Latest Breaking News

DonViejo

(60,536 posts) Tue Apr 17, 2018, 01:41 PM Apr 2018

Top Trump economic adviser: 'Never believe the CBO'

Source: The Hill

BY LUIS SANCHEZ - 04/17/18 01:05 PM EDT

President Trump’s new chief economic adviser said Tuesday that the Congressional Budget Office (CBO) should never be trusted, after the office projected that the Republican tax law would raise the nation’s annual deficit by over $1 trillion.

“Never believe the CBO. Very important: Never believe them,” Larry Kudlow, the new head of the National Economic Council, said during an interview on “Fox & Friends” on Tuesday. “They're always wrong, especially with regard to tax cuts, which they never score properly.”

The nonpartisan CBO reported that the GOP tax law would cut government revenue by $1.8 trillion over the next ten years. They said that estimate drops to $1.3 trillion when factoring the potential economic growth the law is expected to create.

Republicans have regularly pushed back on CBO estimates, saying they fail to appropriately consider the economic growth the GOP claims will be spurred by the tax cuts.

Read more: http://thehill.com/homenews/administration/383546-top-trump-economic-adviser-never-believe-the-cbo

22 replies

= new reply since forum marked as read

Highlight:

Top Trump economic adviser: 'Never believe the CBO' (Original Post) DonViejo Apr 2018 OP

IDIOT!! Angry Dragon Apr 2018 #1

I agree! What a dumb ass. Left-over Apr 2018 #16

He's probably right, the deficit will be much worse than their projections The_Casual_Observer Apr 2018 #2

Attempting to destroy what they cannot control. bronxiteforever Apr 2018 #3

exactly my thoughts!!!!!!!!!!!!!! bluestarone Apr 2018 #7

I dont think you get it.... TranssexualKaren Apr 2018 #15

faith based ekonomikkks. beLIEVE in the tax cuts, beLIEVE in tinkle down! pansypoo53219 Apr 2018 #22

My response to the repukes is "Did the Bush Tax Cuts stop the great recession of 2008?" muntrv Apr 2018 #4

Kudlow is an idiot and Trump is an utter Moran jpak Apr 2018 #5

More projection. tazkcmo Apr 2018 #6

Kudlow math BeyondGeography Apr 2018 #8

It's the Laffer Curve, dontcha know. louis-t Apr 2018 #14

The laffer bell curve you mean. TranssexualKaren Apr 2018 #17

Correct. What they don't tell you about the curve louis-t Apr 2018 #18

Excuse me, but isn't Kudlow generally known as "Mr. Always Wrong"? n/t MrModerate Apr 2018 #9

CNBC/NBC probably have 20 years worth of tape DeminPennswoods Apr 2018 #11

Never believe Larry Kudlow Nasruddin Apr 2018 #10

Sez who Nasruddin Apr 2018 #12

The same guy.... paleotn Apr 2018 #13

Velshi and Ruhle let him have it today. BigmanPigman Apr 2018 #19

Larry Kudlow may have been more wrong about the economy than anyone alive mahatmakanejeeves Apr 2018 #20

I'm sure they have a better track record on predictions than Kudlow JHB Apr 2018 #21

Angry Dragon

(36,693 posts)

1. IDIOT!!

Reply to DonViejo (Original post)

Tue Apr 17, 2018, 01:43 PM

Apr 2018

Left-over

(234 posts)

16. I agree! What a dumb ass.

Reply to Angry Dragon (Reply #1)

Tue Apr 17, 2018, 02:55 PM

Apr 2018

The_Casual_Observer

(27,742 posts)

2. He's probably right, the deficit will be much worse than their projections

Reply to DonViejo (Original post)

Tue Apr 17, 2018, 01:48 PM

Apr 2018

It always is. The only economic growth is for the rich and corporations.

bronxiteforever

(9,287 posts)

3. Attempting to destroy what they cannot control.

Reply to DonViejo (Original post)

Tue Apr 17, 2018, 01:49 PM

Apr 2018

2018 midterms need to send a message to these types of creatures that their days are numbered.

bluestarone

(16,978 posts)

7. exactly my thoughts!!!!!!!!!!!!!!

Reply to bronxiteforever (Reply #3)

Tue Apr 17, 2018, 01:56 PM

Apr 2018

TranssexualKaren

(364 posts)

15. I dont think you get it....

Reply to bronxiteforever (Reply #3)

Tue Apr 17, 2018, 02:49 PM

Apr 2018

The Republican mindset isn’t attracted to empiracle truth, it’s attracted to wannabe truth. If it sounds good maybe if I believe it enough it’ll become true. Hitler used wannabe truth very well, and it wasn’t until 1945 that everyone in Germany shook their heads and exclaimed, “what the fuck were we thinking!”.

pansypoo53219

(20,981 posts)

22. faith based ekonomikkks. beLIEVE in the tax cuts, beLIEVE in tinkle down!

Reply to TranssexualKaren (Reply #15)

Tue Apr 17, 2018, 09:45 PM

Apr 2018

HELLeeYOUyah!

muntrv

(14,505 posts)

4. My response to the repukes is "Did the Bush Tax Cuts stop the great recession of 2008?"

Reply to DonViejo (Original post)

Tue Apr 17, 2018, 01:49 PM

Apr 2018

jpak

(41,758 posts)

5. Kudlow is an idiot and Trump is an utter Moran

Reply to DonViejo (Original post)

Tue Apr 17, 2018, 01:50 PM

Apr 2018

yup

tazkcmo

(7,300 posts)

6. More projection.

Reply to DonViejo (Original post)

Tue Apr 17, 2018, 01:50 PM

Apr 2018

These "people" are very sick.

BeyondGeography

(39,375 posts)

8. Kudlow math

Reply to DonViejo (Original post)

Tue Apr 17, 2018, 01:57 PM

Apr 2018

Lowering government revenue results in an increase in government revenue.

louis-t

(23,295 posts)

14. It's the Laffer Curve, dontcha know.

Reply to BeyondGeography (Reply #8)

Tue Apr 17, 2018, 02:42 PM

Apr 2018

TranssexualKaren

(364 posts)

17. The laffer bell curve you mean.

Reply to louis-t (Reply #14)

Tue Apr 17, 2018, 02:57 PM

Apr 2018

Obviously if taxes were previously set at 100% lowering them would increase revenue, I bet I could get a room full of socialists to agree with that. But once you reach a point of diminishing returns this no longer works. So the problem is that the process was hijacked by a group of billionaires who would simply prefer not to have to pay taxes.

louis-t

(23,295 posts)

18. Correct. What they don't tell you about the curve

Reply to TranssexualKaren (Reply #17)

Tue Apr 17, 2018, 03:33 PM

Apr 2018

the 'theory' of 'cutting taxes brings in more revenue' only works at one theoretical point on the curve, and we are rarely if ever at that point on the curve. Mostly wishful thinking by a bunch of ideologues.

MrModerate

(9,753 posts)

9. Excuse me, but isn't Kudlow generally known as "Mr. Always Wrong"? n/t

Reply to DonViejo (Original post)

Tue Apr 17, 2018, 02:00 PM

Apr 2018

DeminPennswoods

(15,286 posts)

11. CNBC/NBC probably have 20 years worth of tape

Reply to MrModerate (Reply #9)

Tue Apr 17, 2018, 02:07 PM

Apr 2018

available for culling out Kudlow's erroneous predictions.

Nasruddin

(754 posts)

10. Never believe Larry Kudlow

Reply to DonViejo (Original post)

Tue Apr 17, 2018, 02:06 PM

Apr 2018

Nasruddin

(754 posts)

12. Sez who

Reply to DonViejo (Original post)

Tue Apr 17, 2018, 02:11 PM

Apr 2018

This is the 21st century - we should be able to evaluate this claim.
I don't have the background to do this properly, but a little casual googling reveals that
- Libertarians and business - aligned publications hate the CBO, no matter what it says
(even some of them say it's biased in a consistent way - which should mean that it still useful)
- It has trouble with long term projections
- It seems to often lowball projections
- Partisans are suspicious of it when the opposite party controls the congress
- The CBO does its own meta analysis and quality control
This seems to show it's in line with other forecasters, and sometimes they are all wrong

paleotn

(17,931 posts)

13. The same guy....

Reply to DonViejo (Original post)

Tue Apr 17, 2018, 02:13 PM

Apr 2018

who did one hell of a Bagdad Bob imitation just before the 07 / 08 financial collapse. Or more like Kevin Bacon in Animal House...."Stay calm! All is well!"

I think I'll ignore what this idiot says.

BigmanPigman

(51,611 posts)

19. Velshi and Ruhle let him have it today.

Reply to DonViejo (Original post)

Tue Apr 17, 2018, 04:43 PM

Apr 2018

They know money and they said that he is full of shit.

mahatmakanejeeves

(57,513 posts)

20. Larry Kudlow may have been more wrong about the economy than anyone alive

Reply to DonViejo (Original post)

Tue Apr 17, 2018, 04:44 PM

Apr 2018

Larry Kudlow may have been more wrong about the economy than anyone alive

Opinions

Larry Kudlow may have been more wrong about the economy than anyone alive

By Dana Milbank Opinion writer March 14 at 7:26 PM dana.milbank@washpost.com

It was the eve of the biggest economic collapse since the Great Depression. Many on Wall Street worried that a recession loomed and that the housing bubble was bursting. ... And then there was Larry Kudlow, the man President Trump just tapped to be his top economic adviser.

“Despite all the doom and gloom from the economic pessimistas, the resilient U.S. economy continues moving ahead,” Kudlow wrote on Dec. 7, 2007, in National Review, predicting that gloomy forecasters would “wind up with egg on their faces.” Kudlow, who previously derided as “bubbleheads” those who warned about a housing bubble, now wrote that “very positive” news in housing should “cushion” falling home sales and prices.

“There’s no recession coming. The pessimistas were wrong. It’s not going to happen,” wrote Kudlow. “ .?.?. The Bush boom is alive and well. It’s finishing up its sixth consecutive year with more to come. Yes, it’s still the greatest story never told.” ... If that was the greatest story, this should be a close runner-up: Trump has just put the country’s economic fate in the hands of the man who has arguably been more publicly and consistently wrong about the economy than any person alive.
....

All of this is to say Kudlow should fit right in with his new colleagues in the Trump administration. ... This is the same president, after all, who tapped to be the chief scientist at the Agriculture Department a talk-radio host who is not a scientist, named a brain surgeon to run the Department of Housing and Urban Development and floated the idea of his personal pilot as head the Federal Aviation Administration. A party planner, a bartender, a Meineke Car Care branch manager and a cabana boy all found plum administration jobs.
....

Dana Milbank writes about political theater in the nation’s capital. He joined the Post as a political reporter in 2000.
Follow @Milbank

JHB

(37,161 posts)

21. I'm sure they have a better track record on predictions than Kudlow

Reply to DonViejo (Original post)

Tue Apr 17, 2018, 05:15 PM

Apr 2018

Reply to this discussion