President Trump has been in the Oval Office less than a month, and yet he’s already making the American economy great again with an economic transformation that’s only getting started.
Historically, the stock market can be a brutal grader. Thus far, Trump has earned an A+ and it’s easy to see why.
The past few months have seen company after company commit to keeping jobs in the United States or even expand their operations at home. Tens of thousands of jobs have been already saved because of his bold leadership.
Now, with Trump’s announcement last week that his tax reform plan benefiting all taxpayers will soon be presented to the nation, we are poised to unleash an economic expansion that will benefit hardworking Americans for generations to come.
This stands in stark contrast to the economic malaise of the past eight years. No matter how hard former President Barack Obama and his allies try to paint the economy in a positive light, the sad truth is that his was the slowest recovery in nearly 100 years. We still haven’t fully recovered.
Millions of people were left behind, ignored by a political elite who inhabit the 68 square miles surrounded by reality that is Washington and who know almost nothing about the plight of the average American.
Trump is leading our nation in a strongly positive economic direction.
Once he gets past Democratic obstruction in the confirmation process and his entire cabinet is in place, they can start working with Congress to fully implement his policy agenda.
Trump’s vision for the economy is one of dynamic growth that will create opportunity and prosperity for all. To make this vision a reality, there are two key policies that he intends to implement: Regulatory reform and tax reform.
Already at the White House and on Capitol Hill, the groundwork is being laid for Trump and his team to tackle the regulations and burdensome taxes that are holding the economy back.
But Congress needs to do more than just talk. They must work relentlessly to actualize Trump’s vision. The quicker it gets implemented, the quicker the benefits can be realized by all.
One of the main reasons why the Obama economy has limped along, year after year, is the record amount of red tape issued from the massive and unaccountable bureaucratic state. Every day, an alphabet soup of federal agencies issues more mandates, rules and restrictions on businesses and entrepreneurs.
According to the Competitive Enterprise Institute, the regulatory burdens on the economy are now equal to nearly $2 trillion every year.
No wonder the economy refuses to take off: Entrepreneurs and consumers alike are being crushed under the weight of federal mandates.
That’s why Trump took immediate action on this issue and has promised to roll back the regulatory state. He’s asked agencies to eliminate two regulations for each new one they issue. He’s also prepared to work with Congress to pass long-overdue laws that take power back from bureaucrats and prevent future administrations from following in Obama’s regulatory footsteps.
Such policies are critical to get the economy moving again.
Once you add tax reform to this mix, strong and buoyant growth will follow inevitably, just as it did during the Reagan administration.
Trump promised on the campaign trail to fix the broken tax code so that it puts people first. The current code does nothing of the sort.
Right now, both individual rates and business rates are too high, leaving hard-working taxpayers with less money in their pockets and forward-thinking companies with less money to innovate, create jobs, and grow. It also drives U.S. businesses overseas. Quite simply, the U.S. tax system makes other countries great at our expense.
That’s why Trump is poised to present a plan that slashes tax rates across the board, benefitting everyone who calls this country home. It’s economics 101: When we have more money in our pockets, we spend it and boost the economy. When businesses have lower taxes, they invest in the U.S. and create well-paying jobs.
In both cases the result is the same: A healthy, growing, and even thriving economy, the type of economy we’ve been promised for eight years but have been waiting to see.
Trump has only been on the job for a few weeks, and yet he’s already doing what Obama couldn’t: Keeping and creating jobs in America, especially in the places and for the people who need it most. This is the kind of opportunity America is all about.
William Simon is on the advisory board of the Great America Alliance and co-chairman of William E. Simon & Sons.
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