Latest / The Mark Simone Show / Mark interviews economist Steve Moore.

Transcript

Mark interviews economist Steve Moore. · The Mark Simone Show

• 0:00
  Speaker 1: The Marks Them own show on sevent WOI.
• 0:05
  Speaker 2: Well, Steve Bore, the great columnist, best selling author. Make
• 0:08
  Speaker 2: sure you get his book, The Trump Economic Miracle, and
• 0:10
  Speaker 2: of course you see him all over television, and make
• 0:13
  Speaker 2: sure you go to his website. The greatest Economists put
• 0:16
  Speaker 2: this together. It's Unleash prosperity dot com. Sign up for
• 0:20
  Speaker 2: the daily briefing. It's the best news and the analysis.
• 0:22
  Speaker 2: It's free. It'll come right to your email every day.
• 0:25
  Speaker 2: Just go sign up for the hotline. Go to Unleash
• 0:28
  Speaker 2: Prosperity dot com. Unleash Prosperity dot com. Steve Moore, how you.
• 0:33
  Speaker 1: Doing, Hey, Mark, I'm doing well. We got a pretty
• 0:36
  Speaker 1: good job this morning. I was surprised. I was on
• 0:39
  Speaker 1: with Maria this morning. I'm Marie Bodoroma and that jobs
• 0:44
  Speaker 1: report came out and my jaw just dropped. It was
• 0:46
  Speaker 1: a lot better than expected. We had over one hundred
• 0:48
  Speaker 1: thousand jobs and that was about twice as many as
• 0:51
  Speaker 1: we're expected, and so that was good. And the wages
• 0:54
  Speaker 1: were up for workers, which is really important. And so
• 0:59
  Speaker 1: you know all the doom and I don't know where
• 1:00
  Speaker 1: it's coming from.
• 1:01
  Speaker 2: Well, I don't know what you were saying I was
• 1:03
  Speaker 2: watching Morning Joe, and apparently we have inflation raging. It's
• 1:07
  Speaker 2: out of control.
• 1:08
  Speaker 1: And you know, we have a report that we just
• 1:12
  Speaker 1: came out with at ut least prosperity, and it's in
• 1:14
  Speaker 1: our hotline today that eighty seven and a half percent
• 1:17
  Speaker 1: of the inflation that people are complaining about, eighty seven
• 1:20
  Speaker 1: and a half percent of it happened. I guess under
• 1:23
  Speaker 1: what president?
• 1:25
  Speaker 2: That's too easy a question, Joe Biden.
• 1:30
  Speaker 1: I mean, so if people are angry about prices, as
• 1:33
  Speaker 1: they should be, it's because inflation went through the roof
• 1:36
  Speaker 1: when Biden was president. And Trump is right about this.
• 1:38
  Speaker 1: He said, look, I inherited this mess. I didn't create it.
• 1:40
  Speaker 2: We didn't have.
• 1:41
  Speaker 1: Any inflation under Trump's first term. Then Biden comes in,
• 1:44
  Speaker 1: and you know, prices go up by twenty two percent,
• 1:47
  Speaker 1: and now people are still angry about it and they're
• 1:49
  Speaker 1: blaming Trump. And you know, Trump said he's brought the
• 1:52
  Speaker 1: inflation rate down. Now, prices are not falling, but the
• 1:54
  Speaker 1: inflation rate is falling a lot.
• 1:57
  Speaker 2: Uh, explain the difference prices are not but the inflation.
• 2:00
  Speaker 1: Yeah, so that people get confused about that. So the
• 2:03
  Speaker 1: inflation rate is how is the rate of increase in prices. Yeah,
• 2:07
  Speaker 1: and the you know, the price level is you know,
• 2:10
  Speaker 1: the level prices, so you know, to bring prices down,
• 2:13
  Speaker 1: you'd actually have to have you know, negative inflation, you
• 2:16
  Speaker 1: have disinflation. We haven't had disinflation under Trump, but we
• 2:19
  Speaker 1: have had a much lower rate of increase. So the
• 2:21
  Speaker 1: average rate of inflation under Biden was about five percent
• 2:25
  Speaker 1: per year, and so far under Trump it's this this term,
• 2:28
  Speaker 1: it's been about a little under three percent. So that's
• 2:32
  Speaker 1: a big difference. And by the way, and Trump's first term,
• 2:34
  Speaker 1: the average inflation rate was two percent.
• 2:37
  Speaker 2: Yeah, you always said, I guess I would ask you
• 2:40
  Speaker 2: this all the time. If you guys, if Trump takes office,
• 2:44
  Speaker 2: how long before we can fix it? You said, at
• 2:46
  Speaker 2: least a year, year and a half. There's nothing the
• 2:49
  Speaker 2: president could have done in the first six months. It
• 2:51
  Speaker 2: would have been any different. We would have brought it
• 2:53
  Speaker 2: down anymore, is there?
• 2:56
  Speaker 1: Well, you know, first of all, we don't want we
• 2:58
  Speaker 1: don't want negative inflation. We want we don't want you know,
• 3:01
  Speaker 1: prices falling because that's actually bad for the economy. You want.
• 3:05
  Speaker 1: What you want in a good economy is stable prices,
• 3:07
  Speaker 1: so that you know, the dollar can buy today where
• 3:09
  Speaker 1: it can buy tomorrow, it could buy yesterday. And so
• 3:11
  Speaker 1: what Trump is giving us is stable somewhat stable prices,
• 3:15
  Speaker 1: not exactly.
• 3:16
  Speaker 2: And Biden let it.
• 3:17
  Speaker 1: Biden had the biggest inflation since Jimmy Carter.
• 3:22
  Speaker 2: Wow, yeah, hit nine percent at one point. Yep. When
• 3:26
  Speaker 2: they yellow scream about tariffs. If you put tariffs on
• 3:29
  Speaker 2: these companies, it's going to cause a big pricing. Isn't
• 3:33
  Speaker 2: raising corporate tax basically the same thing as a tariff.
• 3:36
  Speaker 2: Wouldn't that have the same exact effect?
• 3:38
  Speaker 1: Good point?
• 3:39
  Speaker 2: You know.
• 3:39
  Speaker 1: So it is true that if you have a tariff
• 3:41
  Speaker 1: on something like coffee beans, like we did on the
• 3:44
  Speaker 1: Brazilian and Colombian coffee beans, that the price of coffee
• 3:47
  Speaker 1: may go up a little bit, and it did, But
• 3:49
  Speaker 1: that by the same logic, if you reduce the taxes
• 3:53
  Speaker 1: on companies, that reduces inflation. So most of what Biden
• 3:58
  Speaker 1: Trump has done. You look at the tax cut, you
• 4:01
  Speaker 1: look at the reduction and the regulatory cost on businesses,
• 4:06
  Speaker 1: if you look at what's happening with it, If you
• 4:08
  Speaker 1: look at the gas, well, you live there in New York,
• 4:10
  Speaker 1: so you're probably paying you know, three to four dollars
• 4:13
  Speaker 1: a gallon there, but most parts of the country are
• 4:15
  Speaker 1: now paying about two to eighty nine a gallon, And
• 4:18
  Speaker 1: it was as highest five dollars a gallon under Trump,
• 4:20
  Speaker 1: I mean under Biden.
• 4:22
  Speaker 2: So if you mont Donnie, you said, I'm gonna do
• 4:23
  Speaker 2: something about this affordability crisis. I'm going to increase taxes
• 4:26
  Speaker 2: on the corporations. That has got to be the worst
• 4:29
  Speaker 2: logic I've ever heard. Wouldn't that just the.
• 4:31
  Speaker 1: Opposite exactly because if you tax the companies, that's why
• 4:35
  Speaker 1: terrorists raise inflation, because you put those costs all get
• 4:40
  Speaker 1: passed on to the consumer. And by that same logic,
• 4:42
  Speaker 1: if you're going to have a higher business tax and
• 4:44
  Speaker 1: more regulation and all these new costs on businesses, guess
• 4:47
  Speaker 1: who's going to pay for that? The consumer will.
• 4:50
  Speaker 2: Yeah, you've studied this. If there is an affordability crisis,
• 4:54
  Speaker 2: and you look around the country where it is, it's
• 4:57
  Speaker 2: located in the blue cities, isn't it.
• 5:00
  Speaker 1: It's amazing? Yes, exactly right. So if you look at
• 5:03
  Speaker 1: the five states with the highest cost of living where
• 5:06
  Speaker 1: inflation is most out of control, it's New York, New Jersey, Connecticut, California,
• 5:11
  Speaker 1: and Massachusetts. Oh, in Illinois. So there's six states with
• 5:14
  Speaker 1: and then if you look at the southern states there's
• 5:17
  Speaker 1: almost you know, those have much much lower, you know, costs.
• 5:20
  Speaker 1: So if you want a lower cost of living and
• 5:24
  Speaker 1: you're worried about affordability, you might want to move to
• 5:27
  Speaker 1: a red state. Hey, look, I know most people won't.
• 5:31
  Speaker 1: But my point is, what you don't want to do
• 5:34
  Speaker 1: what you wanted. If you're like out there advocating for policies,
• 5:37
  Speaker 1: you don't want to advocate the policies the Blue states
• 5:40
  Speaker 1: have put into effect because those are the kind of
• 5:43
  Speaker 1: policies that raise prices. When you raise taxes, you raise prices.
• 5:48
  Speaker 2: Yeah, so guy like mom Donnie seems to be a
• 5:52
  Speaker 2: very smart guy, seems to be a very bright guy.
• 5:55
  Speaker 2: So how could he not know that every time you
• 5:58
  Speaker 2: try these tactics, the socialist stuff always always always backfires.
• 6:02
  Speaker 2: Does he just not know that? Or does he know
• 6:04
  Speaker 2: it and doesn't care? You know?
• 6:08
  Speaker 1: It is the strangest thing, what you're describing is that
• 6:11
  Speaker 1: some otherwise smart people. I was in California this week
• 6:15
  Speaker 1: Without Laugher, the godfather of the Laugher Curve, and we
• 6:19
  Speaker 1: were in southern California. We were talking about you know,
• 6:23
  Speaker 1: the Laugher curve and that you know, when you attached
• 6:26
  Speaker 1: to get too high, you reduce the output of goods
• 6:28
  Speaker 1: and services. You people move away, et cetera, et cetera.
• 6:32
  Speaker 1: And we had all the evidence and people were looking
• 6:34
  Speaker 1: at us like, well, then why do we have castes
• 6:36
  Speaker 1: so high? You're in California. I'm like, yeah, now you're
• 6:38
  Speaker 1: getting it. You know. So the idea that you're going
• 6:40
  Speaker 1: to raise tacks on rich people and give all this
• 6:43
  Speaker 1: other stuff away for free in New York, that's the
• 6:47
  Speaker 1: Montominie you know, formula that is going to lead to
• 6:51
  Speaker 1: you know, as you know, it'll lead to a lot
• 6:53
  Speaker 1: of wealthy people leaving the city, and it will lead
• 6:55
  Speaker 1: to higher costs and post on everyone else. So affordability
• 6:59
  Speaker 1: is going to go down. It won't go up. And
• 7:02
  Speaker 1: by the way, things will be free. It's just that
• 7:03
  Speaker 1: when you go to the grocery store, there won't be
• 7:05
  Speaker 1: a lot of It'll be like the old Soviet Union.
• 7:07
  Speaker 1: You know, Brett Brett is really cheap here. It's just
• 7:09
  Speaker 1: we don't have any.
• 7:11
  Speaker 2: Uh Steve Moore here. See we're getting stumpy with this question.
• 7:13
  Speaker 2: Can you name anything, any business, any enterprise where it
• 7:17
  Speaker 2: got cheaper when the government took it over.
• 7:20
  Speaker 1: Exactly. You know that this is this is a great
• 7:23
  Speaker 1: point you're making, Mark, which is that if you look
• 7:25
  Speaker 1: at the things that are really exploding costs, two of
• 7:27
  Speaker 1: the biggest items are tuition for college and high schools
• 7:33
  Speaker 1: and uh and of course healthcare. You know, healthcare is exploding.
• 7:36
  Speaker 1: We just got our statement we're going to see a
• 7:38
  Speaker 1: thirteen percent increase in our premiums next year. Now, gee, whiz,
• 7:41
  Speaker 1: who runs the who runs the schools and who runs
• 7:43
  Speaker 1: the healthcare system? Oh? Yeah, the government does.
• 7:47
  Speaker 2: So if you're trying to get the price down, you
• 7:49
  Speaker 2: have to get your costs down in the supermarket business,
• 7:52
  Speaker 2: who would you trust more? Are John Katzmatidi's or the
• 7:54
  Speaker 2: government to run it at a good point? Yeah, exactly.
• 7:58
  Speaker 1: And it's it is interesting because you know, when you
• 8:00
  Speaker 1: have competition, you know, prices fall, that's you know, that's
• 8:04
  Speaker 1: the beauty of the free market system. But when government
• 8:06
  Speaker 1: takes over an industry, you notice they create amopoly. You know,
• 8:09
  Speaker 1: I reasont we hate monopolies except wait, we don't like
• 8:12
  Speaker 1: we like monopolies when the government runs them. But these
• 8:15
  Speaker 1: helped their costs. I mean, they're unbelievable. I mean people
• 8:18
  Speaker 1: I've had friends call me say the next year there
• 8:21
  Speaker 1: that their premiums are going to go twenty percent. And
• 8:23
  Speaker 1: I'm confused by that mark because it just seems like
• 8:26
  Speaker 1: yesterday Barack Obama sold us on the Affordable Care Act.
• 8:30
  Speaker 2: Yeah, it's affordable. You need a subsidy, but it's affordable. Well,
• 8:36
  Speaker 2: great stuff. Everybody gets Steve Moore's book, The Trump Economic Miracle.
• 8:39
  Speaker 2: You'll learn a lot from that book. And this hotline
• 8:43
  Speaker 2: you put out every day. How long does that take?
• 8:45
  Speaker 2: That is the best briefing every day. Yeah.
• 8:46
  Speaker 1: And by the way, you know we were talking about
• 8:48
  Speaker 1: inflation that you know that doesn't go up in price
• 8:50
  Speaker 1: at all because it's free.
• 8:52
  Speaker 2: Yeah. Absolutely, See, that's how you run something. It's free.
• 8:56
  Speaker 1: Some good things in life for free. Just go to
• 8:57
  Speaker 1: unleash prosperity dot com and and we will send it
• 9:01
  Speaker 1: to your for free at five mornings a week.
• 9:03
  Speaker 2: You get it every morning in your email. You'll sound
• 9:04
  Speaker 2: so smart Unleash prosperity dot com. Steve Moore, thanks for
• 9:09
  Speaker 2: being with us.
• 9:10
  Speaker 1: Thanks Mark, I have a great day, Take.
• 9:11
  Speaker 2: Care, take care. Hey, don't forget Buck and Clay. What
• 9:14
  Speaker 2: a great show they do every day at noon and
• 9:18
  Speaker 2: three o'clock. You got the most listen to radio show
• 9:21
  Speaker 2: in America. Sean Hannity, got Jesse Kelly at six. And
• 9:24
  Speaker 2: we love this new Jimmy Fayler show. People love it.
• 9:27
  Speaker 2: It's on every night nine to midnight, and he'll be
• 9:29
  Speaker 2: with us in the next hour. We'll talk to Jimmy
• 9:31
  Speaker 2: Fayla coming up on seven to ten. WR