Economists point out serious math errors in Trump's budget proposal

Economists point out serious math errors in Trump's budget proposal

Economists point out serious math errors in Trump's budget proposal

Democrats charged that Trump's cuts would rip apart the social safety net.

White House Budget Director Mick Mulvaney slammed what he says is not mere fear-mongering but outright lies by Democrats about President Trump's federal budget proposal. I don't believe it's possible-in fact, I know it's not possible to balance the budget exclusively using the discretionary portion of the budget. "We are fast approaching having publicly held debt at or exceeding 100 percent of our Gross Domestic Product, a point at which hopes for a more prosperous future are irrevocably lost". "And as a effect I think it is just disastrously consequential to build a budget on 3% - the bible says you can't build a house on a sandy foundation", Sanford said. "This budget makes it clear that we will reverse this larceny". "It's not only a myth, it's frankly a lie".

"In particular, this budget will devastate Pennsylvanians living in rural communities by decimating Medicaid and cutting vital economic development programs", Casey said.

Another savings - $40 billion over 10 years - comes from not allowing undocumented immigrants to collect the child-care tax credit or earned-income tax credit even if their children are US citizens.

At a House hearing Wednesday, Democratic Rep. Rosa DeLauro told Perdue that the budget turns the nation's back on the hungry.

"Never before really have I seen such a cruel and morally bankrupt budget". "This budget destroys people's lives".

In questioning Mulvaney, Sanders argued the president's budget handed massive tax breaks to the wealthy through its repeal of the estate tax while at the same time slashing antipoverty programs to the detriment of the working class.

Reaching 3% growth would be a significant achievement. "In fact, that's Trumponomics", he said in his opening statement, arguing that the nation will never pay off its "crushing debt" unless the USA achieves a growth rate that economists across the ideological spectrum say is nearly impossible to achieve.

U.S. Sen. Brian Schatz, D-Hawaii, also spoke out against Trump's budget proposal, labeling it "dead on arrival".

"We are now bearing the cost [s] of excessive government commitments of previous years and this has forced us into making hard choices, but the remarkable thing about economic growth is it builds on itself", he said. In effect, then, he wants a tax reform plan that yields $2 trillion less in revenue than Mulvaney does.

The president does not touch the third rail of entitlement programs - Social Security and Medicare - but does cut $800 billion from Medicaid over the next 10 years. This is an elementary double count. It spells out in stark terms the Trump administration's vision for America: It would create a crueler, more selfish society. "At least you can not do so in a world of logic", wrote Summers, the 71st United States Secretary of the Treasury from July 1999 until January 2001.

Mulvaney defended that gimmick on Tuesday, saying it was done "on goal".

Perdue said the budget would fully pay for food stamp benefits in the coming year, but suggests policy changes to Congress. Trump's proposal would shift some cost to states, target benefits to the poorest people, increase work requirements and limit some eligibility.

Mulvaney defended the budget in a Tuesday press conference, saying that he's "aware of the criticisms and would simply come back and say there's other places where we were probably overly conservative in our accounting".

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