Larry Kudlow returns to his G20 interview with Treasury Secretary Scott Bessent, repeating his view that the most powerful — if underreported — news story today is the emergence of an economic boom cutting across every sector of the economy.

In response to Kudlow's growth-oriented point of view, Bessent said: "And as you said, the president's policies have laid the groundwork for this economy. So we have regulatory certainty. The president tasked this administration with cutting the regulatory burden, and that's part of what we're talking about here today."

Kudlow points to regulatory certainty as a key driver of the boom, including the "drill, baby, drill" energy agenda. The United States is now producing almost 14 million barrels of oil per day, which he calls an extraordinary number. That level keeps the country the world's largest crude producer, ahead of Saudi Arabia and Russia. He also cites record natural gas and liquefied natural gas exports around the world, arguing that Trump administration policies have made America the energy capital of the globe.

On tax policy, Kudlow highlights what he considers perhaps the single most underrated yet powerful measure: the permanent restoration of 100 percent bonus depreciation, allowing businesses to deduct the full cost of qualifying investments immediately in year one. The provision had been phased down since the 2017 Tax Cuts and Jobs Act temporarily set it at that level, making its restoration a long-standing business lobbying priority. Machinery, equipment, restaurants, and tech startups all qualify, and small businesses can deduct more up front than ever before.

Kudlow argues this is an enormous part of the AI boom and the data center construction boom, which, like the factories of old, is creating massive new job opportunities in manufacturing for working people such as carpenters, welders, electricians, and plumbers. Contrary to the doomsday crowd, he says, these data centers generate their own electricity and their own water systems, pay more in taxes, and allow localities to cut property taxes along the way. He also points to tax-free tips, tax-free overtime, and roughly $300 billion in individual refunds during the latest tax season.

New figures released the same day showed productivity of nonfinancial companies running at 3.1 percent annually over the past two years — an accomplishment, Kudlow says, unmatched since the 1990s. Sustained productivity growth in that range matters economically because it is the main long-run driver of wage gains and living standards. Meanwhile, the Institute for Supply Management's manufacturing indexes have risen for eight consecutive months, and its service indexes for 15 months in a row — readings above 50 on the ISM's diffusion-index scale signal expansion in those sectors.

"There is a boom out there, folks," Kudlow concludes, "and that's the story that Secretary Bessent has been telling us. If only the press would listen."