Biden's budget proposal rife with 'laughable assumptions': Former White House economist

Economist Tyler Goodspeed joined FOX Business' "Mornings with Maria" early Monday to discuss March's jobs report, soaring inflation, the possibility of an impending recession and President Biden's 2023 budget proposal. Goodspeed slammed the proposal for containing "laughable" economic assumptions that reach "far above consensus."

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TYLER GOODSPEED: As you noted, Maria, that was basically a four percent cut in defense spending proposed in the president's budget when you have eight percent inflation. In terms of the economic assumptions, look, they are so far above consensus on their expectations for GDP on their forecast for GDP, that is really going to flatter their deficit projections. They are so far behind in terms of where interest rates already are. 

That, again, is going to flatter their deficit projections. And then on the inflation front, they had inflation going back to the Fed's target basically in the fiscal year beginning October 1st of this year, and doing so with the unemployment rate remaining well below four percent. It just doesn't add up. Those are really, as I said, laughable assumptions.

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