>> AS WE ALREADY NOTED PRESIDENT TRUMP CALLED OUT MINNESOTA AND FRAUD IN HIS STATE OF THE UNION ADDRESS, THE LONGEST STATE OF THE UNION SPEECH IN HISTORY.

IT STARTED OUT MORE TRADITIONAL BUT IN THE SECOND HOUR VEERED INTO ATTACKS ON DEMOCRATS AND OTHER POLITICAL TALKING OINTS.

JOINING US WITH MORE ON POLITICS AND ECONOMICS IN THE SPEECH, DAVID SCHULTZ HE TEACHES POLITICAL SCIENCE AT HAMLINE UNIVERSITY, ADJUNCT PROFESSOR AT THE UNIVERSITY OF ST.

THOMAS.

JOINING HIM A FAMILIAR FACE FROM A DIFFERENT ACADEMIC DEPARTMENT AT A DIFFERENT UNIVERSITY.

[ LAUGHTER ] LOUIS JOHNSTON TEACHES AT THE COLLEGE OF ST.

BENEDICT'S AND ST.

JOHN'S UNIVERSITY.

WELCOME, FELLAS.

IF AFFORDABILITY IS THE BIG ISSUE IN THE CAMPAIGN, IT DIDN'T GET MUCH ATTENTION FROM THE PRESIDENT.

GOT NO ATTENTION AT ALL.

WELL, HE'S HOPING IT GOES AWAY OR LIKE HE DOESN'T HAVE TO DO ANYTHING ABOUT.

ONE OF THE THEMES OF THE SPEECH HE KEPT COMING BACK TO WAS I INHERITED THIS TERRIBLE MESS, -- WHICH NEITHER PART IS TRUE THAT IT'S A TERRIBLE MESS AND HE DIDN'T FIX IT.

>> HE'S RUNNING INTO THE SAME PROBLEM THAT I'M GOING TO SAY BIDEN AND HARRIS RAN INTO.

BIDEN AND HARRIS WHEN THEY KEPT SAYING THE ECONOMY'S DOING WELL, THE AVERAGE PERSON'S THINKING, WELL, BUT THE PRICE OF MILK, BREAD AND EGGS IS EXPENSIVE.

THE AVERAGE PERSON AND PROBABLY THE AVERAGE LISTENER OUT THERE IS PROBABLY THINKING THE SAME THING.

YEAH, PRICE OF MILK, BREAD, AND EGGS IS STILL PRETTY EXPENSIVE SO DON'T TALK ABOUT THINGS YOU DON'T WANT TO TALK ABOUT, INSTEAD TALK ABOUT SOMETHING ELSE SO TALK ABOUT FRAUD, TALK ABOUT ANYTHING ELSE BUT DON'T TALK ABOUT, WHAT, THE THINGS THAT ARE GOING TO BE VULNERABLE FOR YOU.

>> Cathy: HOW WELL OFF IS THE ECONOMY?

>> I THINK WE'RE ACTUALLY, IT DEPENDS ON WHO YOU LISTEN TO POLITICALLY BUT IF YOU LOOK AT THE FACTS I THINK WE'RE DOING QUITE WELL AT LEAST OVERALL.

GDP GROWTH IS ABOUT THE SAME THIS YEAR AS IT WAS LAST YEAR.

SO WE'RE PRESIDENTING ABOUT AS MUCH STUFF.

INFLATION IS ABOUT THE SAME, HASN'T GONE UP, HASN'T GONE DOWN.

INTEREST RATES ARE ABOUT THE SAME, IF ANYTHING THEY'RE GOING DOWN A LITTLE BIT.

SO AND THE UNEMPLOYMENT RATE IS ABOUT THE SAME.

SO WE'RE DOING PRETTY GOOD I THINK OVERALL.

NOW, THAT DOESN'T MEAN INDIVIDUALS NECESSARILY ARE.

THERE'S A LOT OF DIFFERENCES BETWEEN PEOPLE WHO LIVE IN DIFFERENT SPOTS, PEOPLE WHO ARE ON DIFFERENT PARTS OF THE INCOME DISTRIBUTION.

BUT AS A GROUP WE'RE DOING PRETTY GOOD.

>> BUT AGAIN WE CAN'T FORGET THE FACT THAT WE'VE GOT THE GREATEST GAP BETWEEN THE RICH AND POOR IN AMERICA'S HISTORY.

>> EXACTLY.

>> AND THEY'RE SAYING THAT LISTEN, THE PRICE OF MILK, BREAD AND EGGS -- >> SO AFFORDABILITY STILL HAS LAGS AS A POTENT CAMPAIGN -- >> YES, IT DEFINITELY DOES AT THIS POINT.

>> DEFINITELY.

>> NOW, AGAIN WE'RE STILL WHAT, APPROXIMATELY WHAT 7 MONTHS OUT FROM THE ELECTION.

IF OU LOOK AT EARLY VOTING 6 AND A HALF MONTHS WHO KNOWS WHAT'S GOING TO HAPPEN BUT I'M GOING TO GO BACK TO THE CARVILLE LINE IT'S ALMOST ALWAYS THE ECONOMY.

PEOPLE ARE CONCERNED ABOUT, AND WE HAVEN'T EVEN TALKED ABOUT THE FACT THAT AT SOME POINT WE'RE GOING TO SEE THE PRICE OF MEDICAL CARE AND INSURANCE THAT'S GOING TO START TO KICK IN.

>> TARIFFS.

>> TARIFFS, WHAT ABOUT 'EM?

[ LAUGHTER ] >> Eric: WELL, SHE WAS SHAMING THE DEMOCRATS.

>> YEAH, AND WHAT KILLED ME, REALLY STRUCK ME IS HE WAS TALKING ABOUT HOW WONDERFUL IT IS TO CUT TAXES THAT WAS THE BIG THING LAST YEAR.

AND THEN BRAGGING ABOUT TARIFFS WHICH ARE TAXES ON PEOPLE.

SO IT'S LIKE, OKAY, I'M CUTTING TAXES WITH ONE HAND AND RAISING THEM WITH THE OTHER SO THAT'S REALLY A NET WASH, WE'RE NOT GAINING ANYTHING FROM THIS.

AND HE BASICALLY HAS NO OTHER ECONOMIC POLICY RIGHT NOW EXCEPT TARIFFS.

>> AND WITH THAT HE'S LOST ONE OF HIS BIGGEST POLITICAL TOOLS AT THIS POINT IN TERMS OF LEVERAGE.

THINK ABOUT FOR EXAMPLE IF I'M CANADA, LET'S JUST PICK CANADA AS AN EXAMPLE HERE.

KNOWING THAT THE SUPREME COURT, OUR SUPREME COURT HAS ALREADY STRUCK DOWN SOME TARIFFS, TRUMP SAYS 15% TARIFFS AGAIN.

IF I'M CANADA I'M THINKING A COUPLE DIFFERENT THINGS.

ONE, OTHER PEOPLE -- WE'VE GOT THE MIDTERM ELECTIONS COMING UP AGAIN IS NIX, SEVEN MONTHS HERE, LET'S WAIT IT OUT AND PLAY THEM OUT.

THE BARGAINING SITUATION COMPLETELY SHIFTED A WEEK AGO FROM TODAY WITH THE SUPREME COURT DOING WHAT THEY DID.

>> Eric: WHAT DID YOU THINK OF I THINK PRESIDENT REAGAN STARTED THE SPECIAL GUEST IN THE GALLERY.

HE SEEMED TO BE HAVING THE MOST FUN WHEN HE WAS AWARDING MEDALS AND THAT SORT OF THING.

>> HE WAS.

I MEAN, I'LL TURN THAT TO DAVID.

YOU'RE MORE ON THAT ONE.

BUT THE THING THAT I NOTICED WAS IT WAS ALMOST LIKE AN OLD EPISODE OF THE ED SULLIVAN SHOW OR A VARIETY HOW.

IT'S LIKE "NOW FOR MY NEXT GUEST" THAT'S WHAT IT FELT LIKE TO ME.

>> I'LL ADD SOMETHING TO.

IT WAS A TWO-HOUR SPEECH OR SOMETHING LIKE THAT.

>> HOUR 48.

>> I AS CLOSE.

ALL OF THIS COMES IN THE SECOND HOUR.

HOW MANY PEOPLE DO YOU THINK WATCHED BEYOND THE FIRST 30 MINUTES?

HOW MANY DO YOU THINK WATCHED BEYOND THE HOUR?

WHAT WE KNOW AND I DID STUDY THIS QUITE A FEW YEARS AGO WHEN I WAS LOOKING AT PRESIDENTIAL DEBATES CANDIDATES ARE SMART, THEY RECYCLE THEIR RHETORIC ABOUT EVERY 30 MINUTES KNOWING PEOPLE ARE ZONING IN AND ZONING OUT.

GIVEN THE HOUR, I DOUBT TOO MANY PEOPLE SAW ALL THAT BUT IT DOESN'T MATTER BECAUSE, WHAT, THOSE ARE THE SOUND BITS AND CLIPS.

BUT LIVE MOST PEOPLE DIDN'T EVEN SEE THAT.

>> Cathy: YOU MENTIONED THE MIDTERM ELECTIONS.

PBS GOT AHOLD OF THAT -- THAT'S BEEN FLOATING AROUND EVIDENTLY THAT WOULD GIVE THE PRESIDENT EXTRAORDINARY OWERS OVER THE MIDTERM ELECTIONS AND HE, THIS DRAFT EXECUTIVE ORDER INDICATES THAT HE COULD DECLARE A NATIONAL EMERGENCY AND TAKE CONTROL OVER SOME OF THE VOTING MECHANISMS WHICH IS WILDLY UNCONSTITUTIONAL.

>> OF COURSE.

>> Cathy: AND HE SAYS HE WOULDN'T DO IT, BUT I MEAN, HE ALSO -- PROJECT 2025 HE SAID HE HAD NOTHING TO DO WITH THAT EITHER.

I DON'T KNOW.

>> YEAH FIRST OFF YOU'RE ABSOLUTELY CORRECT.

FOR THE MOST PART START OFF BY THE FACT THAT OUR ELECTIONS ARE ADMINISTERED AT THE STATE LEVEL.

THERE IS NO FEDERAL MACHINERY TO RUN THEM.

TWO, THE CONSTITUTION IS UNEQUIVOCALLY CLEAR REGARDING THE LANGUAGE ABOUT IT.

AND, THREE, WE'VE GOT SUPREME COURT DECISIONS THAT BASICALLY SAY THE FEDS CAN'T CONTROL STATE ELECTIONS.

SO FROM A LEGAL PERSPECTIVE THE MEMO'S COMPLETELY INCORRECT.

AND REMEMBER, WAS IT 2020, YEAH, 2020 ELECTION THEY HAD THESE CLAIMS ABOUT VOTER FRAUD.

THERE WERE 42 CASES IN FEDERAL COURT.

THE TRUMP ADMINISTRATION LOST ALL OF THEM ON THESE ESOTERIC LEGAL THEORIES BY PEOPLE LIKE EASTMAN AND GIULIANI.

THIS IS THE SAME THING HERE, THAT THE LEGAL THEORIES THIS IS BASED UPON TOTALLY BANKRUPT.

>> Eric: BASED ON THIS SPEECH FOR THE NEXT YEAR WHAT IS THE REPUBLICAN ECONOMIC PLAN?

>> I THINK THE REPUBLICAN ECONOMIC PLAN IS HOPE THAT THINGS DON'T GET WORSE.

I THINK THAT'S PRETTY MUCH IT.

IT'S LET'S HOPE THAT THE TARIFFS DON'T DO THE BAD THINGS THAT ECONOMISTS HAVE BEEN SAYING THEY'RE GOING TO DO, LET'S HOPE THAT THE UNEMPLOYMENT RATE DOESN'T GO UP.

LET'S HOPE THAT GAS PRICES DON'T GO UP OR SOMETHING LIKE THAT.

THAT'S PRETTY MUCH IT BECAUSE USUALLY IN A STATE OF THE UNION SPEECH ONE OF THE HIGHLIGHTS IS SOME KIND OF LAUNDRY LIST OF HERE'S THE ECONOMIC OLICIES THAT I WANT TO DO, WANT THE CONGRESS TO DO.

THE ONLY HING THE PRESIDENT TALKED ABOUT WAS THIS NEW PERHAPS SAVING MATCH.

I'M GOING TO MATCH $1,000 FOR PEOPLE WHO DON'T HAVE A 401K AND IT WASN'T EVEN, WASN'T EVEN OUT IN DETAILS.

>> Eric: TRUMP RX, THE DRUG THING?

>> WELL, THERE'S THAT, BUT THIS WAS FOR PEOPLE HAVE 401Ks, THAT'S ALL -- IT'S LIKE WE'RE JUST HOPING WE CAN GET PAST NOVEMBER OR WHATEVER THE DAY IS.

>> YEAH, CAN I ASK YOU A QUESTION, THOUGH?

ASSUMING IT MIGHT HAPPEN, WE GO TO WAR WITH IRAN, WHAT DO YOU THINK THE PRICE OF OIL AND AS WILL BE THE DAY AFTER THE WAR STARTS?

>> IT WILL JUMP MAYBE UP TO $90 OR $100 A BARREL.

BUT THE UNITED STATES IS STILL THE BIGGEST PRODUCER OF OIL.

SO I THINK ONE OF THE THINGS THAT WILL HAPPEN IS IT WILL GET A SPIKE BUT COME BACK DOWN AGAIN.