On Thursday, Donald Trump promised to kickstart a decade of economic growth if elected president. During a discussion at the New York Economic Club, he said, “Over the next 10 years, our economic team estimates that under our plan the economy will average 3.5 percent growth and create a total of 25 million new jobs.” But it remains murky how he’d accomplish those goals. “You can visit our website to see the math,” he insisted.
Here is that math, according to Trump’s campaign: The candidate says that his policies, which include a simplified, three-bracket tax plan, a capping of corporate tax rates at 15 percent, and a new child-care plan (which as of now would only cover married parents ) will result in a $4.4 trillion reduction in revenues over 10 years. But Trump said that this reduction should be revised down to $2.6 trillion in order to account for the growth he’d spark in the economy. These losses would be made up for by $1.8 trillion in savings from reworked trade agreements, energy savings, and regulatory reform, he said. And what about that remaining $800 billion gap? That can be taken care of by what he termed “common-sense reforms”: “If we save just one penny of each federal dollar spent on non-defense and non-entitlement programs, we can save almost $1 trillion over the next decade,” Trump told the audience. “This is spending that does not touch defense, and that does not touch entitlements.”