May 18, 2017

Mnuchin claims 3% growth potential if taxes overhauled

J. Scott Applewhite / AP

Treasury Secretary Steve Mnuchin told the Senate Banking, Housing, and Urban Affairs Committee Thursday that a goal of 3% growth is achievable for the country if America's tax system and regulations are changed, per the AP. This is his first appearance before the committee since his swearing in.

Put that in perspective: The difference between 2% and 3% growth is trillions of dollars over 10 years, per Mnuchin.

More juice: Mnuchin says he's got 100 bodies working on tax system reform and that they're working on far more than just undoing the Dodd-Frank Act. Reforms are going to focus on providing relief to community banks, he said.

Go deeper

Humility for forecasters: Jobs shocker is record miss

President Trump speaking in the Rose Garden following the release of the jobs report on May 5, 2020. Photo: Jonathan Newton/The Washington Post via Getty Images

Economists were projecting that May's jobs figures would show a loss of 8 million jobs and an unemployment rate approaching 20% — Great Depression territory.

The state of play: Instead, a record 2.5 million workers were added, and unemployment fell to 13.3% from April's post-World War II high of 14.7%.

Updated 52 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 a.m. ET: 6,772,361 — Total deaths: 395,703 — Total recoveries — 2,772,730Map.
  2. U.S.: Total confirmed cases as of 10 a.m. ET: 1,898,401 — Total deaths: 109,137 — Total recoveries: 491,706 — Total tested: 19,231,444Map.
  3. Public health: Fauci: "Very concerned" about spread of coronavirus amid George Floyd protests — Cities offer free coronavirus testing amid protests
  4. Sports: How coronavirus could reshuffle the sports calendar.
  5. Jobs: Better-than-expected jobs report boosts stock market.

Trump's week of viral quicksand

Data: NewsWhip; Chart: Andrew Witherspoon/Axios

Stories about President Trump's photo op at St. John's church after peaceful protesters were forcefully cleared from the area averaged the most online attention of any issue about the president this week.

Why it matters: Trump's force-over-compassion approach to the demonstrators protesting the murder of George Floyd had Republican allies backpedaling to keep a distance — and led to a wave of condemnations that got plenty of online traction on their own.