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Hassett Bets on 3% U.S. Growth That Summers Sees in Fairyland

  • Hard to see sub-2% growth after tax plan passed, he says
  • Three quarters of 3% growth would be best run since 2005
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CEA's Hassett Says Lower Corporate Taxes Will Boost Wages
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The U.S. economy is poised to deliver a third straight quarter of at least 3 percent growth, the longest such streak since 2005 and a pace that could be sustained into next year if Congress passes a tax overhaul, White House chief economist Kevin Hassett said.

Hassett, in an interview with Bloomberg News in Washington Thursday, said a rise in capital spending, given even more momentum by the Republican tax-cutting plan which would allow for immediate expensing of investment, could provide the positive growth shock the economy needs to break out of the ho-hum expansion of the past eight years.