Kevin Hassett Discusses Job Growth, Internal Economic KPI’s and Status of Economy…

The Chairman of the White House CEA Kevin Hassett appears on CNBC to discuss the strong January jobs report and economic indicators that were released last week.

Hassett is valuable, very valuable, because he is one of the few bean-counters who reviews current analysis through the prism of what is factually happening around him; as opposed to economic theory.  Because he accepts what I call ‘fluid-currentism‘ Hassett is one of the few analysts who (early on) started recognizing that under MAGAnomics (Main Street centric policy) inflation was no longer connected to the FED engagement.

To say acceptance of this ‘new dimension‘ puts Hassett on the cusp of leading economic review would be an understatement. Additionally, it makes his commentary exceptionally more valuable [listen to the segment at 02:50].  Hassett is pragmatic, positive, open to accepting all fact-based evidence, on point, and more importantly, accurate.

…”The booming economy is giving us the social justice that people want”… ~ Kevin Hassett

Unfortunately, most financial pundits are prone to talking down the strength of the U.S. economy. It’s maddening. They spend all day mining for coal nuggets while currently surrounded by diamonds.

CHAIRMAN HASSETT: And again, the economics literature, Mr. President, when you were running for office basically said that manufacturing was going the way of agriculture in the previous century; that it was just on an inevitable decline as a percentage of GDP. But it also focused a lot on this idea that there was a rust belt in America. There was a place where there used to be manufacturing, where there was disproportionate harm to workers.

And I think the thing that’s really, really interesting about the manufacturing jobs that have been created by our policies — your policies — are that they’re scattered throughout America. The dark red part is a place where manufacturing jobs are up by 20 percent or more since you last took office.

THE PRESIDENT: Wow. That’s fantastic.

CHAIRMAN HASSETT: And then the lighter reds are 10 percent or more. And the lightest red is 5 percent or more.

But if you look at all the pockets all across the country, including in places that people used to call the Rust Belt, where manufacturing employment is booming, what it means is that there’s basically a boom belt from coast to coast that’s been created by our policies.

THE PRESIDENT: Well, you know, Kevin, when I took over, the Rust Belt was really in trouble. Many people were saying it’s dying, it’s dead; people were leaving. And I love the Rust Belt, and the Rust Belt is no longer the Rust Belt as far as I’m concerned. It’s vibrant. It’s doing so well. You look at all of those red marks, those red marks are where it’s flourishing. Tremendous numbers. And that’s fantastic. We’re very proud.

I wish, frankly, that the media would report how well we’re doing in manufacturing, how well we’re doing with the economy. They don’t seem to report how well we’re doing. I think if you had another President, it would be the biggest story, because it really is the biggest story, or certainly one of the biggest stories. And you see the market, how it is. It hit 25,000 yesterday. We’re doing great. We’re doing great as a country.

And we have a lot of bite-back because other countries are not doing well. China is having a very hard time. They’re here now. We’re going to be seeing them a little bit later. We’re trying to work out a new trade deal with China. I think it will happen. Something will happen. But it’s a very big deal. It will be — if it does happen, it will be, by far, the largest trade deal ever made.

And we essentially didn’t have a trade deal with China. We lost $500 billion with China, for many years, a year. Anywhere from $300- to $500-, $505 billion a year was lost in our dealing with China. And I have a very good relationship with President Xi, and I think we’ll sit down at the end — at the end of the negotiation by our representatives — and do something with respect to making a deal with China. I think it has a very good chance of happening.

But China is having a very hard time with their economy, and the European Union is having a hard time. A lot of things going on. And we’re getting tremendous numbers. Tremendous unemployment numbers — among the best we’ve ever had in the history of our country. Individual groups the best: African Americans, Hispanics, Asians, women. Numbers that we haven’t seen before. The overall is the best numbers. Best employment numbers in 51 years.

So we’re doing really well. I wish the press would report it.

[Transcript Link]

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This entry was posted in Big Government, Budget, Donald Trump, Economy, European Union, media bias, President Trump, Taxes, Trade Deal, Uncategorized, US dept of agriculture, US Treasury, USA. Bookmark the permalink.

38 Responses to Kevin Hassett Discusses Job Growth, Internal Economic KPI’s and Status of Economy…

  1. fanbeav says:

    I can’t wait to see the SOTU when our President relays all of this information and Nancy Pelosi bites through her lips and the liberal MSM start parsing words so their lame brain viewers don’t get the right message!

    Liked by 4 people

    • sundance says:

      In ^^This Video^^ the conversation about wages is very good. IMHO exactly accurate.

      This interview is also very good.

      Liked by 15 people

      • snarkybeach says:

        Hassett is such an asset!!! Love it when they send him out…

        Liked by 5 people

        • highdezertgator says:

          Who is the man who will spend or will even lend?
          Hassett, That’s Me!
          Who is your friend when you find that you need a friend?
          Hassett, That’s Me!
          For I’m just as proud of my name you see,
          As an Emperor, Czar or a King, could be.
          Who is the man helps a man every time he can?
          Hassett, That’s Me!
          H – A – double S – E – T – T spells Hassett
          Proud of all the Irish blood that’s in me; Divil a man can say a word agin me.
          H – A – double S – E – T – T spells Hassett
          Is a name that a shame never has been connected with, Hassett, That’s me!

          Hat Tip to Harrigan!

          Liked by 2 people

        • Hereward the Woke says:

          It’s funny reading sites like Zerohedge or James Howard Kunstler. They believe the entire US economy will collapse this year. Okay, ZH is a Russian-funded site and anti all things American, but people like JHK should know better.

          Liked by 1 person

      • GB Bari says:

        Agree that the wage trend looks very good.

        Hasset appeared to defer a bit on the question of the debt versus revenue. He basically said that when you go out 10 years then the debt starts to be accommodated by the increased revenue – if trends continue. That’s two “iffy” conditions – 10 years out is “iffy” #1 (trying to predict jext year has traditionally been fraught with too many variables) and “iffy” #2 is “if trends continue”which is even more risky to depend upon.

        That said, the Democrats won’t be able to use the Debt as a political argument for 2020 although they will try. But AOC and others in theor Party have already advocated for policies that woiuld make the current debt look like chump change. So if Republican message strategists are anywhere close to being woirth their salaries, we ought to own that issue for the 2020 election, at least if “current trends continue”……

        Liked by 1 person

    • Dennis Leonard says:

      Like

    • SwampRatTerrier says:

      Bloomberg has it blocked.

      Drats!

      Like

  2. justlizzyp says:

    It is always hard for me to pay attention to what he says because he just looks so darned happy about it that I want to break out in ‘hip hip- horray!’

    Liked by 8 people

  3. Mncpo(ret) says:

    Who would have thought my biker self would fall for a bean counter? He’s a happy warrior! He’s succinct, cheerful, on the Main Street train. I just love this guy. Our VSGPDJT chose this one well.

    Liked by 8 people

  4. Doppler says:

    “Economic illiteracy” for Sanders, AOC, and the Left, is a great soundbite.

    I think AOC is the third person (including Obama) I heard say something like, “Nobody questions capitalism’s ability to make money. But then it’s appropriate [or only “fair”] to look at redistributing that money.” Translation: just put us socialists in charge of spending your money, that’s all we ask. What could be more reasonable. Surely nothing so simple could affect the magic wand capitalism seems to have. And did we mention universal basic income? Who could oppose that?

    Liked by 3 people

  5. woohoowee says:

    If you tax something more than 100%, the thing disappears.

    Mind boggling that Dennis has to point out the obvious. It’s like during the 2016 election when then-candidate Trump45 kept having to tell the screeching heads that getting more for your money is a good thing.

    Like

  6. Gary Lacey says:

    “”But it also focused a lot on this idea that there was a rust belt in America. There was a place where there used to be manufacturing, where there was disproportionate harm to workers.””

    This was a result of Bribed Congress members selling out of America and the Chamber of Commerce Tom Donahue

    Liked by 1 person

  7. highdezertgator says:

    CCI is Nebulous Prattle
    An example https://www.forbes.com/2001/09/25/0925confidence.html#2d7b1623183f
    FTA
    “Who will stop this endless prattling about confidence?
    Every month, like clockwork, the Conference Board issues its report announcing the ebb and flow of the “Consumer Confidence Index.” The CCI is actually a compilation of five separate indices, two of which have nothing to do with confidence–and none of which are very useful for anything. This month, the Conference Board survey is getting extra play because consumer sentiment in the wake of the World Trade Center catastrophe is said to be critical for the nation’s economic future.
    In fact, there is no evidence that consumer confidence surveys–as opposed to actual consumer behavior–are important for anything at all. The confidence index is down today but that does not mean the economy will also fall.”
    “But there is no evidence that surveys of consumer confidence are good predictors of actual consumer behavior–and this is where the link between confidence indices and the economy breaks down almost completely. The best that consumer confidence surveys can provide is to “predict” the recent past–and they do only a fair job of even that.”
    “In other words, expectations predict the future when they predict the future. But just as often, they don’t. It seems that confidence surveys mean next to nothing. And we say that with a great deal of confidence.”

    Like

  8. Pyrthroes says:

    By not opening fiscal floodgates during the postwar downturn though 1921 – ’22, post-Harding Coolidge Prosperity drove the Roaring Twenties for six years. Nine decades later, Trump’s trade-related Main Street boom may yet sidestep Central Bankers’ globulist (sic) drive to multi-trillion dollar deficits before the plumbing freezes.

    Amongst all else: Either Trump in 2020 squashes bizarrely bad faith, ill-willed, profoundly ignorant and schtoopid Ratski demogogues like bugs, or Apocalypse’s Horsemen ride again.

    Like

  9. tyshab says:

    Only complaint I have is the huge loss 401k took last year! Seems we are always getting hit from one side or another…

    Like

  10. Troublemaker10 says:

    ”The booming economy is giving us the social justice that people want”… ~ Kevin Hassett

    ——-

    I won’t get a chance to watch the videos until tomorrow, but this statement by Kevin is a “messaging goldmine”!

    Kevin is either a natural or the Trump team is getting help with messaging from people who know words and persuasion (ie Scott Adams).

    You have to take their favorably viewed issues and own them, while restructuring the meaning into your policy views.

    Like

    • Bigbadmike says:

      Men and Women need jobs to be normal people. To take their minds off themselves. To be happy. To take care of themselves and their families. A man or woman without a job is one of the saddest things on Earth. It’s not fair to not have work as any work is honorable, Except if you’re a scheming, good for nothing, crooked politician or fake journalist.

      Liked by 1 person

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