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Speaker 1: My name is Nigel. Jason Hammer's here.

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Speaker 2: It goes straight to the hotline and bring on bright

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Speaker 2: Bart News Finance and economics editor John Carney to figure

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Speaker 2: out exactly what's going on with the Trump economy, the

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Speaker 2: Trump tariffs, Where is inflation at the consumer price index?

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Speaker 2: Everything you need to know is very important to you

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Speaker 2: and I Hammer, John, Welcome.

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Speaker 1: To the show.

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Speaker 2: Can you fill us in on the latest please?

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Speaker 3: Yeah, the economy is actually doing very well. When you

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Speaker 3: look at inflation, it's coming in lower than expected. We're

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Speaker 3: actually probably going even lower in inflation. If you just

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Speaker 3: look at what's happening in gas prices around the country,

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Speaker 3: you'll see they had come down a lot that is

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Speaker 3: not even showing up in the most recent inflation numbers.

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Speaker 3: That will start to show up in the months ahead,

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Speaker 3: and that will bring down not just the energy part

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Speaker 3: of the consumer price index, but it starts to filter

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Speaker 3: all through the consumer price indecks because.

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Speaker 4: Everything we buy, you know, gets put on.

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Speaker 3: Trucks, the price of oil gets goes into almost everything

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Speaker 3: we touch, and so that's going very well. The unemployment

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Speaker 3: rate has dropped to four point four percent, which is

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Speaker 3: very low. And when you look at GDP growth. It

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Speaker 3: appears to be very high. We grew at three point

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Speaker 3: eight percent in the second quarter, four point one in

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Speaker 3: the third quarter, and a lot of measurements say we

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Speaker 3: may now have grown above four percent in the most

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Speaker 3: in the most recent completed quarter, the fourth quarter of

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Speaker 3: last year.

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Speaker 4: That's really good.

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Speaker 5: John Jason Hammer here at the end of last year,

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Speaker 5: you know, go back to December. Trump brought all of

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Speaker 5: his economic gurus out there, and they were all saying

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Speaker 5: the same thing, this is going to be a big

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Speaker 5: year for America economically.

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Speaker 1: Now.

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Speaker 5: I feel like every president's administration says that nobody's ever

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Speaker 5: going to say, man, put your seatbelt on, this is

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Speaker 5: really gonna suck next year based off of you know,

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Speaker 5: your expertise and what you're seeing right now.

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Speaker 1: What are we looking at in twenty twenty six?

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Speaker 5: Are we going to get that big economic boom that

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Speaker 5: Trump was circling the wagons on in December?

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Speaker 4: I do you think we are?

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Speaker 3: What twenty twenty five was really about what I what

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Speaker 3: I would call setting the table, where we put in

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Speaker 3: a lot of policies, abundant energy deregulation, got the tax

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Speaker 3: code right, got tariffs in place. That set the table

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Speaker 3: for something that I frankly was expecting to.

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Speaker 4: Happen in twenty twenty six.

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Speaker 3: It really actually already began in twenty twenty five.

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Speaker 4: But now twenty twenty six is going to be the

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Speaker 4: year of the feast.

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Speaker 3: The table has been set and the dinner bell is bringing.

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Speaker 3: It is going to be very good. We're actually seeing

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Speaker 3: a surge in productivity. Productivity is kind of the secret

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Speaker 3: sauce of economics. If you can you can grow your

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Speaker 3: economy by adding more people Biden tribe that you open

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Speaker 3: the borders, well your country with illegal immigrants. Yeah, the

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Speaker 3: economy will grow because you have a few more people working.

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Speaker 3: But if you really want to grow your economy and

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Speaker 3: improve people's their lives, you really have to grow productivity.

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Speaker 3: You need to have every worker actually able to produce

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Speaker 3: more productivity.

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Speaker 4: Was it a slump for a while, but.

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Speaker 3: This year in twenty twenty five, it really bounce back,

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Speaker 3: and I think a huge part of that is that

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Speaker 3: businesses are investing in innovation rather than depending on immigration

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Speaker 3: to supply their source of growth.

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Speaker 2: John Corney, Breibart, Economics editor, here on the Hammer of

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Speaker 2: Nigel Show. Where do Trump's tariffs and that economic policy

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Speaker 2: lie in the success or the hindrance of what lies ahead.

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Speaker 4: I actually think they're helping a lot.

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Speaker 3: I was just working on a piece for my Bredbart

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Speaker 3: Business digest about what's happened in the manufacturing sector. And

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Speaker 3: we've seen that productivity boom that I was talking about

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Speaker 3: that's happened all over the economy, but especially happen in manufacturing.

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Speaker 3: There's a huge investment boom going on where the if

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Speaker 3: you look at things like durable new orders for durable

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Speaker 3: goods that's coming in very high and growing. I think

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Speaker 3: one of the reasons for that is that if you

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Speaker 3: are a manufacturer in the US and you you know,

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Speaker 3: you're probably hearing all the time that all the manufacturing

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Speaker 3: is going away to China.

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Speaker 4: It's all going abroad.

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Speaker 3: Why would you invest in new equipment in the US

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Speaker 3: when there were all the incentives in place to offshore

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Speaker 3: everything you could do. Now with the terriff in place,

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Speaker 3: we have businesses again investing in America. That's improving productivity

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Speaker 3: in America, and I think we're going to see the

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Speaker 3: first of that, not just frankly in twenty twenty six

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Speaker 3: that this should be a good year, but I think

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Speaker 3: even ten years into the future, you guys and I

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Speaker 3: will be on you know, a call just like this,

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Speaker 3: and we'll be like, Wow, we thought we had a

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Speaker 3: good in twenty twenty six, it got even better after that.

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Speaker 1: Wow.

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Speaker 2: It's It's funny you mentioned the manufacturing aspect because I

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Speaker 2: was just on another website and another news outlet, Washington Post. Sorry,

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Speaker 2: but but there their big headline was Trump's manufacturing boom

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Speaker 2: a bust, and then they kind of went on to

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Speaker 2: list off some They even used Indiana as an example.

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Speaker 2: The RV manufacturer here in Indiana has had to make

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Speaker 2: some layoffs because our V sales aren't what they were

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Speaker 2: in twenty twenty one. Where does the where does that lie?

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Speaker 1: I don't know if you know what article on talking.

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Speaker 4: About twenty twenty one.

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Speaker 3: Yeah, I mean that's you know what we call cherry

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Speaker 3: picking data, right.

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Speaker 4: You pick a year that was unusual.

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Speaker 3: Yeah, right, A lot of people invested in, you know,

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Speaker 3: in things like RVs when we had lockdowns, and people

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Speaker 3: weren't you know you So that's terry picking the data.

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Speaker 3: But what I will say is it is true that

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Speaker 3: we lost some manufacturing jobs, but this actually goes to

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Speaker 3: exact in twenty twenty five.

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Speaker 4: This actually goes to exactly.

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Speaker 3: What I was saying that what we're seeing is for

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Speaker 3: a long time, and particularly went into hyperdrive under Joe Biden,

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Speaker 3: businesses could grow themselves by just depending on the government

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Speaker 3: to keep letting in millions of workers every year. So

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Speaker 3: it wasn't organic population growth. It wasn't like our kids

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Speaker 3: graduating from college and getting jobs or o kids getting

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Speaker 3: out of high school and getting jobs. This was bring

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Speaker 3: people over the border and give them jobs. That wasn't

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Speaker 3: good for Americans, and frankly, it was leading to the

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Speaker 3: slowdown in productivity because instead of investing and innovating, you

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Speaker 3: were growing through immigration. Now we're not doing that, so

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Speaker 3: we have lower levels of workforce growth.

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Speaker 4: So what does that mean.

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Speaker 3: It means you shouldn't expect the kind of jobs numbers

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Speaker 3: who saw when we were letting in one hundred thousand

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Speaker 3: people every month. We now only need around fifty thousand

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Speaker 3: jobs every month in order to keep unemployment from rising.

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Speaker 4: They call it the break even rate. So what we're

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Speaker 4: going to see is.

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Speaker 3: Lower employment numbers, but higher wages for everybody who's on

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Speaker 3: brew's employed. Low unemployment numbers because there aren't a lot

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Speaker 3: of people who aren't who don't have jobs right now

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Speaker 3: and higher productivity that that's really good for Americans.

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Speaker 5: Speaking with bright Bart News Finance and Economics editor John

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Speaker 5: Karney here on The Hammer in Nigel Show, John, one

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Speaker 5: more thing here, what's going on with Jerome Powell. I

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Speaker 5: feel like this is one of those stories that's kind

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Speaker 5: of getting lost in a very hectic news cycle right now. Verman, Yeah,

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Speaker 5: we've got, you know, the Minnesota ie story, We've got

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Speaker 5: the Minnesota fraud story.

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Speaker 1: We've got what's happening in Iran.

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Speaker 5: Somebody that might be just scrolling through on their phone

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Speaker 5: or casually checking the news online might think to themselves, wait,

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Speaker 5: Pam Bondi's going after Jerome Powell.

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Speaker 1: Walk me through what's going on here?

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Speaker 2: Right?

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Speaker 3: So, what appears to have happened is that the Justice Department,

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Speaker 3: particularly the Attorney General for the District of Columbia, Jean Piro,

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Speaker 3: wanted to make the person who used to be Judge

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Speaker 3: sin on Fox shows. She was asking the FED some

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Speaker 3: questions about a huge renovation project they have on at

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Speaker 3: their headquarters where they've spent two point five billion dollars. Apparently,

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Speaker 3: they sent a couple of inquiries to the federal Reserve

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Speaker 3: and they were ignored. So she did what prosecutors do

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Speaker 3: when you ignore them, They serve subpoenas. Right, all lawyers

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Speaker 3: do that when you ignore them, Suddenly the subpoenas show up.

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Speaker 3: To Rome Powell, I don't know if he was intentionally

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Speaker 3: ignoring what the Justice Department was asking, maybe thinking that

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Speaker 3: he was above the law and didn't have to answer

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Speaker 3: these questions. When he got this subpoena, he did a

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Speaker 3: very unprecedented thing of recording a video that accused the

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Speaker 3: Trump administration of using this investigation to try to grab

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Speaker 3: control of monetary policy that actually appears to be wrong.

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Speaker 3: Jerome Powell, I think he took it to personally. I

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Speaker 3: don't think he was intentionally lying about this, but that

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Speaker 3: doesn't seem to have been the case the Trump administration.

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Speaker 3: The economics team on the Trump administration didn't know anything

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Speaker 3: about this.

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Speaker 4: It really came out of the Justice Department.

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Speaker 3: Very possibly the Justice Department overstepped or might have gotten

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Speaker 3: too aggressive themselves.

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Speaker 4: Maybe they should have.

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Speaker 3: Sent you another email, or made a couple more phone calls,

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Speaker 3: or frankly called the President and said, hey, can you tell.

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Speaker 4: The Fed to try to respond to us?

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Speaker 3: So now we have this mass where you have Jerome

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Speaker 3: Powell claiming, you know that they're trying to undermine the

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Speaker 3: independence of the FED. I don't think that's true at all,

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Speaker 3: and it doesn't really make sense. Jerome Powell his last

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Speaker 3: day is FED German will be in May. There's no

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Speaker 3: reason to bully him right now. I don't think that's

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Speaker 3: what they were trying to do it all, John.

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Speaker 2: Where can people find more of your stuff? Tell us

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Speaker 2: about the daily newsletter at Breitbart, the Business Digest.

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Speaker 4: Yeah.

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Speaker 3: Absolutely, the bright part Business Dogist comes out every day

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Speaker 3: and it is free. Go to Breitbart dot com slash Newsletters.

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Speaker 3: You can sign up for it right there.

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Speaker 4: There's no spam. We won't. We were not.

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Speaker 3: You know, this is just my analysis and my boss

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Speaker 3: actually Alex Marlowe, we co author this. It is our

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Speaker 3: analysis of not just what's happened to the economy, but

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Speaker 3: we try to tell you what's going to happen next,

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Speaker 3: and we shoot down a lot of these false narratives

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Speaker 3: that you'll hear, such as you know, the there being

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Speaker 3: not being a good time for American manufacturing. We we've

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Speaker 3: been absolutely right about inflation all year long. While people

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Speaker 3: were saying tariff's were going to raise inflation. We were

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Speaker 3: saying that wasn't going to happen. We were absolutely right

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Speaker 3: about that. So Brightbart Business Digest free every day, and

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Speaker 3: also if you go to bry bart dot com slash economy,

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Speaker 3: lots and lots of news there as well.

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Speaker 2: Bright our News Finance and Economics editor, John Carney, thank

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Speaker 2: you very much, sir. Have a great weekend.

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Speaker 4: Yeah, thanks for having me, guys,