Since the measure passed, 261 companies have announced bonuses, wage hikes or increases to 401(k) programs directly linked to the Tax Cuts in addition to also Jobs Act, according to Americans for Tax Reform. The moves have benefited at least 3 million workers, the anti-tax group said.
While Trump has bragged of the act’s impact on workers, Summers said he isn’t which enthused.
“which’s a very common device: If you want to give somebody some money nevertheless you don’t want to promise This particular to them on a continuing basis, you frame This particular was a bonus,” he said. “Look, the corporate tax cuts are going to be forever. If the firms definitely believe This particular had to do with corporate tax cuts, why aren’t they committing to bonuses forever?”
Summers insisted which the Obama administration took a “more grown-up approach” to labor economics by tracking monthly job creation numbers “rather than focus on high-profile announcements via particular companies.”
While the Trump economy looks on track to attain the 3 percent annual growth which eluded Obama throughout his administration, Summers doubted its durability.
“You have a lot of stuff here which is usually PR, in addition to also if you look at the fundamentals of the economy, certainly This particular quarter’s numbers were happy numbers, no doubt about This particular,” he said. “How long which’s going to last, I think, is usually very much in question.”
WATCH: Trump touts the U.S. economy under his watch.