Trump’s top economist steps down

Channel: Fox Business
Published: 06/03/2019

Description
Council of Economic Advisers Chairman Kevin Hassett tells FOX Business the extension of job growth and wages should spur the U.S. economy to grow by 3 percent in 2019. FOX Business Network (FBN) is a financial news channel delivering real-time information across all platforms that impact both M...



Transcript
There'S a shake-up at the white house, the president chief economist, kevin hassett, announcing that he is going to step down and look who's here. Kevin hassett, the man himself. So it's great to see you again. You'Ve got the most you've got a smile. You always had a smile, yeah we're gon na miss it. Oh hey, you know i i'll be back for the private sector on your show, whatever you ask stu, but but ...
you know honestly, if you look at the cea, it's pretty typical for people to spend to use their two years there and then move back to the Private sector - and you know that's that's basically, i'm guessing - forgive me that i'm guessing ithink, you want a life. I imagine that for the last two years, you've worked 24/7 and i think you've got a family and i think you're, leaving for all the right reasons. You want to spend time with the family. Am i right, you know you? Are you really are right and you know i was looking ahead to my youngest as a senior in high school, and you know i missed pretty much the last two years and it just seems like it's a good time to go back to the private sector. Of course, i'll be working hard out there too, but not quite like what it's like in the white house. Are you allowed to tellme who's being considered to be your replacement? You know i discussed that with the president last week and i think there are a lot of very strong candidates. The cea has a really big strong staff, as it is so i don't think you need to worry that the economic advice i just was wondering if you're gon na break some news.

For me, i know that's your job, but the president said the president tweeted that when he gets back he's going to make an announcement - and i think is - is it gon na be somebody in the media yeah it's gon na, be you i knew you were joking News: okay: let's get serious for a second, the state ofthe economy. Do you think that we need a couple of rate cuts from the federal reserve this year? You know i'm not gon na give the fed advice, but i can say that you know we had a three percent first quarter. Second quarter is looking around 2 % and i think that the risk the outlook are a little bit higher than they were earlier in the year. You know one of the things we saw in the advance durables numbers last week was a big decline in aircraft production. Related to say the boeing troubles, and so i think that you know i'm very much looking forward to the jobs number this week to see that the labor marketmomentum is continuing. But i think that they're more risk to the outlook right now. But the bottom line, though, is that we should still get a three percent year as long as job creation and wage growth continue. Where they've been. I have to ask you if you approved of the president statement saying that he would apply tariffs to mexican products if they don't move to seal the border. Did you approve of that? The president doesn't ask me to approve no, but let me say that i participated in a lot of meetings where we discussed this, and i think that the homeland security experts had you know thoroughly researched steps that mexico can take, that theyshould be taking to help us With this crisis at the border - and you know i'm very heartened to see that they're here talking about it and as you know, the president is, you know very good at getting people to the table and getting you know, concessions. And if you look at say the usmc a deal, you know it, the itc called it. The best trade deal that they've ever scored, and you know that's probably not what a lot of people thought when they were looking at donald trump.

You know early on in this administration, but he's very much a trade reformer, but he understands that, since we're starting out from asymmetric positions that we haveto sort of get people to the table with strong actions in mexico's coming right wing. So they could have come last week or two weeks ago, but now they're coming i'm laughing because you shouldn't go back into private enterprise. You should go to the state department seriously. You can answer any question in the most diplomatic fashion and give no answer at all. That'S a you know what i mean you didn't approve of tariffs on mexican products, and i know you didn't. However, we wish you well their private sector. I want to see that smile back on this program. Any time you like kevin has been a pleasure for two years, a pleasure. Thank you verymuch. It'S your thing.


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