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President Donald Trump’s latest cash promise to Americans is unlikely to come to fruition, just like others before it, an economist and former congressional budget hawk told Fox News Digital.
“So the president has promised a lot of checks, the most recent being $5,000 to every American if Republicans hold on to the House and Senate. We ever going to see these? Well, I don’t think so,” said Douglas Holz-Eakin, president of fiscal policy think tank American Action Forum.
Holz-Eakin previously served as the director of the Congressional Budget Office, and as the director of domestic and economic policy for late Republican Sen. John McCain’s 2008 presidential campaign.
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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)
“The DOGE checks 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.
“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” of the Federal Reserve, which Holz-Eatin says is working to achieve that goal.
The Fed hiked interest rates Wednesday for 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 American’s seeking home and auto loans.
US national debt hits $40 trillion for the first time and there is little relief in sight. (Fox News)
“Inflation remains elevated,” the Federal Open Market Committee said in a post-meeting statement. “Today’s policy action will support a timelier return to the Committee’s 2 percent goal. The Committee will deliver price stability.”
“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-Eatin.
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 the oil prices and fight with Iran, and we need to get past those battles and, and let the economy just go, and … that would be a better environment for the families,” he told Fox News Digital.
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President Donald Trump presents Federal Reserve Chair Jerome Powell with what he Trump called a list of cost overruns for the Federal Reserve’s $2.5 billion headquarters renovation project on July 24, 2025 in Washington, DC. (Chip Somodevilla/Getty Images)
As for overall fiscal policy, Holz-Eatin 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.”
Fox News Digital reached out to the White House for comment on Trump’s economic promises, but did not hear back at time of publication.