Stephen Moore, Stephen, White House discussed on Hugh Hewitt


Story this is a sixty eight answer an air maker is and welcome back indeed we have is steamed economist Stephen Moore with us Stephen is an adviser to the White House to president trump the economic team there and one of the smartest economists actually the smartest economist I have ever known Steve welcome hello now let me just first reiterate what I have been but I have been saying this entire show which is that we did at the nasdaq is up thirty percent actually thirty point five percent on the year year to date excellent news even better the Russell two thousand up twenty one percent that's important because that's those two thousand companies that a lot of people don't know of but they're still getting money put into them and the valuations are growing and year to date the S. and P. is up twenty five percent so we're at a very good spot a very good place in the economy is just one in a long and the big story today that I want to hear from you on Steve is the November employment report in this wonderful news that we added two hundred and sixty six thousand jobs in November and unemployment unexpectedly fell to three point five percent in average hourly earnings they're up zero point two percent two basis points so first let's just hear what president trump had to say about this a record one hundred and fifty eight million Americans are now working as a large number in the history of our country we've never had a hundred fifty eight million people work and we should be breaking one hundred sixty million magic mark fairly soon okay Steve esteemed economists lot what's your thought it's a beautiful academy it's just a blockbuster at me and I was almost fell out of my chair when I heard these new numbers on the jobs you know a lot of people thought the economy was slowing down remember Hillary and now we see that a speeding up and that there is no recession on the horizon none whatsoever in fact this economy seems to be you know growing faster than it was six months ago a year ago and and that's a good news for American workers at the good news for American small businesses that means they're expanding and I love the numbers that you talked about about the stock market people who haven't been in the market this year boy you missed out on quite a bull market run whether this content can continue for another year or two I don't know but you know if I think if we get these trade deals on the U. S. Canada Mexico trade agreement and then also about the obviously some progress with China I think there is you know now no stop in this market I am with you all the way now one thing I would love some clarification on and it was a in my office with my analysts were discussing this today the financials were on fire again now the financials fifty banks hit fifty fifty banks hit all time highs and there were zero lows for the banks now who's the JP Morgan's in the Morgan Stanley's but also the capital ones in citizens financials what do you think Anna and has an investor because I am always tell people get into those things get into JP Morgan our what the banks go up so much because obviously if the economy is so strong in the jobs report came out so well it means we're not gonna have any potentially record happening more rate cuts if we don't have rate cuts then the economy doesn't have that extra you know kicker to it that brings the cost of money down the one with the bank so happy and she people still be in the banks well look you know that that think about where we are today Ellery versus where we were exactly your dollar number last year if you like the end of the world at this time remember that the fed was raising interest rates the stock market fell by two thousand or three thousand points as the fed continued to raise rates and add you know drain lot dollar liquidity out of the economy and it wasn't until early January when the fed reversed course and started lowering rates rather than raising about that though the economy really recover so I like where the fat is today better than I did where they were a year ago we've had you know two or three rate cuts this year and that was the right thing to do to reverse the mistakes of last year so I'm kind of happy with the bad situation like I believe we might want to do one more rate cuts because there's no sign of inflation that's the most amazing thing about this economy right now Hillary usually when you get a big bold prices start to rise but that's not happening here I will get the best of both worlds we have low unemployment and low inflation right right that's right yeah the concern is also of course wage inflation right that that over it you know if you look historically in Europe Uros of the past you know that that's been the kiss of death so what do you think happens there are people going to start demanding higher salaries well when we did that the trump tax cut back in two thousand sixteen seventeen we designed it it was meant to create a very tight labor market so that way wages reprise because it had been Hillary is you know it's been fifteen years since our workers and got not after inflation wage increase so they were working harder at they weren't getting in a bigger paychecks and so now we are say I'm very happy to say the wages are rising at a nice three percent case above inflation if you look at income is for middle class families there now options trump took office five thousand two hundred fifty dollars per middle class family that's a lot of money and you know when people ask why as wire sales so high for the stores for them and why are the companies like Amazon going so well because people have more money to spend right that's right it really is an exciting time for everyone listening you know we have listeners one hundred markets across the country so so we we have listeners from Washington state down to Florida Texas southern California the northeast the Midwest and down and it's and it is really an exciting exciting time for us now it's so fast you know Hillary yes is about as you know in my lifetime you know I'm almost sixty years old this is about as good as it gets you know when you've got these really are you know blood jobs are so plentiful stock market on a big bill people getting higher wages well look what you know I I'll never you know say for certain what can have what the future to the future how to protect right but you know right now we should be all feel proud to be Americans proud that our country is doing well and we should really salute the men and women who start businesses and you know without businesses and you know without entrepreneurs you don't have jobs so it is a good picture by the way Hillary look at the rest of the world nobody else is growing right now ship the United States all I know I know and that's why for those who are also wondering how come this market keeps rising in addition to the fact that our economy is strong and and and everything is going right the money is flowing from all over the world we are seen as a flight to safety so even in Europe even though they've had it they had a nice run the European stocks have done well there's so much confidence around the United States because so many other parts of the world have issues and and and conflicts no especially in Europe you know the canned keeps getting kicked down the road where anyone says Greece Italy Portugal there's some major issues with that common euro currency of course the vote you know brexit is is going go on for the rest of our lives yes brexit no brexit yes brexit and so in the mean time it makes so much more sense for the big managers and especially because investing all over the world Hey if you run a pension fund out of Denmark yes in the Scandinavian pension pension funds have trillions of dollars in them it made it so easy today you can go all in two U. S. stocks I think that that there's a real draw they're now talking about that here's a question we really need to talk about this US China trade narrative okay because it inched forward connect your call not not not a jerk but your goalie but okay stay with us and we're going to get back in talk trade in the market don't stripper townhall dot com which is exposing the truth cost you in the case of pro life activist David to lighten it will cost eight hundred seventy thousand dollars recently a California jury ruled that the lines under cover videos exposing Planned Parenthood sale of aborted baby parts cause substantial harm to the organization many remember that to lighten cut numerous Planned Parenthood workers on camera talking about the sale of baby parts from aborted children his undercover work could be compared to what we've seen from sixty minutes over the years and he's paid a heavy price his videos of from the horrible nature of the abortion industry Planned Parenthood is just not in the business of.

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