President Trump’s speech at Davos was historic and set a new framework for the world to look at and understand America. First, the American economic record under Trump has set an amazing example that other leaders might want to apply to their own countries.
The President’s speech was a remarkable outline of economic achievements and an outline of the principles and policies which have made those achievements possible. His description of regulation as “stealth taxation” is a big step toward better policies.
As he told those in Davos, President Trump’s administration has repealed 22 old regulations for every new regulation it has put in place. This was a key part of his job creation policy – second only to the Tax Cuts and Jobs Act of 2017.
It will be interesting to see if any of the leaders in slow-growth, high-unemployment economies learn anything from Trump’s speech and economic record. Frankly, they face a big hurdle. Cultural commitment to failed policies and institutions often outweigh the chance to adopt new approaches that work.
However, in the first three years, the Trump administration has created 7 million new jobs and achieved the lowest unemployment rate in modern times. The slow-growth, high-tax, big government, welfare state leaders cannot ignore the success of President Trump’s policies. Those who do not take his speech to heart could face a big dilemma when their citizens see America’s success and wonder why their own leaders are failing.
Similarly, President Trump’s speech in Davos makes it even harder for his political opponents at home to criticize his handling of the US economy. This is one of the President’s greatest strengths. As the Democratic candidates continue to push radical wealth redistribution policies, more and more Americans will wonder why the Democrats want to mess up a good thing.
WHAT NEWT’S READING
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