Dr. Peter Navarro

All right, Steve, let's go back to first principles.

If we look at the rate of GDP growth,

which is everything about making us prosperous.

It's four drivers, consumption, investment, government spending, and what they call net exports, which is the difference between how much we sell to the world and how much we import.

Okay.

So if you look at consumption, let's, let's start with that.

What we have coming in 2026 is the biggest IRS refund in history.

And we also have the tax break, no tax on tips, no tax on Social Security, no tax on overtime.

So consumption is going to be a pillar of prosperity in 2026.

So check that box.

The second growth driver, investment.

Let's look at what's happening there.

First of all, we got the IRS expensing in the big, beautiful bill.

100% expensing, Steve, on new manufacturing capacity.

And that's sparking a massive boom.

It's working in conjunction with the tariffs, Steve.

The tariffs are bringing in foreign investment.

As President Trump has said, if you build it here, you don't get tariff.

So we are literally looking at trillions upon trillions of dollars of new investment that drives investment.

the GDP growth directly, but it also increases productivity.