Trump vs. Inflation: Can He Fix the US Economy? | 12.14.24
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Excessive government spending and the Fed's interest rate cuts before the election have many concerned that inflation may be accelerating again. But will President Trump's pro-energy and deregulation policies help the economy turn the corner?
In this episode, we speak to an economic expert who says he believes there's reason to be very bullish on the economy in Trump's second term. I'm Daily Wire Editor-in-Chief John Bickley with Georgia Howe. It's December 14th, and this is a Saturday edition of Morning Wire.
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Joining us now to discuss the state of the economy and how it's shaping up for 2025 is Heritage Research Fellow E.J. Antoni. E.J., first of all, thank you so much for coming on. My pleasure. Thank you for having me. We recently had an interesting statement from President Biden at a speech at the Brookings Institution. He says that he's handed Trump the strongest economy ever. Here's the moment.
Don't take my word for it. Here's how Time Magazine and other commentators describe the economy. I'm leaving to my successor, and there's a number of these quotes. President-elect Trump has received the strongest economy in modern history, which is the envy of the world.
As we've documented here, the priority issue for voters this election was the economy. Obviously, there's lots of concerns about the state of the economy because of inflation. Do you agree with President Biden that this is the greatest economy ever?
Well, I would love to know by what metric he is using to determine that this is the greatest economy ever. I mean, look at inflation, for example. He is handing President Trump an economy with a higher inflation rate than it ever was at any point during Trump's first term. So this idea that somehow the economy is firing on all cylinders, I'm sorry, I just don't see the evidence for that. You know, there are fewer... native-born Americans with jobs today than there were in 2019, five years ago before the pandemic. Again, by what metric are we using to say that the economy is better now than it ever has been before? What's better now than it ever has been before is government employment. The number of people employed by the government, over 23 million.
Government is growing at an exponential rate. We're going to spend about $1.4 trillion to finance the debt in the year ahead. I mean, that's the only metric I can see that shows the economy really growing at a brisk pace.
Quick follow-up to that. You mentioned that the number of native-born Americans with jobs has actually shrunk in the last four years. We heard some talking points during the campaign about that, immigrants being the only ones that actually benefited from the increase of jobs over the Biden administration. Is that correct?
Sure, there have been some native-born Americans, for example, that have found work over the last several years. But on net, meaning if you consider the number of Americans who have also lost jobs, that exceeds the gains. So the number there is negative. That means that all of the net job creation we have seen over the last five years is has gone to foreign-born workers. So what's really sad is that the Biden administration has effectively turned the American labor market into a kind of temp agency for foreigners and for government bureaucrats, because we've seen a disproportionate amount of job growth in the government sector. We've seen the economy actually lose full-time jobs, not gain them. So we're gaining only part-time jobs.
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