FOX Business host Larry Kudlow releases ‘soaring’ confidence following President-elect Donald Trump’s victory on ‘Kudlow.’
Wall Street and Main Street both do the Trump dance and that’s the title of the riff. Check out some confidence numbers – from the media today. Small business confidence registered the biggest single-month gain in the survey’s 39-year monthly history, the biggest rise since an election.
Middle-class workers, who expect their financial situation to improve a year from now, jumped to their highest reading since February 2020 – just before the pandemic hit – according to a New York Fed survey.
On top of that, it’s even bigger business starting to do the Trump dance. The Business Roundtable published their quarterly survey today based on responses from CEOs of 156 firms – many of them the largest in the country – and their confidence index rose to its highest level in two and a half years.
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Sen. Mike Crapo, R-Idaho, describes Trump’s economic agenda as ‘Kudlow.’
Expect six months of sales, capital expenditure and employment – all optimized. Guess what? It seems that people are looking forward to reducing taxes and regulations. Guaranteed, consumers hope to get $2 a liter of gasoline. You can bet that small businesses expect a permanent extension to the 199A 20% deduction for pass-through corporations, which make up a large portion of all American business and employment.
You can also bet that working people in middle America will be more than happy with tax-free tips and tax-free overtime to fatten their wallets.
Seniors would also like a break from the double taxation they now pay on their lifetime income. It’s right there on the campaign trail of President Donald Trump, and people are hanging on every word to see what progress he’s making to keep his promises. And let’s not forget Trump’s stock market rally, which may have something to do with a 15% tax cut for corporations – something that would be very healthy for profits and real wages.
Then there’s Scott Bessent’s responsibility the market rally, where hope is high that the DOGE brothers, Elon Musk and Vivek Ramaswamy, will do their part in determining the size and scope of government – reducing spending, and eliminating not only regulations, but the regulatory agencies themselves.
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A combination of economic growth of 3% or better, a significant reduction in the budget deficit to 3% of GDP (from 7% currently), and an additional 3 million barrels per day of oil production that will lower energy prices throughout the economy – this is the formula Mr. Besent 3-3-3. It has become very popular on Wall Street.
The promise of Mr. Trump’s plan to cut taxes and regulations has become very popular on Wall Street and Main Street. Now, the trick is to get everything done as quickly as possible. Promises made, promises fulfilled, Mr. That’s the wrap.
This article is adapted from Larry Kudlow’s opening remarks on Dec. 10, 2024, edition of “Kudlow.”
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