On Episode 61 of War Room: Impeachment host Stephen K. Bannon and guest Steve Cortes, CNN contributor and Head of the Trump 2016 Hispanic Advisory Council, extol the remarkable November jobs report.
Cortes describes how “There were no caveats to this jobs report. The devil wasn’t in the details. The angel was in the details.”
He adds, “It’s hard for me to exaggerate how bullish and how positive this jobs report was.”
Looking past the extraordinary 266,000 new jobs added, the key takeaway is that President Trump’s economic policies are benefiting all of America, no longer just the elite.
Cortes explains: “The headline number was fantastic: 266,000 new jobs and 54,000 new jobs in manufacturing. That was enough, but then when you dig into the details, the strivers, the economic underdogs proves those are the people now taking the lead economically. For example, the bottom 10% of the income “pie” are outperforming in terms of wage gains the top 10%. Black are outperforming whites. Non college degree is outperforming those with degrees.”
And it has nothing to do with President Obama.
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In fact, it’s a stark reversal from Obama-era economic policies.
Cortes describes the difference: “The Obama years were “great for owners of assets. If you owned a lot of stocks and real estate, those were solid years for you, but for regular wage earners which is the vast majority of the country who don’t have significant assets, it was a flop.”
Bannon adds: “We saw under a progressive president Obama the greatest transfer of wealth in the history of mankind during his era because of the way they decided to bail out the hedge funds, banks, with quantitative easing and try to save the financial system,” transferring the economic burden to American taxpayers, especially the Deplorables.
In contrast, “Under Donald Trump’s reign, he took a trillion dollars of liquidity off the Fed’s balance sheet. His economic policies which were lambasted in the mainstream media as being for the wealthy, all along it was to have job creation and good job creation.”
Four other planks are central to the Trump economic doctrine: “limitations in immigration coupled with the trade deals coupled with the tax policy coupled with deregulation.”
Bannon adds, “This is the theory of the Trump revolution being applied and you’re seeing the results”.
Cortes further destroys claims that the success of the Trump economy is just a continuation of Obama-era policies: “We want everybody to do well and we don’t want to get into the game of identity politics of only viewing people through silos but it is important to point out that the economic underdogs, the people who needed to get an economic leg up on the ladder in America, the people who lagged the most during the slow growth Obama era, those are the people now taking the lead in this economic expansion, particularly as it relates to wages.”
Cortes emphasizes the importance of wage growth: “I want GDP to grow, of course, but I’m more focused on wages. GDP is the company of America growing, but wages increasing translates to workers doing well.”
He describes how wages differ under President Trump: “In this jobs report, we had better than 3% wage growth for the 16th straight month in a row. During the entire Obama presidency, we only had 3 months with 3% or better wage growth.”
He concludes: “Anybody who says we inherited momentum from Obama is ridiculous and wrong on the facts. What we’re doing now in the country is demonstrably different, better, and broader. The broadening of prosperity.”