tv The Evening Edit FOX Business July 27, 2018 5:00pm-6:01pm EDT
accept. tom cruise convincing late-night host james cordon to a mission impossible like done, skydiving at 15000 feet, tethered to a professional. >> you've done the. >> at it years ago and once was enough. that does it for us. evening at it starts now. >> i am thrilled to announce that in the second quarter of this year the united states economy grew at the amazing rate of 4.1%. we are on track to hit the highest annual average growth rate in over 13 years, and i will say this right now and off it strongly as the trade deals come in one by one, we will go a lot higher than these numbers. >> the president now pushing back on the narrative out there in the media that the u.s. will not sustain growth at 4%. with the president right, is
the u.s. finally free of the slow growth of obama years and is the president getting credit. we have more on the trump agenda and the facts of why the media is again getting it wrong as they continue to undercut those gp numbers. we will show you who is now trying to argue that the growth number is too big and who is now claiming the economy is still so bad. thanks for joining us. money, politics, we've got the debate. evening at it starts right now. >> a check of your money. the dow is down 76 points ending the day still at a sweet 25451. the nasdaq hitting a flat line dropping 1%. intel and twitter not
helping. more on your money in just a second. first the u.s. economy is growing at a 4.1 clip. that's the fastest pace since 2014. it's double the obama years. president trump pushing back in the media dismissing the growth. guess what, the media is wrong again. here's wiper the media saying there was an export push of soybeans out the door in advance of the retaliatory tariffs coming down. they're saying it's boosting gdp. wrong. consumer spending is 70% of the u.s. economy. exports are about 12%, 15%, consumer spending is up 4%. many americans say the best take-home pay in over a decade. were in a business boom. remember when the president said this about economic growth during a campaign? >> the word recovery, by far since the great depression. did you see the jobs numbers the other day? horrible. use our gdp will be less than
1%. our economy grew only 1.1% in the last quarter and that's a catastrophe. we have 1.1%. it's pathetic. >> for gdp, right now we have zero, little more than zero. were going to be up to a very high level and we will be up to that level fairly soon if i win, believe me. for joining me on the phone is former reagan economic advisor. we love having you on. is 4.1% sustainable or is the media correct that it will drop off in the second half? >> thank you very much for having me. it's lovely being on with you. 4.1% is sustainable. whether it will be sustainable or not, that really depends on what happens going forward. obviously. let me just put to rest one thing. they talked about exports contributing 1% to growth and that was the anticipation of
tariffs, which may well be true, but they also should point out is that inventories reduce growth by about 1% and if you asked me what happened, they took those soybeans out of the inventory numbers and the too just offset each other so there's no net effect. i don't think of the exports in the inventory. they just balance each other. when you look at numbers like this, there's another revision done that reduced growth under trump for the first year by a lot. those revisions did. so the first 12 months of trump were lord from 2.8 port% to 2.55% but i think this is a solid nice number. it's not the end of the world, but it's a great first step and it needs a lot of further steps but i'd rather have this going forward than the other way. >> if we get 3% annualized, that would be the first time since before the financial crisis of 2008, but some of the media, to your point, attacking the 4% growth number
as we just pointed out it's a one-off of russian exports, let's go through it again. they got it wrong. consumer spending is the majority of the growth and gdp, consumer spending is about to third, 70% of the economy. two thirds about 4% number is consumer spending, one percentage point is exports. >> so the media got it wrong again. the democrats try to credit obama. obama did inherit a big mess, but then he double the debt. his trump getting enough credit? >> he's getting a lot of credit for me. the way i would look at this is its gross domestic income that i really look at and that's doing better than gross domestic product for the reason is that incentives have been increased romantically. cutting the corporate rate is a big big deal. cutting the personal income rate from 396 to 37, it's
phenomenal. one 100% expense, deregulation and the fed is doing a great job allowing interest rates to come back up for capital property. it makes perfect sense to me that we will have continued nice economic growth. i've been wrong a lot of times in my life, but i don't think i am on this one. i don't think the media is giving him credit. i think you will see gross domestic income doing a lot better than gross to mastic product and the two will come back together. when they do i think that means faster growth, not slower. >> we know what happened in the obama years, bureaucracies were built to commandeer energy and banking. remember the quote on wall street, they really do create jobs to deal with wall street and compliance. he said this today about each
percentage point of gdp growth equals $3 trillion in added wealth and 10 million more jobs. let's take a listen to the president. >> on track to hit average gdp, annual growth of over 3%, each point, by the way means approximately $3,000,000,000,000.10 million jobs. think of that. each point, it doesn't sound like much but it's a lot. if economic growth continues at this pace, the united states economy will double in size more than ten years faster than it would have under either president bush or president obama. >> is that true? does the president mean over a decade. >> i think it may even be a little longer than that but it will double but i don't know what the compound growth rate of 3% is but i would guess it would be more than a decade. whatever it is, he's correct and direction. the thing you didn't mention which i'm sort of surprised is that it was 3% growth we would
be on a trajectory because of increased tax revenues coming in from higher growth and reduce deficits and therefore reduced interest expense. we would be on a trajectory to start increasing tax revenues relevant to the tax base and we will pass that peak in debt and 3% growth over a decade will reduce the national debt quite substantially relative to gdp. >> were just trying to get to the bottom of things. >> remember when larry summers said we had maximum velocity under obama when i hit 4%, they were silent today about the 4% growth in a reporter did ask the president, not about growth but about michael cohen after the president finished talking about the growth rate of 4% of the white house this morning. let's watch. >> mr. president, is michael cohen telling the truth?
>> your reaction. >> my goodness but i wish he just a gdp grew at 4.1% and you can ask about other stuff, this is the most important thing for all americans i can imagine. if we continue with this gdp growth which i think we will, if we continue with that, this is the most important news for the u.s. and for the world that i've seen, and if he does the trade stuff which i think is going to come if we move toward zero tariff, zero nontariff barriers and no regulations on that stuff, it's just amazing. the five pillars of prosperity, trump is putting them in one, two, three. the only one left we need to do is government spending restraint and that is soon on the agenda because want to get spending restraint you've got lower taxes, sound money, free trade and spending restraint and minimal regulations. this place will go like a rocketship.
historically when you saw under reagan or kennedy and when you sought under bill clinton it was amazing the prosperity and good economics that it does. thank god for larry kudlow in the white house and the president. it's just great. >> we wish more people had your energy and your laugh because your laugh is probably, you could trademark that laugh. >> thank you very much. we need to tip the football to victory, it takes a long time, under reagan we had, in the 18 month following the tax-cut taking effect, we had 12% real gdp growth. we grew at an average annual rate of about 9%. year, 8%. year. >> you're so excited. you're terrific, come back. i love having on. >> sorry it wasn't person. >> you will be sent. thank you so much.
let's check your money. all three major indices closing lower today. this just in. s facebook shareholder, we don't know the name is now suing facebook and its ceo mark zuckerberg after that dramatic correction in the company's stock price. they are accusing zuckerberg of leading investors about the state of the business. let's get to the floor of the stock exchange. >> the dow and s&p are up four weeks in a row, but we did have down hours across the board. the nasdaq composite really got hit hard. the tech stocks were really to the downside. we saw it down almost one half% lower. when you talk about that we saw twitter getting hit hard, facebook had an incredibly rough week just to name a few. also under pressure with cbs investigating claims of in
proper conduct against the ceo. they're taking it very seriously and doing the investigation and the board will review the findings and take appropriate action. we also saw movers in both stocks and disney. the shareholders voted to approve disney's purchase of fox films and television access. >> thank you so much. now this, steelworker brought tears when he was talking about what the president had done for him and workers like himself and a family. coming up, we will play that sound. but first, my next guest says the media is doing its best to undercut the gdp numbers. were bringing in an independent business form. we will dig further into how the media is getting this flat-out wrong. that's next after the break.
welcome back. you're seeing a live shot of the president and the first lady arriving in new jersey. they are in route to bedminster new jersey where they will stay for the weekend after wrapping up a day of talking about gdp growth and washington d.c. we are monitoring the president and the first lady right now. let's get to the story, watch what the media said about gdp. >> it could be a blip, here's why. america's trade threats, likely boosted growth. why? many country's race to import goods for tariffs took place. especially soybeans. there was a 9004 100% jump in soybeans from last year. without that, they say it's probably closer to two and half% growth. the gdp tax cuts are also responsible boosting consumer spending and business investment in the obama years you had about four quarters of
gdp growth reaching 5% growth in 2014. msnbc also putting a similar star, similar footnote on the numbers. watch. >> the president is going to say to you it's 4%, never been so high, that's actually not true. we've had 4% a few times and last time was 2014. we had 5% during the obama year but 2.83% is really where we are. it's not bad. >> actually it's very good. >> you have a shortage of truckers. cyber security job, there's 40000 open for college graduates but we still have a shortage of people, people angry with the dislocation that the economy has caused them to have low wages are all angry and this president hasn't come up with a reasonable solution for them. >> if you're a soybean farmer, you are being terribly hurt by
tariffs. industries that desperately need jobs are being hurt by an immigration policy. >> okay, the media is missing it again. it is correct that president obama had good quarters of 3%, 4%, even 5% growth he hit at one time but other quarters drag that number down. basically, it was around two or two and half% average over the obama years and many times less. there is math there but were just bringing you the facts for the analysis also said that consumer spending's, tax cuts and spending outpaced the soybean out the door story. it's also missing this analysis that 6.6 million jobs still need workers to fill them. let's bring in independent women's form visiting from maddie def leppard she joined me now. the media are getting it wrong
again. go ahead. >> this is the first time you've seen this pretty couple months ago and trump released his budget, the same people were scoffing about the idea that his budget relied on 3% annual growth. now remember, these are the same people who had no problem with the obama budget relying on 4% growth, even though they were predicting that growth in times when the economy was contracting. we know right away there's already a bias there, but listen, if the criticism were simply that, we can't look at these full economic story based on just one day of economic data. i would one 100% be there. there are a lot of indicators we have to look at, but frankly i'm sick of this pessimistic view. i don't accept that we can have optimism when we have good numbers. that's exactly what we saw today. >> somehow good news and bad news. let's go through it again. consumer spending is about 70% of the economy. 2.69 percentage points of the 4.1% gdp growth number. experts were just a little over 1%. exports are about 12% of the
u.s. economy. that's what's missing in this analysis, that context. >> absolutely. i would point out one of the criticisms earlier about these trade bumps being in the inflated number, when you look at inventory there down but that indicates there's a lot of runway. will have businesses that are trying to refill those inventories and that will spur economic growth. saying that this is the apex of growth is really misstating what's happening. the regulatory agenda want to that. there's really no analogue to know that to be the case. we've had some tax cuts in the past, some deregulatory action, we've never seen them to the extent that their happening now at the same time. optimism is a great force multiplier. optimism, confidence are at all-time high.
the gdp number could be too big. can you take that on? what does that mean? >> i frankly don't know what to big means. if you ascribed to the notion that we need to have an artificial cap on growth and prosperity, sure, i guess the numbers are too big but i look at what's actually happening here and you're exactly right, when you look at the confidence, when you look at the numbers that reflect confidence, spending, business investment, you're starting to see a story where americans feel like they are better off. that was one of the criticisms iterated earlier which was that americans feel angry. they don't feel angry, they feel like they can finally get a pay raise for the first time in years. if you like they can invest in their families and businesses. >> and they can go out to dinner. >> that's exactly) you get hundreds of businesses that are offering bonuses and payouts to their employees as a result of tax reform. that's a couple hundred bucks we love having you on. come back soon.
president trump did make a lot of promises to the american people. i have a list of what i have accomplished. my panel will debate it. don't go away. >> were to win so much you might even get tired of winning and you'll say please please, it's too much winning. we can't take it anymore. mr. president, it's too much and i will say no it isn't, we have to keep winning. we have to win more
we are proposing a $4.4 billion proposal. we have companies leaving the country because taxes are too high. we will bring back trillions in business while in this as well that's part overseas. one of the keys to unlocking growth is scaling back years of disasters regulations. i'm going to renegotiate our disastrous trade deals especially nafta. i'm going to instruct the united states trade representative to bring trade cases against china. >> president trump made a lot of those promises to the american people before he was elected. now he says many of them have been accomplished under his administration. >> since i was elected we created approximately $7 trillion of new wealth. we have added 3.7 million new jobs since the election. we are in the midst of the longest positive job growth streak in history.
new unemployment claims have recently achieved their lowest level in almost half a century. manufacturing wages are expected to rise at the fastest rate in over 17 years. we have eliminated a record number of job killing regulations. with the help of republicans in congress, we passed, without one democrat vote, the biggest tax cuts and reform in our history as the trade deals come in one by one we will go a lot higher than these numbers. >> let's take it up with the political power panel. author of the new book militant normals, he is curtis lichter and we welcome eric as well. great view. kurt, trump getting, he's getting these trade deals done. eu, south korea, now nafta. we have 4% growth. that's a good number. what is your take on
everything? >> have a personal take, you know i'm a named partner in a law firm, i hire people and i need to hire lawyers and i'm having a heckuva time finding them. it used to be during the obama years i could put up a sign and i was flooded with resumes. now i'm just going out and competing with other employers to try to find good workers. it means my firm is doing well, it means young people are having a lot of opportunity. this is great but i haven't felt the excitement since i was a young man in the reagan era. here's what the base president said. >> in the last two administrations the economy grew by less than 2%. in the first 18 months of this administration we are on track to be at 3% or better.
this increase also reports the conclusion that the policies of president trump have been advancing they are working to revive this economy. they are saying the economy is still bad, your reaction. >> they are wrong they are viewing it through the spectrum of trying to win in november. they have to try to poke a hole in what has been largely driven by policy and regulation destruction and getting rid of it, all of which trump kept his promise on, more than almost any politician. just look at the list.
when you hear politicians like this make those allegations, they are desperate. they've got to do something because the economy is likely what's going to lead to a very strong republican showing in november. >> let's get to the story about silicon valley. alleged to be censoring conservatives. like this. twitter is responding to a story that said twitter is shadow banning prominent republicans. making it more difficult to find a profile -- you may have to do more work to find them. twitter basically admitted there basically just sort of doing this, right. >> i'm a twitter shareholder and i occasionally tweet about my dog, but as a conservative
commentator it's very hard when your work is being effectively censored the ridiculous credible drive people out of the program and keep it from growing. that's why there's a huge drop in stock. have to stop. >> quickly, you have ten seconds. >> there are a lot of allegations about this happening. i think they have a problem with conservatives and their losing a big sigh the audience and advertising revenues by alienating conservatives. >> your great. you will be back with us shortly. next up a steelworker brought to tears talking about what the president has done for him an american working families like his own. coming up we will play the sound. but first remains of korean war dead retrieved from north korea. my next guest said finally this could be a great moment for military families. we bring in a delta commander.
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base and the transfer of the remains from the korean war were negotiated during president trump's historic stomach with north korea. these satellite images show this week that north korea is beginning to dismantle rocket launch type facilities. my next guest was stationed. year in the zone between south and north korea. he is former delta troop commander and fox news contributor. we welcome to the show retired lieutenant general. great see you. >> at evening. it's a great moment for the soldiers families. >> it really is. as someone who is knocked on the door of a family and told them that lublin was killed after six decades, these families are finally getting some closure. i can't even imagine what would like for these families to get this news. >> can you describe for the viewer what it's like for military family not to have their loved ones back with them? >> there is total loss. in this one here, you have generations that lost a family
member, their sums who died themselves and they still don't know where that family member is and what happened to them. it's just the loss and now coming back and getting the repatriation, it really just takes the burden off his family that's been going on for six generations. >> and the personal right here but i talked about yesterday. my mother kne never knew her own father. we never had a grandfather because he was hit with mustard gas in world war i. he died when my mother was one my grandmother was pregnant. we felt that sorrow for generations. i can imagine what it's like for these military families. by the way, my father fought in the korean war to endure not having their loved ones back with us. let's return back to north korea. what you think of the progress being made? >> i think it's good progress. slow, we have to watch this, i think what's going on at the missile launch site is good news, we need to watch that. our intelligence communities
will continue to identify all those milestones that have happened but this is a profit. we can't rush it. we have to let the profits work out and be patient and see what happens. >> let's get this next case. president trump preside over the first council meeting to stop hackers in the midterm. vladimir putin says he is ready to travel to the u.s. under the right conditions. also inviting the president to moscow for a second meeting in return. gotta tell you, the white house is saying the president trump is open to going to moscow after that surprised invite. the beltway echo chamber is not to be happy with this one. >> yes, but you know, it's really frustrating for me too watch as a citizen. if you've done any negotiation, whether military or acquisition and business, the first rule of any first meeting in a negotiation is get a second meeting, and i got that. without let the president get
these two presidents have to get to a second meeting. unfortunately what's going on in our country is stopping our ability to close ties with russia and have a long-standing discussion which, under the obama administration was not happening. >> , quickly, there is a push to get iran, or this is what the white house came with russia to get them to stand down in the middle east when it comes to places like syria. your reaction to that? >> it back when it happened. >> but that's the reason for the meeting, apparently. >> you're absolutely right, it would be great if what happened but iran is probably our biggest thorn in our sides right now, they're all over the place. they are key factors, iraq, yemen, all those places. it will be a tough negotiation. >> it's great see you. thank you for your service to our country. thank you again. >> you too. >> a steelworker brought tears talking about what the president did for him and his family and american workers like him. we have the sound. stay right there.
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what does it mean to your family and friends that you are back at work. >> is wonderful. >> what's the one thing you will take with you from his speech? [inaudible] it's nice to know that he cares so much. >> were you ever not working? >> to half years. >> you have something you wanted to say for everything about what president trump said. what you want people to know. >> for our radio listeners, this was a steelworker getting emotional. he got choked up and couldn't talk when answering questions about what president trump has done for him and for american workers.
he was out of a job for nearly three years. this after president trump spoke at a steel plant in granite city illinois talking about his economic policies. let's pick it up. it looks like those manufacturing jobs are coming back. >> this was not something that was protected by leaders of either party. not only did barack obama say manufacturing jobs were never coming back, but we saw when senator mccain ran for president a few years ago, he told the steelworker who asked what about this job, what's my son going to have, he said him i would hope that you would hope for better for your son than this. that was the attitude of a lot of people, a lot of free traders. basically every single major party candidate outside maybe pat buchanan and bernie sanders, president trump said he would do it and through a mixture of deregulation and incentives, so far it's managing to happen and changing people lives. >> let's get the number, 370,000 factory jobs in
manufacturing jobs created on his watch. it could easily surpass obama. [inaudible] let's get that soundbite where we have been playing it for a year to chris pointing out where president obama repeatedly said those manufacturing jobs, not coming back. watch. >> for those folks who have lost their job right now, because a plant went down to mexico, some of those jobs of the past are just not going to come back. he's going to bring all these jobs back. how is that going to work. what are you going to do. i'm in a note negotiated better deal? how and how exactly are you going to negotiate that. what magic wand you have. >> he called it a magic wand. go ahead. >> barack obama, as well as a lot of politicians look at regulations as things that they have no harm. you heard about environmental a thing if we shut down this coal plant it will change as the rates in this neighborhood
by .01%. what they don't look at his urine increase alcoholism and child abuse and broken families if you take out their job. that can be difficult for someone who grew up in the cities and the universities and white-collar jobs to understand. you're not going to take a 50-year-old man and train him how to do coding and have him be a competitive person in the modern economy. there's too much running against him. it's crazy ideas from washington and paying attention to the heartland in these jobs is why so many voters were looking at candidates like donald trump and even bernie sanders from the left. >> and how markets can fix the coal pollution problem with carbon capture methane. we understand that a work in progress. here's the media being negative about the administration and its policies. let's take a listen. i like chris's reaction. >> 15 month income if he's a great deal maker, why hasn't he been able to renegotiate these trade deals he thanks
are horrible. >> he was extremely dismissive and you just heard a clip of the sound, the impact this would have on american consumers, american business and potentially a bigger deal our friendship with some of our closest and longest standing allies and trading partners. >> these are allies, at a moment when the president is trying to negotiate with korea, its efforts in the middle east, is this the time when you want to upset allies and escalate trade tensions. >> i don't think are allies, how do you think they feel about our message. >> the effect is real. >> why would any ally have trust with us? >> it's an unmitigated disaster. this is the sort of thing that has the potential to wreck the global trading system. >> this could have a huge negative and packed. >> markets are still up and were talking zero tariffs, zero tax, zero trade barrier. with all this premature, all this criticism. >> all of it was premature. we also some people thing we
never hit three and half% economic growth. the comments were off by a longshot. i think both parties lost track of one of the old conservative ideas which is that americans and men in general are not material creatures. they don't get fulfillment from cheap goods or welfare or anything like that. something more affordable at walmart is not what to fill someone or hold the family together. it's working and jobs and self-realization. those are things that are absolutely essential. it doesn't matter how cheap the goods are or how wealthy saudi arabia is, what matters is that the families are getting torn apart and they don't have work. that's why we saw grown man with tears in his eyes because it was so important. >> always keeping it real. we love having you on. come back on. next up nancy pelosi saying they will own the campaign trail this august.
president trump saying they will have a difficult time come november. with expedia's add-on advantage, booking a flight unlocks discounts on select hotels until the day you leave for your trip. add-on advantage. only when you book with expedia. wells fargo has supported community organizations like united way, non-profits like the american red cross, and our nation's veterans. we knew helping our communities was important then. and we know it's even more important today. so we're stepping up to volunteer more and donate over a million dollars every day. so our communities can be even stronger.
unemployment is low because everyone has two jobs. it's low because people are working 60, 70, 80 hours a week and can barely be there kids. >> when people are working at minimum wage jobs that will support them or their working two, three or four jobs to try to pay the rent and keep food on the table, then simply saying the unemployment figures have gone down just doesn't get you there. >> democrats elizabeth warren and alexandra cortez, the talking about how bad it is to work a minimum wage job. we get that. but they're also not acknowledging the good economic growth going on.
this as nancy pelosi says the democrats were only campaign trail this august. president trump hung up the democrats. watch. >> we passed, without one democrat vote, the biggest tax cuts and reform in our history, as you know the democrats want to and that and raise everybody taxes. that will be a disaster for our economy. as a result, more than 6 million americans are now enjoying new bonuses, better jobs, and far better paychecks. yet every single democrat voted against the tax cuts, every single one. we think it one vote. they voted against working families, they voted against small businesses. not good. >> let's bring back the political power panel. eric and kurt are with me now. your take on how the democrats are arguing that the good news is bad. >> it's a very tough argument. it will be an argument that will blow up in their face in tiny bits all across the
country. this is such a strong economy they are trying to find us back of negativity that is even questionable with many americans. maybe there are some that fall and that category but it's certainly not the majority. >> democrats have their make it in america plan and it's about entrepreneurs and job structure and training but president trump already helped entrepreneurs with the tax cuts and small business optimism at a record high. he has 3.5 million job retraining program performing government agencies and doing more job training and he has an infrastructure plan. is it the same old same old with the democrats? we want a strong democrat polic policy, i just feel like it's jerry seinfeld episode where nothings going on. [laughter] >> it's a platform about nothing with, look, i am a small business owner and things are going really well. but then you get the democrats
out there and all their telling the american people is don't believe your lying eyes. like the man said, denial is more than just a river in egypt. it's democrat policy for midterms. they are going to lose. >> what is going on with party? it's not our parents democrat party anymore. >> no. it's been hijacked by socialists and many progressives. it's been hijacked by those who don't care about border security who want to take away ice and overemotional triggers. it's a different party. at the party that will cause them to struggle and in many ways to have the wind at their back because the midterms. they're now saying it's fox news fault that she is being
called a socialist. she is saying it's fox news calling her social as. your take? >> i thought she was called a socialist because she calls herself a socialist. but you know liz, all the so-called socialist, these adolescents who don't understand the blood he history, look, i served overseas in the ruins of socialism. i've seen the consequences with my own eyes. i know what a nightmare is. these people are always promising you norway and switzerland and canada, but all they ever deliver is venezuela and cuba. >> thank you for your spirit for our country. thank you to as well. i know your family has served her country. we'll be right back, stay right there.
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monday at 6:00 a.m. we'll bring you the highlights from that interview on our show. it's been a jam packed hour. charles payne is here with "making money." [♪] charles: the u.s. economy soaring to a 4.1% both pace. super strong consumer spending in a robust business investment. we have the trump plan in the economy. the last four quarters have seen an average of 3.1% economic growth. the president says people back in the workforce is what's driving the gdp. president trump: we accomplished an economic turnaround of historic proportions. when i came into