The US economy is BOOMING: Financial journalist

[00:00:00] Speaker 1: Economic activity is expanding at a strong pace. Domestic spending has been resilient. Productivity growth is strong, and capital investment robust. Job gains have kept pace with the workforce, and the unemployment rate has changed little. Economic growth has strengthened, led by healthy consumer spending, likely running above 3% growth. And business investment likely rising at about a double-digit pace. [00:00:32] Speaker 2: It's great stuff. I mean, we talked about the economic boom last night. I'm going to continue to talk about it. Mr. Walsh is very optimistic on the American economy. Let's talk to John Carney, ace financial journalist, and my great pal Mike Faulkner, former Deputy Treasury Secretary. John, the economy is in a boom. First of all, the Republicans should make more hay out of that. Second of all, Kevin Walsh acknowledges the economy is in a boom. And third of all, as you are writing, manufacturing is in a boom, even though the media, most of them, don't want to acknowledge it. [00:01:04] John Carney: Right. They told us that it couldn't be done. We could never have a manufacturing boom in America again. We're having it. The labor market is the strongest it has been ever in history. And I don't say that lightly. But very few people are losing their jobs in America. It hasn't been this low since 1969 when the labor force was half of what it was. I think Kevin Walsh is watching your show because he hit all the points. The most important thing is that we're hiring people as fast as people are entering the labor force. That's also really good. He's absolutely right. This economy is booming. Kevin Walsh just said that. He's got an appointment there. He doesn't have to, you know, he doesn't have to push for the president. No, that's right. He's there. [00:01:50] Speaker 2: That's right. Mike Faulkner, you know, to those points, I mean, the media, the lefty media will only talk about gasoline prices when they talk about the economy. But the fact is we are in an economic boom across the board, as Kevin Walsh is saying, as John is saying, as I've been saying, as you've been saying. And I just wish the Republicans would make greater hay out of that on the campaign trail because, look, people are working. They're working. All right. And last point, I know gasoline prices are too high. OK, I get that. I wish they were lower like everybody else. But how come they don't talk about how egg prices have come crashing down? Remember the egg thing with Brooke Rollins? Or why don't they talk about prescription drug prices coming down substantially, Mike Faulkner? I mean, it's not all just about gasoline. [00:02:42] Mike Faulkner: It is not. And tomorrow we are going to get a pretty robust GDP report that Kevin highlighted today. Looking at the forecast, we're probably going to have a three-handle on it. And it's just going to even more reinforce how much the economy has grown as a result of the president's policies and that the Republicans really need to do a much better job, not just saying all the things you said about how great the economy is, but what is it that the Democrats want to do to do to it, right? You know, as we have been talking about, I don't know how they can argue that we have an affordability problem on gas prices and then advocate for California price levels on gas prices, right? And so if you think of it, and as you said, we've made progress on eggs. We have made progress, uh, on manufacturing and all of those as a result of the big, beautiful bill and the deregulatory efforts that the Democrats want to undo. They want to return us to a highly regulated environment that brought us 9% inflation, that doubled mortgages, uh, as a result of, of what's gone on with mortgage rates. And so the Republicans need to go out and make a contrast between what we have accomplished under President Trump versus what they are offering under the DSA. [00:03:51] Speaker 2: What is the affordability solution the Democrats are putting forward? It's serious. He's asking what, cause I don't, as far as I know, every time they talk about stuff, they want to end fossil fuels, they want to go back to the green new deal and the so-called inflation reduction act and so forth and so on. And then they want to spend $50 trillion on socialized health care. [00:04:12] John Carney: It's a straight up lie when they say they are for affordability. They want gasoline to be double what it is right now because they want to force us out of our internal combustion engines to drive only electric vehicles. That was their dream. They pushed that under Biden. They're going to push it again if they get into power. They have no affordability program at all except to use it to try to defeat Republicans. It's just a word for them. It's not a program. [00:04:39] Speaker 2: Mike Falcon, the Fed makes them adjust. They're only going to have how many meetings? Six meetings? They're going to talk policies? Wait, strategy for two meetings? I'm not sure I understood this story. Did you follow it? [00:04:54] Mike Faulkner: Yeah, I think I was very reassured by it because I was I was glad to see Kevin when he came in appoint these five task forces to take a look at issues that I think have gone under the radar screen. And so diverting or devoting some of the meeting time to instead just what's currently going on and instead internalizing the reports that we're going to get from these task forces and making some serious strategic decisions about, for instance, maybe broadening the measure of inflation to something, as you have been arguing, that includes things like currencies and commodities. So, these strategy decisions, these meetings mean they're going to take the task force reports [00:05:32] Speaker 2: seriously. I got to jump. I'm sorry. They're going to have to shrink the balance sheet, colloquially. That's coming, Larry. It's coming. You're going to have to slow down the printing presses at some point and you're going to have to appreciate the dollar also. But I think Warsh is in favor of that stuff. [00:05:46] John Carney: Kevin Warsh is the first man in Washington, D.C. who is trying to get less publicity. When he moves it to just six policy meetings, that's only six press conferences. [00:05:55] Speaker 2: Jesus. No camera time. Very first time. No camera time. John Carney, thank you. Mike Faulkender, thank you ever so much. Coming up. Make sure to like and subscribe to the latest news on Fox Business on YouTube. YOU CAN CATCH FULL SHOWS STREAMING NOW ON FOX ONE.