Trump adviser eyes entitlement cuts to plug U.S. budget gaps
Source: Reuters
SEPTEMBER 17, 2018 / 1:28 PM / UPDATED 2 HOURS AGO
2 MIN READ
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.
Read more: https://www.reuters.com/article/us-usa-economy/trump-adviser-eyes-entitlement-cuts-to-plug-us-budget-gaps-idUSKCN1LX254
= new reply since forum marked as read
"Oh, now that we've given all the tax money back to the rich people, we need to start whittling back since there's no money to--"
growth is for the corporations/elite who are reaping all the benefits of investing those tax cuts into company stock. Where is the economic growth for working class people. I wish the M$M would report more about who has/has not seen economic growth under Trump.
