Trump boom ignites small business

Most Americans are focused on what matters to their families and their communities, not on the latest overblown scandals reported by the mainstream media. Unsurprisingly, that focus is producing unprecedented economic optimism. President Trump is delivering on his promise.

America is open for business. Most significantly, America is open for small business. Trump is the most supportive small business leader the nation has seen in recent memory. Just this month, Trump signed off on a new rule that allows small businesses and self-employed workers to buy coalition health insurance plans, a move that will lower the price of policies, expand coverage, and free these businesses from some of the worst regulations imposed by the Affordable Care Act.

{mosads}The Small Business Optimism Index increased in May to the second highest level in 45 years. “Main Street optimism is on a stratospheric trajectory thanks to recent tax cuts and regulatory changes. For years, owners have continuously signaled that when taxes and regulations ease, earning and employee compensation increase,” said Juanita Duggan, president of the National Federation of Independent Businesses. Speaking at a conference last week, Trump called the audience of small business owners the “engine of American prosperity.”

The MetLife and U.S. Chamber of Commerce Small Business Index also recorded record optimism. Of those surveyed, 48 percent felt good about their local economies, the highest level in the history of the index. Confidence in the Midwest is at 50 percent, and in the West, confidence is at 55 percent. Moreover, 40 percent of millennials said they plan to quit traditional jobs in order to start their own small businesses.

The historic tax cut spearheaded by Trump and advised by my friend Larry Kudlow has not only stimulated remarkable growth, investment and record low unemployment, but has also garnered widespread support, with more than 60 percent of respondents to a recent poll by Frank Luntz anticipating an overall positive effect on the economy. It is time to call this economy and the attendant optimism what it is: the Trump boom.

So who benefits? That is where it gets really interesting. A 2017 survey by the Kauffman Foundation found that 24 percent of new entrepreneurs were Hispanic, 9 percent were African American, and 7.5 percent were Asian. Just over 40 percent of new businesses were formed by minorities. This past quarter, 18 percent of small business owners said they were adding staff. Finally, 65 percent of women small business owners expect higher revenues in the next year, compared to 61 percent of men.

Trump has made opportunity, entrepreneurship and wealth creation both possible and appealing again. Consumers are buying and wages are rising. America is getting back to work. Trump promised to roll back 22 regulations for every new regulation, and he is making good on that.

Granger MacDonald, a homebuilder in Texas, told the New York Times, “It’s an overall sense that you’re not going to face any new regulatory fights. We’re not spending more, which is the main thing.” He added that homebuilders have benefitted from rolling back regulations under the Obama administration, including a rule that broadened the definition of wetlands, which would have restricted homebuilding in many areas.

Finally, millions of Americans on Main Street, not just Wall Street, are reaping the benefits of the Trump administration’s deregulatory agenda, which promotes innovation and economic growth. The media continues to moan, but the rest of us hear a different tune, that of ringing cash registers, which are the sounds of prosperity and hope.

Adam Brandon is the president of FreedomWorks, an organization dedicated to individual liberty and limited federal government.