Trump adviser eyes entitlement cuts to plug U.S. budget gaps

[G_j]

https://www.reuters.com/article/us-usa-economy/trump-adviser-eyes-entitlement-cuts-to-plug-u-s-budget-gaps-idUSKCN1LX254


NEW YORK (Reuters) - A top economic adviser to President Donald Trump said on Monday he expects U.S. budget deficits of about 4 percent to 5 percent of the country’s economic output for the next one to two years, adding that there would likely be an effort in 2019 to cut spending on entitlement programs.

“We have to be tougher on spending,” White House economic adviser Larry Kudlow said in remarks to the Economic Club of New York, adding that government spending was the reason for the wider budget deficits, not the Republican-led tax cuts activated this year.

Kudlow did not specify where future cuts would be made.

“We’re going to run deficits of about 4 to 5 percent of GDP for the next year or two, OK. I’d rather they were lower but it’s not a catastrophe,” Kudlow said. “Going down the road, of course we’d like to slim that down as much as possible and we’ll work at it.”

He stated that the biggest factor for revenue was economic growth rate. A quicker pace of growth will bring in more revenue, Kudlow said, and that President Donald Trump’s economic policies were aimed at boosting the U.S. growth rate.

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[gratuitous]

1. Budget gaps? You don't say!

I thought we were going to be running huge surpluses after that tax cut on the wealthy. All that money parked overseas was going to be repatriated, and the land would flow with milk and honey.

How did we get budget gaps after following the Republican playbook so faithfully? Now to replace all that money that went into the pockets of the wealthy, we're going to have to cut spending. And guess who's going to take it in the shorts?

[Vinca]

2. This is why you don't cut taxes when there are bills to pay.

Don's "economic advisor" is just a garden variety money grubber. Steal from Grandma to give to the rich.

[NorCen_CT]

3. Too Fucking Bad

Oh, there's a 4%-5% deficit you say? How about letting those making $1M/year and over go back to their previous tax rates and implementing a 0.005% tax on any/all credit default swaps (or any similar derivative contract) to fill the gap (and that would MORE than fill the gap)?

Cut Medicare or Social Security, and see how many of the GOP are left standing after 2020. They think this November will be a wave year? They haven't seen a thing if they do what is proposed above.

[John Fante]

6. 2016 was a fluke, a Russia/Comey assisted -3,000,000 "victory".

You would think it was a Reagan '84 landslide the way these Republican idiots are carrying on.

I hope they keep talking entitlement cuts all the way until November. Should turn out well for them. 😂

[Va Lefty]

4. This was the plan all along. Cut taxes on the wealthy and gut the social safety net

[msongs]

5. seems like dems ads would be all over this massive scam. are they? nt