Commerce Secretary Wilbur Ross says the economy is shifting into high gear, telling Newsmax TV that is largely because of President Donald Trump’s quest to abolish the sea of corporate red tape imposed by the Obama administration.
“I think the animal juices are starting to flow but I think a lot of that has to do with the regulatory reform,” Ross, 79, told Newsmax Finance Insider, economist and moderator Larry Kudlow in a "Newsmax in the Nation's Capital" special sponsored by Newsmax and Google.
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“Every day CEOs 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,” Ross said.
Ross told 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 billion petrochemical plan for Ohio. These are big numbers and important places,” Ross said.
Ross does see some storm clouds on the horizon, but offered a solution as well.
“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,” 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 the one-third of all people entering college don't have a degree even six 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 shouldn’t be doing and then saddle them with debt as a penalty. It's horrible.”
Kudlow's wide-ranging interview with Ross was conducted at Google's headquarters in Washington.
The session will re-air on Newsmax TV, as well on DirecTV 349, FiOS 615 and U-Verse 1220 – and other outlets. More Info Here.
It will be re-broadcast on Saturday at 1 p.m. and on Sunday at 10 a.m., all times Eastern.
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