In one of its signature Friday news dumps, the White House last week cut its projections of U.S. economic growth over the coming decade. The new economic forecast, published in the White House budget office’s “FY2017 Mid-Session Review,” makes clear that the slow-growth status quo is here to stay.
As the Wall Street Journal reported:
“The White House now forecasts that gross domestic product will rise 1.9% this year and 2.5% in 2017, down from estimates of 2.6% for both years in its February forecast. It reduced long-run growth forecasts, for years after 2018, to 2.2% from 2.3%.”
John Merline, economics writer for Investor’s Business Daily, explains what these troubling projections mean for American workers and their families:
“This is, to put it mildly, a disaster. Growth at these low levels will mean that middle class families will continue to fall behind, more people will drop out of the labor force, more will end up in poverty, and more will be looking to the government for help.”
Republicans understand that the American people cannot afford to continue down this path. That’s why we released a bold, pro-growth plan to overhaul our broken tax code and deliver a 21st century tax system that is built for growth – the growth of jobs, paychecks, and opportunities for the American people.
According to analysis performed by the Tax Foundation, our plan takes significant strides to free America from the slow-growth status quo. Their estimates find that our plan for pro-growth tax reform will:
- Create 1.7 million new jobs
- Significantly raise wages
- Grow our economy by more than 9% over the coming decade
Ways and Means Committee Members refuse to simply accept the slow-growth status quo of the Obama Administration. We will continue to take action to grow our economy and help more Americans have more opportunities in life.
CLICK HERE to learn more about our plan to deliver a 21st century tax code that is built for growth.