In this episode, we dive deep into the ongoing discussion about affordability and its impact on the average American household. With the latest data from the jobs report, we analyze how economic indicators are perceived by both the media and the public. Our guest, economist Stephen Moore, provides an expert perspective on the current state of the economy and the factors driving public opinion. We also explore the proposed $2,000 checks and the broader conversation around government spending and tax cuts. As we navigate through these complex issues, we discuss the nuances of Trump’s economic policies and their expected
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SPEAKER 02 :
It’s real important to listen to smart people over issues like affordability. We’re hearing affordability, affordability, affordability. And if you look around at the mainstream media, what a shock. All of a sudden, we’re reading that the Trump base is turning on him because of affordability. Zoran Mamdani won in New York City because of affordability. I wanted to bring back a good friend of the show, an economist, an author, a great guy, a frequent lecturer to audiences. He was in the Trump administration. He was a Trump advisor during the 2016 campaign on economic policy. So this guy knows his stuff, the one and only Stephen Moore, who joins us. Stephen, it’s great having you back, my friend. How have you been?
SPEAKER 03 :
Mike, I’m doing great. And you know what? I think the country’s doing great, too. So I’m not buying into this nonsense that everything’s become unaffordable, but we can get into that. I want to. The economy overall is really on a good course right now.
SPEAKER 02 :
Well, look at yesterday comes the jobs report from September. Oh, boy, it defied expectations. It feels like, you know, a broken record where we keep hearing the media forced to admit that that numbers and data are defying the experts’ expectations, but yet here’s Axios with the big piece, oh, red alert, red alert, Republicans are seeing trouble everywhere they turn. And, you know, there’s a disconnect somewhere, Steve. On the one hand, I saw somebody poo-poo the idea of Trump’s plan to give everybody of a certain income $2,000 checks. And I think the sloughing that off came – it may have been you. Somebody said it and said – no, I think it was Larry – maybe it was Larry Kudlow – said, oh, I don’t really love that idea. I thought, do you know what – That was me. That was you? You don’t think it’s a great idea? I mean, Steve, I hate to disagree with you, but as somebody who’s hearing from listeners and callers every day of my life for the last 40 years from all 50 states and beyond – Do you know what a $2,000 check would mean to somebody who’s struggling right now?
SPEAKER 03 :
So, look, there’s a lot here, Mike. And let me just start with this, that there is no time in the history of America or history in the world where people have more affordability than they do today. You know, we are a richer country. Our median income has gone up by 40 percent in the last 30 years, adjusted for inflation. This year alone, Mike, We have some numbers coming out next week that show that the median family income since Trump has come into office is up almost twelve hundred dollars. So I don’t know where this whole kind of affordability issue came came from. And now it is true. There’s two areas where prices are very high. One is housing and one is health care. But. We just ran these numbers in preparation for this show, Mike.
SPEAKER 1 :
88.5%.
SPEAKER 03 :
88.5% of the rise in prices that people are complaining about happened under what president? Joe Biden. Yes. Yes. This is just the residual effect of the highest inflation since Jimmy Carter was in office. And that was under Biden. So the average inflation rate, I’ll give you these numbers because they’re amazing. In Trump’s first term, the average inflation rate in his four years from 2017 through 2020 was about about two percent. Then Biden comes in. Remember, the inflation rate went up to nine point one percent. And over the four years in office, the average inflation rate was a little over five percent. And here we are nine months into Trump’s second term. And the average inflation rate is two point eight percent. So my point is, if you’re angry about prices, you should be angry at two presidents. One is Joe Biden. And you know who the other one is? Tell us. Obama, because Obama is the one who gave us. Do you remember the Obamacare? I remember being on your show. We talked about Obamacare. That was 15 years ago. And I predicted on your show that the prices would go through the roof. And remember, they call it the Affordable Care Act. And now we’re playing two to three times more for health care. And Trump has been right about this, that he inherited this health care mess from Barack Obama. So my point is that if you’re angry about these things, you really should be angry at Obama and Biden because they created the high prices across the board and especially in health care.
SPEAKER 02 :
I remember like it was yesterday when the Affordable Care Act rolled out and John McCain gave that ill-fated thumbs up, and I thought, oh boy, we are in for a ride. And I had you on the show, and you said, you wait and see, mark my words, it’s going to be exactly the opposite. There’s no way healthcare costs are going to be kept in check by the Affordable Care And you were right, of course, all along, which is why I think you’re right about, obviously, the issue of affordability. But there still seems to be a dynamic here. Maybe it’s just optics, Steve. I mean, let’s focus in on this $2,000 check. Anecdotally, I’ll tell you, one of my sons, I’ve got four adult kids. They’re on their own. They don’t rely on Dad. They’re all working and making their way in life and love them dearly. Can’t wait to be with them at Christmastime. He called me the other day and said, Dad, is it true? Is President Trump going to get everybody a $2,000 check? Wow, that’s going to be such a game changer for me. I could really use it. See, that’s the way people react to President Trump’s idea. Tell us why that does not have your blessing.
SPEAKER 03 :
Well, a couple of things. One is that the the to the Trump tax cut, which, as you know, Larry Kudlow and I and a couple of others helped to do the original version of that bill. We passed the big, beautiful bill back in July. And a lot of people come up to me and say, hey, I haven’t felt the effect of the Trump tax cut. You know why? Because it hasn’t taken effect yet. So next year, unless unless you would already adjusted your withholding and most Americans have not, the average American will get a two thousand dollar tax cut. It’s less money that will be taken out of their paycheck. And so you’re going to get a bigger paycheck next year, folks. Just hold on until January and help is coming in that regard. So that’s that’s the kind of tax cut we want. Now, here’s why I disapprove of the idea of giving everybody $2,000, because it would be a wonderful thing if we could just print money and give everybody money and make everything better, but that’s not going to work. If you do that, if you just pass… what i call helicopter money you just drop money out of helicopters but mike you go back to milton friedman and friedman used to tell us that the inflation is too many dollars chasing too few goods so if you’re going to give everybody two thousand dollars what’s going to happen to prices they’re going to rise i don’t think it’s a sensible policy i don’t like check writing by the government i i but look i’m a guy who thinks almost everything trump has done on the economy is great The deregulation is saving a trillion dollars in business costs. A lot of that is going to get passed on to consumers. The fact that his pro-energy policies. Why doesn’t anybody talk about gas prices? Remember, throughout most of my career, we always used gas prices as the gauge for what’s happening with inflation. I don’t hear the media talking about gas prices now, right? Because it’s $2.79 a gallon. It was $5 a gallon.
SPEAKER 02 :
And you know why? Because it’s Trump. And we know that. Exactly. Exactly. When Trump gets annoyed and actually infuriated by places like ABC, there’s a reason for it. The reason is they’re helping to shape public opinion in a diabolical way. You’re so right, Steve. If this was a Democrat, look at gas prices, look at inflation, look at the interest rates are starting to come down. And yet, because it’s Trump, orange man bad, everything’s terrible. And look, we’re facing a crucial midterm election, Steve. I’m really, really worried if the polling, some of it that suggests that he’s declining, we lose the House and the Senate next year, we’re cooked.
SPEAKER 03 :
We’re cooked. Well, one thing that Trump has to do is really focus on the really positive things that have happened in the economy. So let me just give you a few. I mentioned the gas price. How about the fact for the last two quarters, the economy’s grown at 4 percent? Biden never came anywhere near 4 percent. How about the fact that he’s bringing hundreds and hundreds of billions? He says trillions. I think it’s probably closer to hundreds of billions of dollars of investment income in the United States. How about the fact that we have the best stock market in history? Most Americans do own stock either for retirement plans or 401k plans or union plans. So that’s been positive. The only country in the world that’s growing right now is the United States. We’re carrying the rest of the world on our shoulders. I mean, Japan isn’t growing. Europe isn’t growing. China is in a recession. So I’m as an economist, I’m here to tell you, I think 2026 is going to be a blockbuster year. And I think by the time we those those midterms and I share your concern, absolutely, because Trump, they’re going to try to impeach Trump. If the Democrats take Congress, you know they will. They’ve tried it four times already. But I think things are going to be so much better. And let me just say, sorry to keep ranting on, but when Reagan was president, people forget, because that was the start of my career. That’s how old I am. You know, the first year, 14 months of Reagan’s presidency. term were terrible he had inherited a crisis from jimmy carter the economy is rotten it took him 14 months to turn the economy around and what he told people in those midterm elections stay the course this is going to get better and then of course we had the big boom in the economy he only won 49 states when he ran for re-election now trump can’t run for re-election i don’t think Maybe. Maybe not. We will see. But look, this is a president. I wrote the book, The Trump Economic Miracle, and I think we’re seeing a miracle develop right before our very eyes.
SPEAKER 02 :
Well, I happen to believe that Stephen Moore is a national treasure, and we lean into your words very carefully, Steve. I know you have another appointment coming up. I want to thank you for spending a little bit of time with us today because, look, I think you’re absolutely right. And let’s face it, midterm election, that’s November. That’s the end of 2026. If we’ve got a good story going in 2026 I like our chances very, very much.
SPEAKER 03 :
Well, Mike, just one last thing on the way out. I want to make sure that you and all of your listeners are getting our Unleash Prosperity hotline that comes out every morning. I hope you’re getting it, Mike. If you’re not, I’ll get your email from your producer. But we were talking a lot about inflation. You know how much this costs? It’s zero. It’s free, folks. So just go to UnleashProsperity.com, get our hotline. You want to be the smartest person in the room. And by the way, Mike, you can read it in five minutes every morning. So I hope everybody signs up for that.
SPEAKER 02 :
I will make it daily reading UnleashedProsperity.com. Everybody ought to do that. Say it again.
SPEAKER 03 :
By the way, Mike, you need to get it because you’re doing a radio show every day, and this will give you five or six items right out of the gate on what’s happening with American economy and politics. So I need to get that to you right away.
SPEAKER 02 :
No, I need it. I need it badly because it’s great show for it. President Trump reads it.
SPEAKER 03 :
President Trump reads it. Senators read it. Congressmen read it. CEOs read it. And I want you and all of your listeners to get it, too. And it is absolutely free. So one more time, tell us, everybody, how to get it. Unleashprosperity.com and click on Hotline, and we will get it to you within about two or three days.
SPEAKER 02 :
I’m doing it as we speak. Unleashprosperity.com, click on Hotline. Stephen Moore, keep fighting the good fight, my friend. Thanks for joining us. Thank you.
