Amidst a record-breaking economic boom, President Trump will introduce a middle-class tax cut and continue deregulation if he wins a second term.
White House chief economic adviser Larry Kudlow made the announcement Friday, promising a return to prosperity following the coronavirus economic shutdown.
Kudlow highlighted Trump’s economic successes in an interview with Axios, referencing the economic boom for the middle and working class before the pandemic struck.
“Family income up $6500 in 3 years, that beat the prior administrations 8 years by 5 fold, real wages went up for the first time, the unemployment rate hitting record lows across the board,” he said.
“His policies, the tax cuts and the deregulation especially, the people who benefited were those that needed it the most. Those are facts,” he mentioned.
“It was the middle class and the lower rungs of the income ladder who had the biggest gains under President Trump. It was not just for rich people,” he continued.
Because of the coronavirus lockdowns, the unemployment rate faced a record high of 14.7 percent in April.
But, last month, unemployment fell to 7.9 percent.
And while that is still higher than the pre-pandemic 3.8 percent low, Kudlow believes the nation is on the road to recovery.
“I think we can pick up on that once we get through this difficult period,” he said.
“We are now working on a middle-class tax cut. We are working on some additional business tax cuts,” he continued.
The United States GDP boomed a whopping 33 percent in the third quarter of 2020, exceeding expectations and creating a new record, the Commerce Department reported Thursday, according to the New York Post.
Trump celebrated the success in a tweet Friday morning, writing “IF I AM ELECTED, NEXT YEAR WILL BE OUR BEST EVER!”
33.1% GDP – BEST IN USA HISTORY. IF I AM ELECTED, NEXT YEAR WILL BE OUR BEST EVER!
— Donald J. Trump (@realDonaldTrump) October 30, 2020