WELL AS HE LOOKS TO LAY OFF 10%
OF STAFF AT TESLA PREJUDGMENT
RIGHT OUT OF FOXBUSINESS
EXCLUSIVE REAGAN ECONOMIST ART
LAFFER.
ART GOOD TO SEE YOU THANK YOU SO
MUCH FOR BEING HERE.
A LOT OF REALLY WERE READING
COMMENTS FROM THE CEOS THEN HE
GOT THE JOBS NUMBERS ON FRIDAY
WHERE WAGES WERE UP FIVE-POINT
TO PERCENT BUT STILL NOT ENOUGH
TO OFFSET THE STING OF INFLATION
WHICH IS RUNNING 8.3%, YOUR
REACTION VERY.
>> I THINK JAMIE DIED ON ELON
MUSK ARE COMPLETELY CORRECT FOR
THAT JOB SUPPORT WAS NOT A GREAT
JOBS REPORT IF YOU LOOK AT IT
FROM A LONG-TERM PERSPECTIVE,
MARIA.
WE ARE STILL WAY BELOW WHERE WE
WERE IN FEBRUARY OF 2020.
WE ARE 800,000 JOBS BELOW THAT
LEVEL WE HAVE NOT EVEN CAUGHT UP
YET.
NUMBER TWO IF YOU HAVE A TREND
LINE WE ARE THREE AND HALF
BILLION JOBS BELOW WHERE WE
SHOULD BE.
THE PARTICIPATION RATE HAS
FALLEN SHARPLY.
ALL OF THIS WITH THE BAD
POLICIES THIS ADMINISTRATION IS
DOING IT MAKES ME VERY CONCERNED
ABOUT THE POSSIBILITY OF A
SLOWDOWN OR A TURNED OUT OR EVEN
A FULL-BLOWN RECESSION.
>> WE HAD A CONTRACTION 1.4% IF
WE GET ANOTHER CONTRACTION
OBVIOUSLY WE ARE IN RECESSION
RIGHT NOW.
I WOULD POINT OUT THE JOBS
CREATED IN THE MONTH OF MAY A
BIG PART OF IT WAS LEISURE AND
HOSPITALITY OF 84000.
THESE ARE LOW-PAYING JOBS,
EDUCATION AND HEALTH SERVICES AS
ALL 74000 JOBS THERE.
WHAT DO YOU MAKE OF THE QUALITY
OF JOBS?
YOU HAD DECLINED IN JOBS RETAIL
TRADE DOWN 60000 JOBS.
THIS IS WHERE THAT WORRY IS
AROUND THE CONSUMER THAT THE
CONSUMER IS TAKING DOWN THERE
SAVING LEVELS SPENDING MONEY
FROM SAVINGS BECAUSE OF
INFLATION TO KEEP UP.
>> JUST TALK ABOUT THE QUALITY
OF THE JOB FOR A SPLIT SECOND,
MARIA.
THE JOBS WERE LOST TO THE
PANDEMIC WERE ALSO LOW-PAYING
JOBS.
THESE JOBS THAT ARE COMING BACK
YOU WOULD EXPECT TO BE
LOW-PAYING JOBS BECAUSE THEY ARE
REFILLING AND REBUILDING BACK UP
TO WHERE THEY WERE BEFORE THAT
IS WHAT I WOULD EXPECT.
I WOULD ALSO NOT LOOK AT ALL
THIS WITH REGARD TO THE DEMAND
SIDE, MARIA I LOOK AT IT FROM
THE SUPPLY SIDE.
YOU’VE GOT A LOT OF PEOPLE LEFT
THE LABOR FORCE THAT ARE NOT
LOOKING FOR JOBS.
THESE PEOPLE ARE NOT PLANNING ON
COMING BACK FOR THEY AREN’T
COMING BACK AND NUMBERS.
OUR PARTICIPATION RATE WHICH IS
THE KEY POINT HERE IS WAY DOWN
FROM WHAT IT WAS IN FEBRUARY OF
2020.
WITH ONLY NOT ONLY CAUGHT UP OUR
TRENDLINE IS WAY BELOW THAT.
THEY’RE DOWN TURN AND REAL GDP
AS EIGHT MASSIVE PROPORTIONS OF
FLASHING A RED SIGN IT IS A
WARNING SIGN FOR THE ECONOMY.
SPATE PART OF THIS IS BASED ON
INFLATION BECAUSE OF ALL THE
SPENDING WE SAW OVER THE LAST
YEAR.
YOU’VE GOT EVERYTHING WE ARE
BUYING UP INTO THE DOUBLE DIGIT,
EGGS YEAR OVER YEAR OF 22%.
MEAT AND FISH 1718%.
THE AVERAGE CONSUMER PRICE INDEX
BUT THAT IS JUST THE AVERAGE.
A LOT OF THINGS WE ARE BUYING
ARE MUCH MORE THAN THAT.
BUT PRESIDENT BIDEN SAID LOOK,
HE DOESN’T KNOW WHAT TO DO ABOUT
IT.
HE DOES NOT HAVE ANY TOOLS TO
FIX IT.
HE MADE THIS MAJOR ADMISSION
THIS WEEK, WATCH THIS.
>> THE IDEA THAT WE ARE GOING TO
QUICK SWITCH, BRING DOWN THE
COST OF GASOLINE IS NOT LIKELY
IN THE NEAR TERM.
NOR IN REGARD TO FOOD.
>> YOUR THOUGHTS?
WHAT CAN HE DO?
>> WHAT SHOULD BE DONE BY THE
GOVERNMENT LET ME JUST SAY IF I
WERE AN ADVISOR AND I SURE AS
HECK AM NOT.
I WAS A NUMBER WHEN THE SHOULD
STOP BY GOVERNMENT SECURITIES.
AND IT ROLL OFF THEIR BALANCE
SHEETS THEY OWNED $9 TRILLION
WITH OF SECURITIES.
THE SECOND THING THEY SHOULD DO
IS SEQUESTER AND IMPOUND
GOVERNMENT FUNDS THAT HAVE BEEN
ALREADY AUTHORIZED AND NOT SPEND
THEM.
THAT IS PROBABLY TO TRILLION
RIGHT THERE.
THEN THEY SHOULD ALSO DO
SOMETHING ABOUT TRADE.
WE SHOULD HAVE BETTER TRADE
FACILITIES GOING ON AND MORE
THAT I THINK THE PRESIDENT
SHOULD PUBLICLY ABANDON "BUILD
BACK BETTER".
THE PRESIDENT SHOULD ALSO
REVERSE HIS ENERGY POLICY,
REOPEN THE XL PIPELINE REOPEN
ALL THE DRILLING.
THE STYRON SEAT NATIONAL
ECONOMIC COUNCIL WE ARE
PRODUCING MORE OIL THAN TRUMPS
THE FIRST YEAR.
HE SAID ALSO THE INFLATION
STARTED WHEN THE RUSSIAN STARTED
BUILDING UP TROOPS ON THE
BOUNDARY OF UKRAINE.
THEY DID NOT STOP SELLING OIL
THEN, MARIA.
THE PRICE INCREASE OF THAT ARE
ALL UNDER BIDEN.
LASTLY IF I WERE PRESIDENT BIDEN
I WOULD REALLY TRY TO LOOK FOR
SOME WAY OF GETTING A CEASE FIRE
IN THIS LAND WAR IN EUROPE.
IT IS VERY UNHEALTHY SITUATION.
THE LONGER THAT LAST THE MORE
ECONOMIC PROBLEMS AND POLITICAL
AND MILITARY PROBLEMS WE ARE
GOING TO FACE.
IT’S GETTING TO BE ANOTHER
AFGHANISTAN.
>> THAT WAS THE OTHER WORRY FROM
JAMIE DIMON TO SAY BECAUSE OF
THE UKRAINE WHERE WE COULD SEE
OIL PRICES GO TO 175.
$175 A BARREL.
HE SAID THAT’S PART OF HIS