LEAD TO ANOTHER SPIKE IN VIRUS
CASES.
CASES.
STUART: GOT IT, ASH.
STUART: GOT IT, ASH.
NOW, THE DEBATE OF THE DAY, THE
NOW, THE DEBATE OF THE DAY, THE
DEBATE OF THE WEEK, IS HOW, WHEN
DEBATE OF THE WEEK, IS HOW, WHEN
AND WHERE DO WE REOPEN THE
AND WHERE DO WE REOPEN THE
ECONOMY.
ECONOMY.
STEPHEN MOORE IS WITH US,
STEPHEN MOORE IS WITH US,
ECONOMIST.
ECONOMIST.
HE’S BEEN NAMED ON THE ECONOMIC
HE’S BEEN NAMED ON THE ECONOMIC
COUNCIL OF ADVISERS ON HOW TO
COUNCIL OF ADVISERS ON HOW TO
REOPEN THE ECONOMY.
REOPEN THE ECONOMY.
WHAT’S YOUR FIRST CRITERIA,
WHAT’S YOUR FIRST CRITERIA,
STEPHEN?
STEPHEN?
IS IT GET THAT ECONOMY MOVING AT
IS IT GET THAT ECONOMY MOVING AT
ALL COSTS?
ALL COSTS?
>> WELL, STUART, LET ME JUST
>> WELL, STUART, LET ME JUST
MAKE ONE QUICK COMMENT, IF I
MAKE ONE QUICK COMMENT, IF I
MAY, BECAUSE I’M CHOMPING AT THE
MAY, BECAUSE I’M CHOMPING AT THE
BIT ABOUT THIS ANDREW CUOMO
BIT ABOUT THIS ANDREW CUOMO
TAKING SOME KIND OF VICTORY LAP
TAKING SOME KIND OF VICTORY LAP
ON CONTAINING CORONAVIRUS IN NEW
ON CONTAINING CORONAVIRUS IN NEW
YORK.
YORK.
WAIT A MINUTE.
WAIT A MINUTE.
THE GOVERNOR WHO HAS THE MOST
THE GOVERNOR WHO HAS THE MOST
CASES IN THE COUNTRY BY A MILE,
CASES IN THE COUNTRY BY A MILE,
THE STATE THAT HAS ALMOST HALF
THE STATE THAT HAS ALMOST HALF
OF THE DEATHS, IS TAKING A
OF THE DEATHS, IS TAKING A
VICTORY LAP FOR HIS TREATMENT OF
VICTORY LAP FOR HIS TREATMENT OF
THIS?
THIS?
I JUST DON’T GET IT.
I JUST DON’T GET IT.
IT’S LIKE TAKING THE PERSON IN
IT’S LIKE TAKING THE PERSON IN
THE CLASS WITH THE LOWEST GRADE
THE CLASS WITH THE LOWEST GRADE
AND MAKING HIM PRESIDENT OF THE
AND MAKING HIM PRESIDENT OF THE
CLASS.
CLASS.
I’M NOT SURE WHY HE’S TAKING A
I’M NOT SURE WHY HE’S TAKING A
BOW RIGHT NOW.
BOW RIGHT NOW.
ON THIS -- BY THE WAY, GOVERNOR
ON THIS -- BY THE WAY, GOVERNOR
ABBOTT OF TEXAS, HE’S THE GUY
ABBOTT OF TEXAS, HE’S THE GUY
WHO SHOULD TAKE THE BOW.
WHO SHOULD TAKE THE BOW.
HE’S DOING THE RIGHT THING.
HE’S DOING THE RIGHT THING.
I DON’T KNOW MUCH YET ABOUT HOW
I DON’T KNOW MUCH YET ABOUT HOW
THIS TASK FORCE IS GOING TO
THIS TASK FORCE IS GOING TO
OPERATE SO I CAN JUST SPEAK FOR
OPERATE SO I CAN JUST SPEAK FOR
MYSELF.
MYSELF.
THE TOP PRIORITY RIGHT NOW,
THE TOP PRIORITY RIGHT NOW,
STUART, IS WE HAVE GOT TO GET
STUART, IS WE HAVE GOT TO GET
THE ECONOMY UP AND RUNNING,
THE ECONOMY UP AND RUNNING,
HOPEFULLY NEXT WEEK, AT THE
HOPEFULLY NEXT WEEK, AT THE
LATEST MAY 1st, BECAUSE WHAT OUR
LATEST MAY 1st, BECAUSE WHAT OUR
ECONOMIC PROJECTIONS ARE SHOWING
ECONOMIC PROJECTIONS ARE SHOWING
IS THAT IF YOU KEEP THIS ECONOMY
IS THAT IF YOU KEEP THIS ECONOMY
SHUT DOWN INTO JUNE, THE
SHUT DOWN INTO JUNE, THE
ECONOMIC CALAMITY IS
ECONOMIC CALAMITY IS
UNTHINKABLE.
UNTHINKABLE.
YOU ARE TALKING ABOUT BASICALLY
YOU ARE TALKING ABOUT BASICALLY
THE REST OF 2020 BEING IN A VERY
THE REST OF 2020 BEING IN A VERY
VERY SEVERE RECESSION.
VERY SEVERE RECESSION.
THE ECONOMIC PAIN AND THE MISERY
THE ECONOMIC PAIN AND THE MISERY
THAT WOULD CAUSE WOULD BE HIGHLY
THAT WOULD CAUSE WOULD BE HIGHLY
SIGNIFICANT SO EVERY DAY THAT
SIGNIFICANT SO EVERY DAY THAT
GOES BY WE DON’T OPEN UP THE
GOES BY WE DON’T OPEN UP THE
ECONOMY, THE PAIN AND SUFFERING,
ECONOMY, THE PAIN AND SUFFERING,
THE LONGER THE UNEMPLOYMENT
THE LONGER THE UNEMPLOYMENT
LINES AND THE MORE BUSINESS
LINES AND THE MORE BUSINESS
BANKRUPTCIES.
BANKRUPTCIES.
STUART: AS AN ECONOMIST, LOOK AT
STUART: AS AN ECONOMIST, LOOK AT
THE GOLDMAN SACHS REPORT OUT
THE GOLDMAN SACHS REPORT OUT
EARLIER TODAY.
EARLIER TODAY.
THEY ARE SAYING LOOK, THE
THEY ARE SAYING LOOK, THE
SITUATION RIGHT NOW IS
SITUATION RIGHT NOW IS
ABSOLUTELY AWFUL.
ABSOLUTELY AWFUL.
WE GOT THAT.
WE GOT THAT.
WE KNOW IT’S AWFUL.
WE KNOW IT’S AWFUL.
BUT THE OTHER PART OF THEIR
BUT THE OTHER PART OF THEIR
REPORT IS AN EXPLOSIVE RECOVERY
REPORT IS AN EXPLOSIVE RECOVERY
IN THE THIRD AND FOURTH QUARTERS
IN THE THIRD AND FOURTH QUARTERS
OF THIS YEAR.
OF THIS YEAR.
THEY ARE SAYING THE ECONOMY
THEY ARE SAYING THE ECONOMY
EXPANDS 19% IN THE THIRD
EXPANDS 19% IN THE THIRD
QUARTER, 12% IN THE FOURTH
QUARTER, 12% IN THE FOURTH
QUARTER.
QUARTER.
DO YOU GO ALONG WITH THAT VIEW,
DO YOU GO ALONG WITH THAT VIEW,
AN EXPLOSIVE RECOVERY HERE IT
AN EXPLOSIVE RECOVERY HERE IT
COMES?
COMES?
>> WELL, LOOK, GOLDMAN SACHS
>> WELL, LOOK, GOLDMAN SACHS
DOESN’T KNOW WHAT’S GOING TO
DOESN’T KNOW WHAT’S GOING TO
HAPPEN WITH THE ECONOMY.
HAPPEN WITH THE ECONOMY.
EVERYBODY IS KIND OF SHOOTING IN
EVERYBODY IS KIND OF SHOOTING IN
THE DARK HERE.
THE DARK HERE.
I SEE ALL THESE REPORTS,
I SEE ALL THESE REPORTS,
JPMORGAN, WE HAVE OUR OWN
JPMORGAN, WE HAVE OUR OWN
PROJECTIONS.
PROJECTIONS.
IT’S VERY DIFFICULT TO PREDICT
IT’S VERY DIFFICULT TO PREDICT
THESE THINGS.
THESE THINGS.
I FIND IT SOMEWHAT HARD TO
I FIND IT SOMEWHAT HARD TO
BELIEVE WE WILL BOOM OUT OF THIS
BELIEVE WE WILL BOOM OUT OF THIS
IN THE THIRD QUARTER.
IN THE THIRD QUARTER.
BOY, WOULD I LOVE TO SEE THAT,
BOY, WOULD I LOVE TO SEE THAT,
BUT I THINK TOO MANY ECONOMISTS
BUT I THINK TOO MANY ECONOMISTS
AND TOO MANY POLITICIANS THINK
AND TOO MANY POLITICIANS THINK
SOMEHOW YOU’RE JUST GOING TO
SOMEHOW YOU’RE JUST GOING TO
FLICK THE SWITCH, THE IGNITION
FLICK THE SWITCH, THE IGNITION
SWITCH OF THIS $20 TRILLION
SWITCH OF THIS $20 TRILLION
ECONOMY AND IT’S GOING TO TURN
ECONOMY AND IT’S GOING TO TURN
RIGHT BACK ON.
RIGHT BACK ON.
I WOULD LOVE TO SEE THAT AND
I WOULD LOVE TO SEE THAT AND
TRUMP IS RIGHT, HE’S A GUY WHO
TRUMP IS RIGHT, HE’S A GUY WHO
HAS SHOWN HE KNOWS HOW TO GROW
HAS SHOWN HE KNOWS HOW TO GROW
THE ECONOMY.
THE ECONOMY.
BOY, DID HE DO THAT IN THE FIRST
BOY, DID HE DO THAT IN THE FIRST
THREE YEARS OF HIS PRESIDENCY.
THREE YEARS OF HIS PRESIDENCY.
BUT I’M A LITTLE BIT MORE
BUT I’M A LITTLE BIT MORE
SKEPTICAL.
SKEPTICAL.
I THINK IT’S GOING TO BE REALLY
I THINK IT’S GOING TO BE REALLY
DIFFICULT TO GET THE ECONOMY UP
DIFFICULT TO GET THE ECONOMY UP
AND RUNNING REALLY QUICKLY,
AND RUNNING REALLY QUICKLY,
ESPECIALLY IF WE GO INTO JUNE
ESPECIALLY IF WE GO INTO JUNE
AND WE STILL DON’T HAVE
AND WE STILL DON’T HAVE
COMPANIES RUNNING, BECAUSE I
COMPANIES RUNNING, BECAUSE I
HAVE TALKED TO A LOT OF CEOs
HAVE TALKED TO A LOT OF CEOs
SAYING LOOK, EVEN IF IT’S THE
SAYING LOOK, EVEN IF IT’S THE
MIDDLE OF JUNE, WE ARE STILL
MIDDLE OF JUNE, WE ARE STILL
KIND OF IN CATCH-UP MODE UNTIL
KIND OF IN CATCH-UP MODE UNTIL
AT LEAST SEPTEMBER.
AT LEAST SEPTEMBER.
SO BOY, IT’S A TOUGH PREDICTION
SO BOY, IT’S A TOUGH PREDICTION
TO MAKE.
TO MAKE.
I LOVE THE V-SHAPED RECOVERY AND
I LOVE THE V-SHAPED RECOVERY AND
ONE OF THE THINGS WE NEED THAT
ONE OF THE THINGS WE NEED THAT
STEVE FORBES, I KNOW YOU HAVE
STEVE FORBES, I KNOW YOU HAVE
HAD HIM ON MANY TIMES ON YOUR
HAD HIM ON MANY TIMES ON YOUR
SHOW AND ART LAFFER AND I ARE
SHOW AND ART LAFFER AND I ARE
ENDORSING THE PAYROLL TAX
ENDORSING THE PAYROLL TAX
SUSPENSION THE REST OF THE YEAR
SUSPENSION THE REST OF THE YEAR
TO GIVE BUSINESSES AN INCENTIVE
TO GIVE BUSINESSES AN INCENTIVE
TO HIRE AND WORKERS AN INCENTIVE
TO HIRE AND WORKERS AN INCENTIVE
TO GO BACK TO WORK AS QUICKLY AS
TO GO BACK TO WORK AS QUICKLY AS
POSSIBLE.
POSSIBLE.
STUART: YOU THINK THAT’S A
STUART: YOU THINK THAT’S A
POSSIBILITY?
POSSIBILITY?
EXTENDING THE PAYROLL PROTECTION
EXTENDING THE PAYROLL PROTECTION
ALL THE WAY THROUGH THE REST OF
ALL THE WAY THROUGH THE REST OF
THE YEAR BECAUSE ESSENTIALLY,
THE YEAR BECAUSE ESSENTIALLY,
THE PAYROLL PROTECTION MEASURES
THE PAYROLL PROTECTION MEASURES
HAVE THE GOVERNMENT PAYING THE
HAVE THE GOVERNMENT PAYING THE
INCOME, PAYING THE WAGES AND
INCOME, PAYING THE WAGES AND
SALARIES, OF PEOPLE AFFECTED
SALARIES, OF PEOPLE AFFECTED
BY -- THAT’S AN ENORMOUS
BY -- THAT’S AN ENORMOUS
PROGRAM.
PROGRAM.
>> NO, NO, NO.
>> NO, NO, NO.
WE ARE TALKING ABOUT TWO
WE ARE TALKING ABOUT TWO
SEPARATE THINGS, STUART.
SEPARATE THINGS, STUART.
WE’RE NOT TALKING ABOUT, WHEN WE
WE’RE NOT TALKING ABOUT, WHEN WE
GET AMERICANS BACK TO WORK,
GET AMERICANS BACK TO WORK,
HOPEFULLY STARTING NEXT WEEK,
HOPEFULLY STARTING NEXT WEEK,
THAT WE SUSPEND THE PAYROLL TAX
THAT WE SUSPEND THE PAYROLL TAX
THAT THEY PAY.
THAT THEY PAY.
SO RIGHT NOW, EVERY WORKER, YOU
SO RIGHT NOW, EVERY WORKER, YOU
AND ME AND EVERYONE IN THE
AND ME AND EVERYONE IN THE
COUNTRY, HAS 7.5% OF OUR
COUNTRY, HAS 7.5% OF OUR
PAYCHECK DEDUCTED RIGHT FROM OUR
PAYCHECK DEDUCTED RIGHT FROM OUR
CHECK.
CHECK.
UNDER THIS PLAN, THAT 7.5% YOU
UNDER THIS PLAN, THAT 7.5% YOU
KEEP.
KEEP.
IT’S LIKE A PAY RAISE FOR EVERY
IT’S LIKE A PAY RAISE FOR EVERY
WORKER IN AMERICA, 7.5%.
WORKER IN AMERICA, 7.5%.
FOR EMPLOYERS, IT CUTS THEIR
FOR EMPLOYERS, IT CUTS THEIR
PAYROLL COSTS BY 7.5%.
PAYROLL COSTS BY 7.5%.
YOU ARE GIVING AN INCENTIVE FOR
YOU ARE GIVING AN INCENTIVE FOR
WORKERS TO WORK MORE BECAUSE
WORKERS TO WORK MORE BECAUSE
THEY GET MORE MONEY, AND YOU ARE
THEY GET MORE MONEY, AND YOU ARE
GIVING AN INCENTIVE TO EMPLOYERS
GIVING AN INCENTIVE TO EMPLOYERS
TO HIRE MORE.
TO HIRE MORE.
I HEARD EARLIER ON FOX BUSINESS
I HEARD EARLIER ON FOX BUSINESS
NETWORK SAYING WE CAN’T DO THAT
NETWORK SAYING WE CAN’T DO THAT
BECAUSE WE HAVE SO MANY
BECAUSE WE HAVE SO MANY
UNEMPLOYED PEOPLE.
UNEMPLOYED PEOPLE.
THE POINT, THEY ARE MISSING THE
THE POINT, THEY ARE MISSING THE
POINT.
POINT.
THE POINT OF THIS IS TO GET
THE POINT OF THIS IS TO GET
UNEMPLOYED PEOPLE BACK INTO THE
UNEMPLOYED PEOPLE BACK INTO THE
LABOR MARKET BY CREATING A
LABOR MARKET BY CREATING A
BETTER JOB MARKET.
BETTER JOB MARKET.
I KNOW DONALD TRUMP WANTS TO DO
I KNOW DONALD TRUMP WANTS TO DO
THAT.
THAT.
THAT’S GOING TO BE, KNOW LAFFER,
THAT’S GOING TO BE, KNOW LAFFER,
FORBES AND I WILL BE REALLY
FORBES AND I WILL BE REALLY
PUSHING ON THAT ECONOMIC TASK
PUSHING ON THAT ECONOMIC TASK
FORCE.
FORCE.
STUART: HEY, STEPHEN MOORE,
STUART: HEY, STEPHEN MOORE,
DON’T BE SUCH A STRANGER TO THE
DON’T BE SUCH A STRANGER TO THE
SHOW.
SHOW.
IT WAS GREAT TO HAVE YOU BACK
