Obama Econ. Advisor: President Donald Trump Is Danger To World Economy | The Last Word | MSNBC


SAY WHAT GEORGE W. BUSH COULD SAY IN A MOMENT OF CRISIS IN THE SAY IN A MOMENT OF CRISIS IN THE AMERICAN ECONOMY. AMERICAN ECONOMY. “THIS SUCKER COULD GO DOWN.” “THIS SUCKER COULD GO DOWN.” LEADING OFF OUR DISCUSSION LEADING OFF OUR DISCUSSION TONIGHT, GENE SPERLING, FORMER TONIGHT, GENE SPERLING, FORMER DIRECTOR OF THE NATIONAL DIRECTOR OF THE NATIONAL ECONOMIC COUNCIL FOR PRESIDENTS ECONOMIC COUNCIL FOR PRESIDENTS OBAMA AND CLINTON. OBAMA AND CLINTON. HE IS WHO I PRAY TO WHEN I AM HE IS WHO I PRAY TO WHEN I AM LOOKING FOR A SOLUTION TO LOOKING FOR A SOLUTION TO AMERICAN ECONOMIC ISSUES. AMERICAN ECONOMIC ISSUES. AND RON KLAIN, FORMER SENIOR AND RON KLAIN, FORMER SENIOR AIDE TO VICE PRESIDENT JOE BIDEN AIDE TO VICE PRESIDENT JOE BIDEN AND PRESIDENT OBAMA. AND PRESIDENT OBAMA. HE’S AN ADVISER OF JOE BIDEN’S HE’S AN ADVISER OF JOE BIDEN’S 2020 PRESIDENTIAL CAMPAIGN NOW. 2020 PRESIDENTIAL CAMPAIGN NOW. GENE, YOU HAVE THE FLOOR. GENE, YOU HAVE THE FLOOR. I DIDN’T ANTICIPATE TALKING I DIDN’T ANTICIPATE TALKING ABOUT INVERTED YIELD CURVES THIS ABOUT INVERTED YIELD CURVES THIS WEEK, BUT HERE WE ARE. WEEK, BUT HERE WE ARE.>>YES.>>YES. WELL, I THINK WHAT WE’RE SEEING, WELL, I THINK WHAT WE’RE SEEING, LAWRENCE, IS THAT OUR BIGGEST LAWRENCE, IS THAT OUR BIGGEST FEAR WITH GEORGE — WITH FEAR WITH GEORGE — WITH PRESIDENT TRUMP ISN’T JUST PRESIDENT TRUMP ISN’T JUST ECONOMIC NATIONALISM. ECONOMIC NATIONALISM. IT IS ECONOMIC NARCISSISM. IT IS ECONOMIC NARCISSISM. IT IS THIS KIND OF DRUNK DRIVING IT IS THIS KIND OF DRUNK DRIVING TYPE OF ECONOMIC MANAGEMENT. TYPE OF ECONOMIC MANAGEMENT. NOW, WHEN YOU DRIVE DRUNK, YOU NOW, WHEN YOU DRIVE DRUNK, YOU DON’T ALWAYS GET INTO AN DON’T ALWAYS GET INTO AN ACCIDENT, BUT YOU DRAMATICALLY ACCIDENT, BUT YOU DRAMATICALLY INCREASE THE CHANCES OF INCREASE THE CHANCES OF SOMETHING VERY BAD HAPPENING. SOMETHING VERY BAD HAPPENING. DONALD TRUMP INHERITED, LIKE HE DONALD TRUMP INHERITED, LIKE HE INHERITED WEALTH FROM HIS DAD, INHERITED WEALTH FROM HIS DAD, HE INHERITED AN ECONOMY THAT WAS HE INHERITED AN ECONOMY THAT WAS SOLID, THAT WAS IMPROVING, AND SOLID, THAT WAS IMPROVING, AND WHAT WE SAW FIRST WAS A HUGE TAX WHAT WE SAW FIRST WAS A HUGE TAX CUT WHICH WE NOW SEE WAS REALLY CUT WHICH WE NOW SEE WAS REALLY BASED ON ONE THING THAT IT WAS BASED ON ONE THING THAT IT WAS GOING TO JUSTIFY THIS HUGE GOING TO JUSTIFY THIS HUGE INCREASE IN THE DEFICIT BECAUSE INCREASE IN THE DEFICIT BECAUSE IT WAS GOING TO HAVE A LASTING IT WAS GOING TO HAVE A LASTING EFFECT ON BUSINESS INVESTMENT. EFFECT ON BUSINESS INVESTMENT. WE’VE ALREADY SEEN FROM JAY WE’VE ALREADY SEEN FROM JAY POWELL, TO THE SECOND-QUARTER POWELL, TO THE SECOND-QUARTER RESULTS, THAT BUSINESS RESULTS, THAT BUSINESS INVESTMENT IS SLOWING. INVESTMENT IS SLOWING. IF YOU TAKE OUT OIL AND MINING, IF YOU TAKE OUT OIL AND MINING, IT’S ACTUALLY BEEN SLOWER THAN IT’S ACTUALLY BEEN SLOWER THAN IT WAS IN THE OBAMA SECOND TERM. IT WAS IN THE OBAMA SECOND TERM. BUT WHAT WE’VE ALSO SEEN IS THIS BUT WHAT WE’VE ALSO SEEN IS THIS RECKLESS TYPE OF MANAGEMENT ON RECKLESS TYPE OF MANAGEMENT ON THE TRADE SIDE. THE TRADE SIDE. AND THIS IS SOMETHING WHERE AND THIS IS SOMETHING WHERE THERE COULD HAVE BEEN A SMART THERE COULD HAVE BEEN A SMART WAY TO DO IT. WAY TO DO IT. I AGREE, WE SHOULD BE TOUGHER ON I AGREE, WE SHOULD BE TOUGHER ON CHINA. CHINA. I AGREE, WE SHOULD TAKE SOME I AGREE, WE SHOULD TAKE SOME SHORT-TERM HITS BUT THIS KIND OF SHORT-TERM HITS BUT THIS KIND OF RECKLESS BACK AND FORTH HAS NOW RECKLESS BACK AND FORTH HAS NOW BEEN SUCH AN ASSAULT TO NOT JUST BEEN SUCH AN ASSAULT TO NOT JUST THE U.S. ECONOMY BUT THE GLOBAL THE U.S. ECONOMY BUT THE GLOBAL ECONOMY THAT NOW THE NUMBER ONE ECONOMY THAT NOW THE NUMBER ONE SINGLE RISK FACTOR IN ECONOMICS SINGLE RISK FACTOR IN ECONOMICS IN THE WORLD IS DRUPONALD TRUMP IN THE WORLD IS DRUPONALD TRUMP PERSONALLY. PERSONALLY. THAT’S WHEY I SAY ECONOMIC THAT’S WHEY I SAY ECONOMIC NARCISSISM BECAUSE IT IS HIS NARCISSISM BECAUSE IT IS HIS SENSE OF RECKLESSNESS AND HIS SENSE OF RECKLESSNESS AND HIS SENSE THAT SOMEHOW MAYBE IF HE SENSE THAT SOMEHOW MAYBE IF HE REALLY HURTS THE CHINA ECONOMY REALLY HURTS THE CHINA ECONOMY OR THE GERMAN ECONOMY OR THE OR THE GERMAN ECONOMY OR THE GLOBAL MANUFACTURING GOES DOWN GLOBAL MANUFACTURING GOES DOWN THAT THAT’S SOMEHOW GOOD FOR US. THAT THAT’S SOMEHOW GOOD FOR US. IT’S NOT. IT’S NOT. WHEN DEMAND GOES DOWN AROUND THE WHEN DEMAND GOES DOWN AROUND THE WORLD, IT HURTS OUR FARMERS. WORLD, IT HURTS OUR FARMERS. IT HURTS OUR STEELMAKERS. IT HURTS OUR STEELMAKERS. IT HURTS OUR AUTO PRODUCERS. IT HURTS OUR AUTO PRODUCERS. IT HURTS OUR ECONOMY. IT HURTS OUR ECONOMY. SO THE RISK THAT EXISTS RIGHT SO THE RISK THAT EXISTS RIGHT NOW IN THE ECONOMY LIES — IN NOW IN THE ECONOMY LIES — IN THE GLOBAL ECONOMY AND THE U.S. THE GLOBAL ECONOMY AND THE U.S. ECONOMY — LIES SQUARELY, ECONOMY — LIES SQUARELY, SCARILY ON DONALD TRUMP’S SCARILY ON DONALD TRUMP’S RECKLESS DRUNK DRIVING APPROACH RECKLESS DRUNK DRIVING APPROACH TO ECONOMIC MANAGEMENT. TO ECONOMIC MANAGEMENT.>>RON KLAIN, WE HAVE THE FAMOUS>>RON KLAIN, WE HAVE THE FAMOUS WORDS OF DONALD TRUMP, THE TRADE WORDS OF DONALD TRUMP, THE TRADE WARS ARE EASY TO WIN. WARS ARE EASY TO WIN. NO ONE BEFORE DONALD TRUMP HAS NO ONE BEFORE DONALD TRUMP HAS THOUGHT THAT. THOUGHT THAT. CERTAINLY NOT IN THE ERA OF CERTAINLY NOT IN THE ERA OF MODERN ECONOMIC THOUGHT. MODERN ECONOMIC THOUGHT.>>YEAH, I MEAN, ECONOMIC POLICY>>YEAH, I MEAN, ECONOMIC POLICY BASED ON RETWEETS, WHAT COULD BASED ON RETWEETS, WHAT COULD POSSIBLY GO WRONG? POSSIBLY GO WRONG?>>YEAH.>>YEAH.>>LOOK, I ALSO THINK, LAWRENCE,>>LOOK, I ALSO THINK, LAWRENCE, IT’S WORTH REPEATING SOMETHING IT’S WORTH REPEATING SOMETHING YOU MENTIONED BEFORE ABOUT THE YOU MENTIONED BEFORE ABOUT THE HOLLOW WHITE HOUSE STAFF. HOLLOW WHITE HOUSE STAFF. I WORKED FOR TWO BRILLIANT I WORKED FOR TWO BRILLIANT PRESIDENTS. PRESIDENTS. BILL CLINTON AND BARACK OBAMA. BILL CLINTON AND BARACK OBAMA. AS BRILLIANT AS THEY WERE, THEY AS BRILLIANT AS THEY WERE, THEY HAVE, LIKE, A BILLION I.Q. HAVE, LIKE, A BILLION I.Q. POINTS ON DONALD TRUMP, THERE POINTS ON DONALD TRUMP, THERE WASN’T A SINGLE MEETING WHERE WASN’T A SINGLE MEETING WHERE THEIR THOUGHTS ON THE ECONOMY THEIR THOUGHTS ON THE ECONOMY WAS IMPROVED BY HAVING A WAS IMPROVED BY HAVING A FIRST-CLASS TEAM AROUND THEM OF FIRST-CLASS TEAM AROUND THEM OF PEOPLE LIKE GENE SPERLING. PEOPLE LIKE GENE SPERLING. NOW YOU HAVE A PRESIDENT WHO’S NOW YOU HAVE A PRESIDENT WHO’S NOWHERE NEAR BARACK OBAMA AND NOWHERE NEAR BARACK OBAMA AND BILL CLINTON TRYING TO MANAGE AN BILL CLINTON TRYING TO MANAGE AN ECONOMIC SITUATION WITH A TEAM ECONOMIC SITUATION WITH A TEAM THAT’S NOWHERE NEAR THE TEAM THAT’S NOWHERE NEAR THE TEAM THOSE TWO PRESIDENTS HAD AND THOSE TWO PRESIDENTS HAD AND THAT IS A FRIGHTENING THAT IS A FRIGHTENING COMBINATION. COMBINATION. NOW, TRUMP HAS MADE HIS WHOLE NOW, TRUMP HAS MADE HIS WHOLE ECONOMY ABOUT THE STOCK MARKET ECONOMY ABOUT THE STOCK MARKET WHICH I THINK IS A MISTAKE FOR WHICH I THINK IS A MISTAKE FOR ANY PRESIDENT. ANY PRESIDENT. SINCE HE’S BEEN PRESIDENT, HE SINCE HE’S BEEN PRESIDENT, HE TWEETED 72 TIMES BRAGGING ABOUT TWEETED 72 TIMES BRAGGING ABOUT THE STOCK MARKET RESULTS. THE STOCK MARKET RESULTS. SEVEN TIMES IN THE PAST FOUR SEVEN TIMES IN THE PAST FOUR WEEKS. WEEKS. AND YOU KNOW WHAT GOES UP DOES AND YOU KNOW WHAT GOES UP DOES GO DOWN. GO DOWN. WITH HIS RECKLESS APPROACH TO WITH HIS RECKLESS APPROACH TO TRADE AND OTHER ECONOMIC ISSUES, TRADE AND OTHER ECONOMIC ISSUES, THE TAX CUT THAT WAS SQUANDERED THE TAX CUT THAT WAS SQUANDERED THE WAY IT WAS, WE GOT A BIG THE WAY IT WAS, WE GOT A BIG MESS ON OUR HANDS AND THERE’S NO MESS ON OUR HANDS AND THERE’S NO ONE IN THE WHITE HOUSE WHO CAN ONE IN THE WHITE HOUSE WHO CAN HANDLE THAT. HANDLE THAT.>>SO, GENE, WE’VE ALREADY SEEN>>SO, GENE, WE’VE ALREADY SEEN ONE QUARTER OF NEGATIVE ECONOMIC ONE QUARTER OF NEGATIVE ECONOMIC GROWTH IN GERMANY. GROWTH IN GERMANY. IF THE NEXT QUARTER IS NEGATIVE, IF THE NEXT QUARTER IS NEGATIVE, THAT’S OFFICIALLY A RECESSION THAT’S OFFICIALLY A RECESSION THERE. THERE. YOU WERE JUST ON THIS POINT, AND YOU WERE JUST ON THIS POINT, AND THIS IS SOMETHING THAT DONALD THIS IS SOMETHING THAT DONALD TRUMP DOESN’T UNDERSTAND, THAT TRUMP DOESN’T UNDERSTAND, THAT GERMANY IS A CUSTOMER OF THE GERMANY IS A CUSTOMER OF THE UNITED STATES, A MAJOR AND UNITED STATES, A MAJOR AND IMPORTANT CUSTOMER OF THE UNITED IMPORTANT CUSTOMER OF THE UNITED STATES. STATES. IF THEIR BUYING POWER DROPS, IF IF THEIR BUYING POWER DROPS, IF THEY’RE LESS ABLE TO PURCHASE THEY’RE LESS ABLE TO PURCHASE WHAT WE HAVE TO SELL THEM, WHAT WE HAVE TO SELL THEM, THAT’S A PROBLEM FOR US. THAT’S A PROBLEM FOR US. THEY ARE INTERCONNECTED TO US IN THEY ARE INTERCONNECTED TO US IN VARIOUS SUPPLY CHAINS IN VARIOUS SUPPLY CHAINS IN MANUFACTURING. MANUFACTURING. PARTS OF A MANUFACTURING PROCESS PARTS OF A MANUFACTURING PROCESS MIGHT GO FROM GERMANY TO THE MIGHT GO FROM GERMANY TO THE UNITED STATES, THAT’S ALL UNITED STATES, THAT’S ALL AFFECTED BY THIS AND DONALD AFFECTED BY THIS AND DONALD TRUMP HAS ALWAYS THOUGHT IN HIS TRUMP HAS ALWAYS THOUGHT IN HIS TRADE WAR HE CAN THROW PUNCHES TRADE WAR HE CAN THROW PUNCHES AT OTHER COUNTRIES AND WHEN HE’S AT OTHER COUNTRIES AND WHEN HE’S THROWING THE PUNCH, HE’S NEVER THROWING THE PUNCH, HE’S NEVER GOING TO HURT HIS KNUCKLES IN GOING TO HURT HIS KNUCKLES IN THE PROCESS AND IT TURNS OUT IN THE PROCESS AND IT TURNS OUT IN TRADE WARS, IT IS IMPOSSIBLE TO TRADE WARS, IT IS IMPOSSIBLE TO THROW THESE KINDS OF PUNCHES THROW THESE KINDS OF PUNCHES WITHOUT DOING DAMAGE TO YOUR OWN WITHOUT DOING DAMAGE TO YOUR OWN ECONOMY. ECONOMY.>>NO, I MEAN, THAT’S EXACTLY>>NO, I MEAN, THAT’S EXACTLY RIGHT, LAWRENCE. RIGHT, LAWRENCE. I MEAN, REALLY, IT’S BOTH WAYS, I MEAN, REALLY, IT’S BOTH WAYS, RIGHT? RIGHT? FIRST YOU END UP HAVING FIRST YOU END UP HAVING SELF-INFLICTED WOUNDS. SELF-INFLICTED WOUNDS. HOW’S IT GOING FOR AGRICULTURE HOW’S IT GOING FOR AGRICULTURE EX EX EXPORTS OF THE UNITED STATES? EXPORTS OF THE UNITED STATES? SOYBEAN EXPORTERS. SOYBEAN EXPORTERS. IT’S BEEN A DISASTER. IT’S BEEN A DISASTER. WE NOW HAVE INDUSTRIAL WE NOW HAVE INDUSTRIAL PRODUCTION, AND MANUFACTURING, PRODUCTION, AND MANUFACTURING, HIS BIG FOCUS, IS DOWN TWO HIS BIG FOCUS, IS DOWN TWO QUARTERS. QUARTERS. THAT’S A TECHNICAL RECESSION FOR THAT’S A TECHNICAL RECESSION FOR INDUSTRIAL PRODUCTION. INDUSTRIAL PRODUCTION. ONE, YOU END UP HITTING YOURSELF ONE, YOU END UP HITTING YOURSELF IN THE PROCESS, BUT SECONDLY, IN THE PROCESS, BUT SECONDLY, INSTEAD OF WORKING WITH GERMANY INSTEAD OF WORKING WITH GERMANY AND CANADA AND OTHER COUNTRIES AND CANADA AND OTHER COUNTRIES IN A COHERENT WAY THAT MIGHT IN A COHERENT WAY THAT MIGHT HAVE BEEN DIRECTED TOWARD HAVE BEEN DIRECTED TOWARD ISOLATING CHINA, THIS KIND OF ISOLATING CHINA, THIS KIND OF JUST, AGAIN, KIND OF DRUNK JUST, AGAIN, KIND OF DRUNK DRIVING APPROACH ENDS UP JUST DRIVING APPROACH ENDS UP JUST CREATING RISK AND HARM IN THE CREATING RISK AND HARM IN THE GLOBAL ECONOMY AND SO NOT ONLY GLOBAL ECONOMY AND SO NOT ONLY IS IT BAD WHEN GERMANY GOES TO IS IT BAD WHEN GERMANY GOES TO NEGATIVE GROWTH, BUT YOU’VE SEEN NEGATIVE GROWTH, BUT YOU’VE SEEN THAT CHINA NOW HAD INDUSTRIAL THAT CHINA NOW HAD INDUSTRIAL PRODUCTION AT ITS LOWEST IN, PRODUCTION AT ITS LOWEST IN, PERHAPS, 17 YEARS. PERHAPS, 17 YEARS. NONE OF THAT IS GOOD. NONE OF THAT IS GOOD. IT’S NOT GOOD WHEN YOU HURT YOUR IT’S NOT GOOD WHEN YOU HURT YOUR OWN AGRICULTURE EXPORTERS AND OWN AGRICULTURE EXPORTERS AND YOUR OWN MANUFACTURESRS, BUT WHE YOUR OWN MANUFACTURESRS, BUT WHE YOU LOWER DEMAND IN THE WORLD, YOU LOWER DEMAND IN THE WORLD, IN GERMANY, IMPORTANT CUSTOMER, IN GERMANY, IMPORTANT CUSTOMER, IN CHINA, IN THE GLOBAL ECONOMY, IN CHINA, IN THE GLOBAL ECONOMY, YOU HURT ALL OF THE PEOPLE IN YOU HURT ALL OF THE PEOPLE IN THE UNITED STATES WHO RELY ON THE UNITED STATES WHO RELY ON STRONG GLOBAL DEMAND, AND, YOU STRONG GLOBAL DEMAND, AND, YOU KNOW, THE QUESTION NOW IS, CAN KNOW, THE QUESTION NOW IS, CAN HE PULL OUT OF IT? HE PULL OUT OF IT? YOU KNOW, YOU ASKED WHAT YOU YOU KNOW, YOU ASKED WHAT YOU HAVE TO DO. HAVE TO DO. YOU ACTUALLY DON’T NEED TO KNOW YOU ACTUALLY DON’T NEED TO KNOW TOO MUCH ABOUT ECONOMICS TO KNOW TOO MUCH ABOUT ECONOMICS TO KNOW THAT WHEN YOU’RE DUGGING A HOLE, THAT WHEN YOU’RE DUGGING A HOLE, STOP DIGGING AND THE WAY DONALD STOP DIGGING AND THE WAY DONALD TRUMP HAS, AGAIN, MANAGED THIS TRUMP HAS, AGAIN, MANAGED THIS ECONOMY IS THAT HE IS THE ECONOMY IS THAT HE IS THE NUMBER-ONE RISK FACTOR. NUMBER-ONE RISK FACTOR. IF HE SIMPLY DID NOTHING, THE IF HE SIMPLY DID NOTHING, THE ENTIRE U.S. AND GLOBAL ECONOMY ENTIRE U.S. AND GLOBAL ECONOMY WOULD BE IN STRONGER SHAPE THAN WOULD BE IN STRONGER SHAPE THAN IT IS NOW. IT IS NOW.>>RON, WE HAVE A FOX NEWS POLL>>RON, WE HAVE A FOX NEWS POLL SAYING SAYING SAYING UNSATISFIED WITH THE WAY SAYING UNSATISFIED WITH THE WAY THINGS ARE GOING, A VERY GENERAL THINGS ARE GOING, A VERY GENERAL STATEMENT. STATEMENT. SATISFIED IS ONLY 40%. SATISFIED IS ONLY 40%. UNSATISFIED IS 59%. UNSATISFIED IS 59%. THAT IS BEFORE THE INVERTED THAT IS BEFORE THE INVERTED YIELD CURVE. YIELD CURVE.>>YEAH.>>YEAH. YEAH, I MEAN, I THINK THERE’S YEAH, I MEAN, I THINK THERE’S ALSO AN INVERTED APPROVAL CURVE ALSO AN INVERTED APPROVAL CURVE FOR DONALD TRUMP THERE. FOR DONALD TRUMP THERE.>>YES.>>YES.>>IT’S HEADED IN THE WRONG>>IT’S HEADED IN THE WRONG DIRECTION, AS IT SHOULD BE. DIRECTION, AS IT SHOULD BE. LOOK, I MEAN, AGAIN, I DON’T LOOK, I MEAN, AGAIN, I DON’T THINK YOU CAN JUDGE A PRESIDENT THINK YOU CAN JUDGE A PRESIDENT BY THE MARKET. BY THE MARKET. MARKETS ARE IMPACTED BY A LOT OF MARKETS ARE IMPACTED BY A LOT OF FACTORS OUTSIDE HIS OR HER FACTORS OUTSIDE HIS OR HER CONTROL. CONTROL. BUT YOU CAN JUDGE A PRESIDENT BY BUT YOU CAN JUDGE A PRESIDENT BY THE POLICIES THEY PURSUE ON THE THE POLICIES THEY PURSUE ON THE ECONOMY AND WHAT DONALD TRUMP ECONOMY AND WHAT DONALD TRUMP PROMISED WAS TO INVEST IN PROMISED WAS TO INVEST IN WORKING PEOPLE. WORKING PEOPLE. HE PROMISED TO HAVE AN HE PROMISED TO HAVE AN INFRASTRUCTURE PLAN. INFRASTRUCTURE PLAN. HE PROMISED THAT HE’D HAVE A HE PROMISED THAT HE’D HAVE A BIG, BEAUTIFUL HEALTH CARE PLAN. BIG, BEAUTIFUL HEALTH CARE PLAN. HE PROMISED A LOT OF FUNDAMENTAL HE PROMISED A LOT OF FUNDAMENTAL STAPLES, KITCHEN-TABLE THINGS STAPLES, KITCHEN-TABLE THINGS FOR WORKING PEOPLE AND I THINK FOR WORKING PEOPLE AND I THINK PEOPLE FOR BETTER OR WORSE PEOPLE FOR BETTER OR WORSE BELIEVED HIM WITH THOSE PROMISES BELIEVED HIM WITH THOSE PROMISES AND HE’S DELIVERED ABSOLUTELY UP AND HE’S DELIVERED ABSOLUTELY UP IN OF THEM. IN OF THEM. HE’S RUN THE MOST KLEPTOCRATIC HE’S RUN THE MOST KLEPTOCRATIC ADMINISTRATION IN HISTORY AND AN ADMINISTRATION IN HISTORY AND AN ECONOMIC POLICY THAT’S ECONOMIC POLICY THAT’S EXACERBATED INEQUALITY AND EXACERBATED INEQUALITY AND DELIVERS ALL OF ITS GAINS TO DELIVERS ALL OF ITS GAINS TO THOSE AT THE VERY TOP. THOSE AT THE VERY TOP. SO IT’S NO SURPRISE, UNLESS SO IT’S NO SURPRISE, UNLESS YOU’RE POLLING THE VERY TOP .1 YOU’RE POLLING THE VERY TOP .1 OF 1% THAT THE NUMBER IS PEOPLE OF 1% THAT THE NUMBER IS PEOPLE RUN SATISFIED WITH THAT. RUN SATISFIED WITH THAT. AND AS YOU SAY, THAT’S BEFORE AND AS YOU SAY, THAT’S BEFORE TODAY’S EVENTS. TODAY’S EVENTS. THAT’S GOING TO GET WORSE FOR THAT’S GOING TO GET WORSE FOR HIM, NOT BETTER. HIM, NOT BETTER.>>RON KLAIN, THANK YOU VERY>>RON KLAIN, THANK YOU VERY MUCH FOR JOINING US AGAIN MUCH FOR JOINING US AGAIN TONIGHT AND GENE SPERLING, TONIGHT AND GENE SPERLING, ECONOMIC ADVISER TO PRESIDENTS, ECONOMIC ADVISER TO PRESIDENTS, COULD NOT DO THIS WITHOUT YOU, COULD NOT DO THIS WITHOUT YOU, AND AS THIS ECONOMIC NEWS AND AS THIS ECONOMIC NEWS CONTINUES, WE’RE GOING TO NEED CONTINUES, WE’RE GOING TO NEED YOU. YOU. STAY BY THE PHONE, GENE.

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