TIME Magazine reports:
President Trump’s budget includes simple accounting error that adds up to a $2 trillion oversight. Under the proposed budget released Tuesday, the Trump Administration’s proposed tax cuts would boost economic growth enough to pay for $1.3 trillion in spending by 2027. But the tax cuts are also supposed to be revenue-neutral, meaning that trillion dollars is already supposed to pay for the money lost from the tax cuts. Former Treasury Secretary Lawrence Summers called the oversight an “elementary double count” and “a logical error of the kind that would justify failing a student in an introductory economics course” in an op-ed in the Washington Post.
More from New York Magazine:
It seems difficult to imagine how this administration could figure out how to design and pass a tax cut that could pay for itself when Ronald Reagan and George W. Bush failed to come anywhere close to doing so. If there is a group of economic minds with the special genius to accomplish this historically unprecedented feat, it is probably not the fiscal minds who just made a $2 trillion basic arithmetic error.
Back in March, Trump budget chief Mick Mulvaney earned national scorn when he declared that programs to feed hungry seniors and kids “just don’t show any results.”
PREVIOUSLY ON JMG: Back in 2008 then-South Carolina state Rep. Mick Mulvaney paid for robocalls in which a nonexistent gay group praised his opponent for backing LGBT rights. The transcript:
“Hi, this is Allison calling from the Alliance for the Advancement of Gays and Lesbians. We are a pro-gay rights, pro-choice grassroots organization. I am calling to let you know that we are supporting Mandy Powers Norrell in the state Senate. A proven Democrat, Mandy Powers Norrell supports homosexual unions and abortion rights. We can count on Mandy Powers Norrell to promote a progressive agenda in the state Senate and to fight the right wing fringe at every turn. Again, this is Allison with the Alliance for the Advancement of Gays and Lesbians asking you to vote for Democrat Mandy Powers Norrell on Tuesday, November 4. Thank you.”