Former Treasury Secretary Larry Summakal said against President Trump’s mass tax and expenditure bill, no purpose will portray the economist law as a boon for the economy.
Summers said in a Sunday interview to George Stephanopolos of ABC News, “There is no economist anywhere without a strong political agenda, who is saying that this bill is positive for the economy. And the heavy approach is that it is probably going to make the economy worse,” Samars described ABC News’s George Staphopolos in ABC News’s George Stephanopolos in an interview in this week “.
“Think about it in this way,” he continued. “How long can the world’s largest debtor remain the largest power in the world? And in the terms of the dollar, it is accumulating more loans on the economy than any piece of tax law that we have anytime.”
Trump on Friday signed his possible heritage-setting policy bill, Campaign promises and a wide range of agenda items includeFrom military and immigration measures, major cuts for National Health Services, many industrial incentives.
Bill’s heart, however, is an extension of 2017 tax deduction.
Without those tax deductions, according to the Joint Committee on the Congress Budget Office and Taxation, the bill is expected to reduce $ 500 billion in 10 years.
But with those cuts included in accounting, the cost is $ 3.3 trillion, or $ 36 trillion has about 9.1 percent of the total American debt stock. This number does not include the additional interest cost required to pay for the loan.
Tariffs are expected to offset an important part of the cost for about 2.5 trillion dollars, not the counting of macroeconomic and debt-service costs, but still lower than the total cost of the bill.
However, the White House has argued that the bill incited by the bill will reduce the cost. White House Council of Economic Advisors A report released up to about $ 11 trillion Development reduction in deficit, high tax revenue and savings on loan payment.
Asked in the interview to respond to that report, Summers said, “This is honorable nonsense.”
He said, “None of us is going to forecast what is going to happen for economic development.”
“The predictions we can make is that when people have to organize government loans rather than being able to invest in new capital goods, new machinery, new buildings, which makes the economy less productive,” they continued. “The forecast we can make is that when we are investing less in research and development, we are investing less in our schools that negatively impact economic growth.”
