WE PROMISE TO TAKE YOU THERE
LIVE AS SOON AS IT BEGINS.
>> TODAY'S HISTORIC ACTION WILL
PROVIDE NEW RETIREMENT SECURITY
TO COUNTLESS AMERICAN WORKERS
AND THEIR FAMILIES.
WE BELIEVE ALL AMERICANS SHOULD
SECURITY THAT YOU WANT.
DAVID: PRESIDENT TRUMP IN
CHARLOTTE, NORTH CAROLINA,
BUSINESSES TO HAVE RETIREMENT
PLANS FOR THEIR EMPLOYEES.
SMALL BUSINESS ADMINISTRATOR
LINDA McMAHON, A LOCAL GIRL
MADE GOOD.
SHE WAS WITH THE PRESIDENT IN
HER HOME STATE OF
NORTH CAROLINA.
LINDA, GREAT TO SEE YOU.
THANKS VERY MUCH FOR BEING HERE.
LET ME START BY MENTIONING A
STAT I WASN'T AWARE, I KIND OF
NOT HAVE ENOUGH MONEY SAVED FOR
RETIREMENT.
YOU HAVE A PLAN, AND PRESIDENT
HAS A PLAN, THAT HE IS PUSHING
OF YOURS, TO MAKE IT EASIER FOR
SMALL BUSINESSES TO OFFER
RETIREMENT PLANS.
HOW DOES IT WORK?
>> WELL, I CAN TELL YOU, DAVID,
IT IS GOING TO WORK REALLY WELL,
I BELIEVE.
FOR THE FIRST TIME, YOU KNOW,
SMALL BUSINESSES WILL BE ABLE TO
POOL THEIR RESOURCES, AND FORM
AN ASSOCIATION TO DEVELOP THESE
401(k)-TYPE PLANS.
THE BENEFIT FOR THAT IS, THAT IT
AND BRING DOWN COSTS.
SO, FOR SMALL BUSINESS EMPLOYERS
TO BE ABLE TO ENTER INTO THESE
POOLS, THEY CAN DO WHAT THEY
TELL US.
WHAT THEY TOLD ME, AS I TRAVELED
AROUND THE COUNTRY, THEY CAN'T
AFFORD TO PUT THESE KIND OF
PLANS IN PLACE.
ALL BUSINESSES THAT I TALK TO,
WANT TO PROVIDE BENEFITS FOR
THEIR EMPLOYEES.
A COUPLE WEEKS AGO WE WERE
TALKING ABOUT ASSOCIATION HEALTH
CARE PLANS.
NOW I WILL BE ABLE, I'M HAPPY TO
BE ABLE TO TALK ABOUT THE
401(k) TYPE PLANS TODAY.
DAVID: YEAH.
>> THERE ARE, ABOUT HALF OF ALL
EMPLOYEES THAT WORK IN COMPANIES
100 EMPLOYEES AND UNDER DON'T
HAVE ANY OPPORTUNITY TO HAVE A
401(k) PLAN.
DAVID: BECAUSE THEY DON'T HAVE
THE ECONOMY OF SCALE, THE BIGGER
COMPANIES HAVE ECONOMY OF SCALE.
THEY CAN DO IT.
YOU WOULD ESSENTIALLY CREATE
THAT ECONOMY OF SCALE BY
ALLOWING SMALLER BUSINESSES TO
POOL WITH EACH OTHER, TO HAVE A
SO SECRETARY ACOSTA FROM LABOR
VERY HARD AT THE PRESIDENT'S
PLANS, HOW THEY WILL OPERATE.
WE WANT TO MAKE SURE THAT
EMPLOYERS WHO ARE IN THIS POOL
AREN'T PENALIZED BY TREASURY OR
BY SOCIAL SECURITY, IF ONE
MEMBER OF THE POOL DOESN'T DO
THE PROPER REPORTING.
HERETOFORE THAT COULD BE A
PENALTY.
NOW UNDER THIS PLAN, THAT WILL
NOT BE A PENALTY.
DAVID: YEAH.
>> THEY WILL GET THEIR
DEDUCTIONS, THE PLANS STILL GO
FORWARD.
BECAUSE IN THE TIGHT LABOR
MARKET WE HAVE NOW, SMALL
BUSINESSES NEED TO COMPETE WITH
THEIR BENEFITS AS WELL.
DAVID: ABSOLUTELY.
THERE ARE SHORTAGES OF LABOR ALL
SITUATION.
BUT IT'S A PROBLEM FOR A LOT OF
SMALL BUSINESSES.
LET ME TALK GENERALLY, WE TALK A
LOT ABOUT CORPORATE PROFITS IN
THE MARKETS, ET CETERA, BUT THE
EXPANSION THAT WE'RE IN IN THE
MIDDLE OF, ECONOMIC EXPANSION
CORPORATIONS NOT AS MUCH HOW IT
AFFECTS SMALL BUSINESSES.
YOU GO AROUND THE COUNTRY DEAL
WITH THEM ALL THE TIME, WHAT IS
EFFECT EXPANSION IS HAVING ON
SMALL BUSINESSES IN THE U.S.?
>> SMALL BUSINESSES ARE GROWING.
WE HAVE MORE ENTREPENEURS
CUTS, BEING ABLE TO WRITE OFF
THIS IS A BIG BOON TO SMALL
BUSINESSES.
WHEN I TALKED TO THEM, HOW IS
CUSTOMERS HAVE MORE MONEY IN
THEIR POCKET.
THEY'RE BUYING MORE GOODS AND
SERVICE IS.
SO IT IS A WIN-WIN FOR SMALL
ABLE TO BRING ON, PROBABLY IN
ABOUT A YEAR, THIS WILL MAKE
ANOTHER BIG DIFFERENCE FOR SMALL
BUSINESSES.
DAVID: AS YOU KNOW, WE'RE IN THE
MIDDLE OF ALL THESE TRADE
NEGOTIATIONS.
WE JUST FINISHED A DEAL WITH
MEXICO.
THE WEEKEND TO SEE WHAT HAPPENS
BUT IS THERE A CONCERN ON THE
PART OF SMALL BUSINESS ABOUT
TRADE TARIFFS AND POSSIBLE
NEGATIVE CONSEQUENCES OF THESE
TRADE DEALS?
>> SURELY THERE IS SOME CONCERN
FOR SMALL BUSINESSES ON A
SHORT-TERM BASIS BECAUSE OF
TARIFFS BUT THE AGAIN THE SMALL
BUSINESSES TALKED TO ME AND I
BELIEVE IN THIS PRESIDENT AND I
CAN SEE THE LONG-TERM GAINS FOR
MY COMPANY.
SO WE'LL STICK TRUE TO THE
COURSE.
BUT THEY HAVE ALSO TOLD ME, BUT
ON THE OTHER SIDE, THE TAX CUTS,
IT IS A IS A LITTLE BIT WHAT I
SAID BEFORE.
DAVID: THEIR CUSTOMERS.
THEIR BUSINESSES ARE DOING WELL.
IN FACT SOME OF THE SMALL
BUSINESSES TELL ME THEIR
REVENUES ARE INCREASING EVEN IN
LIGHT OF SOME OF THE TARIFFS IN
PLACE.
DAVID: WE SHOULD MENTION BY THE
WAY, THIS WEEK WE GOT NEWS THAT
MEDIAN HOUSEHOLD INCOME IS UP 4%
SINCE THE ELECTION AS OPPOSED TO
IT BEING FLAT OVER THE PREVIOUS
TWO YEARS BEFORE THE ELECTION.
THERE IS A LOT MORE POCKET
CHANGE.
>> WAGES ARE UP.
DAVID: WAGES ARE UP.
>> WAGES INCREASED TOO.