The good folks at DataTrek Research have observed that, “Regardless of individual and corporate tax rates, Federal receipts have averaged 17% of GDP since 1960.” So, tax cuts can pay for themselves if they can help supercharge real economic growth—and by extension, corporate earnings, wages, and tax receipts. So, the problem is not the tax cuts per se, but the lack of sufficient complementary support for economic growth. I regularly write about my dismay with our bloated and rapidly expanding federal government along with my skepticism about the official, government reports on GDP and jobs growth that often don’t pass my “smell test.” In fact, I think they have created an illusion of a robust economy and jobs market when the reality is they are overly reliant on massive government deficit spending and hiring rather than the fostering and nurturing of true organic growth by unleashing a vibrant private sector. We as a nation have become addicted to massive spending and entitlements, and government malinvestment (picking and choosing winners and losers like a politburo). Of course, this path is unsustainable. And as a reminder, Democrats have held the presidency for 12 of the past 16 years. The problems with Trump 1.0 included: 1) a lot of the freed-up cash from tax cuts went to stock buybacks rather than new capital investments and hiring, and 2) there was insufficient rollback of government overreach to stimulate productive investment. Government (especially a Dem-controlled Congress and sprawling Administrative State) is an Angry Beast that seeks more size, power, and control. So, I believe the path to sustainability under Trump 2.0 will require an earnest 3-pronged attack: 1) "inflate away" the debt with somewhat elevated inflation (perhaps in the 2.5 to 3% range), 2) "cut away" government waste and spending with the DOGE initiative, and 3) "grow away" the debt by truly stimulating real organic, private-sector-led, productivity and economic growth with lower tax rates and deregulation.