You know, clinton has been pushing this thinking that the wealthy should pay for. Those are part of her proposals. Indeed with her tax returns it shows just that. Clinton paid an effective federal rate of 34. 2 . State, local income rate of 9 . Add up you get 43. 2. The clintons donated 9. 8 of their adjusted gross income to charity. Theyre trying to push this number, campaign, since 2007, the clintons have paid 44 million, 44 million in federal income taxes and also in that time frame, some 15 million that they have donated to charity. With it, Hillary Clinton has also put out a statement, which reads, and i am quoting here. Families like mine that reap rewards from our economy have a responsibility to pay our fair share. And it is not just the right thing to do. It is also good for growth. So we had Hillary Clinton yesterday, in the detroit area, once again lay out her tax plan which she talked about the wealthy need to pay their fair share, buffett rule. If you make million you need effective tax rate of 30 . If you make over 45 million there should be a 4 bump. She is paying 43. 2 . As for tim kaine, by the way. They released tim kaine and his wifes tax returns. Much lower than the clintons. Obviously they do not have the massive wealth that the clintons amassed, since bill clinton left office. His effective rate 25. 6 . With all of this, connell, now comethe renewed pressure from the Clinton Campaign, no doubt it will come, for donald trump to release his there is a lot to go into. Lets bring in douglas holtzeakin. There is a lot of politics there. She is putting at a statement that says, paying my fair share. Part of the family statement. Not just the right thing to do, but it is good for growth. Is it . No. I think this reveals a lot of the problems she has in her economic policies. None of which will deliver any growth. I think is the single, strongest critique of what weve seen out of Hillary Clinton so far. This is an economy has a longterm growth capacity of 2 . That is way too low. Means that the standard of living doubles every5 years instead of what were used to. We need proposals to increase economic growth. What weve seen out of Clinton Campaign so far is nothing like that. Connell i also thought it was interesting in blakes report, he says the campaign is clearly pushing out this narrative and story since 2007 the clintons have paid 40 some Million Dollars in taxes. 43. 8 million in taxes. Theyre pushing that out. They want people to talk about, this is good thing were paying all the money in taxes, as quote, unquote, wealthy family in the company. Shouldnt Trump Campaign have counter to that . Just the opposite, we want to cut your taxes for more money for wealthy people to put back into the economy. They should be prepared for this. This is all part of running for president. The fact that the 2015 return coming out now, what theyre saying bit, all something they prepared carefully, no doubt about it. Question we have for a long time whether the Trump Campaign anticipated this there has been a lot of pressure releasing his returns. He is not done so far. I think pressure will increase, not decrease. Connell right. Obviously you have to move away from the personal to what do we learn about Economic Policy from this . One of the things we learned from the Clinton Campaign, she is happy to have higher taxes. 1. 3 trillion, but she will spend 3. 5 trillion. There will never be enough paid in to cover the costs of what she intends to do. Connell that is the issue, right . That was the issue this week with her economic plan. Issue somebody like you had what she said, right . How do you pay for this stuff. Look, the next president will inherit from barack obama a budget that will display 9 trillion in deficits next 10 years. Will lead to trillion dollar deficits every year within the term. She said nothing how she would fix that. She created dozens of new entitlements and 2. 3 trillion in deficits. Connell anybody care about debt by the way anymore . Trump i know you do. Are you running . Are you the new, seems like every day this week youre the next guy getting in . Youre like mcmcmullin getting in the race . Do you have announcement you want to give us today . Seriously. Trump was, did interview. Good time to borrow. Rates are low. Anybody care about the debt. We have seen precious little caring about it. Honestly we have two candidates running like democrats this year. Nobody is running like a traditional republican. Someone who cares about fiscal responsibility to the next generation. Good housekeeping, getting books in order. People are saying we will tell you what you want to hear. Dont worry about what it costs. Connell well talk a little bit more about trumps economic plan he talked about this week as well. To be fair to him, wasnt their more progrowth message in there, tax cuts . Did you like that kind of thing . I think thats the single most important contrast. He is interested in growth. Wants to pursue better growth. It is our top economic problem. She has given up on growth. Just into tax and transfer. That is something that the Trump Campaigns needs to really focus on. Connell doug, good to see you. We do have the tax returns from the Clinton Campaign. Well see what if anything we get out of the Trump Campaign. A big chunk of this clinton economic plan weve been talking about is spending. A Spending Initiative would go to debtfree college for everyone. Now what about that as economic idea . Here to debate it alexandra smith, garland nixon. Is this a good idea, economically, free college . Absolutely. The he question is this what do you get, what returns do you get . Number one, better educated workforce. I was Law Enforcement officer for many, many years. I can tell you this you dont arrest a lot of people with college degrees. You go into prison you dont find many people with college degrees. Payback is so great for investment of educating our citizens i dont think connell do we have the money, before i get alexandras take is little different. The argument is we dont have the money, free lunch for everybody . I always rejected that concept of an argument for this reason. Anytime we want to bomb somebody or build Nuclear Submarines we dont discuss the cost. Only time we discuss the cost when we talk about a Program Helping working class or working poor. The discussion shouldnt we have, unless we move that discussion to military weaponry. Connell give that over to you. Your thoughts. It disgusts me. Im someone who put myself through school. I dont believe it is u. S. Taxpayers responsibility to do that for me. This is Hillary Clinton thinking top down from washington. Wants to put everyone in the same box. She hasnt realized education has grown, it is diverse spied. People are nontraditional students and pursue them differently. Federal government from washington, d. C. Handled things Like Health Care so well will run it for everyone . What is really interesting about this though, is that this is a huge play for her to get that Obama Coalition of young people back together and it is not working. It is not working in the polls. And also research weve done, they dont believe government can deliver on free college because they have never seen government deliver on anything. Connell one issue i take it is not working in the polls. I mean she is doing pretty well seems like or trump is doing fairly poorly last couple weeks in the polls. Numbers of young people favored secretary clinton, havent they overall . I will push back there, president obama captured 66 of the youth vote in 2012. Young voters reversed the decision the rest of the electorate made. Only 49 of the young voters supporting secretary clinton and young voters looking to Third Party Options like gary johnson and jill stein that is huge problem. She needs the coalition put back together and they dont trust her or like her. Connell garland, that will be not just young voters but Obama Coalition alexandria includes other type of voters, minority voters helped president be elected twice, young voters. Is that coalition, the Obama Coalition going to turn out in your view to support mrs. Clinton as aggressively as they did . Certainly theyre not going to turn out for Hillary Clinton like they did for barack obama. What were really discussing here is, would be the new deal democrats, people who believe in the fdr social programs, as opposed to maybe the cold war democrats which would be Hillary Clinton, Scoop Jackson kind of people. No, unfortunately i dont think they will. If you look at Bernie Sanders, one of the things that attracted Bernie Sanders young people to Bernie Sanders was this particular issue. There are a lot of people in trouble at some point, the government will have to do something to deal with the issue of young people being mired in student debt. Connell shift you guys attentionwise to the stock market for a few minutes. It is interesting. Were smashing records. We talk about it a lot on fox business. The dow is down a little bit today, down 49. All three major indexes and averages hit record highs at the close yesterday. Some people making argument if we continue, making gains, then you take polls and speaking of polls, look at data, talk to people anecdotally, average americans say theyre not feeling it. What about that alexandra . Is there a disconnect. Knew survey, career builder, three out of four are living paycheck to paycheck. What do you think of that . We keep seeing incremental markers of growth and celebrating making a big deal about them, but not about the potential as country. Not about who we are as americans always believing we can do better. This is the first president hasnt been able to achieve 3 gdp growth in any part of his term. That is utter disgrace. That is where americans are feeling stuck. They feel like their wages arent growing. They feel like they cant pay their bills. So that is where i think a lot of americans feel right now. Connell garland, isnt that fair criticism of president obama, economic growth, has been, to alex alexandras point. Stock market is doing well, isnt she right about that, is that why there is a disconnect . I dont think at all something you can pin on president obama. I think what were looking at is result of 30 or 35 years of policies that crushed the middle class. What we have now is economy where probably 40 to 60, depending who you believe, 40 to 60 of the money comes in, comes in and goes through Financial Complex financial tools on wall street. So the average person doesnt see any gain or loss when the stock market goes up. This is result of longterm policies. One president didnt cause this it wasnt just republicans or democrats. Both sides had a hand in on policies that left us in the position where the middle class can not gain any ground anymore. Connell i do find it interesting, that far fewer people, this is totally anecdotal, alexandria, far few people, just on day the market is not doing much today, day market sup 300 points or down, far fewer people come up to me, say hey do you see the dow. Movement in the stock markets, make speakses to the fact that they are fed up, i dont know. People are fed up. Theyre fed up with Administration Talk ad big game. If you watched president obamas speech at Dnc Convention he painted reality of america doesnt exist for ordinary americans out there. There are 7 million more americans in poverty under this administration. 11 million more on food stamps. People are having a hard time making end meet. Were not achieving our potential as a country. They are looking for candidates at all levels, president ial level, at the down ballot races as well, step up, here is how we open up washington. Here is how we make your economy grow for you in your local community, rather than top down from d. C. Those are candidates that will be successful because they dont make the American People feel stuck and mired in washington and what Hillary Clinton wants to do, which is continuation of president obamas policies. Connell guys. Thanks a lot. Really appreciate it. Alexandra and garland. Thank you. Connell a good discussion and well get back to other topics we mentioned at top in a few minutes. Whether it be taxes. Tax release, a lot of politics in the tax release. Probably a lot we could talk about there. Well see if donald trump has to say if anything about that. Other issue for Hillary Clinton, or continues to be the emails. I know she would try to keep things on point with the economy and talk about her plans and even her tax release which she came out with but the scandal over her emails continues to plague, latest batch of emails sparking concern what has been described by the Trump Campaign, pay to play tactics, wealthy contributors to the foundation, the Clinton Foundation, reportedly getting preferential treatment by the state department when she was there is as secretary. Well dig deeper into that issue later on in the show. Signs from the economy from retail, department stores, weve seen a boost there. Overall retail sales last month told a different story and we have the whole story after a quick break. Your Insurance Company wont replace the full value of your totaled new car. 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This retail sales number does not support rates. Connell gdp figure we talked from a political perspective, seemed to get buried with all the political news. Donald trump could have jumped on, it was not a strong number. What is going on with jobs . Is that as strong as seems to indicate it is . No. You look down and get granularity, the wage quality was not sufficient or basis for fed to raise rates. Retail sales same thing, connell. Connell funny to see the market at record highs and we come in every day there, i was using the word disconnect. It is a weird market. Theyre juiced by the fed, by free money. Algorithm trading models boosting stocks higher on back of free mon from the fed. Connell people dont feel better. No. Connell nobody comes up to me, hey, did you see the dow . People years ago would. They would get excited about it. There must be a reason for that. It is. Economy is not doing well. Bad news is good news. Good news for the stock market. It doesnt reflect fundamentals in terms of corporate earnings and ratios and how we evaluate the companies. This is free money falling into equities. Connell let me ask you this. We talk about the stork market a lot, quote, unquote, grinding higher. It is somewhat boring but going up, right . On the economy is it sort of like, it is all right, no big deal, when you say the economy is week, or is not as strong as we think its, are you worried . I am worried. Were moving towards recession and eurozone and canada and latin america. And as is asia. Growth rates, those are annualized growth rates. Looking at. 1, this is not robust growth. Connell were moving toward recession i could ask you certainly have political impact were in election year. When are we heading into recession. Matter what the Central Banks do. To the extent Central Banks prime the pump and push liquidity in the system we stave that off. 4. 5 trillion of free pointed money and getting 1. 2 annual growth. The problem the underlying economy is not performing well. Capital stock is not sufficient. Our trade imbalance is bad. Debt picture is bade. Immigration picture is bad. Regulatory picture is bad. Connell, these are all the factors minimizing growth of potential economy. Connell to be serious about it, if youre right, those are very important factors. How does it play out . Because after we went through what the disaster of 2008, a lot of people looked back, see this, this and this. Is that what youre looking at. These are signs of some sort of a event or bunch things on the way. There is a lot of things. Deutsche bank alone out of germany has difficult situation on their hand in terms of liquidity and derivatives portfolio, we could have a credit event start the whole ball rolling again like lehman in 2008. Beyond that, the Economic Data, look at numbers, it reveals a weakening economy over time and has been this say for several months. Connell sorry to say that franks message which could have been more positive i