Kevin Hassett

But we're making so much progress on reducing the national debt that I think it's fair to think about what other policies we might pursue and like a reconciliation next year.

and with all the tariff revenue that's coming in, without causing a stagflation, I think it would definitely be on the table to think about how that might be rebated to some people.

Well, it would require legislation.

Well, I mean, what we've done so far this year, as you concede, is we've made an enormous amount of progress.

But there is still, you know, let's say that if the progress that we see, you know, were to persist next year, that we'd still have only made up about half.

the ground that we need to make up to get to three.

But given that we've made so much progress this year, I think I'm highly confident that we have a team that has a well-identified goal from Scott and from the President and we'll work it out.

But it'll have to be worked out with Congress and future spending restraint and I think that the tariff revenue will continue and that if we get

the kind of growth effects from the capital spending that we expect, then I think we could hit 3% even next year, perhaps.

It's not my forecast.

I'm saying that we could.

It's possible.

We really could hit it next year.

The productivity boom is a real necessary piece of it that I think that if productivity

I actually kind of wonder what your guesstimate of what the rate of productivity growth is, but let's say it's between two and three right now.

What's your rate?

Yeah, so let's just say it's 2.2, and then we've got...

you know, investment divided by capital minus the depreciation rate is the capital stock growth and investment is skyrocketing.

So let's just say capital stock growth gives you like 3%, 4% because capital stock's big.

And then that's about 0.3 times that.