President Trump has promised an economic boom that will last for years to come, but he’s unlikely to get one without the help of Congress to pass major new legislation, according to estimates by Trump’s own economic team.
The 3% White House growth prediction — which is used in the president’s budget and has been criticized by outside experts as a “gimmick” — also assumes more deregulation, especially in the finance industry, and a push for “improving self-sufficiency” by placing more work requirements on recipients of government aid. Some of those initiatives might be possible to implement through executive action.
Trump repeatedly called the Obama economy, which averaged just over 2% growth per year, mediocre, so Trump wants to be able to say he has presided over faster economic growth. The White House has pushed back against the naysayers, arguing that the economy has exceeded expectations since Trump took office and shows little sign of slowing.
Forecasting where the economy is headed is notoriously difficult, but Hassett and his team said that their predictions were almost spot-on the last two years and that they thought many on Wall Street were underestimating the Trump White House again.
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