Washington (AP) — President Donald Trump and the Republican-led Congress are planning to boost the U.S. economy, but it may take time.
That’s because it’s a new economic recovery, with a lot of people still unemployed and wages stuck in a recession.
But some economists say there’s also a chance the economy will actually be weaker under Trump.
The Trump administration is considering a series of tax cuts, including one that would be one of the largest in the nation, to pay for the $1.6 trillion spending package the president is proposing.
But it’s not clear if that’s going to bring in enough economic activity to make up for the lost jobs and inflation, according to economists at Bank of America Merrill Lynch.
Some of the benefits of the tax cuts could come in the form of more spending, said James Zogby, an economist at Capital Economics.
But economists say it’s also possible that the tax plan could have the opposite effect.
In the last quarter, the economy lost jobs, wages and the housing market.
It’s a recession now, and the next recession could be much worse, economists say.
What’s more, the federal government hasn’t actually released any new jobs data, so we don’t know how much of the job loss is actually due to the tax package, said John Williams, an economics professor at George Mason University.
What we do know is that the economy has been contracting.
We’ve had a contraction for about a year and a half now.
That is not good news for the economy.