Larry, Barack Obama discussed on Larry Elder

Automatic TRANSCRIPT

Up on Larry elder dot coms called Obama's bad stimulus example sub headline Democrats want to repeat the two thousand nine strategy of paying Americans not to work the co authors my next guest who is a member of the heritage foundation served as an adviser to the hurricane twenty twelve presidential campaign an adviser to trump's twenty sixteen campaign please welcome back to the program economist Stephen Moore Stephen thank you so much for taking the time I appreciate it hi Larry hi Steven Steven Lim just does start with a quote from your piece on the that that you co authored with published the Wall Street journal couple days ago quote given the current public health strategy of social distancing providing cash and in kind benefits to tens of millions of stranded workers may be a prudent and compassionate approach but no one should pretend these programs will stimulate recovery they're likelier to prolong a stroke a slump as the Obama strategy did in the float elaborate Stephen Moore well there's a real rewriting of history going on Larry surprise surprise justice the I've heard you talk about this many times over the years the rewrite of the history of the new deal you know if you read the history books you think the new deal with some kind of grand success of course you know ten years in jail for almost ten years into the new deal we still have an apartment in double digits and and so on that's exactly what happened with the Obama recovery and people remember that you remember that shovel ready projects and Joe Biden said very famously after the bill passed we would have the summer of recovery and two years after that bill passed and the money has been spent we still had an unemployment rate of nine percent nine percent you know almost three times higher than we had before this coronavirus yet and if you would include the people just dropped out of the workforce the unemployment rate would be a total of twelve percent so that's probably a recovery and avoid that I was making as you know this bill that's being debated I literally as we speak Larry our house after the grocery shop I look device that gets higher I think right now it's one and a half trillion dollars and there is nothing in this bill that will help grow the economy and that's my concern but it seems like you were suggesting in that passage I read that from a political standpoint the likelihood of the of of truck doing nothing of him not giving money to our workers have been essentially put out of work because of government mandates that that would be a political non a non starter to do nothing there's a difference Larry died between what happened in two thousand eight two thousand nine what we know where that would happen in two thousand eight nine was a you know a implosion of the economy of over you know real estate was vocally invested in people took out mortgages they shouldn't banks engaged in some bad behavior that's the reason that I don't have a big problem with that is sending some money to people who are going to be hurt by this you know reduction that's coming is that if the government that's required these businesses to shut down no the book the government takes on the responsibility if they tell people they cannot work you got the job done yeah I think it's appropriate for the government to give some made the book my only point is that's not an economic growth strategies out a strategy to take about two dollars from me and give it to you right on top of the greeted me well well I I agree with you I I I I think since the government is mandating the shut down they got to do something my question to you Stephen Moore is if you were advising the president what would you have advised him to have done well first of all I think that we have to realize that this is the most important point that we cannot shut down the American economy this is the strongest economy in the world we have a twenty trillion dollar economic machine that is the envy of the world the idea that we're gonna shut down the American academy for seven or ten weeks as that was discussed last night by some of the public officials thank you that's insane we wouldn't we wouldn't happen economy left after seven to ten weeks every virtually every business in America would shut down and go back up to we have you know thirty five million unemployed people we have people's life savings you know bad I shall we cannot and I think trump is pivoted a bit on this he is now basically saying that he wants to get this economy up and running again in a very smart way in other words we take public safety and safety and health measures but we don't we don't just because everybody's going to want employment line because in my opinion I think the statistics are pretty clear about this the human suffering and the toll from shutting down the American economy you're not gonna have any economy lot you're not giving me food on the shelves we're gonna be like the Soviet Union Thomas Stephen Moore is my guest he advised the presidential campaign of president trump in twenty sixteen Steven what about this thousand dollars to every man woman and child sounds like George McGovern in nineteen seventy two yeah this is again just a way to get money into the hands of the people the men forced in the unemployment why aligned by the by the government I don't like it much I mean by the way of thousand dollars is good but not two thousand one at five thousand one minute ten thousand that one of the things that concerns me is that there's this attitude in Washington is all we have to do is print money and pass it out and somehow this is going to save the economy Udall are your very good economists if the economy if the economy isn't producing anything about the matter already already dollars they prep right there's nothing to buy there's no nothing on the shelves so all right we've got to get the productive capacity of this great American economy going again and do it in a smart way we're used to cluster older people are very vulnerable to this terrible virus you know you are very strict rules about who can go into public places we need screening we need casting but we have to produce thank them and ladies and gentlemen we can't let millions of businesses fail we can't put thirty five people on unemployment lines and just from a standpoint of by you know the public health Leri you know we know that should decide drug abuse depression all the things are highly associated with losing your job and losing your business so we don't think about what in fact we're going to have on our society if we go forward with that strategy Stephen Moore we have one minute left what about the feds an intention to stimulate the economy by essentially putting more money I don't have a big problem with the brothers been doing up to now but let's let me go back to this vital points that I know my our mutual friend also Laffer agrees with and I don't know Britain were still alive you would agree with that matter how much money you French you have to have a productive economy and the such this is what third world countries do they keep thinking they can print money more more money to devalue their currencies and somehow that's gonna solve an economic crisis sorry merry I wish it were that easy I wish we could just take helicopters up in the air and dump dollar bills out the windows and that would bring back prosperity that but that ain't gonna work it never has and never will Obama's best team in this example Democrats want to repeat the two thousand nine strategy of paying Americans not to work as written by my guest Stephen Moore top on Larry elder dot com Stephen thank you very much for coming on I really do appreciate it thanks Larry I hope for the best of the house of help for all the people are listening yourself these are trying times but we will get through this with the free enterprise system absolutely thanks a lot Steve.

Coming up next