(Bloomberg) -- Congressional Democrats slammed the Trump administration's assessment of the economy in a report Thursday, saying the White House's view is overly rosy and is based on theories far different from those used by mainstream scholars.
The response from Joint Economic Committee Democrats to the White House's Economic Report of the President, which was issued in March, questioned President Donald Trump's 3% growth forecast, saying it's based on “extremely optimistic” and “extremely unrealistic” assumptions. The Democrats' materials also highlighted issues downplayed or omitted from the Trump administration report including economic inequality, climate change and challenges faced by millennials.
The White House report “relies on economic theories widely rejected by mainstream economists and entirely omits critical subjects,” Representative Carolyn Maloney, a New York Democrat and vice chair of the Joint Economic Committee, said in the report.
One notable difference between the two reports is the Democrats' extensive section on the impact of climate change on the American economy. Unlike Trump, who has called climate change a hoax, the Democratic response lists a series of studies, including one that shows economic output will slow by about 1.2% for every degree of additional warming. Also included is the costly impact of severe weather events.
The Democrats' report also has a chapter dedicated to the challenges facing millennials -- such as lower earning power and more student debt than prior generations -- while the White House's report doesn't mention the term.
To contact the reporter on this story: Reade Pickert in Washington at epickert@bloomberg.net
To contact the editors responsible for this story: Scott Lanman at slanman@bloomberg.net, Sarah McGregor
©2019 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
