At the outset of the Trump administration in the U.S., real
economic output was projected to grow at an annual rate of 1.9 percent over the
next decade.[1] The
new federal president was hoping his proposals of tax cuts and $1 trillion in
additional infrastructure spending over a decade would bump up the annual
growth to 4 percent. I submit, however, that just over 2 percent more in the
growth rate would not alter the stark “budget reality” facing the new president
and the American people.
The complete essay is at Essays on Two Federal Empires.
[1] Alan
Rappeport, “Federal
Debt Projected to Grow by Nearly $10 Trillion Over Next Decade,” The New York Times, January 24, 2017.
