White House credits Trump policies for economic growth, slams far left proposals
The White House Council of Economic Advisors (CEA) made its case Tuesday that President Trump's tax cuts and deregulatory policies are responsible for America's recent economic growth in its annual Economic Report of the President.
Kevin Hasset, the White House's chief economist, also brushed aside worries of a recession and predicted continued economic growth during a call with reporters.
“I think there’s ample room for optimism,” Hasset said. “As we run the numbers, there are so many positives that are basically the residual effect of going from being the highest-taxed place on Earth to being an attractive place.”
The state of the U.S. economy will be a huge issue in the 2020 presidential election. Scott Martin, CIO of Kingsview Management, said Democrats are in a tough situation if the economy continues performing well under the Trump administration.
“The Democrats probably have to run on this controlling, invasive, government will take care of you thing," he said. “They can't run on good economic data, because the Republicans can claim credit for it.”
The CEA also warned against some of the policies that have recently been pushed by the left, such as “Medicare-for-All” and a 70 percent top marginal tax rate.
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FOX Business’ Kennedy said that it will be hard to sell these big government programs to the public unless the economy craters.
“These far left policies certainly stifle economic growth,” she said. “But they also are a hard sell in a good economy.”
Several 2020 Democratic presidential candidates have endorsed “Medicare-for-All” along with as a broader Green New Deal.