3% Growth? Really?!
mishtalk.com / Mike “Mish” Shedlock / May 23, 2017
In Trump Plans to Slash Spending by $3.6 Trillion, Increase Military Spending, Balance the Budget in 10 Years I gave my three primary reasons 3% growth will be extremely difficult to achieve.
Greg Ip, my favorite Wall Steet Journal commentator, also provides a set of reasons why Trump’s 3% Growth Target Looks Out of Reach.
Mr. Trump—moving in the opposite direction of President Barack Obama —promises lower taxes and less regulation, which should increase business investment and thus worker productivity. Moreover, a less-generous social safety net could prod some people back to work. More workers who are more productive are the ingredients of faster growth.
Yet there are good reasons independent economists think the U.S. can’t return to its historic growth of 3%. The U.S. working-age population grew 1.2% a year from 1950 through 2000. With the baby boomers retiring and families shrinking, it will grow less than 0.3% a year over the next decade. To make a credible case for 3% growth, Mr. Trump has to identify some wellspring of workers or productivity, that is output per worker, that his predecessors have missed.
Mr. Mulvaney thinks prodding many people off social safety-net programs and back to work will be good for them, and for growth.
The post 3% Growth? Really?! appeared first on Silver For The People.
Source: http://silveristhenew.com/2017/05/23/3-growth-really/
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