Cathie Wood predicts that Trump’s policies will ‘charge’ the US economy more than the Reagan Revolution
ARK Invest CEO and CIO Cathie Wood breaks down the ‘profound’ changes the artificial intelligence industry has experienced over the past decade.
Ark Invest CEO Cathie Wood sees a bright future with President-elect Trump’s return to the White House and predicted over the weekend that his policy agenda will likely deliver economic growth within decades.
In a post-election message to investors issued on Sunday, Wood compared the current economic situation in the US to that of the early 1980s when President Reagan’s tax cuts combined with interest rate cuts by the Federal Reserve led to a boom that led to the US finally growing its way out. deficit and ended up with a surplus in the Clinton era.
Cathie Wood was presented with the question “Trump or Biden,” and she answered Trump because she is voting for the person who will do the best for the American economy. (Patrick T. Fallon/AFP via Getty Images/Reuters/Getty Images)
He added to X following his video message that Trump’s policies “may charge the US more strongly than during the Reagan Revolution.”
In presenting his case, Wood echoed Trump’s pledges to cut taxes and reduce regulations as he did in his first term, and pointed to his pledge to work with Tesla CEO Elon Musk to reduce government spending in his second term.
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“Now the deficit is going to come down, we think, because of growth, but we also think that inefficiency in government is extreme, and we believe that Elon Musk … productivity gains – really reducing government as a percentage of GDP, and getting more waste from government,” Wood said.
Elon Musk, CEO of Tesla Inc., left, and former US President Donald Trump, before a campaign event at the Butler Farm Show in Butler, Pennsylvania, US, Saturday, Oct. 5, 2024. (Justin Merriman/Bloomberg via Getty Images/Getty Images)
Wood revealed in June that he would vote for Trump for president over Vice President Kamala Harris, because he believes the former president would be better for the economy.
“Look, I’m going to vote for the person who’s going to do the best job for our economy,” Wood said in an interview with “Meet Kevin” financial analyst and YouTuber Kevin Paffrath. “I’m a voter when it comes to economics, and because of that, Trump.”
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He also explained that the founder and chairman of Laffer Associates Art Laffer “describes the first three years of the Trump presidency as the best in the history of the US economy, not the last because of COVID, and I would agree.”
FOX Business’ Greg Wehner contributed to this report.
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