The Tax Cuts and Jobs Act — Four Years On

Then-president Donald Trump with Republican lawmakers after passage of the Tax Cuts and Jobs Act legislation, December 20, 2017. (Jonathan Ernst/Reuters)
The 2017 tax cuts delivered results for the American people, despite the predictions of secular stagnation.

NRPLUS MEMBER ARTICLE I n 2017, as the two of us joined President Trump’s Council of Economic Advisers, government and private-sector forecasters were unanimous in the view that the U.S. economy had entered a “new normal.” Real wage growth was stuck in neutral. After decades of rising by more than 2 percent per year, productivity growth was now destined to barely hit 1 percent. Investment in new plants and equipment had slowed to a paltry 2.5 percent, and prime-age labor force participation was on an irreversible, “secular” trend downward.

But when we in the Trump administration studied the economic data and surveyed a large academic

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