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News on The 700 Club: March 2, 2017

As seen on "The 700 Club," March 2: Attorney General Jeff Sessions facing firestorm for Russia meetings during election; 'Trump now owns this economy': Basking in Dow surge, president gets down to business, and more. Read Transcript


Well, folks, back in the news, this is happy time,

this is bad time.

The Democrats they--

"The New York Times" is obsessed with the fact

that there had to be spies going on,

working with the Republicans.

Trump couldn't possibly have won without Russian interference.

It's all nonsense and they don't have any evidence,

but they keep writing these stories.

And so now Democrats are saying, well, we've

got to have a special prosecutor,

and the attorney general has to get out of this.

He has to recuse himself.

Well, I want to say this very clearly,

and I hope my Republican friends will hear it.

Do not, under any circumstances, think

about appointing a special prosecutor.

All you're doing is giving a hunting license

to some guy who will stay and open an office,

and draw a big salary, and have a big staff,

and they'll do everything they can to hurt you.

So don't listen to the siren call of "The New York Times."

They are not your friend, OK?

Now, secondly, remember California used

to have this terrible drought?

It was all parched and so forth.

Now they have so much snow-- get this.

There's so much snow they can't measure it.

It's 185% above normal.

That's the most in nearly a quarter of a century.

Now--

TERRY MEEUWSEN: What happens when that starts to melt?

Well, it runs and floods, and you have like a dam

getting ready to burst.

When Governor Moonbeam's father was governor-- you know,

Jerry Brown's father--

he built reservoirs.

He figured, we'll have time to-- we gotta

have reservoirs to hold water.

So his son comes along and says, we

can't afford to maintain the reservoirs.

So they've all gone into decline.

Now they need the reservoirs very badly

because they're going to have a huge amount of water.

When this stuff starts to melt, the water's

going to come cascading down the mountains.

And of course, it'll flood everything.

Wow.

Feast or famine, it seems.

Hey, it's so nice to see you again.

Thank you.

It's great to be back.

And you're feeling good?

You're good?

I feel terrific.

Marvelous.

I really do.

Tell me how it is to be 39.

You're such a young child.

I know.

Well, we're both 39 again, and so, however many years.

OK, well, go ahead.

Well, most of you, I'm sure, saw the speech

the other evening of our president,

after his highly acclaimed speech before Congress.

President Trump and members of Congress

are getting down to business.

And Gary Lane brings us this look at the president's agenda

to jump-start the economy.

GARY LANE (VOICEOVER): The president

was already working on his agenda

just hours after his first speech to a joint session

of Congress, meeting with Republican leaders

at the White House, where they strategized

on their legislative priorities.

We're just here to start the process.

It begins as of now, and we think

we're going to have tremendous success.

GARY LANE (VOICEOVER): Their top goals--

working on repealing and replacing Obamacare,

and then cutting taxes.

And Wall Street likes what it's hearing.

In the Trump speech aftermath, the Dow

surged to more than 300 points to another record high,

going over 21,000 for the first time.

He now owns this economy.

He owns the presidency.

That speech put him over the top.

GARY LANE (VOICEOVER): The stock market has jumped well

over 15% since the November election,

and investors expect it to keep going higher.

Basically, I'd say it was like 60-40.

60 Trump since the election, 40 earnings, which have been

a little better, jobs numbers, which

have been a little stronger.

So, overall, things are getting a little better.

You know, they're trending in the right direction.

GARY LANE (VOICEOVER): Trump has some other plans, too,

to boost the American economy.

He wants to invest a trillion dollars

to improve the nation's infrastructure, like roads

and bridges, and $54 billion more on defense.

But spending so much more money has some conservatives

concerned.

They're wondering where the money's coming from.

But the president believes he'll cover the costs

by creating the right conditions for the economy

to finally start growing at a faster rate again.

A stronger economy means more earnings for businesses

and higher incomes for individuals,

and more money in taxes going to Washington.

Since 1947, the economy has grown on average

a little over 3% a year.

But under President Obama, the economy

only grew at an average of 2% a year

after the recession ended in 2009.

And President Obama became the first president

in modern history to not have even a single year

of 3% growth.

President Trump believes he can turn that around.

And tax cuts for businesses and consumers

is a key part of the plan.

You know, you get tax cuts, people get more money

in their pocket, more discretionary money.

They go out and spend it.

GARY LANE (VOICEOVER): The White House

wants to get Obamacare and tax reform done

by the end of this year, but political analysts

remain skeptical.

Of course, before any of this can happen,

Donald Trump, the man who has mastered the art of the deal,

must work a deal with members of Congress

before he can get his ambitious agenda accomplished

by the end of 2017.

Gary Lane, CBN News.

Thanks, Gary.

Hey, Steve Moore, a dear friend, is with us.

He's a brilliant analyst of what's

going on with the economy.

Steve, 3%, I mean, that's standard.

I mean, Reagan had 4%.

Can we hit any of those targets, do you think?

Hi, Pat.

By the way, happy birthday, Terry.

I just had my 39th birthday, too.

I don't know what's going on here.

Yeah, I don't know.

We'll send you roses too, Steve, for 39.

Go ahead.

So, look.

This economy is not where it should be.

As you just heard, the growth rate

has been too low for too long.

The average American in this country, Pat, for the last 15

years has not had a pay raise that's kept up with inflation.

So there are real problems that need

to be addressed for average middle-class people.

And I do think this tax cut is really central to that.

You just saw from that report, the stock market's done really

well, hasn't it Pat, since the election,

have you noticed that?

It's up by, I think, 14% or 15%.

We just had a 300-point rise yesterday

in the wake of that tremendous speech by the president.

Now he has to translate, Pat, that speech and the action

items into real action, getting this through Congress.

That's not going to be easy.

Democrats do not seem to be in a very cooperative mood right

now.

Well, you know, Steve, Reagan took over.

He didn't have a Congress of his party.

He was dealing with a Democratic Congress.

We've got a Republican Congress.

And is there any reason why these guys

don't go along with the Trump agenda

and put the accelerator down on the economy?

You know, the thing that's really changed in my lifetime--

and you've been in politics a long time and followed this

a long time.

I have, too.

You go back to the early 1980s, you're right.

Back then, the House was run by Democrats.

Remember, Tip O'Neill was the Speaker back then.

But back then, what was so different from then and now is

you did truly have kind of pro-growth moderate Democrats

who were centrist, who wanted to get things done

and help the economy.

Right now, Pat, if I look at the Congress and the Democrats

in Congress right now, I really can't point to more than two

or three Democrats who might even

be somewhat helpful in terms of trying to get this Trump

agenda through.

And maybe Mr. Manchin in West Virginia,

who is a senator from there, but you really

don't see many others.

That means that people like Paul Ryan and others in the Congress

are going to have to get this done mostly

with only Republican votes.

They have to do two things that are

extremely important and urgent.

They have to get Obamacare fixed,

and they have to get this tax cut passed.

I believe-- and you asked this question,

can we get faster growth?

I believe the answer is yes, if we get this business tax

cut done and we've reduced our taxes on our businesses

from the highest in the world.

By the way, Pat, can you believe the land

of the free, the United States, has the highest business

taxes in the world?

I mean, how counterproductive is that?

If we bring those down to, say, 15% or 20% from 40% today,

I guarantee you, Pat, it's going to be like a magnet.

And those businesses and jobs that have

left the United States--

they are coming back.

I've talked to a lot of businessmen and women who say,

you get those business taxes down,

you get those regulations off our back,

we're going to start producing things in America again.

Steve, let me ask you.

I can't analyze-- what is the Democrat game plan?

You know, it used to be they were playing to the unions,

and the unions wanted jobs.

Like that Keystone pipeline, they wanted those jobs.

But, oh, no, the environment.

Who is the group that the Democrats in Congress

are playing to?

What is their game?

It's a great point.

One of the things that, the major kind of political shifts

that happened in this election, was so many working-class union

Democrats who crossed over, and they voted for Donald Trump.

Just as we saw in 1980 when you had,

remember, Pat, the Reagan Democrats who

voted for Ronald Reagan because they saw him

as better for the economy and jobs.

I'm so disappointed with the Democrats right now.

I mean, they are not being at all cooperative.

In fact, in a lot of ways, they are--

when you asked what word could describe the Democrats today,

it's obstructionism.

They don't want Donald Trump to succeed.

They're rooting against the American economy.

They hate to see the stock market

rise because they don't want this president to be a success.

Now, look.

I did not agree with a lot of the things--

most of the things-- that Barack Obama did,

but I did not root against America.

I did not root against the economy.

I think that's what's happening right now.

I wish I could say there would be cooperative Democrats.

I don't think there will be.

That makes it very difficult to get these things done,

because as you know, Pat, there are only

52 Republicans in the Senate.

That means there's not a lot of room for error here,

in terms of getting this ambitious agenda through.

But I'll tell you this.

I met with Paul Ryan last night, who's a dear friend of mine.

He is convinced we can get this done in the next three or four

or five, six months.

And you're going to see a radical change

in direction of the economy when that happens.

This is a little bit more painful question for you,

but you represented the so-called supply-siders.

It looks like Cohen and the guys from the investment banks

are taking over the Trump agenda.

What happened?

Well, that's a tough one.

Look, let's give these guys a chance

and see how they can perform.

There's nothing wrong with getting experts

who know how the economy works, who know

how the private sector works.

I mean, I think one of the problems with Barack Obama,

if you go back to his presidency,

there were almost zero people in that White House

who knew anything about how business works, Pat.

I mean, you know, they didn't know how to meet a payroll,

they didn't know how to control expenditures.

The other thing that I think that Donald Trump has

to do if he's going to be successful

is just rooting out this waste and inefficiency

in our government today.

It is rampant, Pat.

I mean, there was a report that came out a few months ago. $160

billion--

not million-- $160 billion a year

in fraudulent payments under Medicare, Social Security,

food stamps, and these other programs.

Now, can you imagine that? $160 billion

of wasteful spending and nobody in Washington

does anything about it?

I mean, those are the kinds of things--

that's the fraud and waste that needs to be rooted out

of our government.

This idea that we can't cut the size of government is crazy.

We could do it.

We can deliver better government at 30% to 40% less cost,

and I think most Americans agree with that.

Well, you know, it's like Schumer standing

at the door, schoolhouse door, keeping the little black kid

from coming to school.

I mean, it's like, he's standing--

I will defend waste and fraud in the government

and he will not take it away from us.

That's what they're saying.

I can't understand it again, Steve.

I'm sorry.

Well, look.

When you waste a dollar, that's a dollar

that can't go for better schools and better roads and better

highways.

You get those taxes down, and you bring those businesses

back, I believe--

you know, I'm going to make this statement on your show

and a year or two from now, we can see if I'm right.

I believe, Pat, if we can get these tax rates down

on our businesses and on our-- and by the way, not just

our big businesses, but our 26 and 1/2 million

small businesses in this country, which as you know,

are the backbone of our economy.

We get those rates down, I think you're

going to see an explosion of tax revenues coming

into the government as more people are working,

more businesses are started, that is-- there's

a great book I want to recommend by my buddy

Larry Kudlow, called "JFK and the Reagan Revolution,"

that talks about how when John F. Kennedy and Ronald

Reagan cut taxes back in the 1960s and the 1980s,

we had two of the biggest economic booms in our country's

history.

Wouldn't it be wonderful to see another one of those again?

Well, we'll ride it high, and I'm bullish on the market

and bullish on America.

I am too.

I haven't been this bullish, Pat, probably

since Reagan was president.

Good for you, buddy.

Thank you.

OK.

Take care.

Bullish market.

300 points up in one day, and hitting new records.

It's just-- talking about irrational exuberance,

it's just going wild.

But in any event, there it is.

So, hallelujah.

Hopeful news.

Hopeful news, yes, ma'am.

OK.

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