WEBVTT - Former US House Speaker Paul Ryan Talks Trump's Agenda

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Lots of changes overnight on the trade front once again,

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<v Speaker 2>lots of threats that we can explore with the former

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<v Speaker 2>US House Speaker, Paul Right, speaker run.

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<v Speaker 3>It's going to say you good to be with you.

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<v Speaker 2>Let's think about the ideology at the sitting president. What

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<v Speaker 2>is the ideology? What's your familiarity with the ideology around

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<v Speaker 2>things like Tright?

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<v Speaker 4>I think the best way to describe as America First.

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<v Speaker 4>I think he's articulately in America first on trades, a

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<v Speaker 4>little more more caantilistic, say than the traditional Republican you know,

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<v Speaker 4>Reagan free trade. But America first is the quickest way

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<v Speaker 4>of describing it. A lot of good fiscal policy, you know,

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<v Speaker 4>regulatory policy, tax policy, there's a lot of optimism, frankly,

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<v Speaker 4>but on trade, I mean, I'm sure you have an

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<v Speaker 4>international audience here.

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<v Speaker 3>There's going to be some trade friction, no two ways.

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<v Speaker 2>About it, without a doubt. How do you feel about them?

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<v Speaker 2>Cancil has taken over the Republican party.

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<v Speaker 3>It's not the right step.

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<v Speaker 4>Well, there's different kinds of Republicans. I'm a classical liberal,

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<v Speaker 4>free market, free trade Republican. So I'm a different breed

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<v Speaker 4>of a Republican. His red of populist Trump Republican is

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<v Speaker 4>the ascendant breed. They're basically the dominant force in the

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<v Speaker 4>Republican Party. Donald Trump is the dominant force in the

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<v Speaker 4>Republican Party, no toys about it. But we have a

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<v Speaker 4>coalition that is playing nice with each other right now.

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<v Speaker 4>And frankly, I'm optimistic on a lot of policies that

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<v Speaker 4>are coming together. And all of those policies will not

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<v Speaker 4>happen if you have Republican disunity. So I think it's

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<v Speaker 4>very important that Republicans stay unified. The executive branch has

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<v Speaker 4>an enormous amount of power when it comes to trade policy.

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<v Speaker 4>That's something that one hundred years ago Congress seated to

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<v Speaker 4>the White House. But on all this other fiscal policy,

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<v Speaker 4>Congress has a huge role to play, and it's really

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<v Speaker 4>important that Republicans stay unified.

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<v Speaker 3>With these razor thin majorities we have.

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<v Speaker 1>One of the initiatives that they need to deal with

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<v Speaker 1>is the deficit. And I'm focused very much on the

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<v Speaker 1>bond markets, and I'm sure you are too, as a

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<v Speaker 1>free market Republican, and I just wonder how much conviction

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<v Speaker 1>you really see in both camps of the Republican Party,

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<v Speaker 1>as you just laid out, to truly combat some of

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<v Speaker 1>the deficit concerns that we feel here at DAVAS.

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<v Speaker 4>They're definitely definicite hawks, and Congress no toys about it.

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<v Speaker 4>Running the various committees in charge of this, the Budget Committee,

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<v Speaker 4>the way the means can be, definance can be. They

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<v Speaker 4>are deficit hawks. So first of all, you can't do

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<v Speaker 4>well on your debt servicing if you don't have don

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<v Speaker 4>alog GDP growth outpacing your debt servicing costs. So number one,

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<v Speaker 4>fast economic growth is paramount. That's why this deregulation is

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<v Speaker 4>very necessary. That's why extending tax reform is necessary. We

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<v Speaker 4>don't want to hit the economy with a wet blanket

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<v Speaker 4>like Biden did with the promise to higher taxes and

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<v Speaker 4>more regulations.

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<v Speaker 3>Really important on the debt.

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<v Speaker 4>The only way to get the debt under control is

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<v Speaker 4>to do in title my reform that's more of a

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<v Speaker 4>comprehensive thing. That's what I spent most of my time

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<v Speaker 4>in Congress working on.

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<v Speaker 3>I think there's a way to do it.

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<v Speaker 4>There's the most bipartisan solution that's out there right now.

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<v Speaker 4>Are these fiscal commissions. There's a lot of talk about that.

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<v Speaker 4>It wouldn't surprise me if Congress acted in a bipart

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<v Speaker 4>is a way on a fiscal commission, not like Bull Simpson,

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<v Speaker 4>which I served on, but one with teeth that requires action.

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<v Speaker 4>That's probably the biggest talk in town right now about

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<v Speaker 4>real debt reduction, but in reconciliation.

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<v Speaker 3>Who knows, you could see some debt reduction occur there too.

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<v Speaker 1>We've already heard though from this administration, they're not going

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<v Speaker 1>to cut Social Security, They're not going to cut Medicare,

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<v Speaker 1>They're not going to cut any of those titlements that

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<v Speaker 1>they really want to cut. And I just wonder what I.

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<v Speaker 4>Would say they really want to cut way. Everybody who

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<v Speaker 4>ran for president lately has been saying we're not touching

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<v Speaker 4>these things.

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<v Speaker 3>I don't agree with that. I'm a different, like I said,

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<v Speaker 3>sim a Bread and it's going to.

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<v Speaker 1>Hit the wall that there's going to be a real

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<v Speaker 1>challenge to undermines some of the optimism that we're hearing here.

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<v Speaker 4>Well, within a decade you have both the Medicare part

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<v Speaker 4>A trust fund and the Social Career Trust Fund going

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<v Speaker 4>bankrupt and solve it. So you have to do something

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<v Speaker 4>about that you've got to step in front of that.

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<v Speaker 4>By the way, you don't need to cut these programs

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<v Speaker 4>to fix this.

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<v Speaker 3>You can grow them a little more slowly.

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<v Speaker 4>You can reform these programs, and you can do it

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<v Speaker 4>in a prospective way so that you don't affect people

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<v Speaker 4>in or near retirement, but do it for the younger

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<v Speaker 4>generation like my ex generation.

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<v Speaker 3>So there are good reforms.

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<v Speaker 4>Out there that I think are politically pattable that move

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<v Speaker 4>the needle on the debt tremendously. The question is whether

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<v Speaker 4>or not. And by the way, if it were easy,

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<v Speaker 4>we had already done it. I pass four budgets in

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<v Speaker 4>the House when I Budget chair that did this, but

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<v Speaker 4>they did nowhere in the Senate.

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<v Speaker 3>So this is really hard to do.

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<v Speaker 2>Which if for an extension of the tax cuts and

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<v Speaker 2>jobs absolutely, why.

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<v Speaker 4>Does not make sense because we want growth. If you

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<v Speaker 4>don't do this, the kind of tax increases that are

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<v Speaker 4>going to hit the economy first of all, immedia expensing,

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<v Speaker 4>R and D amortization. These are very important business tax relief.

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<v Speaker 4>But what people who aren't Americans don't necessarily see is

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<v Speaker 4>more than two thirds of our businesses are not CEA corporations.

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<v Speaker 4>They're passed through LLC sub sub Chapter A S corporations.

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<v Speaker 4>They pay their taxes as individuals. There's a massive tax

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<v Speaker 4>increase on those businesses. The engine of job creation in

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<v Speaker 4>America if you let those things expire. So that's really important.

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<v Speaker 4>It's this thing we call section one N nine A.

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<v Speaker 4>I don't want to get too deep in the details.

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<v Speaker 3>We haven't got signed.

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<v Speaker 4>You're gonna hit, You're gonna it's gonna be bad for

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<v Speaker 4>the economy if you let those tax cuts expire.

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<v Speaker 3>So you do need to extend.

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<v Speaker 2>Soluston said the same thing. They said, it could be

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<v Speaker 2>an economic climacy. Could you describe that colimacy for us?

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<v Speaker 4>Just how about I'd say about eighty percent of small

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<v Speaker 4>businesses would have a massive tax increase, over twenty percent

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<v Speaker 4>tax increase. And oh, by the way, you'll put them

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<v Speaker 4>at a massive competitive disadvantage against corporations, huge job dislocation.

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<v Speaker 4>And most of our jobs come from small and medium businesses.

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<v Speaker 4>You cannot hit those with a big tax increase.

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<v Speaker 2>You know, that's difficult to re import together these bills.

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<v Speaker 2>That's only one piece of the tax fIF Yeah, I

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<v Speaker 2>wrote the last one.

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<v Speaker 4>On nin you're it was I had a twenty two

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<v Speaker 4>seat margin easier to play with the.

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<v Speaker 2>Twenty and a half dozen mondins this time around. How

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<v Speaker 2>difficult is it going to base it to an I

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<v Speaker 2>think above and beyond just extending.

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<v Speaker 3>This is why I.

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<v Speaker 4>Say Republicans need to stay unified, because all of us

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<v Speaker 4>agree on this fiscal this type of fiscal policy. We

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<v Speaker 4>may have difference agreements on trade, we don't have disagreements

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<v Speaker 4>on this really important that Republican factionalism doesn't occur. They

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<v Speaker 4>stay unified and get this done. The country's counting on us.

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<v Speaker 4>Donald Trump promised it, and one of the reasons why

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<v Speaker 4>people are so optimistic is because they believe this is

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<v Speaker 4>going to happen.

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<v Speaker 3>At Tanao, we.

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<v Speaker 4>Pulled seven hundred CEOs ten trillion dollars a wealth and

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<v Speaker 4>it's a thirty two point swing in optimism from last

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<v Speaker 4>year to this year.

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<v Speaker 2>We've seen it on the USC Konda can tie fake iron.

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<v Speaker 2>We hear it repeatedly every single ape that optimism has.

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<v Speaker 4>To be translated into policy for it to be realized,

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<v Speaker 4>and that means past this bill.

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<v Speaker 3>Speak to Ron, Thank you, sir,