President Trump’s Budget Is Pro-Taxpayers, Pro-Jobs, Pro-Growth
President Donald Trump’s proposed Y 2018 budget will help to accelerate economic growth by 3.5 to 4% a year
“Roll back regulations and grow, grow, grow. 3%, in my opinion, is minimal. They can do 3.5 to 4% if they get the tax cuts through ASAP,”Larry Kudlow, the veteran financial guru and former economist in the Reagan administration, said Wednesday.
The US economy has grown by 3.2% Y-Y on average since Y 1947, but never exceeded 3% during the Hussein Obama Admin, the 1st time in history. President Trump’s proposed budget is based on tax and spending cuts to strengthen economic growth without increasing the deficit.
This is a budget designed to reduce dependence on the government, as Budget Director Mick Mulvaney described the spending plans Tuesday.
“It’s a taxpayer-1st budget,” Mr. Mulvaney said. “We are no longer going to measure compassion by the number of programs and the amount spent on those programs.”
This budget reminds me of the Clinton administration’s welfare reforms that reduced peoples dependence on the dole, meaning if they wanted welfare they had to work too.
“The measure of success is not how much cash or government or welfare assisted It’s how many people we put back to work,” Mr. Kudlow said.
The Trump Budget asked Congress for $3.6-T in spending cuts on food stamps, Medicaid health insurance payments, disability benefits, low-income housing assistance and block grants that fund meals-on-wheels for the elderly.
“You have this perverse incentive effect going on, because the work requirements have been decimated,” Mr. Kudlow said of Clinton-era policies that weaned people off government payments. “Obamacare provided the break-even working poor with incentives not to work. If they went to work, they would lose their health care.”
House Speaker Paul Ryan said there are areas where the White House and congressional Republicans share similar goals.
“Here’s what I’m happy about: We finally have a president who’s willing to actually even balance the budget,” Ryan told reporters. “And we will have a great debate about the details on how to achieve those goals.”
Senate Majority Leader Mitch McConnell (R-KY) said,”We’ll put our own imprint on it.”