"The Atlantic" declare : Three Political Problems Facing Trump's Economic Plan

But even Bush-style tax cuts will be awkward politics without any budget cuts to accompany them, since they will immediately expand the deficit. Third, passing major tax reform is like permanently deleting social media or eating just one potato chip—easy to talk about, nearly impossible to accomplish. Trump wants to eviscerate the State Department and foreign aid, which Republican senators have no interest in doing. In his first address to a joint session of Congress, President Trump outlined a three-part economic plan. Third, he reiterated his support for tax reform, which, if it follows his previous proposals, would cut taxes by almost $10 trillion, with the benefits largely accruing to corporations and the rich.

according to Previous economic research has indeed found that the construction of the interstate highway system substantially boosted productivity for industries associated with road use. First was to invoke the building of the interstate highway system. The second mistake was to highlight "creating millions of new jobs" as an aim or positive of any infrastructure spending. In other words, building a highway system can boost growth. Building a second highway system?

Trump's Bad Economic Reasoning on Infrastructure
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Trump's Economic Illiteracy on Display in Address to Congress

Could it be that when he promises not to reform Social Security and Medicare, he is actually promising massive cuts to Social Security down the road? Medicare and Social Security spending was $1.6 trillion of the total. As you may know, in 2035, when the Social Security Trust Funds runs out of assets, benefits will be cut across the board by roughly 25 percent. Trump promised to spend more money on veterans. Last year, spending on Medicare, Social Security, Medicaid, and net interest paid on the debt increased significantly.

Trump's Economic Illiteracy on Display in Address to Congress

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collected by :John Miller

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