White House chief economist Kevin Hassett on Tuesday dismissed worries that a recession might hit next year
, arguing that lower corporate tax rates have boosted business investment and productivity that will keep the U.S. economy humming.annual report
that U.S. gross domestic product will grow at or above 3 percent for the next five years — a prediction at odds with those of many economists, who have warned that the stimulus from the tax cuts will lose steam in 2020.“Some folks have said, ‘Oh, sure, we did have 3 percent growth [in 2018], but that was a sugar high,’” Hassett said on a call with reporters. “Our view is that’s really not a sugar high at all.
“But this is — we actually cut taxes to encourage people to build new factories, and we got the new factories last year,” he said. “We’re going to get more new factories this year, but we’re also going to get the output from the factories we built last year as they turn them on.” Fifteen chief economists from major North American banks forecast in January that growth would slow to 2.1 percent this year. By the same measure, the U.S. economy expanded by 3.1 percent in 2018. The Federal Reserve has also predicted slower growth in 2019, and it will publish its newest projections on Wednesday.
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