Economic growth averaging 2.8 percent reached under President Donald Trump's policies can be sustained over the next decade, Chairman of the White House Council of Economic Advisers Kevin Hassett said Wednesday.
"What happened is we went from 1 percent growth, the new normal that would be disappointing forever, to 3 percent growth over the last two years with deregulation and tax cuts," Hassett told Fox News' "America's Newsroom" on Wednesday morning. "Everything has lifted off and our view is it will continue. It is continuing because the policies are working."
The Trump administration is assuming Congress will make tax cuts permanent, as some will expire, Hassett said.
"Regulatory costs in the U.S. declined under President Trump last year because he has a regulatory budget, and paperwork costs are going down for the U.S. government," Hassett said. "As far back as we looked, we couldn't see a year like that."
The forecast assumes Trump's policies are enacted, Hassett said, and "hopefully Congress will look at that and be convinced."
Analysts from Wall Street and the Federal Reserve paint a different picture for the economy, projecting 1.9 percent growth for the long-run forecast, noted show co-anchor Sandra Smith, but Hassett disagreed.
"If you go back to the first year that we said growth would inch up a little bit, everybody said we were crazy," Hassett said. "Our policies are working the way the academic literature says they should and confident they'll continue to grow going forward. The people criticizing us were wrong. How many years in a row do we have to be right before they question their models?"
Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
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