FUTURE HOLDS.
>> MARIA: IT'S A SCARY SIGHT,
ACTUALLY.
WE'RE GOING TO TALK ABOUT THAT
COMING UP.
OUR TOP STORY RIGHT NOW, LAYING
OUT AN ECONOMIC ROAD MAP.
THE TRUMP ADMINISTRATION WILL
RELEASE A REPORT ON THE ECONOMY
TODAY, INCLUDING ANALYSIS ON
FISCAL AND MONETARY POLICY AS
WELL AS THE POE THE TEN
WELL AS THE POT THE TEN
WELL AS THE POTENHE TEN
WELL AS THE POTENTI TEN
WELL AS THE POTENTIALEN
WELL AS THE POTENTIAL I'M PACT
ON
IMPACT ONCONSUMER SPENDING AND I
IMPACT ONCONSUMER SPENDING AND F
IMPACT ONCONSUMER SPENDING AND A
IMPACT ONCONSUMER SPENDING AND I
IMPACT ONCONSUMER SPENDING AND N
IMPACT ONCONSUMER SPENDING AND .
THERE WAS A REPORT THAT WAS
COMPILED THAT WILL BE DISCUSSED
WITH THE PRESIDENT LATER THIS
MORNING.
JOINING ME IS THE TREASURY
DEPARTMENT'S UNDERSECRETARY FOR
INTERNATIONAL AFFAIRS, DAVID
MALPAS.
GOOD TO SEE YOU.
THANK YOU FOR JOINING US.
>> HELLO, MARIA, HOW ARE YOU
>> MARIA: GOOD.
WHAT SHOULD WE EXPECT FROM THE
REPORT?
>> IT'S PACKED WITH GROWTH
POLICIES.
I DON'T WANT TO GET AHEAD OF THE
PRESIDENT OR KEVIN, BUT IT'S THE
REPORT THAT WILL GO TO CONGRESS
AND IT LACE OUT HOW
AND IT LAYE OUT HOW
AND IT LAYS OUT HOW YOU GROW,
HOW MUCH YOU CAN GROW.
IT'S GOT 700 PAGES.
IT'S A TREMENDOUS PEOPLE OF
WORK.
IT TALKS ABOUT SMALL BUSINESSES
AND THE NEED FOR HIGHER MEDIAN
INCOME.
ONE OF THE THINGS THAT HURT THE
U.S. OVER THE LAST SEVERAL
YEARS, 10 YEARS, WAS THE DECLINE
IN MEDIAN INCOME, THAT MEANS THE
MIDDLE OF THE ECONOMY WASN'T
DOING WELL.
AND SO ONE OF THE FOCUS IN THE
REPORT IS HOW DO YOU GET THAT
HIGHER THROUGH BETTER GROWTH
POLICIES.
>> MARIA: I'M GLAD YOU MENTIONED
THAT BECAUSE IT IS ALL ABOUT
GROWTH, DAVID AND I KNOW THAT
AND I KNOW THAT YOU WORKED ON
THIS FOR A LONG TIME.
BUT SOME OF THESE EXPECTATIONS
ARE A BIT ROSY.
WHEN YOU LOOK AT THE BUDGET AND
THE SPENDING PLAN, WE HAD PAUL
RYAN ON THE SHOW LAST WEEK AND I
ASKED HIM THE SAME QUESTION.
IN THE BUDGET THERE ARE
EXPECTATIONS FOR 3% GROWTH FOR 1
OF
10 YEARS OUT.
WHAT IF WE HAVE A RECESSION?
WHAT IF WE DON'T HAVE 3% GROWTH
EVERY YEAR.
CAN YOU COUNT ON GROWTH EATING
INTO SOME OF THE SPENDING AND
THE DEFICITS WE'RE TALKING ABOUT
WHEN YOU'VE GOT LOTS OF ROSY
PREDICTIONS IN THE REPORT, DON'T
YOU?
>> YOU WON'T KNOW EVERY YEAR
AHEAD OF TIME WHAT THE GROWTH
RATE IS GOING TO BE.
BUT IF YOU PUT IN GOOD POLICIES,
AND LET'S THINK THROUGH WHAT
THOSE ARE.
THERE'S BEEN TAX REFORM.
THERE'S REGULATORY REFORM.
THERE'S ENERGY REFORM.
THESE ARE REALLY POWERFUL.
AND SO THEY CHANGE THE STRUCTURE
OF THE ECONOMY.
THE GOAL HERE IS TO HAVE MORE
PEOPLE WORKING IN MORE
BUSINESSES AND THAT CREATES THE
DIVERSIFICATION THAT CAN GIVE
YOU A HIGHER AVERAGE GROWTH
RATE.
REMEMBER, WE USED TO GROW FASTER
AS A NATION.
IT'S ONLY THIS LAST DECADE WHERE
THERE'S BEEN THIS SLOW GROWTH
THAT'S BEEN SUCH A PROBLEM.
SO IF YOU CAN CREATE BETTER
POLICIES, YOU CAN GET THE FASTER
GROWTH.
I DON'T THINK IT'S ROSY TO THINK
ABOUT THE U.S. DOING WELL
FINALLY AGAIN.
>> MARIA: I THINK IT'S WONDERFUL
TO HAVE EXPECTATIONS OF GROWTH.
I'M JUST WONDERING HOW REALISTIC
THEY ARE, GIVEN THE FACT THAT
THE TYPICAL RECOVERY, HOW LONG
DOES THE TYPICAL RECOVERY LAST,
DAVID?
EIGHT YEARS?
ARE WE IN YEAR NINE RIGHT NOW?
>> WE ARE.
BUT IT WASN'T MUCH OF A
RECOVERY.
ONE OF THE REASONS THIS CAN GO
ON IS BECAUSE THE POLICIES ARE
IMPROVING.
THAT'S THE KEY THING.
>> MARIA: THAT I AGREE WITH,
POLICIES ARE IMPROVING, WHEN YOU
LOOK AT TAX REFORM AND THE
ROLLBACK IN REGULATION.
THAT'S BIG.
THE DEMOCRATS DON'T SEE IT.
THEY'RE ATTACKING THE GOP TAX
CODE OVERHAUL EVERY DAY, DESPITE
THE GROWING SUPPORT OF THE NEW
LAW.
WE SAW AMERICANS, A MAJORITY OF
AMERICANS SAY YEAH, WE LIKE THE
TAX PLAN AND THEN OF COURSE
THERE'S HOUSE MINORITY LEADER
NANCY PELOSI.
HERE'S WHAT SHE SAID ABOUT THE
BILL JUST YESTERDAY, DAVID.
WATCH THIS.
>> IF WHAT YOU'RE DOING IS
CUTTING THE TAXES AT THE HIGH
END AND, THEREFORE, NOT BEING A
ALLOWED TO INVEST IN THE FUTURE,
YOU'RE DOING A GREAT DISSERVICE
TO OUR COUNTRY.
>> UNPATRIOTIC.
>> SO WHEN THEY SAY WHY ARE WE
TALKING ABOUT THIS, WE'RE NOT
TALKING ABOUT THIS FOR POLITICAL
REASONS.
I WISH THIS WEREN'T EVEN
NECESSARY.
I WISH WE WOULD HAVE COME
TOGETHER TO DO A FAIR TAX BILL.
>> MARIA: SHE'S NOT TALKING
ABOUT THAT TO BE POLITICAL,
DAVID, SHE SAID.
SHE SAID IT WAS CRUMBS, THE
BONUSES ARE CRUMBS AND NOW IT'S
UNPATRIOTIC.
YOUR THOUGHTS.
>> SHE DIDN'T SAY EVERY DEMOCRAT
VOTED AGAINST THE BILL.
>> MARIA: THAT'S A GOOD POINT.
>> THEY'VE GOT A STAKE IN THAT.
I THINK WHEN SHE TALKED ABOUT
INVESTMENT THERE, THERE WAS A
MIX-UP.
BECAUSE THE INVESTMENT THAT'S
NEEDED IN ORDER TO CREATE JOBS
IS IN THE PRIVATE SECTOR.
IT SOUNDED LIKE SHE WAS TALKING
ABOUT BIGGER GOVERNMENT AS A WAY
TO GET AHEAD.
WITH WE KNOW FROM HISTORY THAT
THAT'S NOT THE WAY FORWARD.
THE WAY FORWARD IS TO ALLOW
BUSINESSES TO KEEP SOME OF THEIR
MONEY AND THEY INVEST IT IN
MACHINES.
THEY HIRE WORKERS.
AND THEY GO FORWARD.
I THINK THAT NEEDS TO BE KIND OF
THE REDIRECTION THAT THE NATION
NEEDS AND THAT SHOWS UP BOTH IN
THE ECONOMIC REPORT OF THE
PRESIDENT THAT WILL BE COMING
OUT, BUT ALSO IN THE BUDGET.
YOU KNOW, A CRITICAL PART OF THE
BUDGET FOR THE NEXT YEAR IS
PEACE THROUGH STRENGTH.
THERE HAD TO BE A WAY TO REVERSE
THE WEAKNESS THAT HAD BEEN IN
NATIONAL SECURITY AND SO THAT'S
A BIG PART OF WHAT'S GOING TO
DRAW INVESTMENT INTO THE UNITED
STATES, HELP BUSINESSES INVEST