"That is nuts." says Ali Velshi, about Donald Trump's crazy statement to Sean Hannity last night.
This is a corollary to the "tax cuts pay for themselves" baloney, along with the "tax cuts will bring 4% growth" baloney. Now Trump is saying an increase in the stock market will bring a reduction in the national debt (it absolutely won't).
One of many great things about Stephanie Ruhle: you don't get to tell her the pee-pee tape is a rainshower meditation video. Especially as it pertains to economics and, you know, math. She doesn't suffer foolishness or lies, not one bit.
So when Ali Velshi goes to "the big board" to explain all of Trump's claims versus actual numbers, Stephanie just flat out interrupts Velshi from off-camera:
STEPHANIE RUHLE: Can you say that again for me? So the president lied to the American people, the forgotten American who is saying "I want to have more money. I want to reduce the deficit." The only way you're going to reduce the national debt -- and yes, it ballooned under the Obama administration -- is if you raise taxes and cut spending. neither of which is happening. Tying that to the stock market is pure garbage.
Yes, the debt went up under Obama, and given that he rescued the economy from the worst downturn since the Great Depression, it's a pity he didn't spend more to fix Main Street. And those stock numbers? The Dow has gone up 20 percent since Trump became president (they really want those tax cuts and love the deregulation that will make our air dirtier) but "under the Obama Administration, that same index rose 235%. And no, that stock market rally did not reduce or offset the national debt either."
Then Velshi continues, pointing out the obvious when it comes to tax cuts for billionaire corporations:
ALI VELSHI: He [Trump] claims that doing so [cutting corporate taxes] would give Americans a $4,000 pay raise. He keeps saying this and Stephanie and I keep scratching our heads because we don't know how that actually works. Many economists say it's actually impossible to know how this cut results in a $4,000 pay increase to average Americans. Until we find out the details. Generally speaking, when companies get tax cuts, they keep them for themselves and distribute them to the shareholders. It doesn't work its way through to wages.
And we KNOW that, because wages have been stagnant all through the latest boom to corporate profits. And guess what? Some corporations, like the restaurant industry, actually use their profits in the OPPOSITE way: to contribute to politicians so that the minimum wage is NEVER raised. But I digress.
The duo end by noting that Trump's conversation with Hannity was "just weird," and asking, "How are Gary Cohn and Steve Mnuchin possibly going to defend President Trump's statements last night?"
Oh have faith, MSNBC truth tellers! Mnuchin and Cohn have already lied with a straight face all that 4% growth baloney! They're professional liars.
STEPHANIE RUHLE: You have some smart economists...saying the tax plan will work...but it gets muddied and destroyed by the president's own hand with nonsense talking about stock market gains wiping out the national debt.
ALI VELSHI: It just doesn't work that way.
And as you end the segment, Stephanie:
"Shame on you. That, my president, is a lie."