TRTWORLD — Nexus
20261012 073000 UTC
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[00:00:00] "I guess the central banks will use AI to help them come up with
[00:00:03] new frameworks for measuring inflation,
[00:00:07] but
[00:00:07] of the more serious problem is how
[00:00:10] of consumers can budget their own household expenses, if they don't know what the
[00:00:14] price is going to be between deciding what they need and
[00:00:18] getting to the supermarket or even going online and seeing that
[00:00:22] price changing in real time, it becomes exceptionally difficult to
[00:00:26] manage finances, and for that reason I believe that there will be
[00:00:29] a clamp down. on AI based personalized
[00:00:32] pricing right, and we will have to leave it there for now, arthur goldsteck in
[00:00:35] Johannesburg, thank you very much for speaking to us, thank
[00:00:38] you, well that's the business news for
[00:00:42] now, thanks for
[00:00:43] of watching,
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[00:01:28] of World.
[00:01:32] of
[00:01:45] of We have the best economic numbers of any
[00:01:49] president in the history of our candidate. Donald Trump is betting the
[00:01:52] economy will win his party the midterms
[00:01:55] of next month, but the odds don't look good, especially
[00:01:59] after the... latest shocking jobs report. The US economy added
[00:02:03] 29,00 jobs in September
[00:02:05] that was less than expected. The disappointing
[00:02:08] of report comes a month before Americans head to the polls for mid-term
[00:02:11] elections. Even worse, near record high gas prices.
[00:02:15] This truck's fault, this should not be this high. It needs to
[00:02:19] of end, ridiculous. President Trump though is telling Americans
[00:02:22] a different story. The poverty
[00:02:25] a rate of has just reached its lowest
[00:02:30] in of level. a in American history, the stock market has reached an all-time
[00:02:33] high every night, night after night, I guys to
[00:02:37] be crazy, so ladies and gentlemen, the golden age of
[00:02:41] America is upon
[00:02:42] of us, so Trump's betting the house literally on the
[00:02:46] a economy, but which way will Americans call it? No, you can't save now,
[00:02:50] every dollar you have has to go to gas, groceries, bills,
[00:02:53] a rent, the
[00:02:54] of democrats are rubbing their hands, they think the Republicans are
[00:02:58] a finished,
[00:02:58] of frankly it's going to be a wipe out. so what I'm going to do is ask
[00:03:02] you to just pretend that I'm running, because if we do, and if you
[00:03:06] draw the people, you're going to win, and we're going to win big, well, is the
[00:03:09] economy a winner or
[00:03:14] of a not? we'll ask our panel in just moment, but first here's how Trump is scoring himself, greatest tax
[00:03:18] cuts in history, the best economy in history, more money coming into
[00:03:22] our country in history, love him aloth him, Trump is a great
[00:03:25] salesman, but he's got an uphill battle, trying to sell his...
[00:03:30] economy ahead
[00:03:31] of of of the of crucial mid-terms to nation still struggling with the
[00:03:35] cost of living. So far, he's held
[00:03:37] of rallies in Ohio, Oklahoma, Texas, Alabama, and
[00:03:41] more are coming, including New York and Nebraska. I love being with
[00:03:45] you, I really do, I mean
[00:03:46] of it's it's great, it's incredible, you're incredible people. When President Trump says
[00:03:50] he's built the best economy ever, he's not making it up,
[00:03:54] not entirely. By
[00:03:55] of some measures, his scorecard looks
[00:03:58] of pretty good. The GDP figures, back Trump up, real GDP
[00:04:02] rose 2.1% in the second quarter this year
[00:04:05] compared to the same period last year, far ahead
[00:04:08] of the UK on 1.4% and the eurozone at
[00:04:12] just 1.2%. Real GDP strips out
[00:04:16] inflation, so it's real growth, not just higher
[00:04:19] prices. More Americans are working today
[00:04:23] in our
[00:04:24] of country than any time by far in history.
[00:04:28] It's true, the number of Americans
[00:04:29] in work. is a near
[00:04:31] in record, 163 million people
[00:04:34] of working just behind Trump's first year, which holds the top spot
[00:04:37] ever. We're doing better than any country in the world
[00:04:40] economically. The typical American household is bringing in
[00:04:44] 87,460. That's
[00:04:48] the highest since records began in 1967.
[00:04:52] And median is
[00:04:53] a a good measure because it's right in the middle of all American
[00:04:56] households, not skewed by a handful of billionaires. and
[00:05:00] once again it's real, in other words, adjusted for
[00:05:03] inflation, but
[00:05:05] a poverty rates
[00:05:06] of are all at their lowest levels ever recorded, think
[00:05:09] of that, the official poverty rate is a record low,
[00:05:13] 10.2% in 2025, down from
[00:05:17] 10.7%, and it's the lowest since records began
[00:05:21] in 1959. the stock market is sored
[00:05:24] to 81 all-time record highs since the
[00:05:27] election. again, true, all three major us
[00:05:31] indices are at or very close to all-time
[00:05:34] highs. the tech heavy Nazdach is up the most around
[00:05:38] 35% since Trump took office in January
[00:05:42] 2020. thanks to soaring AI stocks of
[00:05:45] course. Inflation is still a sore point at
[00:05:49] 3.4%. It's still higher than the Fed's 2%
[00:05:52] target, but it's still much lower than the peak under Joe
[00:05:56] Biden when inflation hit 9%.
[00:06:00] Gas prices to are at record highs right now due to the Iran
[00:06:03] war, but still lower than the peak under Biden, but
[00:06:07] the problem for Trump in the midterms is that ordinary people
[00:06:10] aren't feeling better. off. have you been to the grocery store laty,
[00:06:14] you'll know what I'm talking about, buse prices are not going down,
[00:06:18] they're going up. Just one in four Americans approve of Trump's
[00:06:22] handling the economy, an all-time low for him. And here's the
[00:06:26] really troubling figure: around two thirds of Americans blame him
[00:06:30] personally for the high cost of living. Well, let's bring in our
[00:06:34] guests now, we have Investment Banker and chairman of Republicans
[00:06:38] overseas Greg Swenson. Republican political
[00:06:41] commentator, Ang. and the economist and co-founder the
[00:06:45] center for economic and policy research, dean Baker. Welcome to the
[00:06:48] program everybody. The first question is, what do you each give
[00:06:52] Trump in terms of a, b,
[00:06:54] c, d, what, what score do you give him? Let's start with you,
[00:06:57] Greg. Yeah, a for sure, Matthew,
[00:07:01] a plus, even. Oh, my goodness, okay, angie.
[00:07:05] I give President Trump a b plus, I think he could do lot better in the
[00:07:08] messaging on the economy. Yep, and Dean.
[00:07:13] No doubt enough, he was handed very good economy and really took it through the
[00:07:17] ringer, well no surprises there. Dean, let's let's start with you, and let's get
[00:07:21] into the specifics, the different metrics that Trump is using to
[00:07:24] boast. Okay, US economy has grown faster than the
[00:07:28] United Kingdom and the Eurozone. Uh, what
[00:07:31] do you make the headline GDP figures? We've been
[00:07:35] growing faster before he took office, maybe he doesn't know
[00:07:38] that, but uh, the US economy was called the uh wonder the world. by
[00:07:42] the economist magazine back in November of 224,
[00:07:46] so again I don't what World Trump's in, but that that's the real world.
[00:07:50] Greg, GDP growth for the United States, is that down to Trump,
[00:07:54] is it down to other things? Well, I think the
[00:07:58] president's really planning for the long-term, with the reinvestment in
[00:08:02] the country, deregulation, tax reform,
[00:08:05] liberation the energy sector, basically rewarding
[00:08:09] capital formation, so yeah, these things are starting to show already. we're seeing it
[00:08:13] in manufacturing productivity, we're seeing it in unit labor cos,
[00:08:16] i don't want to get too technical, but really the the it's about to
[00:08:20] explode, but it's actually exploded already, the challenge is
[00:08:24] we had minus 4% wage real wage
[00:08:28] growth in the biden year, so you might have had GDP growth, but that's
[00:08:32] because the the administration threw trillions of dollars at an
[00:08:36] already overheated economy starting in 2021, so that helped
[00:08:40] GDP growth, but real wages went down for. Dean, just back to you
[00:08:43] quickly, uh, GDP, GDP,
[00:08:45] I don't want
[00:08:46] to play games, real wages were growing one and a half percent year, the last two years
[00:08:50] the Biden administration, we had pandemic, I know Trump has problems with
[00:08:54] his memory, but we had a worldwide pandemic that hit the whole world, that was
[00:08:58] under his first term in office, that created huge problems
[00:09:01] that Biden had to deal with, he got us out by the end of his
[00:09:05] administration, real wages were growing very rapidly, they are not now, they're
[00:09:09] falling, angie wong, how much the GDP growth is down to President
[00:09:12] Trump setting the scene. Oh, all of it. I think President
[00:09:16] Trump has done an amazing job over the last two years. Greg is absolutely right, he
[00:09:20] has been plotting and planning, and now we're starting to see the fruits of his labor.
[00:09:24] He's completely rejged the energy market. He's brought back
[00:09:28] manufacturing. Uh, he's reshored pretty much everything. He's doing deals left and
[00:09:32] right around the world to bring the best practices back to the United
[00:09:35] States. So he is delivering on the America first economy. The
[00:09:39] problem is that the messaging is not there. "and it's
[00:09:43] very difficult to explain the economy to voters, it's just
[00:09:47] too long-winded, they don't understand necessarily macroeconomics
[00:09:50] and tariffs and how that trickles down to their savings. so I think President
[00:09:54] Trump said it best himself just last week that he's doing terrible
[00:09:58] job at the messaging, but certainly certainly Americans will be
[00:10:02] benefiting benefiting from his economic policy. So Angy, do you think as
[00:10:06] correct? come in, first off, in terms of
[00:10:09] manufacturing, coming back, manufacturing factory." destruction sored
[00:10:13] under Biden, adjusting for inflation, it more than doubled from
[00:10:17] pre-pandemic levels, 219 to 224, we've never seen anything
[00:10:20] like that, now we've seen the reverse under Trump, it's down by a
[00:10:24] third. just incredible. um, I know he's made a big deal of
[00:10:28] trade. well, trade deficit was at the second highest levels ever
[00:10:32] in August, 15 billion. He's going the wrong way. I'm not a trade
[00:10:35] panic, I'm not going to panic about that, but it's the wrong way by his own
[00:10:39] measure, so it's very hard to see, and yeah, it's hard to explain
[00:10:42] to people that gas prices are up 50% from when you took office,
[00:10:46] diesel prices have nearly doubled. Yeah, it's hard to explain record high beef
[00:10:50] prices, yeah, I grant, that's hard to explain to people. Well, Dean, just on the
[00:10:54] gas price. is, I mean, he's saying you, we're at $4.36 a
[00:10:57] gallon, under Biden, it peaked at $5.2 a
[00:11:01] gallon. Yeah, I know, Trump has memory
[00:11:04] problems, it wasn't at over $5 a gallon when he took
[00:11:08] office, we had pandemic, recovering from the pandemic was a
[00:11:11] problem, worldwide. I know Trump has a really bad memory,
[00:11:15] most of us don't, so we saw the gas prices come down to
[00:11:19] just around $3 a gallon at the point where Biden left office and Trump
[00:11:23] walked in. Great. quick rebottle and then we're going to get to the poverty
[00:11:26] rate, so yes, people do have short memories and and perhaps the president
[00:11:30] does, but but I do think that it's important to understand that the the
[00:11:34] economy was not as bad in 24 in Biden's last year as it
[00:11:38] was in 22, but it was still pretty bad, so we're we've
[00:11:42] recovered one third of that wage loss. Dean, let's just examine the poverty
[00:11:46] rate claim, he says that the United States has the lowest poverty
[00:11:49] rate on record, is that just
[00:11:51] fact? We expect the
[00:11:55] poverty rate to fall through time, it's kind of like saying the tree in my backyard is
[00:11:59] taller today than it was last year, trees
[00:12:02] grow, we're supposed to get richer as a country and yes there's
[00:12:06] been a modest drop in the poverty rate, there are different measures, i don't want to bore people with the
[00:12:09] technical thing, so some them actually show it going up, but as a
[00:12:13] country grows as time pass as it gets richer, you expect poverty
[00:12:17] rate to fall. that's right, angie, there are different ways of
[00:12:21] calculating the poverty rate, and another version of it doesn't flatter.
[00:12:25] Trump's economy at all, but uh, what do you make of
[00:12:27] it? Yeah, I mean, not only has the Trump
[00:12:31] administration pulled many Americans out the property rate. They're now moving
[00:12:35] to helping young Americans, because we're hearing the other side, we're
[00:12:39] hearing the left, and we understand that there's a real problem with young
[00:12:42] Americans and getting them into the market. It is really sad
[00:12:46] that today you can start your very first real paying job and still
[00:12:50] not be able to afford a house and a car and all your lifestyle, you have to get second
[00:12:54] job.
[00:12:55] were throw under and the so we realize that that is issue and President Trump is
[00:12:58] addressing it, he knows now to not just talk about the stock market and
[00:13:02] how great it's doing, because a 23-year-old with college
[00:13:06] debt, maxed out credit cards, can't put gas in his car, he's not going
[00:13:10] to want to hear about the stock market, so Dean, we have the
[00:13:13] media, couple
[00:13:14] just things about the housing market, home ownership rates
[00:13:17] among young
[00:13:19] are down well below what Biden
[00:13:20] they administration
[00:13:22] and really below what they were most
[00:13:23] the first
[00:13:24] Trump administration, we have mor. rates at 7 and a half percent. um, people can't
[00:13:27] afford homes, that's right, and lot
[00:13:29] of that's because of trump. dean, let's move to the next economic indicator that we saw in that
[00:13:32] report, median household income, that has gone up to
[00:13:36] record high, and as it says in that report, this is a
[00:13:40] real measure, so it's stripped out for inflation, and uh, it is the
[00:13:44] median, so it's not skewed by billionaires. this would seem on the
[00:13:48] face of it, a pretty reliable metric.
[00:13:52] it is good, and again, this is something that normal time rises year
[00:13:56] to year and keep in mind what you're looking at is data for 225
[00:13:59] compared to 224, much that was what happened in 224 when
[00:14:03] Joe Biden was in the white house, so it's going in the right direction, but lot of that had
[00:14:07] nothing to do with Trump, so again it's the tree in my yards
[00:14:11] taller today than it was yesterday. Dean, critics, Trump's critics have
[00:14:15] said, look, that's all very well and good, but it doesn't really paint the real picture for ordinary
[00:14:19] Americans because lot more their budget is taken up on things, the
[00:14:23] essentials like rent. fuel and groceries and
[00:14:26] that's why they're not really feeling it as much as the headline figure
[00:14:30] there, well I don't think the headline figures are particularly good to begin
[00:14:34] with, but yeah um we're seeing an explosion in gas prices, diesel
[00:14:38] prices
[00:14:38] all because
[00:14:38] of Trump,
[00:14:39] I mean there's no ambiguity there, and then top of that lot of people are losing their
[00:14:43] healthcare coverage again because of Trump, he's cut back on
[00:14:46] the the affordable care act president Obama's program, he's thrown people off medicaid,
[00:14:50] he's thrown people off food stamps, so you have lot of people
[00:14:54] that are really really... struggling, so they're not willing to feel pressed, Trump's making them
[00:14:58] feel pressed. Greg, you have lot of experience in the United Kingdom and in the
[00:15:02] United States, you got one foot in both countries, the median household
[00:15:05] income is much, much higher in the United States than
[00:15:08] it is in the United Kingdom, but of course uh, people in
[00:15:12] Britain don't have to pay so much for things like
[00:15:14] healthcare, well they do, they just pay through
[00:15:18] different mechanism because they're taxed to lot higher rates, and as you know the
[00:15:21] national healthcare uh, the national health system here is... government run,
[00:15:25] so we prefer the private sector, we Republicans, and again we're
[00:15:29] seeing repositioning the economy back toward the private sector, I would love
[00:15:33] to see that in the UK as well. Any, let's move to Wall Street and
[00:15:37] "the major induses are higher, especially the NASDAC. now some would
[00:15:41] say that's merely because of a great increase in the value
[00:15:45] the AI stocks and that it's not actually reflective the broader
[00:15:48] economy. yeah, and
[00:15:51] you know what, president Trump has brought a lot of great confidence to investors,
[00:15:55] and I think that in itself, just having the confidence to invest in
[00:15:59] US companies, whether it be AI or other industries, that helps
[00:16:02] investors say, yeah, I think I want
[00:16:04] to put some money in. Dean, when stocks are up, does that?" the
[00:16:08] economy broadly is pretty healthy or is it just so skewed
[00:16:12] now towards the big the major the mag 7 if you like that it doesn't tell us
[00:16:15] anything. i'm old enough to have lived through two bubbles. um, this looks an
[00:16:19] awful like both them. we
[00:16:21] had lot of people were supposed to be really smart. we thought the housing bubble was just
[00:16:25] great. they put trillions of dollars in subprime mortgage back
[00:16:29] securities. we're seeing that now. the only question is when does
[00:16:33] the bubble burst, how bad will it be? we're already seeing lot of it.
[00:16:37] oracle's deb, the smallest the hyperscalers is now at junk
[00:16:41] um, you're and we're seeing deteriorations with you,
[00:16:44] Microsoft, with Amazon, the most profitable companies in the
[00:16:47] world, you're now seeing credit default spreads increasing about
[00:16:51] 60-80 basis points, the idea that these companies could actually
[00:16:55] go bankrupt, kind of incredible, so I don't know when it collapses, it
[00:16:59] would be better if it were tomorrow than you, three months, six months, two years
[00:17:03] down the road, but it will collapse, greg, it will collapse,
[00:17:07] there's always that risk and look, housing was up
[00:17:10] 5.3% under Biden, it's only up
[00:17:12] 3.7% under Trump. We want housing to low, we don't want that
[00:17:16] growth rate to continue. Um, it's falling too.
[00:17:20] So, so I think there's there's green shoots in the housing market. We
[00:17:23] don't want that asset inflation that we saw in the Obama years and the Biden
[00:17:27] years. When the economy, the real economy was weak, real wages
[00:17:31] were down, and yet the stock markets were really great. That's
[00:17:35] just because you pump enough money into the... economy that you'll
[00:17:39] of course see asset inflation, so if you own stocks, bonds and real estate,
[00:17:42] you're doing well, if you're a working person, you're not doing well, so that's the difference
[00:17:46] between the Trump parallel economy, main street and Wall
[00:17:50] Street versus asset inflation that we had under both
[00:17:53] Biden uh, Biden and Obama, so so I'm not, I'm
[00:17:57] not worried too much as long as we could keep that asset inflation down, you're welcome to come
[00:18:01] in, yeah I just want
[00:18:03] to point out real wages have been falling the last year, so we're going the wrong way on that one.
[00:18:07] Last question, they're flat, but they're up, they're up 1.1% under
[00:18:11] Trump. Adean, I think it was Mark Tane who said, there are, there are lies,
[00:18:15] damned lies and statistics, and as if to prove it, let's take a look
[00:18:19] at one the numbers that Trump's putting forward in his favor, um, the there
[00:18:23] are record number of Americans in work last
[00:18:27] year, and just slightly less this year, but still close
[00:18:31] to record high, but isn't that because the population
[00:18:34] is also at record high? Yeah, exactly, I'm
[00:18:38] all enough Gerald Ford, I remember during the recession in 75 hit
[00:18:42] his presidency, he said, more people are working today than ever before, and it was a true statement,
[00:18:46] because we had rapidly growing population labor force at that point, um, if you
[00:18:50] look at measures, the percentage the population that's working, that's actually
[00:18:54] fallen, and it's rather ironic, he's made a big point of his mass
[00:18:57] deportation, um, the employment rate for native-born
[00:19:00] Americans is down a full percentage point from when he took office, and you just
[00:19:04] last question before we wrap up this segment at the beginning the program, "you said that
[00:19:08] Trump's main failure was his failure in messaging,
[00:19:11] getting the economy through to the American people. What did you mean by
[00:19:15] that? Oh, well, he spent the last two years rejigging the
[00:19:18] American economy to favor Americans, and here we go,
[00:19:22] he understands that he is billionaire mogal, and to
[00:19:26] talk to a common American, that's not going to work very well, so he's now
[00:19:30] had to rejig everything. We what we saw in the White House last week was that he
[00:19:34] gave a gift to Iowans with an 18 billion." steel
[00:19:38] plant, then he went over to Alaska with a proposed
[00:19:41] pipeline to South Korea for 54 billion, but that didn't work
[00:19:45] either, so
[00:19:46] he started going to various states like Nebraska and
[00:19:49] Texas, and every time he does rally there, he brings them a gift,
[00:19:53] whether it's a manufacturing plant or a diesel price
[00:19:57] lowering, he always brings them a gift. what I would love to see in the very
[00:20:01] last days the election, is the visual, the
[00:20:04] economic visuals that he used to do in the 2024. campaign, I want to see
[00:20:08] Trump back a garbage truck, I want to see Trump as the employee the month
[00:20:12] at McDonald's, I want those things to sell on his messaging
[00:20:16] on how much he's improved American lives, right now, economics,
[00:20:20] too hard to explain. Ang, Dean Baker and Greg Swinson, thank you all very much
[00:20:24] for your analysis today, really appreciate that, well, Angy was talking about messaging there,
[00:20:28] and as she said, nobody knows that he's falling short,
[00:20:32] better than Donald Trump. I've done a very bad job of
[00:20:34] explaining how how good the country. is doing, we're
[00:20:38] doing better than any country in the world economically, we're not getting the word
[00:20:42] out, I mean, we're just not getting, well republican commentators think the
[00:20:45] party should spend its massive war chest on countering the
[00:20:49] democrat. negative version of events, otherwise they
[00:20:53] warn it will end up like George Bush senior who lost
[00:20:57] to Bill Clinton in 1992 when the economy was doing all
[00:21:00] right, but the democrats including James Carville were telling
[00:21:04] Clinton and Gohr to target Bush's economic record,
[00:21:08] stay focused, talk about things that are matter to people, you
[00:21:12] know, it's the economy, stupid, 92, we thought the
[00:21:16] economy should be the filter through which everything we did went, where I was trying.
[00:21:20] do was get the campaign more focused, get the people in the campaign more focus, and it was
[00:21:24] like, it's the economy stupid. Let's bring in someone who was there
[00:21:28] at the time, economist Arthur Laffer. He was member of
[00:21:31] Ronald Reagan's economic policy advisory board. Welcome to the program, Mr.
[00:21:35] Laffer. As I mentioned, number of Republican commentators are
[00:21:39] saying Trump situation reminds them of what was
[00:21:43] happening to George Bush senior back in
[00:21:46] 92. What do you think of that? I don't think...
[00:21:50] Correct, I mean, I think George Bush senior in 1992
[00:21:54] lost the election because he broke his promise of no new taxes, he broke
[00:21:58] it, he made that promise to me specifically, and once he broke that
[00:22:01] promise, his poll numbers tumbled and he lost the election to what turned
[00:22:05] out to be very good president Bill Clinton, I mean he turned out to be very good,
[00:22:09] and that's why he did it, and Donald Trump has done just the reverse, he's got a great
[00:22:13] economy going uh, and it's performing well, and
[00:22:17] uh, there are other things that are going on besides that, but... 'the economy today
[00:22:21] is pretty nice, well that's kind of interesting, you you sort of agree with them, but
[00:22:25] not on that example, you agree that Trump's messaging is actually falling
[00:22:29] behind his economic performance, I don't, I don't know if
[00:22:33] his messaging is, I mean there are lots of other things besides economics that
[00:22:37] causes things to happen, wars in Iran and other
[00:22:40] places, Ukraine, Russia problem, and there are all sorts of other
[00:22:43] issues, but from the standpoint the US economy, the economy is
[00:22:47] performing well, the stock market's great, low unemployment, people are
[00:22:51] fully employed, we've had good at labor force growth, exceptional, uh,
[00:22:55] we have new fed chairman who's about the best I've ever seen, so I
[00:22:59] am really excited about what's going on in the US economy, strictly from the
[00:23:03] economics standpoint, but politics is much more, much broader
[00:23:07] than just economics, you're happy with it, but the average American isn't,
[00:23:10] apparently, apparently, yeah, one in four Americans approve of
[00:23:14] Trump's handling the economy, that's record low for him, what is, what
[00:23:17] is acting against his record? "well, I don't, I
[00:23:21] don't know why they don't like it. I mean,
[00:23:24] you know, if you look any other country, we're doing better than other countries were doing better
[00:23:28] than previous administrations. I mean inflation is coming down, yes, of
[00:23:31] course there are problems and there are lots of problems, but they're not exceptional in
[00:23:35] this selection. I mean, yes, you have high prices of oil, that's
[00:23:39] true, but then again, we've removed Iran's capability of
[00:23:43] distort of having nuclear war, which is probably a good thing
[00:23:46] to have happened. If you look ahead to the midterms, how..."
[00:23:50] do you think the economy will will do for the republican
[00:23:53] party? all I can tell you is that the economy is in fine
[00:23:57] shape, it really is, and it portends to be in fine shape for a long
[00:24:01] time to come, so you know, I don't see, I'm not despondent
[00:24:05] about the economy at all, personally, and I don't think other people
[00:24:09] should be. I mean, if you want to see bad economies, you can look at bad economies,
[00:24:13] for example, I don't know if you've watched Britain lately, but it's not doing
[00:24:17] very well, or some these other countries are just doing.
[00:24:20] some the terribly canada US relative to Biden is doing much, much better than
[00:24:24] it had been under Biden, so when I look at this economy, I think it's a fine
[00:24:28] economy, there are always things wrong here, there and elsewhere, but those are
[00:24:32] minor compared to the overall economy, which is pretty good, and we're coming
[00:24:36] towards the end the segment, but if you were in Trump's ear right now, and you've been in the year of
[00:24:40] many president, um, is there anything he could do to change the
[00:24:44] conversation between now and early
[00:24:46] November? I don't know if there's anything you can do. now to
[00:24:50] change the conversation, but
[00:24:52] you know, I've always believed in low tax rates, broad tax
[00:24:55] basis, spending restraints, sound money, minimal regulations,
[00:24:59] free trade, and all of those, if you put them together, you will have
[00:25:03] very prosperous and good economy, and that's what I think Trump should talk
[00:25:07] about, and that's what primarily he is talking about, he's got some other
[00:25:11] stuff in there like, I don't know what it all, Trump accounts and this that and the
[00:25:15] other, but uh, on the economy, he's talking about it, and he's right, the
[00:25:19] economy's doing...
[00:25:20] Party, very well, and that's what I'd stick to. People, Matthew,
[00:25:23] people deserve the governments they get, and if they want to elect a
[00:25:27] different person than Donald Trump and the they'll
[00:25:29] Republican have to bear
[00:25:31] the consequences of it, and I can't imagine any incentive structure more
[00:25:35] serious than that. You're going to have to bear the consequences of what you
[00:25:38] do. Absolutely. The latest jobs report, the last one before the
[00:25:42] mid-terms, was actually shockingly low, and the
[00:25:46] worst for several months, only what, 28, 29,00 jobs.
[00:25:51] how do you grade that? there are two things there, that was the
[00:25:55] establishment report, the household report was the biggest increase in
[00:25:59] jobs ever, we have two jobs reports out. "and the they were
[00:26:03] completely cadumpuus, they were opposite each other uh, when you look at
[00:26:07] what's happened to jump employment over the longer period, the last two
[00:26:11] years, it's been amazing how good the employment growth has been,
[00:26:14] given that we are not importing three and a half million people
[00:26:18] into the country per year, and we are now exporting three and one and
[00:26:22] a half million people, which should reduce employment growth by about
[00:26:26] 200 thousand people a month, and nothing like that has
[00:26:30] occurred, in fact employment growth. has been amazing given the
[00:26:34] change in the migration patterns into the US, so uh, I don't see
[00:26:38] anything about the employment ones except for this one where they two,
[00:26:42] the two measures completely disagree with each other, uh, other than that,
[00:26:46] they may be bad next month, but this month, I,
[00:26:49] I didn't take much notice to that difference, and just final question of all the presidents
[00:26:53] you worked with, who was your favorite, oh my
[00:26:57] god, they're all different in different ways, I loved Kennedy, I thought Kennedy was
[00:27:00] spectacular, I thought Reagan was on... unbelievable, I think Trump has done an
[00:27:04] exceptionally good job on the economy uh, and you know, I was a big
[00:27:08] fan of Bill Clinton's, as you probably know, I voted for him twice, he was a
[00:27:12] great president from the standpoint the economy, and then there have been some really
[00:27:16] bad ones like Nixon, like Ford, like Carter, I mean that
[00:27:19] Biden, these guys were really terrible on the economy, so it's not a
[00:27:23] partisan issue, I like low tax rates, sound money,
[00:27:27] minimal regulations, free trade, and then just get the heck out the way
[00:27:31] and let people solve their... own problems with a correct environment. Other
[00:27:35] Lapa, it was a pleasure having you on the program. Thank you for sharing your extensive
[00:27:38] experience with us, really appreciate that. Thank
[00:30:14] Hello and welcome to TRT World. This is the news hour live with
[00:30:18] me Yashni Padiachi. It's great to have you with us. Coming up in the next
[00:30:22] 60 minutes. Saudi Arabia vows serious
[00:30:25] response after missiles hit Riyad's main airport twice
[00:30:29] over the weekend. The attacks killed at least. 14 and
[00:30:33] threaten to rais raise the stakes in the wider region.
[00:30:36] Iran's foreign minister is now offering to mediate between Saudi
[00:30:40] and Yemen's hoothies. Deal or no deal. Donald Trump
[00:30:44] announced an energy cease fire deal has come into effect between Russia
[00:30:48] and Ukraine. The Kremlin though hasn't responded, and
[00:30:52] Ukraine's president says it was all a surprise
[00:30:55] to him. The anger against India's government is
[00:30:58] growing. The cockro'.