LARRY KUDLOW: Donald Trump's red-hot honeymoon continues on a roll
Donald Trump's red-hot honeymoon continues on a roll and that's the subject of the riff. Trump has successfully persuaded Senate Republicans to go along with his one big, beautiful bill strategy – to get tax cuts, border closing, energy production and DOGE brothers' downsizing of government.
So, the blue-collar boom can truly begin this year, in order to make good on Mr. Trump's promises to his working-class coalition. He's got his eye on universal tariffs that could raise as much as $500 billion a year. Republican House Speaker Mike Johnson is pulling together one big, beautiful coalition to pass the reconciliation bill.
CEOs far and wide who opposed Trump in the past are all pouring a million bucks or more into Trump's inauguration. Meta's Mark Zuckerberg ended censorship on Facebook and Instagram and Zuckerberg plus Jeff Bezos of Amazon are both ending DEI.
THESE ARE THE FASTEST-GROWING JOBS IN THE US, LINKEDIN SAYS
The major Wall Street banks have all run away from the woke climate net-zero ESG alliance. The pathetic judge Merchan and equally pathetic D.A. Bragg gave Trump an "unconditional discharge." Every other weaponized lawfare case against Trump has collapsed.
An appeals court just prevented any report from Jack Smith or Merrick Garland – at least for now. Vladimir Putin wants to meet with Trump. Xi Jinping is sending an emissary to his inauguration and Mr. Trump is preparing a flood of new executive orders to overturn Joe Biden's big government regulatory socialism.
To name a few that may be announced on January 20, we are expecting: remain in Mexico, ending catch and release, deportations and ending illegal migrant air flights.
Plus, ending the EV mandate, reversing the offshore drilling ban for fossil fuels, reopening ANWR and ending the LNG exports moratorium. In effect, Mr. Trump is ending the Biden administration, and its ill-advised policies and even today's jobs report – which surprised Wall Street on the upside – is being touted by some as more proof of the "Trump effect."
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In light of the massive jump in small business confidence that immediately followed the election, it could well be that a chunk of December's job gains are related to the incoming president's pro-growth agenda. Meanwhile, financial markets are throwing a temper tantrum at Federal Reserve head Jay Powell because he and his hoards of PhDs got the interest rate and economic story wrong – yet again.
The Fed cut rates, but the market raised them. That's called a sign of no confidence, but the guy who's got plentiful confidence right now is Donald J. Trump. That's the riff.
This article is adapted from Larry Kudlow’s opening commentary on the Jan. 10, 2025, edition of "Kudlow."