The economy returned to a 3 percent growth due to the new policies of Donald Trump, according to the top economic advisor to the White House. Moreover, they have also considered raising taxes on gasoline and a major infrastructure bill is on the top of the list of his regime, which will need more funds. Hassett explicated that passing on the spending bill is as relevant as the tax bill in the previous year but money funds are needed to get this achieved. Part of the directive of the president is to think about this “options”.
Low growth is not a new normal part of the commentaries by Kevin Hassett, the chair of the Council of Economic Advisors. He joined other advisors in announcing the Economic Report of the President on Wednesday, where they expressed the economic outlook in the next few years. As of now, the economy is in a “normal period” once again which would open opportunities in reaching the three percent target as always expected.
Trump’s deregulation and the most recent tax cuts give an optimistic outlook, although, the national debt will most probably increase too in the short-term.
Hassett assured that the government is monitoring the government debt and on deficits. The data will be released today and if the outcome matches the forecast figures of the president’s schemes, there will be an extra of $2 trillion in GDP in the span of 10 years from now due to the implementation of Trump’s policies. The extra GDP funds could be used for the debt problem.
