FOX Business host Larry Kudlow reacts to the Trump administration’s plan to fix the American economy on ‘Kudlow.’
The day after the election, the stock market rose 1,500 points – one of its best days in history. It’s like, “Welcome home, President Trump. We’re glad you’re back!”
The market is really accepting the plans of Mr. Trump’s tax cuts, and his rollback of $2 trillion in new regulations imposed by the Biden-Harris administration.
Included in Trump’s plan to repeal the law would allow changes, to not only open the fuel spigots and produce more liquid gold, but also open the door to pipelines, fracking and drilling in Alaska, New Mexico and the Gulf of Mexico.
Also, reopening LNG shipments and allowing modernization of LNG and terminals. Stock market welcome mat for President Trump and it’s a vote of confidence that big government socialism is dead; radical woke and climate policies are dead; radical, affirmative DEI policies are dead. All of those things mentioned on the left were affecting businesses large and small.
‘Kudlow’ panelists Ari Fleischer and Katie Pavlich discuss restoring ‘America first’ policies once Trump is inaugurated.
FED’S FAVORITE INFLATION GAUGE SHOWS PRICE GROWTH CONTINUES IN SEPTEMBER
They involved construction projects, broadband projects and advanced technology companies. Whether it’s chips, or quantum computing, or AI, because you couldn’t build anything unless you met the various wake and DEI government directives.
Or the SEC is issuing crazy weather reporting guidelines for all businesses and their consumers.
It’s like the security regulators have decided they really are the Weather Channel. There is likely to be a deregulation of banking – such as lower capital levels, or at least no higher capital requirements in the currently highly capitalized industry.
Then you have the Elon Musk phenomenon. He is the smartest man in the world. Lately, he has become a political superstar, jumping in full force to help Mr. Trump to be elected president.
Elon is already working with Trump Transition Committee eliminating an estimated $2 trillion in wasteful and unnecessary federal spending to curb budget deficits and create debt.
Crazy programs like the 2021 COVID Act, or the various CHIPS and infrastructure bailout bills, or the bogus “Inflation Reduction Act” – all sponsored by Democrats and passed with Kamala’s tie-breaking vote – should be subject to a thorough examination.
Many of those programs have been approved by the Democratic Congress, but the money has never been spent. Partly, because the government can’t, and partly because of the crazy DEI rules.
However, unspent funds must be withdrawn, and that will put a lot of pressure on government spending. Meanwhile, the increased corporate tax cuts – oh and let’s not forget the 15% corporate rate on domestic products – will boost economic growth and job creation, which will move the GDP needle to perhaps 3-4%.
In that way, generating more surplus income from people with new incentives to work and invest, and all of that will reduce the budget deficit even more. Growth solves deficits and debts.
Some on Wall Street continue to talk about how prices are rising, but Mr. Trump in his first term criticized China with heavy tariffs for unfair trade and theft of intellectual property.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
However, there was no inflation at all. So let me get this privilege… In his first term, Mr. Trump lowered taxes, rejected regulations, protected America from unfair trade practices, and the overall CPI increased by only 7% for four years, which was 1.4% on an annual basis. .
Biden-Harris, on the other hand, kept Trump’s prices, but destroyed the path to the next administration, generating record deficits and debts, opening the floodgates to illegal immigrants, and their CPI increased by 21% – or about 6% at an annual rate . .
So I ask you folks: who is an inflationist? As Trump’s ultimate goal, over and over, he reiterates that he wants the dollar to remain the world’s reserve currency.
He supports the king dollar, and that will never be inflation, and that’s why the stock market gave him a record welcome. Trump the day after his big election. That’s the wrap.
This article is adapted from Larry Kudlow’s opening remarks on Nov. 7, 2024, edition of “Kudlow.”
Source link
