Everyone expects the economy to improve dramatically now that Trump is in office. But, how and how fast??? We asked our economist and money wiz David Bahnsen.
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Speaker 1 (00:00):
Previously on Your Morning Show with Michael dil Choono.
Speaker 2 (00:04):
David Bonnsen is our economist and money wiz who joins
us every Thursday, and David, what they all kind of
point to is everyone's expecting now the economy to improve
and dramatically. They just don't know when how fast. What
do you make of that?
Speaker 3 (00:19):
Well, I think there's like a bunch of different subjects
wrapped in there.
Speaker 4 (00:23):
It isn't so much one overarching economic question. Grocery prices,
interest rates, you know, the Treasury secretary is impact on
the stock market.
Speaker 3 (00:31):
Those are all sort of different things.
Speaker 4 (00:34):
I would love, honestly, Michael, that we started with the
premise that markets happen apart from politicians, and then look
at and then look at what politicians do to some
of these things as things that they get in the
way of. And so generally our approach is, hey, politicians
can help by getting out of the way, not by
(00:54):
wondering what politicians can do to get.
Speaker 3 (00:57):
Involved, right, And so that's generally where we're hanging.
Speaker 2 (01:00):
But that's kind of where we're headed, David, Right, I mean,
this administration is saying we've done a lot of really
dumb things interfering. That's why the incentives for evs is
going away. That's why we're securing the border. That's why
we're going to deport these criminals. That's why we're going
to drill baby drills so that we can fill up
the reserves, lower the price of gas, which will lower
the price of goods and services using gas to get
(01:20):
to their destiny.
Speaker 4 (01:21):
I'm mean to kind of filling up the reserves is
not going to lower gas prices. It's going to provide
the reserves we're supposed to have for emergencies in the future,
but there are. But additional production is in theory, is
supposed to bring gas prices down. And again they're doing
the right thing, but I think selling it the wrong way.
You're not going to drill more by allowing yourselves to
(01:44):
drill more, okay, And what I mean by that is
we're already joying the most we ever have, and yet
we should be doing all the things he's doing to
get out of the way, restricting, regulating, refusing to permit
future production growth. But that has to do with our
energy independence in two years, for forty years, six years.
(02:05):
It's not lowering prices next month because you already have
oil in the seventies and they're choosing not to produce more.
So there's supplied demand issues that the government doesn't have anything.
Speaker 3 (02:15):
To do with.
Speaker 4 (02:17):
And so that's where I want to be clear that
I'm pretty much supportive of almost everything you just said,
and they need to happen, but sometimes it need to
happen for long term well being, not a I hope
my paycheck goes up next month. I hope my grocery
prices go down next month. And and I think President
Trump would absolutely love fifty dollars oil, but you're not
(02:38):
going to get fifty dollars oil because they can't. Most
of the oil companies can't drill profitably below sixty. Now
that number has come down a lot and excellent, and
Chevron can drill profitably at forty. But what I'm saying
is that those are not things the government can control.
And yet it's absurd that the Biden administration got in
the way. It's absurd that we don't and have more
(03:00):
expert export LNG terminals prepared to be built.
Speaker 3 (03:05):
We've got to do all these things.
Speaker 4 (03:06):
These energy Executive orders side this week set a rhetorical
tone for a lot of things that ought to be done,
but they're not going to move the needle next month.
Speaker 2 (03:15):
No, you said something that was very key in that
they're doing all the right things, they're just not necessarily
selling it and explaining it the right way. Do you
think that's a problem down the road in terms of
what people because these questions all speak to you know,
what they're really begging you to say is how fast?
How fast? And the answer is fast. Isn't why you
(03:35):
would do it anyway, And it's not going to be fast,
but it's going to be right and it's going to
be there when you need it.
Speaker 4 (03:42):
Yeah, But it's a really big problem with the way
all of us, including us on the right view American
politics is that there is this messianic view right that
it can save things, that it can go fix things.
And if you were to make a list to the
keen things government's done and most wrong that have created
the biggest problems, the ten things that we're most upset
(04:05):
about in our culture right now, every one of them,
every single one of them took decades to happen. They're
all byproduct of a long term problem in the culture,
in the morality, in political corruption, all of these things.
They're not going to get fixed immediately. But it's irresistible,
particularly for someone I'm sorry to say this, but I
(04:27):
hope no one is in denial someone of the shall
we say ego President Trump.
Speaker 3 (04:34):
He wants to get credit for things quickly, and.
Speaker 4 (04:36):
So it's irresistible to say we're going to bring prices
down next month.
Speaker 3 (04:41):
You know, that kind of thing is.
Speaker 4 (04:42):
Normal politically, but yeah, for me, as a kind of
ideological guy, I think it's problematic because you got to
set the expectations right. It's why I was so upset
when Elon Musk said DOJ is going to save two
trillion dollars a year. Of course, it's not going to
save two trillion a year, and it's probably going to
do something really really good. And let's say it, say
it's two hundred billion a year, that's a big deal.
(05:05):
Let's say it exposes fraud and corruption and embarrasses people
that deserve to be embarrassed. That's a big deal. But
you're supposed to undersell and over deliver, right, not not
underdelivered because you oversold.
Speaker 3 (05:16):
But that's what I'm concerned about, all.
Speaker 2 (05:18):
Right, David Bonson is what the Bonson Financial Group joins
us every Thursday.
Speaker 3 (05:21):
He's at Money Whiz.
Speaker 2 (05:23):
Getting back to that first question, dusted out a little
bit more the role of the treasurer and what reasonably
a treasurer's impact can be in a one year two
year period of time.
Speaker 4 (05:34):
Yeah, the Treasury Secretary has a very important portfolio in administration.
Steve man Nuchen was an integral part of President Trump's
first term. Scott Besson as one of my very favorite
picks of who he is picked here for two point zero.
And the Treasury Secretary has an opportunity to affect.
Speaker 3 (05:52):
The dollar and its role in the world in global trade.
Speaker 4 (05:56):
Particularly this administration, where there's a lot of kind of
uncertain about what their plans are on tariffs. He has
a chance to moderate some of the intentions and execute
in a more efficient way. He can't go wave a
wand and make the stock market go up. He can't
make a company like Nvidia go from trading at eighty
times earnings to one hundred times earnings. You know that
(06:19):
you don't want them trying to blow a bubble bigger.
You don't want them trying to burst a bubble. They
shouldn't be impacting the stock market directly. Yet the things
related to currency, trade, interest rates, those types of things,
I think they have a lot to do with investment.
Is a global macro whiz. It's what he spent his
years doing. It's what he's made hundreds of millions of
(06:40):
dollars personally doing. And I think he brings an intellectual
approach to Treasury that is rooted in an understanding of
free enterprise and not if a chreasure secretary has had that.
Speaker 3 (06:51):
Some were great business some were great businessmen.
Speaker 4 (06:53):
You know, Janet Yellen are current, our former now treasure
secretary was a smart woman in terms of being an academic,
but she had no idea how markets work, no idea.
Speaker 2 (07:05):
I want to backtrack. I want to backtrack to tariffs
just for a second.
Speaker 3 (07:10):
You know.
Speaker 2 (07:10):
Yeah, having read Art of the Deal, having watched Donald
trump uh documentaries on his business life, and having watched
his first term, it sure screams of a negotiation tactic
more than a planned tariff. How's the market seeing this?
I mean uncertain, He's never good, but I don't see uncertain.
Speaker 4 (07:33):
Obviously obviously markets agree with you, Michael, no question. And
I think that sort of almost bothers Trump a little
bit because it's the negotiation works a little better if
not everyone.
Speaker 3 (07:43):
Knows it's negotiation.
Speaker 4 (07:47):
But but there's nobody in the markets who actually think
he's going to go put unilateral and universal tariffs on
on ally nations.
Speaker 3 (07:55):
And yet he has tried to throw that threat out
there a little bit. But I do believe.
Speaker 4 (07:59):
Mexico and canad to think he would or could do it,
and yet it will very very very unlikely to happen.
This is what markets believe because to your point, I
think it will go about bringing a negotiated process. Now
that's Mexico and Canada, and what he's trying to get
out of them doesn't appear to be trade related.
Speaker 3 (08:18):
He's not saying I'm so mad at you guys.
Speaker 4 (08:19):
We're manufacturing all this stuff with you and you're not
buying enough, you know, widgets from us. What he's saying
with them is you need to help us with a border,
you need to help us with fentanyl, you need to
help us with immigration. Okay, Well that I think he's
going to be successful in across the board, and markets
don't think tariffs are coming. The whole issue is China,
and I just think it's absolutely fascinating that you and
I are sitting here talking. Three days in the administration,
(08:41):
he signed forty five of executive orders. The press is
just covered over and over again when it's almost seemed
not so much chaotic, but certainly a very very high
volume of activity.
Speaker 3 (08:51):
Not a single thing on tariffs.
Speaker 4 (08:54):
And that's on purpose, because I think he came in realizing,
I want.
Speaker 3 (08:57):
To deal with China.
Speaker 4 (08:59):
Let's spend the first trying to set the table here
in the second quarter getting a deal. And that's where
a lot of this stuff on him basically wanted to
bend the way law works on TikTok.
Speaker 3 (09:09):
It's where a lot of the thing works.
Speaker 4 (09:11):
Of the nice things he's saying about President g him
job owning at Russia on Twitter and saying We're going
to have to throw sanctions at some of your trading partners, Well,
who's he talking about there, He's talking about China. I
think he's trying to use China to bring an end
to Russia Ukraine, and I think he's trying to get
a deal with China that will never result in these
big tariffs going higher.
Speaker 3 (09:31):
That's my view.
Speaker 2 (09:32):
There is one China related issue to the border, and
that is the manufacturing of electric vehicles, and we're talking
about very affordable, cheap evs made by China in Mexico
with the plan of flooding the US market. That could
be directly related, but by and large, I love the
other insights. I always like when I talk to somebody
(09:54):
really smart to do this, and it sounds like a
really weak thing to do, But I just want to
see where your brain goes. What is the one or
two things that you're really focused on that the media,
maybe even the administration and the average person isn't even
thinking about, isn't even on their radar, And it's probably
(10:15):
the biggest gauge you've got your eye on. Help us
see it through your expertise.
Speaker 3 (10:21):
Well, I think what.
Speaker 4 (10:22):
I would say is that in the tax cut bill,
which plenty of people are focused on, but they're thinking
about the wrong way.
Speaker 3 (10:27):
Everyone's sort of thinking when is the bill going to
get done?
Speaker 4 (10:30):
And that now some people are a little more politically
connected or saying is it going to be one reconciliation
bill or is it going to be two? That's all
fair enough, but I'm looking at it as the way
that deficit gets set, the way they budget for a
deficit that dictates how big of tax cuts they can do.
And once I see the rules of how they set
the reconciliation, I'm going to know how big of a
(10:53):
canvas they get to paint on.
Speaker 3 (10:55):
And then yeah, I need it done. We want it done.
Speaker 4 (10:59):
Everybody supports President Trump should want it done sooner than later.
And I think most of his advisors are telling him that.
There are some people telling him, no, let's just do
a second bill.
Speaker 3 (11:09):
Later in the year.
Speaker 4 (11:10):
It's not a good idea, but it's going to unfold
the way it's gonna unfold. But everyone knows no tax
on tips he has to get done. Everyone wants to
extend the old tax cuts. All of that needs to happen.
I'm for it. It's fine, but it is not the
biggest thing for the economy. He didn't campaign on one
hundred percent business expensing. But if he does it, that's
supply side, that's Reaganite. That moves the needle, and they
(11:33):
might get things done in the tax bill that didn't
we weren't promised in the campaign that are going to
be a bigger deal than things that were promised in
the campaign.
Speaker 2 (11:43):
That's what I'm keeping my eyes on final question, kind
of full circle. So for everybody that's anxious, when will
America actually see and feel a difference in terms of
cost of living and how things are going economically in
their life. It's almost aposish right now. We don't know
what the circumstance of each individual is either.
Speaker 3 (12:03):
But well, that's exactly right.
Speaker 4 (12:05):
And I'm sorry because I'm not in case everyone can't tell,
I'm not.
Speaker 3 (12:09):
Exactly a Biden supporter. I was a huge critic of Biden.
Speaker 4 (12:12):
I wrote an absolutely eviscerating article for World magazine this
week about the Biden economic legacy. But you know, Michael,
let's be honest, do you think most people feel that
their lives are worse than a few years ago. The
problem is that it's very different income by income. Okay,
I'm obviously in a very different income and wealth bracket.
I'm not worse off than I was four years ago.
(12:34):
But that's nothing to do with Joe Biden. But then
the people who are worse off when you talk about
grocery prices or whatnot, it's different in terms of what
affects it. Wages are not going to grow a lot
more than they were because wages have been growing. Okay,
the problem with prices and I think the problem to me,
as I've talked to you about on your show over
and over, is not what's happening in the last year
(12:56):
or four years. It's what's happened over the last twenty
five years. Debt to GDP. And do I think President
Trump is likely to lower the debt to GDP? I
think it's going to be hard. I don't think he's
super committed to it. But I will tell you he's
brought some people in who are who are that? Kevin
Hassett is, Elon Musk is So that that isn't going
(13:19):
to affect people's quality of life next month.
Speaker 3 (13:21):
Anyone asked him the question, that's the thing that's.
Speaker 4 (13:23):
Really hard, And I'm sorry to not give a firm answer,
but at least I'm giving an honest one.
Speaker 3 (13:27):
At a macro level, big picture with.
Speaker 4 (13:30):
Economic data, then I think you can see an impact
this year and things they do. But on a micro level,
nobody should ever be wondering when is Washington going to
make my life better? They should wake up and say
when am I going to make my life better?
Speaker 2 (13:46):
Cherish our time together, and I know the listeners feel
the same way David Bonson for the Bonds and Financial Group.
Speaker 3 (13:51):
We'll talk again next Thursday. God bless you, my friend.
Thank you, my.
Speaker 1 (13:54):
Friend, miss a little, miss a lot, miss a lot,
and will miss you. It's your Morning Show with Michael
Delcrono
Previously on Your Morning Show with Michael dil Choono.
Speaker 2 (00:04):
David Bonnsen is our economist and money wiz who joins
us every Thursday, and David, what they all kind of
point to is everyone's expecting now the economy to improve
and dramatically. They just don't know when how fast. What
do you make of that?
Speaker 3 (00:19):
Well, I think there's like a bunch of different subjects
wrapped in there.
Speaker 4 (00:23):
It isn't so much one overarching economic question. Grocery prices,
interest rates, you know, the Treasury secretary is impact on
the stock market.
Speaker 3 (00:31):
Those are all sort of different things.
Speaker 4 (00:34):
I would love, honestly, Michael, that we started with the
premise that markets happen apart from politicians, and then look
at and then look at what politicians do to some
of these things as things that they get in the
way of. And so generally our approach is, hey, politicians
can help by getting out of the way, not by
(00:54):
wondering what politicians can do to get.
Speaker 3 (00:57):
Involved, right, And so that's generally where we're hanging.
Speaker 2 (01:00):
But that's kind of where we're headed, David, Right, I mean,
this administration is saying we've done a lot of really
dumb things interfering. That's why the incentives for evs is
going away. That's why we're securing the border. That's why
we're going to deport these criminals. That's why we're going
to drill baby drills so that we can fill up
the reserves, lower the price of gas, which will lower
the price of goods and services using gas to get
(01:20):
to their destiny.
Speaker 4 (01:21):
I'm mean to kind of filling up the reserves is
not going to lower gas prices. It's going to provide
the reserves we're supposed to have for emergencies in the future,
but there are. But additional production is in theory, is
supposed to bring gas prices down. And again they're doing
the right thing, but I think selling it the wrong way.
You're not going to drill more by allowing yourselves to
(01:44):
drill more, okay, And what I mean by that is
we're already joying the most we ever have, and yet
we should be doing all the things he's doing to
get out of the way, restricting, regulating, refusing to permit
future production growth. But that has to do with our
energy independence in two years, for forty years, six years.
(02:05):
It's not lowering prices next month because you already have
oil in the seventies and they're choosing not to produce more.
So there's supplied demand issues that the government doesn't have anything.
Speaker 3 (02:15):
To do with.
Speaker 4 (02:17):
And so that's where I want to be clear that
I'm pretty much supportive of almost everything you just said,
and they need to happen, but sometimes it need to
happen for long term well being, not a I hope
my paycheck goes up next month. I hope my grocery
prices go down next month. And and I think President
Trump would absolutely love fifty dollars oil, but you're not
(02:38):
going to get fifty dollars oil because they can't. Most
of the oil companies can't drill profitably below sixty. Now
that number has come down a lot and excellent, and
Chevron can drill profitably at forty. But what I'm saying
is that those are not things the government can control.
And yet it's absurd that the Biden administration got in
the way. It's absurd that we don't and have more
(03:00):
expert export LNG terminals prepared to be built.
Speaker 3 (03:05):
We've got to do all these things.
Speaker 4 (03:06):
These energy Executive orders side this week set a rhetorical
tone for a lot of things that ought to be done,
but they're not going to move the needle next month.
Speaker 2 (03:15):
No, you said something that was very key in that
they're doing all the right things, they're just not necessarily
selling it and explaining it the right way. Do you
think that's a problem down the road in terms of
what people because these questions all speak to you know,
what they're really begging you to say is how fast?
How fast? And the answer is fast. Isn't why you
(03:35):
would do it anyway, And it's not going to be fast,
but it's going to be right and it's going to
be there when you need it.
Speaker 4 (03:42):
Yeah, But it's a really big problem with the way
all of us, including us on the right view American
politics is that there is this messianic view right that
it can save things, that it can go fix things.
And if you were to make a list to the
keen things government's done and most wrong that have created
the biggest problems, the ten things that we're most upset
(04:05):
about in our culture right now, every one of them,
every single one of them took decades to happen. They're
all byproduct of a long term problem in the culture,
in the morality, in political corruption, all of these things.
They're not going to get fixed immediately. But it's irresistible,
particularly for someone I'm sorry to say this, but I
(04:27):
hope no one is in denial someone of the shall
we say ego President Trump.
Speaker 3 (04:34):
He wants to get credit for things quickly, and.
Speaker 4 (04:36):
So it's irresistible to say we're going to bring prices
down next month.
Speaker 3 (04:41):
You know, that kind of thing is.
Speaker 4 (04:42):
Normal politically, but yeah, for me, as a kind of
ideological guy, I think it's problematic because you got to
set the expectations right. It's why I was so upset
when Elon Musk said DOJ is going to save two
trillion dollars a year. Of course, it's not going to
save two trillion a year, and it's probably going to
do something really really good. And let's say it, say
it's two hundred billion a year, that's a big deal.
(05:05):
Let's say it exposes fraud and corruption and embarrasses people
that deserve to be embarrassed. That's a big deal. But
you're supposed to undersell and over deliver, right, not not
underdelivered because you oversold.
Speaker 3 (05:16):
But that's what I'm concerned about, all.
Speaker 2 (05:18):
Right, David Bonson is what the Bonson Financial Group joins
us every Thursday.
Speaker 3 (05:21):
He's at Money Whiz.
Speaker 2 (05:23):
Getting back to that first question, dusted out a little
bit more the role of the treasurer and what reasonably
a treasurer's impact can be in a one year two
year period of time.
Speaker 4 (05:34):
Yeah, the Treasury Secretary has a very important portfolio in administration.
Steve man Nuchen was an integral part of President Trump's
first term. Scott Besson as one of my very favorite
picks of who he is picked here for two point zero.
And the Treasury Secretary has an opportunity to affect.
Speaker 3 (05:52):
The dollar and its role in the world in global trade.
Speaker 4 (05:56):
Particularly this administration, where there's a lot of kind of
uncertain about what their plans are on tariffs. He has
a chance to moderate some of the intentions and execute
in a more efficient way. He can't go wave a
wand and make the stock market go up. He can't
make a company like Nvidia go from trading at eighty
times earnings to one hundred times earnings. You know that
(06:19):
you don't want them trying to blow a bubble bigger.
You don't want them trying to burst a bubble. They
shouldn't be impacting the stock market directly. Yet the things
related to currency, trade, interest rates, those types of things,
I think they have a lot to do with investment.
Is a global macro whiz. It's what he spent his
years doing. It's what he's made hundreds of millions of
(06:40):
dollars personally doing. And I think he brings an intellectual
approach to Treasury that is rooted in an understanding of
free enterprise and not if a chreasure secretary has had that.
Speaker 3 (06:51):
Some were great business some were great businessmen.
Speaker 4 (06:53):
You know, Janet Yellen are current, our former now treasure
secretary was a smart woman in terms of being an academic,
but she had no idea how markets work, no idea.
Speaker 2 (07:05):
I want to backtrack. I want to backtrack to tariffs
just for a second.
Speaker 3 (07:10):
You know.
Speaker 2 (07:10):
Yeah, having read Art of the Deal, having watched Donald
trump uh documentaries on his business life, and having watched
his first term, it sure screams of a negotiation tactic
more than a planned tariff. How's the market seeing this?
I mean uncertain, He's never good, but I don't see uncertain.
Speaker 4 (07:33):
Obviously obviously markets agree with you, Michael, no question. And
I think that sort of almost bothers Trump a little
bit because it's the negotiation works a little better if
not everyone.
Speaker 3 (07:43):
Knows it's negotiation.
Speaker 4 (07:47):
But but there's nobody in the markets who actually think
he's going to go put unilateral and universal tariffs on
on ally nations.
Speaker 3 (07:55):
And yet he has tried to throw that threat out
there a little bit. But I do believe.
Speaker 4 (07:59):
Mexico and canad to think he would or could do it,
and yet it will very very very unlikely to happen.
This is what markets believe because to your point, I
think it will go about bringing a negotiated process. Now
that's Mexico and Canada, and what he's trying to get
out of them doesn't appear to be trade related.
Speaker 3 (08:18):
He's not saying I'm so mad at you guys.
Speaker 4 (08:19):
We're manufacturing all this stuff with you and you're not
buying enough, you know, widgets from us. What he's saying
with them is you need to help us with a border,
you need to help us with fentanyl, you need to
help us with immigration. Okay, Well that I think he's
going to be successful in across the board, and markets
don't think tariffs are coming. The whole issue is China,
and I just think it's absolutely fascinating that you and
I are sitting here talking. Three days in the administration,
(08:41):
he signed forty five of executive orders. The press is
just covered over and over again when it's almost seemed
not so much chaotic, but certainly a very very high
volume of activity.
Speaker 3 (08:51):
Not a single thing on tariffs.
Speaker 4 (08:54):
And that's on purpose, because I think he came in realizing,
I want.
Speaker 3 (08:57):
To deal with China.
Speaker 4 (08:59):
Let's spend the first trying to set the table here
in the second quarter getting a deal. And that's where
a lot of this stuff on him basically wanted to
bend the way law works on TikTok.
Speaker 3 (09:09):
It's where a lot of the thing works.
Speaker 4 (09:11):
Of the nice things he's saying about President g him
job owning at Russia on Twitter and saying We're going
to have to throw sanctions at some of your trading partners, Well,
who's he talking about there, He's talking about China. I
think he's trying to use China to bring an end
to Russia Ukraine, and I think he's trying to get
a deal with China that will never result in these
big tariffs going higher.
Speaker 3 (09:31):
That's my view.
Speaker 2 (09:32):
There is one China related issue to the border, and
that is the manufacturing of electric vehicles, and we're talking
about very affordable, cheap evs made by China in Mexico
with the plan of flooding the US market. That could
be directly related, but by and large, I love the
other insights. I always like when I talk to somebody
(09:54):
really smart to do this, and it sounds like a
really weak thing to do, But I just want to
see where your brain goes. What is the one or
two things that you're really focused on that the media,
maybe even the administration and the average person isn't even
thinking about, isn't even on their radar, And it's probably
(10:15):
the biggest gauge you've got your eye on. Help us
see it through your expertise.
Speaker 3 (10:21):
Well, I think what.
Speaker 4 (10:22):
I would say is that in the tax cut bill,
which plenty of people are focused on, but they're thinking
about the wrong way.
Speaker 3 (10:27):
Everyone's sort of thinking when is the bill going to
get done?
Speaker 4 (10:30):
And that now some people are a little more politically
connected or saying is it going to be one reconciliation
bill or is it going to be two? That's all
fair enough, but I'm looking at it as the way
that deficit gets set, the way they budget for a
deficit that dictates how big of tax cuts they can do.
And once I see the rules of how they set
the reconciliation, I'm going to know how big of a
(10:53):
canvas they get to paint on.
Speaker 3 (10:55):
And then yeah, I need it done. We want it done.
Speaker 4 (10:59):
Everybody supports President Trump should want it done sooner than later.
And I think most of his advisors are telling him that.
There are some people telling him, no, let's just do
a second bill.
Speaker 3 (11:09):
Later in the year.
Speaker 4 (11:10):
It's not a good idea, but it's going to unfold
the way it's gonna unfold. But everyone knows no tax
on tips he has to get done. Everyone wants to
extend the old tax cuts. All of that needs to happen.
I'm for it. It's fine, but it is not the
biggest thing for the economy. He didn't campaign on one
hundred percent business expensing. But if he does it, that's
supply side, that's Reaganite. That moves the needle, and they
(11:33):
might get things done in the tax bill that didn't
we weren't promised in the campaign that are going to
be a bigger deal than things that were promised in
the campaign.
Speaker 2 (11:43):
That's what I'm keeping my eyes on final question, kind
of full circle. So for everybody that's anxious, when will
America actually see and feel a difference in terms of
cost of living and how things are going economically in
their life. It's almost aposish right now. We don't know
what the circumstance of each individual is either.
Speaker 3 (12:03):
But well, that's exactly right.
Speaker 4 (12:05):
And I'm sorry because I'm not in case everyone can't tell,
I'm not.
Speaker 3 (12:09):
Exactly a Biden supporter. I was a huge critic of Biden.
Speaker 4 (12:12):
I wrote an absolutely eviscerating article for World magazine this
week about the Biden economic legacy. But you know, Michael,
let's be honest, do you think most people feel that
their lives are worse than a few years ago. The
problem is that it's very different income by income. Okay,
I'm obviously in a very different income and wealth bracket.
I'm not worse off than I was four years ago.
(12:34):
But that's nothing to do with Joe Biden. But then
the people who are worse off when you talk about
grocery prices or whatnot, it's different in terms of what
affects it. Wages are not going to grow a lot
more than they were because wages have been growing. Okay,
the problem with prices and I think the problem to me,
as I've talked to you about on your show over
and over, is not what's happening in the last year
(12:56):
or four years. It's what's happened over the last twenty
five years. Debt to GDP. And do I think President
Trump is likely to lower the debt to GDP? I
think it's going to be hard. I don't think he's
super committed to it. But I will tell you he's
brought some people in who are who are that? Kevin
Hassett is, Elon Musk is So that that isn't going
(13:19):
to affect people's quality of life next month.
Speaker 3 (13:21):
Anyone asked him the question, that's the thing that's.
Speaker 4 (13:23):
Really hard, And I'm sorry to not give a firm answer,
but at least I'm giving an honest one.
Speaker 3 (13:27):
At a macro level, big picture with.
Speaker 4 (13:30):
Economic data, then I think you can see an impact
this year and things they do. But on a micro level,
nobody should ever be wondering when is Washington going to
make my life better? They should wake up and say
when am I going to make my life better?
Speaker 2 (13:46):
Cherish our time together, and I know the listeners feel
the same way David Bonson for the Bonds and Financial Group.
Speaker 3 (13:51):
We'll talk again next Thursday. God bless you, my friend.
Thank you, my.
Speaker 1 (13:54):
Friend, miss a little, miss a lot, miss a lot,
and will miss you. It's your Morning Show with Michael
Delcrono
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