US Economy Shifting into High Gear, as Obama Era Reg’s are Shredded
- Financials dominated the earnings front Friday after kicking off Q-3 earnings season Thursday
- The US stock market moved higher on the week, marking new record highs again.
- The DJIA led the advance, adding 0.4%, as both the NAS Comp and the S&P 500 settled with gainers of 0.2% each.
US Commerce Secretary Wilbur Ross, 79 anni, says the economy is shifting into high gear, largely because of President Trump’s abolishing anti-business corporate Red Tape imposed by Mr. Hussein Obama’s Admin.
“I think the animal juices are starting to flow but I think a lot of that has to do with the regulatory reform,” Sec. Ross told economist Larry Kudlow in a Special sponsored by Newsmax and Google.
“Every day CEO’s are coming into our office usually looking for something new but they usually begin by saying how happy they are and how much better they’re doing because of the reduced regulatory burden,” Sec. Ross said.
Sec. Ross told Mr. Kudlow now that the corporate shackles have been removed, businesses are ready to invest in themselves, their workers and the country.
“I think it’s coming back big time. A number of them have announced plans to expand even before the tax code comes onto the horizon. And I think assuming we get the tax cut that will really be very, very powerful for the economy because it’ll have a multiplier effect on everything else we’re doing,” Ross said.
“Well, already we have Foxconn bringing in from overseas huge facility – 10 billion. A couple of weeks ago on a trip to Thailand we got back a $6-B petrochemical plan for Ohio. These are big numbers and important places,” Sec. Ross said.
“My biggest worry about the constraint on growth is the workforce. I’m very involved with Ivanka Trump and her workforce of the future and the truth is our high schools are not properly equipping people for the jobs in the new technology world and it’s driven big corporations to where they have to pay local community colleges to do programs to teach people about computers, about welding, about all kinds of things which is great but with all the money we’re spending on education we’re not spending it on what used to be called vocational training,” Sec. Ross said.
“We have the least vocational training of any OECD country. The least. That’s ridiculous. And there’s a social opprobrium that has come if you don’t go to college. Well, I think pushing kids into college when they’re not right for it all it ends up is tragedies because 33% of all people entering college do not have a degree even 6 years later,” he said.
“But you know what they do have $50,000 of accumulated student loans. What a terrible thing to make people think that they can do something that they should not be doing and then saddle them with debt as a penalty. It’s horrible.”
Mr. Kudlow’s wide-ranging interview with Ross was conducted at Google’s HQ in Washington, DC.
Volume: Trade on the NYSE came in at:768-M/shares exchanged
- NAS Comp +22.7% YTD
- DJIA +15.7% YTD
- S&P 500 +14.0% YTD
- Russell 2000 +10.7% YTD
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Have a terrific weekend.
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