Transcript
Nicole Wallace (0:00)
Deadline. White House is brought to you by Progressive, where drivers who save by switching save nearly $750 on average. Plus auto customers qualify for an average of 7 discounts. Quote now@progressive.com to see if you could save Progressive Casualty Insurance Company and affiliates national average 12 month savings of $744 by new customers surveyed who save with Progressive between June 2022 and May 2023. Potential savings will vary. Discounts not available in all states and situations. Saturday, October 11th from New York City, it's MSNBC Live 25. Join your favorite MSNBC hosts Rachel Maddow, Joe Scarborough, Mika Brzezinski, Nicole Wallace, Ari Melber, Alicia Menendez, Simone Sanders Townsend, Michael Steele, Chris Haynes, jen Psaki, Lawrence O', Donnell, Stephanie Ruhle and more. Visit msnbc.comlive25 to buy your tickets. Today.
Justin Wolfers (1:03)
We actually had a very good relationship, President Xi and myself. Somebody said, what kind of a man is he? He's a fierce person. He is. He's a very smart guy. I hate to say brilliant because every.
Mara Gay (1:12)
Time I call him brilliant, the press.
Justin Wolfers (1:14)
Is he, said the president, well, he is a brilliant guy, got 1.4 billion people. He rules it with an iron fist. And the press gets upset when I say he's a smart man.
Mara Gay (1:27)
Hi again, everybody. It's five o' clock in the East. Now. It's not that we are clutching our pearls about the B word for brilliant. The reason the press reacts the way it does when Donald Trump fawns over China's President Xi is the iron fist part because China is a country without democracy, without free markets, without a free press, hallmarks of what has been America's government, America's society, America's identity. But this time around, there are warnings coming from inside the house, voices that are typically friendly to Trump or tolerant of Trump, that are warning of Trump's slide towards socialism and bribery and, dare I say, communism. The Wall Street Journal reports this, quote, a generation ago, conventional wisdom held that as China liberalized, its economy would come to resemble America's. Instead, capitalism in America is starting to look like China. The Journal is referring to what it describes as state capitalism, a hybrid between socialism and capitalism and in which the state guides the decisions of normally private enterprises, end quote. We're watching that happen in action in front of our eyes as news on Friday revealed that makers of AI chips, Nvidia and AMD have agreed to pay the US government 15% of their revenue from sales in China. Washington Post reports on how that's being received. Quote, in addition to the policy problems. The US Constitution flatly forbids export taxes, said Peter Harnell, the the White House senior director for international economics under the Biden administration. In a Sunday post on social media, Christopher Padilla, a top export control official in the George W. Bush administration, echoed those fears. Quote, export controls are in place to protect national security, not raise revenue for the government. Padilla said the arrangement seems like bribery or blackmail or both, end quote. So you got a Biden guy and a Bush guy who don't think it's a very good idea. But as Donald Trump extends more state power over markets and wreaks havoc on the global trade system with his tariffs and cuts taxes for the billionaires with his party's latest big beautiful bill, he's betraying his own voters. He's betraying his central campaign promise to make life more affordable in the United States of America. In a recent AP poll, only about 1/4 of US adults think his policies are helping them. That survey finds that roughly half say his policies have, quote, done more to hurt them. Annie Lowry at the Atlantic calls Trump a degrowther. She writes, quote, without admitting it, the White House is pursuing a multi pronged strategy to raise prices, suppress consumption, freeze production and lower productivity in the U.S. unlike typical de growthers with their focus on long term human flourishing and the conservation of the planetary ecosystem, Trump is engaged in financial nihilism. The President has at least once admitted that his policies will lead to Americans having less instead of more. Maybe the children will have two dolls instead of 30 dolls, you know, and maybe the two dolls will cost a couple of bucks more than they would normally, end quote, if only pricier dolls were the worst of it. Trump's broken promise of a strong economy and his ultimate betrayal of the MAGA voter is where we begin the hour with some of our favorite experts and friends. Professor of Economics and Public Policy at the University of Michigan Justin Wolfers is back. Also joining us, New York Times opinion writer MSNBC contributor Mara Gay is here and Princeton University professor MSNBC contributor Eddie Glad joins us. Justin, so much of what passed as passable or tolerable or what was laundered in Trump 1.0 on the op ed pages of the Wall Street Journal was the he's bad but part of Trumpism. He's bad for firing Comey, but the economy's hot. He's bad for norms, but he's good for the economy. He's bad for the rule of law. He's bad for Russia's ability to control the right wing MAGA conversations around Russia. But he's good for the economy. He's obliterated all the buts. He is destroying the US economy. He's going to hurt people who put their economic anxiety and hopes in him. Why? Why?
