1 00:00:03,440 --> 00:00:06,200 Speaker 1: On this episode of News, We're coming back, and we're 2 00:00:06,200 --> 00:00:09,399 Speaker 1: coming back strong. We built the greatest economy anywhere in 3 00:00:09,440 --> 00:00:11,680 Speaker 1: the world. We're gonna build it again. We're gonna build 4 00:00:11,720 --> 00:00:14,480 Speaker 1: it fast. It's going to go very quickly. This economy 5 00:00:14,720 --> 00:00:17,840 Speaker 1: is really coming back strong. Look, the President built the 6 00:00:17,840 --> 00:00:20,880 Speaker 1: world's best economy once, and he's already doing it again. 7 00:00:20,960 --> 00:00:24,480 Speaker 1: We've already recovered half of the jobs lost to the coronavirus. 8 00:00:24,600 --> 00:00:27,560 Speaker 1: You are to project it from here linearly, you'd get 9 00:00:27,600 --> 00:00:30,480 Speaker 1: to April of next year, where we would have recovered 10 00:00:30,480 --> 00:00:43,800 Speaker 1: one hundred percent of the economic activity. I'm really delighted 11 00:00:43,960 --> 00:00:47,440 Speaker 1: to have handy positor with us today. Be visited. I've 12 00:00:47,479 --> 00:00:52,120 Speaker 1: known Andy for the entire Trump presidency, and he has 13 00:00:52,240 --> 00:00:59,240 Speaker 1: a knack of explaining how markets work, how free enterprise works. 14 00:01:00,080 --> 00:01:03,360 Speaker 1: His instincts on the economy have been I think one 15 00:01:03,440 --> 00:01:06,120 Speaker 1: hundred percent right. Every time he writes an article, I 16 00:01:06,200 --> 00:01:09,720 Speaker 1: read it because I'm fascinated with what he's learning. Andy. 17 00:01:09,760 --> 00:01:12,000 Speaker 1: It is just great to have you with us, But 18 00:01:12,080 --> 00:01:14,560 Speaker 1: I want to start back at the beginning, because if 19 00:01:14,600 --> 00:01:19,800 Speaker 1: you earned your insights into free market economics by being 20 00:01:19,840 --> 00:01:22,240 Speaker 1: in a free market, I mean, you're not a theoretician. 21 00:01:22,640 --> 00:01:25,839 Speaker 1: Here's somebody who actually went out rand company, has made money, 22 00:01:26,240 --> 00:01:29,320 Speaker 1: I suspect on occasion and loss money, has a background. 23 00:01:29,319 --> 00:01:33,200 Speaker 1: So people can realize how really rich your understanding of 24 00:01:33,240 --> 00:01:35,720 Speaker 1: the American system is. Could you share just a little 25 00:01:35,720 --> 00:01:39,240 Speaker 1: bit of your work experience so people will realize you're 26 00:01:39,280 --> 00:01:43,880 Speaker 1: talking from practical down to earth real knowledge about how 27 00:01:43,920 --> 00:01:47,080 Speaker 1: the country works. Sure, I'd be glad to nude. And 28 00:01:47,160 --> 00:01:48,880 Speaker 1: thanks for having me on, and thank you for the 29 00:01:48,960 --> 00:01:52,120 Speaker 1: kind words as well. My first paying job was scooping 30 00:01:52,160 --> 00:01:53,960 Speaker 1: ice cream at a bask and Robbins when I was 31 00:01:54,000 --> 00:01:56,520 Speaker 1: sixteen years old. Got a driver's license so I could 32 00:01:56,520 --> 00:01:59,360 Speaker 1: get to a job. To get through college and law school, 33 00:01:59,440 --> 00:02:02,040 Speaker 1: I worked every dirty job you can think of. I 34 00:02:02,080 --> 00:02:05,400 Speaker 1: painted houses, I cut lawns. I busted up concrete with 35 00:02:05,400 --> 00:02:08,440 Speaker 1: the jackhammera one summer in Saint Louis, Missouri, as I 36 00:02:08,520 --> 00:02:10,960 Speaker 1: was finishing my first year of law school. I then 37 00:02:11,000 --> 00:02:13,800 Speaker 1: went on to law school, became a trial lawyer for 38 00:02:13,880 --> 00:02:18,960 Speaker 1: about thirteen fourteen years, and then ended up representing individuals 39 00:02:19,000 --> 00:02:22,000 Speaker 1: i'd met through my trial practice. I did commercial laws, 40 00:02:22,120 --> 00:02:26,320 Speaker 1: so I got some wealthy individuals and became attorneys for 41 00:02:26,520 --> 00:02:29,160 Speaker 1: these individuals and for their companies, one of which was 42 00:02:29,240 --> 00:02:32,720 Speaker 1: Carl Carcher, who owned the Carl's Junior restaurant chain at 43 00:02:32,720 --> 00:02:35,600 Speaker 1: the time. And I couldn't try cases anymore once I 44 00:02:35,639 --> 00:02:38,320 Speaker 1: got these clients, because you can't say to a client, 45 00:02:38,320 --> 00:02:39,880 Speaker 1: I'm a CEE. In a month, I have a trial. 46 00:02:40,040 --> 00:02:41,919 Speaker 1: You have to pay more attention to what they're doing. 47 00:02:42,200 --> 00:02:44,200 Speaker 1: And I got to learn a lot about the intricacies 48 00:02:44,240 --> 00:02:47,480 Speaker 1: of business. I ended up representing Bill Foley, who was 49 00:02:47,520 --> 00:02:50,399 Speaker 1: the CEO of the Lady National Title, and I said 50 00:02:50,440 --> 00:02:53,240 Speaker 1: Carl and Carl's Junior Morris Shanker, who ran the Dun's 51 00:02:53,280 --> 00:02:55,360 Speaker 1: Hotel in Las Vegas. So I got a lot of 52 00:02:55,400 --> 00:02:59,560 Speaker 1: practical experience. And then in the year two thousand when 53 00:02:59,680 --> 00:03:02,560 Speaker 1: carl Junior got in trouble because they bought a restaurant 54 00:03:02,600 --> 00:03:05,040 Speaker 1: chain called Hartise, which was much bigger than Carl's Junior, 55 00:03:05,160 --> 00:03:07,680 Speaker 1: and the integration of the two brands did not go 56 00:03:07,840 --> 00:03:10,960 Speaker 1: very smoothly. I think the border director said, let's see 57 00:03:11,000 --> 00:03:13,320 Speaker 1: if the cocky lawyer can fix it, because I've been 58 00:03:13,400 --> 00:03:16,000 Speaker 1: giving him my advice. Solut one, they put me in 59 00:03:16,080 --> 00:03:18,360 Speaker 1: charge and we saved the company. We took a company 60 00:03:18,400 --> 00:03:20,440 Speaker 1: that was on the verge of bankruptcy and turned it 61 00:03:20,480 --> 00:03:23,960 Speaker 1: into a chain with about three thousand, eight hundred restaurants 62 00:03:24,000 --> 00:03:26,880 Speaker 1: in forty five states and foreign countries. All from a 63 00:03:26,880 --> 00:03:29,880 Speaker 1: hot dog cart to Carl Carter nineteen forty one, that's 64 00:03:29,880 --> 00:03:33,000 Speaker 1: how the company started. But I've done everything from work 65 00:03:33,040 --> 00:03:35,320 Speaker 1: a mill and Wade's job to be the CEO of 66 00:03:35,360 --> 00:03:39,400 Speaker 1: an international corporation. Free markets are like movie pictures, are 67 00:03:39,400 --> 00:03:42,320 Speaker 1: not like a polaroid snapshot. You just describe a guy 68 00:03:42,640 --> 00:03:45,680 Speaker 1: who starts out in nineteen forty one with one hot 69 00:03:45,680 --> 00:03:48,840 Speaker 1: dog stand and ends up with thirty one hundred stores. 70 00:03:49,560 --> 00:03:54,360 Speaker 1: Now that's a dynamic that doesn't fit the sort of 71 00:03:54,400 --> 00:03:58,440 Speaker 1: classic bureaucratic way of thinking, and yet it's the dynamic 72 00:03:58,520 --> 00:04:02,160 Speaker 1: that it seems to me was made America the economically 73 00:04:02,200 --> 00:04:05,080 Speaker 1: most successful country in the world. I would agree with that, 74 00:04:06,600 --> 00:04:08,720 Speaker 1: But Carl is a great example. There's a guy with 75 00:04:08,800 --> 00:04:11,960 Speaker 1: an eighth grade education buy the hot dog cart. By 76 00:04:12,000 --> 00:04:13,720 Speaker 1: the time I met him and was his lawyer, he 77 00:04:13,800 --> 00:04:16,880 Speaker 1: had a half a billion dollar publicly traded company. That's 78 00:04:16,920 --> 00:04:20,000 Speaker 1: the American story. It's people like Carl or people like me. 79 00:04:20,080 --> 00:04:23,279 Speaker 1: I'm from a working class family in Cleveland, Ohio, and 80 00:04:23,400 --> 00:04:25,520 Speaker 1: I ended up having to work my way through college 81 00:04:25,520 --> 00:04:27,520 Speaker 1: at law school. I didn't have government help, I didn't 82 00:04:27,560 --> 00:04:30,839 Speaker 1: have family help, but I was able to continue moving forward. 83 00:04:30,880 --> 00:04:33,200 Speaker 1: I never was resentful of people that had help, either 84 00:04:33,320 --> 00:04:35,560 Speaker 1: from the government or their family, because I always knew 85 00:04:35,600 --> 00:04:37,760 Speaker 1: that when I took the next step, it was up 86 00:04:37,760 --> 00:04:39,680 Speaker 1: to me. Whether I went for or wasn't up to 87 00:04:39,720 --> 00:04:41,839 Speaker 1: the government. It wasn't up to anybody else. And I 88 00:04:41,880 --> 00:04:44,760 Speaker 1: always felt like I had opportunities open to me. And 89 00:04:44,880 --> 00:04:49,039 Speaker 1: that's America. America's about those opportunities. Well, having lived in 90 00:04:49,080 --> 00:04:51,760 Speaker 1: works with what was your sense of the eight years 91 00:04:51,839 --> 00:04:57,160 Speaker 1: of the Obama Biden economic policies. They were a disaster, 92 00:04:57,279 --> 00:05:00,760 Speaker 1: and it was a disaster mostly for working Americans. You know, 93 00:05:00,920 --> 00:05:03,600 Speaker 1: the stock market did okay if you were rich, if 94 00:05:03,640 --> 00:05:05,320 Speaker 1: you were wealthy, if you own the land or your 95 00:05:05,360 --> 00:05:08,080 Speaker 1: own stock, it probably did okay. The people that did 96 00:05:08,120 --> 00:05:11,120 Speaker 1: not do okay. We're working class Americans. In fact, when 97 00:05:11,120 --> 00:05:15,280 Speaker 1: Obama left office, we had one point nine million more 98 00:05:15,320 --> 00:05:19,040 Speaker 1: people unemployed than we had job openings. Wages hadn't hit 99 00:05:19,080 --> 00:05:22,240 Speaker 1: three percent growth for seven and a half years since 100 00:05:22,240 --> 00:05:24,839 Speaker 1: the end of the recession, and people were leaving the 101 00:05:24,880 --> 00:05:27,640 Speaker 1: labor force unable to find good paying jobs, unable to 102 00:05:27,680 --> 00:05:30,800 Speaker 1: find jobs at all, let alone good paying jobs. Employers 103 00:05:31,120 --> 00:05:34,360 Speaker 1: weren't competing for employees. It was employees who were competing 104 00:05:34,360 --> 00:05:37,640 Speaker 1: for jobs, and that cost stagnation, and you didn't see 105 00:05:37,640 --> 00:05:39,719 Speaker 1: the kind of growth we should have seen coming out 106 00:05:39,760 --> 00:05:42,400 Speaker 1: of a recession. Milton Friedman pointed out in the early 107 00:05:42,560 --> 00:05:46,400 Speaker 1: nineteen sixties, the deeper the recession, the stronger the recovery. 108 00:05:46,440 --> 00:05:48,800 Speaker 1: And you'll hear a lot of Democrats say, oh, that 109 00:05:48,839 --> 00:05:51,600 Speaker 1: recession was so deep, it was so tough for Obama. Well, 110 00:05:51,640 --> 00:05:54,039 Speaker 1: the deeper the recession, the stronger the comeback should be. 111 00:05:54,080 --> 00:05:56,599 Speaker 1: It's really just the opposite. The best President Trump has 112 00:05:56,720 --> 00:06:00,320 Speaker 1: recently just proved with a very deep recession, agree to 113 00:06:00,400 --> 00:06:04,000 Speaker 1: which this is a V shaped recovery, and they're now 114 00:06:04,080 --> 00:06:07,599 Speaker 1: talking about maybe thirty two or thirty three percent growth 115 00:06:08,160 --> 00:06:12,480 Speaker 1: in the third quarter, which would be astonishing. Now it's 116 00:06:12,520 --> 00:06:16,160 Speaker 1: off of an artificial collapse imposed by government, but it's 117 00:06:16,160 --> 00:06:19,000 Speaker 1: still astonishing when we started down this road. I want 118 00:06:19,040 --> 00:06:22,760 Speaker 1: to get Grant's book on the depression of nineteen twenty 119 00:06:22,800 --> 00:06:26,880 Speaker 1: twenty one, which is a very V shaped depression actually 120 00:06:26,880 --> 00:06:30,159 Speaker 1: comes off of a pandemic, the Spanish flu. The system 121 00:06:30,200 --> 00:06:34,080 Speaker 1: goes straight down for about fourteen months, and then goes 122 00:06:34,120 --> 00:06:37,560 Speaker 1: straight back up for about twelve months. I actually called 123 00:06:37,600 --> 00:06:40,720 Speaker 1: Grant and talked about it. Because it happened so fast, 124 00:06:41,320 --> 00:06:45,200 Speaker 1: it created no cultural memory. I mean, people didn't think 125 00:06:45,200 --> 00:06:48,240 Speaker 1: of it as nothing like the Great Depression. What we 126 00:06:48,320 --> 00:06:51,960 Speaker 1: had with Obama and Biden wasn't a great depression, but 127 00:06:52,040 --> 00:06:55,400 Speaker 1: it was a great disappointment. It year after year of 128 00:06:56,080 --> 00:06:59,680 Speaker 1: subnormal operation based on the American mall. I love the 129 00:06:59,680 --> 00:07:02,240 Speaker 1: title of your book, The Capitalists Come Back. He was, 130 00:07:02,240 --> 00:07:06,479 Speaker 1: in a way, Trump represented the revitalization of the system 131 00:07:06,520 --> 00:07:10,280 Speaker 1: that made us so extraordinarily successful for the last two 132 00:07:10,360 --> 00:07:13,600 Speaker 1: hundred and fifty years. From the day he was elected. 133 00:07:13,640 --> 00:07:18,320 Speaker 1: How fast was he able to send signals that entrepreneurs 134 00:07:18,880 --> 00:07:22,600 Speaker 1: and investors and small business owners could pick up? One 135 00:07:23,000 --> 00:07:25,800 Speaker 1: The very day he was elected, signal went out. The 136 00:07:25,920 --> 00:07:29,559 Speaker 1: National Federation of Independent Businesses has a poll every month 137 00:07:29,680 --> 00:07:33,240 Speaker 1: on business optimism, and it goes up three to four 138 00:07:33,320 --> 00:07:36,680 Speaker 1: percentage points immediately upon the President of being elected. It 139 00:07:36,720 --> 00:07:40,040 Speaker 1: went to historically high territory and it stayed there until 140 00:07:40,080 --> 00:07:44,840 Speaker 1: the pandemic. Consumer sentiment zoomed. Everybody that President Trump was 141 00:07:44,880 --> 00:07:46,960 Speaker 1: going to come in and number one. He promised to 142 00:07:47,120 --> 00:07:50,040 Speaker 1: slash regulations, and he did it, even to a greater 143 00:07:50,040 --> 00:07:52,600 Speaker 1: extent than he promised. He promised to cut taxes, he did. 144 00:07:53,120 --> 00:07:55,880 Speaker 1: He promised to renegotiate trade agreements to get them to 145 00:07:55,920 --> 00:07:58,600 Speaker 1: be fair earth, and he promised to focus on domestic 146 00:07:58,680 --> 00:08:01,400 Speaker 1: energy production. He did all of those things. Investors knew 147 00:08:01,400 --> 00:08:03,640 Speaker 1: it right away, businesses knew it right away and began 148 00:08:03,720 --> 00:08:08,480 Speaker 1: to invest. And didn't that then draw people back into 149 00:08:08,480 --> 00:08:11,080 Speaker 1: the labor pool. Well, you know, I gave you the 150 00:08:11,080 --> 00:08:14,679 Speaker 1: example a minute ago about President Obama and more people 151 00:08:14,760 --> 00:08:18,600 Speaker 1: unemployed than of job openings and no wage growth. By 152 00:08:18,680 --> 00:08:22,720 Speaker 1: March of twenty eighteen, under President Frump, the number of 153 00:08:22,800 --> 00:08:25,760 Speaker 1: job openings exceeded the number of people unemployed for the 154 00:08:25,800 --> 00:08:28,960 Speaker 1: first time since the government began tracking the data back 155 00:08:29,000 --> 00:08:31,480 Speaker 1: in two thousand. So for the first time, really in 156 00:08:31,560 --> 00:08:35,200 Speaker 1: eighteen years, we had more job openings and people unemployed. 157 00:08:35,280 --> 00:08:37,920 Speaker 1: It stayed that way for twenty four months, and for 158 00:08:38,080 --> 00:08:40,600 Speaker 1: seventeen of those months we had over a million more 159 00:08:40,679 --> 00:08:44,040 Speaker 1: people unemployed than we had job openings. That's a complete 160 00:08:44,080 --> 00:08:47,320 Speaker 1: turnaround from what Obama left for President Trump. And Obama 161 00:08:47,360 --> 00:08:49,880 Speaker 1: didn't have a single month where the number of job 162 00:08:50,559 --> 00:08:54,640 Speaker 1: exceeded people unemployed then starting in August of two eighteen, 163 00:08:54,720 --> 00:08:56,360 Speaker 1: so we're really just in the first year of the 164 00:08:56,400 --> 00:08:59,480 Speaker 1: tax cuts here. By August of that year, wage growth 165 00:08:59,520 --> 00:09:03,000 Speaker 1: hits three It stays at or above three percent for 166 00:09:03,120 --> 00:09:06,920 Speaker 1: twenty consecutive months until the pandemic, and wages grow more 167 00:09:07,000 --> 00:09:10,439 Speaker 1: for blue collar workers than they do for white collar workers. Well, 168 00:09:10,480 --> 00:09:13,880 Speaker 1: with more job openings and higher wages, people started coming 169 00:09:13,920 --> 00:09:16,640 Speaker 1: out of the woodwork to take these jobs. In fact, 170 00:09:16,679 --> 00:09:20,440 Speaker 1: in the fourth quarter of twenty nineteen, about seventy one 171 00:09:20,520 --> 00:09:23,760 Speaker 1: percent of the people who took jobs who became employed, 172 00:09:24,040 --> 00:09:26,600 Speaker 1: came from outside the labor force. They didn't come from 173 00:09:26,600 --> 00:09:28,800 Speaker 1: the ranks of the unemployed who were considered in the 174 00:09:28,880 --> 00:09:31,679 Speaker 1: labor force. They came from outside the labor force. These 175 00:09:31,720 --> 00:09:35,360 Speaker 1: are people who gave up under President Obama and Vice 176 00:09:35,400 --> 00:09:38,800 Speaker 1: President Biden and came back in under President Trump because 177 00:09:38,840 --> 00:09:42,440 Speaker 1: of the incredible job growth the labor market he created. 178 00:09:42,480 --> 00:09:45,600 Speaker 1: He took the worst recovery since World War Two from 179 00:09:45,600 --> 00:09:49,760 Speaker 1: an economic recession and turned it into perhaps the greatest 180 00:09:49,800 --> 00:09:53,720 Speaker 1: labor market ever, and certainly the greatest labor market since 181 00:09:53,720 --> 00:09:57,400 Speaker 1: the Great Depression. It strikes me as something Stephen Moore 182 00:09:57,400 --> 00:10:00,880 Speaker 1: has written about that we're having a great experiment right 183 00:10:00,880 --> 00:10:04,640 Speaker 1: now because the majority of the Blue states have governors 184 00:10:04,679 --> 00:10:07,840 Speaker 1: who are petty dictators who have kept their state artificially 185 00:10:07,840 --> 00:10:11,280 Speaker 1: closed down. Majority of the red states have governors who 186 00:10:11,320 --> 00:10:14,559 Speaker 1: actually believe in free enterprise and have opened their states up. 187 00:10:14,840 --> 00:10:18,360 Speaker 1: And the difference in unemployment and the difference in economic 188 00:10:18,400 --> 00:10:23,199 Speaker 1: growth between the two models is almost the elaboratory study 189 00:10:23,400 --> 00:10:26,600 Speaker 1: in which system works. It is. In fact, if you 190 00:10:26,640 --> 00:10:29,880 Speaker 1: look the numbers from August, the unemployment numbers, we don't 191 00:10:29,920 --> 00:10:33,200 Speaker 1: have September yet, but in August we had ten states 192 00:10:33,240 --> 00:10:36,400 Speaker 1: with unemployment six percent or under. Nine of them had 193 00:10:36,480 --> 00:10:39,000 Speaker 1: Republican governors, and the one that didn't have a Republican 194 00:10:39,040 --> 00:10:42,760 Speaker 1: governor was Montana, which is a very conservative state. If 195 00:10:42,800 --> 00:10:46,040 Speaker 1: you look at the ten worst states for unemployment rate, 196 00:10:46,679 --> 00:10:49,240 Speaker 1: nine of them had Democrat governors. This was all over 197 00:10:49,320 --> 00:10:52,840 Speaker 1: ten percent unemployment, including New York, New Jersey, California, Illinois. 198 00:10:53,040 --> 00:10:55,760 Speaker 1: The one state that didn't tap a Republican governor was 199 00:10:55,840 --> 00:10:59,600 Speaker 1: very liberal Massachusetts. The dynamics of this are very very 200 00:10:59,640 --> 00:11:03,199 Speaker 1: o it's underreported, it's undercovered, it's not going to get 201 00:11:03,240 --> 00:11:06,079 Speaker 1: the coverage that it deserves to get because it's very 202 00:11:06,120 --> 00:11:09,520 Speaker 1: favorable the president dropped and very unfavorable to the Democrats 203 00:11:09,520 --> 00:11:22,480 Speaker 1: in Joe Biden. Hi, this is new. I want to 204 00:11:22,480 --> 00:11:25,120 Speaker 1: invalue to sign up for a yearly subscription to my 205 00:11:25,240 --> 00:11:28,560 Speaker 1: Inner Circle membership. Club. Were in a critical time in 206 00:11:28,559 --> 00:11:31,560 Speaker 1: our history, for the outcome of the next election will 207 00:11:31,600 --> 00:11:35,880 Speaker 1: set us in a course of two very different American teachers. 208 00:11:36,400 --> 00:11:39,520 Speaker 1: As a member of My Inner Circle, you'll receive exclusive 209 00:11:39,520 --> 00:11:44,120 Speaker 1: invitations to join my video conferences with two twenty election 210 00:11:44,200 --> 00:11:49,160 Speaker 1: updates and my analysis of the upcoming presidential debates. Here's 211 00:11:49,200 --> 00:11:53,439 Speaker 1: a special offer for my podcast listeners. Join my Inner 212 00:11:53,440 --> 00:11:57,360 Speaker 1: Circle today and newsinner Circle dot com and if you 213 00:11:57,480 --> 00:12:00,360 Speaker 1: sign up for a one or two year membership, receive 214 00:12:00,400 --> 00:12:05,120 Speaker 1: a limited edition Inner Circle Challenge Point exclusive to five 215 00:12:05,240 --> 00:12:08,640 Speaker 1: hundred members only as part of your membership welcome package. 216 00:12:09,200 --> 00:12:12,359 Speaker 1: And as an Inner Circle member, you'll receive an invitation 217 00:12:12,720 --> 00:12:16,360 Speaker 1: to attend my members only event Live with Newton, a 218 00:12:16,520 --> 00:12:20,200 Speaker 1: discussion on the next presidential debate, and there are many 219 00:12:20,240 --> 00:12:23,480 Speaker 1: other benefits of membership. Sign up for a one or 220 00:12:23,480 --> 00:12:27,480 Speaker 1: two year membership today and newts inner Circle dot com. 221 00:12:27,679 --> 00:12:44,319 Speaker 1: That's Newts inner Circle dot com. My thesis is that 222 00:12:44,440 --> 00:12:49,080 Speaker 1: the country has to choose between a Trump recovery and 223 00:12:49,160 --> 00:12:52,400 Speaker 1: a Biden depression. That if you look at what Biden's 224 00:12:52,440 --> 00:12:56,800 Speaker 1: policy proposals are, they literally would cause a depression. I'm 225 00:12:56,840 --> 00:12:59,920 Speaker 1: an historian. You know much more about how the mark 226 00:13:00,000 --> 00:13:02,200 Speaker 1: the works than I do. I mean, when you look 227 00:13:02,200 --> 00:13:05,640 Speaker 1: at these two programs side by side, what's your reaction? 228 00:13:06,480 --> 00:13:09,720 Speaker 1: If you look at Biden's website, every program he has 229 00:13:09,880 --> 00:13:14,960 Speaker 1: involves substantial increases in government spending, if not dramatic increases 230 00:13:15,000 --> 00:13:18,560 Speaker 1: in government spending. And now one program says, here's how 231 00:13:18,600 --> 00:13:21,800 Speaker 1: I'm going to encourage private sector businesses to create jobs 232 00:13:21,800 --> 00:13:25,320 Speaker 1: and create growth. This is the same theory that Obama 233 00:13:25,360 --> 00:13:29,480 Speaker 1: and Biden administration. They thought, because there was this terrific, 234 00:13:29,600 --> 00:13:33,200 Speaker 1: horrific recession, that the economy was just going to bounce back. 235 00:13:33,400 --> 00:13:36,720 Speaker 1: They were forecasting four percent GDP growth. When they first 236 00:13:36,760 --> 00:13:40,080 Speaker 1: went into office. They said, if the stimulus bill was passed, 237 00:13:40,200 --> 00:13:43,480 Speaker 1: we would never hit eight percent unemployment, that eight hundred 238 00:13:43,559 --> 00:13:47,120 Speaker 1: billion dollars in spending would keep unemployment below eight percent. Well, 239 00:13:47,200 --> 00:13:49,760 Speaker 1: unemployment hit eight percent the month they passed it and 240 00:13:49,760 --> 00:13:52,600 Speaker 1: stayed there for forty three months. They think that no 241 00:13:52,679 --> 00:13:55,360 Speaker 1: matter what they do, the economy is going to bounce back, 242 00:13:55,360 --> 00:13:57,160 Speaker 1: and it's just not true. They are going to spend 243 00:13:57,280 --> 00:14:01,280 Speaker 1: us into a horrific situation. He's taught about raising tax 244 00:14:01,480 --> 00:14:05,760 Speaker 1: is four trillion dollars to cover eleven trillion dollars in spending, 245 00:14:06,160 --> 00:14:08,880 Speaker 1: which is on top of our twenty four trillion dollars 246 00:14:08,960 --> 00:14:11,640 Speaker 1: that we currently have in debt. I mean, these numbers 247 00:14:11,679 --> 00:14:14,480 Speaker 1: will bankrupt America. The only way we can get out 248 00:14:14,520 --> 00:14:16,000 Speaker 1: of this, the only way we can start to pay 249 00:14:16,000 --> 00:14:18,280 Speaker 1: our debt down, the only way we're going to see 250 00:14:18,320 --> 00:14:21,480 Speaker 1: the kind of incredible results we saw in twenty nineteen 251 00:14:21,560 --> 00:14:24,120 Speaker 1: under President Trump, which by the way, had the lowest 252 00:14:24,240 --> 00:14:27,320 Speaker 1: poverty rate in the history of tracking the poverty rate 253 00:14:27,360 --> 00:14:30,760 Speaker 1: going back sixty years. Ten point five percent had the 254 00:14:30,760 --> 00:14:34,160 Speaker 1: biggest decrease in the poverty rate going back sixty years, 255 00:14:34,160 --> 00:14:38,840 Speaker 1: and the decrease was bigger for Blacks, Hispanics, and Asian Americans, 256 00:14:38,840 --> 00:14:42,000 Speaker 1: so every minority saw a decrease. We saw the biggest 257 00:14:42,080 --> 00:14:46,200 Speaker 1: increase in median family income since the late sixties. When 258 00:14:46,240 --> 00:14:49,000 Speaker 1: they start at tracking median family income, we can get 259 00:14:49,040 --> 00:14:52,600 Speaker 1: back to those kinds of dynamic numbers. Twenty nineteen really 260 00:14:52,640 --> 00:14:55,840 Speaker 1: set a new bar. A pre pandemic bar for where 261 00:14:55,840 --> 00:14:59,040 Speaker 1: the economy needs to go to show success with President 262 00:14:59,080 --> 00:15:03,160 Speaker 1: Trump's policies cutting taxes, reducing regulations, keeping a focus on 263 00:15:03,240 --> 00:15:07,560 Speaker 1: domestic energy, and going forward with these renegotiated trade agreements 264 00:15:07,600 --> 00:15:10,560 Speaker 1: which really got cut off in the pandemic hit. I 265 00:15:10,600 --> 00:15:12,720 Speaker 1: think we're going to get back to where we were, 266 00:15:12,840 --> 00:15:16,120 Speaker 1: which is historically great numbers in a very very short 267 00:15:16,160 --> 00:15:18,960 Speaker 1: period of time under President Biden. I don't think the 268 00:15:19,000 --> 00:15:22,160 Speaker 1: economy may never recover. Certainly isn't going to recovery during 269 00:15:22,160 --> 00:15:27,280 Speaker 1: his presidency. Shouldn't that be a fairly clear, simple message 270 00:15:27,280 --> 00:15:32,040 Speaker 1: to the American people. It should be very simple. Even 271 00:15:32,120 --> 00:15:34,760 Speaker 1: income inequality, you know, the big bugaboo of the Democrats, 272 00:15:34,840 --> 00:15:38,920 Speaker 1: Briny Sanders, Elizabeth Warren, Joe Biden. Well, income inequality decreased 273 00:15:38,920 --> 00:15:42,600 Speaker 1: in twenty eighteen and twenty nineteen, and back in two nineteen, 274 00:15:43,240 --> 00:15:46,120 Speaker 1: the share of wealth held by the lowest twin tile, 275 00:15:46,160 --> 00:15:48,760 Speaker 1: the lowest twenty four percent of Burghers increased two point 276 00:15:48,800 --> 00:15:51,680 Speaker 1: four percent. It all came from the top twin tile. 277 00:15:51,920 --> 00:15:56,240 Speaker 1: We've had an incredible year economically. It's been ignored, it's 278 00:15:56,240 --> 00:15:58,720 Speaker 1: been covered up, it's really been censored, and it should 279 00:15:58,720 --> 00:16:02,400 Speaker 1: be obvious to the American Why do you think the 280 00:16:02,520 --> 00:16:08,280 Speaker 1: news media finds it so difficult to a reported and 281 00:16:08,360 --> 00:16:11,520 Speaker 1: be learned any lesson at all from Actually, I think 282 00:16:11,520 --> 00:16:14,040 Speaker 1: it's very difficult for them to ignore it, but they 283 00:16:14,120 --> 00:16:18,240 Speaker 1: managed to. They are so hateful of President Trump. Do 284 00:16:18,280 --> 00:16:20,920 Speaker 1: you hear about Trump arrangement syndrome? And initially it was 285 00:16:21,080 --> 00:16:22,600 Speaker 1: kind of a joke phrase. I don't think it's a 286 00:16:22,680 --> 00:16:26,200 Speaker 1: joke phrase anymore. I think these people have Trump arrangement syndrome. 287 00:16:26,680 --> 00:16:29,160 Speaker 1: And even though you can see that, what's happening in 288 00:16:29,160 --> 00:16:32,560 Speaker 1: the economy is that Trump is accomplishing all of the 289 00:16:32,600 --> 00:16:35,600 Speaker 1: things that Democrats claim that they would accomplish, all of 290 00:16:35,640 --> 00:16:39,280 Speaker 1: the things that Obama and Biden were completely ineffected at accomplishing, 291 00:16:39,440 --> 00:16:42,480 Speaker 1: again the kind of things Ronald Reagan accomplished for the economy, 292 00:16:42,520 --> 00:16:45,640 Speaker 1: where working class Americans were better off, people had more 293 00:16:45,640 --> 00:16:48,520 Speaker 1: money in their pockets. You'll recall this question back in 294 00:16:48,680 --> 00:16:50,800 Speaker 1: nineteen eighty four, are you better off now than you 295 00:16:50,880 --> 00:16:53,880 Speaker 1: were four years ago? Well, forty four percent answered yes 296 00:16:53,960 --> 00:16:57,080 Speaker 1: to that question. Today, fifty six percent of Americans are 297 00:16:57,080 --> 00:17:00,320 Speaker 1: answering the question positively. And we're in a recession and 298 00:17:00,440 --> 00:17:03,880 Speaker 1: ran a pandemic. I think the American people know that 299 00:17:03,920 --> 00:17:06,080 Speaker 1: they're better off, but I don't think we've done a 300 00:17:06,160 --> 00:17:09,840 Speaker 1: terrific job of explaining it in some simple enough terms 301 00:17:09,880 --> 00:17:29,560 Speaker 1: that people can put their hands around the numbers. What 302 00:17:29,760 --> 00:17:32,760 Speaker 1: led you to decide to write The Capitalist Combat After 303 00:17:32,840 --> 00:17:37,000 Speaker 1: my experience with the Secretary of Labor nomination process, which 304 00:17:37,080 --> 00:17:39,760 Speaker 1: was very discouraging for me, I wish they had gone better, 305 00:17:40,480 --> 00:17:43,120 Speaker 1: it became obvious to me that somebody needed to get 306 00:17:43,119 --> 00:17:47,000 Speaker 1: out and talk about these economic policies that President Trump 307 00:17:47,160 --> 00:17:51,119 Speaker 1: was implementing. What a complete revolution it was with the 308 00:17:51,160 --> 00:17:54,520 Speaker 1: progressive agenda. He was reversing things progressives had been slowly 309 00:17:54,520 --> 00:17:57,040 Speaker 1: putting in place for a hundred years. That we're having 310 00:17:57,040 --> 00:18:00,920 Speaker 1: a devastatingly negative impact on Americans and the American economy. 311 00:18:01,200 --> 00:18:03,120 Speaker 1: And I think somebody needed to kind of lay out 312 00:18:03,119 --> 00:18:05,680 Speaker 1: the history. I was a history major and undergraduate school 313 00:18:05,720 --> 00:18:08,200 Speaker 1: before I went to law school, and would have actually 314 00:18:08,240 --> 00:18:10,240 Speaker 1: gone like you and got my master's or a doctor 315 00:18:10,240 --> 00:18:11,840 Speaker 1: in history if I hadn't gone to law school. That's 316 00:18:11,920 --> 00:18:14,840 Speaker 1: a subject I love. It's not being taught in our schools, 317 00:18:14,840 --> 00:18:16,440 Speaker 1: and I thought it was important to lay it out 318 00:18:16,440 --> 00:18:18,920 Speaker 1: for people to put it down in writing and say 319 00:18:18,960 --> 00:18:21,239 Speaker 1: here's where we were, here's the problems we had, and 320 00:18:21,280 --> 00:18:23,639 Speaker 1: here's where we're going, and here's what will happen if 321 00:18:23,640 --> 00:18:27,880 Speaker 1: we followed for President Frump's policies. And luckily we did 322 00:18:27,960 --> 00:18:31,000 Speaker 1: turn the economy around, and the policies he implemented work 323 00:18:31,200 --> 00:18:34,200 Speaker 1: very well well in that sense, The Capitalists come back 324 00:18:34,240 --> 00:18:37,520 Speaker 1: as a book you sort of wish every mayor of 325 00:18:37,520 --> 00:18:40,720 Speaker 1: a failing big city would read it, and every governor 326 00:18:41,119 --> 00:18:43,840 Speaker 1: of a blue state that's losing population would read it, 327 00:18:44,280 --> 00:18:48,240 Speaker 1: because you captured the essence of what makes America work, 328 00:18:48,880 --> 00:18:51,560 Speaker 1: and they seem to have no clue. I wish they 329 00:18:51,560 --> 00:18:53,240 Speaker 1: would read it. You know. The comment that I get 330 00:18:53,240 --> 00:18:55,159 Speaker 1: the most about the book, he probably get this with 331 00:18:55,160 --> 00:18:57,280 Speaker 1: all of your books as well. The comment I get 332 00:18:57,440 --> 00:19:00,440 Speaker 1: the most is this book should be required reading in 333 00:19:00,440 --> 00:19:02,639 Speaker 1: a high school or college history. Of course, it's the 334 00:19:02,720 --> 00:19:04,880 Speaker 1: kind of thing that with the history books that are 335 00:19:04,880 --> 00:19:07,440 Speaker 1: out there, Zin's book and the rest of this garbage 336 00:19:07,480 --> 00:19:10,119 Speaker 1: that they're teaching kids today the history, and here is 337 00:19:10,160 --> 00:19:12,119 Speaker 1: the history they're missing. And one of the things I 338 00:19:12,160 --> 00:19:14,480 Speaker 1: tried to do that I thought maybe I was a 339 00:19:14,520 --> 00:19:16,880 Speaker 1: little better able to do than some others was tied 340 00:19:16,920 --> 00:19:20,480 Speaker 1: the history to economics, you know, make it readable, but 341 00:19:20,640 --> 00:19:24,159 Speaker 1: tie the history to the economics. So that was my effort. 342 00:19:24,160 --> 00:19:26,200 Speaker 1: Whether I accomplished it or not as up to the reader, 343 00:19:26,200 --> 00:19:28,720 Speaker 1: but that's what I tried to do. So when you 344 00:19:28,760 --> 00:19:31,600 Speaker 1: look ahead down the road and you look at the 345 00:19:31,680 --> 00:19:35,240 Speaker 1: rise of a centralized dictatorship like China, and you look 346 00:19:35,240 --> 00:19:38,480 Speaker 1: at the decay of Europe, are you an optimist about 347 00:19:38,520 --> 00:19:42,080 Speaker 1: the long term power of capitalism and free markets to 348 00:19:43,000 --> 00:19:48,080 Speaker 1: arouse entrepreneurs and create wealth despite all these problems, or 349 00:19:48,119 --> 00:19:51,399 Speaker 1: do you think that we're in a downward spiral. In 350 00:19:51,440 --> 00:19:53,840 Speaker 1: some countries we've gone down and come back. For example, 351 00:19:53,960 --> 00:19:58,440 Speaker 1: Denmark actually did go towards a more socialist form of government, 352 00:19:58,480 --> 00:20:00,800 Speaker 1: and they came back the same things swet and they 353 00:20:00,800 --> 00:20:03,040 Speaker 1: went to a very socialist type system, found out it 354 00:20:03,080 --> 00:20:06,159 Speaker 1: didn't work and became very capitalist. In fact, Denmark i 355 00:20:06,200 --> 00:20:09,959 Speaker 1: think ranked higher last year on the Heritage Foundation's Index 356 00:20:10,000 --> 00:20:12,639 Speaker 1: of Economic Freedom than the United States, although it's the 357 00:20:12,720 --> 00:20:16,040 Speaker 1: country that Bernie Sanders always uses as his example of 358 00:20:16,040 --> 00:20:19,439 Speaker 1: how socialism works. Well that Danes are very upset about that. 359 00:20:19,560 --> 00:20:22,520 Speaker 1: In fact, Lar's restless and came to the United States 360 00:20:22,600 --> 00:20:25,040 Speaker 1: back in two thousand and sixteen, spoke at Harvard and said, look, 361 00:20:25,560 --> 00:20:27,520 Speaker 1: you guys have to stop saying that Sweden is not 362 00:20:27,560 --> 00:20:29,919 Speaker 1: the socialist country. It's a free market economy. So I 363 00:20:29,920 --> 00:20:32,560 Speaker 1: think you see some of these countries go towards socialism, 364 00:20:32,640 --> 00:20:35,119 Speaker 1: realize it doesn't work, and then come back. In the 365 00:20:35,200 --> 00:20:39,560 Speaker 1: United States, we have such a strong basis of entrepreneurs 366 00:20:39,560 --> 00:20:43,239 Speaker 1: and strong history of people expecting to be able to 367 00:20:43,280 --> 00:20:45,840 Speaker 1: improve their lives by their own will and their own 368 00:20:45,920 --> 00:20:48,760 Speaker 1: talents and their own desires that I think that progressives 369 00:20:48,760 --> 00:20:52,119 Speaker 1: are having an incredibly difficult time trying to kill capitalism 370 00:20:52,200 --> 00:20:55,200 Speaker 1: here in the United States. If President Trump is reelected, 371 00:20:55,280 --> 00:20:57,320 Speaker 1: I think will be set for at least another twenty 372 00:20:57,359 --> 00:21:00,000 Speaker 1: thirty years, because it'll be very difficult to convince people 373 00:21:00,480 --> 00:21:02,879 Speaker 1: that this system doesn't work because it happens to be 374 00:21:02,920 --> 00:21:06,560 Speaker 1: working so well. The various attacks that have been leveled 375 00:21:06,600 --> 00:21:08,440 Speaker 1: against President Trump, I think it is because he is 376 00:21:08,480 --> 00:21:12,800 Speaker 1: an existential threat that everything progressives believe and everything they've 377 00:21:12,800 --> 00:21:15,440 Speaker 1: been trying to convince the American people of more government 378 00:21:15,560 --> 00:21:19,080 Speaker 1: is not better for people. Limited government is better for people. 379 00:21:19,160 --> 00:21:22,800 Speaker 1: The Constitution as it was originally enacted is better for people. 380 00:21:23,119 --> 00:21:25,520 Speaker 1: And we've got two undred forty years of history to 381 00:21:25,600 --> 00:21:28,280 Speaker 1: prove it. I think one of the questions that I 382 00:21:28,400 --> 00:21:32,920 Speaker 1: have is this gap where there are people who live, 383 00:21:32,960 --> 00:21:37,760 Speaker 1: like in California and New York Chicago, who are almost 384 00:21:37,800 --> 00:21:41,159 Speaker 1: in a different world now that their experiences of big government, 385 00:21:41,200 --> 00:21:45,119 Speaker 1: their experiences of the imposition. I was talking earlier with 386 00:21:45,840 --> 00:21:49,439 Speaker 1: somebody about the rules, for example, for whether not a 387 00:21:49,520 --> 00:21:52,520 Speaker 1: church can open up. And then there's a level of 388 00:21:53,320 --> 00:21:56,920 Speaker 1: dictatorial control, mostly in the Blue States that is kind 389 00:21:56,960 --> 00:21:59,639 Speaker 1: of amazing. And I worry about whether or not the 390 00:21:59,680 --> 00:22:03,879 Speaker 1: emery can people or a substantial portion of them automnly 391 00:22:03,960 --> 00:22:06,679 Speaker 1: decide that there's just too much trouble and they're just 392 00:22:06,720 --> 00:22:10,359 Speaker 1: going to let the bureaucracy tell them how to live. Well, 393 00:22:10,520 --> 00:22:13,080 Speaker 1: I hope that doesn't happen. I think there certainly are 394 00:22:13,280 --> 00:22:16,199 Speaker 1: people in all of those states who feel as you 395 00:22:16,240 --> 00:22:19,040 Speaker 1: and I do about the economy and about government. In fact, 396 00:22:19,760 --> 00:22:21,679 Speaker 1: if you look at the states, people are leaving, the 397 00:22:21,680 --> 00:22:25,320 Speaker 1: people are leaving California, Illinois, New York. They're going to 398 00:22:25,400 --> 00:22:29,080 Speaker 1: states like Texas, Tennessee, and Florida. I moved our whole 399 00:22:29,080 --> 00:22:31,480 Speaker 1: company from California to Tennessee, I mean, and it wasn't 400 00:22:31,480 --> 00:22:34,359 Speaker 1: for the weather. I mean, I love Tennessee, but we 401 00:22:34,480 --> 00:22:36,960 Speaker 1: lived in California for twenty five years. The businesses in 402 00:22:37,000 --> 00:22:39,399 Speaker 1: there since nineteen forty one, but we just had to 403 00:22:39,400 --> 00:22:42,480 Speaker 1: get out. And I think you see people who feel 404 00:22:42,800 --> 00:22:46,399 Speaker 1: like they're being repressed in those states. Luckily still have 405 00:22:46,440 --> 00:22:47,880 Speaker 1: a choice and can get out and go to these 406 00:22:47,880 --> 00:22:49,880 Speaker 1: other states, which is one of the reasons the electoral 407 00:22:49,920 --> 00:22:52,639 Speaker 1: college is so important. We need to make sure that 408 00:22:52,840 --> 00:22:56,440 Speaker 1: states like California New York are not dominating the political 409 00:22:56,440 --> 00:22:59,120 Speaker 1: discussion in this country, and that other states and other 410 00:22:59,160 --> 00:23:01,760 Speaker 1: people have a I go around and speak at colleges 411 00:23:01,760 --> 00:23:05,080 Speaker 1: and universities when we're not locked down by a pandemic, 412 00:23:05,560 --> 00:23:08,440 Speaker 1: and there's a real hunger. Even at liberal schools where 413 00:23:08,440 --> 00:23:10,280 Speaker 1: I've managed to get in and speak, there is a 414 00:23:10,320 --> 00:23:13,160 Speaker 1: real hunger to hear about capitalist and what I tell 415 00:23:13,280 --> 00:23:17,720 Speaker 1: people that in a capitalist society, your goal, your desire, 416 00:23:17,960 --> 00:23:20,960 Speaker 1: everything that you do is aimed at trying to make 417 00:23:21,040 --> 00:23:24,560 Speaker 1: other people happy. Now there, you're always trying to meet 418 00:23:24,600 --> 00:23:26,880 Speaker 1: the needs of your consumers. When I was selling burgers 419 00:23:26,880 --> 00:23:28,760 Speaker 1: at Carl's Junior, I wasn't trying to figure out what 420 00:23:28,840 --> 00:23:31,119 Speaker 1: kind of burgers I wanted to or the government elits 421 00:23:31,160 --> 00:23:33,000 Speaker 1: want to deed. I always trying to figure out what 422 00:23:33,040 --> 00:23:35,119 Speaker 1: kind of burgers these kids want to do, and to 423 00:23:35,160 --> 00:23:37,240 Speaker 1: serve it to them. And that's any business. You're always 424 00:23:37,280 --> 00:23:39,480 Speaker 1: trying to meet the needs of other people, whereas in 425 00:23:39,480 --> 00:23:42,400 Speaker 1: a socialist society you're always trying to satisfy your own needs. 426 00:23:42,400 --> 00:23:44,200 Speaker 1: You're always trying to get as much from the government 427 00:23:44,200 --> 00:23:47,119 Speaker 1: as you possibly can. If you're standing in a line 428 00:23:47,160 --> 00:23:50,160 Speaker 1: for food, and inevitably in a socialist country you will 429 00:23:50,200 --> 00:23:52,160 Speaker 1: be standing in a line for food. You're not thinking 430 00:23:52,200 --> 00:23:53,879 Speaker 1: about what the person in front of you are behind 431 00:23:53,920 --> 00:23:55,919 Speaker 1: you once. You're trying to figure out how you can 432 00:23:55,920 --> 00:23:57,320 Speaker 1: get the most for yourself when you get to the 433 00:23:57,400 --> 00:23:59,639 Speaker 1: end of that line. So I try to tell people 434 00:23:59,680 --> 00:24:04,600 Speaker 1: that free enterprise means that you're a customer. Bureaucracy means 435 00:24:04,600 --> 00:24:08,720 Speaker 1: you're a client. And if you're a customer, you're the gravity. 436 00:24:09,320 --> 00:24:12,160 Speaker 1: If you're a client, the bureaucrat is the center of gravity. 437 00:24:12,240 --> 00:24:14,320 Speaker 1: I have to tell one quick story that one of 438 00:24:14,320 --> 00:24:16,920 Speaker 1: the occasions when I got to fly on Air Force 439 00:24:16,960 --> 00:24:19,800 Speaker 1: one with Reagan. Reagan would always come back and tell jokes, 440 00:24:20,320 --> 00:24:23,840 Speaker 1: and he collected Soviet jokes and this was during the 441 00:24:23,880 --> 00:24:27,240 Speaker 1: period of Gorbachov and the collapse of the Soviet economy. 442 00:24:27,760 --> 00:24:30,440 Speaker 1: And so he comes back and he says. Guy goes 443 00:24:30,480 --> 00:24:33,560 Speaker 1: out in the morning and gets in line and waits 444 00:24:33,560 --> 00:24:36,040 Speaker 1: about three and a half four hours, gets to from 445 00:24:36,080 --> 00:24:38,680 Speaker 1: the line and the guy says, ooh, comrade, I'm sorry, 446 00:24:38,760 --> 00:24:42,000 Speaker 1: we just sold the last of the port. But I 447 00:24:42,040 --> 00:24:45,040 Speaker 1: think if you go down the street they still have sausages. 448 00:24:45,600 --> 00:24:47,560 Speaker 1: So he goes down the street, he gets in line, 449 00:24:48,080 --> 00:24:50,520 Speaker 1: he gets the end of the line. The guy goes out, comrade, 450 00:24:51,200 --> 00:24:54,600 Speaker 1: you just sold the last sausage, but I think if 451 00:24:54,600 --> 00:24:56,560 Speaker 1: you got down a little further there are some chickens. 452 00:24:57,119 --> 00:24:59,879 Speaker 1: He goes down there and he starts to gripe about 453 00:25:00,359 --> 00:25:03,840 Speaker 1: all this. Gorbachev talk about paristroika, and glassnees thro rather 454 00:25:03,920 --> 00:25:06,679 Speaker 1: this rather that guy behind him taps him on the 455 00:25:06,680 --> 00:25:12,800 Speaker 1: shoulder says, I am KGB under a comrade brushmo what 456 00:25:12,960 --> 00:25:15,800 Speaker 1: you just said, I would have gotten you shot as 457 00:25:15,840 --> 00:25:21,199 Speaker 1: a traitor. But luckily for you, comrade Gorbachov has created 458 00:25:21,240 --> 00:25:25,560 Speaker 1: Parastroika and you're allowed to speak. He goes home, his 459 00:25:25,600 --> 00:25:28,440 Speaker 1: wife says, well, how are things He said, It's worse 460 00:25:28,480 --> 00:25:34,920 Speaker 1: than ever. They're out of bullets. There you go. It 461 00:25:35,160 --> 00:25:37,240 Speaker 1: was a real positive for Reagan. He was said, yeah, 462 00:25:37,240 --> 00:25:40,560 Speaker 1: had a great sense of humor. That's right. Delivery. Well, 463 00:25:40,600 --> 00:25:45,160 Speaker 1: it makes it made him accessible because he's laughing at 464 00:25:45,200 --> 00:25:46,560 Speaker 1: the fact. We have a picture of he and I 465 00:25:46,640 --> 00:25:49,400 Speaker 1: on the plane, both in our rolled up the shirts 466 00:25:49,800 --> 00:25:52,000 Speaker 1: and we're both laughing and something he had just said, 467 00:25:52,600 --> 00:25:55,199 Speaker 1: and it makes you feel like this guy's normal. I 468 00:25:55,240 --> 00:25:57,480 Speaker 1: can reach you. Let me ask you one last thing. 469 00:25:58,119 --> 00:26:03,119 Speaker 1: How do we somehow at young people to understand the 470 00:26:03,200 --> 00:26:08,320 Speaker 1: power of entrepreneurship and their opportunity to go out and 471 00:26:09,119 --> 00:26:12,560 Speaker 1: if they're willing to work hard have an extraordinary future 472 00:26:13,200 --> 00:26:17,359 Speaker 1: as opposed to just staying inside the bureaucracy and accepting 473 00:26:17,880 --> 00:26:20,000 Speaker 1: thirty years or forty years of work and at pension. 474 00:26:20,280 --> 00:26:23,280 Speaker 1: How do we make it vivid and attractive for them 475 00:26:23,320 --> 00:26:26,200 Speaker 1: to decide they want to really be in the game. 476 00:26:27,880 --> 00:26:30,359 Speaker 1: I think going out in speaking to these kids is 477 00:26:30,480 --> 00:26:34,640 Speaker 1: very important, offering them examples, letting them see people who 478 00:26:34,720 --> 00:26:39,200 Speaker 1: have accomplished and achieved from very meager beginnings that they 479 00:26:39,280 --> 00:26:41,320 Speaker 1: really have a chance to do this, that despite what 480 00:26:41,359 --> 00:26:43,879 Speaker 1: they're being told in school, despite what they're being taught, 481 00:26:44,520 --> 00:26:46,800 Speaker 1: they really do have a chance to achieve their goals 482 00:26:46,840 --> 00:26:49,600 Speaker 1: and accomplish whatever they choose to accomplish in life. I 483 00:26:49,640 --> 00:26:52,080 Speaker 1: think Betsy de Vos has a very important role in this. 484 00:26:52,200 --> 00:26:54,399 Speaker 1: We need to get a school choice. We need to 485 00:26:54,760 --> 00:26:57,040 Speaker 1: do the kinds of things that would allow us to 486 00:26:57,119 --> 00:27:00,840 Speaker 1: terminate bad teachers, for example, that would make school competitive. 487 00:27:01,359 --> 00:27:04,520 Speaker 1: You're one message that really resonates with young people. In 488 00:27:04,520 --> 00:27:06,199 Speaker 1: a matter of fact, it came up in the area 489 00:27:06,280 --> 00:27:10,040 Speaker 1: of health insurance. I was speaking at Davidston College and 490 00:27:10,160 --> 00:27:12,080 Speaker 1: one of the students said, how can you get up 491 00:27:12,080 --> 00:27:13,800 Speaker 1: here and talk about there are people dying in the 492 00:27:13,840 --> 00:27:16,720 Speaker 1: streets because they don't have health interns and people need 493 00:27:16,760 --> 00:27:18,560 Speaker 1: health insurance. He said, you know, how can you not 494 00:27:18,720 --> 00:27:21,920 Speaker 1: be all for medic care for all? And I said, look, 495 00:27:22,080 --> 00:27:24,240 Speaker 1: nobody's dying in the streets. But let's leave that aside 496 00:27:24,240 --> 00:27:25,760 Speaker 1: from let's look at what you and I can agree with. 497 00:27:25,800 --> 00:27:29,320 Speaker 1: Could we agree that we should improve the quality of 498 00:27:29,359 --> 00:27:31,679 Speaker 1: health care and reduce the price that that's what we 499 00:27:31,720 --> 00:27:35,399 Speaker 1: need to do. Said yeah, he said, that's absolutely what 500 00:27:35,480 --> 00:27:37,440 Speaker 1: we need to do. I said, well, then you'll enjoy 501 00:27:37,480 --> 00:27:39,240 Speaker 1: this because there's only one thing in history that has 502 00:27:39,240 --> 00:27:42,480 Speaker 1: ever improved quality and reduced price. You know what it is. 503 00:27:42,600 --> 00:27:44,960 Speaker 1: Could just stared at me. Everybody in the audience just 504 00:27:44,960 --> 00:27:47,879 Speaker 1: stared at me. It's competition. It's the only thing that 505 00:27:48,000 --> 00:27:51,520 Speaker 1: can reduce price and improve quality. You want the government here, 506 00:27:51,560 --> 00:27:53,879 Speaker 1: that's the one thing that government doesn't have. The government 507 00:27:53,920 --> 00:27:56,720 Speaker 1: doesn't compete with anybody. You want to take competition out 508 00:27:56,760 --> 00:27:59,360 Speaker 1: of the system. And there's no answer to that. They 509 00:27:59,400 --> 00:28:02,240 Speaker 1: really don't have a response. If we can just get 510 00:28:02,280 --> 00:28:04,680 Speaker 1: them thinking, you know, it's kind of like King Arthur 511 00:28:04,720 --> 00:28:06,840 Speaker 1: at the end of Camelot when he finds out that 512 00:28:06,880 --> 00:28:09,520 Speaker 1: the kid comes up and asked him where the roundtable is, 513 00:28:09,560 --> 00:28:11,200 Speaker 1: and he says, you know, you heard about it. You 514 00:28:11,280 --> 00:28:14,560 Speaker 1: heard about justice and civil law. Kid says, even though 515 00:28:14,600 --> 00:28:17,600 Speaker 1: he's going into a war, he feels relieved by that 516 00:28:17,760 --> 00:28:20,240 Speaker 1: because kids knew the message was out there. And I 517 00:28:20,280 --> 00:28:22,360 Speaker 1: think if we get the message out there, Americans are 518 00:28:22,359 --> 00:28:24,720 Speaker 1: smart enough to pick up on this and we can 519 00:28:24,720 --> 00:28:27,359 Speaker 1: turn this around. Look, we elected Donald Trump. That wasn't 520 00:28:27,359 --> 00:28:31,240 Speaker 1: an accident. People know something's wrong, and you know, if 521 00:28:31,280 --> 00:28:34,720 Speaker 1: God's with us, will elect him again. Yeah, And I think, frankly, 522 00:28:34,720 --> 00:28:37,560 Speaker 1: if we do elect him again, we will see the recovery. 523 00:28:37,600 --> 00:28:39,840 Speaker 1: Next year I think he keeps saying next year will 524 00:28:39,840 --> 00:28:42,080 Speaker 1: be the best year in American history. I think he's 525 00:28:42,080 --> 00:28:46,680 Speaker 1: probably right. The explosiveness, oh the entrepreneurial comeback will be 526 00:28:46,720 --> 00:28:50,320 Speaker 1: amazing and just remarkable. Thank you, this has been great. 527 00:28:54,200 --> 00:28:56,840 Speaker 1: News World is produced by Ginglish, Sweet sixty and I 528 00:28:57,040 --> 00:29:00,360 Speaker 1: Art Media. Our executive producer is de Wie Myers and 529 00:29:00,480 --> 00:29:04,120 Speaker 1: our producer is Garnsey slam. Our researcher is Rachel Peterson. 530 00:29:04,480 --> 00:29:07,480 Speaker 1: The artwork for the show was created by Steve Pennelly. 531 00:29:07,880 --> 00:29:11,520 Speaker 1: Special thanks to the team at Gingwich three sixty. Please 532 00:29:11,520 --> 00:29:14,720 Speaker 1: email me with your questions at Gingwich three sixty dot 533 00:29:14,720 --> 00:29:18,640 Speaker 1: com slash questions. I'll answer a selection of questions in 534 00:29:18,760 --> 00:29:22,760 Speaker 1: future episodes. If you've been enjoying New Tworld, I hope 535 00:29:22,760 --> 00:29:25,480 Speaker 1: you'll go to Apple Podcasts and both rate us with 536 00:29:25,560 --> 00:29:28,840 Speaker 1: five stars and give us a review so others can 537 00:29:28,920 --> 00:29:32,120 Speaker 1: learn what it's all about. I'm new Gingwich. This is 538 00:29:32,200 --> 00:29:32,680 Speaker 1: New twil