Summers, Miran highlight worst- and best-case scenarios for Trump's megabill
The nonpartisan Congressional Budget Office estimates the law will increase the national deficit by $2.8 trillion over the next decade, taking into account the legislation's impact on inflation, interest rates and economic growth.
Miran, whose interview followed Summers', called his response to the law 'doom-mongering,' echoing comments from National Economic Council Director Kevin Hassett who told CBS' Weijia Jiang on 'Face the Nation' Sunday the CBO's estimate is misguided.
'It's the same combination of policies, tax cuts, deregulation, trade renegotiation, and energy abundance that gave us astounding economic growth in the president's first term, 2.8 percent until the pandemic,' Miran said. 'And that's exactly what we forecast again, very similar numbers.'
Summers called Miran's council's forecast projecting $11 trillion in deficit reduction from the bill 'respectfully, nonsense,' arguing that scaled back federal funding for education and research and development will have a negative impact on economic growth.
'There is no economist anywhere, without a strong political agenda, who is saying that this bill is a positive for the economy,' said Summers, who served as director of the National Economic Council in 2009-10. 'And the overwhelming view is that it is probably going to make the economy worse.'
Miran also defended the law's controversial cuts to Medicaid, which the CBO predicts will result in 11.8 million more Americans becoming uninsured by 2034.
Democrats have gone on the offensive against the law's Medicaid provisions, rolling out attack ads bashing Republican lawmakers who voted for the bill and recruiting candidates to challenge them in next year's midterm elections.
'The best way to make sure people are insured is to grow the economy, get them jobs, get them working, get them insurance through their employer,' he said. 'Creating jobs, creating a booming economy is always the best way to get people insured.'
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Black America Web
17 minutes ago
- Black America Web
Big Beautiful BS: Trump Proposes UFC Fights On White House Lawn As Republicans Pass Worst Bill In History
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Yahoo
34 minutes ago
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Boston Globe
an hour ago
- Boston Globe
Trump says Musk is ‘off the rails' with his third-party effort
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