The Treasury's inspector general is investigating the department because secretary Steve Mnuchin promised he would release analysis of the congressional Republican tax plan, but he never did.
Well, Mnuchin has now released the analysis he promised and it's a bad joke.
Treasury Secretary Steven Mnuchin released a long-awaited analysis of the GOP tax plan, saying the Senate proposal would help to generate $1.8 trillion in additional revenue over 10 years, paying for the tax cuts through economic growth.
Gross domestic product would increase by 2.9 percent, as a result of cuts for corporations, so-called pass through businesses and individuals as well as regulatory overhaul, welfare cuts and infrastructure changes, according to the one-page report released Monday. That would lead to revenue generation of $1.8 trillion, more than offsetting the plan’s almost $1.5 trillion cost.
It's easy to say the economy will grow by nearly 3 percent when we've already hit that number multiple times in recent years, but Mnuchin's analysis says the economy will grow by nearly 3 percent every single year for the next 10 years, which has never happened.
All the talk among trillion-dollar fund managers and investors in recent weeks is that the economy will contract in late 2018 or 2019, while some have even said the economy is headed for a recession. The economy is due for a correction, they say, because everything is worth more than it should be and financial risk is piling up.
I'm not an economist and I can't see the future, but I'm pretty sure the economy isn't going to grow in perpetuity and the GOP's tax cut bill won't pay for itself.
It never has.
Mnuchin's new analysis is only one page long, by the way.