President Trump is reprivatizing the economy on the supply side.

Last Tuesday night, Mr. Trump gave a brilliant speech before Congress and the nation, outlining his providential view that American greatness knows no bounds.

I wish people in the stock market and elsewhere would hold on to that thought.

Stocks go up and down for many reasons, and lately they’ve been going down.

Yet people should not forget that Mr. Trump’s entire policy — of tax cuts, deregulation, drill baby drill, and a reciprocal trade policy — is designed to reprivatize the economy, as Secretary Bessent puts it, and to generate a major economic boom, as President Trump puts it.

In particular, Mr. Trump spent a lot of time last week to get Congress to pass his tax cuts, as soon as possible.

And his idea of 100 percent expensing for investment and machinery equipment and factories, and a 15 percent made in America corporate tax, is wildly bullish for wage earners, for profits, for stocks, and for the entire economy.

What’s more, guided by Elon Musk, Mr. Trump is emphasizing reduced federal spending and a federal audit to root out waste, fraud, and abuse.

These are measures that will create more budget savings and deficit reduction that we’ve seen in decades.

And the government is not going to shut down.

At this point, with profits still rising, it’s hard to anticipate a recession.

And Mr. Trump’s supply-side program that incentivizes more production is itself fundamentally counter-inflationary.

So I would suggest folks keep their powder dry, and pay careful attention to a well thought out economic plan that will indeed make America great again.

From Mr. Kudlow’s broadcast on Fox Business Network.