Steve Moore 3-29-20
Good Morning America. This is the cash. Roundtable trump castle Matiz here Sunday morning. Where are we with the economy? Well we have one topic on this In our country today Stephen Moore former partners. Larry Kudlow and adviser to the president. Good Morning Stephen Moore. How are you disappointed John? I'm hanging in there. How we had an exciting week First of all congress passed trillion dollars in stimulants beauty. Think that's enough to make a difference. Well are we shouldn't use the term stimulus. 'cause this bill really isn't a stimulus bill. You don't stimulate the economy by Printing dollars and sending checks out to people. And that's what this bill does. It just mostly redistributes income. It doesn't create uncommon. There's nothing in this package that actually encourages production now. I'm not saying that we shouldn't pass it. I think there was some Positive Features and that bill we provide loans to businesses especially small businesses around the country. We have twenty five million of them Many of them are going to need bridge loans to get through this because their revenues have dropped in some cases two zero. And as you know. John is being one of America's premier businessman. You know a business can't survive without revenues. It's like a human being trying to survive without oxygen. So we're providing some bridge loans. They'll have to pay that money back for the taxpayers when they get back on their feet and I think that was a positive thing. We don't want these companies to go bankrupt onto and hathaway off all their workers. We provide unemployment insurance for people who Obviously if they're laid off because of the shutdown of the economy one of the big problems I have job is the four weeks Four months four months of consensually paid leave for people at one hundred percent of their paycheck and in some cases it's The Wall Street Journal reported. People can get even more than one hundred percent of their paychecks so some cases we may be paying people more to stay home rather than go to work. That could be a problem when we get to the recovery phase which hopefully will be in the next month or something We had a very stimulating conversation yesterday with the Fedex Chairman Fred Smith. You WanNA bring America's up to date on his thoughts and opinions Well Sir John and the group that You are the German of a committee will unleash. Prosperity had a long conference. Call without Steph and the reason this is important as Fred rounds obviously one of the largest companies in the United States but he also has a company that is still fully up and operating they are deemed by the government to be an essential business so they are Up and running in the United States and their Also Global Company that operates. I think in virtually every country in the world including The Asian countries of China Singapore and Korea and he had a very uplifting message to us yesterday from the front line of the economy. Saying that A couple of things number one. He says that in China and Korea those countries are basically up and running again not completely but Yeah I think he said Bindi percents in China and we cannot trust the data that the Chinese government puts output. Fred Smith is measuring number of packages. That are coming in and out of various provinces of China and. He said that they're up and running that they've done a pretty good job of containing the virus there which is good news for the United States. He said the same thing about Korea which is also important. The second thing that he said I thought was really uplifting and optimistic. He said you know they have three hundred thousand employees in the United States and they are most almost. All of those people are working. They're delivering their shells there. They have all the truckers and so on and he told us that only very very small fraction of their workforce has been contaminated with the virus. And so that's good dude. Goes that you know you can have all the top safety measures place and take into account the best science on public health that you can have people working and not necessarily in danger of them so I thought that was a very positive thing and when I asked him about when does he think that the United States could ramp up again and he was very optimistic I believe he did say sometime in late. April that's right and that's that would be amazing if that were the case he was saying that the the number of cases seem to be not lovely moth. But we're falling. Below some of the more apocalyptic predictions that have been made. You know we're not out of the woods yet by any means and we're still seeing an increase in cases and we're still seeing an increase in deaths. But some of the projections were skyrocketing number. And we're following below that and that's a very optimistic thing itself because it means that you know the idea of the millions of people are GonNa die it's certainly You know I don't WanNa be too premature on this but right now. It certainly doesn't look to be that that way and so I think we all felt better Look once we get this economy going jobs and once we got back on his feet and that could take a month or maybe two we WANNA cut next. Make sure that we've got the policies in place should get the economy really booming. We want that. What's called the v-shaped recovery? You know we're GONNA have a steep decline of the second quarter maybe decline as much fifteen percent that are are GDP. We WanNA come out of that with with quarters of eight nine percent growth so our job at the committee. Unleash PROSPERITY THAT. You're such an integral part of is to advise the president about how to put the policies in place to get America back to work and the American twenty trillion dollar economic gun Fired up on all cylinders and I think they'll be fired up and all cylinders plus plus I think American industries that that Did their business overseas a lot of them would say let's not risk free half of it back at least you know. There's a lot of talk about that. Look I believe in globalization. It's been a force for good for sure. It's reduced global poverty and so we don't WanNA shutdown global trade but we want to be very shrewd and smart about what countries are part of the global chain. And I gotTa Tell You John. I talked a lot of. Ceo's of people like yourself of major industries and companies in the United States. And they are going to rethink Their relationship with China because China is not necessarily the reliable supplier that we thought they were And also I think that'll be American. People and many people in industry are extremely upset about what China has done. Throughout this pandemic you know we could have saved hundreds and hundreds of thousands of lives perhaps millions if China had come clean at the beginning and not Deceived the rest of the world about what was happening in China. And so I think there's a lot of ill will towards the Chinese government not the Chinese People John. The Chinese government for their bad behavior. I agree with you. Steve Moore. Thank you so much for coming on this Sunday morning and and giving all Americans and update and I do believe I'm an optimist that by What does it Fred Smith said by the bill or end debate pool? We're going to be back and thank you again. Okay and by the way you know. The president wants to happen too so those are two pretty important figures in America. Safe and say healthy my friend. Thank you this is the cash roundtable. We'll be right back.