Kevin Hassett

And so actually, NBR is kind of almost peer reviewed.

But there's a lot of stuff showing big AEI gains.

And the thing is that we also see it in productivity.

And so if you think about the difference between, say, 1996 and today, is that we've got this revolutionary new thing that probably is going to be a big positive for productivity.

And Steve Ulner and Dan Sickle, your former colleagues at the Fed, had a famous paper that you only see productivity booms after the benchmark revision.

So you never actually experience it while it's happening in the data.

And this AI boom is significant enough that we're already seeing it in the data.

Probably the benchmark revision is going to revise it up.

And against that backdrop, I think that the open question is, how do we have high growth and then less growth in employment than we expected?

And I think that the tariff could be part of the story, but I think that that probably is a very small part of the story.

In fact, it was like the best quarter ever.

I don't mean to cut you off, but I just want to highlight

how important what you just said is.

And the way to think about it is that trade is about 15% of the economy.

And the rest of it's like 85% of the economy.

And so you could do a lot of stuff in trade that has effects on the trade space that is completely overwhelmed by the 85%.

And 85% of the economy is getting this massive productivity change.

And it'd be hard for a large change to 85% to not overwhelm something you did to the 15%.

It could be that.

Also, don't forget that there's been a big reduction in illegal immigration and employment from that aspect.