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Hassett WARNS of socialist threat to economy - Its SO obvious · THE DAILY BRIEF

• 0:04
  Speaker 1: Every red economic flag is waving, every warning light is flashing,
• 0:09
  Speaker 1: and every alarm bell is ringing about Trump's catastrophic handling
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  Speaker 1: of the economy, and he's in La la land, not
• 0:16
  Speaker 1: even paying attention to it, and saying we have the
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  Speaker 1: greatest economy ever.
• 0:21
  Speaker 2: Senate Minority Leader Chuck Schumer on July's disappointing jobs report,
• 0:24
  Speaker 2: which included significant downward reductions on the numbers from May
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  Speaker 2: and June as well, doing us an out. Director of
• 0:30
  Speaker 2: the National Economic Council, Kevin Hassett, Welcome back to Fox
• 0:33
  Speaker 2: New Sunday.
• 0:34
  Speaker 3: It's great to be here.
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  Speaker 2: Okay, let's heart with a couple of polls on the
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  Speaker 2: condition of the economy. What folks told us is seventy
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  Speaker 2: six percent of them say it's fair or poor. And
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  Speaker 2: when we asked about their personal financial situation, the largest
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  Speaker 2: number came in from those who report they are falling behind.
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  Speaker 2: We have talked about this before. When can Americans expect relief?
• 0:55
  Speaker 3: Well, we've already seen that real wages under President Trump,
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  Speaker 3: which is wages after it fled, have gone up about
• 1:01
  Speaker 3: one thousand dollars for the typical American middle class family
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  Speaker 3: and about four thousand dollars for the typical manufacturing worker
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  Speaker 3: or construction worker, and so people are making more money
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  Speaker 3: than they're having to pay at higher prices. But the
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  Speaker 3: prices went up so much under Joe Biden. We totally
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  Speaker 3: understand why people are still frustrated when they go to
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  Speaker 3: the grocery store. I go to the grocery store myself,
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  Speaker 3: and I'm just stunned still at the price of beef
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  Speaker 3: and other products. But the bottom line is that if
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  Speaker 3: you want to have higher welfare for American people, that
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  Speaker 3: you need factory construction. You need lots and lots of
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  Speaker 3: job creation and machine purchases. And so right now, as
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  Speaker 3: an example, we've got eighty three thousand or so people
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  Speaker 3: building new factories of the US because of Trump's economic policies,
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  Speaker 3: and we've got the highest investment data that we've ever
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  Speaker 3: seen all the way. March was like the best month ever,
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  Speaker 3: so that they're putting machines in the factories, and as
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  Speaker 3: those factories turn on that we're going to have more
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  Speaker 3: ruction jobs. We're manufacturing jobs. And again those are average
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  Speaker 3: wages of four thousand under Joe Biden, manufacturing wages. I'm
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  Speaker 3: not filivestering, I'm about dead Joe Biden A manufacturing employment
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  Speaker 3: went down two hundred and thirty three thousand workers, and
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  Speaker 3: wages dropped for the typical American family by three thousand dollars.
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  Speaker 3: Now we've got to make up, like so we're plus
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  Speaker 3: one thousand. He was by to three. But we're making progress.
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  Speaker 2: So while you lay out that data and it's promising
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  Speaker 2: and it sounds good for the future, people right now
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  Speaker 2: do not feel the benefits of that just yet. And
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  Speaker 2: so our polling also shows us this that when you're
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  Speaker 2: where are asked folks which political party will do a
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  Speaker 2: better job, they give a nine point advantage to Democrats
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  Speaker 2: on the economy, ten points on inflation and prices, twenty
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  Speaker 2: two point advantage on income equality, which is something we
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  Speaker 2: hear a lot about on the campaign trail. So I
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  Speaker 2: hear you acknowledging that there is an issue. But listen,
• 2:52
  Speaker 2: we're weeks away from early voting starting in some states.
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  Speaker 2: Do you think there needs to be more of a
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  Speaker 2: message of empathy. We understand that you are struggling out there,
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  Speaker 2: versus saying it's great, you just haven't felt it yet.
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  Speaker 3: You're right, but people absolutely are feeling legitimate problems when
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  Speaker 3: they go to the grocery store, which are problems that
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  Speaker 3: were created because of the runaway inflation of the previous administration.
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  Speaker 3: But the bottom line is that if you actually look
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  Speaker 3: at like a survey like that, did anyone ask those
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  Speaker 3: people like, how do you think the economy is going
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  Speaker 3: to work if it's run by socialists? How do you
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  Speaker 3: think it's going to be if the government gets to
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  Speaker 3: run all the stores and tell you what the price
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  Speaker 3: of everything is. You know, what are you going to
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  Speaker 3: do when the stores, like in every socialist country are
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  Speaker 3: all empty? Are you still going to think that Democrats
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  Speaker 3: are the right choice for you? And so I wonder
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  Speaker 3: about exactly how that poll was worded, whether people have
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  Speaker 3: looked at the proposals of these really really anti economic
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  Speaker 3: socialists and all the harm that they would do the
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  Speaker 3: economy is so obvious that I would guess that there's
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  Speaker 3: an easy way to craft a poll where the Democratic
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  Speaker 3: Socialists in particular get about one percent of the polls.
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  Speaker 2: Well, and there's that delineation because there are a lot
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  Speaker 2: of Democrats who say, we don't adopt the DSA positions
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  Speaker 2: and we don't want, you know, government ownership of businesses
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  Speaker 2: and those kinds of things. So that's something that party's
• 4:03
  Speaker 2: got to hash out. We're going to do a little
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  Speaker 2: bit more on that later in the show. But you
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  Speaker 2: mentioned wage growth, so I want to point this out
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  Speaker 2: from Semaphore. They say wage growth slid to three point
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  Speaker 2: two percent in the latest numbers, the lowest in five years,
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  Speaker 2: and below current inflation of three point five percent. That
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  Speaker 2: gap between wage growth and rising prices is likely to
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  Speaker 2: make consumers feel more squeeze. Now we're going to get
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  Speaker 2: new inflation numbers this week.
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  Speaker 3: What do you want, will Yeah? Well, yeah, I think
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  Speaker 3: that you know, we saw the last inflation number for
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  Speaker 3: CPI was negative and the core was zero. The last
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  Speaker 3: inflation number for PCE was negative and core was negative,
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  Speaker 3: and so that the inflation numbers that we're seeing are
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  Speaker 3: really coming down rapidly while wage growth is through the roof,
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  Speaker 3: especially for blue collar workers. And so I think they're correct.
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  Speaker 3: The people who write about this are correct about the
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  Speaker 3: latest job support which has a different measure of overall
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  Speaker 3: inflation and wage growth. But the bottom line is that
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  Speaker 3: wages have been growing enormously under President Trump. They collapsed
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  Speaker 3: under Joe Biden. Adjusting for inflation and the momentum going
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  Speaker 3: forward is super positive because all the factories that are
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  Speaker 3: being built.
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  Speaker 2: Okay, we're going to watch for inflation numbers this week,
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  Speaker 2: a rate decision next month. Kevin Hassett, We always appreciate
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  Speaker 2: your time.
• 5:10
  Speaker 3: Thanks great to be here. Be sure to like and
• 5:14
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• 5:17
  Speaker 3: catch full shows streaming now on Fox One.