President Trump will speak to the nation tonight from the GOP midterm convention at Dallas. To quote my friend Kellyanne Conway, the GOP has the money, the message, but they don’t have the right sales pitch. That’s Mr. Trump’s assignment tonight, and there’s no one who can make a sale the way he can.
We already got a preview that he’s on message, when he told reporters at the airport that “we’re heading over to Dallas. I think we’re going to have a tremendous crowd tonight. Sold out. Looks very big. It looks very exciting. And we’re going to, explain what we’ve done.”
Mr. Trump added: “We’ve done things that have never been done in the first term or the second term, frankly, of a president. The economy is very strong. The investment in our country is the biggest in the history of any country, not just our country. We have factories being built all over the world right now. And it’s very exciting to see.”
I have said again and again, we’re in an economic boom. It should be the biggest story in this election. It may be the greatest story never told up until now, but I believe Mr. Trump will tell it. And when he does, it will have a powerful impact. Now here’s some more advice from Senator Ted Cruz yesterday: “I would say, objectively speaking, the last two years, with Donald Trump in the White House and a Republican House and Senate, we have won more conservative victories in these two years than any time since you and I have been alive.”
Mr. Cruz added that we have seen “the largest investment in border security in American history, over $100 billion, and illegal border crossings dropping 99 percent. The murder rate, down 20 percent nationwide. Crime in general. The number of deaths from drug overdoses, down twenty percent. You look at the biggest tax cut in American history, no tax on tips, no taxes on overtime, no tax of Social Security.”
The Texas senator concluded: “And then two provisions that were in that bill that I think are the most consequential. The biggest federal school choice program ever enacted, and the Trump accounts, and both of those I authored”
We’re a business show, so I’m going to focus on the economic story, which is the strongest manufacturing boom in many decades. From the Federal Reserve’s production index, computer and electronics year-over-year are rising by 10 percent. High tech and semiconductors are rising by 12 percent. Business equipment overall, up 7 percent. That’s CapEx.
Institute for Supply Management indexes for manufacturing are up eight straight months. Durable goods, the heart of manufacturing shipments, are up 11 percent year over year. Orders are up 13 percent. Construction is booming. And goods-producing jobs are booming, up almost 100,000 so far this year. Construction jobs are rising by double-digit percentage points every month recently.
Total wages are up more than 4 percent and beating inflation. We just had a huge jobs report and with revisions it was up over 220,000. Since Mr. Trump has been in office, private payrolls have increased by more than a million, while federal government payrolls have fallen by more than 300,000.
Mr. Trump’s tax cuts, and lighter regulation, and “drill, baby, drill” have restructured the economy back to free enterprise, and away from President Biden’s big-government socialism. It’s a huge change. Along the way, productivity and profits have boomed, stock markets have set records, the wealth of Americans is now more than $180 trillion. And by some measures, as many as 156 million Americans have shared in the stock market wealth creation.
Here’s what Treasury Secretary Scott Bessent, taking a time out from his economic-strangulation Iran-war responsibilities, had to say about the economy at Southern Methodist University at Dallas yesterday: “I think of the working families tax cut also knows one big beautiful bill. It had great symmetry to it because on one side you had these very powerful business incentives. So full expensing of equipment, full expensing of factories, full expensing of farm structures.”
Mr. Bessent added that “on the other side, the working Americans have been able to keep more of what they make. So no tax on tips, no tax on overtime.” Some “85 percent of our seniors are paying no tax on Social Security and then deductibility on interest on American made cars. So economic boom manufacturing reshoring which we are seeing.”
It’s a great rundown by Mr. Bessent, who’s a very busy fellow indeed. So, as I’ve said, to wrap-up, now it’s really been the greatest story never told up to now. Now’s the time for Mr. Trump to tell it. He can swing the midterm election. I believe this is possible, and I think he’s going to make a case that we do not need big-government socialism from the far-left crazies. We’ll stick with free enterprise and markets and yes, capitalism. And I’ve warned many, many times regarding Mr. Trump, never bet against him.
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