Andrew Ross Sorkin Discusses Trump’s Economic Debacle
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What parallels are drawn between Trump's policies and the Great Depression?
Mr. Prime Minister, shall we start now? Let's start, and let's start properly. What do you mean? Let's start everything. Can you be more specific? Let's start clothes, let's start equipment, let's start equipment. I mean, all outdoor sports and free time. Now I understand. Maybe you understand numbers better. Putkesport is now even below 60%. So... Exactly. Putkesport.fi.
Mitäs D-vitamiineja minun pitikää osta? Joku muistisääntö siinä oli. R niinku ravintolisä. H niinku hyvä. M niinku... Mikä se nyt oli? D niinkuin Devisol. No justiisa se.
Devisol D-vitamiinit löydät apteekeista. Orion Pharma. Hyvinvointia rakentamassa.
So as the White House gets more terrible economic news, I guess their economic plan is just to say everything's great and to say it's A+++. J.D. Vance speaking in Allentown, where a lot of the Trump policies have been harming that community. And he was asked, so what grade do you give Donald Trump's economy? Here's what he says. Play this clip.
President Trump last week gave his economy a grade of A++++. What grade would you give the economy today? A+++.
But then they also blame former President Biden for the A++++ economy. I'm just trying to figure it out. Then you had Caroline Leavitt, Donald Trump's chief propagandist, just lying about the inflation numbers and just saying they are what they aren't. Here, just play this clip. First, very quickly, clarifying Caitlin's question. You acknowledged that CPI in January when you took office was 3%, and in September, the last month for which we have data, it was also 3%, so inflation... No, it's 2.5%. Not in September, it was 3%. 2.5%, the average CPI right now, I have it in front of me, in President Trump's first eight months in office, inflation as measured by the overall consumer price index has slowed to a 2.5 average pace.
This is down from the 2.9% inherited in January. January is one month. what they do to manipulate the data is notice the word average so they talk about what trump did before his liberation day which i call liquidation day and then they blend it as what they call an average so i'm 40 years old it would be saying like my average age is 20 years old and using that i'm 20 years old that's my average age then you had trump's treasury secretary scott besant he was on recently at the deal book summit with andrew ross sorkin and the point that they're trying to push in maga which is just entirely false is that inflation it's really just a blue state issue it's not really all that bad in the red states or it's so much worse in blue states and then andrew ross sorkin came with the facts let's play it
that people in her district are having an affordability problem. I should have said, well, she's in a red state, affordability is worse. I mean, in a blue state, affordability is worse than a blue state. We can debate that, but keep going. There's no debate. The number of 50 basis points higher inflation, the 10 highest, the inflation rates, they are in blue cities, but... Just so you know, because I went to look at this.
How does Andrew Ross Sorkin view the current economic climate?
This is the Joint Economic Committee since 2021. The highest inflation over the past four years has been in red states, especially Florida. I'm talking about current. Current. Current. Not over the past four years. Right. Today. Okay. I would think four years would be a reasonable trend line to look at. Today, more data would be better to look at. Let's bring in New York Times bestselling author, Andrew Ross Sorkin, also co-host of Squawk Box. we cover here sometimes on the Midas Touch Network and author of the new book, 1929, Inside the Greatest Crash in Wall Street History and How It Shattered a Nation. It's not just a great look back there. It's also a look present and look forward. You talk about the seductive illusions that were taking place back then and the warning signs that it gives us for the present.
So it's great to have you here. It's great. Thanks so much for having me. I appreciate it. it's great to read your book let's just start there with these trump regime officials who you've interviewed who go on squawk box and they're giving you these data points that you know are not accurate how do you how do you as a reporter deal with that we saw you there deal with it how do you process what they're spewing
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Chapters
7 chapters
1
What parallels are drawn between Trump's policies and the Great Depression?
0:01–3:21
2
How does Andrew Ross Sorkin view the current economic climate?
3:21–7:43
3
What insights does Sorkin provide about the manipulation of economic data?
7:43–11:20
4
What are the implications of over-leveraging in today's economy?
11:20–17:06
5
How does the current economic situation affect the working class?
17:06–21:31
6
What role does capitalism play in the current economic challenges?
21:31–25:21
7
How do business leaders navigate their relationship with the Trump administration?
25:21–26:58
Speakers
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