THE DAY, TAKING SOME GAINS OF PROFITS HEADING FOR THE WEEKEND.
CONNELL: THANK YOU.
MELISSA: HERE NOW FOR MORE
PERSPECTIVE ON THE JOBS REPORT.
THOMAS PHILLIPS IN THE WHITE
HOUSE COUNSEL OF ECONOMIC
ADVISORS.
ADVISORS. THANK YOU SO MUCH FOR JOINING
US.
US. I HAVE HEARD LARRY KUDLOW SAY
WHOLE BUNCH OF TIMES THIS IS A
BLUE-COLLAR BOOM AND WHEN YOU
LOOK INSIDE THE NUMBERS EVEN
WAGES FOR PRODUCTION WORKERS
RISING AT DOUBLE THE PACE THAN
THEIR MANAGERS.
THEIR MANAGERS. IF YOU LOOK AT THE FEDERAL
RESERVE, WAGES AT THE BOTTOM 25%
ARE GROWING FASTER THAN THE TOP
25%.
25%. IS THERE A PART OF THE ECONOMY
THAT THE PRESIDENT WOULD LIKE TO
TARGET NEXT?
TARGET NEXT? >> WE ARE VERY, VERY HAPPY WITH
WHEREWHAT IS GOING ON RIGHT NOW.
THIS IS REALLY A LABOR MARKET OF
A LIFETIME IF YOU THINK ABOUT
IT.
IT. WE HAVE BROKEN A BUNCH OF
RECORDS IN 2019 AND WERE
CURRENTLY ACCELERATING OUT OF
THOSE RECORDS WITH THE JOB
REPORT.
REPORT. WHAT WAS NICE ABOUT THIS REPORT
IS CONFIRMING FOR MULTIPLE
SOURCES THAT WE HAD A
BLOCKBUSTER JANUARY BEHIND US.
ONE WAS OBVIOUSLY THE GOVERNMENT
DATA COMING OUT TODAY BUT EVEN
THE PRIVATE DATA COMING OUT A
COUPLE DAYS AGO AND UNEMPLOYMENT
INSURANCE IS HITTING ROCK
BOTTOM, ALL OF THOSE IN THE
GOVERNMENT DATA, ALL FOUR MAJORS
INDICATING THIS WAS AN EXTREMELY
ROBUST JANUARY.
ROBUST JANUARY. >> IN SPITE OF THE NUMBERS IN
THE DATA YOU HEARD DEMOCRATS
THAT ARE RUNNING AGAINST THE
PRESIDENT SAY THAT THEY WANT AN
ECONOMY THAT WORKS FOR EVERYBODY
THAT THIS IS ONLY FOR THE RICH
AND EVEN THOUGH, I DON’T KNOW
DEMOCRATS DON’T LIKE TO DO
NUMBERS, I THINK THEY THINK MATH
IS A MYTH.
IF YOU LOOK AT THE NUMBERS, THEY
CONTINUE TO SAY IT, HOW DO YOU
COUNTER THAT MESSAGE.
>> THE MESSAGE IS, THERE WAS A
TAX CUT FOR THE RICH.
THEY’RE BASICALLY OFF AND THE
DATA FROM WHAT THE DATA IS
TELLING YOU ON BOTH FRONTS.
THE TAX CUTS DID NOT REDUCE
REVENUE ACCORDING TO THEIR OWN
DATA WERE FINDING OUT NOW.
THE SECOND THING WELL THEN
EQUALITY IS FALLING.
AND YOU SEE THIS IN TODAY’S JOBS
NUMBERS WHICH WAS 44000 NEW
CONSTRUCTION JOBS.
CONSTRUCTION JOBS. THE REASON THEY ARE THERE IS
ESSENTIALLY BECAUSE WE HAVE A
HOUSING BOOM GOING ON WITH
ENORMOUSLY BENEFITING MIDDLE
INCOME PEOPLE BECAUSE THEY ARE
THE MAIN WEALTH COMPONENT IS
HOUSING INC. PENSION.
AND THEY HAVE GROWN AND WELL FAR
FASTER THAN THE ONE PER CENTERS.
WHICH REVERSES EQUALITY.
>> YOU MENTIONED INCOME
INEQUALITY AND I KNOW I PAY MORE
TAXES NOW THAN BEFORE.
NOT VERY EXCITING BUT I LIVE IN
THAT COUNTRY NEW YORK.
MEDIUM INCOME UNDER PRESIDENT
OBAMA FELT ALMOST A WHOLE TIME
FOR THE ENTIRE EIGHT YEARS.
IT ROSE BY ONLY $1000.
MEDIUM INCOME IN THE TRIPLE
ADMINISTRATION IS ALMOST UP
$4500 MORE THAN FOUR TIMES WHAT
IT WAS DURING THE ENTIRE OBAMA
ADMINISTRATION.
ADMINISTRATION. ARE YOU THINKING ABOUT ANOTHER
TAX CUT BY ANY CHANCE?
HOW DO YOU KEEP THAT GOING FROM
HERE?
HERE? SOME PEOPLE SAY WERE DUE FOR
RECESSION, THIS IS THE LONGEST
EXPANSION THAT WE HAVE SEEN,
MAYBE A TAX CUT WOULD KEEP GOING
WHAT DO YOU THINK?
>> THEY SAID THAT IN AUGUST 2019
THAT WE WERE GOING TO HAVE A
RECESSION.
RECESSION. THEY SAY THAT THE DAY THE
PRESIDENT GOT ELECTED.
AND OBVIOUSLY PEOPLE SAY THAT
DON’T UNDERSTAND WHAT WAS
COMING.
COMING. I THINK THAT IS PRETTY CLEAR
WHAT HAS HAPPENED SINCE.
MELISSA: WE HEARD LARRY KUDLOW
AND OTHERS TALK ABOUT A TAX TAX
OR SOMETHING THAT WOULD BE
TARGETED TO THE MIDDLE CLASS TO
DRIVE HOME THE POINT THAT IS WHO
THIS IS ALL ABOUT IS THERE MORE
TALK ABOUT THAT?
>> WE’RE DELIBERATING ON THAT
FOR SURE.
FOR SURE. ALL THE ECONOMIC UNITS BOTH CSEA
AND TREASURY AND OTHERS ARE
DELIBERATING ON IT, I DON’T WANT
TO FRONT LINE THAT PROCESS BUT
THERE’S SOMETHING THAT CERTAINLY
WILL COME UP WITH DURING THE