Former President Donald Trump recently addressed questions about how he plans to fund his economic plan, which includes tax cuts that could potentially increase the federal deficit. Trump responded by emphasizing the anticipated growth of the economy and highlighting the tax cuts implemented during his first term as the 'largest ever given'.
In June, a group of sixteen Nobel Prize-winning economists expressed concerns about Trump's economic agenda. They warned that his proposed actions, such as raising tariffs on China and other trading partners, extending previous tax cuts, and further reducing the corporate tax rate, could lead to inflation and negatively impact the US economy both domestically and internationally.
Despite these warnings, Trump has remained firm in his stance against making changes to entitlement programs like Medicare and Social Security to help offset the costs of his proposed tax cuts.
Trump defended his administration's economic policies by claiming that the country generated more income despite lower tax rates. He cited examples of companies like Apple bringing in significant amounts of money from overseas, attributing this influx to his actions as President.
