July Report: Jobless Rate at 16-Year Low, Unemployment Falls to 4.3 Percent
WOLF BLITZER, CNN ANCHOR: For six months, one million new jobs were created here in the United States, which is impressive. The last six months of the Obama administration, one million jobs were also created. The argument you hear from Democrats, this president inherited a very strong economy?</s>STEPHEN MOORE, CNN ECONOMICS ANALYST: You know, he inherited an economy that was OK, but it wasn't great. We had low growth. If the economy had been as strong as some of my Democrat friends say it is, I think Hillary would be president today. The economy, in the last year of Obama, grew 1.5 percent. Not a good growth rate. It's gone up, last quarter, to 2.6 percent. Still not the 3 percent Trump wants us to get. He wants us to get to 4 percent. I would say this. For those investors listening to the show, wondering if this -- remember, we also have a bull market in stocks right now. The thing that could, you know --</s>BLITZER: Going on for years.</s>MOORE: It has.</s>BLITZER: Remember, 2008, 2009, what was it, like 7,000, the Dow Jones. Now it's closing above 22,000. But during the seven, eight years of the Obama administration, it went up. It more than doubled itself.</s>MOORE: It did. But don't forget, it went up 700 points the day after the election. Investors like the Trump agenda. The point I was going to make --</s>BLITZER: They like it because, what, he's deregulating, wants to cut taxes. Is that what they think?</s>MOORE: Yes, I think the deregulating and tax cuts. And also because he has more of a pro-business attitude. The point I was going to make is, if this economy will continue to grow, the Republicans now have to get this tax cut done. You know, if they strike out on tax cuts like the way they have on Obamacare, I think a lot of those gains in the stock market, you might see a sell-off. There's a warning flag to investors out there. Republicans just have to get this done. And every employer I talk to say we're waiting for the tax cut. We're ready for it. Is it coming? We'll see in the months ahead.</s>BLITZER: When is it coming?</s>MOORE: Hopefully, by Thanksgiving. But Republicans --</s>BLITZER: Do you think the votes are there in the House and Senate?</s>MOORE: If you'd asked me three months ago, I'd say absolutely yes. I'd say, right now, 50/50. There's only 52 Republicans in the Senate. Democrats put out a statement last week, Chuck Schumer, they're not much interested in cutting rates. That means likely it will have to be a Republican-only tax cut. That's a heavy lift when Mitch McConnell can only lose two Senators.</s>BLITZER: Numbers aren't very positive.</s>MOORE: They're numbers. Hooray for America.</s>BLITZER: -- for the American people. Thanks very much, Stephen Moore, for coming on.</s>MOORE: Thanks, Wolf.</s>BLITZER: Coming up, the Israeli Prime Minister Benjamin Netanyahu facing very serious allegations of corruption. And now one of his top staffers will testify against him. Dramatic developments unfolding in Jerusalem. We'll go there live, right after a quick break.