President Trump’s economic architect, who is promoting the phrase “MAGANOMICS,” believes that the impact of the 2017 tax cuts has yet to hit and when it does “things could get even better.”

Budget chief Mick Mulvaney told an economic group, “I actually think things could get even better because I don’t think you’ve seen the full impact of the tax bill into the overall economy.”

Many economists, previewing the release of the second quarter growth figure Friday, are predicting it will top 4 percent.

Some officials believe that second quarter GDP will at least top 3.5 percent, a huge advance over the Obama era.

Mulvaney said that the current strong economic growth, which could surge to 4.5 percent, is being driven instead by the quick efforts the administration took to cut business-crushing regulations and the expansion of energy development, especially on federal lands.





“Everything is moving in the right direction, moving toward a healthy American economy again,” he told the Competitive Enterprise Institute. His June address to its annual dinner was just released on video.

Many Republicans an conservative groups have been heralding the impact of the tax cuts, including raises and price cuts made by big corporations.

But Mulvaney said that the real impact of corporate spending as a result of the massive tax cuts is still to come. He suggested that cutting Obama era regulations has produced the economic growth by freeing up companies to invest and spend without fear Washington will weigh them down.

“It’s driving the economic growth you’re seeing now. The stuff that you’re seeing now is driven not by the tax law. Because that has not filtered through the system, I don’t think. I think what you’re seeing is a realization from businesses small and large, from sole proprietors, from entrepreneurs, that says you now what, the government’s not out to get me any more,” he told the group.

And he said said bigger regulatory cuts are coming, explaining that the administration tacked the easy cuts first. “This year you won’t see the same numbers, but it will be weighty stuff,” including curbing auto and truck mileage rules and water regulations.

He also revealed that the Obama administration had a “secret list” of some 800 regulations not made public which the Trump team has torn up.