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Trump's Davos Speech: The Good, the Bad, and the Ugly

President Donald Trump spoke virtually to global business leaders and politicians at the World Economic Forum's annual meeting in Davos, Switzerland, on Thursday. His remarks covered a wide range of topics, from artificial intelligence to Ukraine, but they were mostly focused on economic policy.

To realize the "golden age of America," Trump declared, he must confront the "economic chaos" of the last administration. He promised to reverse "energy restrictions" and "crippling regulations," and he complained about $8 trillion "in wasteful deficit spending" under President Joe Biden. (The national debt increased by more than $7 trillion during the first Trump administration.)

Trump promised to lower the 21 percent federal corporate income tax to 15 percent, which he described as "about as low as it gets, and by far the lowest of a large country." A corporate income tax of 15 percent indeed would make the U.S. more attractive to businesses than such spots as China (where the rate is 25 percent) or Japan (just over 23 percent).

Trump touted his regulatory freeze, promising to "eliminate 10 old regulations for every new regulation," and he pledged to lean heavily into fossil fuel production, which he claimed would "reduce the cost of virtually all goods and services." The price of energy and the extent of regulation contribute to