David Stockman: Trump's tax plan is 'dead on arrival' and Wall St. is 'delusional' for believing it

David Stockman has a stern message for investors: They're living in a fantasy land about Trump.

The president is "essentially a 70-year old kid in a candy store who wants one of everything: More for defense, veterans, border walls, law enforcement, infrastructure and 'phenomenal' tax cuts, too—without the inconvenience of paying for any of it," said Stockman.

"I like the tax plan, but you have to pay for it either with a new tax like the border adjustment tax, which is dead, or spending cuts which Trump has ruled off the table," Stockman explained. "What you have down there is a total fiscal calamity that is going to basically dominate Washington."

Of Trump's first 100 days in office, Stockman again referred to the White House as a "pop up store giving out candy before the 100th day to say they've accomplished something." Adding, "this isn't a serious plan, it can't be done. And I think it's only indicative of the huge trouble that's brewing down there in the beltway."

Despite Trump's somewhat tumultuous first few months in office, the stock market has been resilient. The S&P 500 Index is up 11 percent since the election and 5 since the inauguration, the third best performance under a new administration.

Source: CNBC

Trader Bozhidar Arabadzhiev

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