Trump: I understood everything there was to know

[GMDino]

(05-12-2017, 12:55 AM)wildcats forever Wrote: Further evidence that supports the rumor that if you place your ear next to his, you can hear the ocean .....

Wait...


http://www.economist.com/Trumptranscript

Quote:Another part of your overall plan, the tax reform plan. Is it OK if that tax plan increases the deficit? Ronald Reagan’s tax reform didn’t.
Well, it actually did. But, but it’s called priming the pump. You know, if you don’t do that, you’re never going to bring your taxes down. Now, if we get the health-care [bill through Congress], this is why, you know a lot of people said, “Why isn’t he going with taxes first, that’s his wheelhouse?” Well, hey look, I convinced many people over the last two weeks, believe me, many Congressmen, to go with it. And they’re great people, but one of the great things about getting health care is that we will be saving, I mean anywhere from $400bn to $900bn.


[b]Mr Mnuchin:[/b] Correct.
[b]
President Trump:[/b] That all goes into tax reduction. Tremendous savings.

But beyond that it’s OK if the tax plan increases the deficit?
It is OK, because it won’t increase it for long. You may have two years where you’ll…you understand the expression “prime the pump”?

Yes.
We have to prime the pump.

It’s very Keynesian.
We’re the highest-taxed nation in the world. Have you heard that expression before, for this particular type of an event?

Priming the pump?
Yeah, have you heard it?

Yes.
Have you heard that expression used before? Because I haven’t heard it. I mean, I just…I came up with it a couple of days ago and I thought it was good. It’s what you have to do.
I
t’s…
Yeah, what you have to do is you have to put something in before you can get something out.
[b]
Mr Mnuchin:[/b] And as we talked about, economic growth under the Trump administration could increase revenues as much as $2trn over the ten-year period of time. So priming the pump in the short term leads to growth.