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Date: 2025-08-21 Page is: DBtxt003.php txt00027243

COMMENTARY THE COFFEE KLATCH ... AUGUST 17TH 2024 Robert Reich and Heather Lofthouse discuss the week PLAY YOUTUBE VIDEO Original article: https://www.youtube.com/watch?v=6hCcnkn1sUI Peter Burgess COMMENTARY Peter Burgess
Trump’s meltdown and Kamala’s upsurge \| The Coffee Klatch with Robert Reich Robert Reich 759K subscribers Aug 17, 2024 The Coffee Klatch with Robert Reich On Thursday, Trump was supposed to have had a press conference on the economy. Instead, it turned into another one of his rambling, incoherent rants against Kamala. On Friday, Kamala pointed the way to a new economy. Trump continues to melt down; she continues to surge upward. Today Heather and I compare Kamalanomics and its focus on corporate power with the garbage economics Trump is peddling — at least when he’s not attacking Kamala — including his bonkers idea to eliminate taxes on Social Security. Please grab a cup, pull up a stool, and join us. Also, please take our poll. Transcript 0:01 and it is the Saturday coffee clutch with Heather loft house and yours truly Robert R and Heather what do we have anything happened this week nothing for usual and nothing next week either oh well I disagree let's talk about K's upsurge Trump's submerge how about you like that how about trumponomics and kinomics lots to discuss on their alleged policies and then how about the DNC what you're thinking about for next week let's go into it I I think that U you know this is an amazing phenomenon a lot of people say to me they've never and these are political you know insiders they've never seen anything like the turnaround in the The Fortunes of a party of a political party of a of a presidential race uh the Democrats are now surging the polls are showing that kamla Harris is actually running now neck and neck or ahead of Donald Trump in some critical swing States and what 1:02 is Donald Trump doing panicking he's panicking he's melting down and rambling and incoherent uh I think he is actually caught in the headlights he doesn't know what to do uh and his handlers are you know on Thursday they had it was supposed to be a big Trump event about about the economy but he didn't want to make it about the economy he wanted to make it about kamla kamla and he likes to attack and he even was Defensive he said uh you know I don't I don't I don't I don't mind attacking in fact I have a right to attack I I can attack uh as if he was talking to his handlers who who said this is about the economy this is about policy this is not about you know you need to go after persuadables he doesn't know how to do that he doesn't have any I mean he's out of control he can't control himself and it turns out that in terms of the qualities I'm looking for a president of the United States to have 2:01 self-control would be on the list well there it's not only lack of self-control and we know that from his first term but also confronted with a woman and a black woman uh is all it's as if it brings out in Trump all of his craziness even worse yeah I mean he is uh he doesn't know how to deal with it yeah it's a Comm nomenon as they're saying onomon is that said it right that's what the cool kids are saying these days well it's he's melting down and he's doing these press conferences is he going to I mean the counter programming he hasn't quite figured out what he's doing yet no and I this worries me a little bit because we're going and we're going to talk about the convention next week but uh they as we go into the Democratic Convention as as kamla Harris and uh wals continue to do better and better uh I think my fear looking at his behavior 3:01 I'm talking about Trump is his tendency is to do something crazier more explosive more outrageous change the entire nature of the game I know I don't know what it is I don't either I don't want to know I don't even think I have the skills to strategize in that direction do all dire I don't want you to have those let's not play that game but in terms of one thing he's announc so he's all over the place except he will announce cutting Social Security cutting tax no no no no he doesn't forgive me this is but you were right you were right but what he has actually stated publicly is he wants to get her taxes get rid of federal taxes on Social Security yeah and U what is it actually going to do what it's actually going to do is it is number one it is going to destroy Social Security because those taxes are extraordinarily important for the trust fund and I can say this as a previous uh trust fund truste of the Social Security 4:01 trust fund uh you need that that flow of money right now trust see uh the the Social Security is in danger of running out of money that the trustees say in 2033 and if Trump actually were to cut the Social Security taxes out uh that would Advance the time right uh of Social Security running out of money and importantly who does it hurt and who does it benefit well this particular plan in the short term uh benefits mostly High income Social Security beneficiaries uh but over the long term it would destroy Social Security Now Heather this is something the Republicans have been trying to do and wanting to do for years because Social Security is the most popular program in the entire federal government Franklin D Roosevelt put it into effect in 1935 and a lot of people then said to him well why should people have individual accounts and this is all kind 5:02 of uh complicated and he said no if everybody has an individual Social Security account and they contribute into that account they feel that they are owed it and we will never see this program ended and he was right except for Donald Trump he didn't anticipate that Trump would take away Republicans would salute him and follow his orders so this is this is dangerous the easy response and what the Democrats are have already proposed Biden has proposed it I think KLA Harris ought to be even clearer about it is you take away the cap on income that is subject to the Social Security tax and right now that cap this year is about what is it 186,000 something like that it goes up uh adjusted for inflation every year uh but anybody who earns any more than that right is excused from paying Social 6:01 Security taxes so it's a very regressive tax overall uh take the cap off or maybe set the cap so that it starts at 250,000 or 400,000 it's more politically feasible we've talked about this let's move the cap up just just do that and you'll save Social Security and it and the rich will pay their fair share that's why Social Security is in trouble but instead so he's proposing this right this tax cut he claims it's a tax cut but it's going to hurt the poorest seniors 25% of their income is going to be cut and the richest are going to benefit from it I mean it's a classic and he's doing you know his spin where he says you're welcome everyone it's not everyone well he believes that the American public is incredibly gullible and unfortunately uh people are gullible to the extent that people some people say well yes take away Social Security taxes but it's just like his you know his 2017 tax cut which was trickle down 7:01 nonsense nothing trickled down he say guaranteed $4,000 would trickle down to everybody four everybody would have $4,000 and nobody got $4,000 did you no I didn't but also I like that tweet you once did where it said trickle down economics and then it took the S off and then the C and then it went all the way down and it stopped with trick trick that's what happened it is a yeah but a $1.6 trillion cut I mean this is not this is ugly but but hopefully people realize it and decide maybe he's not the president for me after all well I think that maybe more and more people are realizing that uh I hope so and he doesn't deal in policy I mean the the interesting thing you say he doesn't he's not interested in policy he doesn't want to talk about policy uh but when he does come up with policies they are usually 180 degrees wrong they reward the rich big corporations and they penalty was the 8:00 people who are average working people or the poor we could talk about this for days his tariffs that he's talking about I mean the few things he has spoken about the tariffs are an interesting example because he says let's charge foreigners uh for and foreign countries for selling their goods in the United States without even understanding that a tariff is paid by people who buy the goods people here in the United States you put up tariffs you know 30 40 50 wants to go 100% what happens everything becomes more costly that that that it's not only hard and difficult and harmful for consumers in the United States but it also will aggravate inflation right and so then on the other hand we have kinomics she has been slowly but surely announcing some real policies some real plans some real Frameworks let's get into it this is actually very important uh and I didn't want to make this whole conversation about policy but it's important to understand these things she 9:00 came out uh Thursday uh against price gouging uh in food now this is the this is something that is really big for a lot of people uh because even though inflation has come down toward the 2% Target that the FED set for inflation uh but a lot of people still are paying through the nose uh and food is one of those things that is inflation comes down but prices don't necessarily come down and why is that well you asked the great question and she's answering it it's because of concentration because these companies big companies have too much power food industry is a good example uh in fact uh beef is produced by four companies and when you get four companies producing 85% of beef processors beef Packers what does that mean it means that they can coordinate pricing they don't need to 10:01 and they're not competitive in the sense that they have to reduce prices no they keep prices up and it's not just the beef it's the corn you know it's over when we're talking over 50 60 70% for these things the fertilizers I mean it's the entire food 7% of all the fertilizer four companies 80% of the Corn 69% of all grocery sales four companies and when you have those few they are coordinating they're not going to cut prices right so she's gonna come after this at multiple levels right and we don't know exactly we don't have the crystal clear plans but it seems like she's going to address it in numerous ways all of which are needed which and a lot of it has to do with giving more resources to the Federal Trade Commission to go after these monopolies and more resources more resources to the antitrust division of the justice department to get more resources uh you know speaking of that Kroger and Alberton now they wanted you're going to say they wanted to two of the biggest 11:02 grocery chains in America they wanted to merge they wanted they are actively trying to merge uh and the government is saying no you can't merge and what did Kroger Kroger said well I'll tell you what we will reduce our prices by a billion dollars yeah if you allow us to merge come on it's like we can't lower our prices I mean we could lower our prices we can't really but only if you give us a little more power I mean it's pretty ridiculous to see this in a news article but here's a a gross admission by Kroger that they actually could reduce prices by a billion dollars I mean this is this if you wanted evidence that there is not enough competition in groceries here it is yeah or that power is skewed and they have it and and pricing power in fact if you look across the economy other uh the reason you have record levels of profits AC across the economy is not your mom and pop stores 12:02 it's because big companies have concentrated more and more of their power they are merging they are growing uh they one of the biggest uh reasons for mergers now is pricing power of course up right I'm sure you saw Mars is trying to purchase Kell NOA for something like 38 billion and that would be the biggest merger of the year I mean we're talking they've already merged you've read the stats you've and then there's more happening yeah and and when you see and that's why it is so important to attack these monopolies uh it's it's disguised people don't know about Monopoly power because you don't see it behind all of these individual brand names you think oh I have there are dozens of brands on my super you know my Supermarket shelves but it turns out the brands behind the brands you have just three or four companies right and they are trying to merge and the Comm comma um Harris Tim Wall's plan 13:01 includes a lot of things right so we're talking about trying to address housing issues and affordable housing again through various modalities trying to get at it um but it's interesting that price gouging around food and groceries was what I saw on the New York Times earlier this week as the lead it is and uh I think it's it's politically powerful it's the right thing to do uh it makes economic sense now obviously you know uh monopolies are not the only reason that we've had inflation uh but they are very big and very important and most people understand that uh if they think about it and they get the data they understand what's going on and it's a lever where we have some control yeah you know a lot of stuff as it relates to the economy and the macro issues are less easy to control exactly exactly we're talking about the structure of the economy uh and I think that uh Joe Biden made a 14:01 very good the Biden Harris Administration made a very good beginning at going after uh all of these monopolization I mean uh you know look at uh both the Federal Trade Commission and the antitrust division uh have done very very good work with more resources they can do even more that's it okay I want to talk about the DNC that's coming up this week what are we thinking about it what's going to happen uh you were talking about the Democratic National Convention in Chicago 2024 well I think that uh it's going to be a combination of a show of gratitude appropriately to Joe Biden did you see so in their joint um event this week oh we should talk about that in the prescription drugs um it was interesting to watch President Biden next to kamla Harris having to stand there and she gave him you know so much credit and so 15:00 much gave his due she did she really kind of oh by the way prescrition drugs that's another area in which the Biden Administration the Biden Harris Administration has kept prices or is now in the process of getting prices down using the bargaining power of Medicare this is something that you know Bernie Sanders was talking about years ago I know and finally we have Administration that is doing it and she's going to do even more of that yeah it was interesting that that's the first rally they came out again I mean we know that voters care about these things they care about the economy when you continue to look at the polls what they say matters most to them you know abortion is up there we know it but the economy matters and it's it's it it is the cost of living coming back again and again and again uh very practical very practical issue so I think that the first thing that happens at the convention is a huge show of gratitude toward Joe Biden and then we move to the coronation of Tim walls and then the big Thursday of the 16:01 coronation of kamla Harris uh and there's going to be a lot of excitement I think the only thing that worries me frankly is the war in Gaza and and it worries you because it worries you and I'm worried yes I'm worried about the humanitarian cost obviously I've been worried sick about it uh but I am also worried politically uh this is you know I remember the 1968 Chicago convention I remember you know I was an anti-vietnam War protester I was not there at that time I was driving across country you told us that on a previous watch um but it was uh it it was in Chicago and it really did split the Democrats and the Democrats have never fully recovered from that split U and I think the war in Gaza U has a potential to do the same thing I I I think that 17:01 they're trying very hard to avoid it but something like 30 delegates there are from States and from districts uh where there are a lot of people who are extremely upset about what's going on in Gaza and so we're going to see some of that right and justifiably so so it'll be interesting there'll probably be some protest outside we'll see if there's some shouting inside don't know and then these uncommitted delegates will see what they say and do right yeah that's right so it's those three but I'm not going to go you're not I'm not Oh I thought you were I thought you were flying out no no you you you're not going no I'm not going well I've been I was I was going to say you were at was it the 96 well was the the 88 you remember the 88 convention in Atlanta vividly yeah and Michael dakus uh Bill Clint gave the introductory speech when 32 minutes uh 18:00 the the when the only Applause line during that Clinton speech introducing Michael D caucus was when Bill Clinton said in conclusion Hallelujah and then I was at the uh I think the 96 um and then I was at the I think we might even have a clip no should we do it no let's please let's take a look well the Comm look at it is ever vescent it is POS some journalist came up to me yesterday and said off the Record I love the way a journalist comes up to me and says off the Record said off the record I was in San Diego said that journalist and the difference between Republicans and Democratic conventions is at San Diego they tried to act festive and here they are festive yeah Donna Shala and I'm you're going to be hardpressed to beat this taught us the marara Mr secretary well there's my there's what I mean about festive huh you couldn't have got that at the de at the Republican convention what's the dance at the Republican convention uh I think it's the Twist from we shake it a baby anyway let's get this 19:01 sound to something serious oh my God I'm shocked you don't want to go back the the Macarena I never did the Macarena you did I've see I feel like I've seen you Macarena maybe not at the convention not the conven after party yeah the after party um that was a goodie um so you're not going to go okay so you're not going to go I'm not going to go um anything else to discuss I think we've kind of covered it well I I think we did I um but but it's interesting that clip about the festive nature of the convention in 96 it was festive uh and certainly more festive than the Republicans but I think the contrast this year is even greater oh for sure because the Republican convention was so was so angry I mean there was anger and testosterone you know the kind of this year yeah this year uh and this coming Democratic Convention I think is 20:01 just going to be uh upbeat I think that the the notion and that's what that's really what kamla Harris and Tim uh walz are are giving to the party and to uh young people and to women and to even some old codgers yeah old white men a lot of old codgers me it's a sense that politics doesn't have to be about anger it can be about Hope about the future uh about uh what we want for our country and ourselves right and not to be a pessimistic Patty but a lot of people are hurting so they we have to be a little tempered right I mean of course it's the politics of joy and it will there will be a feeling of elation there will be but it has to be measured but I think there's a connection Heather between the politics of Joy uh and uh the notion that we have the capacity to do things that we haven't done before um 21:01 dealing with the problem of the poor and the working class and the stagnation of incomes for so many people dealing with uh food prices dealing with all of the problems the everyday problems that people have uh we are upbeat and we are uplifted because of our confidence and our ability to handle these issues and this is why I like having coffee with you cuz you've been around the block you've seen the ups and the Downs I've been around forever you still have hope I do I do I do and you do too do this and you do too and listen thank you for being with us uh be hopeful be festive and we'll see you next Saturday [Music]

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