During an interview on Fox and Friends, President Trump revealed that the basis for all of his economic plans is a hope that the economy grows at three percent during his presidency when all economic and workforce projections predict a grow of 1.8-1.9%. In other words, Trump’s entire plan is based on fantasy BS.
DOOCY: Sure. Mr. President, you’re going to spend $54 billion, at least, more on the military. And the people who — in our audience like that — love this and you’ve said you were going to do that all along. You’re going to make big spending cuts at the EPA…
DOOCY: And State Department.
Where does the money come from?
TRUMP: Well, the E…
DOOCY: Because it doesn’t seem — if you cut all the money from EPA and all the money from State, that’s about $50 billion.
TRUMP: Well, I think the money is going to come from a revved up economy. I mean you look at the kind of numbers we’re doing, we were probably GDP of a little more than 1 percent and if I can get that up to 3 or maybe more, we have a whole different ball game. It’s a whole different ball game.
And that’s what we’re looking to do.
Trump is promising to defy the laws of economics. The President is not going to be able to achieve three percent growth because the Baby Boomers are aging, more workers are retiring, and the President’s immigration crackdown means fewer younger people are coming into the country to fill those jobs.
Here is the reality of the situation via The Washington Post, “Inflation-adjusted economic growth over the past decade has been under 2 percent. And independent projections for the coming decade are equally lackluster, thanks in part to population aging. The Federal Reserve, the nonpartisan Congressional Budget Office and private forecasters predict about 1.8 to 1.9 percent annual growth.”
Trump is planning on decreasing revenues via tax cuts and increasing spending. The only way this scheme works is if the economy grows at impossible levels. Studies have shown that tax cuts for people at the top, like what Trump is proposing, don’t grow the economy.
President Trump doesn’t have a plan to pay for his spending and tax cuts. He is hoping that the economy grows enough to cover the bills that he will be running up. If the economy fails to grow at Trump’s hoped for pace, or if the economy slips into recession because of Trump’s plans, he is going to leave the country with massive deficits.
The President Of The United States has no intention of paying for his spending and tax cuts. It’s all a pile of salesmanship and BS.
Every time Trump speaks, the American people get a reminder that the President is leading the country with ignorance and both eyes totally shut.