GOOD THINGS HAPPEN LIKE THE
MARKET.
THE QUESTION IS, HOW LONG WILL
THAT HAPPEN?
EUGENE A SAW LEE YA JOINS --
SCALIA JOINS US NOW.
SECRETARY, GOOD TO HAVE YOU.
OUR DEBT HAS GOTTEN A WHOLE TO
LOT WORSE, BUT OUR MARKETS
THROUGH VARIOUS ADMINISTRATIONS
HAVE CONE A WHOLE LOT BETTER --
DONE A WHOLE LOT BETTER.
AND I’M WONDERING, IS IT THE
MARKET’S WAY OF IGNORING THIS,
OR ARE THEY ON A VERY, VERY
SHORT LEASH DOING THAT?
>> WELL, WE IN A LOT OF
RESPECTS, NEIL, HAVE ENJOYED A
STRONG ECONOMY EVEN THROUGH
COVID.
OBVIOUSLY, COVID INITIALLY HAD
JUST A TERRIBLE IMPACT ON JOB
MARKETS, BUT THEY BEGAN COMING
BACK QUICKLY IN MAY OF 2020, AND
THERE’S BEEN A LOT OF VERY
VIBRANT SIGNS THROUGHOUT THE
ECONOMY.
I DO THINK THAT THERE ARE LIKELY
HEADWINDS AHEAD NOT BECAUSE OF
THE DISPUTE OVER THE DEBT, BUT
ALSO THE CHANGED REGULATORY THE
POLICIES, CHANGED TAX POLICIES
THAT THIS PRESIDENT SAYS HE
WANTS TO PURSUE COMPARED TO WHAT
THE PRESIDENT DID.
I THINK THAT WILL HAVE IMPACTS
ON OUR ECONOMY AND OUR MARKET
ASSUMING THOSE PLANS GO FORWARD.
NEIL: YOU KNOW, WE HAD
DISAPPOINTING NEWS ON THE JOBS
FRONT, ONLY 194,000 ADDED TO THE
ECONOMY LAST MONTH, SECRETARY,
AND YET I KEEP READING ABOUT
THESE 11 MILLION JOBS THAT ARE
AVAILABLE.
SO WHY WITH 11 MILLION JOBS
AVAILABLE DID ONLY 194,000
AMERICANS TAKE EMPLOYERS UP ON
IT?
>> IT’S A WEIRD JOB MARKET RIGHT
NOW, NEIL.
THERE’S A COUPLE OF THINGS GOING
ON.
WE KNOW THE DELTA VARIANT WAS A
SIGNIFICANT FACTOR BOTH THOSE
MONTH, IT WAS THE PEAKING.
THERE ARE CLEARLY OTHER THINGS
GOING ON, SOMETHING, NEIL, YOU
AND I HAVE TALKED ABOUT BEFORE
IS THIS VARIES A LOT STATE BY
STATE.
TWO OF OUR LARGEST, OUR MOST
REGULATORY, OUR HIGHEST TAX
STATEMENTS, CALIFORNIA AND NEW
YORK, THEY ARE STRUGGLING
PUTTING PEOPLE BACK TO WORK.
SO I THINK THAT’S AFFECTING THE
NATIONAL PICTURE.
AND I ALSO DO BELIEVE THAT
EARLIER THIS YEAR PRESIDENT
BIDEN PUT IN PLACE SORT OF
RECESSIONARY PROGRAMS TO ADDRESS
THE ECONOMY THAT WAS BOOMING.
FINISH SO THOSE INCREASED
UNEMPLOYMENT BENEFITS, OTHER
GENEROUS BENEFITS WERE MADE
AVAILABLE.
THAT DID KEEP SOME PEOPLE ON THE
SIDELINES.
THOSE PROGRAMS, AT LEAST THE
UNEMPLOYMENT ONE, EXPIRED EARLY
IN SEPTEMBER, SO I THINK WE’LL
SEE MORE PEOPLE COME BACK, BUT
IT’S A WEIRD JOB MARKET.
THERE ARE OTHER THINGS GOING ON.
WE DO NEED MORE PEOPLE
PARTICIPATING IN THE WORKPLACE.
NEIL: YOU KNOW, THE FORMER
PRESIDENT, YOUR FORMER BOSS, IS
GOING TO BE IN IOWA TODAY.
HE’S ALL BUT CAMPAIGNING, IT
WOULD SEEM, FOR PRESIDENT IN
2024 AND KEEPING OTHERS AT BAY
IN THE PARTY.
WHAT DO YOU THINK OF THAT?
>> YOU KNOW, WE’RE OBVIOUSLY
YEARS AWAY FROM THAT ELECTION,
NEIL.
IT’S -- HE’LL GIVE THOUGHT TO
THE APPROPRIATE NEXT STEP.
THERE ARE OTHERS IN THE
REPUBLICAN FIELD WHO ARE
CONSIDERING IT, AND WE’LL SEE
WHERE WE GO.
IT’S, AS I SAY, A LONG WAY OFF,
BUT CERTAINLY HIS RIGHT TO RUN
AGAIN.
I THINK HE WON’T BE BROADCASTING
HIS DECISION FOR SOME TIME.
NEIL: THE ENVIRONMENT THOUGH
DOES MAKE A RUN OR REPUBLICAN
RUN -- PART OF ANY PROMINENT
REPUBLICAN -- ENTICING BECAUSE
THIS PRESIDENT’S POLL NUMBERS
LOOK SO BAD, 38% APPROVAL
RATING.
THAT’S FOR THE TIME BEING.
THOSE NUMBERS AND OFTEN DO --
CAN AND OFTEN DO CHANGE.
RONALD REAGAN DIDN’T LOOK
REELECTABLE TWO YEARS INTO HIS
PRESIDENCY, BUT PART OF THIS IS
BUILT ON THE BLEACH THAT WE’VE
GOT A SLOWDOWN -- BELIEF THAT
WE’VE GOT A SLOWDOWN, MAYBE A
BUMPY ONE, SOME ARE SAYING
STAGFLATION.
DO YOU WORRY ABOUT THAT?
>> I DO WORRY ABOUT INFLATION.
I THINK THE POLICIES THAT HAVE
KEPT MORE WORKERS ON THE
SIDELINES HAVE FORCED COMPANIES
TO PUSH WAGES UP.
NOW, WE WANT HIGHER WAGES, WE
WANT WAGE GROWTH, BUT NOT IF
THEY’RE RESULTING FROM
COMPETITION WITH GOVERNMENT
LARGESS.
SO I THINK THAT’S A PROBLEM.
AND, NEIL, THE LARGER PROBLEM,
IT’S BEEN REMARKED ON A LOT,
IT’S A PLAIN ONE WHICH IS SIMPLY
THAT PRESIDENT BIDEN RAN AS A
MODERATING INFLUENCE.
HE SCARCELY HAS CONTROLLED THE
SENATE, VERY CLOSE IN THE HOUSE,
BUT HE’S TRYING TO GOVERN AS A
FAR MORE PROGRESSIVE PERSON THAN
HE RANCH AGAIN, HIGH TAXES, HIGH
REGULATION, AND I THINK THAT’S
DISAPPOINTED A LOT OF AMERICANS,
AND I THINK THAT’S WHAT’S
AFFECTING IT.
NEIL: WE SHALL SEE IS.
SECRETARY THE, ALWAYS A
PLEASURE.
HAVE A SAFE WEEKEND.