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00:00Yeah, look, the Trump economy in 2019, after the tax cuts and deregulation took effect, was not only fantastic for wage growth, for Main Street, it was better for the lower decile, the lower quartile, the lower half of earners.
00:16So this is a myth that this was tax cuts for the rich.
00:19The U.S. tax system is one of the most progressive in the world.
00:23The wealthiest people pay the majority, the great majority of the taxes.
00:27And so this is Trump. Trump. Let's face it. He's he's working for the bottom half of the country.
00:33You know, 10 percent of the people own 88 percent of the equities.
00:36He's not worried about the stock market. He's worried about Main Street.
00:40And so what you saw in the Biden years, yeah, there was top line wage growth.
00:43It was net. But in real terms, in inflation adjusted adjusted terms, wages were down three percent in the Biden years.
00:51They were up eight percent in real terms in the Trump years.
00:54In the Obama years prior to Trump, they were up four percent in eight years.
00:58So four times the rate. OK, two percent a year versus a half a percent a year for for Obama.
01:04And then, of course, with Biden, it was negative.
01:06So this idea that Biden passed along a great economy is a complete myth.
01:11It was entirely subsidized by the government.
01:14It was it was a sugar high from ridiculous and reckless government spending.
01:19Sixty three percent of the jobs created were government and health care and health care is essentially government.
01:24So this argument that Biden, you know, passed along a great economy is even worse than the argument that Obama passed along a great economy.