“We will rebuild prosperity. We built it once, we will rebuild it again.” –Larry Kudlow
White House economic adviser Larry Kudlow vowed that President Trump will continue to push the economy along a path of strong growth in the wake of the China virus chaos.
“Regarding his 2nd-term policies to grow the economy, he’s asked us to take a look at a new middle-class income-tax cut. He is keen on a payroll-tax deferral and would like to see complete forgiveness for that deferral. He’s looking at capital-gains tax reforms,” said Mr. Kudlow.
“Essentially, I think he would like to make all the tax cuts permanent from the 2017 go-around,” said Mr. Kudlow.
The Y 2017 tax cuts stimulated the economy and drove down unemployment.
“We have just seen a tremendous pickup in real wages, that is real family incomes, a record pickup, 5 times the rate of increase of the prior 8 years and really the 1st raise since the year 2000 for the middle class and lower wage folks,” Mr. Kudlow said.
The President will reiterated these growth policies that will get us back to prosperity and recover from the China virus during the 1st debate Tuesday night
Americans’ household wealth rebounded last quarter to a record high as the stock market quickly recovered from the China virus-induced dive in March.
The Federal Reserve said last week that American households’ net worth rose nearly 7% in Q-2 to $119-T.
“On the other hand, you had the other side, they raised taxes and regulations. The slowest recovery on record, left us very weak in 2016,” he said. “And apparently according to Mr. Biden’s campaign, they are planning to do it again. More taxes and more regulations I do not understand that. It doesn’t make any sense,” Mr. Kudlow said.
“Let’s face it, the economy is performing now with the increase of 11-M jobs, 14-M household jobs, a major drop in unemployment to 8.2%, nobody expected single digits until early next year. Continuing unemployment claims, initial claims, all trending lower, and we are spending strong. So I think we are off to a great start and we are outperforming expectations,” Mr. Kudlow said.
Meanwhile, consumer confidence rebounded in September by the most in more than 17 yrs as Americans grew more upbeat about the outlook for the economy and job market.
The Conference Board’s index increased 15.5 pts, the most since April 2003, to 101.8 from August’s upwardly revised 86.3, according to a report issued Tuesday. The median forecast in a survey of economists called for a reading of 90 in September, and the figure exceeded all estimates.
Making and Keeping America Great!
Have a healthy day, Keep the Faith!