>>> WELCOME BACK. THE PRESIDENT TOOK TO THE PODIUM
THIS WEEKEND TO BRAG ABOUT THE
ECONOMIC ACHIEVEMENTS OF HIS
ADMINISTRATION.
ADMINISTRATION. TALKING ABOUT EVERYTHING FROM
LOW UNEMPLOYMENT, WAGES, AND
TRADE DEFICITS.
TRADE DEFICITS. LET’S TAKE A CLOSER LOOK AT SOME
OF HIS CLAIMS.
>> OKAY.
>> OKAY. >> ALI, THE PRESIDENT IS
FANTASTIC AT SELLING THE
ECONOMY.
ECONOMY. >> YEAH.
>> YEAH. >> HE’S GREAT AT IT.
AND BUSINESSES LARGE AND SMALL
FEEL GOOD ABOUT HIS PRO BUSINESS
POLICIES.
POLICIES. >> APPARENTLY ON FREUD HE WAS
GOOD AT LYING.
THINGS ARE GOOD ECONOMICALLY,
BUT THE PRESIDENT CAN’T HELP
HIMSELF WHEN IT COMES TO SOME
LYING.
LYING. LET’S LISTEN.
LET’S LISTEN. >> WE’VE ACCOMPLISHED AN
ECONOMIC TURN AROUND OF HISTORIC
PROPORTIONS.
PROPORTIONS. >> ALL RIGHT.
NOT SURE WHAT TURN AROUND HE’S
REFERRING TO.
REFERRING TO. THE PRESIDENT INHERITED AN
ALREADY BOOMING ECONOMY.
THE U.S. ECONOMY IS NOW IN ITS
10th YEAR OF GROWTH.
10th YEAR OF GROWTH MARKED BY
FALLING UNEMPLOYMENT AND GAINS
IN HOME VALUES.
THESE ARE TRENDS.
YOU CAN LOOK UP CHARTS.
IT’S NOT A TURN AROUND.
THIS IS A PERIOD OF RECOVERY
THAT BEGAN UNDER PRESIDENT OBAMA
IN THE WAKE OF A MAJOR
RECESSION.
RECESSION. YOU CAN DATE IT BACK TO
MARCH 9TH OF 2009.
>> I AM THRILLED TO ANNOUNCE
THAT IN THE SECOND QUARTER OF
THIS YEAR THE UNITED STATES
ECONOMY GREW AT THE AMAZING RATE
OF 4 .1%.
OF 4 .1%. >> WELL, HE’S CORRECT.
IT WAS 4 .1 % FOR THE SECOND
QUARTER, BUT THAT’S NOT UNHEARD
OF.
OF. TAKE A LOOK AT THIS.
THIS LINE HERE IS 4 %.
HE POPPED ABOVE 4.1% THIS
QUARTER.
QUARTER. THE UNITED STATES ACTUALLY SAW
STRONGER QUARTERLY INCREASES
FOUR TIMES DURING PRESIDENT
OBAMA’S TERM.
OBAMA’S TERM. >> AND WITH THE HELP OF
REPUBLICANS IN CONGRESS, WE
PASSED WITHOUT ONE DEMOCRAT
VOTE, THE BIGGEST TAX CUTS IN
REFORM IN OUR HISTORY.
>> WE TALKED ABOUT THIS ONE
BEFORE, MR. PRESIDENT.
PRESIDENT TRUMP’S TAX CUT IS THE
FOURTH BIGGEST AS A PERCENTAGE
OF GDP.
OF GDP. THAT’S HOW YOU MEASURE THEM.
THE LATEST ROUND OF TAX CUTS WAS
SMALLER THAN OBAMA’S 2010 TAX
CUTS AS A PROPORTION OF GDP, THE
2013 TAX CUTS AND DOESN’T HOLD A
CANDLE TO REAGAN’S TAX RECOVERY
ACT OF 1981 WHICH WAS THE
LARGEST TAX BILL IN THE LAST 100
YEARS.
YEARS. >> WE HAVE ADDED 3.7 MILLION NEW
JOBS SINCE THE ELECTION.
A NUMBER THAT IS UNTHINKABLE IF
YOU GO BACK TO THE CAMPAIGN.
>> OKAY.
>> OKAY. THE PRESIDENT’S CLAIM THAT
3.7 MILLION JOBS IS UNTHINK ABLE
EXCEPT THAT THE FIGURE IS ON
PACE WITH THE LAST FEW YEARS OF
THE OBAMA MARK.ADMINISTRATION.
THIS IS THE AVERAGE FOR THE
TRUMP ADMINISTRATION.
TRUMP ADMINISTRATION. THIS IS THE AVERAGE OVER THE
LAST FEW YEARS OF THE OBAMA
ADMINISTRATION.
ADMINISTRATION. OBAMA CREATED MORE JOBS IN THE
LAST 18 MONTHS THAN TRUMP IN THE
FIRST 18 MONTHS.
THEN THE PRESIDENT MOVED ONTO
WAGES.
WAGES. >> MANUFACTURING WAGES ARE
EXPECTED TO RISE AT THE FASTEST
RATE IN OVER 17 YEARS.
>> NOW, THIS ONE HAD ME
SCRATCHING MY HEAD.
WE COULDN’T FIGURE OUT THE
SOURCE.
SOURCE. WE FINALLY DID.
IT SOUNDS GREAT.
IT’S ACTUALLY BASED ON A SURVEY
OF MANUFACTURERS, NOT ANY
ECONOMIC DATA.
ECONOMIC DATA. IT’S HARD TO BELIEVE CONSIDERING
WAGE GROWTH HAS ACTUALLY SLOWED.
THIS WAS WAGE GROWTH IN THE
TRUMP ADMINISTRATION.
TRUMP ADMINISTRATION. THIS WAS WAGE GROWTH IN THE
OBAMA ADMINISTRATION.
OBAMA ADMINISTRATION. IT HAS SLOWED SIGNIFICANTLY
UNDER PRESIDENT TRUMP’S
ADMINISTRATION.
ADMINISTRATION. THE WHOLE THING IS A LITTLE BIT
OF A PUZZLEMENT.
>> AND WHEN PEOPLE TALK ABOUT
WAGES IN SOME INSTANCES BEING
HIGHER, THOSE ARE WERE HIGH
SKILLED JOBS.
SKILLED JOBS. THE LOW WAGE JOBS WHICH,
REMEMBER, THAT’S WHERE --
>> THAT’S WHERE THE PROBLEM IS.
>> IT’S WHERE IT WAS DURING THE
OBAMA ADMINISTRATION.
OBAMA ADMINISTRATION. IT’S WHERE IT REMAINS.
JOINING US SAM COLLINME LANDER.
>> HE’S THE BUDGET GUY.
>> HE IS.
>> HE IS. IS CURRENT STRENGTH OF THE
ECONOMY.
ECONOMY. IS IT A SIGN PRESIDENT TRUMP’S
POLICIES ARE WORKING? WHEN HE
SAYS IT’S A TURN AROUND, WE MADE
IT CLEAR THERE WAS NO TURN
AROUND.
AROUND. IT’S TRUE --
>> IT’S NICE HE HASN’T MESSED IT
UP.
UP. >> HOLD ON.
HIS PRO BUSINESS POLICIES AND
HIS PLANS TO DEREGULATE IS A
POSITIVE IF YOU TALK TO THE MESH
AMERICAN BUSINESS PEOPLE, BUT
THE AMERICAN WORKER IS NOT
SAYING THAT.
SAYING THAT. >> PEOPLE AROUND THE COUNTRY ARE
NOT TALKING ABOUT THE ECONOMY
BECAUSE AS YOU SUGGESTED, THE
BENEFITS OF THE TRUMP PLANS ARE
NOT REACHING REACHING THE
AVERAGE WAGE WORKER, NOT
REACHING THE MIDDLE CLASS.
IT’S WHY DEMOCRATIC WAVE SEEMS
TO BE GETTING BIGGER, NOT
SMALLER.
SMALLER. >> STAN, 4.1%, QUARTERLY
ECONOMIC GROWTH.
ECONOMIC GROWTH. IT’S QUARTERLY GROWTH SPREAD OUT
OVER THE YEAR.
IT’S GOOD.
IT’S GOOD. IT’S NOT AS AMAZING AS THE
PRESIDENT CLAIMED.
PRESIDENT CLAIMED. WHY IS IT THAT ECONOMISTS, WHEN
TALKING ABOUT THE ECONOMY, DON’T
GENERALLY USE THE QUARTERLY
NUMBER TO MEASURE GDP GROWTH?
>> IT’S LIKE LOOKING AT A BATTER
WHEN WENT 4 FOR 4 LAST NIGHT AND
DECIDING HE’S GOING TO HAVE THIS
PHENOMENAL YEAR.
PHENOMENAL YEAR. IT’S ONLY ONE GAME.
THIS IS ONLY ONE QUARTER.
BESIDES IF YOU LOOK AT GOLDMAN
SACHS, THEY’RE NOT SAYING THIS
IS SUSTAINABLE.
IS SUSTAINABLE. DESPITE THE PRESIDENT SAYING
WE’RE GOING TO DO BETTER THAN
THIS, ALL THE FORECASTS BY
REPUTABLE ECONOMISTS ARE SHOWING
IT’S GOING TO GET WORSE, NOT
BETTER AND THIS 4.1% IS THE
RESULT OF ONE-TIME SUGARCOATED
KIND OF MEDICINE AS OPPOSED TO
SOMETHING THAT’S GOING TO BE
SUSTAINABLE AND CONTINUE OVER A
PERIOD OF TIME.
>> IN LARGE PART CAUSED BY THAT
SURGE IN SOYBEAN EXPORTS BECAUSE
WE KNEW --
>> THE WORLD WANTS MORE
SOYBEANS?
SOYBEANS? >> WE KNEW MORE TARIFFS WERE
COME, MR. SASSE.
HE TAKES EVERY OPPORTUNITY TO
TALK ABOUT LOW UNEMPLOYMENT BUT
NORMALLY LOW UNEMPLOYMENT --
>> MEANS BETTER WAGES.
>> IS COUPLED WITH BETTER WAGES.
THERE WAS THIS IDEA THAT TAX
CUTS WOULD LEAD TO BETTER WAGES.
WHERE ARE THEY?
>> THEY’RE NOWHERE, ACTUALLY.
IN FACT, YOU SHOWED A VARIETY OF
CHARTS THAT WOULD INDICATE THE
AVERAGE WORKER IS NOT DOING ANY
BETTER.
BETTER. WAGE GROWTH IS NOT AS HIGH AS IT
SHOULD BE OR WOULD BE EXPECTED
AT THIS PARTICULAR MOMENT.
MORE IMPORTANTLY, NO EXPECTATION
THAT IT’S GOING TO GET BETTER.
THAT IS THAT IS THAT WAGES ARE
NOT GOING TO BE RISING.
CORPORATIONS DON’T SEEM TO WANT
TO PAY WHAT IT TAKES TO GET
ADDITIONAL WORKERS.
ADDITIONAL WORKERS. PART OF THIS HAS TO DO WITH
TECHNOLOGY.
TECHNOLOGY. PART OF IT HAS TO DO WITH GREED
ON THE PART OF THE CORPORATIONS.
SO WE’RE ACTUALLY NO PLACE.
AND FOR THE AVERAGE WORKER IT’S
NOT JUST WAGES.
IT’S THAT INTEREST RATES ARE
RISING.
RISING. INFLATION.
INFLATION. YOU HAVE GOT A VARIETY OF THINGS
THAT ARE MAKING IT MORE
DIFFICULT TO LIVE DAY-TO-DAY
THAN IT IS TO MAKE IT EASIER.
>> STAN, WE HAVE 30 SECONDS.
THE PRESIDENT TWEETED ABOUT A
SHUTDOWN AGAIN.
SHUTDOWN AGAIN. A LOT OF PEOPLE IGNORE IT WHEN
HE TWEETS ABOUT IT.
TALK TO ME ABOUT THE LIKELIHOOD
OF A SHUTDOWN.
WE’VE HEARD IT TALKED ABOUT IN
THE LAST 24 HOURS.
>> THANK YOU FOR ASKING.
I THINK THE CHANCES OF A
SHUTDOWN ARE 60%.
NOTHING THAT’S HAPPENED OVER THE
LAST WEEK, INCLUDING THE
PRESIDENT’S MEETING WITH PAUL
RYAN AND MITCH McCONNELL.
AND THIS TWEET WILL CHANGE THAT.
THE PRESIDENT IS GOING TO LOOK
AT THIS AS HIS LAST-DITCH EFFORT
TO GET MONEY FOR HIS WALL IF HE