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Their 2019 Economic Report of the President has scaled back its growth projection to below 3%. See page 527, “current-law baseline forecast is for output growth to moderate as the capital-to-output ratio asymptotically approaches a higher steady-state level in response to business tax reform, and as the near-term effects of the TCJA’s individual provisions on the rate of growth dissipate into a permanent level effect.” That blather means that the Trump tax cuts temporarily stimulated the economy by jacking up the deficit, but now that stimulative effect is wearing off, the growth level is expected to sink below 3% a year.
In other words, the "mediocre" economic growth that those with Trump Devotion Syndrome (TDS) have been telling us existed under Obama, is going to be the standard for the Trump Administration. Gone are the 4-6% growth projections previously boasted about.
To re-emphasize my point, the 2017 tax-cut gave the economy a temporary and slight jolt at a huge permanent cost to the Treasury.
In other words, the "mediocre" economic growth that those with Trump Devotion Syndrome (TDS) have been telling us existed under Obama, is going to be the standard for the Trump Administration. Gone are the 4-6% growth projections previously boasted about.
To re-emphasize my point, the 2017 tax-cut gave the economy a temporary and slight jolt at a huge permanent cost to the Treasury.