President Trump is going to be a major-league budget cutter. Mr. Trump’s Office of Management and Budget order shows he is serious about cutting spending. It’s DOGE — on steroids.

OMB put out a circular that orders all executive departments and agencies to freeze all federal grants, loans, credits, and subsidies that are consistent with programs ended by Mr. Trump’s recent executive orders. This will include foreign aid, diversity, equity, inclusion, and the Green New Deal.

It could be that this spending freeze will negate the entirety of the misnamed “Inflation Reduction Act” — which was nothing more than an enormous left-wing slush fund to President Biden’s corporate cronies — and which was repriced to total more than $1 trillion.

And the unpopular mandates, grants, and credits to buy electric cars enraged millions of Americans — who want free choice to purchase gasoline powered autos, or diesel, or big trucks — whatever they want.

Only there will be much more the administration will look at — once all the key players are in place.

For example, a recent Wall Street Journal editorial entitled “The Great Biden Welfare Blowout” makes the case that the GOP should go back to pre-pandemic spending on Medicaid and food stamps — known as SNAP.

Today, there are about 10 million more people on Medicaid than before Covid.

Federal and state spending on the program has grown by 60 percent — to $963 billion.

Biden officials waived work requirements for able-bodied adults for all the welfare programs — including Medicaid and SNAP and others.

It is quite likely that Mr. Trump will restore incentives to work for the able-bodied, even while he will protect the social safety net for those who are truly in need.

Yet there’s still more on the budget cutting front.

Again, turning to the Journal, the Civil Service Reform Act of 1978 allows the president to redesignate jobs if they involve policymaking — at any level.

This could apply to more than 50,000 federal employees.

Already, Mr. Trump has frozen hiring across the board — including contractors.

And he ordered agencies to submit plans to cut their staff.

Finally, I still believe Mr. Trump will restore executive impoundment — which, among other things, would enable him to revoke programs that may have been appropriated but are unspent.

There are huge savings to that.

For more than 200 years, American presidents had impoundment authority where they deem Congressional spending to be wasteful or unnecessary.

So when you look at the president’s economic policy — including tax cuts, deregulation, “Drill, Baby, Drill,” tariff diplomacy — don’t forget to add major league federal budget and workforce reductions.

This package is absolutely counter-inflationary — even while it will spawn the blue-collar boom.

From Mr. Kudlow’s broadcast on Fox Business Network.