Ben Stiller

On behalf of all of our listeners, we appreciate it. These were great questions. Thanks for having me.

On behalf of all of our listeners, we appreciate it. These were great questions. Thanks for having me.

It has been a while. Happy to be here.

It has been a while. Happy to be here.

Yeah, I think that's right. I mean, it's worth winding back a little bit to what Trump inherited in the economy. Because by many measures, it was pretty solid, right? Unemployment was low. Job growth was solid. Corporate profits were good, right? There were a lot of things that were pretty good. We know there was one really big thing that was not good, right, which was inflation.

Yeah, I think that's right. I mean, it's worth winding back a little bit to what Trump inherited in the economy. Because by many measures, it was pretty solid, right? Unemployment was low. Job growth was solid. Corporate profits were good, right? There were a lot of things that were pretty good. We know there was one really big thing that was not good, right, which was inflation.

It had gotten a lot better. But we know cost of living had gone up and that was in inflation and it was in housing prices and it was in all sorts of things. And we know that Americans did not feel good about the economy, right? That was a big part of the reason that Trump was brought back to office in the first place.

It had gotten a lot better. But we know cost of living had gone up and that was in inflation and it was in housing prices and it was in all sorts of things. And we know that Americans did not feel good about the economy, right? That was a big part of the reason that Trump was brought back to office in the first place.

So, as you said, when he is elected, there's a surge in optimism among businesses. There's a surge of optimism among many consumers. There was this sense, right, of the economy was actually in pretty good shape, according to the economists. And now it was maybe also in good shape, according to everybody else. And yet, in the last few weeks, all of that has turned around. All of that.

So, as you said, when he is elected, there's a surge in optimism among businesses. There's a surge of optimism among many consumers. There was this sense, right, of the economy was actually in pretty good shape, according to the economists. And now it was maybe also in good shape, according to everybody else. And yet, in the last few weeks, all of that has turned around. All of that.

Markets are way down. Consumer confidence is way down. Business confidence, crucially, is way down. And so all of these measures of how consumers, how businesses, how investors feel about the economy have all taken a really sharp turn to the south. Now, that's how people feel. So far, most of the measures of actual activity

Markets are way down. Consumer confidence is way down. Business confidence, crucially, is way down. And so all of these measures of how consumers, how businesses, how investors feel about the economy have all taken a really sharp turn to the south. Now, that's how people feel. So far, most of the measures of actual activity

of what consumers are doing, of what businesses are doing, have not shown that same sharp deterioration.

of what consumers are doing, of what businesses are doing, have not shown that same sharp deterioration.

Yeah, and I think that's particularly a risk in a situation like this where the drop is so sharp and with a very clear set of reasons.

Yeah, and I think that's particularly a risk in a situation like this where the drop is so sharp and with a very clear set of reasons.

So it has, I think, potential effects in two different ways. One is just the direct effect, right? The layoffs of these workers, cancellation of programs, you know, rescinding of grants, right? All of that is real economic activity that has been pulled back. But the second piece of this is the confidence hit, right? Musk and Trump have cut however many thousands of jobs it is at this point.

So it has, I think, potential effects in two different ways. One is just the direct effect, right? The layoffs of these workers, cancellation of programs, you know, rescinding of grants, right? All of that is real economic activity that has been pulled back. But the second piece of this is the confidence hit, right? Musk and Trump have cut however many thousands of jobs it is at this point.

But there are many more thousands of people who work for government contractors, who work for companies that sell to the federal government. And you can imagine all of them and all of their employers are feeling pretty uncertain right now. You look at what's happening in higher education. Major universities saying that they're pausing all hiring, right?

But there are many more thousands of people who work for government contractors, who work for companies that sell to the federal government. And you can imagine all of them and all of their employers are feeling pretty uncertain right now. You look at what's happening in higher education. Major universities saying that they're pausing all hiring, right?