Trump’s ‘Drill, Baby, Drill’ Is Paying Off

A lot of numbers came out today, as the government gears up after the shutdown.One of the biggest themes in the jobs report for October and November was the continued restructuring of the economy, where President Biden’s big-government socialism is coming to an end. And President Trump’s re-privatization continues ahead.So far this year, federal jobs have fallen by roughly 270,000, while private jobs have increased nearly 700,000.Also related to Trump policies, native-born jobs are up some 2.7 million. While foreign-born jobs are down by almost a million.It was a decent report, not a spectacular one. Unemployment went up, as federal workers searched for jobs. Importantly, though, wages for middle-class working folks are up about 5 percent year on year.And that’s about twice the current inflation rate.Hang on a minute, though: oil prices are now falling on an almost-daily basis. West Texas Crude prices have dropped to $55 a barrel currently from $80 a barrel at the beginning of the year.Out there in the oil fields, incentives to “drill, baby, drill” are producing 13.8 million barrels a day.American production is now running ahead of domestic demand. And sure enough, prices are falling.Gasoline at the pump has dropped below $3 a gallon nationwide.Oklahoma is the cheapest of the states at $2.30 a gallon. Crazy California, though, is at $4.35 a gallon. Climate regulations are the difference.The bigger story, though, is how oil prices permeate every nook and cranny and virtually every price in the economy. Including food and groceries. And hundreds and hundreds of other items.The dramatic decline in oil is going to push all the inflation indexes way down in the months ahead.And that in turn will open the door for significantly lower interest rates.Mr. Trump has always had a very energy-centric view of inflation.His program to deregulate the economy, while providing important tax incentives to produce and invest, is paying off.So, 5 percent wages in today’s jobs report, compared to 2 percent or even less future inflation, gives real wage affordability of 3 big percentage points, probably more than many working folks ever imagined.From Mr. Kudlow’s broadcast on Fox Business Network.

Trump’s ‘Drill, Baby, Drill’ Is Paying Off

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