The coverups and excuses aren’t working
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What is the main topic discussed in this episode?
Donald Trump's top economic adviser got confronted on Fox News after predicting four percent, five percent or six percent GDP growth.
Why did Kevin Hassett claim GDP weakness actually signals a Trump-era boom?
We got one point five. And he gave an excuse so absurd that I'm going to dove into it with you. We also have new details raising real questions about the timeline of Mitch McConnell's mysterious proof of life pictures. And the smoking gun maybe is weaker than advertised, but it's still not so good. I'll explain it. And Republicans are laying groundwork to reject the midterm results. While behind the scenes, Donald Trump officials seem to be realizing if they lose the House, it will be two years of hell for them. Let's hope so. Fox News commits the unthinkable by admitting that Donald Trump's signature legislation is a toxic bomb for Republicans. And they keep talking about a manufacturing renaissance.
But we're losing manufacturing jobs, not gaining them. Reality. is sort of catching up with them all at once.
How does GDP accounting (imports vs. domestic demand) affect the 1.5% headline number?
And if you'll allow me, I plan to talk about all of it today.
This is a good one. This is a Fox News meltdown. Top economic adviser to Donald Trump, Kevin Hassett, went on Fox Business this morning and listen, he was confronted by Maria Bartiromo about one of his predictions, which aged like milk in a hot sun or something like that. Hassett and actually Howard Nutlick and Besson, they've all been predicting we're going to have 4 percent GDP growth, 5 percent GDP growth, 6 percent GDP growth. Oh, the first half of the year wasn't so good. Well, it's going to get really good during the second half of the year. we now got the latest GDP number 1.5 percent, well below expectations, slower than the previous quarter, going in the wrong direction. So to her credit, Maria Bartiromo says, what happened?
You made this prediction. It didn't come true. Please explain it. And Hassett tries he tries to take the number like putty and shape it into something completely different and make us believe that everything is just going spectacularly. Well, let's see if he does a good job or a bad job of convincing anybody.
Speaker 3 Worry is over inflation. Yesterday, the GDP was slower than expected. Last time we spoke, you told me you were expecting four percent growth in the second half of the year. We got a growth number yesterday, but it was way lower than people expected. How would you assess the macro story today?
Do factory construction and investment data support claims of a manufacturing renaissance?
Speaker 4
Right, well, I think that what we were looking at when you and I talked last was the really surging domestic demand. And so final sales within the US were about 4%, actually, almost exactly the number we talked about, 3.9%. And the reason why the top line number was 1.5% was that we imported so many capital goods because we're building factories so fast that the number was different than we expected by a little bit. by a little bit. The bottom line, though, is that if you look at that, so the huge surge in capital spending, which means there's downward pressure on inflation because there's upward pressure on supply. Notice this guy's smirk when he delivers these lies. Plus CPI and PC, those two reports were about as good as you could ever hope to see.
If you're a Federal Reserve governor, then it means that the economy is really running on all cylinders.
It's just it's it's all working so well. It's a remarkable answer because, first of all, Hassett has been using the same excuse for months when growth was 2 percent. He said it would have been four or five. That would be like the real rate of GDP growth. But companies are importing so much equipment to build these factories thanks to the dear Lord Emperor Trump. But we're going to get to north of 4 percent north of 5 percent. We could even be above 6 percent GDP growth. And I told you that's not going to happen. And I explained why. And now growth falls even further to one point five percent. But somehow the fact that GDP is down is proof of this Trump in economic explosion that's just right around the corner.
What inconsistencies raise suspicion about Mitch McConnell’s proof-of-life photos?
Now, listen, I don't know what other shows do. I'm always totally transparent with you about these economic numbers.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:00–0:08
2
Why did Kevin Hassett claim GDP weakness actually signals a Trump-era boom?
0:08–1:01
3
How does GDP accounting (imports vs. domestic demand) affect the 1.5% headline number?
1:01–2:36
4
Do factory construction and investment data support claims of a manufacturing renaissance?
2:36–4:15
5
What inconsistencies raise suspicion about Mitch McConnell’s proof-of-life photos?
4:15–8:45
6
What evidence (or lack of evidence) underlies claims that Democrats will 'steal' the midterms?
8:45–11:51
7
How could a Democratic House majority trigger investigations into Trump administration misconduct?
11:51–14:45
8
Why are Fox hosts admitting Trump’s signature tax legislation is unpopular and poorly messaged?
14:45–1:02:30
Speakers
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