US economic growth averaging 2.8% reached under President Trump’s policies can be sustained over the next 10 years, Chairman of the White House Council of Economic Advisers Kevin Hassett Wednesday.
“What happened is we went from 1% growth, the new normal that would be disappointing forever, to 3% growth over the last 2 years with deregulation and tax cuts,” Mr. Hassett said on TV Wednesday morning. “Everything has lifted off and our view is it will continue. It is continuing because the policies are working.”
The Trump Administration is assuming Congress will make tax cuts permanent, as some will expire, Mr. Hassett said.
“Regulatory costs in the US declined under President Trump last year because he has a regulatory budget, and paperwork costs are going down for the US government,” Mr. Hassett said. “As far back as we looked, we couldn’t see a year like that.”
The forecast assumes President Trump’s policies are enacted, Mr. Hassett said, and “hopefully Congress will look at that and be convinced.”
“If you go back to the 1st year that we said growth would inch up a little bit, everybody said we were crazy,” Mr. Hassett said. “Our policies are working the way the academic literature says they should and confident they will continue to grow going forward. The people criticizing us were wrong. How many years in a row do we have to be right before they question their models
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