White House 2018 budget proposal is out, and it slashes the social safety net

by Dramelin 11:30 PM 0 comments

 should not rely on unrealistic and rosy economic growth projections to pay for his proposals or fix our debt.
It is not a good idea to spend as if you won the lottery in hopes that you actually do.
" The budget assumes the White House will be able to dramatically lower tax rates for households and businesses.
The administration has proposed reducing the corporate rate to 15 percent and streamlining individual rates from seven brackets to just three.
The White House provided no additional details about its proposal Monday but said it is a key component to pushing economic growth to 3 percent.
Mulvaney said the deep spending cuts, coupled with faster growth, will reduce the deficit as a percentage of GDP starting next year.
He said the budget will balance by 2027.
However, many economists doubt the administration will be able to reliably and repeatedly hit a 3 percent target — even with significant tax cuts — due to the country`s aging population and declining productivity.
The Congressional Budget Office currently estimates growth at about 1.
"The president is right to focus on job creation and tax reform.
But he should not rely on unrealistic and rosy economic growth projections to pay for his proposals or fix our debt," said Judd Gregg and Edward Rendell, co-chairmen of the Campaign to Fix the Debt.
"It is not a good idea to spend as if you won the lottery in hopes that you actually do.
" But Mulvaney said the administration stands by its forecast and that economists are underestimating the benefits of Trump`s proposals.
"That assumes a pessimism about America, about the economy, about the people, about its culture that we`re simply refusing to accept," Mulvaney said.
"We do not believe that [3 percent] is something fanciful.