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By CCN.com: A former economist at the International Monetary Fund (IMF) has had enough of US President Donald Trump’s preening over the “success” of his administration’s economic policies, which he says have in actuality been exposed as “dead f***ing wrong.”
Mark Dow: Trump Economic Preening ‘Dead F***ing Wrong’
Writing on Twitter, Mark Dow – the founder of Behavioral Macro – eviscerated the Trump White House for its back-slapping over the US economy’s 3 percent growth in 2018.
“If you dump a massive deficit spending package AND a Yuge corporate tax cut on Obama’s 2% economy and only get a one year bump to 3%, you can blame whomever you want, but your supply-side, trickle down, country club repatriation investment theory was dead f*cking wrong[.]”
If you dump a massive deficit spending package AND a Yuge corporate tax cut on Obama’s 2% economy and only get a one year bump to 3%, you can blame whomever you want, but your supply-side, trickle down, country club repatriation investment theory was dead f*cking wrong
— Dow (@mark_dow) March 27, 2019
Donald Trump, as CCN reported, preened about the success of his economic policies when that figure was announced earlier this month, boasting that it was the fastest growth in 13 years.
“GDP growth during the four quarters of 2018 was the fastest since 2005. This Administration is the first on record to have experienced economic growth that meets or exceeds its own forecasts in each of its first two years in office. GROWTH is beating MARKET EXPECTATIONS!”
GDP growth during the four quarters of 2018 was the fastest since 2005. This Administration is the first on record to have experienced economic growth that meets or exceeds its own forecasts in each of its first two years in office. GROWTH is beating MARKET EXPECTATIONS!
— Donald J. Trump (@realDonaldTrump) March 18, 2019
Trump Administration Pumps Deficit to Record Level in Non-Recession Year
Mark Dow, however, tore into the administration and its “supply-side, trickle down, country club repatriation investment theory.”
The former Treasury policy economist alleged that the slight bump to 3 percent GDP growth from the 2 percent seen during the Obama administration was laughable, given that Trump and congressional Republicans had juiced the economy with a “Yuge corporate tax cut” and a “massive deficit spending package.”
Just last month, Trump earned the dubious distinction of overseeing the largest-ever monthly budget deficit, with the shortfall ballooning to $234 billion in February due to twin pressures of expanded government spending and plunging corporate tax revenue.
Policy wonks project that the Trump administration will pump the annual deficit to a record level for a non-recession year. | Source: CRFB.org
According to the Committee for a Responsible Budget, the Trump administration is on track to run a record budget deficit for fiscal year 2019, with the projected 4.6 percent deficit being the largest ever in a non-recession year.
So while Trump may allege that his surprise victory in 2016 saved the stock market from a historic collapse, Dow maintains a much more cynical view of his administration’s policies.
“Terrible bang for the buck,” he concluded. “And you know who got banged.”
Ppl keep talking about the fiscal stimulus as if it were only the tax cuts. They passed an equally large deficit spending package two month later, when all of us were too exhausted by the tax debate to notice. Terrible bang for the buck. And you know who got banged.
— Dow (@mark_dow) March 27, 2019
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