Former Reagan Budget Director David Stockman warns savvy investors not believe anything they read and are told that President Donald Trump’s tax plan will be the economic cure to truly “Make America Great Again.”
He predicted to CNBC that Trump’s promises of tax reform will be “dead before arrival.”
“Wall Street is totally misreading Washington,” said Stockman, who was the Director of the Office of Management and Budget (1981–1985) under President Ronald Reagan.
The president is “essentially a 70-year old kid in a candy store who wants one of everything: More for defense, veterans, border walls, law enforcement, infrastructure and ‘phenomenal’ tax cuts, too—without the inconvenience of paying for any of it,” said Stockman.
“It’s a wonderful fantasy,” he said of Trump’s tax proposal. “But there’s no way to pay for the $7.5 trillion cost of the main features,” he contended.
“I like [the tax plan] but you have to pay for