Travel & Tourism Industry release:
NEW YORK, March 22, 2018 /PRNewswire-USNewswire/ — The “Global Markets” panel on the first day of Quinnipiac University’s eighth annual Global Asset Management Education (G.A.M.E.) Forum in New York showcased the benefits of tax cuts and regulation reduction as a stimulus to the U.S. economy, and by extension a model that would also financially benefit global markets. But one speaker pointed out warning signs in the approach taken by Congress and the Trump Administration.
Douglas Coté, chief market strategist and senior portfolio manager at Voya Investment Management, said that the economy remains very healthy, 10 years after the 2008 recession. “They said we’d never get to three percent U.S. growth, and here we are,” he said. “We just had a great jobs report, and are near full employment.”
Coté expressed confidence that three percent growth could be maintained through 2020, in part because “the tax cuts were the biggest free market fiscal stimulus in 30 years. Take government out of the way of the private sector and things happen. Businesses are spending again. I’m very bullish, and this free-market approach is an opportunity for emerging and international markets.” He also praised the Trump Administration’s deregulation effort.
David Kelly, CFA, chief global strategist at J.P. Morgan Funds, agreed that U.S. economic growth would reach three percent this year, though he said it might not stay at that level going forward.
Kelly urged the students to keep an eye on reality. He said that only 23 percent of the tax stimulus went to corporations, and that the 77 percent going to individuals would increase consumer spending and add to the U.S. trade deficit. He added a note of caution on deregulation. “There are some environmental regulations we should not get rid of,” he said.
Kelly also noted the growing federal deficit, which was $666 billion last year. “It’s irresponsible to cut taxes now and pay for it later,” he said. “We don’t need tax cuts in a strong economy.”
Both speakers discounted the possibility of a trade war over President Trump’s imposition of tariffs on imported aluminum and steel. “There will be some skirmishes, but not a full-fledged trade war,” Kelly said.
Despite a winter storm, the interactive conference attracted 1,500 students, from 49 states and 54 foreign countries.
SOURCE Quinnipiac University
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