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LARRY KUDLOW: Trump’s economic boom: The greatest story never told

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LARRY KUDLOW: Trump’s economic boom: The greatest story never told

Right on cue, the press got ready to print a bad jobs report for August, and then SLAM, the number comes out up 162,000. About three times the Wall Street consensus. Of course, most of Wall Street and their liberal pals in the press just love to ignore eight straight months of Institute for Supply Management manufacturing index increases, and 15 straight monthly ISM services index increases. And tremendous gains in industrial production and consumer spending. We’ll get into the numbers in just a moment.

But let me say right here that President Trump’s economic boom has become the greatest story never told, but the story is factual. And if the GOP is gonna hang on to Congress in the midterms, they’ve got to get the story out.

As former White House counselor, Kellyanne Conway, told me the other night, “They’ve got the money, the message, they need a better sales pitch and they’ve got great messengers like you and Secretary Bessent and obviously President Trump, most of all.”

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Now, about those jobs numbers, including 55,000 upward revisions for June and July, the actual job gain in August  was more than 217,000. Since Mr. Trump took office private jobs have gone by more than a million, while federal jobs have declined by more than 300,000. This is the Trumpian free enterprise restructuring of the economy, putting an end to President Biden’s hapless big government socialism.

And on top of that, the employment to population ratio, perhaps the best jobs indicator, moved up to 59.1 percent from 58.9 percent.

Meanwhile, manufacturing and construction and goods producing jobs keep rising. And as far as wages are concerned, in the private sector, wage gains plus hours worked gave 4.3 percent increase in the wage income proxy, which is actually higher than the temporarily inflated consumer price index.

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This should come as no surprise to analysts who have been honestly tracking the numbers. Productivity is booming, so are profits, so are stocks, so are consumers, and so is the hard goods industry, where durable goods, the heart of manufacturing, is rising at double digit gains.

We haven’t seen this in decades. Can Mr. Trump take credit for it? Well I’ll tell you what? 100 percent immediate depreciation, “drill, baby, drill,” deregulation, tax free overtime, tax free tips. you know what? That stuff is working, if only the press would report it.

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Derek Fisher Says Lakers Won’t Crater Without LeBron James Thanks To Luka Doncic Core As Season Nears

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Luka Doncic
Luka Doncic
Luka Doncic

LOS ANGELES — Former Los Angeles Lakers star Derek Fisher believes the franchise is uniquely positioned to avoid the dramatic decline that has historically followed LeBron James’ departure from a team, arguing that the presence of Luka Doncic gives the Lakers a level of stability James’ previous teams lacked once he moved on.

James informed the Lakers this summer that he would not be returning for the 2026-27 season, ending an eight-season run with the franchise that included one NBA championship. James subsequently signed a near-minimum, two-year contract with the Philadelphia 76ers, where he will join Joel Embiid, Jaylen Brown and Tyrese Maxey as he continues pursuing another title in what will be his 23rd NBA season and fourth different franchise.

Speaking on 97.1 The Fan LA, Fisher, a five-time NBA champion during his own playing career with the Lakers, acknowledged James’ well-documented history of leaving teams in difficult positions after his departures, but argued the current Lakers roster is fundamentally different from those situations given Doncic’s presence.

“You think about the few organizations where LeBron has been, you tell me where their record has gotten dramatically better after he left,” Fisher said. “So it’s not going to fall off that much because Luka is there.”

Fisher expanded on why he views the Lakers’ current backcourt and frontcourt pieces as sufficient to sustain competitive basketball in James’ absence, pointing specifically to the combination of Doncic, Austin Reaves and center Walker Kessler.

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“I think Luka and Austin Reaves are basically an All-Star backcourt that you can roll out every night, and then Walker Kessler is a young developing almost All-Star-ish type of big in terms of his elite defense and rebounding,” Fisher said. “So I think you have a chance … 45 to 50 wins, a lot of things are going to have to go right, but it feels fair to me.”

The Lakers finished last season 53-29, good for fourth place in the Western Conference, with James still on the roster for the full campaign. The team was eliminated in the first round of the playoffs, extending a stretch of postseason disappointment that had already begun to shape questions about the roster’s construction even before James’ eventual departure.

Doncic, who joined the Lakers in a blockbuster trade from the Dallas Mavericks last year, has continued building his long-term future with the franchise since arriving in Los Angeles. He signed a three-year, $165 million maximum contract extension with the Lakers, committing to the organization through 2028 and bypassing the opportunity to test free agency. Doncic averaged 28.2 points, 8.2 assists and 7.7 rebounds per game last season while playing alongside James for the bulk of the year.

The Lakers have also moved to lock up other key pieces of their roster this offseason as they transition into the post-James era. Austin Reaves signed a four-year, $185 million maximum contract extension, cementing his role as a co-star alongside Doncic in the Lakers’ backcourt. General manager Rob Pelinka has also worked to reshape the frontcourt, headlined by a four-year, $130 million deal for center Walker Kessler, addressing a position that had been viewed as a relative weakness for the team in recent seasons.

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Fisher’s assessment stands in contrast to the pattern that has often followed James’ departures from previous teams throughout his career. The four-time NBA champion has left multiple franchises over the years, including two separate stints with the Cleveland Cavaliers and a run with the Miami Heat, with several of those teams experiencing significant on-court decline in the immediate aftermath of his exit. Fisher’s argument hinges specifically on the idea that Doncic represents a genuine, already-established franchise centerpiece capable of anchoring an elite offense in his own right, a luxury James’ prior teams typically did not have readily available once he moved on.

Over his eight seasons with the Lakers, James averaged 25.9 points, 7.9 assists and 7.7 rebounds across 479 games with the franchise, according to statistics compiled by StatMuse, numbers that reflect his continued elite-level production even in the later stages of his tenure with the team.

Beyond Fisher’s public comments, other former Lakers figures have offered mixed assessments of the team’s outlook heading into the new season. Former Lakers forward Trevor Ariza has expressed skepticism about whether the current roster has fully assembled a championship-caliber group around Doncic, suggesting that questions remain about the depth and overall competitiveness of the roster beyond its top-tier talent. Doncic himself has struck a positive tone following the team’s first mini-camp with its revamped roster, expressing optimism about the direction of the team heading into the 2026-27 campaign despite acknowledging there remains significant work ahead.

The Lakers’ transition away from James also arrives amid broader organizational change for the franchise, with ownership undergoing a significant transition this year alongside the team’s on-court roster overhaul, a combination some analysts have noted could complicate the club’s ability to execute a smooth restructuring of its front office and broader franchise philosophy during a pivotal offseason.

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As the Lakers prepare to open the 2026-27 season without James for the first time in nearly a decade, Fisher’s comments reflect a broader debate among former players, analysts and fans over how much the franchise’s fortunes will hinge on Doncic’s ability to replicate, or even exceed, the level of production and leadership James provided during his eight seasons with the team. With Doncic now under contract through 2028 and the Lakers having committed significant long-term resources to both Reaves and Kessler this offseason, the coming season is widely expected to serve as an early test of whether the front office’s bet on a Doncic-centered core can sustain the level of competitiveness the Lakers maintained throughout James’ tenure with the franchise.

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M&G plc (MGPFY) Q2 2026 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript