Full Steam Ahead on the Trump Tax Cuts

Full steam ahead on the Trump tax cuts — the cure to the shoddy Biden economy.Let’s hope the Republican Congress keeps pushing the accelerator down to the floor, in order to get the tax cuts passed as fast as possible.Why?Because President Biden left President Trump a really lousy economy.For a moment there, I was worried that the Trump tax cuts were on the back burner and falling off the stove, but that was solved brilliantly by Speaker Johnson and his House rescue mission.It even gave the stock market a temporary second wind.Yet new numbers from last year’s fourth quarter just came out, essentially showing a collapse of business investment — including a large decline in machinery and equipment, and that’s really the heart and soul of the economy.Even consumer spending was soft, and retail sales fell sharply in January.Only without business investment, you’re not going to get productivity, or higher real wages, or fatter working class wallets.Actually, Biden manufacturing had been in recession for more than two years.And housing has been in recession for even longer.The only thing Mr. Biden gave us was immense government spending, that drove up inflation and interest rates.And even now, the Bidenflation legacy is again jumping back through 4 percent in the past three months, after rising more than 20 percent over four years, as working folks couldn’t afford to live in the Biden economy.And that legacy has left Mr. Trump with $2 trillion+ budget deficits as far as the eye can see.Which is why he is so keen on helping Elon Musk’s DOGE to curb fraudulent and corrupt spending, wherever it is found, including new efforts to retire bloated the federal bureaucracy in the D.C. swamp.None of this is a pretty picture.Mr. Trump has a plan, and now that plan — to cut taxes, deregulate, curb spending, and drill baby drill — is gathering momentum, after the House GOP victory two nights ago.I love reading in the New York Times and elsewhere how the soggy economy is all Mr. Trump’s fault.No it isn’t.It won’t really be Mr. Trump’s economy until after his program is fully in place. Hopefully, that comes by late spring, when the tax cuts get finished.Expectations of policy success will wax and wane with the vagaries of Congress. Yet Mr. Trump is on track right now, with a fully balanced pro-growth plan that will produce at lower prices.Just what the doctor ordered. Just what Mr. Biden could never achieve.And don’t listen to ultra-liberal economists, who are telling you that a bit of trimming of the bloated federal workforce will somehow sink the economy. Complete nonsense.With a total civilian workforce of roughly 160 million, chopping off 50 or 70 thousand is not impactful. Plus, they’ll get severance. And they’re mostly well educated, and can get good private sector jobs, which would be great for the economy.Indeed, the Biden economy became a governmental economy, robbing the private sector of its strength and vitality.The whole point of the new Trump economy is to re-vitalize the private sector, to re-privatize the business sector.Clearing away the federal fat that has blocked the free-market arteries of success will be a major Trumpian achievement.Consider this: getting federal spending as a share of GDP back down to its historic 20 percent from roughly 24 percent in the years ahead could get economic growth back up to its historic 3 percent + trend from its paltry 1.8 percent recent trend.That’s worth roughly $3 trillion of private sector stimulus. Which will more than finance the lowest business tax rates in the world.So, Congressional Republicans — open the throttle just as far as it will go.And take us to the new Trump economy, faster than anyone thought possible.From Mr. Kudlow’s broadcast on Fox Business Network.

Full Steam Ahead on the Trump Tax Cuts

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