Trump is just 'GRIFTING off the American people' as Americans can't keep up with rising costs

0:00This is Matt Rogers from Lost Culture East. It's with Matt Rogers and Bowen Yang. This is Bowen Yang from Lost Culture East. It's with Matt Rogers and Bowen Yang. You know when people try a new food and suddenly it's like, OK, hold on. I got a new favorite food. That's the reaction a lot of people are having when they first try Cupid Mayon. Yeah, it's the one with the red cap and the little baby on the bottle. You've probably seen it at the grocery store. And this mayo is different. Mm-hmm. Most mayonnaise uses whole eggs. Cupid only uses egg yolks, which gives it this rich umami flavor. It's smoother, deeper, almost buttery. Once people try it, they start putting it on everything. Egg sandwiches, fries, burgers, chefs use it, restaurants use it, people who really care about flavor use it, put it on just about anything. Then you'll understand. Cupid, the original Japanese mayonnaise. This is Ashley Akinetti from the Almost Hymnest Podcast. You ever notice you and your spouse keep saying, we need to get away, but you never actually plan anything. That was us until we did something fun and spontaneous. We went to resortpass.com. There are hundreds of hotel resorts,

1:01pools and spots and private beaches that you can enjoy. You can spend the day at a luxury resort, pool, spa, massage, without booking an overnight stay. And listen, I may have only been like 15 minutes from home, but it felt like it was a whole different world. And I'm thinking, this is exactly what I needed. So just go to resortpass.com, choose your resort, choose your day, luxury, resort, day passes, start at just $1,500. Once you post your daycation, people are gonna ask where you are. Go to resortpass.com, slash Almost Famous, and use the promo code Almost Famous to get $20 off when you spend $100. That's code Almost Famous at ResortPass.com, slash Almost Famous. Joining us now is Courtney Brown, Senior Economics Reporter for Axios. Courtney, welcome. Thank you for being here. Thanks for having me. So this was a strong jobs report, no doubt about it. But I tell folks all the time, I used to flag for the Obama Treasury Department. I think what I was telling reporters

2:03then is still true today, which is that the trend line matters more than any individual report. That's almost like political polling, I think, Jonathan. The trend line matters more. Can you talk to us about what this latest data means in terms of what we've seen in terms of job losses through the course of Trump's term? And there's some new inflation data coming out, I think, next week. And there's a big federal reserve meeting in two weeks that how does all this tie together? To your point about the trend line, you would be forgiven for having whiplash when you opened the jobs report that came out yesterday, because it is the mirror image of what we got in July. In July, we've learned that the economy shed jobs. You looked at the revisions, Jonathan. I came ready for my revisions with you. You looked at the revisions and made the previous month's data look really bad. Then you get the August report. Top line number, more than triple, anything economists were expecting. Revisions made the previous month's data look better.

3:06And so it's just, it's not consistent. There's too many things happening underneath the hood of the economy with respect to immigration and how that's affecting our population. It's so hard to get a read on accurate job growth right now. I feel for the people at the labor department. And so we look at this data, it's great news, but I think federal reserve officials, which President Trump is very worried about right now. They're not worried about the labor market right now. They're really worried about inflation, much like the people that you interviewed in Florida are very worried about inflation. I don't think any of those people mentioned anything about jobs. They're worried about inflation. About making sure that their money goes for. Exactly. It's great if you have a job, but even if you have a job and your pay is not keeping up with inflation, I mean, what are you gonna do with that, right? So I think that that is the big thing that federal reserve officials are focused on. And it looks like there might be an interest rate increase in the next two weeks, depending on what the inflation data this week says.

4:07Do you think that's the best lens for which the treasury and the best end and Kevin Warr should be viewing inflation through that labor data and inflation data have zero connection to one another? Do you think that they're looking at this report in any way and seeing any potential forecasting for what they're gonna get next week? Potentially. I mean, I think there is concerns. If you were really worried about inflation, you look at the labor market, you're like, oh, the August data actually shows the job market is booming. Right. That in and of itself put more inflationary pressures on the economy that makes the underlying price pressure is worse. So perhaps they're looking at that, but it seems like federal reserve officials I talked to are not really worried about the labor market being a source of inflation in and of itself. Because it's just been so weak and up and down and up and down, it's hard to know what's happening. They see the source of inflation being gas prices

5:07and diesel prices and commodities and all of these AI developers really driving up the cost of labor in some cases, but also just the cost of materials. Yeah. So as Jack gave us just like the president really wants interest rates cut. Here's what he put on his social media platform yesterday, lots of caps. A strong country means a lower interest rate. It's a better credit. Very simple. We should have the lowest rate of any country in the world like the old days. Lower the rate or I'll stop trading with countries with which we have a deficit. Is that a thing? Can you stop trading with countries with which we have a deficit? That makes no economic sense to me whatsoever. Asked a few sources yesterday what they made of that post because I mean, it's a pretty shocking threat and you have to take these.

6:07Don't seriously, what economists told me that he was kind of just like staring blankly at his screen trying to understand like the economic math going on in the president's head, how this would lead to lower interest. It is, we've seen President Trump and also Vice President JD Vance this week talking a lot about the Fed lowering interest rates. It's not on the table. It is either rates they were they are or they go up, no one on the FOMC that the rate setting committee at the Fed is talking about bringing rates down. It's not on the table right now. And I think, you know, there is this nerdy idiom in my world that says that the cure for high rates is high rates. So we've seen the chaos in the bond market this week. Yields going up, borrowing costs for mortgages and auto loan going up. And many people want to see Fed Chairman Kevin Worsh deliver a rate hike so that financial markets know that he's serious about cracking down on inflation.

7:08So cure for higher rates is higher rates. And maybe you get some pressure. This is Matt Rogers from Los Cultures that's with Matt Rogers and Bowen Yang. This is Bowen Yang from Los Cultures that's Matt Rogers and Bowen Yang. You know when people try new food and suddenly it's like, wait, that's the reaction. A lot of people are having when they first try QB mayo. It's the one with the red cap and the little baby on the bottle. You've probably seen it in the grocery store before. And if you've ever just walked past it, some people would say that's a huge mistake because this mayo is different. Most mayonnaise uses whole eggs. QB only uses egg yolks, which gives it this rich umami flavor. It's smoother, deeper and almost buttery. Once people try it, they start putting it on everything. Egg sandwiches, fries, burgers, some fans even swear by dipping pizza crust in it. And once you notice it, you start seeing it everywhere. Chefs use it, restaurants use it. People who really care about flavor use it. Never try it, grab the bottle with the red cap next time you're at the store. Put it on just about anything, then you'll understand.

8:08QB, the original Japanese mayonnaise. This is Ashley Akinetti from the almost famous podcast. You ever notice you and your spouse keep saying, we need to get away, but you never actually plan anything. That was us until we did something fun and spontaneous. We went to resortpass.com. There are hundreds of hotel resorts, pools and spots and private beaches that you can enjoy. You can spend the day at a luxury resort, pool spa massage without booking an overnight stay. And listen, I may have only been like 15 minutes from home, but it felt like it was a whole different world. And I'm thinking this is exactly what I needed. So just go to resortpass.com, choose your resort, choose your day, luxury resort day passes, start at just $1,5. Once you post your daycation, people are gonna ask where you are. Go to resortpass.com slash almost famous and use the promo code almost famous to get $20 off when you spend $100. That's code almost famous at resortpass.com slash almost famous.

9:11Sure off the bond market, if that happens. That decision though, has that been communicated to Donald Trump yet? We know that Kevin Worsh and Donald Trump have had conversations. The Fed Chairman will not go into specifics about what they talk about. Hey, if you listen to what the Fed Chairman said in Jackson Hole last week, that big gathering, it was like his big debut. And he made it very clear that they are worried about inflation and the care for inflation is not lower rates. The care for inflation is higher rates. So I don't know what the Fed Chairman is telling the president, but I think it's very clear that not just Kevin Worsh, but his colleagues around him want to raise rates. I guess something we'll be looking at for our on-truth social this week. TbD, Courtney Brown, thank you so much for joining us. And let's bring in Dan Coe, is the Democratic nominee for Congress from the sixth district in Massachusetts. He previously served as Deputy Cabinet Secretary

10:11in the Biden administration and Chief of Staff at the U.S. Department of Labor, Dan, welcome and congratulations on a pretty big week. Thank you. The talk to us a little bit about your win and some of the other results in Massachusetts and the story that you think it tells. Well, look, I think people are fired up right now to take on this president, this lunacy that we've been talking about, this segment. Our people are feeling it all across the country and I think people are looking for fighters right now to call it like it is. This president continues to drive up costs while his own net worth triples. I mean, he is just grifting off the American people. We are all paying for this grip and people are fed up. So I was very, very grateful to receive the Democratic nomination. I was also very, very grateful and proud to do it with the endorsement very publicly of President Joe Biden and Vice President Kamala Harris, two people that I think a lot of people in this country missed the dignity that it brought to the White House, the policies like lowering prescription drug costs,

11:13and lowering costs for Americans when it came to groceries and prices at the pump. People are just sick and tired of this administration and I'm very, very fortunate to be in the fight right now. Dan, it is great to see you. Congratulations on winning the nomination. When you've been campaigning around the district and talking to people, clearly I'm sure the economy and the high prices were top of mind. What were the number two and number three issues you heard about from voters? I think people were saying, yes, prices are high. We're sick of the housing, we're sick of housing prices, we're sick of health care cost being too high. But everyone is saying the number one source and the number one issue of all that is Donald Trump. Think about what the average American is going through right now. We can talk about monetary policy, interest rates, all those things, but it's getting kind of cold out because it's fall. People wake up, they're looking at their utility bills when they turn on the heat, 20% higher today

12:14than it was when Donald Trump went into office and lie heep, the program that helps seniors with it has been cut. If they want to warm up with a cup of coffee, it's 30% higher than it was. If they want to drown their sorrows with a nice hamburger, that hamburger prices are up 25%. This is all well, Donald Trump is building ballrooms and using taxpayer monies to prop himself up. People see the BS and they want people who are going to call it out and never normalize it. Yeah, I think, Dan, a lot of people, I've been around Washington for a long time and I think there are two sets of problems in Washington, you have communications problems and you also have legitimate problems that even the most sophisticated political messages cannot solve. The president would have all of us believe that if Republicans just talked about his record that everything would be okay for Republicans this midterm season, what's your take on that? Does the president have a messaging problem

13:15or does he have a real problem? I would actually say that I think Democrats have a messaging problem because we love to talk about Trump and of course we need to hold him accountable. But what is our message? Why is our approval rating lower than Donald Trump's? I think it's because we throw around terms like affordability but we don't define what we're gonna do about it. Things like $10 a day childcare, capping your utility bills, capping your rent is possible if Democrats grow a spine and say Donald Trump's cuts to corporations and people who are making a ton of money like Elon Musk. If we just raise the corporate tax rate, we could pay for the things I just outlined and have a trillion dollars left over to address the deficit if we wanted to. These are the choices that people in Congress could make, especially those who have sworn off corporate pack money like I have, it's just a matter of growing a spine and delivering that message. I think we can't be afraid to talk about what we need to be doing and we need people in Congress who aren't afraid to call that out. Yes.

14:23This is Ashley Akinetti from the Almost Amos Podcast. You ever notice you and your spouse keep saying, we need to get away but you never actually plan anything. That was us until we did something fun and spontaneous. We went to resortpass.com. There are hundreds of hotel resorts, pools and spots and private beaches that you can enjoy. You can spend the day at a luxury resort, pool, spa, massage, without booking an overnight stay. And listen, I may have only been like 15 minutes from home but it felt like it was a whole different world. And I'm thinking this is exactly what I needed. So just go to resortpass.com, choose your resort, choose your day, luxury resort day passes start at just $1,5. Once you post your daycation, people are gonna ask where you are. Go to resortpass.com, slash almost famous and use the promo code almost famous

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