SO THAT BACKDROP IS NOT
ENCOURAGING.
WE’RE LOOKING AT A $3.8 TRILLION
DEFICIT WHICH USED TO BE THE
BUDGET FOR THIS ENTIRE COUNTRY.
THAT IS WHY I’M SO GLAD WE HAVE
MATTIE DUPPLER.
SHE FOLLOWS THIS STUFF.
NATIONAL TAXPAYERS UNION SENIOR
FELLOW.
I’M SURE XI WAS CHECKING OFF HER
LIST, THE FEARS OF THE WORST
NUMBERS FOCUSED ON FOR YEARS,
AND MATTIE THAT IS A BIG ONE.
THAT GOES BEYOND WHATEVER DAY TO
STAY DAY-TO-DAY GYRATIONS IN THE
MARKET.
WHAT DO YOU THINK?
>> YOU’RE RIGHT, NEIL.
THE CONGRESSIONAL BUDGET OFFICE
NEXT YEAR GDP WILL GET BELOW THE
AMOUNT OF DEBT WE’RE CARRYING AS
A COUNTRY.
THAT IS EXTREMELY WORRISOME.
YOU MADE A COMPARISON TO WORLD
WAR II.
THIS IS WHERE WE LOOK AT THE
ECONOMY, WE SEE WHAT IS
HAPPENING IN THE UNITED STATES
DOMESTIC ECONOMY AND LISTEN,
WE’RE IN UNPRECEDENTED TIMES
HERE.
THE FACT THAT THE GOVERNMENT
CAME IN SHUT DOWN A ECONOMY,
LABOR LANDSCAPE THAT WAS BEST IN
50 YEARS, NOW WE’RE BACK TO THE
CONTRACTION AND EMPLOYMENT
LANDSCAPE ALONG THE LIKES WHERE
WE WERE BEFORE WORLD WAR II.
YOU CAN ASK WHAT IS THE ROLLED
OF GOVERNMENT HERE?
I THINK IT MAKES SENSE
GOVERNMENT HAS STEPPED IN TO TRY
TO SPEND AND BLUNT THE IMPACT OF
WHAT HAS HAPPENED BECAUSE OF
CORONAVIRUS TO THE ECONOMY.
THE QUESTION, WHAT ARE THE
LONGSTANDING CONSEQUENCES, AND
WHAT DOES THAT DO TO THE
NATIONAL DEBT?
I WANT TO BE CAREFUL HERE.
I THINK THE NEGOTIATIONS
HAPPENING IN WASHINGTON RIGHT
NOW HAVE SHOWN REALLY HOW FAR
WE’VE FALLEN TALKING ABOUT
FISCAL SCRUTINY AND
SUSTAINABILITY.
RIGHT NOW YOU GOT REPUBLICANS AN
DEMOCRATS TALKING ABOUT WE NEED
TO SPEND ONE TRILLION OR TWO
TRILLION, THREE TRILLION.
THROWING OUT NUMBERS LIKE THEY
DON’T MEAN A DARN THING, NEIL.
HERE IS THE QUESTION, ARE
POLICYMAKERS ASKING WHAT IS THE
BANG FOR THEIR BUCK?
ARE TAXPAYERS GETTING RETURN FOR
DOLLARS ON RELIEF MEASURE?
THAT IS WHAT POLICYMAKERS NEED
TO BE ASKING.
UNLESS WE ASK THAT QUESTION, WE
ARE DOOMED TO REPEAT THE
SCENARIO WHERE DEBT OVERPOWERING
OUR ECONOMY.
NEIL: THAT IS BRILLIANT EVERY
WORD YOU SAID.
I COPIED IT DOWN, LATER ON MY
SHOWS I WILL USE THAT INSIGHT AS
MY OWN.
I HOPE YOU DON’T TAKE OFFENSE.
THE THING YOU’RE DEAD RIGHT
ABOUT, ALL KIDDING ASIDE, THAT
IS ALWAYS NERVE-WRACKING WHEN I
SAY THIS TIME IS THE MARKETS
LIKE STIMULUS.
THE MARKETS LIKE TALK OF STILL
MORE STIMULUS DOWN THE PINING --
PIKE NO MATTER ITS COST.
EVERY TIME THAT LOOKS LIKE IT IS
DELAYED OR DENIED, McCONNELL
STUFF, THEY FREAK OUT.
I’M NOT SAYING IT IS
JUSTIFIABLE.
I’M SAYING WE COME A LONG WAY
ABOUT THE LAISSEZ-FAIRE VIEW OF
MARKETS VIEWING GOVERNMENT STAND
BACK.
THEY DON’T LIKE WHEN IT IS THEIR
HEINIES ON THE LINE AND THEY
LIKE TO BE RESCUED BUT THE FACT
THIS IS THE NORM.
THE DIFFERENCE WE’VE BEEN
SPENDING AND NOW THE MARKETS
EMBRACE IT.
THEY WANT TO SEE MORE OF IT.
THEY DON’T CARE ABOUT PAYING IT
BACK.
THAT IS WHAT RATTLES ME.
>> HERE IS THE DEAL, NEIL, WE
NEED INVESTORS HAVE THAT LEVEL
OF SOPHISTICATION WHAT IS
HAPPENING IN THE STOCK MARKET.
BY ALL ACCOUNTS THIS IS NASDAQ
DRIVEN SLIDE ONLY WHICHING US
BACK WHERE WE HAVE BEEN SINCE
LAST WEEK.
EQUITY IS ARE ON SUCH A TEAR
SINCE THE FEDERAL RESERVE.
QUESTION OF DETACHMENT THE STOCK
MARKET FROM THE REAL ECONOMY IS
GOOD ONE.
WHEN YOU LOOK AT WHAT IS
HAPPENING TODAY.
THIS IS NOT A MELTDOWN, OR A
MELTUP.
THIS IS A RECALIBRATION FROM A
STOCK MARKET THAT IS COMPLETELY
DETACHED FROM WHAT IS HAPPENING
ON THE GROUND LEVEL IN THE U.S.
ECONOMY.
WE HAVE A LONG WAY TO GO BEFORE
BACK WHERE WHICH WERE IN
FEBRUARY WHERE THE ECONOMY
REALISTICALLY AND FUNDAMENTALLY
WAS QUITE STRONG.
NEIL: YOU KNOW WHAT I DO THINK,
MATTIE, YOU’RE THE EXPERT, BUT
YOU KNOW I PLAY ONE ON TV --
>> YOU DO IT WELL, NEIL.
NEIL: THERE WE GO, THANK YOU BUT
YOU KNOW, THAT IS ACCURATE.
SHE IS SO GOOD I WILL LET THAT
SLIDE.
ONE OF THE THINGS I’M WORRIED
ABOUT IF WE DON’T GET A DEAL,
1.3 TRILLION, WHICH I’M TOLD IS
THE CHEAP PACKAGE, AND, YOU
KNOW, IT IS PUT OFF, PUT OFF,
PUT OFF, THIS COULD PUNCTUATE,
YOU KNOW AND GET WORSE AND
THAT’S WEIRD BECAUSE YOU CAN
MAKE A CREDIBLE ARGUMENT FOR NOT
NEEDING, CERTAINLY AS MUCH
STIMULUS RIGHT NOW OR NOW MAYBE
FOLLOWING MARKETS IT BECOME AS
FRONT AND CENTER ISSUE.
WHAT DO YOU THINK?
>> I THINK THAT IS ABSOLUTELY
RIGHT, NEIL.
THE ECONOMY ABHORES A VACUUM.
THE QUESTION WE HAVE RIGHT NOW
THERE IS SO MUCH UNCERTAINTY.
THERE IS POLICY UNCERTAINTY WHAT
CONGRESS WILL DO.
THERE IS UNCERTAINTY WHAT
HAPPENS WITH CORONAVIRUS,
WHETHER IT GETS WORSE IN THE
WINTER.
OF COURSE WE’RE IN ELECTION
SEASON.
WE COULD HAVE A SEA CHANGE IN
TERMS OF CONGRESS.
THOSE THREE FACTORS ARE WEIGHING
ON ECONOMY.
THE CONGRESS COULD RIGHT THE
SHIP, GIVE US A COUPLE MONTHS OF
CERTAINTY, HELP BUSINESSES STAY
AFLOAT AS THEY CONTINUE TO
NAVIGATE UNCERTAIN TIMES FOR
BUSINESSES.
VERY UNEVEN.
STATES ARE IN VERY DIFFERENT
SITUATIONS COMPARED TO DIFFERENT
PARTS OF THE COUNTRY.
WE CERTAINLY NEED SOME KIND OF
POLICY THAT STEPS IN HERE THAT
TRIES TO SOLVE SOME OF THOSE
PROBLEMS AND SOME OF THOSE
INCONSISTENCIES UNTIL WE SEE THE
OTHER SIDE OF THIS THING.
NEIL: THANK YOU, MATTIE, YOU’RE
THE BUSINESS.
I DON’T CARE HOW YOU PUT ME
DOWN, YOU PUT ME DOWN SO
ELEGANTLY, I CAN TAKE IT.