Must-Read: Larry Summers: A warning on Trump’s budget: “You cannot use the growth benefits of tax cuts once to justify an optimistic baseline and then again to claim that the tax cuts do not cost revenue…

Larry Summers: A warning on Trump’s budget: “You cannot use the growth benefits of tax cuts once to justify an optimistic baseline and then again to claim that the tax cuts do not cost revenue… https://www.ft.com/content/2ae4722a-f82f-3bbe-aba1-5b89dd8ac314

…This… is akin to buying a company assuming that you can make investments that will raise profits, but then, in calculating the increased profits, counting the higher revenues while failing to account for the fact that the investments would actually cost some money to make…. The investment has a cost that must be included in the accounting. This is a mistake no serious business person would make. It appears to be the most egregious accounting error in a presidential budget in the nearly 40 years I have been tracking them…

Even non-serious people don’t make this mistake, Larry. This is a grift pure and simple.