In praise of President Trump

US stocks are up by 31%, the most under any president since Roosevelt. There are 2.2 million more jobs. The economy is expanding by more than 3% a year. As President Donald Trump completes a year in office, the “other Project Fear” – the one that said Trump would tank the US economy – is looking as silly as the first one over Brexit. Sure, he is a boorish ignoramus with the ego of a deranged toddler. But that shouldn’t blind us to the fact that he may be doing some good.

Anyone looking back at Trump’s first year in the White House would surely be struck most by the chaos and disorganisation that has marked his presidency. He is on his second chief of staff, and has had more press secretaries than anyone can count. He has been under investigation for links to Russia, and engaged in a very public row with the FBI. He has blundered his way though foreign capitals, making enemies wherever he goes, and squandering whatever goodwill the US once had.

A blizzard of late-night tweets have verged on the insane, and to cap it all his anniversary of taking office was marked by a government shut-down. Michael Wolff’s The Fire and the Fury is likely to be only the first of many riveting exposés of life inside Trump’s inner circle. Yet that has not stopped the economy performing exceptionally well. The Federal Reserve has already raised interest rates twice, with little impact. When Trump, stealing a pledge from his rival Jeb Bush, promised 4% growth on the campaign trail most economists laughed. But it is not far off that now, and may be achieved next year.

Where’s that wall?

One reason, it has to be said, is that Trump has conveniently forgotten many of his more ridiculous policies. If there is a wall being built between the US and Mexico there is no sign yet of any bricklayers starting work. Immigration restrictions have been modest. There is no sign of a trade war with China. He hasn’t even nuked anyone – not yet, anyway. What he has done is push through a pair of big reforms. First, he completed a radical overhaul of the tax system. As the rest of the world steadily cut corporate tax rates over the last two decades, the US left its where it was. The result? At 37% it was charging one of the highest rates in the world.

Companies were regularly moving abroad to avoid it. Rather than trying to trim that, or introduce a few more fiddly allowances, Trump has slashed the rate way down to 20%. It is one of the boldest single tax cuts since the days of Margaret Thatcher and Ronald Reagan. It already seems to be having an impact, with companies, such as Apple, bringing home billions stored overseas, much of which will end up being invested in the US economy.

A bonfire of regulations

Second, he has started to slash red tape in what had turned into one of the most over-regulated economies in the world. In Trump’s first year, 22 regulations have been eliminated for every new one introduced, and an executive order makes it mandatory for Congress to repeal two rules for every new one it creates. True, he has had more success in stopping new regulations than the harder task of getting rid of old ones. But he has made an impressive start.

With his mix of self promotion and personal bombast, he may even have boosted confidence. True, a lot of that is down to luck. Trump inherited a growing economy, and the stockmarket was already buoyant before he moved into the White House. But he has also pushed through some effective pro-growth policies. Over in Europe, we should not allow his often obnoxious personal qualities, or the chaotic state of his administration, to obscure the fact that he may well shape up into one of the more successful presidents.

  • LG

    Elect me. I’m a genius. I’ll trash the currency. As a result the stock market will rise.

    Politics – it’s a piece of cake. And you get to eat it too.

  • FriarStuck

    Shrill lefties seem increasingly unable to tolerate any political
    opinion to the right of Chairman Mao, and have gone from just name
    calling (i.e. racist, homophobic, etc.) to a whole range of underhanded
    and often violent tactics to destroy those they disagree with (made
    easier by the fact the almost all of our public bodies and media have
    been taken over by people that hold far left opinions).

    For example:

    – Disputing the results and the validity of the election/electoral
    process. This was done to both George Bush, as well as Trump, and also
    happened after the EU referendum vote in the UK (e.g. complaints that
    52% of the total votes was not more than 50% of the total electorate, or
    lefty pressure groups using the courts to give MPs the final say on
    Brexit). And despite of clear rigging of the Democrat Party primary
    election process in
    favour of one particular candidate, that has caused some democratic
    supporters to commence a civil action against the Democrat Party, and
    which the former Chair of the Democratic National Convention admits and
    details in a recently published book of their own authorship.

    Ridiculous marches attended by thousands of feminists wearing strange
    hats and screaming like deranged banshees about the oppression and
    mistreatment of women, despite living in one of the
    richest, freest, and safest countries for women on the planet, and some of the more prominent speakers at the event being among the richest and most successful people alive.

    – Revisionism of history in education to denigrate the culture of English speaking nations (mainly on the basis of slavery, ignoring the fact that for almost all of human history the entire world practised slavery, the UK was the first to outlaw it, and slavery still continues to this day in the middle east and some nations on the African continent), or outright remove any reference to important historical characters the left perceive as disagreeable, including the destruction of memorials and statues in public places.

    Discovering the personal details of people who express opposition to
    left wing views publicly on the internet and harassing these individuals
    with nuisance phone calls, threats of violence via email, vandalism to
    personal property, putting pressure on employers to terminate contracts
    of work, and attending places of business to cause trouble and

    – Smashing up university towns when speakers
    perceived as right wing, or have views or research that questions the
    rubric of current left wing doctrine, come to talk at college campuses.

    – Using the media to attack and smear people who disagree with the left, whilst ignoring all of the above.

    • kjdb

      Before Trump was elected he made it clear that he would cry ‘foul’ if he wasn’t elected. Farage did the same over Brexit – if it was 52-48, he would demand another referendum. Contrast this with Al Gore’s concession in 2000, and with the response of the Remain campaign, which has been to accept the result.

      You are confusing the actual behaviour of the people in power, which is what matters, with what (some) people say in the media, who you claim are representative. This is Trump’s tactic – he claims that he’s the victim of smears from respectable news organizations, which turn out to be mainly true, and people like you believe he’s a martyr.

      Unless of course you’re a deliberate troll, in which case, well played. I bit.

      • befair openyoureyesandmind

        get your head out of your axx man. All those fools that shorted when Trump won lost big time. and what did all media say. T WILL NEVER WIN AND OF HE DOES ALLL WILL CRASHHHHHHH SINK INTO THE SEA. ALL FOOLS!! THE OTHER ONES ARE LAUGHING ALL THE WAY TO THE BANK. all libtards are idiots really. and all so called financial news that does not understand real politics is the same.

        • drgrumpy1

          Stop shouting – and sprouting childish rhetoric.

      • Black Swan

        Is it wrong in using Leftist tactics ? Respectable News Organisations is an Oxymoron.

      • FriarStuck

        I think you’ll find the dispute over the validity of Trump’s election is very much more than just reaction from some of the media.

        Unless of course you think the appointment of Robert Mueller as special counsel to investigate the nonsense claims that Russia interfered in the 2016 election is Scotch Mist?

        Which by the way, an investigation, that over a year later hasn’t found a shred of evidence to support collusion between Trump and the Kremlin (Mueller himself has not even articulated the criminal predicate for his investigation, he’s investigating people trying to find anything that will stick), and which has also been compromised by the revelation that several members of the investigating team (one an FBI agent), which is supposed to be politically neutral, were found to be exchanging text messages discussing methods by which to end the Trump presidency (all of which is being discussed in Congress).

        The media are complicit with many of the political elite in opposing Trump, it’s no coincidence that many news outlets were giving a platform to Trump opponents who were enthusiastically exclaiming the imminent impeachment of Trump after the commencement of the Mueller investigation, or the recent nonsense where Democrats were given prime television spots along with a psychologist who had never met Trump, to push ridiculous claims that Trump was mentally unstable, and being two examples, among many, of media and political collusion to push a false narrative.

        • kjdb

          Trump appointed Mueller, who has charged Trump’s campaign manager Manafort with some serious crimes. As for evidence against Trump himself, we wait to hear.

          Watergate took years to amass evidence. This will too. It’s justice, not a media campaign that publishes little bits of news. You don’t seem aware of the difference.

          If Trump committed treason or fraud, we will hear in the end.

          • FriarStuck

            It was Rod Rosenstein and the DOJ who appointed the special counsel, not Trump.

            Secondly, Manafort has been indicted on charges completely unrelated to the Trump campaign.

            As I said in previous comment, Mueller hasn’t actually said what the criminal predicate it is that he’s investigating (i.e. ‘method X’ is how the Russians and the Trump campaign interfered with the election and now I’m going to find out who is responsible), he’s just fishing and desperately hoping something sticks.

            What you say about Watergate is incorrect, the senate approved a select committee to investigate in February 1973, and Nixon resigned in August 1974, with the 7 other men who were indicted being put on trial by October 1974 (the trials, concluded in January 1975), in other words, 20 months, as opposed to “many years”.

  • FriarStuck

    I also wanted to address the “Trump the War Monger in Charge of the Nuclear Arsenal” misdirection.

    Obama started two foreign wars, one in Libya and one in Syria, and oversaw badly deteriorating diplomatic relations with Russia, Iran, and North Korea.

    Trump has started zero foreign wars, is fostering a good relationship with Russia (not collusion. By the way, the Democrat Party paid a contractor to work with Russia to produce a fake dossier on Donald Trump during the 2016 election), and has helped to bring both North and South Korea back to the negotiating table (and was praised by the South Korean head of state for doing so).

  • FriarStuck

    Despite all the good things trump has done (see below) and as much as I would like to see him succeed in spite of the shrill cries of the disingenuous lefties, there is one serious problem that Trump has failed to address (a real problem the left never mention), and that is the parlous fiscal and monetary policy of the USA:

    – The rate of US debt accrual appears to be accelerating.
    – M2 shows the rate of monetary growth continuing to accelerate.

    It has been 10 years since the last financial crisis, and the current business cycle cannot continue in a boom phase (I say boom, however the inflation, growth, and employment numbers are so heavily massaged nowadays it’s hard to tell) in perpetuity (given that the business cycle appears to operate over 10 years should serve as a warning).

    A US government fiscal and/or crisis coupled with a loss of reserve currency status, could cause untold misery and chaos in the US, more so than any other turn of events (I’m sure a chartalist or MMT advocate will be along shortly to tell me that money printing doesn’t matter, to which I would say take a look at a graph of M2 in Venezuela, note the exponential curve, and then look at the correlation of inflation, and then compare that to a graph of M2 in other oil producing nations before blaming it on an “exogenous” shock such as the oil price collapse).

    • drgrumpy1

      There will be a bit more boom before the inevitable. Trump will not succeed where Brown failed – i.e. stopping the boom bust cycle. Expect a nosedive in a couple of years? Maybe three.

    • Black Swan

      “the parlous fiscal and monetary policy of the USA”. Ditto the world over. In fact the debt levels in China, EU, GB and EM countries are more perilous than the USA.

  • Caedwal

    This article is a complete waste of time. It is good on money but says nothing we don’t know already, and is absolute rubbish on the politics. Uniformed, myopic, bigoted nonsense. Lynn should apply for a job at the BBC, or CNN.

    • neil orouke

      oohh get you princess !…you go girl!

      • Caedwal

        Sorry! It just wound me up.