For President Trump’s budget to work, the economy will have to grow at sustained rates not seen in years.
Mr. Trump calls it “MAGAnomics,” saying he is convinced that Americans, with his leadership, can defy the prognosticators and produce economic growth at an average of about 3 percent each year over the next decade.
Budget analysts said there’s no chance that happens. They used words like “fantasy” or “absurd” to describe the White House’s predictions.
At stake is Mr. Trump’s promise to control deficits and to start to eat into the government’s debt load by the end of this decade, and to reach full balance in 15 years.
“The president’s economic assumptions are substantially rosier than any reasonable private-sector assumption over the next 10 years. Hopefully, they’re correct, but the deficit is going to substantially increase if they’re not,” said Brian Riedl, a senior budget fellow at the Manhattan Institute.
He said there is a $2.8 trillion gap over the next 10 years between the president’s revenue projections and what the Congressional Budget Office says is likely under less exuberant growth.