Hillary Clinton – an American politician who served as the 67th United States Secretary of State under President Barack Obama from 2009 to 2013 – is now herself a candidate for the quadrennial U.S. presidential election, which is scheduled to be held on Tuesday, November 8, 2016. Wife of 42nd President Bill Clinton, she is a native of Chicago and had also been the first female chair of the Legal Services Corporation back in 1978.
Over the years, she has played a significant role in advocating the creation of the State Children’s Health Insurance Program (SCHIP), Adoption and Safe Families Act (ASFA) and many other similar initiatives. She is the first female senator from the State and has played a pivotal role in supporting military action in Afghanistan and the Iraq Resolution.
But, the question is what will happen to the U.S. Economy if Hillary Clinton is elected president?
Will she follow the footsteps of her husband and former president, Bill Clinton, or will she maintain the establishment her former competitor and fellow confederate, Barack Obama has left behind for her?
While Hillary is always seen supporting Obama’s efforts in strengthening the Volcker rule of imposing “risk fees” on banks for the purpose of establishing a higher minimum rate for those in the highest income bracket, what remains to be speculative is the fact that her top campaign donors are banks.
Following are some of the economic issues and Clinton’s subsequent plans to fight with them:
– Wall Street
Although Hillary Clinton doesn’t support the Glass – Steagall Act, she, however, claims that if it weren’t for the former, Lehman Brothers, AIG, Bear Stearns among others wouldn’t have stopped from making consequential bets. The Act primarily refers to four provisions of the U.S. Banking Act of 1933 that limit commercial bank securities, activities and affiliations within commercial banks and securities firms. To this, this suggests that an alternative framework of regulation should be introduced to monitor the financial system appropriately. She is even trying to fix several loopholes present in the Dodd – Frank Act that allows bank lobbyists to open larger bills.
– U.S. Tax Code
Clinton promises to emphasize on provisions allowed for money managers, hedge fund operators, client’s investments and other such income related segments to work effectively on closing the advantage that “carried interest loopholes”. The carried interest loophole allows individuals to make more than $450 million a year on an average, and are taxed at a lower rate than teachers earning around $50,000 on average. There is no more striking example of the cost of corruption than tax loopholes that benefit the 1%.” wrote Morris Pearl, former managing director of Blackrock, the asset management firm. This will indirectly help her establish concrete steps that will work towards eradicating inequality.
As a final note, I just want to say that all of this truly just depends upon how Hillary Clinton will be able to transform these visions into a form of reality. Her ability to put her economic agendas into activation mode rests on how she decides to govern.