ECONOMIST: But beyond that it’s OK if the tax plan increases the deficit?
TRUMP: It is OK, because it won’t increase it for long. You may have two years where you’ll… you understand the expression “prime the pump”?
ECONOMIST: Yes.
TRUMP: We have to prime the pump.
ECONOMIST: It’s very Keynesian.
TRUMP: We’re the highest-taxed nation in the world. Have you heard that expression before, for this particular type of an event?
ECONOMIST: Priming the pump?
TRUMP: Yeah, have you heard it?
ECONOMIST: Yes.
TRUMP: Have you heard that expression used before? Because I haven’t heard it. I mean, I just… I came up with it a couple of days ago and I thought it was good. It’s what you have to do.
politicalwire.com/…
Aside from lying about the U.S. being the highest taxed country in the world, Trump either lied or is totally ignorant that the term “pump priming” goes back to the 1930s, as one of the tenents of Keynesianism. Maybe Frederick Douglas or Andrew Jackson told it to him.
PUMP-PRIMING is government spending during a recessionary period in an attempt to stimulate private spending and the expansion of business and industry. The phrase derives from the operation of an old-fashioned pump, in which a small leather suction valve must be moistened, or primed, with water so that it will function properly.
President Herbert Hoover began using the policy of economic pump-priming in 1932, when he passed a bill creating the Reconstruction Finance Corporation to make loans to banks, railroads, and other industries. During the Great Depression, President Franklin D. Roosevelt became convinced by the fall of 1933 that pump-priming was necessary to achieve economic recovery.
www.encyclopedia.com/...