National Economic Council Director Kevin Hassett stated that the economic impact of artificial intelligence is likely underestimated by current statistics. During a speech at the Economic Club of New York on September 28, 2026, he projected a baseline GDP growth rate of approximately 4%, surpassing both the administration’s 3% target and private-sector forecasts of around 2%.
Hassett argues that companies adopting AI technologies demonstrate higher sales, employment, and wage growth compared to non-adopters. He suggests that AI enhances worker productivity, which contradicts concerns about job losses. The official also highlighted that investments in data centers and semiconductors are key to achieving fiscal objectives.
Projections indicate that US AI-related investment between 2025 and 2032 could reach $10,3 trillion, averaging 3,63% of GDP annually. These investments are intended to help manage a national debt that currently exceeds $40 trillion, with $15 trillion held externally.
To address the deficit, the administration aims to reduce the deficit-to-GDP ratio to 3% by the end of President Trump’s term. Hassett plans to leverage AI-driven growth, private infrastructure investment, and a reduction in the federal workforce to improve the budget outlook, while noting that external shocks could impact these forecasts.
