>> John: TIMING NOT GREAT ON
THIS WITH CHRISTMAS COMING UP.
SOME POSITIVE TALK, THOUGH, OUT
OF WASHINGTON WITH MILLIONS OF
AMERICANS DESPERATE FOR HELP
DURING THE PANDEMIC.
HOUSE SPEAKER NANCY PELOSI
SAYING BOTH SIDES NEED TO GET A
DEAL DONE WITH THE CLOCK TICKING
ON THIS CONGRESS.
>> THERE IS MOMENTUM.
THERE IS MOMENTUM, WITH THE
ACTION IN THE SENATE, HOUSE
MEMBERS IN A BIPARTISAN WAY HAVE
TAKEN WITH THEM.
WE WILL TAKE THE TIME WE NEED
AND WE MUST GET IT DONE AND WE
MUST GET IT DONE FOR BELIEF.
>> John: LET’S BRING IN
WHITE HOUSE SENIOR ECONOMIC
ADVISOR LARRY KUDLOW ON THE
NORTH LAWN, WHERE I TYPICALLY
AM.
GOOD TO SEE YOU THERE.
WHERE IS ALL OF THIS HEADING
WITH THE CORONAVIRUS RELIEF
BILL?
$908 BILLION HAS BEEN TALKED
ABOUT.
DEMOCRATS COMING DOWN OFF THEIR
$2.1 TRILLION DEMAND BUT AS WE
KNOW, WHEN YOU GET TO
NEGOTIATIONS, THESE THINGS
ALWAYS TEND TO CROP UP.
>> THERE IS NOTHING HOLY ABOUT
THESE TOP-DOWN NUMBERS, LET ME
JUST SAY THAT.
I’M GLAD THEY ARE CLOSER.
AS SENATOR McCONNELL SAID,
HE’S NOT READY TO SIGN ONTO THE
PACKAGE.
I THINK THE INDIVIDUAL POLICIES,
JOHN, AND THE TARGETED POLICIES
ARE WHAT REALLY COUNTS.
THERE SHOULD BE ADDITIONAL
ASSISTANCE TO SMALL BUSINESS,
THE PPE PROGRAM.
I THINK THERE SHOULD BE
ASSISTANCE FOR UNEMPLOYMENT.
WE’VE ALWAYS BACKED THAT.
THERE SHOULD BE ASSISTANCE FOR
STATES IF IT’S COVID RELATED,
SCHOOL, K-12.
THOSE ARE AREAS.
THERE’S GOT TO BE IMPROVEMENT ON
THE LIABILITY SHIELD, WHICH IS
IMPORTANT.
McCONNELL HAS TALKED ABOUT
THAT AND PRESIDENT TRUMP
CERTAINLY DOES, AND THOSE THINGS
HAVE YET TO BE DETERMINED.
IT’S NOT SO MUCH THE TOP-DOWN
NUMBER.
LET ME MAKE THIS POINT.
YOU GAVE THE READ AND ON THE
CALIFORNIA SHUT DOWN
RESTRICTIONS.
WITH RESPECT TO MY FRIEND GAVIN
NEWSOM, AND HE IS A FRIEND, I
THINK THAT THIS IS A MISTAKE.
WE BELIEVE AND ARE EXPERTS
BELIEVE WE SHOULD KEEP
BUSINESSES OPEN AND WE SHOULD
KEEP SCHOOLS OPEN AND WITH
RESPECT TO THE ICU MEASUREMENT,
WHICH IS NOT SOMETHING WE HAVE
HEARD MUCH ABOUT, OUR CDC PEOPLE
AND SO FORTH, WE HAVE TEAMS THAT
CAN GO IN AND TAKE CARE OF ANY
ISSUES REGARDING HOSPITALS
AND/OR EQUIPMENT.
WE CAN TARGET THOSE AREAS.
I’M NOT GOING TO SAY NO
RESTRICTIONS AT ALL, ANYPLACE,
BUT NONETHELESS, HE DON’T WANT
TO END BUSINESSES, DON’T WANT TO
THROW MORE PEOPLE OUT OF WORK.
IT DOESN’T WORK, BY THE WAY.
MASKING AND HYGIENE, JOHN.
THOSE OF THE WAYS TO DEAL WITH
THIS AND OUR TEAM CAN TARGET IT
AND LOOK, HELP IS ON THE WAY!
I MEAN --
>> John: WE WILL BE TALKING
MORE ABOUT WHAT TO DO WITH
JEROME ADAMS, THE SURGEON
GENERAL, COMING UP.
>> VACCINE IS WEEKS AWAY, JOHN!
THE VACCINE IS WEEKS AWAY.
>> John: THERE IS A LIGHT AT
THE END OF THE TUNNEL, AND A
QUESTION.
IT’S JUST A QUESTION OF HOW LONG
THAT TUNNEL REALLY IS.
245,000 JOBS ADDED.
UNEMPLOYMENT DROPPED TO 6.7%.
PART OF THE REASON A DROP EVEN
THOUGH FEWER JOBS WERE ADDED,
WAS BECAUSE SOME PEOPLE LEFT THE
WORKFORCE.
BUT WHEN YOU LOOK AT THIS
NUMBER, WHICH JOE BIDEN SAYS IS
"DIRE," IS THAT GOING TO GET
WORSE IF WE HAVE BIG STATES LIKE
CALIFORNIA SHUTTING DOWN?
>> THERE IS A RISK OF THAT, I
CAN’T DENY IT.
WE HAVEN’T SEEN MUCH RESTRAINT
YET BUT THERE IS A RISK AND I
THINK YOU ARE GOING TO GET A
SPIKE IN THE VIRUS OVER THE
HOLIDAYS BUT AGAIN, TODAY’S
NUMBER, 6.7% UNEMPLOYMENT IS A
HECK OF A GOOD NUMBER.
BECAUSE EVERYONE IS LEAVING THE
LABOR FORCE.
THAT IS NOT TRUE.
IF YOU LOOK AT THE HOUSEHOLD
NUMBER, THERE IS SOMETHING LIKE
480,000 PRIVATE JOBS WERE ADDED.
480 SOMETHING THOUSAND PRIVATE
JOBS.
THAT IS VERY HEALTHY AND LET ME
ADD ALL THE MINORITY GROUPS,
AFRICAN-AMERICANS, HISPANIC,
ASIAN, THEY HAD THE BIGGEST DROP
IN UNEMPLOYMENT AND WOMEN HAD A
HUGE DROP IN UNEMPLOYMENT AND IF
YOU LOOK AT THE WHOLE
INFORMATION FROM THE ECONOMY,
RETAIL SALES ARE STRONG, AUTO
SALES, CAPITAL GOODS, DURABLE
GOODS ARE STRONG, AND I’VE GOT
ONE FOR YOU, THIS BEING THE
HOLIDAY SEASON, ONE OF WALL
STREET’S TOP ECONOMISTS SURVEYS
ALL CHRISTMAS TREE COMPANIES
AROUND THE COUNTRY AND THROUGH
NOVEMBER, THAT IS UP 29% YEAR ON
YEAR.
SO CHRISTMAS TREE PURCHASES ARE
BOOMING.
THAT’S A GREAT INDICATOR.
>> John: WHEN PEOPLE ARE
STAYING HOME THEY WANT SOMETHING
TO BRIGHTEN UP THE SEASON.
LARRY, WE WILL SEE IF THE
ECONOMIC NUMBERS DO HOLD BUT
THERE DO SEEM TO BE SIGNS.
THE ECONOMY MIGHT BE STOPPING,
SO WE WILL SEE WHERE THIS GOES.
HOW LONG THE TUNNEL IS.
>> JOBS OF THE TOUGHEST NUT.
WE HAVE LOWERED UNEMPLOYMENT BY
HALF.
I DON’T DENY IT.
IT IS MORE WORK TO BE DONE AND
IF WE DO HAVE TARGETED
ASSISTANCE WE SHOULD HELP THOSE
FOLKS.
THERE’S MORE HARDSHIP, I AGREE
WITH THAT.
BUT ON THE HOLE, IT IS A
V-SHAPED RECOVERY.
I STAND BY THAT AND I THINK THE
DATA SHOW THAT.