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Commerce Secretary Howard Lutnick addressed a variety of economic issues during Fox News appearances this week, including President Trump’s plan to lower taxes and reduce the deficit through the strategic use of tariffs and elimination of waste, fraud and abuse.
Speaking to Jesse Waters on Wednesday, Secretary Lutnick said President Trump’s goal was to abolish the Internal Revenue Service (IRS) and “let all the outsiders pay.”
Before taking office, President Trump shared his plan to establish an External Revenue Service for the collection of tariffs.
Speaking to Fox News’ Bill Hemmer, Secretary Lutnick said the administration had multiple ways to counter the possible effects of inflation.
“I don’t think it’s a problem at all. Because we’re reducing the budget deficit, you’re going to see interest rates comes down,” Lutnick said. “We’re making moves like the constitution pipeline, on the East Coast of the United States.”
Lutnick cited the use of American resources as a way to impact the economy and curb inflation.
“Gov. Hochul has been blocking a pipeline that will halve the price of natural gas to New York and all of New England,” Lutnick said. “Constitution pipeline brings down the price of gas, all of these things drive down and counter any sort of inflation that’s out there. You’re going to see a much better economy.”
Secretary Lutnick also addressed concerns about cutting funding from entitlement programs such as Social Security and Medicaid.
“We do not need to cut a single dollar from someone from someone on Social Security or someone on Medicare, someone in the government who deserves the money, not a single dollar,” Lutnick said. “And any Democrat who says the alternative is a nonsense. What we’re going to attack is the waste, fraud, and abuse…We’re not going to cut anybody’s benefits. We’re just going to stop paying dead people Social Security.”
Lutnick went on to emphasize the optimism of the Trump administration and the prospect of restoring American greatness.
“I don’t think people understand yet how great America is. We are the greatest country on earth and we’ve been playing with one hand tied behind our back… the greatness of America is going to be unleashed with Donald Trump and this economy is going to explode,” Lutnick said.