Episode 778: Make America Affordable Again
Newt's World
Gingrich 360
4.6 • 6.4K Ratings
🗓️ 23 November 2024
⏱️ 27 minutes
🧾️ Download transcript
Summary
Newt talks with Thomas Hoenig, former Vice Chairman of the Federal Deposit Insurance Corporation and former President and CEO of the Federal Reserve Bank of Kansas City. Hoenig highlights the significant impact of the economy on the 2024 election, noting the middle class's struggle with stagnant wages and rising prices. He critiques government policies, including fiscal and monetary strategies, that have led to inflation and economic disparity. Their conversation also explores the Federal Reserve's role, the importance of deregulation, and the potential benefits and challenges of tariffs. Hoenig emphasizes the need for balanced spending and productivity growth to ensure long-term economic stability and prosperity.
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Transcript
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| 0:00.0 | On this episode of Newt's World, the American people spoke out on Tuesday, November 5th, |
| 0:10.0 | when they voted overwhelmingly for President-elect Donald J. Trump. And the number one issue |
| 0:15.6 | on voters' minds was the economy. Many said they were tired of high prices at the grocery |
| 0:20.2 | store, the gas station, |
| 0:22.2 | and housing costs. The record inflation we've experienced in the last few years has taken its toll |
| 0:27.8 | on the American family. Now that President Trump will be returning to the White House, |
| 0:32.9 | how can we expect the economy to change? Here to discuss the state of our economy, I'm really pleased to welcome back my guest, Thomas |
| 0:41.5 | Honing. |
| 0:42.4 | He is the former vice chairman of the Federal Deposit Insurance Corporation, former president |
| 0:47.1 | and CEO of the Federal Reserve Bank of Kansas City. |
| 0:50.9 | He was with the Federal Reserve for 38 years. |
| 0:53.9 | He is currently a distinguished senior fellow |
| 0:56.8 | at the Mercatus Center at George Mason University. Tom, welcome back, and thank you for joining me again on Needs World. |
| 1:19.1 | Well, thank you for having me. I look forward to the conversation. Thank you very much. |
| 1:23.0 | You know so much about this. I'm really excited. In your perspective, how has the economy impacted the |
| 1:30.2 | 2024 election, and how does that compare to its influence in previous election years? |
| 1:37.2 | Well, I certainly think the economy has a lot to do with this election as it has in past elections as well. I think in this election, it's really a |
| 1:47.1 | reflection of several years where the middle class of the United States has fallen further |
| 1:52.9 | behind in their ability to accumulate wealth. We saw it following the great financial crisis when asset values through various |
| 2:03.3 | stimulated policy monetary-wise, asset values increased like 500% between then and now, |
| 2:11.7 | whereas wages have increased literally maybe 60%. |
| 2:16.3 | And in the last three years, the real wages have fallen behind even more, |
... |
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