Council Economic Advisers, President Trump, America discussed on Newt's World
Want you to depend on them for your safety. And it. Never lead to the kind of tremendous growth. And prosperity. That you see in a country like America. The envision centers really come back also to you cheering the White House. Opportunity. Revitalization. Council. Opportunity zones which I guess. Tim Scott played a major role in getting the president signed up and getting a bill through the Congress in your judgment or they actually making an impact because was over eight thousand opportunity zones already. Eight, thousand, seven, hundred, and sixty one to be exact all over the country, and this has resulted from the twenty seventeen tax cuts and jobs act. So that people could invest unrealized capital gains. into. That were designated by each of the governor's each they. As economically deprived areas. and. If they left the money for five years, they get a ten percent detriment in the capital gains they have to pay on their original investment that moves up to fifteen percent. If they leave them for seven years, they don't have to pay any capital gains on the new money realize as a result of the investment if they leave it in for ten years. So it's a tremendous and distant, and it was expected that over the ten year period, it would attract about a hundred billion dollars. Well, in the first two years, it's really tracked seventy five billion dollars. And the C the Council Economic Advisers. That report in August to the president on opportunities on demonstrating that poverty. And they are Tunisians decrease but eleven percent a million people be lifted out of poverty. And just naming an area as a opportunity show increases the housing values by one point, one percent resulting in A. Eleven billion dollar new wealth increase in those areas, those areas where disadvantage people. That's why you don't hear as much criticism now about this only helping the wealthy because those numbers have come out is pretty hard to argue with the fax. And if you combine that with. Where we were in February one of the lowest. african-american on the Lowest Latino unemployment numbers in history. The really are a lot of positive. Under currents that are moving towards. Individuals and families having better launch. That's exactly right and having an economy. And this is something that I think people don't think about having an economy that was so strong. That, it could withstand six months of shutdown. And still be functioning and actually starting to rebound is truly amazing. And if we get rid of the silliness and the partisanship and hoping for failure and trying to do things because other people that fail so that you can get power. Can. You imagine what would happen with our economy and with the lives of all of our people, and that's where we need to get once again. I agree and I think you're personally doing a lot to move in that direction and part of that. Also, if I understand, it has been eliminating a lot of the various regulatory barriers that tied people's Sansa couldn't use commonsense. Yeah. That's probably been much more important even than the tax cuts tax cuts are nice but having a situation where people's entrepeneurship spirit. And Innovation. Can actually manifest because you're not being slammed down by a ton of regulations and bureaucrats. Is What has allowed us to survive this corona virus pandemic? That's going on. There have been new businesses that have cropped up during the pandemic simply because we have removed some any of those regulations if we can continue to keep that the case. The. Back will be just very dramatic, and hopefully after the election, we can make a lot of progress with Kronos, Irish. I think there's been some decreased.