In a statement issued moments ago discussing Trump’s proposed, if completely impossible, budget proposal, Treasury Secretary Steven Mnuchin said that Trump’s “budget will achieve savings through reforms that prevent taxpayer bailouts and reverse burdensome regulations that have been harmful to small businesses and American workers.” Translation: taxpayer bailouts are imminent, especially now that the current economic cycle is the 3rd longest of all time and a recession grows likelier with every passing day.
Mnuchin also said that Trump’s proposed initiatives “coupled with comprehensive tax reform and other key priorities, will move America one step closer to sustained economic growth of 3 percent or higher.”
While we will clearly take the under, what we find most amazing about Trump’s budget proposal, is that it does not anticipated a recession until 2027. That would imply 18 years of economic growth since the 2009 recession, without a single contraction! Good luck with that.
Finally, Mnuchin said the budget focuses the Treasury “on main missions of collecting revenue and managing debt, while increasing efficiency to reduce operating expenditures” and puts the emphasis of “cybersecurity, maintains funding to implement sanctions as well as combat terror financing.”
In short: a big waste of time. Full statement below:
Statement from Secretary Mnuchin on President Trump’s Budget Proposal
Secretary of the Treasury Steven T. Mnuchin issued the following statement today in response to President Donald J. Trump’s budget proposal:
“President Trump’s budget focuses Treasury on our core missions of collecting revenue and managing the nation’s debt, while modernizing, streamlining and increasing efficiencies to reduce operating expenditures. It prioritizes investments in cybersecurity, and maintains critical funding to implement sanctions, combat terrorist financing, and protect financial institutions from threats. The President’s budget will achieve savings through reforms that prevent taxpayer bailouts and reverse burdensome regulations that have been harmful to small businesses and American workers. These initiatives, coupled with comprehensive tax reform and other key priorities, will move America one step closer to sustained economic growth of three percent or higher.”
via http://ift.tt/2qRcgYP Tyler Durden