The 2017 tax cuts produced only a brief sugar high for the economy. America can’t afford Round 2: Our view
“The economy now is at 3% (growth),” he said. “Nobody thought it would be anywhere close. I think it could go to 4, 5 and maybe even 6%, ultimately.”
In fact, the economic growth rate that year was not 3% but 2.4%. And with Trump’s sweeping, massive, transformative, awesome, really huge tax cuts, the growth rate in 2018 surged all the way up to — drumroll, please — 2.9%.
That’s right, half a percentage point, and even that uptick was short-lived. Most projections for this year have it back below where it was before enactment of the tax cuts. Next year’s projections range from 2% to outright recession.
Deficit hits $984 billion