On Friday, the economy added 235,000 jobs in February, dropping the unemployment rate to a record low of 4.7%. So why the boom? Analysts say that Trump's election is indeed the reason, but it's not just President Trump s election, it's the fact that Republicans hold Congress as well, and are looking to pare back regulations. While the media focus on Trump's Twitter imbecilities, the markets are far more focused on that fact that a predictable economic backdrop has finally been created for the market. Ben Shapiro explains why the market is more confident than it's been in a long time, and why that's a good thing. Plus, Ben explains why he thinks the market s confidence in Trump is more pronounced than it has ever been in history, and what it could mean for the economy in the long-term. Ben also discusses the impact of the Trump administration on the stock market, and whether or not it's better than it was under President Obama's tenure. And he explains why you should be worried about the rollout of Trump's health care plan. The Ben Shapiro Show is a podcast you don't want to miss. Subscribe to the show on Apple Podcasts! Subscribe on iTunes Subscribe on Podchaser.fm Subscribe on Stitcher Learn more about your ad choices. Like, comment and subscribe to our podcast on social media if you're a supporter of the show. If you like the show, please consider pledging a five-star rating or review our podcast! and a review is a review on iTunes and review is in the next episode of The FiveThirtyEight podcast FiveThirtysomething on the Four Seasons Subscribe and review us on Podcoin Subscribe in iTunes and we'll be giving you 5 stars on review on review so you can help us spread the word to other podcasting about the show and get a discount on future episodes and get 20% off your ad-free versions of our podcasting opportunities! Thanks for listening to our new podcast, Ben Shapiro's new book, "The Best of Ben Shapiro Podcasts" Ben Shapiro is a real life podcast, The Best of the Ben Shapiro podcast, Thank you Ben Shapiro, the Big Bang Theory? by Ben Shapiro and Ben Shapiro on The Six Squeepers Thank you for supporting the show Ben Shapiro: The Best Thing I Can't Sleep Better than That's a Big Ben Show is a Real Life Story? -
00:00:29.000Analysts say that Trump's election is indeed the reason.
00:00:32.000But it's not just President Trump's election.
00:00:33.000It's the fact that Republicans hold Congress as well and are looking to pare back regulations.
00:00:38.000While the media focus on Trump's Twitter imbecilities, the markets are far more focused on the fact that a predictable economic backdrop has finally been created for the market.
00:00:48.000The labor force participation rate decreased in February, but it remains historically weak at just 63%.
00:00:53.000We would have to gain about 10 million new jobs in order to maintain this unemployment rate with the same labor force participation rate we had in 2000.
00:01:01.000It is important to recognize that despite the weakness of President Obama's economic recovery, Trump did inherit a growing economy and one with significant breakout potential.
00:01:09.000You can't ignore the same unemployment statistics you used to rip Obama and retain credibility.
00:01:14.000You can't cite the stock market as evidence of Trumpian genius if you ignored it for eight years under Obama.
00:01:19.000Trump and his allies have touted the stock market jump since his election, but the reality is that the stock market boosted significantly and continuously during the Obama years.
00:01:27.000President Obama's recovery was the weakest in modern American history, but that's because his job-killing regulations and penalties on investment drove people to sock away money and invest in stock buybacks,
00:01:37.000Rather than investing in new research and development or hiring.
00:01:40.000So how robust is the market's confidence in Trump?
00:01:42.000We'll find out in the next few months as the Federal Reserve hikes interest rates, as Congress struggles to move forward with the tax restructuring.
00:01:48.000We'll also find out if the systemic problems plaguing the job market, new technology replacing jobs, the movement toward the service-based economy rather than manufacturing, if it somehow bucks all the long-term trends for the last decade and a half.
00:02:03.000But there's no question, markets are more confident than they've been for eight years because finally they believe they won't be hit over the head by an unexpected economic sledgehammer from the left side of the aisle.
00:02:18.000I should note here, by the way, that it's always very dangerous to talk about attributing economic movements to particular presidents or politics because there is a lag effect.
00:02:26.000You know, the fact is that President Reagan, for the first couple of years of his administration, had a very weak economy.
00:02:55.000You know everybody needs to hold off a little bit before attributing all sorts of great God genius to Trump because the markets are doing great because the fact is it's not quite that simple.
00:03:04.000Using these sorts of metrics is what generates the false statistics you hear from Democrats all the time about the idea that
00:03:10.000Jobs do better under Democrats, which ignores, again, that lag effect and also ignores who's in control of Congress.
00:03:15.000I think that if the markets are in a comfortable position, it's because they feel comfortable that nobody's going to do anything truly terrible to the markets right now.
00:03:22.000But we'll talk more about that in just a second, plus the continued failure of the rollout of Trumpcare.
00:03:27.000But first, we have to say thank you to our friends over at Helix Sleep.
00:05:21.000It was called Obamacare, so now this is Trumpcare.
00:05:23.000So, the rollout of Trumpcare is going poorly.
00:05:25.000The reason it's going poorly is because nobody is very committed to this Trumpcare replacement bill because the bill isn't very good.
00:05:30.000We discussed all the problems with the bill before.
00:05:32.000Paul Ryan is the only one out there really stumping for it, because Paul Ryan has the worst job in the universe.
00:05:36.000Being Speaker of the House with a fractious Republican caucus is not an easy job.
00:05:40.000It's particularly not an easy job when you think that your job is to pass things.
00:05:44.000Now, this is something that has bothered me for a long time.
00:05:46.000The job of Congress is not necessarily to pass things.
00:05:49.000In fact, when Congress decides it is imperative that they pass things, usually you end up with a crap sandwich of a bill.
00:05:55.000What you really ought to do is pass a bunch of little bills.
00:05:59.000People have asked me, what's the constitutional amendment that you would pursue if you could pursue one?
00:06:02.000I would say, no bills longer than three pages, all in plain English.
00:06:06.000Right, that seems to me the way to do the bill.
00:06:08.000And it would be great if there was like an explainer.
00:06:10.000So instead, all these bills have to be written in legal language, so they'll say, remove the word in provision 4D of this separate section of the U.S.
00:06:19.000It'd be great if there was an explainer in the back that said, here's what that actually does, you know, that would be useful.
00:06:24.000And then Americans could actually see what the representatives are doing instead of having a 120 page bill dumped on them with no notice and no explanation.
00:06:31.000And that bears a lot of confusion because they keep saying it's stage one and they're stage two and three.
00:06:35.000We don't know what stages two and three are.
00:06:37.000This is a bad way to do business and it's disappointing to me that Republicans keep participating in it because they want to prove that they can get something done.
00:06:44.000I'm less interested in Congress doing something than in Congress doing something good.
00:06:48.000But Paul Ryan was out there basically making a presentation yesterday.
00:06:51.000He rolled up his sleeves and he did a presentation that is the most entertaining thing that you will see anywhere outside of H&R Block.
00:07:00.000Because Paul Ryan is basically a really boring accountant.
00:07:02.000So here's Paul Ryan talking about the American Health Care Act, which is not the Affordable Care Act, it's the American Health Care Act, and he put up a TV screen behind him and he jabbered about it for a bit.
00:07:13.000We as Republicans have been waiting seven years to do this.
00:07:19.000We as Republicans, who fought the creation of this law and accurately predicted that it would not work,
00:07:26.000ran for office in 2010, in 2012, in 2014, and in 2016 on a promise that we would, if given the ability, we would repeal and replace this law.
00:07:40.000How many people running for Congress and the Senate did you hear say that?
00:07:44.000How many times did you hear President Donald Trump, when he was candidate Donald Trump, say that?
00:08:04.000And this is the closest this will ever happen.
00:08:07.000It really comes down to a binary choice.
00:08:10.000We now have the ability, through the budget rules that we have in the Senate, with our three-pronged approach, to actually make good on our word.
00:08:20.000Okay, here's what I hate and here's why I'm groaning and grunting and making all sorts of animal noises.
00:08:24.000Okay, the reason that I'm upset about this is I am very, very sick of Republicans telling us that we have a binary choice.
00:08:32.000It's always a stupid damn binary choice.
00:09:16.000And when he talks about, when Paul Ryan says, you know, the Senate rules prevent us from doing more than this, because if we do more than this, then it violates the Senate rules.
00:09:24.000So, use Mike Pence to overrule the committee rules chair, right?
00:09:27.000The way that this works is that reconciliation rules allow you, through reconciliation, without having to meet the 60 vote threshold, reconciliation rules allow you to mess around with the specific provisions of Obamacare, but you're not supposed to go much beyond that.
00:09:40.000Okay, well, if you don't like that, then you can either invoke the nuclear option, or you can just have Mike Pence preside over the rules and overrule the Senate chair when it comes to the rules.
00:09:49.000So, no, there are a bunch of different options that happen here.
00:09:52.000But, again, we just keep hearing, I'm sick of this blackmail.
00:09:54.000I'm sick of Republicans blackmailing you.
00:09:56.000I'm sick of Republicans blackmailing me.
00:09:58.000I'm sick of this routine where it's, we came up with this crap sandwich with a bill, and if you don't get this, you don't get anything.
00:10:39.000And the reason I'm sick of this is because, again, it's used to take conservatism and throw it out by the side of the road and then say, well, you know, this is the best we could do.
00:10:47.000I've been living my entire life under Republicans who say this is the best we can do.
00:10:51.000And very rarely is it the best they can do.
00:10:53.000Usually it's just some sort of crappy halfway bill that doesn't do what it's supposed to do and leaves in place most of the provisions that Democrats get.
00:10:59.000Why is it that when Democrats get power, they immediately ram through bills that they love, that their base loves?
00:11:04.000When Republicans get power, they immediately start trying to ram through bills they think will make them more politically popular, and then they don't even succeed in being politically popular.
00:11:19.000And did it make George W. Bush wildly popular?
00:11:22.000He didn't win re-election in 2004 based on Medicare Part D. He won re-election in 2004 based on the fact that he was a wartime president.
00:11:29.000If he was not a wartime president, very little doubt that George W. Bush loses in 2004.
00:11:33.000And it wasn't campaign finance reform that put him over the top, and it wasn't Medicare Part D that put him over the top.
00:11:38.000Every Republican who does this routine where they say, well, you know, if we just do this thing that's sort of half leftism, and that's the best we can do, why is that always the best we can do?
00:12:14.000Donald Trump wants this thing because this thing is half-leftism.
00:12:17.000Donald Trump is not a hardcore conservative.
00:12:19.000He's never been a hardcore conservative, particularly on this issue.
00:12:21.000During the campaign, he basically came out at one point for single-payer before walking it back.
00:12:26.000So this idea that this is all Paul Ryan's fault is just a bunch of asinine nonsense.
00:12:31.000If Paul Ryan put in front of him a bill that just repealed Obamacare, there's no guarantee that Trump would actually sign it.
00:12:36.000Because he'd be afraid that there'd be blowback for all the people who would quote-unquote lose their insurance under Medicaid from Obamacare.
00:12:44.000The White House Press Secretary Sean Spicer saying we're not jamming this bill through, this health care bill through.
00:12:50.000Well, when you have committees working almost through the night, when you have members of Congress being asked to weigh in on a proposal that has not been scored by the Congressional Budget Office, I think you would have a lot of people up on Capitol Hill.
00:13:06.000A lot of the stakeholders that were involved in the formulation of Obamacare, doctors, hospitals, and so on, they really have not been part of this process.
00:13:15.000That pretty much meets the definition of jamming things through, Brooke.
00:13:19.000So the White House may be saying we're not jamming it through, but they are jamming it through at this point.
00:13:24.000They want this on a fast track because they know how incredibly difficult this is going to be with so
00:13:29.000Only CNN is wildly biased, and they are.
00:13:31.000And Jim Acosta is wildly biased, and he is.
00:13:33.000But what he's saying here is actually true, okay?
00:14:06.000It's just, it's so foolish on every level.
00:14:09.000And it's not just Acosta saying it, right?
00:14:11.000Tom Cotton is saying people are upset we're jamming this thing through.
00:14:13.000I'm with the American people and the promises I made to Arkansans that we're going to reduce the cost of their health care and make it accessible and give them more control over their health care choices.
00:14:22.000Look, there are a lot of Republicans who are saying these exact same things in private.
00:14:26.000Frankly, some of them on Steve Scalise's whip team are saying the same thing.
00:14:30.000I'm simply saying in public what many Republicans are voicing, that the legislation as it's written, one, probably cannot pass the Senate, but two, would not solve the problems of our health care system, problems that Obamacare made worse.
00:14:43.000I think the American people care much more that we solve those problems than that we meet some kind of arbitrary legislative deadline.
00:14:50.000What he's saying here is exactly right.
00:14:52.000Tom Cotton, by the way, is a major ally of President Trump.
00:14:54.000So, when he says this, what he's really doing is he's force-aging what is actually going to happen here.
00:14:59.000What's actually going to happen here is this thing is going to go down in flames, Trump's going to blame everybody, and then we're going to get stuck.
00:16:32.000They are changing the game for responsible gun owners, making sure they have all the education, care, and protection that you need.
00:16:37.000DefendMyFamilyNow.com for that chance to win $1,500 toward a gun of your choice, which is super cool.
00:16:45.000Okay, well, I want to talk just briefly here about the fact that this thing probably will go down, you know, and what the plan is after this.
00:16:52.000So Rand Paul is also saying that this thing is going to go down in flames.
00:16:56.000Here is Rand Paul saying, you know, you've basically been, Republicans have been fibbing about what's in this thing.
00:17:27.000We can't pay for the current Medicare.
00:17:29.000$35 trillion in the hole, the current Medicaid is unfunded, and then we're going to add new entitlement programs to that?
00:17:36.000If you really want to have Medicaid for everyone in all these states, you should be honest with the people, and you should double or triple the state income tax, and double or triple the sales tax.
00:17:46.000Now, I'm not for that, but that's what it would take if you were honest.
00:17:50.000Instead, we say, oh, federal government's going to pay for it.
00:17:54.000We borrow a million dollars a minute, so it's just dishonest accounting.
00:17:57.000Okay, Senator Paul is exactly right here, and this is the problem.
00:18:00.000Republicans have decided they are going to get in the ballgame of more efficient government.
00:18:05.000The conservatism, the new conservatism isn't about less government, it's about more efficient government with the same exact mandate as the Democrats.
00:18:13.000It's bound to fail, and it should fail.
00:18:15.000Now, what this leaves is a backup strategy.
00:18:17.000And to hear about the backup strategy, which is going to be basically let Obamacare stay in place, we'll talk about that, but you have to be a subscriber over at dailywire.com.
00:18:25.000$8 a month gets you the subscription to dailywire.com.