LARRY KUDLOW: The Trump economy is booming

President Trump gave a bang up speech on the economy today to a boat load of business people, investors, and other big shots. Note the venue: Miami. After last night’s victory by New York City’s brand spanking new socialist Mayor, Miami’s gonna be a very popular place. But Mr. Trump’s speech was exactly the kind of detailed economic growth discussion, with numbers, that he needs to make. He needs to explain to folks just how much things have improved in his first year, and show the contrast with Joe Biden’s failures. The President said "in nine months, we've lifted over 600,000 Americans off of food stamps, which is a record 1.9 million more American born workers are employed today. And I tell Republicans, if you want to win elections, you gotta talk about these facts. You know, you're so easy to win elections when you talk about the facts. And we have more people working now than at any time in the history of our country right now, we have more people working. These are things you have to talk about. It doesn't just happen."

Mr. Trump’s polls on the economy and inflation have gone underwater lately, because if he doesn’t give you the facts, or his top people don’t give you the facts, then the left-wing media will bias the whole story. It’s Trump derangement syndrome on the economy. Now here’s some more factual analysis from the President,"since I took office, wages for the typical factory worker are up $1,300. Construction workers pay is up $2,200 and miners are up $5000. And that's good because it's not, you know, such an extra cost to the company. You're going to start seeing numbers coming out very soon that are going to blow your mind."

Let me add to all of this some inflation numbers. During the Biden years, grocery prices went up 23% or 5.4% at an annual rate. Overall consumer prices under Biden sky-rocketed 21%. Which is 5% at an annual rate. These are devastating numbers. And they help destroy real take-home pay for working folks. 

Now contrast Mr. Trump’s first eight months, where the level of consumer prices has only gone up 1.7%, which comes to 2.5% at an annual rate. I think if Mr. Trump and his team will keep telling this story, their inflation polls wouldn’t be underwater. Meanwhile Democrats are trying to blame Trump’s tariffs for inflation. But it’s not true. 

On a year-over-year basis, the CPI for core goods, call it core tariffable goods is up only 1.5%. Durable goods up just 1.8%. New cars and trucks just 0.8%. 

The point is, if team Trump would get out there on a daily basis and make it clear how much more affordable life is under the Trump economy with numbers, their polls are gonna jump up. 

Meanwhile, as Mr. Trump noted in Miami, the economy is already rising at nearly a 4% pace, a moonshot higher than the expert consensus estimates of only 1% to 2%. And with trillions of dollars of new investment pouring in, alongside all the valuable business tax incentives recently enacted, a Trump boom is developing. That’s what the stock market’s telling us, as at least 135 million investors, including union pension funds, are accumulating terrific wealth nest eggs for retirement.

And then of course, there are the popular zero taxes on service worker chips, over time, and senior incomes. People love this. But they have to hear it. It’s a great story, but it has to be told, over and over. And Mr. Trump can’t do it alone, as great a communicator as he is. His senior people have to pitch in, morning, noon, and night. 

This is the first year anniversary of Mr. Trump’s smashing election victory. Promises made, promises kept. But if a tree falls in the woods, and no one is there to report it, then it never happened. So Trumpians, get to work.