Trump’s $5K checks could join stack of past unfulfilled promises, former Congress budget chief warns

Trump has repeatedly defended tariffs as a key pillar of his economic agenda, saying they will bring manufacturing back to the United States and generate revenue as Republicans seek to hold Congress in the November elections.(Mike Kropf/Getty Images)

“TheDOGEchecks were never realistic because DOGE was never going to save that much money,” said Holz-Eakin in reference to the Elon Musk-led Department of Government Efficiency’s sweeping layoffs and budget cuts to federal agencies.

He continued: “And the tariff checks were never that realistic because [Trump] didn’t have the authority to issue the checks, and that’s actually true of all of these promises.”

Holz-Eakin also mentioned the Trump administration’s recently proposed plan to give $9,000 checks to stay-at-home mothers likely won’t come through either.

“Trying to get money to stay at home moms for childcare, there’s a route to that, but it’s gonna be tough … we’ll see if they actually pull it off,” he said.“So, I would be skeptical that any of these checks are gonna be in your mailbox very soon.”

The internationally-known economist likened the Trump administration’s fiscal policy to that of former President Joe Biden’s Democratic administration.

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“I think we’ve seen two successive administrations get themselves in the following position: inflation is too high and wages aren’t keeping up with it.Well, that’s failing at the American dream,” Holz-Eakin explained.

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He said that getting inflation under control was the first step in restoring order, as well as being “utterly supportive” ofthe Federal Reserve, which Holz-Eakin says is working to achieve that goal.

The Fedhiked interest rates Wednesdayfor the first time in three years, and signaled that more rate increases could be coming.This comes despite Trump’s push to have the world’s most powerful central bank lower interest rates to lessen the monthly burden on Americans seeking home and auto loans.

The U.S.national debt hits $40 trillion for the first time and there is little relief in sight.

“Inflation remains elevated,” the Federal Open Market Committee said in apost-meeting statement.“Today’s policy action will support a timelier return to the Committee’s 2 percent goal.The Committee will deliver price stability.”

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“You need to have, I think, a more vibrant economy, and this economy is doing okay, but it’s putting up with a lot of headwinds,” said Holz-Eakin.

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He named specific Trump administration policy decisions he says are to blame for the lackluster economy, which has burdened the middle class as grocery prices continue to rise.

“The first headwinds were tariffs, second headwinds were the oil prices andfight with Iran, and we need to get past those battles, and let the economy just go, and … that would be a better environment for the families,�

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President Donald Trump presents Federal Reserve Chair Jerome Powell with what he called a list of cost overruns for the Federal Reserve’s $2.5 billion headquarters renovation project on July 24, 2025, in Washington, D.C.(Chip Somodevilla/Getty Images)

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As for overall fiscal policy, Holz-Eakin says he’s worried that the country is going in the wrong direction when it comes to economic and fiscal policy.

“I’m a former director of the Congressional Budget Office.I have to every day get up and look at the books and wonder, ‘how’s this going to add up?'” he said.“And right now it doesn’t add up.”

“We’re $41 trillion in debt.The deficit is $2 trillion every year and it’s getting larger.You can’t just keep putting people on the on government programs.It won’t add up.”

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He proposed a fix — reverting to “old-school conservative” politics.

“I’d like to see a bit of a U-turn that got the debt under control, didn’t spend quite so much money, and got through this without having to raise our taxes.So, that sounds like an old-school conservative plan to me, but that’s not what we’re seeing right now.”

�s economic promises, but did not hear back at time of publication.

Peter D�