Meet the Press - July 9, 2023
Interview
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Greetings from the Jersey Shore, Chuck. Great to be with you.
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Yeah, I think there's a lead/lag factor here, Chuck. First of all, the facts speak for themselves: thirteen million jobs created, I think unemployment below 4% for the longest stretch in 50 years. It's a middle class, middle out, bottom up approach. I look back at 40 years ago this summer, even the Great Communicator himself, Ronald Reagan, was struggling to get the message through that the economy had already begun its recovery in the previous year. Ultimately, he went on to a landslide victory the next year. I'm not sure it's going to it's a landslide, but the facts are on the side of the president and his administration. And I think eventually that seeps into the general sense of how the economy is.
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Yeah that's -- I think your premise is exactly right. In fact, we just signed a budget with a massive property tax relief explicitly for seniors. Tomorrow, I'm going to sign a bunch of bills capping prescription drug prices for seniors again. But the facts -- the facts I think, in the Biden administration also speak to the reality that inflation is here, there's no question. But the United States over the past year is the leading deflationary country in the developed world. So I would say help is on the way, and there's an enormous focus, I know by the president and his team, on seniors and affordability, as there is here in Jersey.
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Yeah, although I have to say, I'm not sure that the Federal Reserve has much choice. There's no question, you raise interest rates another 25 or 50 basis points, there's short-term pain. You're absolutely right. But that pain is very small as compared to if inflation is allowed to reemerge and stay with us for many years. Sadly, that's tough medicine. But you know, we're coming out of a pandemic, all of the extraordinary, unique realities associated with that. At a certain point in that respect, you may have no choice.
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Well, I certainly think it's a good thing if it's based on the track record, which is outstanding. We've talked about the economy. I think that story only gets better. His foreign policy, particularly leading the coalition against this brutal war of aggression by Russia, has been a master class. Sadly, I think folks vote more -- they vote less on that front, but it's a reality. Those are two very powerful engines. And I think when the facts are on your side, I'd rather be playing that hand than a hand that doesn't have the facts on their side and is making a lot of noise.
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I don't know that -- I think this, Chuck. I believe a strong economy and a powerful foreign policy hand, and the president has exhibited both, I think that's a winning hand no matter who they're up against. I'm not suggesting it's a runaway election like it was in 1984, but if you've got those two engines on your side, that to me is a winning hand no matter who you're up against.
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Yeah, as painful as this radical court has been, taking away rights and freedoms, I'm in the camp that you -- you play within the rules. And I have to say, that's a tough conclusion given the extremity of whether it's LGBTQ decisions, abortion, student loans, affirmative action -- one gut punch after another. I think you still play within the rules.
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So listen, the biggest policy mistake of the past 50 years in New Jersey was his decision to cancel the predecessor to this project. This is a game changer, and this is overwhelmingly supported by federal money. The tunnels that exist were built in 1910. They've been damaged severely over the years. This is two new rail tunnels under the Hudson River. It's a game-changer for New Jersey commuters. But tragically, the project that was canceled by my predecessor would've been opened five years ago. So we're going to get it, but it's sadly later than it should've been.
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Oh, it definitely costs more money. But we have no choice. This is the most congested, this is -- 20% of the American economy rides on these rails, and thousands of commuters from New Jersey go into New York every day. We have no choice.
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Thank you, Chuck.
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