A surge in U.S. economic momentum is being driven by what one economist calls a return to "good public policy," with energy reform at the center of the rebound.
Speaking on Newsmax's "Saturday Agenda," chief economist for The Heritage Foundation EJ Antoni said the contrast between the current economic outlook and the stagnation seen under former President Joe Biden could not be more clear.
"I think it's the result of good policy," Antoni told Newsmax. "Just like we saw the stagnation and the widespread disapproval of the economy under Biden, that was also from bad public policy."
Antoni argued that under President Donald Trump's leadership, key economic levers are now moving in the right direction, starting with energy.
Expanded domestic production, he said, is already paying dividends for American consumers.
"That's why you're paying less at the pump," Antoni said. "Drill, baby, drill. More production, more supply means lower prices. That's Econ 101."
Lower energy prices ripple throughout the broader economy, he added, easing costs for transportation, manufacturing, and households alike.
But Antoni emphasized that energy reform is only one piece of a larger policy shift now fueling growth.
Regulatory reform, he said, is also playing a major role by reducing compliance costs and removing barriers that had weighed down businesses for years.
Rolling back excessive regulations allows companies to expand, invest, and hire more aggressively, further strengthening the economy.
Tax reform is another key ingredient.
Antoni noted that some tax changes are already taking effect, with additional provisions scheduled to kick in next year.
Lower taxes, he argued, leave businesses and workers with more capital to reinvest, spend, and grow.
"When we look at all these different ingredients, all the dials really seem to be lining up," Antoni said.
The combined impact of energy expansion, regulatory relief, and tax reform is setting the stage for sustained economic acceleration, he added.
Looking ahead, Antoni offered an optimistic forecast that would have seemed unthinkable just a short time ago.
"I think that's pointing us to continued high levels of growth," he said. "In fact, I would not be surprised if we get a 5.0[%] GDP [increase] next year."
If that projection holds, it would mark a dramatic turnaround for an economy that faced inflation, sluggish growth, and widespread voter frustration in recent years, and underscore how policy choices, Antoni argued, can make or break economic performance.
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