-year term vs. 2.1% under Biden. (The latter is in line with average growth in the decade before the pandemic.)
Next year, under a Trump administration, inflation would rise from the current 3.3% to 3.6%, well above the 2.4% forecast under Biden, the Moody’s analysis shows. Compared with Biden, the U.S. would have 3.2 million fewer jobs and a 4.5% unemployment rate, a half percentage point higher, at the end of a Trump tenure.
PIIE: Under Trump’s agenda the top 1% will see a boom under Trump, while working and middle class families get a tax hike.
Trump’s economic agenda would “hurt the poor and help the rich” [PIIE, Washington Post]
CAP: The combination of [Trump’s] 10 percent tax on all imports and a 60 percent tax on all imports from China would raise taxes for a typical family by $2,500 each year. This includes a $260 tax on electronics, $160 tax on clothing, a $120 tax on oil, and $110 tax on food.
Axios: 16 Nobel economists see a Trump inflation bomb
WSJ: Economists Say Inflation Would Be Worse Under Trump Than Biden
Axios: Trump's inflation bomb: How his second-term plans could make it worse
CNBC: Trump could drive inflation higher with his second-term economic agenda, analysts say
Financial Times: Economists forecast $500bn annual hit from new Trump tariffs
Washington Post: Your total tax burden would probably go up under Trump. Yes, up.
Former Treasury Secretary Larry Summers: “There has never been a presidential platform so self-evidently inflationary as the one put forward by President Trump. … I have little doubt that with the Trump program, we will see a substantial acceleration in inflation, unless somehow we get a major recession first… There is a real risk during a Trump presidency that we would again see mortgage rates above 10 percent as inflation expectations rose and long-term interest rates increased.”
Mark Zandi, the chief economist for Moody’s Analytics: “Forecasts that compared with current policies, Trump’s economic plans would increase the inflation rate and force the Federal Reserve Board to raise interest rates higher than they would be otherwise. ‘If he got what he wanted,’ Zandi told me, ‘you add it all up and it feels highly inflationary to me.’”