Odd Lots Trump Economic Advisor, Stephen Miran, on Tariffs and Tax Cuts
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Jun 13, 2025 
Stephen Miran, Chair of the Council of Economic Advisers, sheds light on the Trump administration's economic vision. He discusses the implications of sweeping tariffs aimed at revitalizing U.S. manufacturing and the ongoing tax cuts designed to spur growth. Miran addresses challenges like inflation and job dynamics, while exploring the balance between fostering business and ensuring national security. The conversation also critiques economic forecasting and emphasizes the interconnectedness of domestic policies and global competitiveness.
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Understated US Economic Strength
- The US economy shows robust underlying growth despite mixed sentiment data.
- Real economic indicators, not sentiment, better represent the economy's health.
Immigration's Complex Economic Effects
- Immigration creates labor market slack mainly among young Americans, disadvantaging them over illegal migrants.
- Large-scale immigration tends to raise inflation more via housing costs than lower wages.
Tariffs for Balance and Security
- Tariffs address unsustainable trade imbalances and unfair competition for American workers and firms.
- Maintaining manufacturing is critical for national security, not substitutable by services exports.