The Daily Signal - Victor Davis Hanson: Critics Slam Trump’s Economic Plan—but Offer No Alternative

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Starting point is 00:00:25 We'd love to talk. Business. I'd like to talk about the economy and politics very quickly. Whether you like it or I like it or whether the administration likes it, the success or failure of Donald Trump will hinge on the status of the economy. I'll rank everything. So here's my question, though. When Cory Booker stands up for 25 hours, does he give an alternate agenda on the economy?

Starting point is 00:00:51 Does Nancy Pelosi talk about the economy? She used to. We haven't had balanced trade for 50 years. No one is giving any alternatives. No one is talking in any way that they have an anthophysical and a better plan than Donald Trump. It's just attack Trump, Trump, Trump, Trump. Hello, this is Victor Davis Hanson for the Daily Signal. I'd like to talk about the economy and politics very quickly. Whether you like it or I like it or whether the administration likes it or whether the Congress and other people like it,

Starting point is 00:01:32 The success or failure of Donald Trump will hinge on the status of the economy. It will overshadow the miraculous achievement on the border, where he went from a rate of about 2 million people a year to almost zero illegal immigration. It will even outrank the question of peace and stability in Ukraine or the Middle East. It will outrank everything. So here's my question. There is now outrage. hysteria over the last 24 hours to 48 hours that Donald Trump has outlined his

Starting point is 00:02:10 tariff program to bring down the nearly $1 trillion trade deficit. And the stock market has taken hits. So here's my question, though. When Cory Booker stands up for 25 hours, does he give an alternate agenda on the economy? Does Nancy Pelosi talk about the economy? She used to, does the Wall Street Journal, when they criticize Donald Trump, why don't they get a columnist and say these are the 10 points that are preferable in addressing our economic challenges? Now, what are our economic challenges? Well, the first is debt. We owe $37 trillion. We're paying $3 billion a day in interest. We're running a $1.7 trillion deficit. So if you were on the left and you were part of the machine that borrowed $7 trillion under Joe Biden,

Starting point is 00:03:07 created these huge new programs, why don't you make an argument? Just say, I believe in modern monetary theory. I believe if we can just get down to one or two percent interest, you can service any debt because the bondholders, they're wealthy anyway. So that's what we've been doing. And I believe money's a construct. It's just an idea. there is no such thing as, you know, red or blue ink, any of that. So just keep spending. There's no

Starting point is 00:03:38 problem. 37, 40, say that. Or if you're on the right, say, I prefer to look at the debt in a different way. If you're going to cut, why select particular fraud waste and abuse areas? Why not just go across the board and treat everybody the same with a four or five percent or ten percent cut? or if you don't believe in cutting government to reduce the debt, then say, let's just go completely laissez-faire. And let's grow the economy so it's growing at four or five percent GDP and it will solve the problem. Or if you're in the middle and you're an independent, why don't you just say we had three balanced budgets? We were reducing the debt because Newt Gingrich controlled, he controlled taxes and Bill, Clinton controlled spending, and he was able to find a incentive plan to increase revenue and

Starting point is 00:04:37 Bill Clinton decrease spending. Okay? Why not we go back and follow their model? But the problem is none of these areas, right, center, and left, nobody in these disciplines is offering any alternative agenda. It's just attack Trump, Trump, Trump, Trump, Trump. This Giving Tuesday, CAMH is counting on your support. Together, we can forge a better path for mental health by creating a future where Canadians can get the help they need when they need it, no matter who or where they are. From November 25th to December 2nd,

Starting point is 00:05:14 your donation will be doubled. That means every dollar goes twice as far to help build a future where no one's seeking help is left behind. Donate today at camh.ca.cage-ghing-tuesday. Let's go to trade. So we have, again, about a trillion-dollar trade deficit. We haven't had balanced trade for 50 years. Our opponents, challengers, allies, whatever you want to call them, feel that protected tariffs in China, in India, in Europe, in South Korea, in Japan, have been very conducive to their economic miracle, post-war miracles.

Starting point is 00:05:57 and they feel that there must be some wisdom in them because they continue to perpetuate them. They have not run deficits for a half century. They're not in terms of GDP debt quite like we are. So maybe you can argue that tariffs are just an American problem, an obsession, and they don't really matter. Or you can say that we should have reciprocal tariffs based on each one, but tell us what you want to do. Why don't you just say that if you, and I have read this from scholars as diverse as the American Enterprise Institute, the C-B, this is just a construct trade deficits. They don't matter because the people, if they run up a surplus, they buy our bonds or they invest and it's a

Starting point is 00:06:46 circuit or process, just say that. Or if you believe that trade deficits matter, then you say, well, the answer is not through tariffs. It's through greater. productivity and here's how I want to do it. But again, there's nothing. And then we get finally into foreign investment. Donald Trump is bragging, I think justifiably so, that he may have three to five trillion dollars in foreign investment. Nobody says a word about it. Nobody says this many billion dollars will result in this many new job created. No. They just kind of ignore it. So give us a reason why. Just say, you know, the new massive amounts of foreign aid will have no effect on either our trade deficit or our budget deficit.

Starting point is 00:07:35 It's just a construct that Trump says. Or say that it will, but it won't nullify the pernicious effects of terrorists. But what I'm getting that in conclusion is, what if Cory Booker had said, I'm going to speak for 25 hours why Donald Trump's trade, debt, and federal work source investment are all wrong, and here's da-da-da-da. Or what if Hickham Jeffrey said, here is our contract to America, on the economy, the economy. No one is giving any alternatives. No one is talking in any way that they have an antithetical and a better plan than Donald

Starting point is 00:08:13 Trump. So what we are left with is just naysaying, nihilism, criticism. and the American people are confused. If you don't believe that what Donald Trump is trying to do on debt, budget, workforce, trade, then come up with a better agenda and show why it will work and why his will fail. But don't just scream and yell and cause all hysteric and go to street theater. Because that's no answer. It only amplifies the problem. This is Victor Davis-Hansson for The Daily Signal.

Starting point is 00:08:48 Thank you for tuning in to the Daily Signal. Please like, share, and subscribe to be notified for more content like this. You can also check out my own website at victorhansen.com and subscribe for exclusive features in addition.

The Daily Signal - Victor Davis Hanson: Critics Slam Trump’s Economic Plan—but Offer No Alternative

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