Donald Trump's presidency has smacked down the "new normal" of 2 percent economic growth, top House tax writer Kevin Brady told CNBC on Wednesday.

"Turns out that 'new normal' of the very sluggish 2 percent growth as far as the eye could see for America was wrong and is wrong," the House Ways and Means Committee chairman told "Squawk Box." "Policies do matter."

The "new normal" of slow economic growth, high unemployment, and government debt problems was a term coined by economist Mohamed El-Erian in 2009 following the 2008 financial crisis.

The idea of a "new normal" was popularized by Obama White House economist Larry Summers.