The US economy is strong and growing despite billions of dollars in losses during the recent partial government shutdown, said Grover Norquist, President of Americans for Tax Reform Tuesday while discussing a Congressional Budget Office report that $11-B was lost, with $3-B deemed a complete loss.
“The Key thing is the economy continues today to grow and we were looking at a 3% rate of growth for the year,” Mr. Norquist said in a TV interview.
“So, $3-B is a big number unless you compare it to the GDP of the United States in Q-4. So actually we are doing fairly well.”
The shutdown had a “small impact,” but there also has been “tremendous growth” for the year, Mr. Norquist continued. “The CBO needs to spend more time going back to explain why they were so wrong on all recent predictions.”
The CBO has traditionally been an unreliable source for economic reporting.
Meanwhile, President Trump’s tax cuts are creating long-run growth, as they have made the United States competitive with the rest of the world, he said.
“By taking 35% down to 21%, we became competitive with Europe,” said Mr. Norquist.”We were noteven close to being competitive.”
The new tax code is a “good 1st start” for sustaining 3% growth, he added.
“We also need to do something about the workforce,” he said. “We need more workers and frankly there’s more tax reduction that needs to be done and spending restraint is very important at the end of the day.
Making and Keeping America Great!