According to Navarro, the key question the Trump administration sought to address was: “How we were going to move away from an Obama and Biden world of stagnant wage growth?”
The answer consists of 4 key components: “Tax cuts, deregulation, the unleashing of our energy sector, and fair and reciprocal trade.”
Navarro also adds: “the other linchpin of this whole effort was the 7 promises in the jobs plan speech in Pittsburgh in June 2016 and that got to things like a 301 investigation into China to stop their economic regression, renegotiating things like NAFTA and the South Korea deal.”
Tax cuts are central because they “bring home all that investment that went off-shore.”
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Concerning deregulation, President Trump has outperformed even the highest expectations: “Candidate Trump promised to get rid of 2 regulations for every 1 that he would put in place, and he lied about that because he wound up doing 8 regulations for every 1 and that’s a great lie.”
Deregulation is “a pure supply shock in a positive way to the economy because when you deregulate you make America businesses more competitive, you stimulate growth, it’s deflationary, it allows us to grow like we’re growing now.”
Navarro describes the importance of “unleashing the energy sector” to “find a way to get off foreign oil so we didn’t have to get into a bunch of foreign wars”.
America is now the “number 1 producer of petroleum, and that’s all to President Trump.”
In contrast, Hillary Clinton told “coal miners of West Virginia that she was going to put them all out of business.”
The final plank of Trump’s economic plan is trade. It’s “the key issue as to why President Trump got elected. It’s what put him over the top in the blue wall states that crumbled on that fabulous election today.”
Navarro explains: “There’s a narrative going on today, as Wall Street loves to say, tariffs are bad and create uncertainty. We’re winning because of the tariffs not in spite of the tariffs.”
With these guiding principles, it’s no surprise the November jobs report was so remarkable.
Navarro describes: “The macro numbers are a manifestation of President Trump’s attention to detail at the micro-level.”
Navarro points to the defense budget revitalizing the economy because of President Trump’s direct actions: “The defense budget has been a tremendous boon to this country not just from a jobs point of view but also strengthening our defense industrial base which has been under attack during the Obama years because of the budget sequestration. It was literally hanging by a thread when President Trump came along. When that defense budget came through, making sure that certain line items were in there to have appropriate expenditures.”
For example, “Marinette, Wisconsin builds littoral combat ships. They were zeroed out in the budget, and that shipyard was about to close and that would have been bad not only because we weren’t going to build those LCS ships but that’s also a bridge to the next generation of ships, frigates. When you put a shipyard out of business you can’t just turn the switch back on.”
President Trump “saved that” along with the “combat vehicle [industry] in Lima, Ohio and York, Pennsylvania.”
Navarro also points to President Trump revamping the Arms Transfer Policy which led to an additional 16,000 jobs: “In the past, the Obama Administration didn’t want to sell defense systems to our allies. The F-16 through President Trump’s leadership, we were able to sell some F-16’S to countries like Bosnia, Morocco, and Bahrain. It makes those countries better defenders and better allies.”
It also created America jobs: “It also allows us to open a brand new factory in Greenville, SC, 400 jobs there. 1,400 in the state of South Carolina. 16,000 jobs across 42 states all because President Trump made a change in that policy. At the micro level, these jobs they bubble up into those macro numbers.”
He also points to President Trump’s steel and aluminum tariffs: “They [were implemented] because President Trump believes you can’t have a country without a vibrant steel and aluminum industry.”
The South Korea trade deal epitomizes this, a “poster child of a good tariff”: “That South Korea trade deal made sure that the 25% tariff on light trucks got extended out to 2040. That thing was about to come off. The Koreans were massing their factories and going to dump a bunch of light trucks and that’s the only thing that has been keeping Detroit afloat for the last 20 years.”
Navarro remarks, “It’s remarkable the president is accused of never having a plan.”
Despite this calculated economic agenda with proven results, mainstream media outlets refuse to give President Trump the credit he’s due and Democrats are set on undermining it.