What should we make of President Trump’s latest budget proposal? Mick Mulvaney, Trump’s budget director, calls it a “taxpayer-first budget,” one that aims to balance the federal budget over the next decade by reducing future federal spending by $3.6 trillion. There’s been a lot of talk, and for good reason, about the proposed budget’s rosy assumptions about economic growth and the closely related fact that it banks massive increases in federal revenue that simply can’t be reconciled with Trump’s call for massive tax cuts.