Larry Kudlow: President Trump has captured the new American zeitgeist

President Trump has captured the new American zeitgeist, and that’s what the hype is about.

President Trump celebrated his “Person of the Year” award from Time magazine by ringing the bell at the New York Stock Exchange, which remains America’s trading line. Capitalism. You could hear the chants of “USA, USA” coming from the brokers.

Mr. Trump He is the first president since Ronald Reagan to ring the bell at the inauguration. Four years after the abject failure of Joe Biden’s big government socialism and Modern Monetary Theory, it’s no wonder those New York Stock Exchange traders are cheering. Mr. Trump has promised tax cuts and deregulation to boost economic growth of 3% or better.

Of course, he himself understood business because he was a very successful businessman. Virtually no one in the Biden administration has worked in business at all, except for a few who were in charge of DEI and ESG programs, which don’t count, and the president-elect would be astounded.

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Mr. Trump has already appointed the DOGE brothers, also known as Elon Musk and Vivek Ramaswamy, to dismantle the unelected bureaucracy called the regulatory state — itself the backbone of Joe Biden’s socialism. With more than $2 trillion worth of regulation, most notably Biden’s war on fossil fuels, this modern brand of Marxism has thrown sand at business and undermined the kind of entrepreneurial capitalism espoused by Mr. Reagan and Mr. Trump.

Mr. Trump is supposed to move quickly to implement his plans to cut taxes, including a 15% corporate tax on domestic producers, and include that alongside his other major promise to end the wave of crime-ridden illegal immigration, putting it all together in a very massive fiscal reconciliation bill. – which would become the focus of his first weeks in office. Indeed, American business and consumer confidence has soared in anticipation of Schumpeterian storms of creative destruction.

The national mood turns positive. Trump’s victory revives lost energy in America. Culturally, there is a collective sigh of relief that the yoke of the woke mind virus, to use Elon’s phrase, will be removed.

Merit will replace DEI. Religion and faith will return, which brings us to an interesting moment in President Trump’s interview with Time magazine.

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Mr. Trump told them that the assassination attempt in Pennsylvania changed a lot of people. He said many people have become more religious, including his family members, and he reiterated his idea, going back to the RNC convention in Milwaukee, where he came to believe God saved his life for a reason.

It is as if Mr. Trump has captured the new American zeitgeist. In fact, mr. Trump It may itself be the zeitgeist. This is the riff.

This article is adapted from Larry Kudlow’s editorial commentary on the December 12, 2024 edition of “Kudlow.”