Office of Management and Budget Director Mick Mulvaney has coined a new name for the Trump administration’s economic agenda: MAGAnomics.
In an op-ed in the Wall Street Journal on Thursday, Mulvaney said the president’s goal to achieve a healthy American economy centers on a sustained 3 percent annual economic growth.
“The focus of MAGAnomics is simple: Grow the economy and with it the wealth of, and opportunity for, all Americans,” Mulvaney wrote.
“MAGA” is an acronym for Trump’s campaign slogan “Make America Great Again.”
He wrote the administration aims to achieve higher economic growth by curbing welfare programs, increasing infrastructure spending and passing comprehensive tax reform.
Mulvaney wrote 3 percent annual growth would yield billions in higher GDP, federal revenue, and wages for American workers. Mulvaney cited data that showed from 1940 until 2007, the U.S. economy grew at an average of 3.5 percent, though it has not grown at more than 2 percent annually for the past decade.
Mulvaney responded to critics arguing the promise is unrealistic by referencing President Reagan.
Mulvaney said Reagan addressed the stagflation and economic malaise of the late 1970s, which resulted in an average of 4.4 percent annual economic growth during the 1980s.
“If we enact the president’s broad agenda—if MAGAnomics is allowed to work—we will have set the stage for the greatest revival of the American economy since the early 1980s,” Mulvaney wrote. “It will remind people—including those who have forgotten, or those who don’t want you to remember—what a great America means. That is driving everything we do.”
