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Kudlow: Economic gains reaching deep into blue collar area - YouTube
Channel: Fox News
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welcome back u.s. job growth exceeding
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expectations in October the Labor
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Department announcing Friday that
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250,000 jobs were added to the economy
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in October while the unemployment rate
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held steady at 3.7 percent which is a 49
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year low these numbers giving President
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Trump something to brag about heading
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into this Tuesday but will the good
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times continue for the economy and your
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401 K Larry Kudlow is with me the
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director of the National Economic
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Council and assistant to the president
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for Economic Policy he joins me now in
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an exclusive interview Larry it's always
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a pleasure to see you thank you so much
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for being here thanks Maria appreciate
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it that's always very good number as
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wages up 3.1 percent but of course the
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markets have been very volatile and
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nervous that the good times are not
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sustainable that a slowdown is on the
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horizon are you worried about a slowdown
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on the horizon I am not right I mean I
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hear all this stuff of that sugar high
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and temporary and not sustainable I mean
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for one thing that 250,000 gained
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employment which was you know a
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blockbuster I remember telling I told
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president about it Thursday evenings it
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whoa whoa and Kevin Hassett and I were
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really surprised look you got 3.1
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percent rise in wages you got 250,000
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we're running solidly you know the
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biggest beneficiary beneficiaries are
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Maria blue-collar workers take a look at
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the numbers the employment increase is
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largely centered on blue-collar workers
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there the big winners fastest since the
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eighties and they are the ones
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experiencing the largest wage gains
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blue-collar workers of beaten
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white-collar workers I'm not against
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white collar workers I'm just saying
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this is a very depth you know it's
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reaching down deep into the blue collar
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area that is precisely what we wanted
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with our supply-side tax cuts across the
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board and deregulation of the
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president's program you just heard
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Democratic congressman Tim Ryan from
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Ohio on this program right and he said
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83% of the tax cut plan went to the top
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one percent what's your answer to that I
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push back on Heidi's away I I don't know
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where mr. Ryan gets that number
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I have respect for him he is rather more
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moderate Democrat but those kinds of
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nickel nitpicking and ankle-biting I
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don't know where that thing comes from
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you know when we put this program in
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place when President Trump ran this in
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2016
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Kevin has to deny and laugher and so
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forth worked on it we believed that the
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tax cuts for corporations large and
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small the marginal tax rate reductions
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okay now down 21% for companies large
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companies bouncing 19% for small
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companies the biggest beneficiary would
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be ordinary working folks love blue
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collars and that is precisely what the
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data is showing I don't know where mr.
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Ryan and others get it which mean Kevin
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Brady the chairman of House Ways and
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Means joined me last week and he said
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he's now working on an additional tax
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cut that the president wants to cut
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taxes for the middle class by 10% and
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make the individual cuts permanent if
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the economy is going so great why do you
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have to cut taxes again well look I
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think the I think the mayor permanent
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for the personal taxes which would
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include small business very important
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and I think Kevin Brady is exactly right
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we are noodling about an additional 10%
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middle-class tax cut just noodling
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looking at different plans okay we will
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see but look the great story of 2018 you
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said it I think in the break right it's
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the economy stupid
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we are growing you know three point five
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percent in q3 four point two percent in
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q2 three percent over all my friends on
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the other side of the aisle said you
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couldn't be - we are now beating three
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solutely this is the biggest single
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story of 2018 big story is how China has
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been behaving right they've been
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stealing for us for decades and now
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there's a report that Larry that says
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it's a it's a report that says that now
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China is considering buying oil from the
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United States versus Iran as part of a
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larger trade deal with the United States
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that the president will discuss at the
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g20 with President Xi has this been
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discussed China buying oil from the US
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well I can't speak on the specifics
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quite yet okay can't go there but look
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I'm the China deal I think there's been
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some misunderstanding here first of all
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President Trump President Xi had a
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positive phone call that's a good thing
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okay second of all it is now certain
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that the two presidents will discuss
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trade at the g20 meeting in Argentina
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that's a good positive optimistic thing
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now look I spoke to president Trump
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yesterday okay we had a long talk about
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the China position he believes that
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China's weakening economy by the way
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there PMI is down to 50 so that shows
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they're on the cusp fear of a recession
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anyway President Trump believes China
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would like to trade deal and President
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Trump is the first president in decades
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to push to push this issue we're not
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going to let them get away with unfair
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and illegal trading practices now having
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said that President Trump told me he
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would make a deal with China okay
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but it has to be a deal that is strong
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and in America's interest that's his key
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point we will work it out we have asked
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them Maria about technologies
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transferred stealing about intellectual
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property rights dealing about ownership
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problems about high tariffs on
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agriculture and industrial goods they
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cannot steal our technology that doesn't
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work for us now if we if they respond to
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our asks then the president will
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consider making a deal as long as it's
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in America's interest he was very clear
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in my talk with them yesterday but it's
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gotta be the subject of oil coming up
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trying to buying US oil real quick Larry
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no no it did not
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that may be down the road but my point
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is this we may get some progress in
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Argentina that's good let's be
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optimistic about that but let's not go
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overboard yeah any deal which will take
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a while to put together you know
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the details of negotiations must be in
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America's interest and we have not heard
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from China with respect to RS we have
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not yet heard yep their position so we
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got wait on this let's hope we get some
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progress in Argentina but this has to be
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in America's interests of chumps the
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first guy to stress this in 20 years and
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he's not gonna relent he's got strong
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back all right Larry it's good to see
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this morning thanks so much Larry Kudlow
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joining us there
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