SEE IF HE’S COVID NEGATIVE.
NEIL?
>> Neil: THANKS, MIKE EMANUEL
FOR THAT.
A LOT OF PEOPLE HAVE BEEN
COMPARING THIS PRESIDENT TO
JIMMY CARTER DEALING WITH
INFLATION AND A SLOWING ECONOMY.
BUT THE MORE ACCURATE
DESCRIPTION AT LEAST MIGHT BE IN
TERMS OF EXPECTATIONS IN TERMS
OF TRYING TO SELL PEOPLE ON THE
NOTION THAT THINGS AREN’T THAT
BAD.
GEORGE BUSH SR., THE IRONY WAS
FOR THE FORMER PRESIDENT, HE WAS
LOOKING AT AN ECONOMY THAT WAS
INDEED TURNING AROUND IN THE
FINAL MONTHS OF HIS PRESIDENTIAL
RUN.
UNFORTUNATELY, IT WAS
APPRECIATED TOO LITTLE AND TOO
LATE AND BILL CLINTON CAME IN TO
OFFICE.
THAT WAS THEN.
IS THIS THE SAME THING THAT IS
HAPPENING NOW?
WITH A PRESIDENT THAT INSISTS
THAT THE NUMBERS ARE GOOD AND
GOING TO GET BETTER AND ONE WHO
SAID THE SAME THING A GENERATION
AGO.
LET’S GO TO KARL ROVE, THE
FORMER WHITE HOUSE DEPUTY CHIEF
OF STAFF, FOX NEWS CONTRIBUTOR,
BEST SELLING AUTHOR.
ARE WE RELIVING THAT, A
PRESIDENT THAT IS TRYING TO SHOW
PEOPLE LOOK, IT’S NOT AS BAD AS
IT LOOKS OR FEELS.
HE WAS TECHNICALLY RIGHT,
PRESIDENT BUSH, AT THE TIME, BUT
THERE’S ALWAYS A DELAY EFFECT
FOR VOTERS AND THE DELAY COST
HIM THE ELECTION.
>> WELL, YOU’RE RIGHT THAT
WE’RE -- IT’S SIMILAR IN THAT
THE PRESIDENT IS SAYING THINGS
ARE IMPROVING OR GETTING BETTER.
THE DIFFERENCE IS THEY WERE AS
YOU POINT OUT ACTUALLY GETTING
BETTER IN 1992.
THAT ARE NOT GETTING BETTER NOW
AND THE PRESIDENT NOT ONLY THAT
IS SEEN AS BASICALLY
FUNDAMENTALLY INEFFECTIVE.
THINK ABOUT THIS.
BIDEN’S POLICIES ON INFLATION.
THIS IS FROM THE FOX -- FROM A
CNBC POLL.
12% WERE SAYING HIS POLICIES ON
INFLATION WERE HELPING.
30% SAID THEY’RE HURTING.
51% SAID NO DIFFERENCE.
SO THE TWO NEGATIVES HELP --
HURTING AND NO DIFFERENCE ARE
81% OF THE SAMPLE.
THAT AIN’T A GOOD PLACE TO BE IF
YOU’RE THE SITTING PRESIDENT OF
THE UNITED STATES.
AND LOOK, THESE NUMBERS ARE
GETTING WORSE, NOT BETTER.
BOTH THE ECONOMIC NUMBERS,
INFLATION IS RISING.
TALK ABOUT REMEMBERING WE WERE
TOLD HOW TRANSITORY WOULD BE.
THIS IS JUST A PASSING PHASE.
SO HIS CREDIBILITY IN SAYING
NOW, OH, WE’RE NOT GOING TO FIND
OURSELVES IN A RECESSION, A
LITTLE STRAINED.
THAT’S WHY ON THE OVERALL
ECONOMY, IT’S AT 31% APPROVE.
HE’S LOSING ABOUT A QUARTER OF
ALL DEMOCRATS ON THAT ISSUE.
68% DISAPPROVE.
INFLATION, 25, 73.
HE’S LOSING ALMOST A SOLID
PLURALITY OF DEMOCRATS.
IT’S COLORED NOR THE FUTURE.
EXCELLENT, YOUR FORWARD
EXPECTATIONS.
17% SAY THEY THINK THE ECONOMY
IS EXCELLENT OR GOOD.
84% SAY IT’S ONLY FAIR OR POOR.
THAT ADDS UP TO 101 BUT THAT IS
ROUNDING UP.
YOU KNOW, THAT’S A TERRIBLE
PLACE TO BE.
WHAT ARE THEY DOING TO CHANGE
THOSE PERCEPTIONS AND LOOKS LIKE
THEY’RE SOLIDLY ON TRACK.
THEY CAN’T.
>> Neil: SO THEN IT COMES BACK
TO -- LET’S SAY YOU’RE
TECHNICALLY ACCURATE.
THAT WE MIGHT DODGE A RECESSION,
THAT THE NUMBER THAT COMES OUT
ON THURSDAY MIGHT BE MILDLY
POSITIVE.
THEREBY MISSING THE TWO BACK TO
BACK QUARTER CONTRACTION THAT
WOULD CLASSICALLY DEFINE A
RECESSION.
BE FEEL SAY IT AND FEEL IT AND
CONSUMER SENTIMENTS ARE LOW AND
WALMART SAYS THEY’RE RATCHETING
DOWN THEIR OWN NUMBERS, DOES IT
TICK OFF VOTERS WHEN THEY HEAR
THAT?
>> I THINK IT DOES.
REMEMBER, THE VOTERS ARE FIRST
AND FOREMOST CONCERNED ABOUT
SOMETHING THAT THEY’RE HAVING
INTERACTION WITH VIRTUALLY EVERY
DAY.
WHEN THEY GO TO THE GROCERY,
WHEN THEY GO TO THE STORE, WHEN
THEY GO TO THE GAS PUMP, THEY’RE
PAYING SIGNIFICANTLY HIGHER
PRICES THAN A YEAR AGO OR TWO
YEARS AGO.
THAT’S WHAT’S DRIVING THE MAIN
ANGST IN THIS ECONOMY.
IT’S NOT IS THE ECONOMY GROWING.
SURE, THEY WORK IN BUSINESSES,
KNOW THEIR CHALLENGES.
THEY’RE RECOVERING FROM COVID.
GETTING THE RIGHT EQUIPMENT AND
THE RIGHT THINGS TO GET THINGS
DONE.
THEY GET IT.
THE THING THAT IS DRIVING THIS
NUMBER MORE THAN ANYTHING ELSE
IS THE FEELING THAT THE PRICES
THEY’RE PAYING AT THE PUMP, THE
GROCERY STORE, AT THE DEPARTMENT
STORE ARE GROWING BEYOND THEIR
ABILITY TO CATCH UP.
WE HAVE A RECESSION UNDERWAY.
IT’S A WAGE RECESSION.
THE WAGES OF AMERICANS ARE NOT
KEEPING UP AT ALL WITH THE COSTS
THAT THEY’RE PAYING AT THE -- ON
EVERY SINGLE DAY THAT THEY
HAPPEN TO BUY SOMETHING OR TRY
TO BUY SOMETHING.
>> Neil: ALSO CURIOUS, KARL,
THEY SAY FOR A FALL ELECTION,
IT’S WHAT THINGS ARE LIKE IN
JULY OR AUGUST.
I WONDER IF THAT A PLAYS TO
MID-TERMS.
IN THE ADMINISTRATION IS
ARGUING, THE HOPE HAS BEEN THAT
THE DECLINE IN GAS PRICES
CONTINUES TO SPILLS OVER AND THE
FOOD HAS NOT YET, BY THE WAY, IT
WILL BE JUST IN TIME FOR THE
MID-TERMS.
A LOT OF PEOPLE’S IMPRESSIONS
ARE SOLIDIFIED BY HOW THEY’RE
FEELING AND DOING KIND OF LIKE
NOW, RIGHT?
>> OH, I AGREE WITH YOU TOTALLY.
I THINK IT’S JUNE AND JULY WHEN
THIS SETTLES IN.
AGAIN, THE RHETORIC SOMETIMES
BOOMERANGS.
THE ADMINISTRATION IS OUT THERE
SAYING OH, LOOK AT IT.
WE’VE HAD 40 DAYS OR 45 DAYS
WHERE WE’VE HAD A PENNY A DAY
DROP.
YOU’RE ONLY PAYING $4.50.
THE AVERAGE PERSON SAYS WAIT, I
CAN REMEMBER LESS THAN 1 1/2
YEARS AGO WHEN I PAID 2.50.
WHO ARE YOU KIDDING?
THEN THEY READ THE PRICES MAY GO
UP AGAIN THIS FALL FOR
MARKET-BASED REASONS.
BUT AT THE CORE OF IT IS, CAN
YOU REAFFIRM TO THE AMERICAN
PEOPLE THAT YOU’RE DOING THE
RIGHT THING WHEN YOU LOST YOUR
CREDIBILITIES.
HARD ONCE YOU LOSE YOUR
CREDIBILITY TO SAY THINGS AND