RUSH TRANSCRIPT Trump is ░░░░░░░░ to name a new ░░░░░░░░ governor He has another ░░░░░░░░ He needs to fail ░░░░░░░░ collecting any bureau of ░░░░░░░░ statistics chief to replace ░░░░░░░░ mcintyre for who we ░░░░░░░░ last week after week ░░░░░░░░ data revisions that he ░░░░░░░░ without evidence were rigged ░░░░░░░░ joining us out here ░░░░░░░░ our Washington bureau with ░░░░░░░░ is that Harris former ░░░░░░░░ labor secretary in the ░░░░░░░░ Administration and senior fellow ░░░░░░░░ the burn center for ░░░░░░░░ change at northeastern university ░░░░░░░░ is also a former ░░░░░░░░ labour policy adviser to ░░░░░░░░ died and welcome back ░░░░░░░░ bloomberg TV and radio ░░░░░░░░ If we could just ░░░░░░░░ begin with this concept ░░░░░░░░ rigging is it possible ░░░░░░░░ rig Be less data ░░░░░░░░ I asked that not ░░░░░░░░ looking back at what ░░░░░░░░ mcintyre intact entire for ░░░░░░░░ have been able to ░░░░░░░░ but also with the ░░░░░░░░ that maybe the data ░░░░░░░░ t going to be ░░░░░░░░ If President Trump can ░░░░░░░░ a loyalist to the ░░░░░░░░ less can anyone doing ░░░░░░░░ one person that o ░░░░░░░░ could possibly be would ░░░░░░░░ the commissioner who was ░░░░░░░░ the person who put ░░░░░░░░ those statistics this was ░░░░░░░░ Erica mcintyre for sitting ░░░░░░░░ her computer on her ░░░░░░░░ writing up a report ░░░░░░░░ then suddenly get to ░░░░░░░░ public This is hundreds ░░░░░░░░ hundreds and hundreds of ░░░░░░░░ involved them survey collection ░░░░░░░░ and statistical analysis Everything ░░░░░░░░ the culture of be ░░░░░░░░ guarantees that if anybody ░░░░░░░░ to rig the numbers ░░░░░░░░ d have dozens or ░░░░░░░░ of people pointing the ░░░░░░░░ and whistle blower So ░░░░░░░░ s zero chance that ░░░░░░░░ numbers were rigged They ░░░░░░░░ an honest reflection of ░░░░░░░░ labor market that is ░░░░░░░░ down dramatically under the ░░░░░░░░ economic policies and a ░░░░░░░░ of some late replies ░░░░░░░░ understandably forty two percent ░░░░░░░░ the respondents got back ░░░░░░░░ the government in time ░░░░░░░░ so when they had ░░░░░░░░ flood of late replies ░░░░░░░░ were added Kevin Hassett ░░░░░░░░ name is on a ░░░░░░░░ short list to be ░░░░░░░░ next feds year has ░░░░░░░░ on television saying that ░░░░░░░░ revisions equal the hard ░░░░░░░░ that this was rigged ░░░░░░░░ you trust a fed ░░░░░░░░ Who says that on ░░░░░░░░ of the president I ░░░░░░░░ don t trust coven ░░░░░░░░ Hassett and that argument ░░░░░░░░ preposterous How come we ░░░░░░░░ one month of revisions ░░░░░░░░ were especially large and ░░░░░░░░ usually don t see ░░░░░░░░ kind of a number ░░░░░░░░ the other revisions of ░░░░░░░░ other two months that ░░░░░░░░ revised we re not ░░░░░░░░ big they were can ░░░░░░░░ with what we ve ░░░░░░░░ in the best let ░░░░░░░░ just say they were ░░░░░░░░ every month veers We ░░░░░░░░ it all the time ░░░░░░░░ that s because we ░░░░░░░░ there are a late ░░░░░░░░ to the surveys that ░░░░░░░░ be less runs We ░░░░░░░░ updated information about seasonal ░░░░░░░░ We have updated information ░░░░░░░░ statistical amputations that this ░░░░░░░░ of labor statistics cause ░░░░░░░░ s all Ordinary business ░░░░░░░░ in the context of ░░░░░░░░ labor market with a ░░░░░░░░ and seventy million Americans ░░░░░░░░ adjustment of a hundred ░░░░░░░░ is less than point ░░░░░░░░ percent If we could ░░░░░░░░ be 90 nine percent ░░░░░░░░ we would meet the ░░░░░░░░ a less standard So ░░░░░░░░ we consider the accuracy ░░░░░░░░ the data going forward ░░░░░░░░ this kind of comes ░░░░░░░░ to my region No ░░░░░░░░ there was a suggestion ░░░░░░░░ the course of the ░░░░░░░░ several days that markets ░░░░░░░░ not be able to ░░░░░░░░ the same faith in ░░░░░░░░ economic data put out ░░░░░░░░ the u s government ░░░░░░░░ they otherwise would in ░░░░░░░░ aftermath of the should ░░░░░░░░ still have the faith ░░░░░░░░ of here The next ░░░░░░░░ a less commissioner is ░░░░░░░░ regardless I think that ░░░░░░░░ m very very important ░░░░░░░░ the president appoints to ░░░░░░░░ the next be o ░░░░░░░░ because even though in ░░░░░░░░ given month at any ░░░░░░░░ time the commissioner can ░░░░░░░░ change the results in ░░░░░░░░ monthly employment situation report ░░░░░░░░ time you can make ░░░░░░░░ series of strategic decisions ░░░░░░░░ would have an effect ░░░░░░░░ the outcome So I ░░░░░░░░ there is real cause ░░░░░░░░ concern at whoever is ░░░░░░░░ to that Job is ░░░░░░░░ under a cloud because ░░░░░░░░ present a United States ░░░░░░░░ about what happened With ░░░░░░░░ be a less commissioner ░░░░░░░░ did not rig the ░░░░░░░░ He said that to ░░░░░░░░ firing her when let ░░░░░░░░ just say he could ░░░░░░░░ just fired her There ░░░░░░░░ no reason to make ░░░░░░░░ false accusation against her ░░░░░░░░ doesn t want people ░░░░░░░░ know the truth about ░░░░░░░░ economy but you know ░░░░░░░░ American people working people ░░░░░░░░ know what s going ░░░░░░░░ they know If there ░░░░░░░░ jobs available to the ░░░░░░░░ know their wages are ░░░░░░░░ up they certainly know ░░░░░░░░ their prices are going ░░░░░░░░ They know that there ░░░░░░░░ a lot of confusion ░░░░░░░░ town so their employers ░░░░░░░░ t know what to ░░░░░░░░ That s the problem ░░░░░░░░ firing the be as ░░░░░░░░ accomplished Absolutely nothing and ░░░░░░░░ president has now put ░░░░░░░░ Integrity of our statistical ░░░░░░░░ at risk with that ░░░░░░░░ are you surprised to ░░░░░░░░ Wall Street today You ░░░░░░░░ think that we be ░░░░░░░░ a thousand points Having ░░░░░░░░ to the way that ░░░░░░░░ just described this but ░░░░░░░░ markets on a tear ░░░░░░░░ vic s is down ░░░░░░░░ or up where s ░░░░░░░░ disconnect here because Republicans ░░░░░░░░ say there s a ░░░░░░░░ of pearl clutching going ░░░░░░░░ city over this response ░░░░░░░░ m not surprised that ░░░░░░░░ would say that but ░░░░░░░░ me just say I ░░░░░░░░ t make my judgments ░░░░░░░░ whether or not there ░░░░░░░░ a good policy or ░░░░░░░░ bad policy or a ░░░░░░░░ decision or a bad ░░░░░░░░ and government based on ░░░░░░░░ markets respond If there ░░░░░░░░ a problem long term ░░░░░░░░ the firing of mcintyre ░░░░░░░░ of the be less ░░░░░░░░ we re going to ░░░░░░░░ that evolve we re ░░░░░░░░ to have to see ░░░░░░░░ President Trump points were ░░░░░░░░ To have to see ░░░░░░░░ or not there is ░░░░░░░░ blowing their goes on ░░░░░░░░ of be a less ░░░░░░░░ re going to have ░░░░░░░░ see how that person ░░░░░░░░ about their job if ░░░░░░░░ truly are independent which ░░░░░░░░ be ellis commissioner is ░░░░░░░░ to be well I ░░░░░░░░ the markets would be ░░░░░░░░ not to be concerned ░░░░░░░░ it but if like ░░░░░░░░ else seemingly that President ░░░░░░░░ points they only do ░░░░░░░░ his bidding and they ░░░░░░░░ t worry about being ░░░░░░░░ being ethical then I ░░░░░░░░ the markets are going ░░░░░░░░ be conservative Well of ░░░░░░░░ the Federal Reserve hasn ░░░░░░░░ been doing President Trump ░░░░░░░░ bidding he s been ░░░░░░░░ for lower interest rates ░░░░░░░░ Fed has not yet ░░░░░░░░ it but as you ░░░░░░░░ to what the state ░░░░░░░░ these revisions reveal which ░░░░░░░░ a softening labor market ░░░░░░░░ you think President Trump ░░░░░░░░ have A point that ░░░░░░░░ the Fed should have ░░░░░░░░ sooner versus waiting for ░░░░░░░░ I think it s ░░░░░░░░ very interesting argument You ░░░░░░░░ President Trump was complaining ░░░░░░░░ numbers that are going ░░░░░░░░ actually help him to ░░░░░░░░ Is policy goal if ░░░░░░░░ Fed which is to ░░░░░░░░ the Fed to move ░░░░░░░░ interest rates I think ░░░░░░░░ odds of an increase ░░░░░░░░ sorry of a slashing ░░░░░░░░ interest rates have gone ░░░░░░░░ a slashing maybe 20 ░░░░░░░░ basis point cut maybe ░░░░░░░░ fifty basis points although ░░░░░░░░ would be leaning very ░░░░░░░░ far forward with the ░░░░░░░░ that the Fed has ░░░░░░░░ we saw inflation tick ░░░░░░░░ and we saw the ░░░░░░░░ market slow down there ░░░░░░░░ a real risk of ░░░░░░░░ here So they are ░░░░░░░░ a situation where they ░░░░░░░░ to move Very very ░░░░░░░░ cautiously and let me ░░░░░░░░ say caution and Donald ░░░░░░░░ don t belong together ░░░░░░░░ a and at the ░░░░░░░░ of terrorists at the ░░░░░░░░ of continued mass deportations ░░░░░░░░ s say six months ░░░░░░░░ a year from now ░░░░░░░░ to monthly jobs Numbers ░░░░░░░░ like we ve had ░░░░░░░░ tell us here that ░░░░░░░░ can be done to ░░░░░░░░ trickle 10 thousand love ░░░░░░░░ an outlier in a ░░░░░░░░ like that yeah I ░░░░░░░░ that s exactly right ░░░░░░░░ think it s hard ░░░░░░░░ overstate the disaster associated ░░░░░░░░ the uncertainty caused by ░░░░░░░░ tariffs and the catastrophic ░░░░░░░░ of these deportations on ░░░░░░░░ and workplaces all across ░░░░░░░░ United States People are ░░░░░░░░ justifiably so we have ░░░░░░░░ On identified ice agents ░░░░░░░░ into workplaces and rounding ░░░░░░░░ people who have been ░░░░░░░░ this country for decades ░░░░░░░░ of the many decades ░░░░░░░░ responsibly paying their souls ░░░░░░░░ taxes in their income ░░░░░░░░ contributing to our economy ░░░░░░░░ they re being thrown ░░░░░░░░ of the country That ░░░░░░░░ not just more Morally ░░░░░░░░ but it is very ░░░░░░░░ bad for our economy ░░░░░░░░ s and seems to ░░░░░░░░ no sign that either ░░░░░░░░ these too deeply troubling ░░░░░░░░ policies The tariff confusion ░░░░░░░░ the president is causing ░░░░░░░░ to mention the actual ░░░░░░░░ of the tariffs on ░░░░░░░░ and other things production ░░░░░░░░ United States But the ░░░░░░░░ are just going to ░░░░░░░░ us Our economic growth ░░░░░░░░ upon having more people ░░░░░░░░ fewer the president s ░░░░░░░░ to throw a bunch ░░░░░░░░ really good quality workers ░░░░░░░░ of the country just ░░░░░░░░ they have brown skin ░░░░░░░░ t when we consider ░░░░░░░░ terrorist acts like knowing ░░░░░░░░ three days from now ░░░░░░░░ worse supposedly going to ░░░░░░░░ collecting higher levies that ░░░░░░░░ Trump announced on Friday ░░░░░░░░ is that actually start ░░░░░░░░ more immature Finally have ░░░░░░░░ influence on the hiring ░░░░░░░░ firing decisions that businesses ░░░░░░░░ making when you re ░░░░░░░░ higher input costs and ░░░░░░░░ their labor costs as ░░░░░░░░ You know it s ░░░░░░░░ think it s very ░░░░░░░░ to predict because the ░░░░░░░░ is extremely hard to ░░░░░░░░ He puts the tariffs ░░░░░░░░ He takes the terrorists ░░░░░░░░ He makes it fifty ░░░░░░░░ he makes it 10 ░░░░░░░░ He says he strikes ░░░░░░░░ deal We never see ░░░░░░░░ contents of the deal ░░░░░░░░ business is really don ░░░░░░░░ know what the sound ░░░░░░░░ is You know telling ░░░░░░░░ something you know very ░░░░░░░░ because you work on ░░░░░░░░ network Capitalism depends upon ░░░░░░░░ and certainty and we ░░░░░░░░ neither of those things ░░░░░░░░ respect to the president ░░░░░░░░ terror of policies So ░░░░░░░░ the tariffs begin to ░░░░░░░░ what we re seeing ░░░░░░░░ the labor market which ░░░░░░░░ employers are not laying ░░░░░░░░ workers in large numbers ░░░░░░░░ s been an increase ░░░░░░░░ there s not going ░░░░░░░░ dramatic increase We will ░░░░░░░░ see employers begin to ░░░░░░░░ decisions about decreased output ░░░░░░░░ they re not able ░░░░░░░░ sell their products they ░░░░░░░░ going to have higher ░░░░░░░░ costs That means they ░░░░░░░░ have to lay some ░░░░░░░░ off So that s ░░░░░░░░ we want to monitor ░░░░░░░░ at the weekly initial ░░░░░░░░ claims number which is ░░░░░░░░ of a proxy for ░░░░░░░░ offs because going to ░░░░░░░░ a very important indicator ░░░░░░░░ what s happening in ░░░░░░░░ labor market with respect ░░░░░░░░ employer decision making right ░░░░░░░░ they re kind of ░░░░░░░░ still hoping that all ░░░░░░░░ is going to pass ░░░░░░░░ once they start making ░░░░░░░░ that will be an ░░░░░░░░ that they re making ░░░░░░░░ decision to lay people ░░░░░░░░ a stance on this ░░░░░░░░ going to have you ░░░░░░░░ that Seth Harris Former ░░░░░░░░ labor secretary and the ░░░░░░░░ Administration senior fellow at ░░░░░░░░ burn center for social ░░░░░░░░ at northeastern university Thank ░░░░░░░░ as always Coming up ░░░░░░░░ Trump’s