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Speakling on CNBC
- Perception is foreigners are ripping us off. That is nonsense
- It is true that merchandise trade is 800B but more than 1/2 is offset by services
- A tariff is a tax on the US
- The trade deficit is largely initiated by the US citizens demand
- Does not expect GDP to stay close to 3% because entitlements are crowding out gross domestic savings. Gross domestic savings coupled from borrowed from abroad, finances gross domestic investment. Gross domestic investment give productivity.
- Productivity is key to economic outlook and that is very low.
- We are moving into stagflation. We will consistently see downward pressure on real economic growth
- If it weren’t for change in the marginal tax rate and the deregulation we would really be in the soup.
- Wishful thinking that we are going up from here though
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