New Bill Would Issue Additional Requirement to Vote
New Video 'Directly Contradicts' the Biden DoD's Conclusions About Abbey Gate Bombing
Biden Threw $7.5 Billion at EV Chargers in 2021. Here's How Many Have...
Biden Just Did What He Declared an Impeachable Offense Back in 2019 When...
Sarah Huckabee Sanders Is Calling on Governors of All Stripes to Come Together...
Trump Has Some Choice Words for Biden Over His Move to Stop Arms...
'Commonsense Fails' Yet Again in Senate, Scott Says After Sanders Blocks His Antisemitism...
A Bill Is Finally Here to Revoke Visa for Pro-Hamas Protesters
RFK Shows Support for Abortions Up Until Birth
House Democrats Call on Biden to Secure the Border
Trump Blasts 'Crooked Joe Biden' for Halting Aid to Israel
Two New Polls of a Critical Swing State Show the Same Candidate Leading...
Poll Confirms Most Voters Don't Support Pro-Hamas 'Protests,' but Here's Who Does
Here’s How a California Superintendent Responded to Rampant Antisemitism in Her School Dis...
Biden: 'The Polling Data Has Been Wrong' on the Economy
Tipsheet

Kudlow Rejects CBO Projections About Trump Tax Cuts...Offers His Own Prediction

The Congressional Budget Office's projections for President Trump's tax cuts are not good. If it is enforced, we will be looking at the worst deficit levels since World War II, according to the agency's data.

Advertisement

The federal debt "is projected to be on a steadily rising trajectory throughout the coming decade—approaching 100 percent of gross domestic product by 2028," according to the CBO Director Keith Hall.

Turning to the budget projections, we estimate that the 2018 deficit will total $804 billion, $139 billion more than the $665 billion shortfall recorded in 2017. In our projections, budget deficits continue increasing after 2018. As deficits accumulate, debt held by the public rises from 78 percent of GDP (or $16 trillion) at the end of 2018 to 96 percent of GDP (or $29 trillion) by 2028. That percentage would be the largest since 1946 and well more than twice the average over the past five decades.

Larry Kudlow, the newly appointed director of the National Economic Council, rejects these dire economic predictions. 

“The CBO, God bless ‘em, had a very lowball economic growth estimate,” Kudlow said on CNN. 

“We don’t believe” that GDP growth will be lower than 2 percent. 

“Our view is lower tax rates, particularly business, create invective to invest and work,” he explained. “I think we’re going to pick up productivity and wages. So that gives you an entirely different baseline.” 

Advertisement

CNN’s Erin Burnett tried to catch Kudlow in a net of hypocrisy. She presented him with a clip of himself from 2009, when he criticized President Obama for deficit projections. 

"What’s changed?" she wondered.

The Obama plan “was all spending,” he explained. “That’s not a growth prescription.”

Although Trump just signed a spending bill, it’s “nothing like the Obama stimulus package.”

Conservatives' distrust with the CBO is understandable. Remember when the agency's projections for Obamacare enrollment was off by a matter of millions?

In an interview with radio host Hugh Hewitt, Kudlow predicted that GDP growth is going to be "3 percent or better" in 2018. That's largely due to the tax cuts which have "stimulated investment spending and provided new incentives" for businesses.

Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos

Advertisement
Advertisement
Advertisement