CBO Has Underestimated Impact of Tax Cuts, Hassett Says

The transcript covers various economic topics, including the puzzle of high income and economic growth with disappointing consumption, the impact of the trade war on US manufacturing, and the Federal Reserve's rate cuts amidst strong economic data. It also discusses the effects of the 2017 tax cuts on the economy and budget deficit, and upcoming Federal Reserve appointments.

What is the main reason for the White House's confidence in their 3% economic growth forecast?

• Low unemployment rates

• Strong economic data revisions

• High consumption rates

• Increased government spending

What is the primary goal of President Trump's tariff strategy?

• To encourage U.S. companies to manufacture domestically

• To lower consumer prices

• To increase U.S. exports

• To reduce the trade deficit with Europe

What is one reason for the deceleration of inflation in the U.S.?

• High unemployment rates

• Strong economic growth in Europe

• Importing deflation from other regions

• Increased consumer spending

What was the Congressional Budget Office's (CBO) initial forecast for job growth per month in 2016?

• 200,000 jobs

• 100,000 jobs

• 150,000 jobs

• 43,000 jobs

How did the 2017 tax cuts impact the U.S. budget deficit?

• They increased the deficit by nearly 40%

• They had no impact on the deficit

• They reduced the deficit by 40%

• They balanced the budget

What is one major factor that has surprised economists regarding U.S. economic growth?

• The decline in global trade

• The decrease in consumer spending

• The impact of deregulation

• The rise in unemployment

What is the expected GDP increase if the U.S. grows 1% more per year for ten years?

• 15% higher GDP

• 10% higher GDP

• 20% higher GDP

• 5% higher GDP