September 1, 2015

2015 WG ANNUAL MEETING: Varney Sees Huge Economic Growth on the U.S. Horizon

Admittedly going against the grain a bit, Fox business commentator and show host Stuart Varney expects to see a dramatic jump in the America economy over the next several years.

“I think we are about to see four to five percent growth on an annual basis,” he told WG&S magazine in mid-August.  “We are going to see a change in policy as the Obama (economic) model is cast aside and a more Reaganite philosophy is adopted with smaller government and lower tax rates.”

The host of the “Varney & Co.” show that airs every weekday from 9 a.m. to noon (Eastern time) on the Fox Business Network predicates his belief on the Republicans winning the White House in the November 2016 election.  He is confident that will happen and believes the stock market will rally in 2016 in anticipation of that election result.

He said the world economy is not in good shape with Europe and Japan still in recession and China headed in that direction.  “The world economy is depending on us.  America has to be the engine for growth.”

Varney said it makes no difference which Republican wins the nomination and eventually the White House, as each of them has a plan for economic growth that is far better than the doldrums he believes we are currently in.  Specifically, he expects the elimination or significant reduction in taxes on foreign profits by American corporations will drive the economic growth that he is forecasting.  He said American companies have billions of dollars in profits parked overseas waiting to be re-invested in the United States.  When the tax rates on these profits are reduced or eliminated, he believes a significant portion of that money will come home and spur our economy.

Varney told WG&S that his nearly 40-year career as an economic journalist got started quite by chance.  After graduating from the London School of Economics, the British-born Varney decided to see the world.  “For four years, I hitchhiked around the world ending up in Hong Kong.  By pure chance I got my first job in the media.  I then came to San Francisco and by pure chance got a job on one of the first business shows on an American station.”

Soon thereafter he joined CNN as a business reporter, where he stayed for many years.  In 2001, he left CNN to host CNBC’s “Wall Street Journal Editorial Board with Stuart Varney.”  In 2004, he joined Fox News as a business reporter and has appeared on many different shows besides his own.

While he was not willing to specifically discuss the ag economy—noting that it was not his expertise—Varney did reveal that he does own a farm, which he called his pride and joy.  “I am a farmer.  I am a tree farmer in the Catskills (New York) where I have a thousand acres of hardwood timber.”

A dozen years ago, he purchased the land as a getaway from his home in New York City.  “Soon people began asking if they could harvest our trees.”

Varney discovered he had a good mix of high end furniture wood including Black Cherry and Red Oak trees.  He hired a farm manager and seriously began his farming venture.  Some of these trees need to mature 60 to 70 years before they are ready for harvest so this is certainly a long-range project.  Varney said the land is divided into “stands” with Stand 9 ready for harvest this fall.  Each year, he noted that only one to two percent of the trees are harvested in a very selective operation.  “These are high value trees that are very valuable.  We can get $4,000 to $5,000 for one tree.”

Varney will be the featured speaker at the Political Action Committee lunch, which will be held on Monday, Nov. 9, during Western Growers 90th Annual Meeting at the Grand Del Mar in San Diego.


Varney’s Annual Meeting Topic

Plain Talk on the Economy


“The 21st Century began with America as the role-model for the world.  If you want vigorous growth, low unemployment and consistent gains in prosperity, America’s stake-holder society is the way to go.  And demographic trends, along with our dynamic entrepreneurial culture, suggest America will stay out in front.”