RUSH TRANSCRIPT Hope something ░░░░░░░░ comes of it Thank ░░░░░░░░ Larry folks moving right ░░░░░░░░ joining me Michael falkander ░░░░░░░░ is assistant treasury for ░░░░░░░░ policy chief economist at ░░░░░░░░ policy institute professor of ░░░░░░░░ at the university of ░░░░░░░░ Michael welcome back Here ░░░░░░░░ are I began talking ░░░░░░░░ the show with our ░░░░░░░░ friend Kevin Hassett about ░░░░░░░░ massive Biden regulatory burden ░░░░░░░░ to 350 billion and ░░░░░░░░ have only just started ░░░░░░░░ have done a very ░░░░░░░░ paper on the benefits ░░░░░░░░ the Trump tax cuts ░░░░░░░░ just wondered I want ░░░░░░░░ ask you a couple ░░░░░░░░ Summarize for us what ░░░░░░░░ see as key benefits ░░░░░░░░ the Trump tax cuts ░░░░░░░░ will run down expire ░░░░░░░░ we do something about ░░░░░░░░ in the next year ░░░░░░░░ two That s right ░░░░░░░░ A couple of benefit ░░░░░░░░ realized first and foremost ░░░░░░░░ encourage American workers to ░░░░░░░░ back into the workforce ░░░░░░░░ re suffering from a ░░░░░░░░ shortage in this country ░░░░░░░░ now So allowing people ░░░░░░░░ keep more of their ░░░░░░░░ income brings more people ░░░░░░░░ into the labor force ░░░░░░░░ second thing we re ░░░░░░░░ from right now we ░░░░░░░░ seeing declining productivity We ░░░░░░░░ seeing outputs generated by ░░░░░░░░ are lower more recently ░░░░░░░░ by encouraging businesses to ░░░░░░░░ in their businesses bring ░░░░░░░░ more technology innovate new ░░░░░░░░ you will also see ░░░░░░░░ rise in product tivity ░░░░░░░░ increases in productivity increase ░░░░░░░░ growth without inflation If ░░░░░░░░ want to see American ░░░░░░░░ do better if we ░░░░░░░░ t to get more ░░░░░░░░ in our economy if ░░░░░░░░ want to get out ░░░░░░░░ that malaise threw growth ░░░░░░░░ need to make sure ░░░░░░░░ incentives are there and ░░░░░░░░ that is done through ░░░░░░░░ tax code Larry Michael ░░░░░░░░ know President Biden talks ░░░░░░░░ onshoring okay Manufacturing semiconductor ░░░░░░░░ blah blah Well what ░░░░░░░░ way than to keep ░░░░░░░░ corporate tax rate low ░░░░░░░░ the repatriation rates low ░░░░░░░░ the way stop regulating ░░░░░░░░ to death too If ░░░░░░░░ want to onshore my ░░░░░░░░ is make this a ░░░░░░░░ home for investment the ░░░░░░░░ the capital will come ░░░░░░░░ s right Larry There ░░░░░░░░ a fundamental difference between ░░░░░░░░ parties in how you ░░░░░░░░ economic activity So the ░░░░░░░░ view of things is ░░░░░░░░ s give a bunch ░░░░░░░░ subsidies let s micromanage ░░░░░░░░ Washington which industries will ░░░░░░░░ how much money will ░░░░░░░░ them what to produce ░░░░░░░░ point of view America ░░░░░░░░ approach to things let ░░░░░░░░ create a playing field ░░░░░░░░ everybody that is competitive ░░░░░░░░ s have low taxes ░░░░░░░░ s have low regulation ░░░░░░░░ let the American people ░░░░░░░░ what products and services ░░░░░░░░ need and we ll ░░░░░░░░ those things take place ░░░░░░░░ because businesses will want ░░░░░░░░ locate themselves here A ░░░░░░░░ regulatory low tax environment ░░░░░░░░ encourage businesses to choose ░░░░░░░░ be here rather than ░░░░░░░░ to come back rather ░░░░░░░░ bringing money back simply ░░░░░░░░ they re getting suck ░░░░░░░░ did is from subsidies ░░░░░░░░ government Larry Mike last ░░░░░░░░ real quick consumer sentiment ░░░░░░░░ a lot today Chicago ░░░░░░░░ report down a lot ░░░░░░░░ Philly fed manufacturing down ░░░░░░░░ lot last week Industrial ░░░░░░░░ and overall manufacturing flat ░░░░░░░░ is down I mean ░░░░░░░░ don t know I ░░░░░░░░ employment is up and ░░░░░░░░ know retail sales looked ░░░░░░░░ although most of it ░░░░░░░░ inflation Give me a ░░░░░░░░ pearl of wisdom on ░░░░░░░░ economy You know Larry ░░░░░░░░ ve been talking for ░░░░░░░░ last couple of months ░░░░░░░░ some point consumers will ░░░░░░░░ out of money they ░░░░░░░░ up during the pandemic ░░░░░░░░ re seeing that through ░░░░░░░░ card debt That is ░░░░░░░░ then over into consumer ░░░░░░░░ There is pullbacks As ░░░░░░░░ said on housing So ░░░░░░░░ looks like that recession ░░░░░░░░ we ve been concerned ░░░░░░░░ it looks like we ░░░░░░░░ on the front end ░░░░░░░░ it Larry front end ░░░░░░░░ a recession Mike falkender ░░░░░░░░ of tax