Larry Kudlow, assistant to the president for economic policy, spoke on the second night of the Republican National Convention on Aug. 25, 2020.
Transcript
Hello folks. You know me from TV and radio. I’m Larry Kudlow. Years ago, I worked for Ronald Reagan. More recently, I helped the team craft Donald Trump’s economic plan during the campaign. It was a roaring success, inheriting a stagnant economy on the front end of recession. The program of tax cuts, historic rollback of onerous regulations that crippled small business, unleashing energy to become the world’s number one producer, and free, fair, and reciprocal trade deals to bolster manufacturing, agriculture, technology, and other sectors. The economy was rebuilt in three years. Unemployment fell to the lowest rate of 3.5%. Blue collars, African Americans, Hispanics, women, all groups benefited enormously. Everyone was better off. A rising tide lifting all boats. Then came a once in 100 year pandemic. It was awful. Health and economic impacts were tragic, hardship and heartbreak were everywhere. But presidential leadership came swiftly and effectively with an extraordinary rescue for health and safety to successfully fight the COVID virus.
A great bipartisan rescue also saved the economy. Right now, our economic health is coming back. With emergency spending and tax cuts, Americans are going back to work. There’s a housing boom, there’s an auto boom, a manufacturing boom, a consumer spending boom. Stops are in record territory. A V shaped recovery is pointing to better than 20% growth in the second half of this year. Now looking ahead, more tax cuts and regulatory rollback will be in store, payroll tax cuts for higher wages, income tax cuts for the middle class, capital gains tax cuts for investment, productivity, and jobs. Much more regulatory relief for small businesses. In economic terms folks, this is no time for a $4 trillion tax hike. Coming out of the deep pandemic, who in their right mind would pick the pockets of taxpayers and drain money from their wallets and purses?
Look, our economic choice is very clear. Do you want economic health, prosperity, opportunity, and optimism? Or do you want to turn back to the dark days of stagnation, recession and pessimism? I believe there can’t be better economic policies than we’ve had in recent years. So I say, stay with him. Thank you.
