During a Thursday speech at the New York Economic Club, Donald Trump unveiled a revised plan for economic growth that he said "will be amazing to watch." Trump announced that his plan will result in a "$4.4 trillion tax cut" and, subsequently, huge economic growth and job creation.
Trump said his team has determined that "growth-induced savings from trade, energy, and regulation reform" could cut $1.8 trillion from the $4.4 trillion cost of his plan. On top of that, Trump explained that by banking "just one penny of each federal dollar spent on non-defense and non-entitlement programs," an estimated $1 trillion could be saved over the next 10 years.
Specifically, Trump said he's planning cuts to "all needless and job-killing regulations," like the Waters of The U.S. rule, which specifies certain bodies of water as subject to the Environmental Protection Agency's jurisdiction, and the EPA's Clean Power Plan, which dictates energy usage in an attempt to fight climate change, and which Trump said is costing the government $7.2 billion annually.
The economic growth spurred by these changes will not only pay for his policy proposals — including the child care plan he rolled out earlier this week — but it will also stimulate further economic expansion, Trump said. "Over the next 10 years, our economic team estimates that under our plan, the economy will average 3.5 percent growth and create a total of 25 million new jobs," Trump said. "You can visit our website, just look at the math, it works."
Trump's speech arrived on the eighth anniversary of the Lehman Brothers firm filing for bankruptcy, which spurred the country's financial collapse. He is expected to deliver another speech on the economy later Thursday, which will further detail changes to his existing economic agenda.