Trump touts economic BOOST from ‘Big, Beautiful Bill’

[00:00:00] Speaker 1: you just got the biggest tax cuts in history and no tax on tips no tax on no tax on social security for our grades to think of it social security for our seniors no tax on overtime and we just had our best export numbers in other words we make products we're now a manufacturing [00:00:21] Speaker 2: country again he's right the economy is booming it's the hottest economy it's the envy of the world I don't know if anybody's listening but it is Liz Peek is here Fox News contributor Steve Forbes is here Forbes media chairman and editor-in-chief thanks to both of you even you know what the joltz number was huge today and by the way more people are quitting which is a very bullish sign because they know they get better wages someplace else etc. John Carney who will be here later in the week he went back Edward Tufte professor Tufte then of Princeton I actually had him in grad school there he wrote a piece midterms can be decided by real disposable income that's income after inflation after taxes which has grown by 1% year on year not huge but it's grown and 1.3% year to date which might indicate things are not going to be so awful for the GOP as every poll in the universe is now predicting so I'll just start with you Liz Peek I mean the economy is booming I don't know besides the three of us and maybe at our left or I'm not sure any 120 million voters don't seem to care so [00:01:35] Liz Peek: there you have it at the end of the day they do care and to your point what they really care about is how much can they afford to spend and spending is up enormously so we know that they are actually making the decision that yeah they can and why is that partly because lower taxes Larry why haven't the Republicans been out there pounding the campaign trail advocating for lower taxes and claiming rightly that they have lower taxes in last year's bill and by the way Democrats are 100% they all voted against that bill that lower taxes as President Trump said on tips on overtime on seniors social security payments I don't understand why Republicans are like the deer in the headlights they they Democrats have stolen that narrative and said it's all for wealthy people no it's not that taxes on tips that's not for wealthy people I don't understand this it seems like a dereliction [00:02:26] Speaker 2: of duty Trump's given his best shot and some of us have given it his best shot but it's hard to do the the midterm elections are very tricky Steve Forbes I don't know how much the economy plays in the midterm you would think I think it's more for presidential elections but I'm not sure I'm not an expert I'm not a political scientist the professor Ed Tufte stuff is quite interesting I'm not sure how that's going to figure into this I mean I I don't even know I mean personally I think the GOP keeps the Senate I don't think they're going to maintain the House but when we talked at the beginning of the show I mean Debra Dingell Congresswoman Dingell who who I know is and and and respect but she can't wait to overturn the Trump legislation she can't wait to overturn the entitlement reform the welfare reform all the Bill Clinton stuff to use a phrase you know for a modern Democrat they can't wait to overturn that that's why what Liz just said is so important this idea of affordability it's a ruse the whole thing is a ruse who who do you trust [00:03:31] Steve Forbes: well the key thing is it's not so much the economy per se it's people's moods not helped by what they see at the gas pump not helped by the media not helped by Iran and I have to be blunt president made a mistake last April and calling that war off would have been well over by now and the gas wouldn't be an issue but the key thing is looking going forward where the Democrats get one or two houses the key thing is where do the Republicans and the president go from here we all know investigations are coming they should be thinking of offense putting new stuff on the table for the coming up for the 2028 elections putting tax cuts on the table and when did the Debbie Dingell's of the world say oh you're starving everybody to death go out with real people and say a person who has the ability to work shouldn't they work 80 hours a month for the benefits you the taxpayer giving them go on offense [00:04:22] Speaker 2: with real people but isn't coming up with proposals but before he gets to that I don't disagree but before it gets to that isn't he going to have to veto worst case if they both if they take both houses down he's going to have to do a lot of vetoing before he can get to the positive for 28. [00:04:40] Steve Forbes: he does both Harry Truman did it in 1948 vetoed and also went on the trail against the Republican Congress and he dominated that narrative they did a lot of good things but he portrayed it in a different way so you do both and when you have a veto use it as an occasion to say here's what they're doing here's what they're really doing here's what we want to do here's what we're trying to do use it as every occasion for media offense in terms of setting what the real debate should be [00:05:08] Liz Peek: and it's not like Trump isn't isn't good at going around Congress right I mean most of his activities have been executive orders most of the changes he's made have come through executive orders so is Congress really going to impede that very much I don't think so I think that's going to be his [00:05:24] Speaker 2: biggest no besides the vetoes he's going to use executive orders he's already used executive orders across the board you can do a lot with them you can't cut taxes with them but you can do it actually you can cut a lot of spending if he has the courage to do it he can go back and deal with things like impoundment authority which used to be constitutional we've talked about that for many for many many years but I mean the economy doing the economy is in very good shape do we agree on that yes but but but he's [00:05:56] Steve Forbes: got to use real people uh like a waitress saying uh here here's how I was helped uh having three jobs single mom but here's how the tax of the mcdonald's and and and do do that kind of thing and also he should be starting to make the case for national security China's in the biggest naval build-up since Germany before world war one and make the case also we need to shore up our national defense go to a shipyard go to a base and say these people on the front line we need to give them the tools to do the [00:06:27] Speaker 2: job we're going to lose everything but he's been to 35 places I don't know he's really done a good job [00:06:32] Liz Peek: he's got much gas left in the tank I mean but Larry to your point manufacturing increasing for 10 months in a row after everybody said no that was impossible American can't make anything anymore incredible so [00:06:43] Speaker 2: you know I think that's going to be powerful in 28 and job openings are increasing increasing increasing not falling increasing that's right AI notwithstanding all right AI notwithstanding Steve Forbes Liz Peek never enough time thank you very much appreciate it coming up now the next question is are we making peace or war with Iran we're going to ask General Jack Keane to clarify next up what is the strategy post-election I'm Kudlow we'll be right back make sure to like and subscribe to the latest news on Fox Business on YouTube and you can catch full shows streaming now on Fox One