COMMENTARY_ Trump proves leftist critics wrong as economy soars under tariffs and tax cuts

THE WASHINGTON TIMES 

Trump proves leftist critics wrong as economy soars under tariffs and tax cuts

Economy Boost Illustration by Greg Groesch/The Washington Times more > 

COMMENTARY 

By Kelly Sadler - The Washington Times - Monday, July 21, 2025 

OPINION: 


“Americans fear an imminent recession,” a CNN headline read on April 2, concluding, “That may be enough to put us in one.” 

“Uncertainty over Trump’s tariffs paralyzes U.S. businesses,” The New York Times warned on April 25. “Businesses are rushing to cancel factory orders or halt shipping containers before they leave China, unable to afford the tariff when the ships arrive in America. They are pausing capital investments and new hiring, and scaling back spending to only the bare necessities. Future products are being scrapped because they are no longer financially viable.”

 “U.S. markets suffered their steepest declines since 2020 on fears President Trump’s new tariff plans will trigger a global trade war and drag the U.S. economy into recession,” The Wall Street Journal also reported in April. Its editorial board wrote every other day about Mr. Trump’s tariff strategy being one of the “dumbest” in history. 

Mr. Trump has now been in office for six months, and none of these predictions has come to fruition. In fact, the opposite is true: The U.S. economy is firing on all cylinders, with U.S. consumer sentiment rising to a five-month high in early July. 

By his Fourth of July deadline, Mr. Trump signed into law his One Big Beautiful Bill Act, which extends the 2017 tax cuts, allows seniors to deduct up to $6,000 from their taxable incomes and includes no taxes on tips or overtime. U.S. tariff revenue surged to $108 billion on a net basis, nearly double the prior-year collections. The Treasury Department produced a surprise $27 billion surplus in June, all with no inflation. 

Last week, Congress passed its first rescission package in 25 years, clawing back $9 billion in wasteful spending. 

Under Mr. Trump’s directive to “drill, baby, drill,” the U.S. has reached its fastest rate of new oil and gas drilling permits in years, exceeding the Biden administration by 44%. Summer gas prices have reached their lowest point since 2021. 

Adjusted for inflation, gas prices are near a 20-year low. And those darned egg prices? A dozen averages $3.09, down 62% from its March peak. 

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READ MORE: https://www.washingtontimes.com/news/2025/jul/21/trump-proves-leftist-critics-wrong-economy-soars-tariffs-tax-cuts/ 

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