TRTWORLD — Nexus
20261012 203000 UTC
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[00:00:00] old
[00:00:00] of now and I'm not afraid for my own life, because I feel
[00:00:04] I am nearing the end of my life, but I worry
[00:00:08] about my children and grandchildren, I
[00:00:10] of want in them to be safe, they need safety more than I
[00:00:14] do, plenty officials say stringent safeguards incorporate
[00:00:18] lessons from previous nuclear
[00:00:19] accidents, shares some of her
[00:00:23] neighbors concerns, but power cuts make irrigating her land
[00:00:29] a difficult, for 24 hours without interruption as the plant is
[00:00:33] near my home. for Bangladesh, the promise extends well
[00:00:36] beyond, reliable electricity can keep factories running,
[00:00:40] farms irrigated and homes lit. after
[00:00:43] of years a of delays, the country is waiting for that to become part
[00:00:45] of the reality of everyday life.
[00:00:49] a Euromirolu, TRT World. A state
[00:00:52] emergency has been declared in parts of Pakistan, as thousands
[00:00:56] there protest in support
[00:00:58] of the jailed former Prime
[00:00:59] of Minister. of Imran khan police fired warning shots at demonstrators
[00:01:03] in Kaiber Bakdunkwa, northwestern province
[00:01:07] governed by the PTA (PTI) the party of Imran
[00:01:11] Khan. The state of emergency ruling brings the province under direct
[00:01:15] federal control. At Germany's
[00:01:19] fragile ruling coalition has suffered another major setback with the
[00:01:22] surprise resignation of Barbel Bass, the labour minister.
[00:01:26] Bass has also stepped down as leader
[00:01:29] of the social. Democratic Party, main coalition
[00:01:32] of partner of Chancellor Friedrich Metz's CDU, barcited
[00:01:36] the death of her step-daughter and subsequent political attacks on her,
[00:01:40] including from coalition allies for her
[00:01:43] decision. Thousands of people have been
[00:01:47] marching through Barcelona on Spain's national
[00:01:50] of day
[00:01:50] in a right-wing protest against the government's handling
[00:01:54] of the migrant crisis in the North African enclave of
[00:01:57] Seuta. More than 70,00 people
[00:01:59] of entered.
[00:02:00] of from Morocco over two days at the end of July and protesters
[00:02:04] say residents
[00:02:05] of the enclave have been neglected by
[00:02:07] Madrid.
[00:02:11] That's the news for now, right now, it's
[00:02:17] of Nexust.
[00:02:21] of
[00:02:34] of "we have the best economic numbers of any
[00:02:38] president in the history of our country. Donald Trump is betting the
[00:02:42] economy will win his party the mid-terms
[00:02:44] of next month, but the odds don't look good,
[00:02:47] especially after the latest shocking jobs report. The US economy
[00:02:51] added 29,00 jobs in September that was less than
[00:02:55] expected. The disappointing
[00:02:57] of report comes a month before Americans head to the polls from..." term elections
[00:03:00] even worse near record high gas prices. This is
[00:03:04] Trump's fault, this should not be this high, it needs to
[00:03:08] of end, ridiculous. President Trump though is telling
[00:03:11] Americans a different story. The poverty
[00:03:14] a rate of has just reach its lowest
[00:03:18] of level in American history. The stock market has reached an
[00:03:22] all-time high every night, night after night.
[00:03:26] I drives me crazy. So ladies and gentlemen, the golden.
[00:03:30] of America is upon
[00:03:31] of us, so Trump's betting the house literally on the economy,
[00:03:35] but which way will Americans call it? No, you can't save now,
[00:03:39] every dollar you have has to go to gas, groceries, bills,
[00:03:42] a rent,
[00:03:42] of the democrats are rubbing their hands, they think the Republicans are
[00:03:47] a of finished, frankly it's going to be a white out, so what I'm going to do
[00:03:50] is ask you to just pretend that I'm running, because if we
[00:03:54] do, and if you draw the people, you're going to win, and we're going to win big, well is the
[00:03:58] economy a winner? or
[00:04:03] of a not, we'll ask our panel in just moment, but first here's how Trump is scoring himself: greatest tax cuts
[00:04:07] in history, the best economy in history, more money coming into our
[00:04:11] country in history. love him or loth him, Trump is a great
[00:04:15] salesman, but he's got an uphill battle, trying to sell
[00:04:18] his economy
[00:04:20] of ahead of
[00:04:20] of of the crucial mid-terms to nation still struggling with
[00:04:24] the cost of living. so far he's held
[00:04:26] of rallies in Ohio, Oklahoma, Texas, Alabama. and
[00:04:30] more are coming, including New York and Nebraska. I love being with you,
[00:04:34] I really do, I
[00:04:35] of mean it's it's great, it's incredible, you're incredible people. When President Trump says
[00:04:39] he's built the best economy ever, he's not making it up, not
[00:04:43] entirely. By some
[00:04:45] of measures, his scorecard looks pretty
[00:04:47] of good. The GDP figures back Trump up. Real
[00:04:50] GDP rose 2.1% in the second quarter this year,
[00:04:54] compared to the same period last year, far ahead
[00:04:57] of the UK on 1.4%, and the euro zone at
[00:05:01] just 1.2 percent. Real GDP strips out
[00:05:05] inflation, so it's real growth, not just higher prices.
[00:05:09] More Americans are working today
[00:05:12] in a our country than any time by far
[00:05:16] in history. It's true, the number of Americans in work is a near
[00:05:20] record. 163 million people working just
[00:05:23] behind Trump's first year, which holds the top spot ever. We're
[00:05:27] doing better than any country in the world, economically. The typical
[00:05:31] American household is bringing in
[00:05:33] $87,460, that's
[00:05:37] the highest since records began in 1967,
[00:05:41] and median is a good. measure because it's right in the middle of
[00:05:45] all American households, not skewed by a handful of billionaires
[00:05:49] and once again it's real, in other words, adjusted for
[00:05:52] inflation, but poverty rates are all at their lowest levels
[00:05:56] ever recorded, think of that. The official poverty
[00:06:00] rate is at record low, 10.2% in
[00:06:04] 2025, down from 10.7%, and it's
[00:06:08] the lowest since records began in 1959.
[00:06:11] It's a stock. market is sored to 81 all-time record
[00:06:15] highs since the election. again, true, all three
[00:06:19] major US induces are at or very close to
[00:06:23] all-time highs. the tech heavy Nasdaq is up the most around
[00:06:27] 35% since Trump took office in January
[00:06:31] 2025, thanks to soaring AI stocks of
[00:06:34] course. Inflation is still a soore point at
[00:06:38] 3.4%. It's still higher than the Fed's 2%
[00:06:41] target. but it's still much lower than the peak under Joe
[00:06:45] Biden when inflation hit 9%.
[00:06:49] gas prices too are at record highs right now due to the Iran
[00:06:52] war, but still lower than the peak under Biden,
[00:06:56] but the problem for Trump in the midterms is that ordinary people
[00:06:59] aren't feeling better off. have you been to the grocery store later,
[00:07:03] you'll know what I'm talking about, buse prices are not going down
[00:07:07] or going up. Just one in four Americans
[00:07:10] approve of Trump's handling the... economy, an all-time low for
[00:07:14] him, and here's the really troubling figure: around two-thirds of
[00:07:18] Americans blame him personally for the high cost of
[00:07:21] living. well, let's bring in our guests now, we have investment
[00:07:25] banker and chairman of Republicans overseas, Greg Swenson.
[00:07:28] Republican political commentator, Angi Wong, and the
[00:07:32] economist and co-founder the Center for economic and policy
[00:07:35] research, Dean Baker. Welcome to the program everybody. The first question
[00:07:39] is, what do you each give Trump? in terms of a, b, c,
[00:07:43] d, what, what score do you give him? let's start with you,
[00:07:46] Greg. yeah, a for sure,
[00:07:49] matthew, a plus even. oh, my goodness. okay,
[00:07:52] angie. give president Trump a B plus. i think
[00:07:56] he could do lot better in the messaging on the economy. yep, and
[00:08:00] dean. no doubt enough. he was sanded
[00:08:04] a very good economy and really took it through the ring. and well, no surprises
[00:08:07] there. dean, let's let's start with you and let's get into the specifics, the different
[00:08:11] metrics. Trump is using to boast. Okay, US
[00:08:15] economy has grown faster than the United Kingdom and the
[00:08:18] Eurozone. Uh, what do you make the headline GDP
[00:08:21] figures? We've been growing faster before
[00:08:25] he took office, maybe he doesn't know that, but uh, the U.S. Economy, it was
[00:08:29] called the uh, wonder the world by the Economist magazine
[00:08:33] back in November of 224, so again, I don't know what World
[00:08:36] Trump's in, but that that's the real world. Greg, uh, GDP
[00:08:40] growth for the United States. is that down to Trump, is it down to other
[00:08:44] things? Well, I think the president's
[00:08:48] really planning for the long-term, with the reinvestment in the country,
[00:08:52] deregulation, tax reform, uh, liberation the
[00:08:55] energy sector, basically rewarding capital formation, so
[00:08:59] yeah, these things are starting to show already, we're seeing it in manufacturing
[00:09:03] productivity, we're seeing it in unit labor cos, I don't want to get too technical,
[00:09:07] but really the the it's about to explode, but it's actually
[00:09:11] exploded already. the challenge is we had
[00:09:14] minus 4% wage growth real wage growth in the
[00:09:18] bidon year, so you might have had GDP growth, but that's
[00:09:21] because
[00:09:22] the the administration threw trillions of dollars at an already overheated
[00:09:26] economy starting in 2021, so that helped GDP growth, but real
[00:09:30] wages went down 4%. Dean, just back to you quickly uh,
[00:09:33] GDP, I don't want to play games, real wages were growing 1 and
[00:09:37] a/2% year the last two years the Biden administration, we had
[00:09:40] pandemic, I know Trump. has problems with his memory, but we had a
[00:09:44] worldwide pandemic that hit the whole world, that was under his
[00:09:48] first term in office, that created huge problems that Biden had to deal
[00:09:52] with, he got us out by the end of his administration, real wages were growing
[00:09:56] very rapidly, they are not now, they're falling. Angie Wong, how much the
[00:09:59] GDP growth is down to President Trump setting the
[00:10:02] scene? Oh, all of it, I think President Trump has done an
[00:10:06] amazing job over the last two years. Greg is absolutely right, he has been
[00:10:10] plotting and planning, and now we're starting to... see the fruits of his labor, he's
[00:10:14] completely rejged the energy market, he's brought back
[00:10:17] manufacturing, he's reshored pretty much everything, he's doing deals left and
[00:10:21] right around the world to bring the best practices back to the United States.
[00:10:25] so he is delivering on the America first economy, the problem
[00:10:28] is that the messaging is not there, and it's very
[00:10:32] difficult to explain the economy to voters, it's just too
[00:10:36] long-winded, they don't understand necessarily macroeconomics and
[00:10:40] tariffs and how that trickles down to their savings, so I think President Trump said it
[00:10:44] best himself just last week that he's doing a terrible job at the
[00:10:48] messaging, but certainly certainly Americans will be
[00:10:51] benefiting benefiting from his economic policy. So Angy, do you think...
[00:10:57] first off in terms of manufacturing coming back, manufacturing factory
[00:11:01] construction sort under biting, adjusting for inflation, it more than
[00:11:05] doubled from pre-pandemic levels, 219 to 224, we've
[00:11:08] never seen anything like that, now we've seen the reverse under Trump, it's
[00:11:12] down by a third, just incredible, um, I know he's made a
[00:11:16] big deal trade, uh, well trade deficit was at the second highest levels
[00:11:20] ever in August, 105 billion, he's going the wrong way, I'm not
[00:11:24] a trade. panic, I'm not going to panic about that, but it's the wrong way by his own
[00:11:28] measure, so it's very hard to see, and yeah, it's hard to explain
[00:11:32] to people that gas prices are up 50% from when you took office,
[00:11:35] diesel prices have nearly doubled, yeah, it's hard to explain, record high beef
[00:11:39] prices, yeah, I grant, that's hard to explain to people, well Dean, just on the
[00:11:43] gas prices, I mean, he's saying you, we're at $4.36 a
[00:11:47] gallon, under Biden, it peaked at 5.2 a
[00:11:50] gallon, yeah, I know, Trump has memory
[00:11:53] problems, it wasn't. had f over $5 a gallon when he took
[00:11:57] office, we had pandemic, recovering from the pandemic was a
[00:12:00] problem worldwide, I know Trump has a really bad memory,
[00:12:04] most of us don't, so we saw the gas prices come down to
[00:12:08] just around $3 a gallon at the point where Biden left office and Trump walked
[00:12:12] in. Greg, quick rebottle and then we're going to get to the poverty rate. So
[00:12:16] yes, people do have short memories and and perhaps the president does, but but
[00:12:20] I do think that it's important to understand that the the economy was
[00:12:24] not as bad in 24 in Biden's last year as it was in
[00:12:28] 22, but it was still pretty bad, so we're we've recovered
[00:12:31] one-third of that wage loss. Dean, let's just examine the poverty rate
[00:12:35] claim. He says that the United States has the lowest poverty
[00:12:38] rate on record. Is that just
[00:12:40] fact? We expect the
[00:12:44] poverty rate to fall through time. It's kind of like saying the tree in my backyard is
[00:12:48] taller today than it was last year. Trees grow.
[00:12:52] We're supposed to get richer as a country and yes. "there's been a monost drop
[00:12:56] in the poverty rate, they're different measures, I don't want to bore people at the technical things, so some them
[00:13:00] actually show it going up, but as a country grows as
[00:13:04] time passes, it gets richer, you expect poverty rate to fall. That's
[00:13:07] right, uh, Angie, there are different ways of calculating the poverty
[00:13:11] rate, and another version of it doesn't flatter Trump's economy at all,
[00:13:15] but what do you make of it? Yeah, I mean, not only
[00:13:19] has the Trump administration pulled many Americans out the property rate,
[00:13:23] they're now moving to helping..." young Americans, because we're
[00:13:26] hearing the other side, we're hearing the left, and we understand that there's a
[00:13:30] real problem with young Americans and getting them into the
[00:13:34] market. It is really sad that today you can start your very first
[00:13:38] real-paying job and still not be able to afford a house and a car
[00:13:41] and all your lifestyle, you have to get second job, and so we realize that that is
[00:13:45] issue and President Trump is addressing it, he knows now to not just
[00:13:49] talk about the stock market and how great it's doing, because a
[00:13:53] 23-year-old with...
[00:14:06] among young are down well below what they were under the
[00:14:09] home ownership rates bin administration and really below what they were most the first Trump administration
[00:14:13] we have mortgage rates at 7 and a half percent um people can't afford
[00:14:17] homes that's right and lot of that's because of trump let's move to the next economic
[00:14:20] indicator that we saw in that report median household income uh that has
[00:14:25] gone up to record high and as it says in that report
[00:14:29] this is a real measure so it stripped
[00:14:30] out for inflation
[00:14:32] and uh it is the median so it's not skewed by
[00:14:35] billionaires. this would seem on the face of it a pretty reliable
[00:14:38] metric. it is good and again
[00:14:42] this is something that normal time rises year to year and keep in mind what you're looking at
[00:14:46] is data for 225 compared to 224, much
[00:14:50] that was what happened in 224 when Joe Buden was in the white house so
[00:14:54] it's... in the right direction, but lot
[00:14:56] of that had nothing to do with Trump, so again, it's the tree in my
[00:15:00] yard's taller today than it was yesterday. Dean critics, Trump's
[00:15:04] critics have said, look, that's all very well and good, but it doesn't really paint the real picture for
[00:15:08] ordinary Americans, because lot more their budget is taken up on things,
[00:15:12] the essentials like rent and fuel and groceries, and
[00:15:15] that's why they're not really feeling it as much as the headline figure
[00:15:19] there. Well, I don't think the headline figures are particularly good to
[00:15:23] begin with, but yeah, um, we're... seeing an explosion in gas prices,
[00:15:26] diesel prices, all because of Trump, I mean there's no ambiguity there, and then top of
[00:15:30] that, lot of people are losing their healthcare coverage again buse of Trump, he's cut back
[00:15:34] on the the affordable care act, President Obama's. program, he's thrown people off
[00:15:38] medicaid, he's thrown people off food stamps, so you have
[00:15:42] lot of people that are really, really struggling, so they're not wrong to feel pressed,
[00:15:46] trump's making them feel pressed. Greg, you have lot of experience in the
[00:15:50] United Kingdom and in the United States, you got one foot in both countries, the
[00:15:54] median household income is much, much higher in the United States than
[00:15:57] it is in the United Kingdom, but of course people in
[00:16:01] Britain don't have to pay so much for things like
[00:16:03] healthcare, well they do, they just pay through
[00:16:07] different. mechanism because they're taxed to lot higher rates
[00:16:10] and as you know the national healthcare uh the national health system here
[00:16:13] is government run so you know we prefer the private sector we
[00:16:17] Republicans and again we're seeing repositioning the economy back
[00:16:21] toward the private sector I would love to see that in the UK as well. Angy let's move to
[00:16:25] Wall Street and all the major industies are higher especially the
[00:16:29] Nasdaq now some would say that's merely because of a
[00:16:33] great increase in the value the AI stocks and that it's not actually
[00:16:36] reflective the economy: yeah, and
[00:16:40] president Trump has brought a lot of great confidence to investors and I
[00:16:44] think that in itself, just having the confidence to invest in US
[00:16:48] companies, whether it be AI or other industries, that helps
[00:16:51] investors say, yeah,
[00:16:53] I think I want
[00:16:53] to put some money in. Dean, when stocks are up, does that mean the
[00:16:57] economy broadly is pretty healthy or is it just so skewed
[00:17:01] now towards the big, the major, the mag 7 if you like, that it doesn't tell us
[00:17:04] anything. I'm old enough to have lived through two. um, this
[00:17:08] looks an awful like both them, we had lot of people were supposed to be
[00:17:12] really smart, we thought the housing bubble was just great, they put
[00:17:16] trillions of dollars in subprime mortgage back securities, um,
[00:17:20] we're seeing that now, the only question is when does the bubble burst, how
[00:17:24] bad will it be, we're already seeing lot of it, oracles that, the smallest
[00:17:27] the hyperscalers is now at junk, um, you're and we're
[00:17:31] seeing deteriorations with you, Microsoft, with Amazon, the most
[00:17:35] profitable companies in the world, "you're now seeing credit default spreads
[00:17:39] increasing about 60-80 basis points, the idea that these
[00:17:43] companies could actually go bankrupt, kind of incredible, so I don't
[00:17:47] know when it collapses, it would be better if it were tomorrow than you, three
[00:17:50] months, six months, two years down the road, but it will collapse. Greg, it will
[00:17:54] collapse, there there's always that risk, and look,
[00:17:58] housing was up 5.3% under Biden, it's only up
[00:18:01] 3.7% under Trump, we want housing to lower, we don't want that
[00:18:05] growth rate to continue."
[00:18:08] um it's it's falling too, so I think there's there's green shoots in the
[00:18:11] housing market, we don't want that asset inflation that we saw in the Obama years
[00:18:15] and the Biden years, when the economy, the real economy was weak,
[00:18:19] real wages were down, and yet the stock markets were really
[00:18:23] great, that's just because you pump enough money into the economy
[00:18:27] that you'll of course see asset inflation, so if you own stocks bonds and
[00:18:31] real estate you're doing well, if you're a working person you're not doing well, so
[00:18:35] that's the difference between the Trump power. economy, main street
[00:18:39] and wall street versus asset inflation that we had under both
[00:18:43] biden uh, biden and Obama, so so I'm not, I'm
[00:18:46] not worried too much as long as we can keep that asset inflation down, you're welcome to come
[00:18:50] in, yeah I just want to point out real wages have been falling the last
[00:18:54] year, so we're going the wrong way on that one, last question, they're flat but
[00:18:58] they're up, they're up 1.1% under Trump, a Dean, I think it was Mark
[00:19:02] Twayn who said, there are, there are lies, damned lies and
[00:19:05] statistics, and as if to prove it, Let's take a look at one the
[00:19:09] numbers that Trump's putting forward in his favor, um, the there are record
[00:19:13] number of Americans in work last year and just
[00:19:17] slightly less this year, but still close to record
[00:19:20] high, but isn't that because the population is also at
[00:19:24] record high? yeah, exactly, I'm on enough
[00:19:28] Gerald Ford, I remember during the recession in 75, hit his
[00:19:31] presidency, he said, more people are working today than ever before, and it was a true statement,
[00:19:35] because we had rapidly growing popular. labor force at that point, if you
[00:19:39] look at measures, the percentage the population that's working, that's actually
[00:19:43] fallen, and it's rather ironic, he's made a big point of his mass
[00:19:46] deportation, the employment rate for native-born
[00:19:49] Americans is down a full percentage point from when he took office, and you just
[00:19:53] last question, before we wrap up this segment at beginning
[00:19:55] the the program, you said that Trump's main failure was his
[00:19:59] failure in messaging, getting the economy through to the
[00:20:02] American people, what did you mean by that? yeah, well he spent the last
[00:20:06] two years jigging the American economy to favor Americans, and here
[00:20:10] we go, he understands that he is billionaire
[00:20:14] mogal, and to talk to a common American, that's not going to
[00:20:18] work very well, so he's now had to rejg everything. We what we saw in the White House
[00:20:22] last week was that he gave a gift to Iowans with an
[00:20:25] 18 billion dollar steel plant, then he went over to Alaska with a
[00:20:29] proposed uh uh pipeline to South Korea for
[00:20:32] 54 billion, but that didn't work either, so he started going
[00:20:35] to states like Nebraska and Texas and
[00:20:39] every time he does rally there he brings them a gift, whether it's a manufacturing
[00:20:43] plant or a diesel price lowering, he always
[00:20:47] brings them a gift, what I would love to see in the... very last days the
[00:20:51] election is the visual, the economic visuals that he used
[00:20:55] to do in the 2024 campaign, I want to see Trump back a garbage truck,
[00:20:59] I want to see Trump as the employee the month at McDonald's, I
[00:21:03] want those things to sell on his messaging on how much he's improved
[00:21:07] American lives, right now, economics too hard to explain,
[00:21:10] ang, Dean Baker and Greg Swinson, thank you all very much for analysis today, really appreciate
[00:21:14] that, well Angie was talking about messaging there, and as she said,
[00:21:18] nobody knows that he's falling short, better than Donald Trump. I've done
[00:21:22] a very bad job of explaining how how good the
[00:21:26] country is doing. We're doing better than any country in the world
[00:21:29] economically. We're not getting the word out. I mean, we're just not getting. Well,
[00:21:33] Republican commentators think the party should spend its massive war chest
[00:21:37] on countering the democrat's negative version of
[00:21:40] events. Otherwise, they warn it will end up like George
[00:21:44] Bush senior, who lost to Bill Clinton in
[00:21:47] 1992 when the economy was doing. right, but the democrats
[00:21:51] including James Carville, were telling Clinton and Gore
[00:21:55] to target Bush's economic record. Stay focus, talk about
[00:21:59] things that are matter to people, you know, it's the
[00:22:03] economy, stupid. 92, we thought the economy should be the filter through which
[00:22:06] everything we did went. What I was trying to do was get the campaign more focused,
[00:22:10] get the people in the campaign more focused, and it was like, it's the economy,
[00:22:14] stupid. Let's bring in someone who was there at the time,
[00:22:18] economist Arthur Laffer. He was member of Ronald Reagan's
[00:22:21] economic policy advisory board. Welcome to the program, Mr. Laffa. As I
[00:22:25] mentioned, number of Republican commentators are saying Trump
[00:22:29] situation reminds them of what was happening to
[00:22:32] George Bush senior back in 92. What do you
[00:22:36] think of that? I don't think it's correct. I mean, I think
[00:22:40] George Bush senior in 1992 lost the election because he
[00:22:44] broke his promise of no new taxes, he broke it, he made that promise to
[00:22:48] me specifically and... once he broke that promise, his poll numbers
[00:22:52] tumbled and he lost the election to what turned out to be very good president
[00:22:56] Bill Clinton, I mean he turned out to be very good, and that's why he did it, and
[00:22:59] Donald Trump has done just the reverse, he's got a great economy going
[00:23:03] uh, and it's performing well, and uh, there are other things that are going
[00:23:07] on besides that, but uh, the economy today is pretty nice, well that's kind of
[00:23:11] interesting, you you sort of agree with them, but not on that
[00:23:14] example, you agree that Trump's messaging is actually falling behind
[00:23:18] his economic performance. "I don't, I don't know if his
[00:23:22] messaging is, I mean, there are lots of other things besides economics that
[00:23:26] causes things to happen, wars and Iran and other
[00:23:29] places, Ukraine, Russia problem, and there are all sorts of other
[00:23:32] issues, but from the standpoint the US economy, the economy is
[00:23:36] performing well, the stock market's great, low unemployment, people are
[00:23:40] fully employed, we've had good at labor force growth, exceptional, uh,
[00:23:44] we have new fed chairman who's about the best I've ever seen, so I
[00:23:48] am really excited about what's going." in the US economy strictly from the
[00:23:52] economics standpoint, but politics is much more, much broader
[00:23:56] than just economics, you're happy with it, but the average American isn't apparently,
[00:24:00] apparently yeah, one in four Americans approve of Trump's handling the
[00:24:04] economy, that's record low for him, what is, what is acting
[00:24:07] against his record? well, I don't, I don't know why
[00:24:11] they don't like it, I mean, if you look any other country, we're doing better
[00:24:15] than other countries, we're doing better than previous administrations, I mean inflation
[00:24:19] is...
[00:24:20] I mean now, yes, of course there are problems and there are lots of problems, but they are
[00:24:23] not exceptional in this election. I mean, yes, you have high prices of
[00:24:27] oil, that's true, but then again, we've removed Iran's
[00:24:31] capability of distort of having nuclear war, which is
[00:24:34] probably a good thing to have happened. If you look ahead to the midterms,
[00:24:38] how do you think the economy will will do for the Republican
[00:24:42] Party? All I can tell you is that the economy is in fine
[00:24:46] shape, it really is, and it portends to be in fine shape. for a long
[00:24:50] time to come, so - you know, I don't see, I'm not despondent
[00:24:54] about the economy at all, personally uh, and I don't think other
[00:24:58] people should be. I mean, if you want to see bad economies, you can look at bad
[00:25:01] economies, for example, I don't know if you've watched Britain lately, but it's not
[00:25:05] doing very well, or some these other countries are just doing terribly,
[00:25:09] Canada, some the US relative to Biden is doing much, much
[00:25:13] better than it had been under Biden, so when I look at this economy, I think it's
[00:25:17] a fine economy, there are always things wrong. here there and elsewhere, but
[00:25:21] those are minor compared to the overall economy, which is pretty good. and uh,
[00:25:25] we're coming towards the end the segment, but if you were in Trump's ear right now, and you've been in the
[00:25:28] year of many president, um, is there anything he could do to
[00:25:32] change the conversation between now and early
[00:25:35] November? I don't know if there's anything you can do now to
[00:25:39] change the conversation, but
[00:25:40] you know, I've always believed in low tax rates, uh, broad
[00:25:44] tax bases, spending restraints, sound money, minimal
[00:25:47] regulations, free trade and... all of those, if you put them
[00:25:51] together, you will have very prosperous and good economy, and that's
[00:25:55] what I think Trump should talk about, and that's what primarily he is talking
[00:25:59] about, he's got some other stuff in there, like I don't at all.
[00:26:02] trub counts and this that and the other, but uh, on the economy, he's
[00:26:06] talking about it, and he's right, the economy is doing very well, and that's what I'd stick
[00:26:10] to, you know, people, Matthew, people deserve the governments they
[00:26:14] get, and if they want to elect a different person than Donald Trump and the
[00:26:17] Republican Party, they'll have to bear the consequences of it, and I can't
[00:26:21] imagine any incentive structure more serious than that.
[00:26:25] You're going to have to bear the consequences of what you do. Absolutely. The latest
[00:26:29] jobs report, the last one before the mid-terms, was... actually
[00:26:33] shockingly low and the worst for several months,
[00:26:37] only what 28, 29,00 jobs created uh, how how
[00:26:40] do you grade that? well, there are two things there, that was the
[00:26:44] establishment report, the household report was the biggest increase in
[00:26:48] jobs ever, we have two jobs reports out and the they
[00:26:52] were completely catadompuus, they were opposite each other, when you
[00:26:56] look at what's happened to jump employment over the longer period, the last two
[00:27:00] years, it's been amazing how good employment growth has been,
[00:27:04] given that, we are not importing three and a half million people
[00:27:08] into the country per year, and we are now exporting three and one and
[00:27:12] a half million people, which should reduce employment growth by about
[00:27:15] 200 thousand people a month, and nothing like that has
[00:27:19] occurred, in fact employment growth has been amazing given the
[00:27:23] change in the migration patterns into the US, so uh, I don't see
[00:27:27] anything about the employment ones except for this one where they two
[00:27:31] the two measures completely disagree with each other uh other than that,
[00:27:35] they may be bad next month, but this month, i didn't take much
[00:27:39] notice to that difference. and just final question of all the presidents you worked with,
[00:27:43] who was your favorite? oh my god, they're all different in
[00:27:47] different ways, loved kennedy, i thought Kennedy was spectacular, i thought Reagan was
[00:27:51] unbelievable, i think Trump has done an exceptionally good job on the
[00:27:55] economy uh, and you was a big fan of Bill Clinton's, as you
[00:27:58] probably know, I voted for him twice, he was a great president from the...
[00:28:02] standpoint the economy and then there have been some really bad ones like
[00:28:06] Nixon, like Ford, like Carter, I mean that Biden, these guys
[00:28:09] were really terrible on the economy, so it's not a partisan issue, I
[00:28:13] like low tax rates, sound money, minimal regulations,
[00:28:17] free trade, and then just get the heck out the way and let people solve their
[00:28:21] own problems with a correct environment. Off lafer, it was a pleasure
[00:28:25] having you on the program, thank you for sharing your extensive experience with us, really
[00:28:29] appreciate that, thank you, and thank you at home
[00:28:31] and on your phones for watching if you want to... This episode or any of our previous episodes, go to our
[00:28:34] channel on YouTube, just type in Nexus TRT World. Till next week then,
[00:28:38] goodbye.
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[00:30:16] Saudi Arabia promises to retaliate after Ansar Allahuti's
[00:30:20] attacks on airports as the Yemani group claims its
[00:30:23] targeted Riyad in a fresh
[00:30:25] strike. Hello, welcome to TRT
[00:30:29] World Live from London. I'm Hazm Seaker also ahead on the program.
[00:30:33] The US Democratic Congresswoman Omar accuses President
[00:30:37] Donald Trump a political intimidation after immigration
[00:30:41] agents raided her home. Ukrainian president
[00:30:45] voladimir Zelenski says it's increasingly clear Russia does not
[00:30:49] want a US proposed energy ceasefire after strikes on
[00:30:53] six energy facilities.
[00:30:56] And a major cyber attack hit fridges and freezers in
[00:30:59] supermarkets across France spoiling food. Estimated to be worth
[00:31:03] millions of dollars.