(Andrew Harrer/Bloomberg News)Last month, President Trump revived one of his preferred descriptors for the tax cuts that he signed into law in December 2017. "We promised that these tax cuts would be rocket fuel for the American economy, and we were absolutely right,” Trump said at a roundtable event in Minnesota. He used that “rocket fuel” line before the tax cuts passed, too, pledging that the cuts would inject new energy into an already strong economy. "In 2018, gross domestic product (GDP) grew at 2.9%, about the Congressional Budget Office’s (CBO’s) projected rate published in 2017 before the tax cut. “Although growth rates cannot indicate the tax cut’s effects on GDP, they tend to rule out very large effects particularly in the short run."

Source: Washington Post May 28, 2019 21:48 UTC