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The Manhattan Institute’s Steve Malanga discusses how the economy will impact the vice-presidential choice for Republican Party.
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Slow down or blow expectations look at the economy has our next guest Steve blank evident -- institute.
Rethinking who Mitt Romney might think.
It's gonna be his vice presidential candidate which I think is kind of interest think -- deceased.
Good to see you so mr.
Romney's gonna look at this and maybe cross people office listed thinker well I don't know about cross people -- less -- you -- you have a much is sitting politicians.
Including sitting governors like Chris Christie.
And Mitch Daniels on the consideration.
And they have a record and and frankly there are grappling like most governors in America with the slowdown tax collections and many many states.
In April came in way below projections of -- -- in the added.
And so you know I've often said that if you if you're sitting governor you want to run for president or -- -- -- vice president you don't wanna be on the campaign trail have fiscal time bombs exploding back -- their -- -- And to -- need to be good bet to bet against Christie.
Well I think that this does the with the slowdown actually doesn't help because first -- I have said this before to -- that New Jersey is that alongside pictures yeah it is -- like ten years of really bad stuff going on there but just not the got such a deep Altman tells.
And didn't governor for only two and a half years I think he's got his work cut out for him still there and the latest economic news -- latest fiscal news in New Jersey suggests he's got his work cut out for an.
So I do think this is ebbing and actually I think it away increases the likelihood that you might find -- senator.
I've been selected because they're responsible for budgets fund.
Exactly right I'm glad -- I actually yeah -- that technical in the senate seat as I'm sure somebody like but well Rob Portman is seems to be hampered everybody -- Lately my eight I don't talkative Bret -- about it yesterday and we've got into this conversation which also is insisting -- that.
Romney -- always this idea of -- -- you need an attack dog you know on the campaign trail and somebody you'll go after the president.
Is Joseph Biden Vice President -- may -- that character for the Democrats and may be Romney needs someone to do that for him and maybe that doesn't make a rob -- everybody has these theories about who's going to be picked but you're probably right it'll.
They'll be somebody may be out of the senator -- somebody not I think they're gonna look at office very close at the polls very close August and pick.
One state that's gonna do them a lot of good they're gonna pick somebody who can win them that when states like Ohio -- -- that while rarely the vice president is good enough I mean committee -- Johnson won Texas Bolivia that's a long long time ago.
The vice president doesn't usually bring along state.
With him more or -- it in at least in the past what -- economist how we have a minutes talk about it so.
You're right slowdown today's numbers are evidence of doubt we thought the recovered were stronger we thought the recovery in jobs.
Stronger but you focus specifically on these fiscal issues are things getting better or they started to go out -- you know again you can see it in the fiscal issues in April tax collection numbers were not good.
And for everybody is talking about how 2011 tax collections -- great.
At that at the state level you know even though we're still not back amazingly was still not back to the high of 2007.
So you've got almost four years now we're cost continue to go up -- -- going up but we're still haven't.
But everything was looking much much cardinals on April it is everything went flattens on California's budget deficit -- Jersey's budget deficit Rhode Rhode Island budget deficit -- what happens don't.
Well this is a crucial month April where of course you're getting all those income tax -- you know the end of the year people have to sort of catch up that's the big month for everybody.
And basically.
The did not have the kind of economic growth that they thought they had the kind of income growth that they thought they had.
And so suddenly they got a real wake -- call real slack slap in the face if you -- because the stock market's gotten hit well that's one good example of the part artist Alex what's at 7% in the last month or so.
Depending on which -- oh yeah and in the Dow.
You know barring never know I don't think it's gonna be up 800 points today but -- -- -- that I know you'll have a couple of other than that this is a rough month for stocks you can blame Europe I guess which is a mess and -- us for a lot of that but we're also still most American equities of people.
Are exiting until they see some relationship between Europe and and of our and that that influence is tax collections obviously did you capital gains that -- happening in all sorts of things yes it does and that might be and might influence election thank you Steve good thank you but Steve -- for.
