Trump’s economy vs. Obama’s: Manufacturers cite ‘confidence’ as biggest difference
One of the recurrent themes in President Trump’s first official State of the Union address on Tuesday night was the economic growth seen under his pro-business agenda, facts that he touted repeatedly during the lengthy speech, later signaling out the Ohio-based Staub Manufacturing Solutions as an example.
“Because of tax reform, they are handing out raises, hiring an additional 14 people and expanding into the building next door,” Trump said from the U.S. Capitol.
Steve Staub, the CEO of the company, was in the audience during the speech and told FOX Business’ Elizabeth MacDonald during an interview that it was a “fascinating” experience to listen to the president.
Trump largely focused on the economy, which has seen record-gains in his first year in office,
particularly after Republicans passed the corporate-friendly tax overhaul. The Tax Cuts and Job Growth Act, which was signed into law in late December, slashed the corporate tax rate from 35% to 21%, spurring a number of U.S. companies to hand out bonuses up to $1,000 and hike the minimum wage for hourly employees.
“It was really exciting to see how he featured the manufacturing industry and has done such great things to help the future of it,” Staub said. “It was fascinating to be there.”
Staub’s company, which specializes in the production of fabricated metal components and assemblies, just finished the best financial year in its 20-year-history. Now, customers are launching new projects, citing tax reform as the reason behind the expenditures -- wildly different from what was happening under President Obama’s economy, he said.
“Under the Obama administration, they were holding off because they weren’t confident in the economy moving forward,” Staub said. “Now, they have the confidence.”