Republican presidential candidate, Donald Trump, called for a U.S. goal of four percent annual economic growth and says his plans will create 25 million new jobs over a decade. Bobbi Rebell reports.
Republican presidential candidate, Donald Trump, talked about his plan for the U.S. economy at the New York Economic Club on Thursday. (SOUNDBITE) DONALD TRUMP, REPUBLICAN CANDIDATE FOR PRESIDENT OF THE UNITED STATES, (ENGLISH) SAYING: "I believe, it is time to establish a national goal of reaching four percent economic growth. And my great economists don't want me to say this, but but, I think, we can do better than that. Now, they're upset. They will be very upset. But, I think, we can do maybe substantially better than that. In working with my economic team, we've put together a plan that puts us on track to achieve that goal. Over the next ten years, our economic team estimates that under our plan the economy will average 3.5 percent growth and create a total of 25 million new jobs." Trump's way to achieve his goal - cutting taxes, eliminating regulations and revamping U.S. trade policy - all of which would create 25 million new jobs over a decade, he says. Gary Hufbauer is a senior fellow at the Peterson Institute for International Economics. (SOUNDBITE) GARY HUFBAUER, SENIOR FELLOW, PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICS, (ENGLISH) SAYING: "The great consensus among economist is that if we get 2.5 percent over the next four years, we will be doing great. So, four percent is way above that." U.S. gross domestic product expanded at only a 1.1 percent annual rate in the second quarter according to the Commerce Department. Trump also said the "extremely political Fed" will keep interest rates low throughout the rest of this year, and that there may not even be an increase this year at all.