Treasury Secretary Scott Bessent acknowledged it would take some time, as did President Trump: Biden has damaged this country. It will take time to turn things around. The full impact of the Big Beautiful Bill will also take some time, but we are already seeing results, as working-class tax cuts have sparked a “renaissance” in American manufacturing.
The White House’s press release included a table based on the National Association of Manufacturers’ report showing how many jobs were protected and the resulting GDP and wage savings. In California, for example, about 700,000 jobs were preserved, along with $134 billion in GDP and $67 billion in wages. Gov. Gavin Newsom should send Trump a gift basket (via Fox Business):
A group representing America's manufacturers on Tuesday released a report marking one year since the enactment of the 2025 tax law that includes examples of the legislation's impact on the manufacturing sector in all 50 states.
The One Big Beautiful Bill Act (OBBBA) was passed by Republicans in Congress and signed into law by President Donald Trump last July, and the legislation contained a number of provisions aimed at boosting the manufacturing industry – such as 100% expensing of newly built factories and immediate depreciation of machinery – and preventing tax hikes.
The National Association of Manufacturers (NAM) released an analysis that estimated the number of jobs protected by the provisions of the OBBBA, along with the amount of economic growth and wages it preserved. It also chronicled how a manufacturer in each state used the tax law.
"Tax policy is far more than numbers on a spreadsheet and these stories – across all 50 states – show the real-world impact of pro-growth policies that have given manufacturers the confidence to invest, hire, raise wages and expand facilities," said National Association of Manufacturers CEO Jay Timmons.
One thing that could accelerate economic recovery, and it remains an issue, is the Federal Reserve cutting the rates. The only thing I will say that could imperil this is the tortured path the administration has taken on Iran. Gas prices must come down, and while I respect this administration’s attempt to get a deal done with Tehran, it’s not surprising it all fell apart as we’re dealing with terrorists.
NAM Tax Wins Collection Final (1) by Matt Vespa
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