mccarthy spoke. in front of the same individuals about where the debt talks are going. let s just say nowhere. connell mcshane has more. the speaker made reference from that appearance from ronald reagan. he said we have an unsustainable level of debt in this country and he will not support raising the debt ceiling unless something is done about it. spoker mccarthy made a speech to a number of professional financialists in new york. he said there will be a bill that will raise the debt for one year. in exchange for raising it, the speaker has demands. he said federal spending will be rolled back to 22 levels. unused covid money clawed back and he wants americans to work in order to receive federal benefits. mccarthy in his speech going after president biden for refusing to negotiate. make no mistake, the longer president biden waits to be sensible to find an agreement, the more likely it becomes that this administration will bumble in to the first default in our nation s
was already spent and adhered to be spend. and trying to hold everything accountable to that, even risking government shut down and worse. how did it get this wacky? well, i don t know how it got this wacky here. but what ronald reagan did in his full term, he reduced nongovernment spending, facially substantial as the gdp and increased defense spending dramatically. the spending types were different between now and then. today spending is paying people not to work, giving them gifts. it s a different type of spending. the consequences are very different. reagan had this bull market that started january 1, 1983 that would not stop with government spending, higher on defense but coming down elsewhere. tax cuts, pro growth. this administration is the exact opposite. they re trying to do tax increases, spending increases, under sound money. it s not working.
discount rate in response to the lower interest rates in the market. in the interest of managing expectations the president in the second part of his tweet said think what it could have been if the fed got it right. thousands hiker on the dow. i don t flow how to predict the stock market so i don t know if the president is right or wrong about that. gdp rodriguez in the fours or five. now they stick like a stubborn child to make up for what other countries are doing against us. blew it. let s talk about the gdp in the fours and fives. i have of on joked i will probably grow and afro before we get those kinds of numbers. am i wrong? americans are sort of middle age dummies like me. you can t have that kind of growth. ali, you would look great. i would love to see that. i will grow one. when president reagan when the tax cuts took effect january 1, 1983 i mean 83, yes, through june 30th, 1984, real gdp grew in that period, in that
taxes they didn t start until january 1 of 1983. from january 1, 1983 to june 30, 19 1984, the u.s. economy grew at 12%. that is when the tax rate cuts took effect f. you look at this one you know as well as me that that recovery was the washington post has fact checked this. it was coming after a deep recession and also deep cuts in interest rates from the highest level they have been in years you can t say it was all about the tax cuts. no, no i don t. we brought the inflation rate down. when we came into office the prime interest rate in the u.s. we brought that way down. the tax cuts and paul boeker together created an enormous prosperity that went all the way
november but all the policies were in place came january 1, 1983 all of them took effect. the same thing is happening here. trump doesn t have to do anything more for the economy. the economy bring it on. bill: rose-colored glasses from nashville, tennessee from art laffer. reading from gallup, trump s last two ratings on handling the economy, 53%, are well above the average of 45% on the economic approval measure across presidents from reagan through obama. he is reaching back in the 80s. you have the fed out there, art, you have the battle with china on tariffs. a lot of that is manmade. they are manmade in many ways. we have the problem with the fed as well. remember paul vol ker dropped the interest rates dramatically. 21 1/2% prime interest rate when we came into office. the rates were dropping because of tight money.