Tracy Byrnes of Lebenthal Global Advisors joins to discuss Vice President JD Vance's remarks on the economy at the Turning Point USA event.

JD Vance spoke at a Turning Point USA event, focusing on the economic challenges faced by Americans despite positive stock market trends. He and other commentators noted that while some prices, such as gas and eggs, have decreased, many families continue to struggle with bills and the rising cost of living, emphasizing that recovery will take time.

Administration officials highlighted ongoing efforts to address affordability, particularly in housing, with promises of policy changes by 2026. Recent data shows a decline in housing inventory and continued high mortgage rates, prompting calls for practical solutions to support families and stabilize the market.

JD Vance talks economy at TPUSA event

turns Tracy always great to have you. It's great to be here so yeah, it was a great speech and look I think it gives the administration props in that they're not seeing the differential between Main Street and Wall Street. Well, she's doing great the stock market is up anybody that has a retirement account is probably pretty happy these days, but then when they sit down to the kitchen table to pay the bills or go grocery shopping they feel that they still feel that and it's going to take time and patience, but the more it is acknowledged, I think it is helpful for the American people because it's going to take time it took time to get us to where we are now it's going to take time to undo anything they want to. Yeah, because that's what unraveled the Biden administration was the talking points that you're fine, you're fine when you you are fine you are struggling to pay your bills you are struggling to buy eggs and prices have come down gas prices have come down. So there are some wins to talk about but you're absolutely right Americans aren't buying it you're fine right now. The administration is trying to get out in front of this and handle the affordability message. The president made that second trip and to the struggling battleground state this time of of North Carolina. He was in Rocky Mount. Let's listen. You talk about affordability, you know, the Democrats said the ones that got us into the mess. They're the ones that caused the high prices and then they come out and they look and they look at those fake news people, but they do this this election is about affordability. They go, let's talk about it. No, I'd rather not talk about it because they can't they're the ones that because they caused the highest inflation in the history of our country which led to the highest prices in the history of our country. I inherited the mess. I got the prices down and they're going down so further. So the administration is promising everything is going to change Tracy in 2026 no tax on tips kicks and what can we expect realistically. Yeah, look, I think people are going to see a little more money in their pockets come tax time because of the increase in the standard reduction and many many taxpayers didn't change their withholding so they'll be a little bit of a win there. But at the end of the day, it's like turning the Titanic it took 4 years to get to where we are it's going to take 4 years or close to it to unwind that people are going to have to be patient. It can happen overnight. That said the acknowledgement of it is important. It's like anything else if you just understand where I'm coming from. I think it makes American people feel a little bit better at the end of the day, but they still are struggling. It's still tight and they are still scraping pennies on some at some kitchen tables to make ends meet. Yeah, yeah, so JD Vance as we mentioned earlier he was speaking at turning point USA's America fast on Sunday. I don't have time to play his soundbite again we heard him just a moment ago, but members of the president's economic team over the weekend they were on the Sunday rounds getting out in front of the message to and I was struck because one of his key members said every single person on this administration's team is working to lower housing costs right now that is critical Tracy because you know the latest housing numbers show inventory fell almost 6% in November buyers now facing this really you know high home prices mortgage rates rents are going up. Do you expect you know supply is down do you expect any big announcements on housing come 2026 they sure do need it. Yeah, and interest rates will play a pivotal part on this big availability to get a mortgage and for young people to start families is super important to this administration and it's just super important all around we want stability for these families as they grow and become working members of our economy so we need to support them on some level but to go back to the Clinton era where we just gave everybody houses for nothing is not we want either. So there has to be a happy practical middle here somewhere, yeah, absolutely we'll be watching I know you will as well it's always great to have you on Tracy Byrne appreciate your time so good to see you.

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Wilmington

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Council of the City of Sydney

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Beijing

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Moscow

Ukraine Invasion

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Breakdown