Transcript
Steve Bannon (0:02)
This is the primal scream of a dying regime. Pray for our enemies because we're going medieval on these people. Reasons I got a free shot.
Dave Brat (0:13)
All these networks lying about the people.
Steve Bannon (0:16)
The people have had a belly full of it.
Dave Brat (0:18)
I know you don't like hearing that.
Steve Bannon (0:20)
I know you try to do everything in the world to stop that, but you're not going to stop it. It's going to happen. And where do people like that go.
Dr. Peter Navarro (0:25)
To share the big lie?
Steve Bannon (0:27)
MAGA MEDIA I wish in my soul, I wish that any of these people had a conscience. Ask yourself, what is my task and.
Dave Brat (0:36)
What is my purpose? If that answer is to save my country, this country will be saved.
Steve Bannon (0:44)
War Room here's your host, Stephen K. Banner. Okay, welcome. Friday the 16th of January, year over learned 2026, Dave Bratz riding shotgun. We pulled Dr. Peter Navarro at a meeting at the White House. A couple things, Dr. Navarro, just help us walk through this. President Trump put a very cryptic true social out late last night about and it seems like he had just been briefed by you guys. He says the numbers are unbelievable. What does he mean by that? Walk me through the basics of the economy because our thesis here at the War Room is that you can start to see with your plan of the convergence of the big beautiful bill, the major tax benefits for building plant and equipment, coupled with you and Jamison Greer and Scott Bessant working under President Trump's architecture to redo the commercial relationships in the world and to use tariffs and trade to drive investment back here in the United States or have guys pay a tolling fee, you can start to see it working. We just want to know what President Trump meant by that, sir.
Dr. Peter Navarro (1:52)
All right, Steve, let's go back to first principles. If we look at the rate of GDP growth, which is everything about making us prosperous, it's four drivers. Consumption, investment, government spending, and what they call net exports, which is the difference between how much we sell to the world and how much we import. Okay, so if you look at consumption, let's start with that. What we have coming in 2026 is the biggest IRS refund in history. And we also have these tax breaks. No tax on tips, no tax on Social Security, no tax on overtime. So consumption is going to be a pillar of, of prosperity in 2026. So check that box. The second growth driver, investment. Let's look at what's happening there. First of all, we got the IRS expensing in the big beautiful bill, 100% expensing, Steve, on new manufacturing capacity. And that's sparking a massive boom. It's working in conjunction with, with the tariffs, Steve. The tariffs are bringing in foreign investment. As President Trump has said, if you build it here, you don't get tariff. So we are literally looking at trillions upon trillions of dollars of new investment. That drives the GDP growth directly, but it also increases productivity. Why do we care as maga? Because productivity is the key to an increase in real wages and the quality of life of blue collar working Americans. Now, third, you got the government spending that's going down, but that's a good thing. One of the rules of economics is that a dollar in the government sector is much less efficient than if it goes into the private sector. Oh, and by the way, falling government expenditures mean a reduced budget deficit, lower interest rates and mortgage rates. So that's going to ignite things like the housing sector. So consumption, investment, government spending, hitting all cylinders. The last one, Steve, is the net exports. Whenever we reduce our trade deficit, that shows up as an increase in our GDP growth rate. That's exactly what the Trump tariff policy is doing. We just had, in the latest numbers, Steve, the lowest trade deficit since 2009. So if you add all that up, Steve, it's a set of policies. And throw on top of that, good things like oil going from $75 a barrel to $50 a barrel. You can't imagine any other thing happening in 2026 than robust growth, rising real wages as we had in the first term, and prosperity. So looking forward, that's what we see. And it's all good, brother.
