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Mark interviews economist Steve Moore. · The Mark Simone Show

• 0:00
  Speaker 1: Back to Mark Simone Onoor.
• 0:04
  Speaker 2: Well, Steve Moore, the brilliant economist. Hey, make sure you
• 0:07
  Speaker 2: get his latest book, but Trump Economic Miracles. If you
• 0:10
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• 0:13
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• 0:16
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• 0:19
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• 0:22
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• 0:25
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• 0:29
  Speaker 2: Unleash Prosperity dot com. Steve Moore, how you doing.
• 0:34
  Speaker 1: Hey, Mark, I'm doing pretty well. I think the economy
• 0:37
  Speaker 1: is doing pretty well too. I mean, I know we
• 0:39
  Speaker 1: got a disappointing inflation report yesterday, but it wasn't really
• 0:44
  Speaker 1: step that. We have inflation running at four point two percent,
• 0:47
  Speaker 1: but that's all being driven right now by the high
• 0:50
  Speaker 1: price of oil. And when we get that oil price
• 0:53
  Speaker 1: to come back down, which it will, I think we'll
• 0:55
  Speaker 1: see lower inflation this summer. Incidentally, did you know that
• 0:59
  Speaker 1: the average gas price we have this in the hotline today,
• 1:03
  Speaker 1: the average gas price under Trump and both his first
• 1:06
  Speaker 1: term and so far in the second term lower in
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  Speaker 1: inflation with justice dollars than under Obama and Biden.
• 1:14
  Speaker 2: Except if you watch the NBC Nightly News or ABC,
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  Speaker 2: if you watch MS and all these gas prices up,
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  Speaker 2: inflation shoots up, they make it sound like it's a
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  Speaker 2: total disaster.
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  Speaker 1: Well, if people are angry about the price of groceries,
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  Speaker 1: and people are angry about the being a price of
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  Speaker 1: filling up a tank, and it is a tax on
• 1:33
  Speaker 1: the economy when you have oil prices as high as
• 1:36
  Speaker 1: they are now. But they're going to come down and
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  Speaker 1: we're going to see this summer real boom in the economy,
• 1:43
  Speaker 1: especially given what's going on with our industry with respect
• 1:46
  Speaker 1: to the technology is the industry. The construction industry is
• 1:50
  Speaker 1: doing very well in terms of with all sorts of
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  Speaker 1: construction projects all over the country, and manufacturing is making
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  Speaker 1: a comeback. And you know, as our buddy Larry Kummo says,
• 1:58
  Speaker 1: we're in the midst of one of the biggest investment
• 2:01
  Speaker 1: booms in American history.
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  Speaker 2: Yeah, hey, just explain to people, because again people watch
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  Speaker 2: the Network News, they get in totally calm when when
• 2:09
  Speaker 2: you lower taxes you actually get more revenue. Isn't that
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  Speaker 2: the case?
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  Speaker 1: Well, this is a good time day to explain that,
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  Speaker 1: because you know, Bob Packwood, who was a senator from Oregon,
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  Speaker 1: died this week. He is famous for being the Senate
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  Speaker 1: sponsor of something called the Tax Reform Act of nineteen
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  Speaker 1: eighty six. And what we did, and that was sort
• 2:31
  Speaker 1: of the tail end of the Reagan administration, we cut
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  Speaker 1: the highest Under Reagan, we had to cut the highest
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  Speaker 1: tax rate from seventy percent down to twenty eight percent.
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  Speaker 1: Now here's a question for you, Mark, what do you
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  Speaker 1: think happened to tax payments by the rich? Do you
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  Speaker 1: think they went up or down? Up? It's called the
• 2:49
  Speaker 1: Laffer curve. It it works every time. So the rate was lower.
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  Speaker 1: And by the way, one of the things we did
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  Speaker 1: in nineteen eighty six was that we cleared out all
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  Speaker 1: the special interest loopholes and all of the you know,
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  Speaker 1: all of the you know, lobbyist provisions that have been
• 3:02
  Speaker 1: putting the bill over fifty years. And we just cleaned
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  Speaker 1: out the stable so everybody would pay a low rate,
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  Speaker 1: but everybody'd pay their fair share. Why can't we do
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  Speaker 1: that again? You know, we haven't done anything like that.
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  Speaker 1: So all we do is add more and more special
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  Speaker 1: interest loopholes. And carveouts for big lobbyists and the little
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  Speaker 1: guy gets screwed.
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  Speaker 2: Yeah, if we did the flat tax, everybody pays seventeen percent,
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  Speaker 2: I love it. Wouldn't that bring more revenue?
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  Speaker 1: The flat tax? Yeah? Yeah, I mean we could do
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  Speaker 1: a you know, eighteen percent flat tax everybody pays. You
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  Speaker 1: just get a deduction for the number of kids you have,
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  Speaker 1: so you know, the expense of raising your family is covered,
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  Speaker 1: but you don't get rhightous for all this other stuff.
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  Speaker 1: And then and then you know, you would raise so
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  Speaker 1: much revenue and we'd have the lowest tax.
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  Speaker 2: Rate in the world.
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  Speaker 1: We'd just be a magnet, a bigger magnet for capital
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  Speaker 1: investment in this country. Think about the jobs we would create,
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  Speaker 1: although we'd lose a lot of irs jobs, and we
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  Speaker 1: probably lose a lot of you know, tax accountant.
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  Speaker 2: Now, the only reason we can't do it is because
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  Speaker 2: all the people in Congress sell these loopholes and these
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  Speaker 2: carve outs, right, that's the reason we can't do it.
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  Speaker 1: Yeah, yeah, I mean, you know, it used to be
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  Speaker 1: you could get carveouts for you know, investing in both
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  Speaker 1: firm or and you know, abandoned apartment buildings and solar
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  Speaker 1: energy and all of this stuff, and why not just
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  Speaker 1: create a level playing field. And in that way, wouldn't
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  Speaker 1: it be amazing if it only took you ten minutes
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  Speaker 1: to fill out your tax form every year, you didn't
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  Speaker 1: have to have an army of accountants. Yeah, so so simple.
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  Speaker 1: But you know, nobody in Washington wants that, because we
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  Speaker 1: derive our power in Washington mark from all the all
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  Speaker 1: the special interest provisions in the tax code, and that's
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  Speaker 1: what we buy and sell in this city.
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  Speaker 2: Yeah, unbelievable. Hey, a social Security Steve Moore, how healthy
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  Speaker 2: is the Social Security system?
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  Speaker 1: Well, the numbers that came out yesterday should not be
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  Speaker 1: too surprising that anyone who pays attention to this stuff
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  Speaker 1: that the Social Security Administration now admits what everyone knows,
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  Speaker 1: which is that by the year two thousand and thirty,
• 5:00
  Speaker 1: maybe people didn't realize it was going to happen so fast,
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  Speaker 1: but by twenty and thirty two, it's back. If it's
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  Speaker 1: out of it, it's out of out of money. And
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  Speaker 1: so this is an incredible you know, a situation where
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  Speaker 1: we have a Ponzi scheme with solid security. They spent
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  Speaker 1: all the money it was supposed to be for your
• 5:15
  Speaker 1: and my retirement and they spent on other government programs.
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  Speaker 1: I mean, it's mark if you were running a private
• 5:21
  Speaker 1: business and you had a pension plan and you were
• 5:23
  Speaker 1: the CEO of that company and you started spending the
• 5:26
  Speaker 1: pension money on other programs and put you in jail
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  Speaker 1: for fraud. WOWA to put Congress in jail for fraud.
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  Speaker 2: And thirty two, that's only six years from now.
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  Speaker 1: Yeah, I know exactly, you know, and we knew this
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  Speaker 1: day was coming and Congress did nothing about it. And
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  Speaker 1: so what what I've been proposing, and I've been proposing
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  Speaker 1: this for forty years, is that young people take that
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  Speaker 1: twelve percent of their paycheck, put it into you know,
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  Speaker 1: an index fund like an IRA fund or a four
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  Speaker 1: to one K plan. And if if you and I
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  Speaker 1: and the people listening to the show had been able
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  Speaker 1: to do that starting thirty forty years ago, we would
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  Speaker 1: be getting so security, we would keep getting retirement benefits
• 6:04
  Speaker 1: would be three times higher, and we'd be able to
• 6:07
  Speaker 1: leave our shoulder at a million dollars.
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  Speaker 2: Wow, unbelievable. Hey, this crazy mayor Seattle, this left wing
• 6:14
  Speaker 2: mayor who's spooking all these corporations. They're leaving town, seems
• 6:19
  Speaker 2: like she's backtracking a little. You think she's seeing the light.
• 6:22
  Speaker 2: What's going on there?
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  Speaker 1: Which point is that the one in Seattle. There's so
• 6:26
  Speaker 1: many crazy mayors out there at Seattle. Oh yeah, she's
• 6:30
  Speaker 1: the one who said bye bye to the rich people
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  Speaker 1: who said, we're leaving because you just raised our taxes
• 6:35
  Speaker 1: by up to ten percent. And so get you know,
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  Speaker 1: you're seeing the people at Microsoft, You're seeing the people
• 6:41
  Speaker 1: at Amazon, your people, seeing the people at Starbucks, all
• 6:44
  Speaker 1: these iconic Seattle companies they're leaving. You know. It just
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  Speaker 1: goes to show something we've talked about so many times.
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  Speaker 1: If you tax something, you get less of it. You
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  Speaker 1: keep taxing these people, then they leave.
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  Speaker 2: Yeah, we have this crazy governor in New York who said
• 6:59
  Speaker 2: the same thing. Now she's saying, we want you to stay.
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  Speaker 2: How come they can't figure out if your business is
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  Speaker 2: tax revenue, don't chase away your biggest customers, the months
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  Speaker 2: that pay the most. Why can't they figure that?
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  Speaker 1: You would you would think that, And yet you know
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  Speaker 1: here where they go, you know, and you've got all
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  Speaker 1: these states and cities, you know, look by the way,
• 7:16
  Speaker 1: look at you know, you want to talk about chasing
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  Speaker 1: way businesses how about Chicago. They're losing the Bears, my
• 7:21
  Speaker 1: good mistakes because they couldn't. The taxes are so high
• 7:24
  Speaker 1: and the costs are so high in Chicago, and I
• 7:26
  Speaker 1: grew up in Chicago. We're losing the Bears. Oh my god,
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  Speaker 1: it's the end of the world. They're gonna be in Hammond, Indiana.
• 7:31
  Speaker 1: Indiana is going to have two football NFL franchises and
• 7:34
  Speaker 1: Illinois gonna have zero.
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  Speaker 2: Wow, he's not kidding, He's not kidding. The Chicago Bears
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  Speaker 2: are going to move.
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  Speaker 1: They're going to Hammond, Indiana, and that's going to be
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  Speaker 1: bad for the NFL. It's bad for Chicago, and it's
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  Speaker 1: bad for everybody. But you have incompetent leadership in Brandon
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  Speaker 1: Johnson and h and JB. Fatso Pritzker, who wants to
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  Speaker 1: run for president by the way, he's going to run
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  Speaker 1: for president, saying yeah, I'm the one who lost to
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  Speaker 1: the Chicago Bearers.
• 7:57
  Speaker 2: Yeah. Hell, you have every team moving to care I
• 8:00
  Speaker 2: ended up by the time he's done his pressure exactly. Well,
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  Speaker 2: Steve Moore, great stuff, and keep up the good work,
• 8:05
  Speaker 2: and everybody subscribe to his daily briefing, go to unleash prosperity.
• 8:10
  Speaker 2: Dot com, unleash prosperity dot com. Sit it's called the Hotline.
• 8:14
  Speaker 2: Just sign up for but it gives you all the
• 8:16
  Speaker 2: top issues of the day in brilliant analysis. You want
• 8:19
  Speaker 2: to sound really smart, just start reading it every day
• 8:23
  Speaker 2: and get his latest book, The Trump Economic Miracle. Hey,
• 8:26
  Speaker 2: Buck and Clay will be here at noon today and
• 8:29
  Speaker 2: then three o'clock. He got the most listened to radio
• 8:32
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• 8:35
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• 8:39
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• 8:41
  Speaker 2: us in the next hour here too, on seven ten
• 8:44
  Speaker 2: WR