Trump Promises Unprecedented Economic Boom in Dallas Speech

President Trump addresses the nation tonight from the GOP midterm convention in Dallas with a clear mission. He must sell an economic boom that could be the greatest story never told up until now. My friend Kellyanne Conway noted that while the party has the money and the message, they lack the right sales pitch. That job belongs to Mr. Trump alone.

He previewed his speech at the airport by telling reporters we are heading over to Dallas for a sold-out crowd that looks very big and exciting. He plans to explain what has been done. The President stated he has accomplished things never seen in either the first or second term of any president. The economy is very strong, and investment in our country is the biggest in history, not just for us but globally. Factories are being built all over the world right now, which is very exciting to see.

Senator Ted Cruz offered objective praise yesterday regarding the last two years with a Republican House, Senate, and President Trump. He claimed we have won more conservative victories than at any time since he and I have been alive. The senator highlighted the largest investment in border security in American history, exceeding $100 billion. Illegal border crossings dropped 99 percent during this period.

Crime statistics tell a similar story. The murder rate fell by 20 percent nationwide. Crime in general is down significantly. Deaths from drug overdoses have also decreased by twenty percent. These gains came alongside the biggest tax cut in American history, which included no taxes on tips, no taxes on overtime, and no taxes on Social Security. Senator Cruz pointed to two specific provisions he authored as the most consequential parts of that bill. The first is the biggest federal school choice program ever enacted. The second involves Trump accounts.

We are a business show, so the focus remains on the economic story. We face the strongest manufacturing boom in many decades. Data from the Federal Reserve shows computer and electronics production rising by 10 percent year-over-year. High tech and semiconductors have climbed by 12 percent. Business equipment overall is up 7 percent, representing capital expenditure. The Institute for Supply Management indexes for manufacturing are up eight straight months. Durable goods shipments, the heart of manufacturing, are up 11 percent year over year. Orders are up 13 percent.

Construction is booming as well. Goods-producing jobs have surged by almost 100,000 so far this year. Construction jobs rise by double-digit percentage points every month recently. Total wages have increased more than 4 percent and are beating inflation. We just received a huge jobs report that was revised upward to over 220,000 new positions. Since Mr. Trump entered office, private payrolls have grown by more than a million workers. Meanwhile, federal government payrolls have fallen by more than 300,000.

Mr. Trump's tax cuts and lighter regulation have restructured the economy back to free enterprise. This shift moves us away from what critics call President Biden's big-government socialism. It represents a huge change in direction. Along this path, productivity and profits have boomed. Stock markets have set records. The wealth of Americans now exceeds $180 trillion. Can we really ignore such numbers?

As various measures show, up to 156 million Americans have participated in creating wealth through the stock market. Yesterday, Treasury Secretary Scott Bessent stepped away from his duties managing the economic war with Iran to address an audience at Southern Methodist University in Dallas. He spoke directly about the state of the economy and the legislation driving it. "I think of the working families tax cut also knows one big beautiful bill," he stated. The policy had great symmetry because powerful business incentives sat on one side. These included full expensing for equipment, full expensing for factories, and full expensing for farm structures.

On the other side of that equation, working Americans could keep more of what they earn. There is no tax on tips and no tax on overtime pay. About 85 percent of seniors now pay no tax on Social Security income. Additionally, there are deductions available for interest paid on American-made cars. These steps have helped spark an economic boom in manufacturing reshoring that observers can see happening right now.

This was a strong rundown by Mr. Bessent, who is certainly a very busy fellow indeed. As noted before, this story has remained largely untold until now. The moment has arrived for Mr. Trump to tell it himself. He holds the power to swing the midterm election. I believe this outcome is possible and see him making the case that we do not need big-government socialism pushed by far-left extremists. We must stick with free enterprise, markets, and capitalism. I have warned many times regarding Mr. Trump: never bet against him.