MSNBC’s host of The 11th Hour, Stephanie Ruhle, knows that the economy is the thing most likely to doom President Joe Biden’s re-election efforts so she spent Friday’s show spinning that the worse than expected inflation report was actually “good-ish.”
As the parties throw around their respective talking points, Ruhle asked CNBC’s Steve Liesman what the truth is, "A lot of people like to say 'Donald Trump was great for the economy, things went really well for me when he was the president.' So, Steve, I turn to you. You know, we got another inflation report this week. It was good-ish. Republicans love to say the economy’s terrible. Democrats say that the economy is so strong. Where are we really headed?"
Liesman agreed with Ruhle, "We’re making progress, the inflation numbers have been coming down, in fact, they may even hit the Fed’s target come next month or this month depending on how concerned they are about a resurgence of inflation."
With the report’s findings, those cuts may not happen, but either way the economic reporter continued, wondering why everyone is so fixated on the economy, "but I think what is interesting is what do people value? I have no doubt in my mind that another Donald Trump election might be the last free election that we will vote in, but to the extent that people understand that, that is not something that it appears when you do the polling that they value above issues of the economy."
As Lisman continued trying to understand why people care about the economy or the border over his end-of-democracy freakout, Ruhle interrupted, “But, can I push back for one second? That listen: democracy is an abstract, the economy is real. What economy was so much better in the Trump era?”
Before anyone could answer “the one with lower inflation,” Ruhle rolled on, “Earlier this week, Donald Trump went on television with Lou Dobbs and said he hopes the stock market crashes within the next year. If the stock market crashes, you know better than anybody here: that's terrible for every person with a 401K. Every firefighter, every teacher every nurse and their retirement account.”
Trump’s comments aside, Ruhle’s opinion on the stock market as it relates to the overall health of the economy and who benefits from it seems to change depending on who the president is.
Here is a transcript for the January 12 show:
MSNBC The 11th Hour with Stephanie Ruhle
1/12/2024
11:24 PM ET
STEPHANIE RUHLE: A lot of people like to say” Donald Trump was great for the economy, things went really well for me when he was the president.” So, Steve, I turn to you. You know, we got another inflation report this week. It was good-ish—
STEVE LIESMAN: Yeah.
RUHLE: Republicans love to say the economy’s terrible. Democrats say that the economy is so strong. Where are we really headed?
LIESMAN: We’re making progress, the inflation numbers have been coming down, in fact, they may even hit the Fed’s target come next month or this month.
RUHLE: Which means the Fed will cut rates.
LIESMAN: Two percent-- it clears the way for the Federal Reserve to cut rates—
RUHLE: That would be a huge win.
LIESMAN: -- depending on how concerned they are about a resurgence of inflation, but I think what is interesting is what do people value?
I have no doubt in my mind that another Donald Trump election might be the last free election that we will vote in, but to the extent that people understand that, that is not something that it appears when you do the polling that they value above issues of the economy.
And if you say that is what they deserve, well, if that is what they want to vote for, because it is the transcendence of either the economics, transcendence of the border issues, I'm trying to understand this stuff without judging it, I guess I do judge it a bit, but trying to get inside the head—
RUHLE: But, can I push back for one second?
LIESMAN: Yeah, please.
RUHLE: Even that argument—
LIESMAN: Right.
RUHLE: That listen: democracy is an abstract, the economy is real. What economy was so much better in the Trump era? Earlier this week, Donald Trump went on television with Lou Dobbs and said he hopes the stock market crashes within the next year. If the stock market crashes, you know better than anybody here: that's terrible for every person with a 401K. Every firefighter, every teacher—
LIESMAN: Yeah.
RUHLE: --every nurse and their retirement account.
