Jan 8, 2017|
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How could we not believe in the greatness of America. How can we not do what is right and needed to preserve its last best hope of manners from Wall Street. An industry we believe free market capitalism is that best path to prosperity though Larry Kudlow show where money. Meets politics of former associate director was president Reagan's Office of Management and Budget he says CNBC news host and right now. It's all the radio. Call 1888. Outlook two. Now it's Larry Kudlow welcome back ups on Larry Kudlow by. Way to create the Larry underscore Kudlow. Wanted to call free or call 18885835692. Wanna read good book. Well JFK. And the Reagan revolution by Brian Demetric it and Larry Kudlow good read. So it is jobs report in greater detail than we have. As I said earlier mentioning a 150000. In round numbers. A slower than people expected in May be seen late cycle. Slow down prize best news is the pop open in wages. Two point 9% year on year. Up for 10%. I guess unlike a whole lot of economists. I think. People working. And working hard enough to get raises is a good thing not a bad thing and it does not cause inflation. Inflation is about bad money not about people working in prosper. So about part of the report. Like I am concerned about the participation rate and stern about the employment population ratio. Let's dig in with our distinguished guests. Jared Bernstein senior fellow Center on Budget and Policy Priorities former chief economist and economic advisor to vice president Joseph Biden. Jarrett late getting back to full employment a better bargain for working people. And Tim Kaine research fellow Hoover institution at Stanford University his latest balance economics of great powers from ancient Rome. To modern America it's coauthored with my friend. However I jam welcome thank you for coming on happy new year everybody but just try to sort of thought experiment. Jared Bernstein is art center left representative. Tim Kaine is ours Centre right. Against. So Jared item. What is a flawed. From from your perspective and a lot of the flaws. In this jobs report and or that trend in jobs and EC's what you would be doing better. Well you covered. As usual. A lot of ground in the beginning and I clearly especially would be earning PC you can more like me every week which I I take to be a good things. But. You let it growth guys we've always been growth. I think the prosperity of working people it is really important that as you suggested. And the idea that that's somehow a threat to our economic well being. Is deeply misguided. But you have the big question in terms of flaws. You know the underemployment rate equality use six. This captures. That's still elevated number of people who would like to have full time jobs which don't find part time work. That's come down a great deal as well it was 70%. At the worst part of the trot out of the recession. And now it's nine point 2% that's the lowest it's been thus far in the recovery so it's. It's on the right pace. But all the Federal Reserve thing works full employment because they're looking at a four point 7% unemployment rate that's about where they put their. Natural rate if you will. In my view I use six four that underemployment measure to be really a full employment it would have to be. At least half a point lower than it is that that's one area I'd like to tighten up. All right that's good point on the fact that wanna come to revisit this whole issue of quote on quote slack in the labor markets which I think is a lousy way to run monetary policy but. I Tim Kaine accurate Hoover and Stanford University so your senator right guy. What Scott right. In the jobs in the jobs story. Yeah it did that it. Yeah lack report Larry under President Obama so it's really good time to look back and compare his presidency to others and I get if they I was pleasantly surprised. His second term was was pretty good didn't create as many jobs think payroll jobs. It's Clinton or Reagan who who really I think set the bar but it. It also shows up at the first term was really a blood that I mean just every indicator was going in the wrong direction. And I think there's a mystery that will really haunt economics profession for a while. How did you get you unemployment rate to calm down this or it has far below the average of the last twenty years. And yet you're still shedding workers out of the labor force. It up a label or the patriots. So that that just fascinates me it's it's not a pattern we've seen before. But I want to add one caveat to all this it's very easy to get stuck in these numbers and it to point out these things and predict the context. We had arrested a recession. Pull out and very slow but it's also been completely soaked in deficit spending and easy money. So I think this distorts how weak the economy really has been it's created a bridge but. It's also laid potential danger ahead it's going to be hard for the Fed to raise rates. Well I think we have Maria 11 factual disagreement. The budget deficit as a share of GDP. Hit almost 10%. At the depths of the Great Recession now and I suspect Kim delight that is much of I that I thought that was. Actually an important push back against that demand contraction. But it and subsequently fell to a close 2%. Has assured GDP and now it's edging back up closer to 3%. So over Obama's term has actually been very significant decline. In the budget deficit position or a comment of the economy. And some people like Paul Krugman for example have written about this under the rubric of austerity. Now that's not that that which means fiscal contraction. For the economy is ready to kind of stand on it's on now I don't think we embrace that merely as much as Europe did. But I I would definitely factually disagree with the idea that somehow the budget deficit. Has gone up when in fact it's come down a lot over the years. It lets examine it peaked out just kind of found ours he's always of his front. Oh deficit shared GDP peeked out Tim Kaine it what 10% is that right. I stretch Gerald kidnappers and but then around 2000 and no they nor am I right that. And that was a bomb in fact exactly. Yeah there's only DiCaprio would hear it bill which is. Given static policies he OMB predicts that we're gonna be heading to normal. Budget deficit it will never had a zero under the setup over stimulus packages that are now apartment. So I think there's a real concern on the physical side is going to be very hard. I mean it will be painful to have to we in the government and that sort of country awful this. Largess that we're putting on the backs of future taxpayers I think it's I think you know to wanna be too strong. But it seems a little moral and needed to crow about how Greek economy is when it's been built on death. Well okay pat let me just switch gears a little bit off this thing. Jared Bernstein. You mentioned the use six under employment rate is too high for year. I'm thinking I'm to agree with that this ask you bet other numbers today matter organized. A lot of conservatives point to this number 95 million people have left the workforce that shows it's terrible recovery. I think perhaps more to the case more of the truth. The labor force participation rate. It's up slightly but only slightly historically very low. And no one that at tends colleague. Hoover. Talks about. At Wazir. Is the employment population ratio which I think is the most disappointing number field where barely I mean really we're barely keeping up with population increases. We should be stronger. Yes I agree with that and in fact just to be a little more in my view precise about the best number to look at in this regard. It's really the prime age employment rate the employment rate of 25 to 54 year old. Some of those other numbers you cited including the overall. Labor participation rates. And that's. Big number of out of the label that includes retirees. But if you look at the prime age employer where you see two things one you see the point you just made me it's absolutely true. It's a symbol of of the fact that labor demand is still a two week although very much on improving trajectory. But the other thing you see in this is more positive is that it's actually it's cyclical variable. People have missed this and that's I have argued that it hasn't moved in fact. It's made up two thirds of its loss over the cost of over the course of the recovery now we're into year seven grade of this recovery and you know it's still not back at the but it has made up most of its lost ground that's a plus interest. There's just not that not back to where we'd like to think. Tim Kaine would he do about this stuff. Got to disappointments Terrence being very very eyes as always as. I got take a break but just as start me off real quick what we do about this says give me let's say. Three policy points your colleague John Taylor added Hoover in Stanford economics. What that he wrote a great blog called done take the muzzle off economic growth. Yeah but I think what is. It's it's all fundamentally about incentives to get it to do incentives for people to work not to stop working so. It's just you like program. That you wanna look at payroll taxes. Which which state really hide during recessions maybe that doesn't make sense but a lot of it's focused on entrepreneurship and you know I think juror may agree with as we come back. I would have experienced and Jared Bernstein. Senior fell Center on Budget and Policy Priorities former top economist for vice president Joseph Biden. His book is called getting back to full employment a better bargain for work and people who want full employment whatever it may be. Tim Kaine research fellow Hoover Institute stands for his book has balanced the economics of great powers from ancient Rome to modern America. He wrote it was my pal Glenn Hubbard a moment I ask with all that means to I'm Larry Kudlow we talk and jobs folks stay with us please. More Larry Kudlow next. Where money. Meets politics. It's Moe Larry Kudlow show welcome back felt were talking jobs. At a 150000. Increase. Well expectations. That's our report was the improving wage number up almost 3% year on year I believe that eyes. For this cycle we're talking with Jared Bernstein senior fellow at the Center on Budget and Policy Priorities. His former top economic advisor to vice president Joseph Biden his latest book. Getting back to full employment a better bargain for working people. And Tim Kaine research fellow Hoover institution at Stanford. And his latest book is balance the economics of great powers from ancient Rome. To modern America. Straight and intimate. Jared Bernstein. A growth guy. Kudlow on the other side of the political spectrum growth guide. Actually Austan Goolsbee a growth guy. We have on this Centre right our friend Tim Kaine. Who clearly is a kind of you know. Austerity guy. Root canal without note McCain. So you know as soon change you know and we sit near that with a pretty soft recovery is to Barkley and we should be stronger a lot of employment areas and he's worried about the budget deficit you on. Like that somebody else I had a couple things first thought just for the record my latest book by the way is the real connection agenda which is it's free on the left. I'll go on record but Tom do you guys were just having a good discussion about what might we do to help boost that. And employment rate which I think we all agree it is both a great indicator especially for the prime aged folks and to love. And dimension to few things. I'd like to mention three things in the recent wanna bring these three things up it's because. At least two of the Korean maybe three of the three. And uninteresting little crossing of lines there and and Larry I know you're. You're associated with those guys and I don't think that we're we're all very much interested in what you're next step is violence if you want enlighten us so that we could appear at. But the three things this investment and infrastructure deep dive into work. Improving our stock of public good spokesman both both good in terms of boosting labor demand and maybe even helping productivity grew up a little bit. The second would be below the trade deficit very much part of that the trunk agenda but not an easy thing to pull up. And the third would be to its attempt to really push back on this Federal Reserve for a rate raising campaign now I don't think that. You know 2550 basis points here and there is a big deal. And total and overstate the case. But I don't get why eight you'd raise rates when inflation. Looks pretty quiescent to me. I don't see it you alluded to earlier I don't see this wage partly the enterprise growth. So those put both history ideas of appears that to you guys comment on Larry what the heck you gonna do what's your next that this. I'm gonna ask Tim Kaine a question here very important. Tim Kaine is no question in my mind. With respect to investment and infrastructure and productivity. That's slashing business tax rates for large and small companies is the absolute key to absolute sheet go on tell me. Towel please explain to Jack. Jared I've only been debate is about ten years so I have ten years and one more radio show you real quick trip here. And got Ed didn't get it. Then why are a little bit Larry I am a long term growth guys do we need to not just grow immediately which is what did note. The tip it slightly despaired Jerel open it Democrats always want to stimulate the get growth right now I love growth but we need long term growth and I think it not just as an economist but if a guy who started the couple start up. With friends when I was in my twenties and early thirties and I was shocked as yet democratic game indicated. I always thought government was making life easier and it was so hard to create jobs and he orientation was you start the company you must be an oppressor of the working man yeah so I think we really do look at our labor regulations force smaller company. Yeah and and just not naked so hard to create jobs and to grow. So you if you look at there's been there's a number you all mentioned earlier employment to population ratio. For the six previous presidential terms before Obama that number was north of 61%. Of the population was employed under the first summer Obama it went to fifty point six. And we didn't get the bounce back it's only about 59 point two on average. We need to get that number up give more startups and I think you're right if there's one thing to focus on its tax reform higher marginal rates hurt out. It. Bernstein looked rock Obama had tax reform I believe in his last two budgets correct me if I'm wrong. The wasn't as dramatic as trumps or Kevin Brady's house ways and means by. Get money and corporate tax rate down from 35 to forty. I didn't like his repatriation step opposed to punitive. I don't believe he got into expensing for new investment but nonetheless. The mystery to me the Democratic Party. In the last ten elections did not ever mentioned corporate tax reform. And almost every person in business and a vast majority. Of the economics profession academics practitioners whoever now you might disagree about the proper rate structure. But. You. Let's push back very hard on this lonely and this is gonna and don't know this may resonate with you because it's not just Democrats okay. Could I'm agreeing with you I think that. The corporate. Side of the tax code it's just that and an overheated masse and desperate need of reform but here's my point. The goal would get what would be a big campaign can't elite public get ahead of the tax writing committee for the ways and means. Wrote a corporate tax reform plan. Which took the right down to 25%. And have lots of built little that you and I like we talked about it at the time. It was dropped kicked out of congress minutes after it was introduced not by Democrats but by Republicans. You've got this all wrong the folks who were blocking corporate tax reform. Are not the politicians are what I mean there are so well but there are a lot of politicians who agree on this. It's the lobbyists and the industry wraps. Who recognize that if you lower the rate and broaden the base of their beloved loophole to get close. That's my view look we agree on that that care about the lobbyist. I'm at there actually dead in the water wrong so I think that story's changed this year united GOP now. About corporate tax reform and Tim Kaine. Again our friend John Taylor from Hoover Stanford. Isn't great charts about how productivity response have productivity responds to tax and regulatory reform last twenty seconds. Yeah I thought great he's. He's got a great blog I read it you know I'm still learning from from the grave one. Corporate tax reform Jared Bernstein Tim Kaine on Kudlow money in politics next. From Wall Street to Washington to your wallet. You're listening to Valeri coupled welcome back folks Larry Kudlow and talk some money politics with the eighteen. Lots to talk about. To inspect the caucus Jimmy. CNBC contributor. Steve Morse chief economist. At freedom works and Heritage Foundation Fox News contributor. John MacIntyre. Collector. Founder real clear politics dot com gentlemen. Happy new year welcome back appreciate very much Jane that the Coca satellite to review. Figure the. US Mexican border. Wall. Or fence. Or payments. This is starting now to get back on the front pages. You know all these fans. In Mexico pay for what we'd pay for Donald Trump pay for it. What's going on here Aggies through a lot. I think they're allowed him to be concerned about I think I think we've agreed that there is a very inexpensive option here. Which is to go down the border he just put it turnstile she. That is people that god I think what I call that the couple option. Just disappoint all but here common and it turns out go to guy and limited waved them on and he finds this is like coming here and make a living is. Like the second avenue subway in the Arctic just opened up. You have a guy like. Evan I I did say it is fake cab it turns out but has there illegals Jimmy I would turn them back I would. I would go house to house deportation. But he kiss can't come in here willingly die it's in the southern border security. Well I think yeah I think it's a lot of government in the country. Com I think that's reasonable. I don't know if C ten. Forty billion dollar. And is the way to do it. Puppy mind that he made in the need help from undocumented immigrants. Our our over State's people come here legally they overstate it can't but help with that. I think your demographic things going on here not gonna see this sort of a lot of people coming over the border and look and if you really want out. People flooding the border what you do. It is trying to think the Mexican economy up and not letting any companies build car there and send and the United States likely increase the amount immigration coming here. All would you want what do you make of that very thing sought by Jimmy V. Well I think he's right about that in fact I think you know you sleep cut taxes and regulations and make America a very attractive place to be the SS. That's what Larry the had been ordered to comment elsewhere here their title here though there are sure jerks that they will do it takes to get this country is we will have somebody jobs. But I think that's good spot Oprah country to have what people like about the country not. I'll leave the country I do think we need to build the wall I think it was 1 of the central promise is that Donald Trump made in the campaign and I think publicist have consequences and and you know thousands should keep both from assists. Sort of built the wall and hopefully we're gonna get more security on our border. But what I thought bottle stoppers like I can live with a walk and wanna make sure that they gates of people who come in legally in this country and ensure their freedoms are accurate to our economy and that's what America's all out. John MacIntyre. Not the people that trumped camp. Really heard this in the cannon air I'm sorry the president elect but Johnson people wanna really limit now not just the illegal immigrants. But legal immigrants they base the wanna cut back on immigration including legal immigration what's your thought on that. Why don't I don't look at cutting back I don't know that cutting back on legal immigration. Makes sense I don't know that. Legal immigration. Is the problem I think the problem. Illegal immigration and immigration system that's been. Totally broken and out of control. Any idea but look the idea that do. The ball and it wouldn't it. Online order but the mean the point is. About country it's our country and right to decide the proper way in which people come in front. Like people picked seven billion people in the world. We week you can't just have a system that inning lead get here. Can get here of the year or at public debt at that contain a number two that's not what the public. Okay so. Eat it and he didn't write the team president elect. Made this a central part of his plan that it that it was to build a wall to secure the southern border so that seems like. A couple of gonna get on domestic attack. Like I the second part of that is how did you stick. Overall immigration system and you have a system that works for the country and so you know changing. Changing what you know adding we're we're we're we're picking and having. A legal immigration bill to be we should be sort of having you know. Happy new works of that so that the immigrants are coming here are the immigrants that we want coming in here okay and in the they can't legal immigration is not the problem and I think that would be it if you date for the Republican Party. This sort of dividend and added to go to that app which is I think sort of wouldn't you know that kind of witchy here over in Europe and its former restrictions sang I think it they keep it focused. On illegal immigration and securing the border well which is I think where the focus is going to be. I think that I think one the good policy to with the political winner. Well I think and I are getting out. Let that they're getting at is that he he and I in the other other the idea. Immigration now personally and we need to. And we needed support. Indictment nor hear that we need to prevent them. Or any other for coming back and that becomes a lot. We don't want them but we also want any sort of looked solemn regrets fine that we don't want any milk. And maybe we wanna hide on the red that we really want to take your computer I keep jobs fundamentally don't want to opt for a calmer than they are taking a lot thick colleges. It seemed tidbit that the seemed to be a pattern here just like the pair with this being betrayed that became. We you know we we just trying to protect our intellectual property and then now here we are glad you were talking about the send tough I think the Portland best idea seemed to be the I think it. But I would look like a ghetto but you were saying hey. I would agree with you all. If it starts were to go to that extreme I agree with you totally I think the problem that it is. It's the other extreme. It would the other being totally okay the American people were crying out for years and years and decades quite frankly a lot to do something about illegal immigration. Problem and watch it looked like no you know what we don't care we're not gonna do what we're actually have a bipartisan. I. It did not with the EU and say and do a comprehensive immigration reform bill that was gonna just sort of repeat the problem. And and not totally fix the system. So I agree you that it's in the city if if these sort of take it that Ali iterations and move on but I think there should be acknowledgment. That what was working so out of what is going on in the nineties in the 2000. Was broken and the public wanted to change. In that should actually be followed through in me. We don't complain about an accurate now make. And I'm actually a couple I think happy that it that it is accurate. And actually people out. There. I haven't been ordered. That better and our. The public does Larry would you the president that it does yeah some leadership. And security people American people look at. Jimmy he just. That they're going to control the border and reducing deter illegal immigration and neither party done about it the power the Republicans problem it's. Little lies a problem because there aren't here illegally and I think that's what takes Americans believe in the role of a lot of and they think that people cotton line and and comment and around the country without. Proper. Documentation that that is that is a legal what. It reduces to a block and it it and I look I'm pro immigration and where things that they about the various you know if ornery cheap 4% economic growth which you and I wanna be without proper stock about. It's hard to see how they could possibly come close to that you cut up legal immigration. Because we're gonna need to labor force jets to fill the cabbage pops. You know because. Well as a result of increased labor force and increase productivity were the workers to come up. I think he's in debt which accounted for 95 million Americans without yeah man we do what we anymore and that's what helped me. Other are and that's sure we could tow lot out of America I'm not saying now I think we're gonna need doubt foreign workers as well. I guess my generic point John MacIntyre is. I don't have a probable. I just don't write it may not be my number one priority but I don't have a problem was that. Mr. trump said by the way some of it's going to be wall some of its gonna be and he knows something about building this stuff. We don't know what the cost. I may be a gang get hung up by his second promised that the Mexicans will pay for John how important is that this. Looked more public relations. Meg. Caught up that missed the point I think to beat Italy I think the public wants wall. Talk campaigned on building the wall I think going to be moralists don't. And I think the public will see that it actually Washington. Doing something. That they've been at the people been asking Washington to do what think that we could expect a night. And I think the next step to fixing the broken and illegal immigration system but I. I would agree with Jimmy if this continues to go into it we cricket tennis and kick all the foreigners now don't don't allow a cut. Back on legal immigration. I think that bat and it's not what this country is it not what do growing prosperous country should do Oprah. But the group but did. But I but I agree with Jimmie there but I disagree totally with the idea. That there's nothing wrong with illegal immigrants just coming in at what's wrong with people coming it's like the world is getting flatter. And yet seven billion people and so abused yet. Can't just open it up in what's the limit 50000101000020. Million a year I mean a country has a right. To be able to control its borders and allow who comes in who does come in to become citizens that's just kind. I think great wall of America not a gimmick. But having some of pave the eighth to forty billion dollars. That is why don't we have a I don't know why that a lot of compliment I've got a lot of trouble right and just just just to get that bit of trade. He said it would go a lot. And the code paper I would've loved to have known. That the second part the money part. That would get. Bart and the discloses segment that. To go see. Mexican. Government. Out here which political party is mostly that PRI. Once the law you get right senator Kohl. In what they do not pursue pro growth policies they do not incentivized Mexicans stayed there to climb the ladder of success and prosperity. I know they've opened the oil fields to foreign investment may be we've heard this before without execution. And they would draw these guys there high taxes. Lots of regulations. That state is government. And then they whine and complain that America's picking on them even mean has got to be a key part of this Mexicans. Mexico's all economic policies are basically anti growth their pro central government and by the way pro corruption. Well except they do have more free trade laws we do switch candidates say they agree that you are central port. I think there's a there's two torture one is that obviously we want to do the right things in America the wrecked our economy grow and that they trump has the right. You know program which undermined by a soccer ball as a national security. Issue. We always talk about the Middle East Chicago rush we talked about China the single most important national security issue pro America or is is Mexico we've got to make sure that Mexico retains. Eight you know as much a free market. You know economy is possible to remain stable that they don't go there you know direction of Venezuela Joseph Biden and I I worried that if we shut Mexico opt. They move in that direction and that's very helpful in let's say ninety. Take a little in the way of that as well we have a president of the public private company to telling them to publish weekly Venezuela. I. That was the ads in perfect focus aforementioned dad today a guy who CNBC's Steve mark. Freedom works and heritage and Fox News John MacIntyre real clear politics on Kudlow will be right back. You're listening to Larry Kudlow. Whether it's main street or Wall Street he's got you covered now more Larry Kudlow welcome back folks on Larry Kudlow. We talked to our main. Politics eighteen. Pass to me Pete from AEI and CNBC's Steve Moore of freedom works heritage and news. And Scott MacIntyre roker politics. Jimmy Davis is a tailor made question for you. William Billy. Williams says we will you be helping. And advising him and voting. For Hillary Clinton for mayor of New York City. A guy get this on the table. Left at it at that it's amazing it's an amazing turn it. I look. But what she put them which you have to go and keep going to the lot of the blog know I believe. There was much rule Scioscia mediate with its going to be a centrist. I don't know New York topic to create that interest me. And I don't. Where I mean the choice between Hillary Bosnia though is that. Last. Last last vs last last last. I we haven't I don't know I could I would Hillary independent democratic. All right okay what you are you help Hillary just needs a blahs you Steve. I think we lost that I'm sorry I should Hillary I you can help Hillary Clinton does he build the blahs steals for mayor of Newark. Well you know that's like you know they are members of Iraq War. Veteran sports. Like I think Hillary is Sparky I actually kind of feel sorry for Hillary Clinton I think that are you know what she's waited their whole life to be precedent and it's not gonna happen now and you know she's got floundering like profession. I think it's time for her to wander off and maybe write a book and get that I'll. Web. John back into that now what I'm here and I mean people aren't really talking her up to actually won two terms as a US senator from New York. New York City needs a little help I think to put it mildly. Maybe she's certainly Larry you know maybe continue to take advice. In the the weaker back. Is it is in doubt what Carla in practice. Error. Was. Terry and so maybe it may be shall run program up to a document area and chill blues that nomination fight conventional. Be totally dark. I think she should run as a Republican. I really do I turn. Our. All right let us. Right I mean we I am eleven Republicans in New York City but she easily get the nomination. I mean it's really questionable Republican. Power that he yelled most important nine elevenths but the reason I raise this. It's it's kinda humorous it's kind of frivolous question but. The point I'm getting to Steve Moore is it I don't have any clue. Where the Democratic Party thinks it's going right I have no idea I. Talked earlier in the show. About senator Chuck Schumer. Who is now loudly proclaimed. That the Democrats are gonna block you know cabinet appointments and health reform and tax reform and judges and all the rest of that. They are poisoning the political water left and right the just got wolf pretty badly. And you know Hillary against the Bosnia in New York may be funny. But is it what does that what is the Democratic Party who aren't the Democratic Party how in the world they got it changed after the drubbing that they've been taking. Yeah I mean it's a great point I think you know you wouldn't neglected dimension I think it's a Monday or Tuesday of this week for each Amber's epic epic alcohol that's been covered by Siena. NC got party that is now dominated by Chuck Schumer. You know Bernie Sanders said the dollar that the war there's not a lot of talent there and the Democrats plumber data have a statute they're still in denial job about what happened in the election and they are still be gentle note was the Russians that caused our pullout sir it was. You know the call me they're not they're not let's get back the trust who is the potency. United bought the vast majority of policy at 69 at nine united state legislatures now lumber Republicans Democrats don't have the power base laughed. Well in this part of the problem is they don't they don't they don't appreciate how much at a perfect storm that works forum on the presidential side with Obama. And Matt you know by it by having. I minority who's sort of get out the minority vote in huge numbers. And the the other things Obama what a leper he was a pop culture's elaborate any was very good at. But but Kennedy was elected. I and there are now just doc. With the web part in the policies which you know charitably maybe a third of the country like OK and it got two thirds. Of the country that are just to default position is that not like the democratic. And you continue with those leftist policies that got up by another minority. Celebrity's. Roughly got Nokia. All right Jim that's a good guess thank you Steve Moore thank you John McEntire thank you. Hillary Clinton please don't do it it's already bad enough on Larry Kudlow next weekend.