“Anyone who thinks one man can reverse on his own the structural forces that led to the multiyear disinflation trend—and I’m talking about excessive debt, globalization, aging demographics and technology—needs to go back to economics school right away,” he said.
GDP, Inflation and Interest Rates Forecast to Rise Under Trump Presidency
On average, economists marked up their growth forecasts. The economy could expand 2.2% in 2017 and 2.3% in 2018, as a fiscal stimulus kicks into gear, up from about 1.5% over the past 12 months. Inflation is seen at 2.2% next year and 2.4% in 2018.
.. Most economists believe tax cuts, especially if not accompanied by spending reductions, would produce a short-term boost to economic growth. His proposals to increase infrastructure spending, if successful, could lead to a large boost in construction employment, with spillover effects for other industries.
.. “Now that Republicans are in control, there’s no concern about debt and deficits,”
Why Odds May Be Fading For a Near-Term U.S. Recession
Many economists are reducing their warnings, seeing potential infrastructure spending, tax cuts, soaring markets and less focus on international risks
But many share the assessment that inflation, in particular, has been too low in recent years, and that somewhat higher inflation would be a welcome development... Typically, the wealth effect of rising stock prices provides some lift to consumption and should provide some pep for the economy.
Krugman: Cranks on Top
You probably know that Mr. Rubio is proposing big tax cuts, and may know that among other things he proposes completely eliminating taxes oninvestment income — which would mean, for example, that Mitt Romney would end up owing precisely zero in federal taxes.
.. What you may not know is that Mr. Rubio’s tax cuts would be almost twice as big as George W. Bush’s as a percentage of gross domestic product
.. So when Mr. Rubio genuflects at the altars of supply-side economics and hard money, he isn’t telling ordinary Republicans what they want to hear — by and large the party’s base couldn’t care less. He is, instead, pandering to the party’s elite, consisting mainly of big donors and the network of apparatchiks at think tanks, media organizations, and so on.
In the G.O.P., crank doctrines in economics and elsewhere aren’t bubbling up from below, they’re being imposed from the top down.