Scott

At the same time, there was a supply response, so there was a greater supply of everything, and there was very low inflation, about 2%, which is the long-term average. Under the Biden administration, they were playing with fire anyway, and there were the COVID shortages, but they had a federal spending shock That was, as Charlie said, debt financed. And then they put in more regulations.

So more regulations meant less supply, higher energy prices, higher house prices. So that was really the recipe for inflation. And what we're trying to do right now is deregulate, get the private sector going again.

So more regulations meant less supply, higher energy prices, higher house prices. So that was really the recipe for inflation. And what we're trying to do right now is deregulate, get the private sector going again.

Biden administration with this big spending, it was government jobs and we are trying to do what I call reprivatizing the economy, bring down government spending, the re-leverage the private sector and that I think that we are gonna be very successful in that. We're already seeing rents go down, we're seeing energy go down.

Biden administration with this big spending, it was government jobs and we are trying to do what I call reprivatizing the economy, bring down government spending, the re-leverage the private sector and that I think that we are gonna be very successful in that. We're already seeing rents go down, we're seeing energy go down.

So supply and demand, the more there is of something, the more the price will come down. And we've stopped this crazy money printing and we're gonna get our borrowing under control because like I said, it is for all of you on this call that it is not fair what has happened to leave you with this gigantic debt stack that you're going to have to work your way out of.

So supply and demand, the more there is of something, the more the price will come down. And we've stopped this crazy money printing and we're gonna get our borrowing under control because like I said, it is for all of you on this call that it is not fair what has happened to leave you with this gigantic debt stack that you're going to have to work your way out of.

Charlie, that's the essence of the Trump economy, and it's really two things, or I would say three. But one is bringing down this debt and deficits, but we're going to do it slowly. We didn't get here all at once. I tell some of the members of Congress who – they're good men and women – And they want to bring the deficit to zero tomorrow.

Charlie, that's the essence of the Trump economy, and it's really two things, or I would say three. But one is bringing down this debt and deficits, but we're going to do it slowly. We didn't get here all at once. I tell some of the members of Congress who – they're good men and women – And they want to bring the deficit to zero tomorrow.

And I said, look, our fiscal situation, we have a 350-pound, two-pack-a-day patient on the ICU table. And he or she is not going to hop out of the hospital bed and run the Hawaiian Ironman. What we're going to do is do it slowly. Because we didn't get here in one year. We're going to bring down the deficit about a percent every year. And during President Trump's term.

And I said, look, our fiscal situation, we have a 350-pound, two-pack-a-day patient on the ICU table. And he or she is not going to hop out of the hospital bed and run the Hawaiian Ironman. What we're going to do is do it slowly. Because we didn't get here in one year. We're going to bring down the deficit about a percent every year. And during President Trump's term.

And if we do that, we'll start paying down debt. and creating value. The other thing too is I don't wanna scare all of you because one great thing that you have to look forward to is this incredible productivity boom. What really creates wealth is productivity. The same number of people working either the same hours or fewer hours for more output.

And if we do that, we'll start paying down debt. and creating value. The other thing too is I don't wanna scare all of you because one great thing that you have to look forward to is this incredible productivity boom. What really creates wealth is productivity. The same number of people working either the same hours or fewer hours for more output.

And with this AI boom that's going to be driven by the U.S. lead in technology and the U.S. lead in energy. And that's going to be the real secret sauce that you all are going to see for the next 10, 20 years of your lives in the U.S., that no one else has that combination. We have the world's greatest technology sector and we have the world's biggest energy sector.

And with this AI boom that's going to be driven by the U.S. lead in technology and the U.S. lead in energy. And that's going to be the real secret sauce that you all are going to see for the next 10, 20 years of your lives in the U.S., that no one else has that combination. We have the world's greatest technology sector and we have the world's biggest energy sector.

So, you know, if you think about a barbell economy, we have technology on one side, energy on the other, and they're going to meet with AI. And then what President Trump has instructed his cabinet, the econ team like me to do, is to fill in the middle and bring back high performance manufacturing jobs. So, you know, before either you had to be in high tech jobs, It had to be an energy.

So, you know, if you think about a barbell economy, we have technology on one side, energy on the other, and they're going to meet with AI. And then what President Trump has instructed his cabinet, the econ team like me to do, is to fill in the middle and bring back high performance manufacturing jobs. So, you know, before either you had to be in high tech jobs, It had to be an energy.

And everything in between just got decimated. We gave up on manufacturing. And look, manufacturing, there's one comedian who said, I don't know about all of you. I want to wear Nikes. I don't want to make them. So we're not going to bring back the jobs of the past. We're going to have the jobs of the future here. And these are going to be high-tech, high-value jobs. jobs.

And everything in between just got decimated. We gave up on manufacturing. And look, manufacturing, there's one comedian who said, I don't know about all of you. I want to wear Nikes. I don't want to make them. So we're not going to bring back the jobs of the past. We're going to have the jobs of the future here. And these are going to be high-tech, high-value jobs. jobs.

And if someone on the left took a shot at me the other day, they said, oh, Secretary Besson says that the laid off federal workers are all going to work in factories. And I said, you know, that's so reductionist that when a factory isn't just someone who works on the factory floor. And by the way, what's wrong with that? That those are great people. But you're going to create marketing jobs.