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This week in Trumponomics

As the weeks leading to the election count down, President Trump and his campaign are focused on pushing forward messages of former Vice President Biden’s election agenda. Yahoo Finance's Rick Newman joins The Final Round to discuss Trump’s current campaign as well as give this week’s Trumpometer reading.

Video Transcript

SEANA SMITH: All right, with just two and a half weeks to go until Election Day, President Trump and Joe Biden each holding their own town halls last night, and the state of the economy was a topic that each candidate did discuss. We know that it is a key issue for voters as we head into the polls this year.

Rick, it's interesting because in this week's Trumponomics, you're not so much focusing on what the plans are, but really what President Trump has had to say and how he has characterized Joe Biden's economic plans. I mean, break this down for us.

RICK NEWMAN: Well, I watched the Trump town hall yesterday. I watched Trump's presentation to the Economic Club of New York, his Twitter feed, of course, and some other Trump events. And it's pretty remarkable to me that Trump really does not have much to say about his own economic agenda for his second term. When he's asked about it, he basically reverts to these stump lines about how terrible Joe Biden's plan would be.

And I mean, to hear Trump talk about it, Joe Biden just wants to take a wrecking ball to America. He's going to bulldoze the suburbs. He's going to build concrete block low-income housing on everybody's block in the suburbs. His tax cuts-- or his tax hikes, rather, are going to cause a depression. Millions of jobs are going to leave.

I mean, none of this stuff is actually in Joe Biden's plans. We should-- we should remind people what Trump's trying to do here is he's taking the most aggressive leftist Democratic plans that I-- actually, even Bernie Sanders wouldn't even endorse some of these things, and he's trying to attribute them to Joe Biden. And of course, even Democrats in the primary elections rejected those kinds of ideas, whether it's Medicare for All, the Green New Deal, these giant government plans. That's why Biden won and Bernie Sanders and Elizabeth Warren didn't.

So in the homestretch, what Trump's main tactic seems to be is just distort Joe Biden's economic plan to the point that Trump almost just sounds hysterical about it. And the Trumpometer this week actually gives Trump the second lowest score-- failing-- because that's what Trump is doing. He's failing. None of this is working in the polls. He's getting no traction whatsoever. If anything, he seems to be falling further behind on Biden.

DAN HOWLEY: Hey, Rick, as far as Biden's plan itself goes, I mean, does it seem viable? Does it seem like something that Wall Street will be amenable to? And is it the kind of sky is falling a Democrat may be elected kind of talk that was circulating around the summer that a lot of Wall Street was kind of talking up?

RICK NEWMAN: Biden's economic plan is actually becoming more palatable and more realistic, not less realistic. So the Tax Policy Center in March did an analysis of all the taxes Biden wants to raise in order to pay for many of these spending plans. And they found if Biden got everything he wanted, it would be about $4 trillion tax hike over 10 years.

Well, they just did a new analysis because Biden's plan has changed, he's introduced some new tax breaks for middle-income and low-income families and the economy has changed. So the Tax Policy Center has now lowered its estimate from $4 trillion in tax hikes to only $2 trillion in tax hikes in what is the current Biden economic plan. And most analysts say even if Democrats control Congress, he's not going to get $2 trillion in tax hikes. He might get $1 trillion in tax hikes and, again, that's spread over 10 years.

So you know, if the economy is recovering, I mean, you wouldn't want to do that in the-- if we're still in the middle of a deep hole like we are now. But Biden probably wouldn't. He probably would go for tax hikes in his second year or even the third year. So if the economy is recovering and these are spread out over time, most economists don't think it would be that much of a problem if it was just implemented intelligently.