This economy may be perilously close to recession. That was the message of the second-quarter real GDP report and its meager 1.2 percent growth rate.
Over the past year, real GDP has slipped to a paltry 1.2 percent. Business investment continues to fall. Building and factory construction has dropped sharply. Productivity is flat. The profits recession is still in force.
And what's the Hillary Clinton plan? Tax us into prosperity.
In her own words at the DNC on Thursday night, this is the fix: "Wall Street, corporations, and the super-rich are going to start paying their fair share of taxes." Why? "Not because we resent success. [!] Because when more than 90 percent of gains have gone to the top 1 percent, that's where the money is."
Let me get this right. In order to spur growth, Hillary intends to raise taxes on individuals, businesses, capital gains, stock trading and firms that move overseas (which they do because the U.S. has the most uncompetitive tax system in the corporate world). In addition, Hillary's door is open for a carbon tax, higher payroll taxes, and a gun tax of 25 percent.
She also argued in Philadelphia that the economy is not working the way it should because our democracy isn't working the way it should.
What she's getting at is appointing Supreme Court justices who "will get money out of politics" and passing "a Constitutional amendment to overturn Citizens United."
Citizens United removed spending limits for super-PACs. And yet those mean and nasty super-PACs have thus far benefited from pro-Hillary hedge-fund contributions to the tune of $48.5 million, according to The Wall Street Journal.
Donald Trump, on the other hand, has received only $19,000 from hedge funds.
Get it? Citizens United, according to Hillary, is the source of our weak recovery and must be overturned. Meanwhile, she is the big beneficiary of the Supreme Court decision to allow unlimited political donations.