Former Sen. Pat Toomey on new strain of economic populism

Published: May 21, 2024 Duration: 00:04:58 Category: News & Politics

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STREET ARE ANTICIPATING RIGHT NOW. BECKY, BACK OVER TO YOU. >> EAMON, STAY WITH US WE'RE GOING TO DIG DEEPER INTO THIS FOR MORE ON THIS NEW REPUBLICAN BRAND OF ECONOMIC POP POPULISM FORMER SENATOR PAT TOOMEY FROM PENNSYLVANIA WHAT DO YOU THINK OF THE DEBATE TAKING PLACE WITHIN THE PARTY AND MORE BROADLY >> BECKY, THANKS FOR HAVING ME FIRST OF ALL IT'S IMPORTANT TO NOTE THERE'S NOTHING NEW ABOUT THESE POLICY PRESCRIPTIONS THE IDEA HAVING THE GOVERNMENT TAKE MORE CONTROL OF THE ECONOMY, ALLOCATE CAPITAL, PICK WINNERS AND PLLOSER. EVEN SET SOME WAGES AND PRICES AND TELL AMERICANS FROM WHOM THEY CAN GI SELLS AND WHOM SELL THINGS STANDARD POLICY FOR DEMOCRATS FOR A LONG TIME. THERE'S NOTHING NEW ABOUT THEM WHAT'S NEW, REPUBLICANS ARE NOW ADVOCATING IT. I THINK AS YOU CAN PROBABLY GUESS, I THINK THIS ATTACK ON ECONOMIC FREEDOM AND THE FREE ENTERPRISE SYSTEM IS VERY ILL-CONCEIVED. IT STARTS WITH A HUBRIS OF THINKING THAT AS LONG AS OUR GUYS ARE IN CONTROL THEY'LL MAKE THE RIGHT DECISIONS HOW TO DIRECT ECONOMIC GROWTH AND DIRECT PROSPERITY TO WHERE IT SHOULD GO AS THOUGH SOMEONE CAN KNOW THAT. I THINK IT'S ALSO A MISREADING OF THE POLITICS. I THINK DONALD TRUMP'S APPEAL IS MUCH MORE CULTURAL IN NATURE, AND IF YOU LOOK AT THE SUCCESS HE HAD IN ECONOMIC POLICY IN HIS FIRST TERM, IT WAS OVERWHELMINGLY WITH TRADITIONAL REPUBLICAN ORTHODOXY ON TAXES ON REGULATION NOT ON TRADE HE WAS A PROTECTIONIST ON TRADE. AND HE DID SOME DAMAGE THERE, BUT IT WAS PRETTY LIMITED IN ITS APPLICATION. SO I THINK THIS, FIRST OF ALL, THIS IS A MINORITY VIEW AMONG REPUBLICANS BOTH ACROSS THE COUNTRY, AND IN CONGRESS I CERTAINLY HOPE IT STAYS THAT WAY. >> THAT'S AN INTERESTING POINT WHEN IT COMES TO TRADE DONALD TRUMP CERTAINLY WAS A PROTECTIONIST ON THESE ISSUES. >> RIGHT. >> THAT OTHER LAUNDRY LIST OF THINGS YOU DON'T THINK HE'D GO ALONG WITH AS PRESIDENT, LOOKING FROM BANNING STOCK BUYBACKS TO RAISING TAXES ON ISSUES? >> AN INTERESTING QUESTION, BECAUSE I DON'T THINK DONALD TRUMP HAS A WELL-DEFINED IDEOLOGY REGARDING ECONOMIC POLICY GENERALLY ONE CONSISTENT IDEA HE'S HAD FOR A VERY LONG TIME IS HE'S VERY HOSTILE TO FREE TRADE. HOSTILE E BY THE WAY, I DO THINK THEY WILL TAKE VERY DRAMATIC STEPS IF DONALD TRUMP IS RE-ELECTED, YOU KNOW, BOB LIGHTHIZER HAS LAID OUT IN HIS BOOK EXACTLY WHAT HE THINKS PRESIDENT TRUMP SHOULD DO, AND PRESIDENT TRUMP SEEMS TO BE ADOPTING IT THAT'S 10% UNIVERSAL TARIFFS ON ALL IMPORTS AS THE FIRST STEP AND THEN SUCCESSIVE INCREASES OF 10% UNTIL OUR TRADE DEFICIT DISAPPEARS, WHICH WILL HAPPEN AS WE HAVE A VERY SEVERE RECESSION. BUT THAT'S THE TRADE SIDE. THAT'S PREDICTABLE I THINK THE REST IS MUCH LESS PREDICTABLE, BUT THERE WILL BE A BACKLASH FROM REPUBLICAN VOTERS WHO BELIEVE IN ECONOMIC FREEDOM AND THE PROSPERITY THAT HAS ALWAYS ACCOMPANIED IT IF THEY START GOING DOWN THIS ROAD >> SENATOR TOO, IT'S EAMON JAVE HERE WE TALKED ABOUT PHONE THE OTHER DAY ABOUT THIS SOME OF THESE ECONOMIC POPULISTS TALK ABOUT THIS IDEA OF FREE MARKET FUNDAMENTALISM, WHICH THEY WOULD ACCUSE YOU AND OTHERS IN THE REPUBLICAN PARTY OF SORT OF EMBRACING THE VALUE OF FREE MARKETS OVER EVERYTHING ELSE DESPITE THE DAMAGE THAT CAN BE DONE TO COMMUNITIES AND FAMILIES WHAT DO YOU SAY TO THOSE VOTERS IN THE TRUMP COALITION WHO WERE ON THE LOSING END OF GLOBALIZATION AND ON THE LOSING END OF FREE MARKETS? THEIR COMMUNITIES WERE HARMED BY THIS THEIR LIVELIHOODS WERE HARMED BY THIS IT MIGHT HAVE BENEFITTED THE COUNTRY NET-NET, TO YOUR ARGUMENT, BUT FOR SOME PEOPLE, THERE WAS A REAL LOSS HERE HOW DO YOU APPROACH THOSE PEOPLE AND BRING THEM BACK INTO YOUR ECONOMIC APPROACH? >> IT'S A FAIR POINT FIRST OF ALL, THE VAST MAJORITY OF AMERICANS GAIN ENORMOUSLY FROM HAVING A FREE ECONOMY, AND OUR RELATIVE PERFORMANCE TO OUR PEERS AND NEAR PEERS CONTINUES TO UNDERSCORE THAT GREATER FREEDOM LEADS TO GREATER PROSPERITY, BUT YOU'RE RIGHT IF YOU HAVE A FREE SOCIETY, THERE WILL BE DISRUPTIONS, AND SOME OF THOSE DISRUPTIONS WILL BE PAINFUL IT'S REALLY VERY SIMILAR TO NEW TECHNOLOGIES WHEN WORD PROCESSOR SOFTWARE BECAME READILY AVAILABLE, I'M PRETTY SURE IT DEVASTATED THE TYPEWRITER INDUSTRY. IF YOU WORKED AT A PLANT THAT MADE TYPEWRITERS, YOU PROBABLY LOST YOUR JOB. THE ANSWER IS NOT TO PREVENT THE WORD PROCESSOR THE ANSWER IS NOT TO PREVENT THE ENHANCEMENT AND PRODUCTIVITY AND THE GAINS FOR SOCIETY AS A WHOLE. WE SHOULD HAVE A DISCUSSION. WHAT DOYOU DO ABOUT DISLOCATION? I THINK THE MOST IMPORTANT THING, NOT NECESSARILY THE ONLY THING, BUT THE MOST IMPORTANT THING IS REALLY STRONG ECONOMIC GROWTH THAT'S DRIVING UP WAGES, REAL WAGES, WHICH IS EXACTLY WHAT WAS HAPPENING BEFORE COVID STRUCK, BY THE WAY THAT'S THE MOST IMPORTANT THING

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