The director of the Office of Management and Budget, Mick Mulvaney, took to The Wall Street Journal’s op-ed page last week to promote the Trump administration’s economic agenda, the dubiously named “MAGAnomics.”
The plan as outlined is a wish-list of traditional supply-side policies that are hardly unique to this administration: lowering taxes, curbing environmental and labor regulation, and cutting back programs that benefit workers and their families. A few more Trump-ian planks include the on-hold infrastructure plan and a commitment to fair trade — a theme of the president’s campaign that still lacks any real policy detail.
As Mulvaney points out, many experts are skeptical that 3 percent economic growth can be achieved in the short term. Among them is Janet Yellen, chair of the Federal Reserve Board, who recently told the Senate Banking Committee that such growth is unlikely in the next five years. The Congressional Budget Office recently projected 1.9 percent growth under the administration’s proposed agenda. A 3 percent growth projection is grossly unrealistic, but faster growth would be a clear boon to the nation.