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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsTrump adviser eyes entitlement cuts to plug U.S. budget gaps
https://www.reuters.com/article/us-usa-economy/trump-adviser-eyes-entitlement-cuts-to-plug-u-s-budget-gaps-idUSKCN1LX254NEW YORK (Reuters) - A top economic adviser to President Donald Trump said on Monday he expects U.S. budget deficits of about 4 percent to 5 percent of the countrys economic output for the next one to two years, adding that there would likely be an effort in 2019 to cut spending on entitlement programs.
We have to be tougher on spending, White House economic adviser Larry Kudlow said in remarks to the Economic Club of New York, adding that government spending was the reason for the wider budget deficits, not the Republican-led tax cuts activated this year.
Kudlow did not specify where future cuts would be made.
Were going to run deficits of about 4 to 5 percent of GDP for the next year or two, OK. Id rather they were lower but its not a catastrophe, Kudlow said. Going down the road, of course wed like to slim that down as much as possible and well work at it.
He stated that the biggest factor for revenue was economic growth rate. A quicker pace of growth will bring in more revenue, Kudlow said, and that President Donald Trumps economic policies were aimed at boosting the U.S. growth rate.
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gratuitous
(82,849 posts)I thought we were going to be running huge surpluses after that tax cut on the wealthy. All that money parked overseas was going to be repatriated, and the land would flow with milk and honey.
How did we get budget gaps after following the Republican playbook so faithfully? Now to replace all that money that went into the pockets of the wealthy, we're going to have to cut spending. And guess who's going to take it in the shorts?
Vinca
(50,303 posts)Don's "economic advisor" is just a garden variety money grubber. Steal from Grandma to give to the rich.
NorCen_CT
(176 posts)Oh, there's a 4%-5% deficit you say? How about letting those making $1M/year and over go back to their previous tax rates and implementing a 0.005% tax on any/all credit default swaps (or any similar derivative contract) to fill the gap (and that would MORE than fill the gap)?
Cut Medicare or Social Security, and see how many of the GOP are left standing after 2020. They think this November will be a wave year? They haven't seen a thing if they do what is proposed above.
John Fante
(3,479 posts)You would think it was a Reagan '84 landslide the way these Republican idiots are carrying on.
I hope they keep talking entitlement cuts all the way until November. Should turn out well for them. 😂