The Logical Leftist
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Goldman Sachs: Trump Tax Cuts May Cause Recession
Posted
May 22, 2018
Views
9,636
Likes
373
Comments
135
Engagement
5.27%
May 22, 2018
9,636
373
135
5.27%
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"President Trump’s $1.4 trillion tax cut could have painful consequences for the economy down the road — including a possible recession and a ballooning deficit, according to Goldman Sachs.
“The US fiscal outlook is not good,” Goldman’s chief economist Jan Hatzius said in a Sunday note.
The Wall Street powerhouse — whose former president Gary Cohn helped engineer the tax package as the White House economic adviser — dismissed economic projections by the Congressional Budget Office as too “optimistic,” and said that the deficit could spike by about 2.5 times, to $2.05 trillion, by 2028.
In one scenario, the bond market could punish the US for its growing debt levels by making it more expensive to borrow — thereby swelling deficits further, according to the Goldman note."
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