Soft and america has beaten back the unprecedented economic challenges of the global pandemic and the ensuing disruption to the economy. It is proof that the biden economic recovery has been nothing short of miraculous. Especially given the mess he inherited from trump and the u. S. Outperformed every other country on earth. Trump like so many republicans before him has enjoyed a pulling advantage with voters over the economy. That may be changing. Multiple polls in recent weeks suggesting harris is closing the gap and possibly even leading trump on economic issues. Harris has been helped by trumps inability to feign caring about the expenses of americans as he proved earlier this month with that rambling answer to that direct question in New York. It was Word Salad but with one under noticed but toxic ingredient that deserves more attention. If you take it in november, can you commit to making childcare affordable and if so what specific legislation will you advance . Childcare is childcare, in this country you have to have it. When you talk about those numbers compared to the numbers i am talking about, it will not stop them from doing business with us but they will have a substantial tax when they send product into the country. We will take in trillions of dollars and as much as childcare is talked about being expensive it is not as expensive compared to the numbers we are taking in. Trump obviously has no idea what he is talking about and he clearly has no plan for Child Care but there is something in the answer that truly is a plan. It is something he is serious about and obsessed with. Trumps central economic Policy Platform in the campaign is to raise taxes by trillions and trillions of dollars. Taxes that will be paid primarily by you. By working people in the form of a Sales Tax on Imported Goods. That is his magic lit. A enormous trillion dollar Sales Tax on Imported Goods except that is not what he calls it. He calls it a Tariff And Trump loves tariffs. It was a point he made last night including when he was asked again about ringing costs down for everyday americans. How are you going to bring down the cost of food and groceries. Our farmers are being decimated right now. Absolutely decimated. One of the reasons is we allow a lot of Farm Product into our country, we need to be like other countries, we will let our farmers go to work. Tariffs are the greatest thing ever invented. It is disturbing that a guy that has already been president does not seem to understand the first thing about how tariffs work. He is trying to sell them as a free lunch that China And Mexico is going to pay for. To him it is the perfect ponzi scheme, make other countries exporters pay and problem solved, that is not how it works. When a car is imported from overseas and a tariff is paid on it. The added cost gets passed on to you, the consumer. The Hondo Sedan may have cost 20,000 before the tariff, now it is 28,000 and you will pay it. You can make a argument why that is good policy for other reasons like helping domestic car production, what you cannot do is argue with a straight face that that tariff makes cars cheaper. It does the opposite. You pay more for the car because you pay the tax. Trump says tariffs will generate trillions and maybe they will, that is trillions more you will pay for Imported Goods so producers can pay the government. A tariff is a tax on you. That is not just me saying that, it is the conservative economists at the pro Trump Heritage Foundation at a 2019 paper criticizing Trumps Tariffs, titled do no harm tariffs hurt the homeland. Many people believe when tariffs are imposed on a country that country bears the cost however that is not the case. When the government collects revenue from tariffs it is collecting it from its own citizens, not from the citizens from the country upon the tariffs were imposed. As insane as it sounds. Trump already imposed tariffs as president and they raised costs for americans. A point made by a republican Ex Congressman that ran the office of budget under ronald reagan. He said Trumps Tariffs actually helped drive the inflation that hurt everyone over the past half decade. He basically decided i am going to levy a huge tariffs on imports coming in from china. Averaging 20 on 360 Alien Worth of imports, 75 Billion a year on taxes on consumers. To be clear the terrorist do not cost american consumers, they can also hurt producers. When trump was president he sold tariffs on Kraft Foods as a way to help farmers. Instead the tariffs sparked a Trade War with china which promptly stopped purchasing american agricultural exports, closing a massive market, ruining u. S. Farmers and forcing the Trump Administration to keep them afloat with enormous subsidy payments. As Haley Jackson reported in 2018. Before he formed this land in nebraska his dad did and his dad before that. These days it is tougher to turn a profit. The tariffs put in place by trump triggered a Trade War. To make the longer it goes on it makes it that much harder for us. Costs are going up all the time. Reporter now it is farmers like producers of soybeans, dairy, cotton and more getting a assist from the administration as the president helps people his own policies hurt. And you program is set to launch around Labor Day meant to offset the 11 Billion in losses farmers face. Does tariffs to raise revenue, 92 of which the trump had to spend bailing out the farmers whose businesses were decimated by the tariffs. The subsidies spent on farmers amounted to more, more than the budget for nasa. So his plan to cut down on costs for Child Care is to do a lot more tariffs. A woman asked how he will lower the cost of groceries and his answer is he will lower the taxes on groceries. No matter how many economists across the spectrum say this is a recipe for disaster, trump can impose tariffs unilaterally as president without congress, he does not need a bill from them. That is what he did the first time in the Trade War with china and the insanity of what he is proposing, trillions in new tariffs is not being grappled with by the media. It is being called Out By Vice President harris. My opponent has a plan called the trump Sales Tax, a 20 tax on everyday goods you rely on to get through the month. Economists have said the trump Sales Tax would result for middleclass families in about 4000 more a year because of his policies and his ideas about what should be the backs of middleclass people paying for Tax Cuts for millionaires. First i have no Sales Tax, that is incorrect, we are doing tariffs on other countries. No, that is the thing, it is the same thing. Tariffs on the other country is a Sales Tax on you. Trump does not understand his own economic plan. A Plan Publican Economists say is a Sales Tax on americans. A plan that already devastated american agriculture the first time around. If he is elected nobody can stop him from making the same mistakes all over again. He is a Nobel Prize winning economists. He is also a New York times Opinion Column is and recently wrote about trump, stalinism and the Tariff Debate and he joins me now. It is great to have you for a little bit of econ 101 and i say this as someone that does not have a Economy Degree and yet, can you explain the basics of how a tariff works and who pays for it . Basically a tariff is a Sales Tax, a tax on sales of goods. It happens to be goods that are imported from foreign countries but it is the same thing. If you impose a tax on sales of cars from Car Dealers you expect them to pass that on to the buyers. If you impose a tax on stuff we purchase from china that will be passed on to consumers. Nothing changes if the sellers happen to be foreign. It is really weird. There is no constituency as far as i can tell for the types of Rings Trump is imposing. He has a bee in his bonnet about taxing foreigners and he has this magical belief that he can raise trillions from other countries without them doing anything or raising the prices were even retaliating. It is a big world out there. The u. S. Is not the sole economic superpower. The European Union is the same size as we are. If you think you can do this and you will not get what happened last time which is retaliation against u. S. Exports, it is the most bizarre thing. As you say there is a quirk with the way we have below written On Trade that allows president s a great deal of discretion on tariffs based on the belief that congress would take care of it and president s were responsible people defaulting to congress and now we have trump. The legal authority is wide ranging and the theory is tariffs are classic Winner And Loser corrupt Capture Sort of thing. I am the Corrupt Rissman from North Carolina and i do not want imported tobacco. So everybody has their own thing they want to protect and you quickly have wheel corrupt transactional politics from that and now you have to guy who is the most corrupt transactional politician ever and he will say i will unilaterally just have trillions of this stuff. Congress originally agreed to the way the Trade Laws were written to protect itself against its self. It was congress saying if you let us write the Tariffs Line by line been every single special Interest Group will get a line on us so please lets give the president the authority to negotiate Trade Deals and we have a single Up And Down vote that it presumes that the president will act responsibly, that the president will help preserve the global Trading System which the u. S. Created. We wrote the rules partly because we thought among other things, not just that trade was good for prosperity but for World Peace and now we have a president , i cannot figure out where he is getting this from. It seems to be something he is making up and he is searching for somebody to tell him that it is true. It is not just economic theory, we have evidence of the practice. We talked about the Trade War, the great Washington Machine Tariff of 2019 when trump slapped tariffs on imported Washing Machines and the new tariffs also raised prices for dryers because they use them as an excuse to raise the price of things not affected by tariffs because it gave Pricing Power to the manufacturers to jack up prices. Yes, funny thing is a lot of other companies not so much the Washing Machines but the other tariffs put on steel, those are things that are inputs into other things so it raised costs. Most of the estimates say the trump tariffs ended up reducing the number of manufacturing jobs because what they did to raise costs was more important than protecting some manufacturers from foreign competition. It is like a decimal. You could hardly do worse than the particular combination of stuff. But he wants to do it again except on a bigger scale. What he did was selected tariffs on a certain part of imports and it was pretty much china and now he is talking about a ring of around the collar for the entire u. S. Economy. 10 or 20 tariffs, the numbers are being pulled out of thin air or maybe someplace lower. Still, we are now talking about stuff that is huge and would among other things, it would become a freeforall globally. This is one thing that has not entered the debate. As a old teacher of mine once said if the u. S. Starts slapping on tariffs the retaliation is a big problem but a bigger problem is emulation. Once we do it everybody starts doing it and it is disruptive. To make a pleasure to have you on for this. Thank you. 48 days out, is trump about to force a Government Shutdown because of his Election Conspiracy Theory . Nancy pelosi on the and Aga Agenda and much more ahead. Ah so trump was supposed to spend the day in the courtroom, this was the date he was supposed to be sentenced for his conviction in the Election Interference Case but as per usual trump wriggled out of that one when the judge agreed to delay his sentencing until after the election. So instead of sitting in a court the president stopped by a Crypto Currency themed bar in manhattan taped an hourlong presence on trump to be an right now is hosting a Campaign Rally on nassau island. Everywhere he goes he continues his latest act, and a ludicrous attempt to buy out constituencies he is promising new Tax Cuts. When i am back in the White House we will past larger Tax Cuts for workers and we have a special tax that i think will do quite well, it is called no tax on tips. So waiters, waitresses, caddies, people that get tips who have been harassed by this government, we will have no tax on tips, it is a big ring. I am also announcing as part of the additional Tax Cuts, we will and all taxes on overtime. No taxes on overtime. If you are a Overtime Work or, if you go past 40 hours per week your overtime hours will be taxfree and for the seniors, which will be fantastic, they were devastated by inflation, this will make up for it, we have no tax on social security benefits. Trump never implemented any of those ideas when he had the chance, the major Tax Bill but now he has another one. As he rallies in Long Island he is promising to get rid of the scourge of Long Island voters in the republican representatives the cap on the state and local Salt Deduction. When you live in a place like Nassau County were state and local taxes are high you can claim the full amount no matter how much as a deduction on your federal income taxes. For a lot of high earners and amounted to thousands of dollars in savings but then some bad politician got rid of the salt capping the deduction at 10,000 and Hiking Taxes by thousands for all of those people. That politician was then president trump. Seen here getting rid of the Salt Deduction, a central part of his one big piece of lasting legislation the Tax Cuts and jobs act. As Chuck Schumer explains it was a deliberate attack meant to punish democratic voters. I have always been for eliminating the cap on salt, i think it was a nasty piece of legislation aimed at the Blue States which helped the people of the state in many ways. Trump himself moved his residence from New York to florida the year after the change went into effect. Meanwhile a lot of affluent New Yorkers and californians and residents of other Blue States have been losing money for five years which makes the Salt Act unpopular with them and in certain affluent Swing Districts where republican representatives are struggling to hold onto their seats so Tonight Trump is promising the people of Nassau County he will bring back the Salt Deduction. I will cut taxes for families, small businesses and workers including restoring the Salt Deduction saving thousands for residents of new York Pennsylvania New Jersey and other high cost states. The arsonist just showed up with the fire hose. It is more proof that all of his promises are meaningless. A lot of democrats have like to get the deduction back. One of the people that led the effort the first time, nancy pelosi, will join me next. Have you ever considered getting a walkin tub . Well, look no further Safe Steps best offer, just got better now, when you purchase your brand new Safe Step walkin tub, youll receive a free Shower Package. Yes, a free Shower Package and if you call today, youll also receive 15 off your entire order. Now you can enjoy the best of both worlds the therapeutic benefits of a warm, soothing bath that can help increase mobility, relieve pain, boost energy, and even improve sleep or, if you prefer, you can take a refreshing shower. Allinone Product Call now to receive a free Shower Package Plus 15 off your brand new Safe Step walkin tub. Just over an hour ago republicans killed their own bill to fund the government. Mike johnson tied it to the save act reminding citizens that they should vote which is already the Law Of The Land and he did so at the behest Of Trump who told republicans not to agree to a continued resolution to find the government without it. A lot of republicans voted in state anyway 13 days before the Government Shutdown. I am joined by nancy pelosi. Good to have you on. It used to be something universal happen, the Party Leadership In The House bringing a bill to the floor that lost. It now happens all the time, i was not all that surprised today. What do you make of the vote . It is a example of ineptitude. It is also a example of the former president being a puppeteer, telling the republicans In The House that they must shut down the government effectively and as he usually does, shining lights on his puppet strings so they look bad. The fact is i am a appropriate or, that is were a Budget Bill comes from. We have always said left to their own devices that democrats and republicans on the Preparations Committee can find a compromise, a solution. You just have to want to do that. Apparently the republican leadership In The House has decided they do not want to leave it up to the appropriators who know the legislation well and they want to leave it up to trump who does not who wants to shut down the government which would be a tragedy. This seems like a situation where there is bipartisan consensus to avoid a Shutdown But Trump is obsessed with this piece of legislation which is essentially a institutionalization of the Big Lie. He said today on social media, including any things he accuses democrats of falsely registering illegal voters by the tens of thousands. He wants them to shut the government down so they can promote the Big Lie basically yes . His lips were moving, he was lying. That is the way it is. He sometimes has no idea what he is talking about and sometimes makes it up as he goes along and it is a tragedy. I only wish they would leave it up to congress to pass the legislation necessary to keep the government open. He is not in the government and yes he wants to shut it down. It was sad to see because this is the second time. We failed to pass it the first time now a week later they are failing again by a strong number of votes, 14 nose and to present, they can only lose four votes and they lost three or four times that. In any event, it is not a good idea for the american people to have the government be shut down. They should make every effort to keep it open. He may think it is politically advantageous because it makes us all look bad but he does not know that the republicans, every time they shut down the government, had to pay a price for it. We would rather just debate the issues rather than have a shutdown of government to prove how inept and how bad the former president is on these issues. I want to talk to you about the house and the prospect for democrats retaking majority In The House which i know is near and