John Carney, of Breitbart Joins!
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Transcript
34 segmentsWhat is Toyota affordability? It all starts with buying smart, and your Toyota dealer has great deals available to qualified customers on reliable cars and SUVs, including the redesigned RAV-4, spacious Grand Highlander, sporty Camrys, and Corolla's. It means driving for less, with efficient hybrid and plug-in hybrid options available throughout the lineup, extending your overall driving range and delivering great MPGs, saving you money at the pump. And it means trading for more. Toyota is known for building long-lasting vehicles. And as the best resale value brand, according to Kelly Blue Book, your Toyota can be worth thousands more than average when it's time to trade in. That's Toyota affordability. Buy smart, drive for less, and trade for more. Shop Toyota.com or your local dealer for deals and details. Vehicles projected resale value is specific to the 2026 model year. For more information, visit Kelly Blue Bookskb.com. Toyota brand average resale value is 53% versus the average vehicle at 45%. Toyota, let's go places. My name is Nigel, Jason Hammers. Here we go straight to the highline and bring on Brightbar News Finance and Economics Editor John Carney to figure out exactly what's going on with the Trump economy, the Trump tariffs. Where is inflation ad? The consumer price index. Everything you need to know is very important to you and I, Hammer. John, welcome to the show. Can you fill us in on the latest, please? Yeah, the economy is actually doing very well. When you look at inflation, it's coming in lower than expected. We're actually probably going even lower in inflation. If you just look at what's happening in gas prices around the country, you'll see they have come down a lot. That is not even showing up in the most recent inflation numbers. that will start to show up in the months ahead and that will bring down not just the the energy part of this consumer price index but it starts to filter all through the consumer price index because everything we buy you know gets put on trucks the price of oil gets goes into almost everything we touch And so that's going very well. The unemployment rate has dropped to 4.4%, which is very low. And when you look at GDP growth, it appears to be very high. We grew up 3.8% in the second quarter, 4.1 in the third quarter. And a lot of measurements say we may now have grown above 4% in the most recent completed quarter, the fourth quarter of last year. That's really good. John Jason Hammer here, at the end of last year, you know, go back to December, Trump brought all of his economic gurus out there, and they were all saying the same thing. This is going to be a big year for America economically. Now, I feel like every president's administration says that. Nobody's ever going to say, man, put your seatbelt on. This is really going to suck next year. Based off of, you know, your expertise and what you're seeing right now.
What are we looking at in 2026? Are we going to get that big economic boom that Trump was circling the wagons on in December? I do think we are. What 2025 was really about what I would call setting the table where we put in a lot of policies, abundant energy deregulation, got the tax code right, got tariffs in place. That set the table for something that I frankly was expecting to happen in 2026. It really actually already began in 2025, but now 2026 is going to be the year of the feast. The table has been set. and the dinner bell is bringing it is going to be very good we're actually seeing a surge in productivity productivity is kind of the secret sauce of economics if you can you can grow your economy by adding more people by didn't try that you know open the borders flood your country with illegal immigrants yeah the economy will grow because you have a few more people working but if you really want to grow your economy and improve people's their lives, you really have to grow productivity. You need to have every worker actually able to produce more. Productivity was at a slump for a while. But this year in 2025, it really bounced back. And I think a huge part of that is that businesses are investing in innovation rather than depending on immigration to supply their source of growth. John Carney, Breitbart economics editor here on the Hammer and Nigel show. Where do Trump's tariffs and that economic policy lie in the success or the hindrance of what lies ahead? I actually think they're helping a lot. I was just working on a piece for my Breitbart Business Digest about what's happened in the manufacturing sector. And we've seen that productivity boom that I was talking about that's happened all over the economy, but especially happen in manufacturing. There's a huge investment boom going on where if you look at things like durable new orders for durable goods, that's coming in very high and growing. I think one of the reasons for that is that if you are a manufacturer in the u.s and you you know you're probably hearing all the time that all the manufacturing is going away to china it's all going abroad why would you invest in new equipment in the u.s when there were all the incentives in place to offshore everything you could do now with the tariffs in place we have businesses again investing in america that's improving productivity in america and i think we're going to see the fruits of that not just frankly in 2026 that'll this should be a good year but i think even 10 years into the future you guys and i will be on you know a call just like this and we'll be like wow
We thought we had it good in 2026. It got even better after that. Wow. It's funny you mention the manufacturing aspect because I was just on another website and another news outlet, Washington Post. Sorry. But their big headline was Trump's manufacturing boom, a bust. And then they kind of went on to list off some. They even used Indiana as an example. The RV manufacturer here in Indiana has had to make some layoffs because RV sales aren't what they were in 2021. Where does the, where does that lie? I don't know if you know what article I'm talking about. 2021, yeah. I mean, that. That's what we call cherry picking data, right? You pick a year that was unusual, right? A lot of people invested in, you know, in things like RVs when we had lockdowns and people weren't, you know, you. So that's cherry picking the data. But what I will say is it is true that we lost some manufacturing jobs, but this actually goes to in 2025. This actually goes to exactly what I was saying. that what we're seeing is in for a long time the and particularly went into hyper drive under joe biden businesses could grow themselves by just depending on the government to keep letting in millions of workers every year so it wasn't organic population growth it wasn't like our kids graduating from college and getting jobs or our kids getting out of high school and getting jobs This was bring people over the border and give them jobs. That wasn't good for Americans. And frankly, it was leading to the slowdown in productivity because instead of investing and innovating, you were growing through immigration. Now we're not doing that. So we have lower levels of workforce growth. So what does that mean? It means you shouldn't expect the kind of jobs numbers we saw when we were letting 100,000 people every month. We now only need around 50,000 jobs every month in order to keep unemployment from rising. They call it the break-even rate. So what we're going to see is lower employment numbers, but higher wages for everybody who's unemployed, low unemployment numbers because there aren't a lot of people who don't have jobs right now, and higher productivity. That's really good for Americans. Speaking with Breitbart News, Finance and Economics Editor John Carney here on The Hammer and Nigel show. John, one more thing here. What's going on? with Jerome Powell. I feel like this is one of those stories that's kind of getting lost in a very hectic news cycle right now. Chairman, yeah. We've got, you know, the Minnesota eye story. We've got the Minnesota fraud story. We've got what's happening in Iran. Somebody that might be just scrolling through on their phone or casually checking the news online might think to themselves, wait, Pam Bondi's going after Jerome Powell. Walk me through what's going on here.
Right. So what appears to have happened is that the Justice Department, particularly the Attorney General for the District of Columbia, Gene Piro, wanted to make, the person who used to be judging on Fox shows. She was asking the Fed some questions about a huge renovation project they have on their headquarters where they've spent $2.5 billion. Apparently they sent a couple of inquiries to the Federal Reserve and they were ignored. So she did what prosecutors do when you ignore them. They serve subpoenas, right? All lawyers do that when you ignore them. Suddenly the subpoenas show up. Jerome Powell, I don't know if he was intentionally ignoring what the Justice Department was asking, maybe thinking that he was above the law and didn't have to answer these questions. When he got this subpoena, he did a very unprecedented thing of recording a... video that accused the Trump administration of using this investigation to try to grab control of monetary policy. That actually appears to be wrong. Jerome Powell, I think he took it too personally. I don't think he was intentionally lying about this, but that doesn't seem to have been the case. The Trump administration, the economics team on the Trump administration didn't know anything about this. It really came out of the Justice Department. Very possibly the Justice Department overstepped or might have gotten too aggressive themselves. Maybe they should have sent, you know, another email or made a couple more phone calls or, frankly, called the president and said, hey, can you tell the Fed to try to respond to us? So now we have this mask where you have Jerome Powell claiming, you know, that they're trying to undermine the independence of the Fed. I don't think that's true at all. And it doesn't really make sense. He's last day as Fed German will be in May. Yeah. There's no reason to bully him right now. I don't think that's what they were trying to do at all. John, where can people find more of your stuff? Tell us about the daily newsletter at Breitbart, the Business Digest. Yeah, absolutely. The Bright Park Business Town just comes out every day and it is free. Go to brightpark.com slash newsletters. You can sign up for it right there. There's no spam. We won't. We were not, you know, this is just my analysis and my, my boss actually, Alex Marlowe. We co-author this. It is our analysis of not just what's happened in the economy, but we try to tell you what's going to happen next. And we shoot down a lot of these false narratives that you'll hear, such as they're being a not being a good time for American manufacturing. We've been absolutely right about inflation all year long while people were saying tariffs were going to raise inflation. We were saying that wasn't going to happen. We were absolutely right about that.
So Breitbart Business Digest, free every day. And also, if you go to brightbarp.com slash economy, lots and lots of news there as well. Breitbart News, Finance and Economics Editor John Carney. Thank you very much, sir. Have a great weekend. Yeah, thanks for having me, guys. What is Toyota affordability? It's buying smart. Your local Toyota dealer has great deals available today on RAV4, Grand Highlander, Camry, and Corolla, with the features and style you deserve. It means driving for less with hybrid and plug-in hybrid options across the lineup, delivering great MPGs. And it means trading for more. Toyota is known for building long-lasting vehicles, meaning your car will hold its value for years to come. Shop Toyota.com to find out more. Toyota, let's go places.