Tuesday, President Trump will focus much of his State of the Union address on the administration’s economic achievements.
“The President is very proud,” National Economic Council Director Larry Kudlow said Tuesday.
“I think his policies, such as tax cuts, business deregulation across the board, opening up the energy sector to independents, new trade deals, stopping unfair practices and so forth, have rebuilt and transformed the American economy.“
He added that there is a “blue-collar boom” going on that has not been seen in at least 25 yrs, with the average middle-class family income now at about $66,000 a year, after taxes and inflation.
“That’s about a $5,000 increase per family from the base of the prior administration,” said Mr. Kudlow. “That is an enormous number that we have not seen in well over two decades.”
Meanwhile, there are many 2020 Democrats running for president who are talking about making sweeping changes, particularly Senator Bernie Sanders, I-Vt.
“He has different policies,” Mr. Kudlow said of Senator Sanders. “The president is not a socialist. He has said that… people on the other side of the aisle have painted a picture of gloom and doom and deep recession, except for maybe nine fat cats on Wall Street, who are getting rich. That is utterly false. That is one of the greatest examples of cognitive dissonance I’ve ever seen.”
That will be rebutted in the SOTU, said Mr. Kudlow, and in other ways.
“This is a deep, widespread boom,” said Kudlow. “The actual facts show that we are reducing inequality, even while the rising tide is lifting all boats. That is very unusual. That’s because Trump has unlocked opportunity in this country.
Tuesday, the major US stock market indexes finished at: DJIA +407.82 at 28807.54, NAS Comp +194.57 at 9467.99, S&P 500 +48.67 at 3297.59
Volume: Trade on the NYSE came in at 934-M/shares exchanged hands.
- NAS Comp +5.5% YTD
- S&P 500 +2.1% YTD
- DJIA +0.9% YTD
- Russell 2000 -0.7% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish to Very Bullish.
Looking ahead: investors will receive the ISM Non-Manufacturing Index for January, the ADP Employment Change report for January, the Trade Balance report for December, and the weekly MBA Mortgage Applications Index Wednesday.
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