Excerpt
SUMMARY: Syndicated columnist Mark Shields and New York Times columnist David Brooks join Judy Woodruff to discuss the week’s news, including a blockbuster new report on U.S. economic growth, the fallout from President Trump’s trade wars, plus the latest developments in the Russia investigation, including whether the President knew about a 2016 Trump Tower meeting ahead of time.
Judy Woodruff (NewsHour): So, from the Russia investigation to the economy, and other things, it’s been a busy week for this President.
We turn now to the analysis of Shields and Brooks. That is syndicated columnist Mark Shields and New York Times columnist David Brooks.
It is so good to see both of you together.
Mark Shields, syndicated columnist: Thank you.
Judy Woodruff: Sometimes, in the summer…
Mark Shields: I have been here, Judy.
(LAUGHTER)
Mark Shields: I haven’t been missing.
Judy Woodruff: So, let’s start — David, we’re going to start with you, because you have been away — with the economy, our lead story tonight.
Blockbuster numbers for the past second quarter of the year, growth off the charts. The President said today several times that he deserves the credit for this, his policies have led to a turnaround in the American economy.
Does he deserve the credit? What’s the significance for him?
David Brooks, New York Times: Totally. We would be back in medieval economy if not for Donald Trump. [sarcasm]
No, it’s just a truism that Presidents get the blame when it’s going down and they get the credit when it’s going up. But their effect on the economy is generally over the long term. It’s not a short-term thing and not a quarter-by-quarter thing.
I think, if you look at the economic data, there is a lot of consumer spending. And that probably, as David Wessel said earlier in the program, because of the tax cuts.
I think the business investment is not as high as you would think it would be. The whole idea of corporate rate cuts is, you’re handing a lot of money back to corporations, and they’re going to blow out the ceiling.
And it’s fine, but it’s not what you would expect. And, earlier, I thought the tax cut really was having an effect in inducing corporations to invest. That seems not to be the case. It’s not bad, but it’s not fantastic.
And so I would say the tax cut gets some credit, but not a lot.
Judy Woodruff: Mark, how do you look at these numbers and the President’s role in all this?
Mark Shields: I look at it, Judy, that Donald Trump is capable of convincing people of just about anything.
I mean, recall, if you will, November 2016, when he got elected, he convinced enough voters that the country was at the brink of desolation and destruction. We, at that point, had — were in a point of 89 consecutive months of economic growth, of 80 months (an historic high in the country) of job growth, consecutively.
Judy Woodruff: When he was elected.
Mark Shields: When he was elected in November 2016.
He somehow was able, at a time when longevity was an all-time high, graduation rates were at an all-time high, pollution, other than greenhouse gases, were at an all-time low — I mean, it was — it was really a good era. And yet he was able to say, this is the worst time in America, it’s the darkest moment.
Now, David’s right. He does — the President does either get credit or blame. And I would just point out to him, as a cautionary note, the last time the economy grew at a faster rate was third quarter of 2014, when it grew — Barack Obama was President. It grew at 5.2 percent, David Wessel mentioned.
And that election of 2014, the Democrats’ numbers in the House of Representatives lost to the point where they had their lowest number since 1928, they held fewer state legislatures than they had at any time prior to the Civil War.
And so, when the economy is bad, the economy is the only issue. When the economy is good, the elections are oftentimes about other issues.
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