When Ronald Reagan left the presidency in 1989, many Republicans looked to then-Rep. Newt Gingrich (R-GA) to continue the Reagan Revolution. As Reagan biographer Craig Shirley wrote in 2012:
“Barry Goldwater handed the torch to Ronnie, and in turn Ronnie turned that torch over to Newt and the Republican members of Congress to keep that dream alive,” said former First Lady Nancy Reagan in 1995. Gingrich was always known as an ideas man and “a Reagan man."
Gingrich, who was first elected to Congress in 1978, went on to serve as Speaker of the House from 1995 until 1999. While Gingrich retired from Congress at the end of his Speakership, he has remained, in my opinion, not only a staunch conservative but also an intellectual voice of reason and clarity.
Fast-forward to this past Wednesday, and an excellent column Newt wrote on his Gingrich360 website.
Gingrich not only shared his thoughts about the current state of "anxiety" in the minds of untold numbers of Americans over President Donald Trump's attempt to rebalance world trade through his aggressive and frequently changing use of tariffs, the Federal Reserve's interest rate policy, and whether Congressional Republicans will finally get around to passing a balanced budget; he also predicted when the proverbial fruits of the labor of the Trump administration and the GOP will become a reality.
Or as Gingrich described it, the coming "Trump Boom."
Gingrich has always been a bottom-line guy, which was evident throughout his column:
There is a lot of anxiety and confusion about the implementation of President Donald J. Trump’s tariff policy. Further, there are uncertainties about the Republican budget bill being debated in Congress, the Federal Reserve’s interest rate decisions, and potential violence around the world.
Meanwhile, there have been endlessly negative articles in the opposition media, hand wringing by the anti-Trump establishment, and overreactions in the stock market based on random noise.
Treasury Secretary Scott Bessent, and what Newt called Bessent's "excellent May 4 Wall Street Journal column." It "crystallized my thinking about the economy," Gingrich wrote.
Here's part of Treasury Secretary Scott Bessent op-ed column, published by the Wall Street Journal on May 4, which Gingrich called "excellent," and said helped crystallize his thinking (emphasis, mine):
Mr. Trump intends to usher in the most prosperous decade in American history—but not at the cost of the spiritual degradation of the working class. The administration has charted a new course for the economy—one that strengthens both the shop floor and the trading floor. We are doing so in three steps:
First, renegotiating global trade. Tariffs are an effective tool for balancing international commerce. They reduce trade barriers in other countries, opening more markets to American producers while also bringing back thousands of manufacturing jobs.
Economic security is national security. The Covid pandemic exposed vulnerabilities in our supply chain and the risk of relying on other countries for critical manufacturing. Tariffs can increase our industrial capacity and strengthen our national security by reshoring supply. They can also raise substantial revenue.
Second, making the 2017 Tax Cuts and Jobs Act permanent and adopting the president’s new tax priorities: no tax on tips, overtime and Social Security. Mr. Trump’s tax reforms will improve the quality of life for Americans harmed by reckless trade policies. Advancing these reforms and making the 2017 tax cuts permanent will provide individuals and businesses with certainty and build economic momentum.
[...]
Third, deregulating the economy. America must build again—not only homes and factories but also semiconductors, power plants, artificial-intelligence data centers and other technologies of the future. Reawakening our industrial capacity is key to raising employment and wages among the working and middle classes and the only way to compete with China for technological and military supremacy.
"For America to build, government needs to get out of the way," Bessent wrote, "That’s why this administration embraces an ambitious deregulation agenda. Removing harmful regulations will allay the national debt and result in savings for individuals and businesses."
As Gingrich sees it, the early stages of the "Trump Boom" should begin in the summer of 2026.
The question, in my mind at least, is what impact the Trump-loathing, so-called "mainstream" media (along with the twin ratings disasters, CNN and MSNBC) will have on low-information voters, primarily among Democrats and independent voters, as the outlets continue to scaremonger over every word said or action taken by the 47th president — and the results of his policies.
Gingrich also pointed to another part of the secretary's WSJ op-ed linked above, in which he wrote, in part:
The president recognizes the critical role Wall Street plays in financing the American dream. But it’s Main Street’s turn to share in the prosperity. This is the guiding ethos of his bold economic agenda.
He wants to ensure working families aren’t left behind in the next era of economic growth — as many were in the last. In the first 100 days of his presidency, we have laid the groundwork to rebalance global trade, restore America’s industrial base, and build an economy that allows Wall Street and Main Street to rise together.
To understand the urgency of this economic rebalancing, it’s critical to understand why it is necessary in the first place. The early 2000s represented the high-water mark of neoliberalism —the “end of history” in which despotism would give way to democracy and free trade.
[...]
Even though the price of consumer goods declined, the cost of living increased as housing, education and medical-insurance costs soared. Millions of Americans experienced an absolute decline in real income. Every leading politician ignored the national rupture caused by globalization, until Donald Trump.
Other economically-informed conservatives believe Trump’s economic policies, including tariffs, tax cuts, and deregulation, will start paying off by mid-2025 to early 2026, some of whom argue that tariffs will boost domestic manufacturing, create jobs and reduce trade deficits, while others remain concerned that an extended trade war — particularly with China — would necessarily lead to inflation and increased prices to consumers.
ALSO READ: China's Economy Experiences Significant Pullback As US Tariffs Pound Export Orders, Manufacturing
As I've written previously, while I'll reserve judgment until the president's economic strategy, including his tariff policies, plays out, the ultimate outcome is unknowable — despite protestations to the contrary from both those who laud the tariff policy and those who loathe it.
Meanwhile, I remain among tens of millions of Americans who are reminded daily of what the state of the nation would likely be if Vice President Kamala Harris had won the election. Yes, I still shudder at the thought.
