The Adam Mockler Show - Economist LOSES HIS SH*T after Trump Plan REVEALED

Starting point is 00:00:00 Stop. Do you know how fast you were going? I'm going to have to write you a ticket to my new movie, The Naked Gun. Liam Nissan. Buy your tickets now. I get a free Tilly Dog. Not included. The Naked Gun. Tickets on sale now.

Starting point is 00:00:14 August 1st. I got one more. Hey, listen, here's news for the President and the Secretary of the Treasury. We already have a free trade agreement with Korea. We've had one for nearly 20 years. Almost all trade between the United States and Korea is tariff. free and has been for over a decade. There's nothing more you can do rather than drop the tariffs that you already don't have. Of course they're going to sign an agreement. The agreement's

Starting point is 00:00:39 going to say we're not going to charge tariffs on American goods because we don't. Of course Korea is at the front of the queue. This is the easiest one in the world. The only thing this is going to achieve is taping back together the agreement that the president already ripped up. There's one more problem here, by the way. The existing agreement was a good agreement. It was passed by Congress. It binds future administrations. The president's not talking about going back to Congress on that. So all that means is this is an agreement for the duration of the Trump administration. It only papers over the problems that the Trump administration has created. All right, this is going to be a good video. I made a video

Starting point is 00:01:21 earlier this morning about how the U.S. is on the brink of an economic shockwave. Once we hit the 30-day mark after Trump's tariffs, which we haven't hit yet, started on April 9th at midnight. So once we hit that 30 day mark, we will officially be in this new shockwave where logistics and shipping across the globe may freeze in a COVID-like way. I made a whole video breaking that down this morning. And I want to build off the back of that. Not by talking about the same topic, because I already covered that, but by showing you a professor named Justin Wolfers from the University of Michigan who teaches econ, he has been going off on the news in a good way. He keeps doing these news hits. And he just wrecks Trump's lack of

Starting point is 00:02:00 knowledge about the economy. Let's start with this clip of Trump speaking to reporters just an hour ago in DC. He says that he wants to replace the income tax with tariffs. And we're going to make a lot of money and we're going to cut taxes for the people of this country. It'll take a little while before we do that. But we're going to be cutting taxes and as possible we'll do a complete tax cut because I think the tariffs will be enough to cut all of the income tax.

Starting point is 00:02:25 This guy is insane and everything he's saying is contradictory. So he says in one breath that he wants to re-shore manufacturing to the point where we're building everything at home. We're building everything in America. But then he says, we're going to be taxing so many imports so we can completely remove the income tax. But if we're building everything at home, what are we even importing? Why are we importing anything? There's nothing to import.

Starting point is 00:02:46 Therefore, people will be taxed. Also, if we're building everything at home, which is incredibly inefficient. But Trump then says he's reshoring manufacturing and cutting deals at the same time. But if you think about it, any deals that we cut. with other countries will necessarily undermine domestic manufacturing because we're cutting deals with other countries. Here's another clip of Econ Professor Justin Wolfers. Make sure you drop a like and drop some blue hearts.

Starting point is 00:03:11 Let's boost this message. I just want to add one more thing. That interview with time is the most lunatical thing I've ever read. And I just want to share with you something because it will give you a sense of exactly what's happened to the Republican Party. This is a paragraph. The president said, we are a department store. we set the price. I meet with the companies and then I set a fair price. This is literally how

Starting point is 00:03:37 the Soviet Union worked, by the way. It's a command economy 101. There's one central figure dictating how the economy works rather than using the laws of supply and demand, which I'm not like an econ whiz, but the laws of supply and demand seem to be pretty solid. They seem to have worked pretty well. What I consider to be a fair price and then they can pay it or they don't have to pay it. Milton Friedman is rolling in his grave. This is central planning, not even by a central planning committee. A central planning committee would have expertise. This is a bloke in a room who thinks the country's a store. Chris, you and I are on MSNBC right now, complaining there's no market forces. Right. Yes. I pulled that quote. I knew.

Starting point is 00:04:28 I was going to read that quote to you. I'm glad you read it. Yes, I thought that was, wow, that's quite a way to view the entirety of the American macro market economy as a department store where he sets the prices. Where he sets the prices, that is wild. And the thing is, we do want sort of, I personally want sort of a mixed economy, as we already have, but I want a little bit more like the Nordic system. In these countries, they still have capitalist societies with free markets and the tenants of supply and demand, but they also incorporate a lot. of heavy social safety nets. So everybody has the opportunity to become rich and do the best that they can. But everybody also starts out at the baseline. No matter who you are, you oftentimes

Starting point is 00:05:09 have solid social safety nets in these European Nordic countries. Now, there will be a lot of challenges when trying to recreate that in the U.S. mainly just the population size is way different than a lot of these Nordic countries. But it's worth trying. The U.S. is uniquely cut throat with our capitalism. With all of that being said, The response to that is not to just become a command economy where Donald Trump unilaterally sets the prices based on his instincts rather than based on tenants of supply and demand with social safety nets at the bottom. I think the supply and demand of social safety net sounds better than a Donald Trump controlled economy. Check out this clip of him talking about the war in Ukraine. We'll go back to the economy, but I just thought this was just disappointing.

Starting point is 00:05:52 I keep saying two weeks about President Putin. What is two weeks? Give us, what is the actual date? What is the timeline? Two weeks or less, and if it's a little more at the time, I say, but, you know, they're losing a lot of people. I hate this guy. I'm going to make a video in two weeks, and I'm going to bring up this clip. It's not going to be done.

Starting point is 00:06:11 He said on day one it was going to be done. He's been saying two weeks about the health care plan for like nine years now. You can't say two weeks after nine years. Nobody is ever going to believe you. Let's close us off with one more clip of Justin Wolfers talking about Liberation Day tariffs. I love watching this guy, just lose his shit on Trump. Tell me more about that final thought, because you posted on social media, and I'll read out the quote, not one of our current economic wounds come from abroad.

Starting point is 00:06:37 Every scar was made in Washington. Give me an idea. Is it already flowing through the impacts on ordinary people, on prices, on jobs, on just normal things? a little bit yes and a lot more's to come so if you go down to the local toy store and ask the shopkeeper whether he or she has ordered more toys for next month their answer is actually going to be no because you don't want to order toys when it's a 145% tariff and you don't know what it's going to be next week or next year most of our economic data that we've had so far before the big tariff announcements so you have to look instead at the more forward-looking stuff

Starting point is 00:07:18 asked people how they feel what they expect about the future. And Americans are furious. Consumer confidence has fallen more in the past two months more rapidly than I've ever seen before. Inflation expectations have spiked dramatically. People expect unemployment to have risen at a rate that we just haven't seen in a long time. A really good point that not enough people are bringing up is that if you want to actually restore manufacturing, as Trump claims, I don't think that's his goal, but he claims that, then you number one, have to give a grace period for these companies to move. over. But number two, if you're not going to give a grace period, you need some sort of outside capital investment. You're not going to have small business owners on mass in America having the materials and the money and the resources to just build new plants to import all the materials and do all of that. Most businesses are operating with a pretty tight budget where their overhead is just met and then they get into profit. So you can't just build a new plant as a small business

Starting point is 00:08:14 owner without outside investment. But right now, no person, no firm, no country wants to invest in the U.S. economy when it's in such a predictable state, or sorry, unpredictable state. It's in the most unpredictable state that has been in since maybe 2008. I would wager that we see more prolonged inflation and unemployment. We've already seen a more prolonged stock market crash than we even saw during COVID. I mean, the market began to recover a week after the COVID crash, if you remember. So the point is, our economy is in a uniquely volatile. an unpredictable spot, and other people won't want to invest in our country, and without those investments, we can't build the manufacturing plants that Trump is claiming he wants to build. It's wild.

Starting point is 00:08:54 Drop a like, subscribe. I appreciate everything that you guys have helped me build thus far. By the way, we are currently one of the fastest growing YouTube channels. The Adam Mockler YouTube channel has beat Megan Kelly and Charlie Kirk and Tucker. We have not beat Fox News, but you can help us fix out by subscribing. I love all of you. See you in the next video and peace up.

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The Adam Mockler Show - Economist LOSES HIS SH*T after Trump Plan REVEALED

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