In an interview with New York radio host John Catsimitidis on Sunday, economist and CNBC analyst Larry Kudlow praised President Donald Trump and Republican lawmakers for passing an enormous tax reform bill that would reverberate through the economy for years to come.
“I think this thing is going to pan out better than almost anybody thinks,” Kudlow said of the bill, which President Trump signed on Friday. “The deficit is going to be much lower. This thing is going to pay for itself.”
Thanks to taking a machete to the Obama regulations that have kept corporate America and small business owners tied up in red tape for nearly a decade, Trump has overseen an economy unshackled. GDP growth hit 3% in the last two quarters of the year, and many economists believe that the tax bill will bring that growth up to 4% in the months and years to come. Trump himself thinks it may be headed even higher than that, and we’ve learned that it’s usually best not to underestimate him when it comes to matters of money.
“He wanted to lower taxes, especially business taxes, he never wavered on that,” Kudlow said. “Neither did Treasury Secretary Mnuchin, who worked in the campaign with us, and it’s now come to fruition. Trump has ended the war on business. He’s ended the regulatory war. This now ends the punishment of investment.”
Republicans are getting hammered in the press for this remarkable achievement, and it doesn’t take a lot of imagination to figure out why: It’s a HUGE accomplishment that will likely make it impossible for Democrats to have any meaningful success in the midterms. No matter how the press tries to spin it – and God knows, they are working overtime – they will not be able to make the public believe they aren’t seeing what they are seeing. The individual and family tax cuts will be right there in the paychecks. The corporate tax cuts are going to cause the economy to go off like a rocket. And the end of the individual Obamacare mandate is likely to make many millions of people very happy – no longer do Americans need to buy health insurance they don’t want just to avoid getting bashed over the head by the IRS.
For a party that stumbled badly when it came to repealing Obamacare, this was a reassuring sign that Republicans CAN actually govern when they want to. Perhaps the first half of the year can now be forgotten and Republican lawmakers can now work with President Trump to see his agenda through to its ultimate goalposts. If so, we could be on the cutting edge of a new dawn of American conservatism and, truly, Trump will have made America great again.