Trump Is All About Growth

It’s rare for a White House press secretary to lead with the economy, but today Karoline Leavitt put it right out there — in an optimistic rebuttal to the usual chorus of lefty pessimism.Her boss, President Trump, is the quintessential optimist when it comes to America’s future.And even the earliest returns show economic success, even though his One, Big, Beautiful Bill policies have yet barely come into play.And I have to believe America loves an optimist. That’s leadership.So, here’s Mrs. Leavitt at today’s press briefing:“There has been a wave of positive economic news over the past week, which I would like to highlight today. Joe Biden’s inflation crisis has been defeated. Prices paid to American businesses for goods and services were flat in June,” and “core inflation, which is the best measure of inflation, came in lower than expected again in the month of June.”She added: “Wages are growing at a strong pace and prices are falling for everyday Americans. We also saw prices for new and used vehicles and airfares drop last month. In addition, prices for gas, fuel, oil, energy, commodities, hotels, airfare, public transportation and fresh vegetables are all down.”And I’m going to put a few more numbers on the table.Especially over the business about how tariffs are causing inflation.Mr. Trump was inaugurated January 20, so I’m using January as a base month.Since then, the consumer price index has increased at a low 1.8 percent annually. The producer price index has increased two-tenths of one percent at an annual rate. And import prices have actually fallen 0.8 percent at an annual rate.In other words, there’s no inflation.Thus far, the whining from the Fed chairman, Jay Powell, and his lefty groupthink echo chamber is just wrong. Of course he should be cutting his target rates significantly — as Mr. Trump correctly argues.Tariffs don’t cause inflation. Excess federal spending and Fed money-printing cause inflation.Yet, under Trump policies, federal spending has slowed to only 4.2 percent — well below the double-digit Green New Deal big government socialist policies of the Biden administration.As for the printing presses, the M2 money supply is growing just above 4 percent, compared to the 30 percent rate under President Biden, when inflation rose cumulatively by 20 percent.And Mr. Trump is reshaping the whole economy with his pro-growth supply-side policies.Full-cost expensing has already led to an anticipatory 16 percent boom rate for business equipment. And immediate expensing to build new factories for the next couple of years is on the way.This cannot possibly be inflationary.Instead, Trump policies will be creating more goods, more buildings, jobs, and higher take-home pay.And when you add to that the A.I. revolution, combined with new power unleashed by energy deregulation, this will create a wave of new productivity that is completely counter-inflationary.Just think about producing new factories, and more goods, with a growing workforce that is more efficient with its advanced technology tools and applications.It’s a lot like the information tech boom of the 1990s, that lowered inflation while the economy grew rapidly.In fact, all of this is about economic growth.Growth solves problems. Growth solves budgets. Growth creates happiness as a rising tide lifts all boats.From Mr. Kudlow’s broadcast on Fox Business Network.

Trump Is All About Growth

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