This means trade war: Is Trump’s economic team up for it?

The assembled brain trust for Friday’s urgent consultations included an economics chief best known for his stint as a cable TV commentator; a trade adviser whose pro-tariff views are outside the economic mainstream; and a treasury secretary who made millions off the housing crisis and then turned to financing Hollywood movies.

“The tougher the situation, the more important it is to have good advisers,” Goolsbee said. “But President Trump does not show any sign of listening to economists, so it probably doesn’t matter who is on the econ team. But, boy, is that a scary idea if we are going through a serious downturn.”He has called prominent friends like New England Patriots owner Robert Kraft and Fox Business Network host Lou Dobbs.

Larry Kudlow, the president’s top economic adviser and a former CNBC commentator, said on CNBC that 2017’s $1.5 trillion worth of tax cuts had “virtually paid” for themselves through stronger growth — even though the budget deficit has jumped more than 20% this year.Treasury Secretary Steve Munchin told reporters ahead of the 2018 elections that a separate middle-class tax cut was being developed, but it never materialized as promised.

“Everybody’s concerned about the fact the economy’s slowed down,” said Moore, who thinks the problem has been overstated. “I think people are going to look foolish a couple of months from now.” Trump pledged consistent growth of more than 3% annually, yet the Congressional Budget Office forecast Wednesday that it will be closer to 2% in 2020 and drifting further downward in the years to come.

Source: Financial Digest (financialdigest.net)

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