Former Reagan Budget Director David Stockman doubts President Donald Trump’s tax cuts will spur four percent economic growth in the U.S. economy.
“Absolutely not. Not a snowball’s chance,” Stockman, who was the Director of the Office of Management and Budget (1981–1985) under President Ronald Reagan, told Fox Business Network.
Trump repeatedly attacked the weak GDP rates during the campaign as an example of the Obama administration’s failed economic policies. He said his program of tax cuts for individuals and businesses, deregulation and tougher enforcement of trade agreements would double growth to 4 percent or better, Reuters reported. Treasury Secretary Steven Mnuchin said he believed growth above 3 percent would be achievable.
“What we have now is an economy that is so impaired with debt. $64 trillion, not one or two. A government that is so buried in deficits and debt that it couldn’t do the kind of massive deficit finance tax