"Under President Clinton — I like the sound of that — America saw the longest peacetime [economic] expansion in our history."
Hillary Clinton gave her first major economic speech as a 2016 presidential candidate Monday, walking a thin line between arguing that the economy needs improving and blaming President Obama for not doing more.
Clinton criticized the Obama economy several times without calling her former boss out by name; rather, she cited factors like high youth unemployment and bankers not being prosecuted for the financial crisis. "Too-big-to-fail is still too big a problem."
Clinton said several times that she wanted to go further than Obama's economic policies, specifically regarding Obamacare, Dodd-Frank financial regulations and labor rules.
Whether she's trying to distance herself from Obama or not, Hillary's speech was full of poor economic policy. Here are her four worst ideas:
The Sharing Economy
"This on-demand, or so-called 'gig economy,' is creating exciting opportunities and unleashing innovation. But it's also raising hard questions about workplace protections and what a good job will look like in the future."
Treating companies in the sharing economy like every other company will hurt low-income Americans. Companies such as Uber and Airbnb give low-income Americans opportunities to earn a living they didn't have before. On the flip side, their customers can take advantage of low prices and do things they previously couldn't.
For the 6.5 million people who work part-time but want full-time work, these as-needed opportunities in the sharing economy are crucial for making it from paycheck to paycheck. Treating them as employees instead of individual entrepreneurs will restrict innovation.
Gender Pay Gap
"It's way past time to end the outrage of so many women still earning less than men on the job and women of color making even less."
Hillary didn't cite the misleading statistic that women make 77 cents for every dollar a man makes, but it was implied. If Hillary wants to attack those who supposedly discriminate against women and pay them less, she should look in the mirror. Clinton's Senate office paid women 72 percent what it paid men, as my Washington Examiner colleague Ashe Schow reported.
Sexism is wrong, but the rampant sexism implied by gender pay gap statistics has long been debunked. The "77 cents" talking point is an oversimplified, outdated average of what every woman and man in the economy made. When experience, education, occupation and hours worked are taken into account, the gender pay gap nearly disappears.
Progressive Tax Reform
"Those at the top have to pay their fair share. That's why I support the Buffett Rule."
Despite her veiled criticism of the Obama economy, Hillary appropriated one of the Obama administration's tax ideas. The Buffett Rule would force millionaires to pay at least 30 percent of their income in taxes.
The Buffett Rule is based on the belief that the rich aren't paying their "fair share." But the top one percent of income earners paid 24 percent of all federal tax revenue in 2011, despite earning only 15 percent of all wealth. The bottom 80 percent of income-earners all paid less in federal taxes than their share of income.
The United States has the most progressive tax code in the developed world, as pointed out by the Washington Post's Dylan Matthews. If Hillary really doesn't think the rich are paying their "fair share," she should define exactly what a fair share would be.
Government-funded Preschool
"I'm committed to seeing every four year-old in America have access to high-quality preschool in the next 10 years."
The liberal ideal for high-quality preschool would be an expansion of the federal Head Start program in which impoverished families are able to enroll their children in local government-run preschools.
Unfortunately, Head Start doesn't work. According to a study of the program by Obama's Department of Health and Human Services, while participants showed some academic progress early on, by the third grade those gains were gone.
Certainly there was more to dislike in Hillary's economic speech, and there were even a few positive aspects. Still, these were four of her worst ideas — and I'm sure we'll be hearing more about them over the next 16 months.