Trade Wars with Jeff Ferry of Coalition for a Prosperous America

Jason Hartmann starts the show with a discussion on wage growth. He goes into the real economy, meaning those who have created the cogs in the machine. Then he sorts through data on linear real estate markets and the places his network and clients are investing in. Later on the show, he brings on Jeff Ferry, Chief Economist at the Coalition for a Prosperous America. They discuss the on-going US trade war. Jason asks some questions about inflation. The close the conversation with a discussion on domestic manufacturing in the US.

Investor 0:00
I started investing in real estate to supplement our retirement for the cash flow process. I currently own 10 properties, and then additional 10 with my husband. So 20 total, we found the creating wealth show Jason Hartman to my husband going on the internet and looking around for something like this.

Announcer 0:23
Welcome to the creating wealth show with Jason Hartman. You’re about to learn a new slant on investing some exciting techniques and fresh new approaches to the world’s most historically proven asset class that will enable you to create more wealth and freedom than you ever thought possible. Jason is a genuine self made multi millionaire who’s actually been there and done it. He’s a successful investor, lender, developer and entrepreneur who’s owned properties in 11 states had hundreds of tenants and been involved in thousands of real estate transactions. This program will help you follow in jail footsteps on the road to your financial independence day. You really can do it. And now here’s your host, Jason Hartman with the complete solution for real estate investors.

Jason Hartman 1:14
Welcome, welcome. Welcome. This is Episode 1165 1165. And this is Jason Hartman, thank you so much for joining me today. So today we are going to talk about the trade war. And I think it is coming to a conclusion here fairly soon. But Charles Payne, you may know him he is on TV and the radio. He’s got some really good stuff. I like his content quite a bit. haven’t followed him lately, but I used to follow him a lot years ago. Just a very bright guy, some really good ideas. So Charles Payne recently tweeted a chart which I retweeted that Jason Hartman ROI on Twitter And he talked about how wage gains or very significant for people with less than high school degrees, soaring at the fastest rate and wage gains for college graduates war, the slowest, which I think is interesting. And this chart shows median weekly earnings change since the start of 2009. So coming out of the Great Recession, you see that below high school diploma, people that didn’t even graduate from high school, they had very significant wage gains. Yet the people with higher education levels, whether it be high school diploma, bachelor’s degree or higher, or just some college like yours truly had some of the slowest wage gains. Now what does that mean? Well, I think it means something that is really long overdue, because I think as a society, we really need to re think this whole college idea. You know, we’ve talked about this ad nauseum on the show, but it’s it’s just worth mentioning because it’s such a significant part of the culture. And it’s such a significant part of the debt problem. Nearly one and a half trillion dollars in student loan debt now that the country has racked up so just mind boggling It really is. It’s interesting, too. I was reading an article about this new super aircraft carrier that the Navy has launched. It’s called the Ford class of aircraft carriers. It’s got all sorts of new technology, of course, like everything, and for some reason, Trump doesn’t like this, for example, the way they catapult the planes off the aircraft carriers. Brandon, one of our clients, Brandon cook, who’s been on the show and you’ve heard him before, not recently, but a while ago. He is a Navy fighter pilot. You know the way the catapult works to push the Planes off the ship is a steam powered catapult, but the new ones on the new ship. They’re electromagnetic. And for some reason, Trump doesn’t like this. I don’t know why he would micromanage such a thing. But I’m just saying this that, you know, he has sort of this. Well, for those Trump critics listening, he has a simplistic attitude about a lot of things. I’m sure I won’t get any disagreement on that even from Trump fans. But, you know, what he wants to do is really reinvigorate this kind of vocational learning, vocational education. And this is the sort of forgotten segment of the population in recent decades. And it would be nice to pay some attention to these people. Because as the manufacturing base comes back to the US under trumpism That is hard to argue that certainly happening. Those blue collar type jobs are coming back. They’re getting stronger. They’re seeing wage growth, very significantly. Part of this chart that Charles Payne posted, I think there’s a place for that in society. There really is not everybody’s going to be a software programmer. Not everybody’s going to be a software engineer. Not everybody’s going to be an industrial designer, or an architect or a lawyer. God forbid, we know, we don’t we don’t need more lawyers. So there’s a real place for this. And folks, look, this is largely the real economy. We’ve talked a lot about Wall Street, Wall Street versus Main Street. There’s this wall street economy, this financial services economy, and then there’s the real economy, and the financial services economy, arguably doesn’t really create any real value. All they do is move things around. It’s like a shell game, right? In, you know, things need to be financed to create products and so forth. And there’s all kinds of schemes in this world. But at the end of the day, the people who make the widgets are the ones who really matter to an economy.

Jason Hartman 6:21
You know, when you have a strong manufacturing base, in a given real estate market, you have stability. And if you look at the markets, we tend to like those nice linear markets. They have these more stable, and I don’t want to say just manufacturing, but they sort of lean toward that. Versus the cyclical economies, the cyclical real estate markets. They have a high emphasis on all of this smoke and mirrors economy, the Wall Street type economy. They have the venture capitalists in Silicon Valley. They have the high flying finance people in LA and in Newport Beach fashion Island. Where are our conference just was in Newport center, known as the wall street of the West. You know, they have the investment bankers, and certainly in New York, they have all those kinds of people, right? They have that the financial services industry. And those markets are much more susceptible to extremes. They have their high flying extremes where everybody thinks they’re a genius, just because they really got lucky. They weren’t a genius. They got lucky in speculating on real estate deals and so forth. And then they have these really ugly, volatile lows. And it shows you the difference between the real economy and the the smoke and mirrors economy, the fake economy, right. It’s just a different world and it’s the end of the day. You gotta make something real, a tangible thing. And look, I’m only art look at I love technology. I love modernity. I think it’s incredible what human kind has achieved with all of this stuff. But I’m just saying, Look at that gets a lot of PR that gets all the PR gets all the funding, it gets all the venture capital, it gets all the, you know, the hot IPOs that everybody’s talking about. So that gets enough. I’m not taking away from that necessarily. I’m just trying to balance it out and say, Hey, pay attention to the people making the widgets, you know, doing the real work. All right, you know, that’s a respectable thing. It’s funny, I remember years ago, I was talking with this man and I can’t remember where we were, what the context was, but maybe there was a small group of people talking and, you know, kind of people were going around this small group. We were talking in, you know, just kind of standing there socializing. You know, what do you do? What do you do? What do you do? It’s, you know, hey, look, it’s a reasonable question. People spend more than a third of their life engaged in their work. Right. So what do you do? Is it? It’s a big part of life, obviously. Right? And so everybody was kind of talking about what they do. And I asked the guy next to me, I said, and what do you do? And he goes, I’m just a carpenter. I thought about that for a minute. And I said, Well, Jesus was a carpenter. You know, there’s nothing any significant about being a carpenter, okay, you know, these kinds of jobs. And listen, they’re not the job I do. And they’re probably not the job, the vast majority of you listening do, but these kind of jobs, these people that play a part in this part of the economy that deserve some real respect, you know, somebody’s got to make the widgets. Okay. You know, there’s construction all around my home every day, right. I think about the working Conditions of these construction people must be miserable. I mean, the job sucks, okay? I wouldn’t want the job. It’s just not a good job, the noise, the dust, the heat, the hours, the odd hours, the low pay. And guess who’s doing all those jobs? Men, they’re doing all the dirty work. The guys are doing that, right. But if you walk into any new home sales office, and you walk in, and there’s the marble floors, the air conditioning, the coffee machine, usually a nice coffee machine that makes those swanky coffees. Right, and you know, maybe some snacks and everything’s neat and clean and quiet. That’s the Information Age workers. And guess who’s populating that office? mostly women dress nicely? Well, the men are totally dirty digging ditches, right? So I’m just saying, look, it just needs to be balanced out. The discussion needs to be balanced, and that side of the economy. So the thing I was talking about with Trump though, and you know him criticizing the the new modern aircraft carriers, which is silly. Okay, Trump is being an idiot when he does that. But he has the sort of respect for kind of the blue collar thing. It’s interesting that we saw that so much in the last election. And we’ve seen him really support that. And, you know, this is not a political statement. It’s just an observation, right. Anyway, I just think that’s kind of interesting for whatever it’s worth, you know, the economy has to be made up of a lot of different players. And they’re all important playing the role. And the ones that don’t get enough respect in the economy are the ones who are making the widgets and the ones who are doing the dirty work. And I’m just trying to bring some attention to that. That’s it. That’s all I’m saying here. Okay, couple of updates before we get to our guest today, despite lower mortgage rates, pending home sales, dropped one percent in February compared with January, further rate drops in March could bring more sales. So the rate scare I think has subsided for a while. Now, look, the Fed does need to raise rates, there’s no question about it. They’re just taking a little breather right now, that’s all. But ultimately, you know, rates have got to go up because they’ve got to reload the gun, as we’ve talked about before, because they’re out of bullets, if another economic disaster hits, and it will eventually probably won’t be as bad as the last one. But there will be a recession, there will be a cycle and the Fed needs to be ready for that. And the way they get ready for it is they got to have all their tools all their pay to use the metaphor because some of you anti gun folks will freak out. But you know, it’s a good metaphor, right? You got to reload the gun. It’s a good metaphor. Okay, so home prices, however, continued to rise in January nationally, prices rose 400 3% year over year, which is near the long term average pace. Now, there’s so much to talk about. They’re really, you know, if you ask most people, if you look at just the national over the course of time, they’ll say 6% is about the number, but you can slice and dice that thousand ways to Sunday. Right? You can slice it and dice it by geography by price segment by new home by resale home by condos. Yeah. I mean, gosh, you can go on forever without statistics isn’t complicated job. Right. Okay. So global economic concerns of sent bond prices soaring this week. And this is last week we’re talking about as investors move to safety improved bond prices have helped bring mortgage rates lower. Of course, you understand that those are opposite factors right. When the bond prices are up, the mortgage rates are down. vice versa because that means money is moving into bonds and bonds are loans. The other side of a bond is alone, right? So you understand that. Okay, so fourth quarter GDP number, gross domestic product was reduced from 2.6 to 2.2%. signalling economic growth has slowed even more than was initially reported. And remember, a lot of the economy, especially for the past several decades, you can argue that maybe the end of the gold standard 1971, you could talk about Bretton Woods and all of these different factors that made the economy more smoking mirrors more financial economy versus real economy, right, the Wall Street economy versus the main street economy. This is to be expected no question about it because a lot of the economy is just built on a house of cards. And it’s not only The US economy, it’s all over the world. The whole thing is just amazing. How many and I don’t mean this in a technical way of derivatives, right? You know, derivatives are an asset class. You know, I call it the thing about the thing, but it’s amazing. The human capacity to make a derivative of everything in life, not just even financial derivatives, but derivatives of actions, derivatives of sayings, derivatives of meaning. I mean, there’s just derivatives Everywhere you look, the whole world is a bunch of derivatives. And not only financial derivatives, but lots of those to trillions worth as a matter of fact, many trillions Okay, consumer confidence slumped in March, missing forecast. This was the fourth decline in five months and could contribute to slowing the economy. housing starts fell 8.7% in February, the most in eight months construction of single family homes. dropped to more than a one and a half year low. Okay, so there you go. There’s a couple of economic updates. And they generally, I’d say, I’d say you’d have to agree they look a little bearish, don’t they? But hey, that’s fine with me, because I think the economy has been way too overheated. Very difficult top rate. But remember, as I’ve said before, it is the tale of two markets, not a tale of two cities as the cliche goes, but a tale of two markets, the linear markets versus the cyclical markets. The linear markets are still booming, inventory is scarce. The cyclical markets are the exact opposite. They are slumping, crashing, and inventory is plentiful. Next week. We have a talk coming up that I actually recorded today. And we talked about identity theft, the modern peril, and we gave you some tips to overcome that but I wanted to share one more As I was walking the dog tonight, I was thinking, you know, there’s one more really important aspect of that, that is intriguing and scary is can be. And it is this story, it just came to my mind for whatever reason, someone took a picture. Now you think, you know, you use your your fingerprint or your thumbprint to unlock your computer or your phone, right? maybe use your face. Okay. That’s the latest iteration. Right? You know, as we’ve been doing that for about, what, two years now, year and a half, maybe, on our iPhones and such. I remember the story that someone took a picture of Angela Merkel’s thumb, the German Chancellor, right, took a picture of the thumb and basically used that photograph

Jason Hartman 17:50
to unlock her iPhone. Yeah. Is that scary or what a photograph, just photograph From a distance of a thumb could unlock an iPhone. So, identity theft, and this security is a huge issue

Jason Hartman 18:11
and do not become a victim of identity theft. I have been several times. You know, we’re going to talk about this. You know, if you shopped at any one of these giant retailers last year, your identity has been compromised. Your credit card numbers are probably on these underworld blackmarket websites being traded around all kinds of crazy stuff going on. So in a couple episodes, I think it’s maybe Tuesday coming up. We’ve got some, some tips for you on that. So look for that. Hey, without further ado, let’s get to our guests. It’s my pleasure to welcome Jeff ferry. He is chief economist at the Coalition for a prosperous America. He has written for The Washington Post Forbes and Bloomberg News and produced documentaries on business for the BBC. And he’s author of the British Renaissance. Jeff, welcome. How are you?

Jeff Ferry 19:03
I’m great. Thanks for having me on your show. Where are you located? I’m based in Alexandria, Virginia, just outside Washington, DC, fantastic. The belly of the beast, Washington, DC.

Jason Hartman 19:15
So, you know, there’s a lot of talk about trade in the news, obviously, it’s a very, very important thing, kind of where do you stand and give us some insights into all this talk? You know, we hear things. Mostly it’s anti Trump. I think there’s a media bias there. But that doesn’t mean the media is wrong, either. necessarily. What are your thoughts,

Jeff Ferry 19:35
I think trades a very important issue. And I think often the media is wrong, unfortunately. I mean, we the Coalition for prosperous America were bipartisan. And we support President Trump’s trade policies. We support many Democrats who agree with him, although most of them keep a low profile. But the key issue here for me as an economist, is we’ve had half a century of trade deficits, bad trade, pop We’ll see industrial decline. And we can turn that around. And we need to turn that around.

Jason Hartman 20:06
So, you know, my listeners hear me say this a lot. And I don’t know if it comes down to this, maybe it’s a false dichotomy. But, you know, in the very broad scheme, it seems like you can either have really cheap consumer products, or you can have jobs, is that the trade? Or or,

Jeff Ferry 20:24
you know, that’s not a bad way to caricature the situation. And our view is you can definitely want to have jobs, not cheap consumer products, because if you go down that road, and you know, you see plenty of people in the newspapers and on Twitter saying, Well, what really matters is consumer prices. But that’s probably because they’ve got a very secure job maybe in the public sector or somewhere where they know they’re not under threat. But if you think about it, if you just focus on getting cheaper and cheaper consumer goods and asking other people to make all the things you want to buy, eventually we run out of jobs in this country. And eventually people stop lending us money to buy their goods. And then we’re nowhere. This country got strong, you know, between 1776 and 1900, we rose to become the most powerful industrial power in the world. And we did that by producing everything from railroads, to steel to textiles to cars, and then, you know, you bring history forward, we produce many other things. The period of decline is when we began asking other nations to produce things, and let us buy them because we like the cheap price. Yeah, well, I just have to tell you, I couldn’t agree with you more. It does look good on the surface, you know, everything has become well, not everything, certainly college education, healthcare, etc. But

Jason Hartman 21:45
consumer products are great, and they’re cheap. I mean, it’s really amazing. Like, I just remember what it was like even in the 90s. And, you know, we can just have so much stuff now. But what good is a house full of stuff if you don’t have a job and it’s just how hollowing out these well paying middle class jobs that have just been offshored, offshored offshored relentlessly. And, you know, when it comes to a national security perspective to a country that doesn’t manufacture, if you ever have to go to war again, is going to be in serious trouble. You’ve got to have a manufacturing base, don’t you?

Jeff Ferry 22:21
Absolutely. Right. I mean, the US is the most powerful country in the world. And we’ve been a role model for many other countries. But make no mistake, that’s because they look at our vast productive power. I mean, people remember or they read about the Second World War, when, you know, we went into the war and we tipped the balance very quickly. And you know, not because we had the most brilliant generals, we had some great generals, but really, because in Detroit and Pittsburgh and places like that we weren’t able to turn out airplanes, tanks, Jeeps, guns, machine guns, at a rate that people in the rest of the world just could not believe. And you know, those who Say, could we do that again today? I doubt it are absolutely right. I doubt whether we could do that. Again, if we had to,

Jason Hartman 23:07
well, you don’t want your soldiers boots to be made in China. That good country could end up being your enemy? Who knows?

Jeff Ferry 23:14
So yeah, and I’m not advocating that we need to make everything at home. I mean, I believe in trade, I believe in allies, and I believe in working with them. It’s just in our case, it’s gone too far. There’s been too much deindustrialization. And then a related issue is what you’re referring to is, you don’t want to rely for crucial imports on a country like China, which is at best arrival, and worse than the enemy.

Jason Hartman 23:36
So where do we fall on this? I mean, there is a happy medium, you know, trade is, is good. And it I think trade ultimately creates a more peaceful world, people tend to not want to destroy their own customers, right. So that’s a good thing, but where do we fall on it? Like how do we fix it, you know, take us through maybe a little bit of kind of the Trump side of the equation, and maybe the viewpoint.

Jeff Ferry 24:00
Sure. Okay, so, I mean, there are a number of problems in the trade arena. One of the most prominent one at the moment, I would say is China. China has abused the trading system since 2001. They practice gross IP theft, intellectual property theft, they forced companies to go into joint ventures inside China. And they are running a huge trade surplus with us, which recently emerged as an all time high for 2018. It was 419 billion dollars if I remember the number correctly. Now, that problem has to be fixed. And I think President Trump is doing the right thing and saying look for 20 years they’ve said let us have talks and the talks have ground on and on the Chinese masters at delaying and promising to set up study conditions. And meanwhile, they now dominate industries like steel, chemicals, concrete, aluminum, the list goes on and on. So we need to aggressively say to China look, we’re not going to try answer to you all of our technology for free. We’re not going to let you steal it from us through cyber hacking and other illegal means. And we’re going to insist that we close up that trade deficit. Now, will President Trump be successful in that negotiation? I couldn’t tell you right now, there’s a lot of infighting in the White House. So there’s this people saying he should just settle for whatever is a quick compromise because the farm community is complaining, I certainly hope he hangs on for a tough deal because the Chinese economy is hurting, because we have restricted their ability to export to us. But that’s just one part of the problem. There’s, there’s more aspects to the problem than that. I mean, we have to make our economy more competitive against the entire rest of the world. And I would say the most important single thing we could do there would be to reduce the value of the dollar because the dollar is too high right now. We need to lower exchange value to make all of our goods competitive, so reduce the value of the dollar intentionally. But won’t that cause inflation? I think there’s a mistaken section about how inflation would be impacted by policies like making the dollar more competitive. We recently ran our economic model of us managing it to deliver a 27% devaluation of the dollar, which is the amount we think is required to balance trade over six years. And what we found was that inflation went up by roughly 1% a year from about, I think the numbers were from one in three quarters percent to two and three quarters percent. And that’s a small price to pay because the benefits of the devaluation created what was huge. It was an extra trillion dollars on GDP up to 6 million additional jobs created a booming manufacturing positive impact on agricultural prices and wages moving up. So when you consider all those benefits, dealing with 1% more on inflation. Is it true price to pay for such an improved well, and you didn’t even mention employment, what would have happened

Jason Hartman 27:05
to employment? But you know, what? Can you just drill down on that a little bit for our listeners? And for me for me as well? Because it seems like, Look, this is what many have acute, including Trump has accused China of doing right, artificially suppressing the price of their currency so that it makes their exports cheap. So this would bring more export business to America, because our exports would look cheaper. But when we have to buy things outside our borders, our currency would be worth 27% less. So wouldn’t we just have to pay 27%? More for everything Nate everywhere else or no?

Jeff Ferry 27:41
Yes. So well, so you’re asking two separate question. I know, that’s a big way. Is that right? Wrong to do value in this sort of what are the rules of the road here? And secondly, how does it actually affect our economy and so, so the first one is, the rules that we have, such as we have and many times countries don’t obey these rules are designed to get countries to value their currencies at a level, which keeps their trade roughly balanced. That’s been the goal since the Bretton Woods agreement in 1944, which first set us on this path of a combination of floating and flexible exchange rates. And the idea is if you’re a surplus country, you should let your currency rise you tend towards balanced trade. And if you’re a deficit country, you should move your currency down. So you also can towards balance trade. Now currency manipulation is specifically holding your currency at a level that is too low so that your surplus is either stays the same or rises and at various times countries like China and Japan, Singapore, South Korea and Taiwan have pursued that practice. Because the US has been in deficit for 43 years, we could never be seen as a currency manipulator. Our problem is that the markets are holding our currency far higher than it ought to be to allow us to get the balance trade. So that so it’s those currency markets that are causing the deindustrialization. Now the second question you asked me is a slightly different one. Wouldn’t foreign goods be more expensive if we devalue the dollar? And this is a variation of your original question of, you know, what’s more important, cheap consumer prices, or jobs? And, you know, I think you’re right. And if we devalue the dollar, yes, foreign imports do become somewhat more expensive. But the point is, by devaluing the dollar, we give a huge stimulus to our industrial sector to our manufacturers, who manufacture more goods, hire more people invest in more factories, and we become a more productive country. And for people with jobs, which will be a growing percentage of the population. The fact that foreign imports are somewhat more expensive is less of an issue.

Jason Hartman 29:55
Yeah, I think that’s true. And you know, I’ve done this question. pletely oversimplified analysis I mean, it is insanely oversimplified, but just look at it this way, like kind of common sense. If you have a job or a higher paying job like we used to have in the, in the 80s, I guess I’d say especially where you’ve got these good paying American jobs, right? You’re hopefully not going to spend every penny you make on expenses. Hopefully, you’ll save 15% of your money. And because you’ll have a job that pays enough to allow you to save and you’re not going to be a spendthrift right. Well, if you’re paying more for products, even if there really is inflation, even if you’re paying 27% more for gadgets made in China. So what because you’re not hopefully not spending all your money. So you have your building wealth because the the keystone of wealth creation is accumulating capital, you’ve got to have capital formation for a person society to create wealth. If you if you spend it all, you’re not going to have any capital formation. So a very important, you know, very basic concept. I mean, Americans until just recently under, you know, kind of the the auspices of the Trump administration, they haven’t had an increase in pay since 1977. I mean, it’s in real dollars. wages have just been flat, except for, you know, a few segments of the market, obviously, the super high level CEOs, their wages have increased dramatically. But the mainstream American, their wages have been stagnant and real dollars.

Jeff Ferry 31:34
That’s absolutely right. The average production worker is earning the same amount he was in the 1970s, which violates the entire history of America and the American dream. And you know what people believe about America. It’s not a tenable situation. You’re absolutely right, that capital accumulation and saving are key pieces of the puzzle to create a growing economy and what makes it possible for individuals to save as if they’re working for successful companies that can pay them a good wage and bump that wage up 123 or 4% each year. And to do that you’ve got to have growth industries. The problem with the trade deficit and with the overvalued dollar is it hollows out our growth industry, so we have fewer and fewer growth industries, you know, and, and those that we have, like the software industry, are hiring people that are in the top 5% of the income distribution and nobody else. So we’ve got a real problem. We’ve got a broaden the potential of our economy to succeed and to do that, you know, President Trump is doing some of the right things, you know, negotiate renegotiating trade agreements with China and other countries is an important step. more needs to be done. As I said, we need to address the value of the dollar. We need to focus on rebuilding domestic manufacturing industries too, because manufacturing is the key to Getting on that growth cycle that I spoke about. I mean, you know, there’s nothing wrong with a service job. And you know, we certainly need health care workers because you know, we all want to be healthy. But nothing offers the opportunity to grow and get more productive and therefore pay people more the way that manufacturing does. You know, it’s it’s such an interesting thing. And I know we’ve got to wrap it up, Jeff, but I have noticed for the past few decades, how

Jason Hartman 33:26
everybody is just looking to get money from each other. In other words, you know, we can’t all be each other’s chiropractor and realtor, someone actually has to make some widgets. And we just can’t outsource all the manufacturing of the widgets. If you want. good, solid, stable, high paying middle class jobs and you want to have a thriving middle class. You’ve got to have a manufacturing base. I wholeheartedly agree and I think Trump is finally going to bring some of those jobs back and listen, I’m not loving everything Trump does. Okay. I disagree. With a lot of stuff he does, but this trade stuff, he’s got it right. Just thank you for joining us today wrap it up with a closing thought in your website, please.

Jeff Ferry 34:08
Sure we are the Coalition for prosperous America. We agree with exactly what you said that manufacturing is key to our economy. Agriculture in the feminine form is also key to our economy, and improving our trade balance there will also trigger the sort of positive cumulative effects that you’d see once we rebalance manufacturing. So check us out at prosperous america.org you can read my articles under the research tab, you can see all the activities where we’re doing. We’re constantly talking in Washington to the powers that be in the executive branch and the Congress about measures to improve the US trade balance and US economy generally.

Jason Hartman 34:49
Excellent. Jeffery, thanks for joining us.

Jeff Ferry 34:51
Thank you very much for the opportunity.

Jason Hartman 34:55
Thank you so much for listening. Please be sure to subscribe so that you don’t miss any episodes. Be sure to check out this shows specific website and our general website heart and Mediacom for appropriate disclaimers and Terms of Service. Remember that guest opinions are their own. And if you require specific legal or tax advice, or advice and any other specialized area, please consult an appropriate professional. And we also very much appreciate you reviewing the show. Please go to iTunes or Stitcher Radio or whatever platform you’re using and write a review for the show we would very much appreciate that. And be sure to make it official and subscribe so you do not miss any episodes. We look forward to seeing you on the next episode.

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