Staying Blind to the Economic Boom
Time Magazine’s cover this week is a classic. It blares: “The Wrecking Crew: How Trump’s Cabinet Is Dismantling Government.” Also last week The New York Times ran a lead editorial complaining that team Trump is shrinking at an “unprecedented” pace the regulatory state that was erected to new heights under President Obama. These and other media reports have had all the subtlety of a primal scream.
Meanwhile, last week the stock market raced to new all-time highs, we had another blockbuster jobs report with another fall in the unemployment rate, and housing sales soared to their highest level in a decade.
Are the editors at the Times or at Time so ideologically blinded that they are incapable of connecting the dots.
The U.S. economic revival has defied the predictions of almost every Donald Trump critic. I vividly remember on the campaign debating Hillary Clinton’s economic gurus who accused Mr. Trump and his advisers like me of “lying” when we said pro-growth policies would speed up the economy to 3 to 4 percent growth.