Federal Reserve Chair Janet Yellen says the U.S. economy won’t get to 3% growth for five years, but Office of Management and Budget Director Mick Mulvaney told the FOX Business Network’s Stuart Varney, “She can be wrong.”
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Mulvaney said the Trump Administration’s economic plan can get the country back to 3% economic growth.
“MAGA-nomics, Make America Great economics," Mulvaney said. "If we get a chance to put those policies in place, that comprehensive package of proposals the White House is coming up with, we do have a chance to get back to 3% growth.”
The Congressional Budget Office has said the Trump budget plan will not balance the budget in ten years, another prediction Mulvaney questioned. “We expected that, because again, what are they assuming? They are assuming the new normal when it comes to economic growth, you drill down into their numbers as we did last night and this morning and they assume 1.9% GDP growth forever…we reject that.”
Mulvaney says there are valid concerns about entitlement spending, noting that at the beginning of the recession there was a rise in the number of people on programs like Medicaid and food stamps, but he says those numbers have not dropped despite an improved economy. Mulvaney suggested some of the people utilizing those programs should be working. “One of the things we’ve been pushing in health care, in our tax proposals, in our budget proposals is having a work requirement for those benefits.”