Trump’s Great Economic Thinkers Aren’t So Great
Like their fearless leader, it looks like the 13 all male economic advisors named by Donald Trump in August have
failed to make the grade, at least as far as some major independent economists are concerned.
In numerous reports released by financial experts across the political spectrum after the last presidential debate, economists said Trump’s economic plan would be add $5.3 trillion to the national debt and fail to deliver on his promise of creating millions of new jobs.
In one report by Politico, Trump’s economic team is comprised of 13 men (and no women) and Trump said they have “unparalleled experience and success.” Of the 13 men, five are major donors whose families combined to give Trump’s campaign and his joint fundraising account with the Republican Party more than $2 million. That alone proves that cannot be that smart since their money will likely be wasted when their man loses.
As far as Trump’s economic plan, one that would be “a tremendous economic machine,” that too is seriously flawed and will not meet Trump’s stated goals, economists said.
In a report from The Hill, economists said Trump’s claim that he would boost GDP from the current 1% to 4% or 5% is “not realistic,” according to Steve Zandi, chief economist at Moodys. Even an economist at the right-wing American Enterprise Institute said Trump’s GDP projections are “ridiculous.”
In perhaps the deepest cut of all, this same economist, Stan Veuger, said “Trump doesn’t really know what he is talking about, and his policy platform is so incoherent that he has to make claims like that.”
Trump’s popular plan of illegal immigrant deportations and cutting taxes for the wealthy would also add to the deficit and hurt the economy, Zandi added. He also said Trump’s plan would eliminate 3.5 million jobs and push the economy into a recession.
As for Trump’s billionaire economic advisors, none of them have individually come forward to refute the economists and defend his plans. Looks like making money is very different from creating jobs and growing the economy.
One reason why the economic recover from the 2008 recession still lingers is that the national economy is based on growing via fiscal and monetary policy. Monetary policy is what the Federal Reserve manages. Fiscal policy is what Congress does via legislation for spending packages.
But since the Republican Tea Party has stymied every effort by the Obama administration starting from before Obama even took office. These Republican efforts started as early as 2008 and were formalized the night of Obama’s first inauguration in January 2009, as shown in this video featuring Newt Gingrich who admitted the plan. This was the start of the Republican’s effort to derail the U.S. government and halt fiscal policy and it continued during the entire eight years Obama was in office.. It now looks like Trump’s plan to kill the U.S. economy would do the same thing.
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