Ted Cruz Makes a Promise That’s Impossible to Keep
Donald Trump calls him Lying Ted.
It seems the label has stuck.
Now, it seems it’s given Ted Cruz the license to make any kind of outlandish claim.
And he just did.
Ted Cruz thinks the US will have a “minimum of 5% GDP growth” if he’s elected president.
Speaking on CNBC’s “Squawk Box” on Friday morning, Cruz — currently sitting in second place behind Donald Trump in the Republican field — emphasized that increasing economic growth would be his “No. 1 priority” as president.
“Every other problem we’ve got, whether it’s unemployment, whether it’s the debt and the deficit, whether it’s strengthening and preserving Social Security and Medicare, or whether it’s building up the military and keeping us safe, you’ve gotta have growth to make it work,” Cruz said Friday.
And economic growth is wonderful. The problem, of course, is that no one can guarantee it.
The problem, then as now, is that economic growth as calculated by GDP involves many factors well outside the purview of any one president’s policies.
Right now, the global economy is sluggish, and just this week the International Monetary Fund cut its outlook for global growth in 2016 to 3.2% from 3.4%.
Cruz’s talk about 5% growth is standard presidential-campaign bluster. Summers’ proclamations of a “dangerous” economic state of affairs is bureaucratic jawboning.
But both claims, ultimately, are targeted at pawning off lukewarm economic growth onto someone else: another country, another administration, and another set of ideologies.
Cruz is right.
Yes you do need economic growth to fund increased government spending.
Maybe he’s not promising economic growth…
Perhaps his vow is code for increased government spending?
While he can’t promise economic growth, as President, he sure could help spend more money.