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Wesbury: We Call This the Plow-Horse Economy

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  • Description

    First Trust Advisors chief economist Brian Wesbury weighs in on economic growth.

  • Duration 3:43
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The cloud wars economies and in -- gonna win the Belmont but it ain't gonna keel over and die either Brian Wesbury is chief economist.

At first trust.

There is joining me now from Wheaton Illinois it well that's reassuring Brian.

Act act act thanks stake -- I need like -- one.

Yeah we -- we eat you know the -- for the last three and a half years we have been in this endless.

Kind of hypochondriac.

About the economy that.

Whether it's Greece or Spain or foreclosures are deleveraging -- debtor QE or not QE year.

What -- that we were about to fall over and die or go back into recession.

Our position has been no war were -- plow -- economy where we're going -- continue to grow despite the headwinds despite having.

It's his stay in the metaphor you know stumps and rocks and clay in the field.

And and we're growing about 2% to real GDP and we have about 8% unemployment.

That's not good.

But it's not a recession either and that's that's been our point for investors to stay.

Relatively.

Optimistic about the economy and earnings even though things aren't as as good as we would hope they would be.

Do you think -- -- the American work ethic is changing.

Daria are we in danger of going that -- because again you attribute a lot of this strength to just the resilience of the American entrepreneur or in the American -- right.

Right I do the you know if you if you kind of think you have the cloud the Smartphone the -- fracking nano technology new drugs all these new technologies.

That's what's keeping -- -- and it's my opinion of big gun regulation doesn't that things that are our combat -- -- mystic about the future I think is my life history I graduated from college in ninety.

Everybody told me the future was toast I would no way I would have a living standard like my parents.

Unemployment was permanently high.

And then in the eighty's and ninety's we had one of the greatest -- in world history so.

I still think we can get our Mo -- back I think we can turn this plow horse into a rage that.

Horse again we just have to have good policies we have to cut spending.

And cut regulating it but Brian let the entrepreneur run cutting spending and removing a Federal Reserve accommodation that means giving something up.

That we become accustomed to -- And in America and her SRI the American people willing to do that once and crawl yet.

You know dig in this is a good this is a million dollar of the 64 million dollar question right we'll find out in November.

Again going back to the early eighties we tried big government in the seventies we ended up with a disastrous economy.

Or trying it today it's hurting our economy today it's very very clear.

And I just I have faith in the American voter in the American people that we will shift course this this this pendulum full swing again.

Just like you did between the seventies.

And then the eighties from a big government you know.

Santa Claus kind of government but to attain entrepreneurial economy I'm hoping that that we can do that again I think we well --

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