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Donald Trump’s Balanced Budget Goal Rests on Questionable Math
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Tags: Current Focus, United States,
The 2017 Budget presented by the Trump administration has a serious problem in that it assumes 3% growth, and 2% inflation, low interest rates, to generate $2.1 trillion in additional tax revenues over 10 years. Hilsenrath in the WSJ has questioned whether 3% growth is a safe assumption. Then the Trump 2017 budget resorts to double counting which analysts called egregious and wrong by using the unsupported $2.1 trillion in extra revenues to fill holes in the deficit. By doing this it comes up with debt to GDP ratio dropping from about 75% to 65%, whereas the Congressional Budget Office does the math and says it would jump from 75% to about 85%.
Such a mistake is called the "most egregious accounting error" by Lawrence Summers, a former Treasury Secretary, from what he has seen over 40 years. The irony is that the budget is called "The New Foundation for American Greatness," because of the lack of a firm foundation in the numbers.
Deep cuts in social programs makes the math riskier politically and socially.
Trump's economic plan and how it increases the U.S. deficit by $5.3 trillion
09/22/2016
The sharp contrast between the Trump economic plan which is very unusual for a Republican candidate in that it substantially increases the U.S. debt by $5.3 trillion, and the Clinton economic plan which only modestly increases the deficit by $200 billion. The impact is about one fourth increase of the national debt of $19 trillion under Trump and only 1% under Clinton's economic plan, according to the Office of Management and Budget.
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Donald Trump’s Tax Plan Would Boost Economy in Short Run but Not Long Term, Analysis Finds
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Donald Trump’s Economic Plan, Up Close, Doesn’t Add Up
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Trump's first budget plan in 2017- cuts in entitlement spending and social programs
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What Trump’s Budget Could Mean for the Affected Agencies
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Trump Budget Likely to See Major Rewrite in Congress
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Trump’s Budget Seeks Cuts to Taxes, Safety-Net Programs
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Spending cuts under the Trump administration- reducing budget entitlement spending and social programs, and increasing defense spending
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Grouped Articles
Trump Takes a Gamble in Cutting Programs His Base Relies On
The New York Times 03/16/2017
What Trump’s Budget Could Mean for the Affected Agencies
The New York Times 03/17/2017
Trump Budget Likely to See Major Rewrite in Congress
WSJ 03/17/2017
House Vote to Repeal Affordable Care Act Is Postponed, Despite Trump’s Effort
The New York Times 03/23/2017
Trump’s Budget Seeks Cuts to Taxes, Safety-Net Programs
WSJ 05/23/2017
Donald Trump’s Balanced Budget Goal Rests on Questionable Math
WSJ 05/23/2017
The Trump 2017 Budget with $2.1 trillion counted twice and rosy estimates- accounting error, shifting priorities and economic-political risks
05/23/2017
Linked Articles
Donald Trump’s Balanced Budget Goal Rests on Questionable Math
WSJ 05/23/2017
Trump’s Budget Seeks Cuts to Taxes, Safety-Net Programs
WSJ 05/23/2017
The accounting errors in U.S. president Trump's 2017 budget with double counting of $2.1 trillion
05/25/2017
Linked Articles
Donald Trump’s Balanced Budget Goal Rests on Questionable Math
WSJ 05/23/2017
Trump’s Problematic Math: Budget Plan Adds Growth, but Doesn’t Subtract Cost
The New York Times 05/24/2017
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