White House economic adviser Larry Kudlow said the Trump administration’s deregulatory efforts have sparked the best, strongest and fastest economic growth in about 30 years.
“Blue-collar workers are being employed at the fastest rate since the mid-1980s when I was working for Ronald Reagan, but also, blue-collar workers and service workers, low-end service workers, retailing and so forth, their wage rates are running faster than the white collar workers," the veteran financial guru and former Ronald Reagan adviser told Fox Business Network’s Stuart Varney.
"So this is an expansion the likes of which we have not seen since the 1980s. It is covering everybody. We are crushing it, OK?” said Kudlow.
“Particularly in 2017, the deregulation started everywhere across the board … and I think that started this push and started the small business push and the blue collar hiring,” Kudlow said.
“Then comes the tax rate reduction, which adds to it on the incentive front, so they’re working very much together,” said Kudlow, the head of the National Economic Council that advises President Donald Trump.
In a wide ranging interview, Kudlow continued his public praise of the economy.
“For the first time in history, more job openings than there are unemployed. That is a very interesting stat,” said Kudlow, who served as the Trump campaign's senior economic adviser.
“The American workforce and the entrepreneurs and the small business owners -- which I think are the new face of Trump economics -- they're crushing it,” said Kudlow.
“First of all, they're making more money after taxes, after the tax cuts. Second of all, we streamlined regulations so the small businesses can survive for a change. But third of all, psychologically, President trump comes into office, the confidence measures start the day after he is elected and have not stopped rising. Have not stopped. And so, he has said the war on business is over. He has said the war on success is over,” said Kudlow, who worked as Reagan’s budget deputy between 1981 and 1985.
“You can keep more of what you earn. He said the war on energy is over. This is psychological confidence issue so important, and you see the optimism coming out everywhere, OK? The big companies, the middle companies, and most of all, the small, new companies.”
Meanwhile, the Trump administration said late on Tuesday it has withdrawn or delayed more than 2,200 regulatory actions since taking office in January 2017 as it vows to reduce the role of government, Reuters said.
The White House on Wednesday released its biannual status report on governmental regulatory efforts and said in the budget year that ended Sept. 30 it had reduced regulatory costs by $23 billion.
In total, the administration it has issued just 14 new significant regulatory actions and eliminated 176.
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