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The Truth About the US Economy

Episode #13  |  December 9th, 2020
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In This Episode:

We run a major risk that leftist policies will destroy the success of the US economy. Stephen Moore, the noted supply side economist, tells Trish what needs to happen to ensure continued economic success. Plus, hypocrisy from bigwigs in California and other liberal states could cost us all. Tom Del Beccaro, former Chairman of the California Republican Party, analyzes the descent of California. For more from Trish Regan follow her on twitter @Trish_Regan & visit 


Tom Del Beccaro

Former Chairman of the California Republican Party
Tom Del Beccaro -an acclaimed author, speaker as well as currently a columnist for Fox News, Fox Business & the Epoch Times. Tom is the former Chairman of the California Republican Party and former U.S. Senate Candidate from California. Tom is author of two historical perspectives, The Divided Era and The New Conservative Paradigm 1st Ed. & 2Ed, and is publisher of, where he publishes daily commentaries along with other columnists.

Stephen Moore

Stephen Moore co-founded and served as president of the Club for Growth from 1999 to 2004. Moore is a former member of the Wall Street Journal editorial board. He worked at the Heritage Foundation during the period from 1983 to 1987 and again since 2014. Moore advised Herman Cain's 2012 presidential campaign and Donald Trump's 2016 presidential campaign. Moore advocates tax cuts and other supply-side policies. Moore's columns have appeared in outlets such as the Wall Street Journal, The Washington Times, The Weekly Standard and National Review. Along with Larry Kudlow, Moore advised the Trump administration during the writing and passage of the Tax Cuts and Jobs Act.


Trish Regan:               [Music playing]

They don’t get it. It’s like they do not understand Economics 101. They need to go back to school. The Left is going to decimate our economy.

Hello, everyone. Welcome to this week’s edition of American Consequences With Trish Regan. I am Trish. It’s great to have you here, and we have a terrific lineup. We’re going to talk to one of my most favorite economists, Mr. Stephen Moore, author of Trumponomics and someone who advised the president on his writing of the Tax Cuts and Jobs Act. We’re also going to go out to California and talk to the former chairman of the California Republican Party and former U.S. Senate candidate from California Tom Del Beccaro. But let’s start right here at the federal level and look at what’s really going on with our economy.

You know, it’s not all bad news. There’s a little bit of good news. In fact, there’s a lot of good news out there right now. I mean, I’m nervous about the future… you probably are, too. And I’m nervous because I don’t like the economic policy that I fear is going to go into place. We’re probably going to have a lot of stimulus, a lot of government spending, a lot of stimulus out of the Fed – heck, you’re going to have Janet Yellen there at the Treasury. All of that means probably good things for Wall Street in the near-term. We can talk about long-term consequences associated with printing that much money and giving that much in the way of handouts.

You know, the market may do find – the market did fine during the Obama years. But could it be great? Yes. Could we have real growth like we’ve had? Yes. But it’s probably not going to happen. Because you’re not going to have real, meaningful policy. You know, one of my favorite people on this front [laughs] is the economist Stephen Moore. He has devoted his career to looking at what actually will result in meaningful change for American families and for our American way of life. And he has really, in my view, just been at the top of the heap in terms of determining what works, what doesn’t, and being such an optimist for America to encourage us all to enact the right policies.

Because isn’t that what this is about? Ensuring that future generations are going to have the same opportunities we have had. Joining me, right now, is my good friend from the Committee to Unleash Prosperity. He’s now the new host of a show on WABC Radio, and there’s more coming. Mr. Stephen Moore. Steve, good to have you here.


Stephen Moore:          Hi, Trish. Great to be with you. Please, please, please come by my radio show sometime in the next couple weeks – I’d love to have you, and you’re one of my favorites.


Trish Regan:               Any time. You know, that’s a legendary station you’re at. And my good friend, Larry Kudlow, used to host a weekend show there on WABC. And John Catsimatidis is fantastic – you’ve got a great group there.


Stephen Moore:          So, my take on this economy is very simple: This is probably the best recovery from a recession that we’ve ever had in American history, at least in modern times. And, you know, I’ll just give you some statistics that I think will blow you and your listeners away. So, you know, we’ve created 12.5 million jobs in six months – 12.5 million jobs. The unemployment rate now, which peaked, as you recall, somewhere between 14% and 15% six months ago, is down to 6.7% And all of the economic gurus, you know, all the sages on Wall Street, the people at the Federal Reserve, and all the people at the Congressional Budget Office, they said by November and December, we would have an unemployment rate of 10% or 11%

No, we don’t have 10% or 11%. It’s less than 7%. That is an incredible accomplishment, given what we’ve been through, Trish – it’s just amazing to me. And here’s another statistic that – I didn’t even believe it. I had to double-check the numbers to make sure they were right. Total wages and salaries in the economy today are 99% of the peak. That is to say they’ve fallen by just 1%, which is unbelievable, given the shutdown to the economy, given the fact that we’ve had workers who haven’t been able to go out on the job.

Trump has done something amazing here, and I get sick and tired of the people in the media downplaying and trashing this economic recovery because I think it’s been remarkable. Is there work to be done? Absolutely, there are still a lot of unemployed people, but the direction is fantastic.


Trish Regan:               Yeah, I mean, it’s almost as though they’re setting up very low expectations, right? So when Biden comes in, they can say, “Well, look at the mess he was handed.” And I think part of this, you know, as we look to history being written, the history books will say, “Oh, you know, he crashed the economy. He did a horrible job.” But in reality, the numbers actually say something just incredibly different. I want to drill down, Steve, as to why we were able to be such a success – 12.5 million jobs, I mean, that is just tremendous job growth over the last six months. A decline to 6.7% unemployment rate, I mean, these are really, really good things. And you look at the eight years of the Obama administration, and they weren’t able to accomplish anything like that.

Now, how is that? I mean, you were dealing with 2008, and I get it was structural, you know, massive problems. You’re dealing with a debt issue – it’s a mess, right? A massive, massive, massive mess. But this is a pandemic… This is a mess, too, so what’s the difference?


Stephen Moore:          So, Trump came in and, you know, one of the things that I think Republicans did very poorly in this election – you know, that might’ve been the factor that cost Trump the election – was they let Liberals and Democrats act as if somehow, you know, the economy was good in the Obama years. It wasn’t good. It was a terrible recovery. In fact, you know, the unemployment – it took Obama-Biden five years to get the unemployment rate to below 7%. It took Trump five months to do it. [Laughs] I mean, think about that. So, it was not a healthy economy. It was an economy that, in the last year of the Obama administration, the economy grew at 1.5%. You know, that’s barely staying out of a recession.

Trump came in, and we just super-exploded. It was the tax cuts, it was the deregulation, it was the pro-America energy policies, the better trade policies, all of those, and just generally having a pro-business president really caused a surge in confidence. And incidentally, I don’t know if you saw the latest numbers on small-business confidence, but they crashed. They crashed in November because small businesses are going to be the victims of Biden’s, you know, policies. And so, when we had the economy flattened by the pandemic, you know, this once-in-a-century pandemic, thankfully because of the strong Trump economy, we had 6.5 million surplus jobs going into that.

You know, remember, the unemployment rate had fallen to 3.5% which is basically below full employment, which means you’ve got a job shortage – not a shortage of jobs, I mean, we had a worker shortage. And so, that helped cushion the blow, and Trump made a big, big, big strategic move where he did not agree to Pelosi’s $3 trillion spending bill. And Casey Mulligan and I basically [crosstalk]


Trish Regan:               He’s the economist from University of Chicago just so people know. They should check out his work – it’s fantastic.


Stephen Moore:          Yes, he’s amazing, you know, he’s probably the best labor economist in the country. He and I did some analysis showing that we believe Trump saved 4 million jobs. He saved 4 million jobs by not agreeing to Pelosi’s $600-a-week unemployment benefits on top of normal benefits, which have paid five out of six workers more money for staying unemployed than going back on the job.


Trish Regan:               OK, so let’s back up on that one because that’s complicated for some people. They’re like, “Wait a second – ” But you know what? It’s not that complicated, right? Because sometimes, you know, if you pay people to stay home then, well, they’re not really going to go to work, right? By the way, what does the small business owner do when their employee has the option of making more money by staying at home than, you know, coming and washing dishes at the restaurant?


Stephen Moore:          So, you know, it’s so interesting, Trish, because last night, I had dinner with some folks who run a manufacturing firm in Utah, and they were in town because they needed some advice. But anyway, I had mentioned this to them, you know, what we’ve just been talking about, and they said, you know, this is exactly what happened in our manufacturing factory. They said, once Pelosi put in place those high unemployment benefits, once we started rehiring people, we could not get the people back on the job. We couldn’t get them to come back, and we couldn’t figure out what was going on. Then we realized that the government benefits were so high, people were being paid more to stay home on the couch than go back on the job.

So, you know, it’s a real-life example of how these policies can really hurt the economy. And then, the other thing Trump is doing is, you know, he is allowing, encouraging states to remain open, to do it in a safe way, but shutting down – I am so concerned, Trish, I don’t know about you. I saw a survey we got in our hotline, almost 50% of small businesses are now worried that because of these shutdowns, they may go bankrupt – 50%.


Trish Regan:               Yeah, I am very, very worried. By the way, we’re talking with Stephen Moore, one of my most favorite economists. You can follow him on Twitter @stephenmoore. You have to get his e-mail. The Committee to Unleash Prosperity has it. [laughs] I was telling them before we started the broadcast, I said, Listen, I love this e-mail. I look forward to it every day – you can get it twice a day – and it really distills what matters, out there, from an economic perspective. So, kudos to you for putting out such a great and informative piece of work every day. But, you know, back to this idea – because the Democrats would say to the manufacturing, “Oh, well, you just need to raise wages, and once you’re more competitive with the government benefits, then you’ll get your workers back.” But it’s not that easy, is it?


Stephen Moore:          No, in fact, that’s exactly what these folks were saying last night. They said that’s exactly what the government told them. They said, “Oh, just pay your people more.” And they said, “We can’t. We’re an internationally competitive – ” This is a company that makes mattresses – “We’re competing with people in China, and Cambodia, and Vietnam, and Thailand. You know, if we raise our wages and raise our prices, then we don’t sell our mattresses.” So, you know, but this is something typical someone in government would say because – this is my problem, Trish, with so many of the policymakers and the career bureaucrats: They’ve never run a business, right? [Laughs]

They have no idea what they’re talking about. They don’t know the real world of having to meet a payroll and to make a profit so the business can continue. So that’s a typical response by politicians who’ve spent their whole life in politics and never had to make a profit.


Trish Regan:               Sure, sure, and there’s a certain kind of resentment, too, if you would, against businessowners big and small. So, let me get to a question that I think about [laughs] a lot, I really do, because I have such a free-market approach to things, and yet, simultaneously, I look at this full-on free-market approach and, look, you know, capitalism isn’t perfect. It sure beats the alternative, [laughs] we all know that. But how do we sort of manage, for our future, when we have to think about national interest, as well? I mean, this is one thing, Steve, I think Trump did so well. And he kind of put the nail on the head, right?

He really got to this issue of how we need to protect our country and our economy and not kind of just give in to the whims of, “OK, well, this company, you know – ” The mattress company from Utah, right, it could probably relocate to Vietnam and make mattresses more cheaply and make more profit, but that doesn’t help America, and it doesn’t help Americans who need those jobs. So, how do you balance all this? How do we do it?


Stephen Moore:          You put America first. Every decision – this is what I admire about Donald Trump – and by the way, you know, sometimes his behavior and sometimes the things he says, you know, would make my eyes roll, but his overall philosophy of putting America first. And the Left, you know, rolls their eyes, “Oh, my gosh, you know, you’re an economic nationalist, blah, blah, blah.” Well, what’s wrong with putting our country and our businesses and our workers first? Isn’t that what a politician should do? And so, I’ll give you one perfect example: As you know, Trish, because you talk about this all the time on your show, we cut the corporate tax rate, the U.S. corporate tax rate.

Now, did we do that because we love corporations? No. We did it because we wanted American companies to be more competitive, so that they could hire more workers here in the USA. And we did it, and we brought our rate down from, you know, 35%, which was way above the international average, down to about 21%. So we were actually below many other countries. And you know what happened, Trish? All of a sudden, these jobs and these factors and this capital came back to the United States. It was like, you know, a scientific experiment that worked.

And Biden now wants to raise that rate back up again. And I guarantee you, Trish, if he does that, you know, if you turn the dial in the wrong direction, those factories are going to leave, those jobs are going to leave. So we didn’t do it to help, you know, rich shareholders. We did it to help American workers.


Trish Regan:               You know, one of the statistics I know you’ve pointed to, as well, Steve – but I want to remind the listeners – is when you look at median incomes, right, and you look at the period between 2016 and 2019, what do you see? Median incomes grew – lower-wage earners, median incomes grew. This was a big deal because if you look at the eight years of the Obama-Biden administration, you didn’t have that kind of growth. I mean, the wealthy did well, right? Because they were invested in the market, and you heard me talk about it in the intro, all the stimulus and how that kind of has an effect on asset prices. But not everybody’s invested in capital markets, and so there’s been this sort of tug-of-war between capital and labor that I think, really, Trump was able to address in a meaningful way.

And he doesn’t get any credit for that. You know, the Left tries to say, “Ah, it’s just all for the rich.” And I’m like, but wait a second, middle-income, lower-income Americans… they did well under these policies.


Stephen Moore:          They did superbly. I mean, you know, that’s putting it modestly. I mean, we saw a $6,500 increase in three years in median household income. I’m not talking about Bill Gates, and I’m not talking about Warren Buffett or Lebron James or the millionaires and billionaires. The average household income rose by $6,500. There was more of an increase in incomes in three years under Trump than there was in eight years under Obama. And you’re right, and we love the fact that this happened for Hispanics, it happened for Blacks, it happened for Asians, it happened for female-headed households. And one of the things I’m proudest of, and I think the president is, too, is that we brought the poverty rate in the United States – you know, there’s often a question of what’s the best way to judge, you know, whether an economic policy works.

And you can look at GDP or you can look at per capita income or you can look at, you know, total output or this or that. But, you know, if you want to look at how does a policy affect the least among us, that’s a pretty good  measurement. Guess what? The percentage of Americans who were in poverty under Donald Trump fell to its lowest level in the history of the United States. And that happened for Blacks, Hispanics, Asians, children in poverty – I mean, these are real metrics that show the success of Trump’s policies. And what is keeping me up at night, Trish – and I think it’s probably keeping you up at night, too – Biden wants to reverse all those policies. And I think that can lead to the opposite results.


Trish Regan:               Oh, and look, it’s going to backfire because in four years’ time, people are going to say, “Hey, wait a second, what the heck happened? We were actually doing OK, and they kind of just shut off the spigot.” Meaning, they shut off the engine of American growth, right? Our ability to succeed is, I think, kind of just in our DNA, but if you prevent us from going to work, then, you know, you’re going to have some real issues. And, you know, look, they’re talking about all kinds of things, like, “Oh, we need a basic income in place until coronavirus is completely wiped out.” And I’m looking at it – and this was a Kamala Harris-Bernie Sanders initiative out of the senate – and [laughs] I think, yeah, great, coronavirus will never be gone at that point because if you can somehow get one more thing in there…

Again, like, we can’t afford it. We just can’t afford it. I know on the Committee to Unleash Prosperity you guys have a big thing on the importance of a strong dollar. I mean, that’s another thing that I’m concerned we’re going to forget about in this environment, Steve.


Stephen Moore:          Well, you cannot print dollars and think that that’s a path to prosperity. And I think a lot of economists have fallen under that spell, saying, “Oh, you know, we can just afford all this government spending, these trillions and trillions of dollars of debt, and just keep printing money.” You know, that’s a story in almost every country in the world that doesn’t have a happy ending. So I am concerned about that, and, you know, I’ll mention one other quick one on the way out. As you know, I’m so high on what’s happened with American energy policy under Trump, and it really began with these wildcatters all over the country that made America the No. 1 energy producer in the world.

It’s an amazing story, in 10 years, how we totally revitalized our American oil and gas industry to become No. 1 in the world. And now I hear Joe Biden saying he wants to shut it down. And, you know, notice the one similar thing about almost everyone that Biden has announced he’s going to appoint to his cabinet: Almost all of them are, you know, fanatical about climate change. And, look, do I have my concerns about climate change? Yeah. But do I think we need to shut down our American energy industry? No. [Laughs] I think it’s crazy.

I think that plays right into the hands of Russia and OPEC and the Saudis and our enemies. As Trump would say, they’re laughing behind our backs if we do that. So I pray we allow America to continue to be the No. 1 exporter, Trish. For the first time in your and my lifetime, we’re exporting oil and gas, not importing it.


Trish Regan:               I know, it’s great, it’s wonderful. [Laughs] Listen, you had a big hand in all this. I want to give you some credit here because I know you and Larry Kudlow both advised the Trump administration on the writing and the passage of the Tax Cuts and Jobs Act, and it was such good common sense. I loved what Trump said in the debate that all you had to do was, like, go turn the lights on, right? And it happened. And that’s sort of been, I think, a point of yours over the years that really, you know, we have all the makings to be an enormous success. And if you can just get out of the way, and you can, you know, cut the red tape, and you can lower taxes, then you let people do what they know how to do. And they know how to make money. And they know how to succeed.


Stephen Moore:          [Crosstalk] It’s not complicated. It really isn’t.


Trish Regan:               There you go, you just turn the lights on. Hey, listen, Steve, thank you so much for coming on. I want to encourage everybody to check out your e-mail, the Hotline, the Committee to Unleash Prosperity, with some of the best little nuggets that you need to understand what’s really going on. Trumponomics is his book, and he’s a really great friend and smart guy. Thank you, Steve. I appreciate you being here.


Stephen Moore:          All right.


Trish Regan:               [Music playing]

What a mess California is. I mean, so many states, right? Blue states, interestingly enough, they’re really into this whole lockdown thing. They don’t seem to trust the individual, which is my plea: I wish our lawmakers would really believe more in the power of each individual to make their own decisions. But, no, no, no, out in California, you got Gavin Newsom shutting things down, while simultaneously going out to a $400 lunch at the fancy-schmancy French Laundry restaurant with no mask, right? Eating with no mask, imagine that.

Or, you know, how about the mayor of San Francisco going to the same place, by the way, just the next day, and then three days later, saying no more indoor dining after she just dined at French Laundry – again, this is the restaurant of the moment – with no mask? Or how about the San Jose mayor, right, who said, OK, we have to not have anybody get together for Thanksgiving? And yet, he goes and gets together with five different households all related to him for his Thanksgiving. There’s a hypocrisy going on, and it’s really startling. Out in Chicago, you got the mayor of Chicago who said, you know, do you really need to get your hair roots done? I don’t think so. But it turns out, she got her hair roots done. [Laughs]

She got hers done. She wasn’t going to have any grey. She said, “Well, I’m the face of Chicago.” [Laughs]Again, you know, the hypocrisy is off the charts, and it is going to have serious – it’s already had serious economic consequences. Joining me is somebody who’s watching everything as it unfolds in the state of California. He is the former chairman of the California Republican Party, former U.S. senate candidate from California, Tom Del Beccaro. Tom, welcome to the program. It’s good to have you here on American Consequences.


Tom Del Beccaro:      It’s great to be back on, Trish. And, yeah, California is something else. I don’t know if you saw the new district attorney in Los Angeles… Even though we voted for cash bail, he has ended cash bail. And so, he’s not going to be arresting people, unless, of course, you break the COVID-19 restrictions.


Trish Regan:               Forgive me… [Laughs] So, if you break the COVID-19 restrictions, you can get arrested, but anything else –


Tom Del Beccaro:      Yeah, low-level crime…”DA” now in California means “don’t arrest.” We had the same in San Francisco with Chesa Boudin. Remember, he worked for Hugo Chavez as his publicist – there’s a good job. And crime is rampant in San Francisco, rents are down 35%, the city’s dying, literally, and my friend that stayed at the Fairmont last night said that no one was there – complete ghost town – one of the great hotels in American history. Now Los Angeles gets rid of cash bail, and they won’t be arresting a lot of misdemeanors, and so crime will go rampant and LA will die, as well. These are big blue cities with huge homeless problems and no law enforcements, and that’s not a coincidence.


Trish Regan:               You know, going back to San Francisco, for a moment – I lived there for almost five years, and I’m an East Coast, New England girl, so, it was a little bit of a shock to my system [laughs] getting out there. I used to refer to it – and forgive me, to all those people, including you, who live in the Bay Area, Tom – I used to call it “Sucks Francisco” [laughs] because I couldn’t quite get my head around the challenges that they had just with their homeless population, right? I mean, we lived up on Knob Hill in a very nice area, right near the Fairmont, and you’d go right down, you know, the street, and you’d have people sort of accosting you as you were trying to drive home on, you know, a Wednesday night at 7:00 p.m.

And I was really shocked and stunned by it, but they were sort of culturally proud of that. And you’d talk to people in political positions there, that were very Left, and they’d say, “Well, this is part of our charm. This is what San Francisco is, you know, get used to it.” And I’d think, well, it doesn’t have to be like this, right? And I certainly don’t want to start a family, here. I didn’t want to raise kids in that kind of environment. I mean, I look at it now, and it’s a crime issue, but it’s also, I think, an economic opportunity issue. We were just talking with Stephen Moore, who was one of the advisors to the president, of course, along with Larry Kudlow, on the Tax Cuts and Jobs Act.

And I look at economic opportunity, Tom, as something that’s really integral to preserving a meritocracy and really giving everybody a chance, right, at this American Dream. Well, what chance do you have if you’re growing up in San Francisco and you’re going to these public schools and the whole place is a whole darn mess? I mean, the Left says it wants to help people, but how are they helping them?


Tom Del Beccaro:      No, you’re 100% right, you know, this is why rents have fallen 35% because people are escaping, you know, they don’t want their kids brought up there. Little-known fact: San Francisco, pre-COVID-19, had the lowest child per capita rate of any major city in America. And what happens all the time is people get married and they make a decision that is, “I’m not going to send my kids to local schools,” where, of course, they paint over murals of George Washington because he’s a racist. You know, they did that last year, and so, people are fed up with it. And you know that I used to do a TV show in San Francisco, and I wouldn’t even drive my car into the city without secured parking behind a gate.

For years, now, the break-in problem has been ridiculous: some, you know, 48,000 break-ins in three years and only 16 arrests. And so the city is dying. And yet, you nailed it when you said they’re culturally proud of it. Chesa Boudin said he’s not going to charge people with economic crimes. That was his way of saying… He called it public camping – that’s homelessness.


Trish Regan:               It’s like it’s somehow OK to take from somebody because they have more than you. I remember [laughs] being in San Francisco after having moved from New York – and this was a long time ago, I mean, this was really the start of my career, and it was the year 2000. And we moved out there, and it was crazy because you couldn’t get a U-Haul. It was like New York City now: Nobody wants to be in New York because of COVID-19. Nobody wanted to be in San Francisco at that time because of the tech bust. And so rents were plummeting, you couldn’t get a U-Haul, and we were moving into town and I’m like, “Oh, great,” right at this particular moment.

But one of the things that struck me was I saw a well-put together clean-cut guy hanging out on the corner outside Starbucks or something. And I was walking, and he started harassing me, looking for money. And it wasn’t like, you know, “Do you have any change?” It was, “Do you have 10 bucks?” [Laughs] And I’m like, “What?” But there’s this whole culture there, right, where it’s kind of cool to be the homeless person asking for 10 bucks on the street corner. I always felt uncomfortable walking around the city, which is a shame. Never – interestingly, this is – I would never even wear a dress walking around the city. I felt so uncomfortable with just the harassment that you could get.

And, you know, I didn’t feel that way in New York City. I probably would feel that way now – I haven’t been back since all this unfolded. But, Tom, there are ways to fix this – I just don’t understand why there’s no will.


Tom Del Beccaro:      Well, the Liberal guilt out here is hard to imagine. It’s worse than probably anywhere in the country. And they are doing well, but you hit on it – the shutdown of all these restaurants is catastrophic. I was a dishwasher – have you ever met somebody who worked in a restaurant, who really didn’t need the money? And yet, hundreds of thousands of Californians –


Trish Regan:               No, I’ve worked in restaurants, you know, when I was young, and believe me, I needed every penny. [Laughs]


Tom Del Beccaro:      You know, these local restaurants – now 19 restaurants have sued the state of California, representing 400,000 restaurant workers, because they want to stay open. And in Los Angeles, as you know, they shut down outdoor dining, and a judge said, “What’s your proof that outdoor dining is contributing to the issue of COVID-19?” They had no proof. The judge gave them a period of time to come up with the proof. They had to admit they didn’t have it at the time.

And that’s what California is about: big government, Gavin Newsom acting by himself – as you know, I’m now chairman of, which is raising money to recall Gavin. We have over 800,000 signatures so far, about half of what we need, and people are starting to fight back. Remember in this last election, turned down a big tax increase Gavin wanted, turned down cashless bail that Gavin wanted, allowed Uber and Lyft to have independent contractors, and we took back three congressional seats, so maybe some common sense, maybe, is happening in California.


Trish Regan:               You keep it up. I think that that’s –, that’s a really powerful slogan right now, and indeed, California needs some rescuing. Very quickly, I will say that Gavin Newsom has not always been this extreme. I remember back when he was married to Kimberly Guilfoyle, who was then a DA there, he actually campaigned very hard to try and clean up the homeless situation. And one of the things that he said, which made tons of economic sense to me, was that they were putting cash into the homeless population – they’d give them cash, every week. Every Friday, they’d give them cash.

And he showed how there was a direct correlation between the cash handouts and the drug overdoses and how the emergency rooms would be so burdened with all these people from drug overdoses, shortly after they had gotten the cash. And he said why don’t we take this cash and put it into actually giving them shelter, right, so we get them off the street and we actually have some kind of organized program. But guess what, the town wouldn’t go for it. The whole city council was like no way, no way, that’s not San Francisco… we just give them the cash. So, look, there’s a cultural thing going on, and Gavin has clearly bought into all of it. It’s part of his political future, but keep up the fight.

I want to see California rescued. It is a beautiful, beautiful, beautiful place – I just had a hard time living there with that [laughs] culture.


Tom Del Beccaro:      No question about it. Now, Gavin used to say you can’t be pro-employee and anti-business, but he’s chasing people out, and Elon Musk is leaving – Hewlett Packard, the original tech company, is leaving California.


Trish Regan:               I saw that – Hewlett Packard, which was so important to the foundation of Silicon Valley.


Tom Del Beccaro:      Yeah, now they’re going to Texas – no shock. And so, yeah, we’re fighting here, but people are beginning to realize some things. But, you know, the demographics here, people leave this state in droves, like you did when you thought better of it. I get asked all the time what I am still doing here, and I ask myself that same question.


Trish Regan:               You know, I never used to hike that much – I developed a new appreciation for hiking. And there are a lot of great things about California, but not its politics. Listen, Tom Del Beccaro, thank you so much. Check out his site, You can see him on a lot of different TV platforms, he writes for a lot of different websites,, Tom, my thanks to you.


Tom Del Beccaro:      All right, talk to you soon. Take care.

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Trish Regan:               You know, I just hate to see us be our own worst enemy. It’s so unnecessary. I mean, we can succeed, but we’re going to twist ourselves in knot here. I mean, the market may do OK, right, the market loves the stimulus. At some point, it’s going to come back to haunt us – let me stress that again: At some point, it will come back to haunt us. It always does, right? That’s why you get these crashes along the way – 2008 comes to mind. But nonetheless, I’m really concerned about the fundamentals of our American economy, the fundamentals of each and every American family. How do they succeed when the policy is effectively stacked against them? It’s stacked against growth.

This is what keeps me up at night. Anyway, it’s good to have you here as always. Please go check out my daily podcast, Trish Intel – you can get it anywhere you get your podcasts. You can check out my website, Of course,, where we are looking at all of these issues in depth for you every single day, and in our monthly magazine. So do sign up at and spread the word. Freedom matters.

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Outro:                         Thank you for listening to this episode of American Consequences With Trish Regan. For more of Trish and to read the magazine, visit and enter your e-mail for special access. We’d love to hear from you, too – send Trish a note: [email protected]

This broadcast is for entertainment purposes only and should not be considered personalized investment advice. Trading stocks and all other financial instruments involves risk. You should not make any investment decision based solely on what you hear. Trish Regan’s American Consequences is produced by Stansberry Research and American Consequences and is copyrighted by the Stansberry Radio Network.


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