The U.S. Economy Is Booming and Will Enter the Next Phase of Growth

0:00 Speaker 1 Sunday Morning with us today is Steve Moore? Well, one of the country’s second best economists. We joke about that all the time. We call Larry Cudlow are the first greatest economists, and Larry had Larry Cuddle had Steve had President Trump on this this week. Steve Moore, what did you think?

0:23 Speaker 2 Well, first of all, I think the best economist in the country is Puble Donald Trump. Given what he’s done for the economy over the last twelve months, it’s really been pretty incredible. As you know, on Friday, we got a very good jobs report, blew away Wall Street. Everybody was expecting just a very little bit number of jobs

0:39 and instead we got a huge number, and so really pleased about about that. You know, we had more people working, unemployment rate fell, wages are up, so it’s a good picture, and I think people are finally coming around to the realization that this is an economy that is a blockbuster and a lot of prosperity. As you know, we crossed

1:03 the fifty thousand on the Dow, which is an amazing achievement. When I first came to Washington in the early eighties, the Dow was at one thousand, so really, I think everything is looking very bright.

1:16 Speaker 1 Well, you know, I think twenty twenty sixon is going to be a great year, and the only thing stopping us is if the Supreme Court comes something down with something stupid, like with the tariffs, because I think what President Trump is doing is keeping things level and making sure that we’re getting good deals going back and forth.

1:41 Speaker 2 What do you think, Well, I agree, he’s a great deal maker, and I don’t think it will hurt the economy too much if some of that tariff revenue has to be returned. I think he probably will lose at least a nuanced decision on some of the tariffs. I think some of the terrifts will be left alone. And

1:58 you’re right. Trump has used the tariffs as a bargaining chip to get lower terrafts abroad that are imposed on us and to get freer and fair trade. So to that extent, I think that’s been a plus for the economy.

2:12 Then don’t forget John. We have the big, beautiful tax bill that’s really kicked in in the last few weeks, so people are starting to see more money in their paycheck, is less money is being taken out by the irs.

2:23 All of these are positive souns, signs understood.

2:27 Speaker 1 Now, anything else you want to tell you the American people on Sunday.

2:31 Speaker 2 Morning, Well sure, I mean, look, it’s hard to find. You have a perception out there that the economy is not good, and that’s what the polls show. In fact, until recently, Trump was underwater on the economy in terms of people’s opinion on things. But it’s changing, and so what’s happened is the perception is now catching up with

2:51 the reality, which is that Trump’s tax cuts, his deregulation efforts, his pro American energy policies which have dramatically increased the supply of energy, and that has brought prices down. I have a friend the other day, John, who texted me with the gas pump in Colorado. They paid one to eighty nine a gallon. That’s pretty amazing. That’s a pretty

3:14 low price. So Trump’s policies are working, There’s no doubt about it. And the one thing that we need to do is just make sure these policies stay in place and then the public gets behind them. We’ve got these big midterms coming up, and I think as we approach November, people will feel much better about the economy.

3:35 Speaker 1 Than they do right now, I agree with you, Well, what other problems could come up? I mean, the stock market is over fifty tho I made a prediction that could hit sixty by December thirty one, twenty six. What is your gut feeling.

3:56 Speaker 2 Well, I’ll tell you what Donald Trump is thinking. You know, he said the other day he thinks we can get the Dow one hundred thousand by the end of his presidency. I think that’s the move shot. But you know what, I love the fact that this guy aims high. And all I’m telling you is that the returns on stocks

4:12 over the last forty years adjusted for inflation of hin ten percent on an annual basis. John, So for young people listening to this show, you want to take your savings and put it into an index fund and let it grow with the productivity of the American economy. We are about to enter one of the greatest productivity booms

4:32 in American history with the advent of artificial intelligence and the increase and robotics that are going to make more and more goods and services at lower and lower costs. So it’s a great time to be alive. It’s a great time to be an American and thank god we have a president who is a businessman and understands how

4:50 things work well.

4:51 Speaker 1 Steve Moore when it’s a country’s top economists, thank you so much for coming on this Sunday morning, and we’ll talk again.

4:57 Speaker 2 Wilson, Thank you, John