President Donald Trump added commentary to a "Fox & Friends" report about the economy Monday, tweeting that under his administration, the unemployment rate will drop and there will be an economic boom next year.
His tweet was posted minutes after an interview with Fox Business' Stuart Varney concluded, during which he'd said that the U.S. economy needs Congress to approve its pending tax cut plan, and after he commented that the current bump in the stock market is due to Trump's influence.
Show co-host Steve Doocy had noted that approval polls show that Americans like Trump's economic policies, and Varney said they should, as he's "succeeded on the economy, and if that's the main point of getting reelected, well, he is doing well."
Unemployment is at 4.1 percent, said Varney, "and Goldman Sachs says it's going down. The economy is expanding at 3 percent growth rate. We will get 3.5 percent next year, maybe more, if we get the tax cut package."
However, Varney said that the growth is not all about Trump.
"The world economy is growing," said Varney. "That's helping us. That's not what President Trump has done for us. But the growth in the domestic economy, the improvement in jobs, and getting rid of regulation, that is President Trump. This is the Trump rally on the stock market, make no mistake about it."
Meanwhile, for economic growth to continue, Congress must approve a tax cut plan before the year ends, said Varney.
"What the market wants, what the economy needs is a tax cut plan before the end of the year," said Varney. "Get that, and you keep the momentum going. The economy is fairly strong already and we have big companies like Goldman Sachs predicting the unemployment rate will drop down to 3.7 percent next year because we have got to keep this momentum going."
Meanwhile, he said, senators are maneuvering in hopes of getting concessions at the last minute, pointing out Sen. Ron Johnson, R-Wis., who has said that in its current form, the Senate plan doesn't offer enough benefits for closely held businesses organized as pass-throughs.
"You've got to remember, this is the maneuvering," said Varney. "It's the dance, it's the sausage making, call it what you like. We are going towards a final package from the Senate and the House together. A lot of people are standing up and saying what about this? What about that, hoping to get a concession at the last minute."
In states such as California, New York, and New Jersey, taxpayers could lose their deductions for state and local taxes through the tax reform bills, but Varney insisted Monday that they will still benefit.
"The benefit for most people in California, and New Jersey, and New York is that you will stimulate business, grow the economy, create more jobs and wages will go up," said Varney. "For high income earners in those states, they will take a hit. They will end up paying more in tax, not less. That's because the state and local tax deduction may be done away with."
Meanwhile, the reform package will "be a negative" for high-income earners, Varney insisted.
Varney further projected if the tax bill is approved, the stock markets should continue to go up, but he pointed out that he hates predicting what will happen.