FOR A few wondrous hours on Friday, Americans were transported to an alternative reality in which the federal deficit is “coming down rapidly,” in part thanks to the massive tax cuts enacted by the Republican Congress and signed into law by President Trump last December. Our guide on this magical mystery tour was Larry Kudlow, President Trump’s director of the National Economic Council, who claimed on Fox Business Network
that the tax cuts were generating huge new economic growth and “throwing off enormous amount of new tax revenues,” with the result that “the deficit . . . is coming down. And it’s coming down rapidly.” Alas, the dream ended when Kudlow clarified to The Post on Friday afternoon that he was stating expectations about future deficits. “The economy is so strong right now it’s going to produce lower deficits. I probably should have said future deficits,” Kudlow said.