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Government, but actually is very likely to be a revenue producer. >> we're right there in the sweet spot with economic growth it gives us more revenue, we're where we need to be. >> the problem may get worse. as bloomberg notes, the forecast spending will outweigh revenue by $973 billion in the fiscal year 2019 and more than $1 trillion the following year. that would be the first time the deficit exceeds $1 trillion since 2012 when the economy was still recovering from the great recession. joining us now are austin goolsbee, former chairman of the economic advisors forz president obama. he's c...

#where's my $4,000? >> right. >> of course wages didn't go up $4,000. of course the tax plan is unpopular because people are looking at it. what happened? they cut taxes by $2 trillion for high-income people and large corporations. and lo and behold, we lost $2 trillion. examine now to act as though, ah, well, who could have thought by cutting these taxes the deficit would grow, we have to go cut security. i'm telling you, if they attempt to cut social security, they're going to be run out of town in a land slide. >> in 2011, when president obama was attacking spending, this is what paul ryan ...

Trajectory that is completely unsustainable. >> what's reckless, bob, is the $1.6 trillion deficit we're running this year. >> now, bruce, the reason i bring this up is because we have all argued, maybe you've never been on the side of the argument that said deficits are a good thing. we've seen deficits following every war that we've been in in america, and some recessions where the government has introduced stimulus spending. we last saw it after the most recent, the great recession. so, it's not -- some people don't have a universal view about debts and deficits, that sometimes they're usef...

Deputy of the treasury under george h.w. bush. he's the author of the book "the truth matters." bruce, you and i sat at this table that i'm at and discussed the fact that these republican tax cuts are not going to result in the growth that the president kept claiming they would to make up for this deficit. any thinking person with some economics background could have looked at these tax cuts and said, you're going to get yourself into a bigger deficit. we are where we expected to be. it shouldn't come as a surprise to anybody. >> well, that's exactly right. i think it is important to understan...

Taxpayers. that claim includes the last three months of the obama administration since his inauguration, the bureau of labor statistics which how we measure those things which is how the president used to say before he was president that he doesn't trust those numbers shows there's been 1.8 million jobs created which would make it the slowest gain since 2010. with regard to wages they have been on their way up since 2014 and actually slowed during the first year under trump's administration. to talk more about this is bruce bart let, assistant secretary for economic policy in the george h.w. b...