the end kenya serenade of this kind and canyon society of a new series of africa direct on i'll just 0 the although i'm adrian instead of going on. this is counting the cost on al jazeera. you'll wish to look at the world of business and they can all makes this week by being processed from the race to the white house. may come down to the economic records of the 2 leading presidential candidates. so who's fed better? argentina as president, gets his landmark economic reforms approved by parliament. that's a big win for him. but what about argentinians today?

when to china is growing influence and lots of america is worrying the us will look at the new chinese megaforce, improved at its impact on the nation's economy. the 1st us presidential debates might be remembered for jo bivens faltering performance, but many on wall street give the president top box on his handling of the economy. a high tech boom is in full swing of a stock market has never been high. a many people on main street bo, i'm not convinced they say they trust for the president. donald trump, more with the high cost of living. a major concern, what american voters think on the issue could decide who wins the race to the white house. so who has managed the world's largest economy best? so we'll discuss that with our guest in a few minutes. but 1st, alexander bias reports was less than 4 months until the us presidential election. the number one priority for most voted is,

is the economy seems, is going in the wrong direction. and, you know, we need help with inflation with the, you know, every pretty much middle class american news, the, some answers to what's going on and how we can change the direction of where we're, where we're going right now. overall economic growth has actually been better under joe biden than donald trump before him. and biden's delivered the strongest job market in more than half a century. but inflation jumped to a 40 year high, sending consumer prices sky rocketing. that's affecting voters on a daily basis. and in poll after poll, americans are saying they prefer trump overbite, and when it comes to the economy, inflation, it was very low, hit the way this racing groceries gab of housing. everything was low when he was in may with an album. both administrations were heavily effected by coven 19 trump took office in the middle of

a well established economic expansion that came to an abrupt halt when it hit a global pandemic bite. and how to deal with the aftermath. the candidates blame each other for america's economic was we had the greatest economy ever in the history of the world cove. it came in and we did an unbelievable job, and by the time we ended, we gave him the greatest bounce back that anybody's ever had. and guess what? he blew it to shreds. martin is trying to counter any economic pessimism and says his administration's policies are the way forward. we have dramatically reduced inflation from 9 percent of close to 3 percent. we're in a situation where for a better situation and we were, we took office where we're inflation with skyrocketing and we have a plan to deal with it. whereas the opposition, my opposition talks about 2 things. so they just want to cut taxes for the wealthy

. and raise taxes on other people's president biden had no control over the pandemic battered economy. he inherited with its massive stimulus packages and supply chain disruptions. but many voters continue to blame him for it, and consumer confidence could decide the outcome of the election. alexandra buyers, alda 0 for counting, the cost americans continues to have a negative view of the economy despite major indicators that it's actually doing pretty well. as you heard, unemployment is low. inflation is significantly down from 2020 to wages. up of the stock market is hitting you all time highs, but votes. his experience of the economy begins with the spending power and on the piping that's on track to be the worst of any post world war 2 presidency, their economies. okay. hit during the pandemic. the prices didn't significantly rise until bible's 1st year in office and have now increased. well,

the 19 percent at a similar point in trump's presidency prices and only risen around 5 percent votes as a fee to get when they fill up the gas tanks, where the average price of the gun on the pedal rose to $3.76 by may this year and also feeling the pinch as they buy the groceries. a loaf of bread, now costs nearly $2.00. the price of a dozen eggs. let's jump to just on the $3.00 as for who's to blame. well, most time lists point to pandemic relief programs on the both presidents and supply chain issues when the global economy revenue back into gail. joining us now for london is greg swenson, who's i found in papa motions bank break method. i'm good to have you with this as always a great. i'm for supposedly unpopular president bull street. sure. seems to like president by i think why the disconnect between bull street and main street agent. great question. i think if you look at by the is economy,

it's similar to the obama years where wall street loves, if you had 0 interest rates like we did during the obama years and still relatively low interest rates now from a historical perspective. and then yeah, you know, still the to the supply side which creates jobs and it also creates services and goods to, to supply the economy to keep prices down. so, so it's really apples and oranges. the b one wall street loves it because there's asset inflation. but the main street is suffering and as you pointed out with, you know, 5 percent total inflation under trump and 19 percent under. but, and that's really the biggest moving indicator for, for the economy, for most americans. but inflation is coming down if there are enough time between now and the election in november to people to feel little bit richer and, and come to the conclusion the l. k 5 is doing. all right. well, i think the, the, i think the key word to use was little bit. yeah. i mean, i think, you know, wages are going up and inflation is coming down. you've actually seen

a few months of real wage growth in the economy. but, but instead of record 24 straight months of negative real wage growth in his 1st 3 years. so that's a really tough hurdle to overcome when you know, as, as you said in the interest, you know, prices are still high there, you know, 20 percent higher for food and you've got 25 percent higher for, for petrol prices. so this is a really difficult challenge for an incumbent president sitting on, you know, on that kind of inflation and that kind of deterioration in real wages and at the price to what they apply. but ministration is done in the data. i suppose the trump administration before biplane came in, inflation is now beginning who comes out if, if from wins, he'll be able to claim success on the back of the bike. the administration is what 40 as well. i don't know if the work has been successful. i mean, inflation naturally comes down, especially with the fed hiking interest rates as much as they have. so that's just

natural but biden's still very hostile to the supply side. and i think a lot of people overlooked that. many economists overlooked that. it's not just the demand and reducing the stimulus, which, which you know, this obviously the stimulus at the beginning of buttons administration and also trust daniels during the covet pandemic. you know, that is what caused the dom assets, but it's hostility to the supply side, especially the energy sector. you saw gas prices are petrol, prices going up immediately went by and won the election because i think some of the electric knew the markets knew that he would be very hostile to the oil and gas sector, which he was and continues to be. so, you know, the kind of the kind of policies on the supply side or making the reduction in inflation difficult. it's then it's still, it's still sticky. it's still in a, you know, mid threes. and that's way, way over the target of 2 percent from the set. the big question has to be with a 2nd. trump administration handle the economy any better than the current bytes

and administration? oh, absolutely, i mean again it's, it's completely different. you've got uh, president trump, that liberated the supply side by reducing regulations and biden's regulatory burden is significantly higher than even obama's and so that's, that's really hurting the economy. the compliance costs average, $13000.00 per employee in, in the us. so trump will go back to his de regulation policies from his 1st administration, and then of course making the 2017 tax reform permanent. because there are a lot of those reforms from 2017 or due to roll off in 2025. so it's binding, we're, we're to wind, you can assume that would be tax hikes, and as and trump wins, you'll see either either maintaining the 2017 tax cuts or even lowering them more. and you saw with corporate tax cuts did for the economy in,

in the final 2 years of chops to do in ministration. but i think he's, i think he went on the, on the economic record for sure. and that's why you see that reflected in the polls as well. so. so i pretty often, okay, that's trump with a much better economy, talking about tax cuts, look to to that, to stay competitive state the wells, number one economy, the us is going to need to invest in massively, in infrastructure over the next few is particularly the green transition, surely cutting taxes is not going to allow that infrastructure to happen, therefore the us will become more uncompetitive in the future blood. that's if you're, you know, if you have a kinsey in view or, or model monetary theory view. but, you know, in fact, what i think trump will do is cut back on a lot of the green spending, the net 0 spending. and then it's in terms of infrastructure, you know, only 25 percent of, of bonds infrastructure bill actually went to infrastructure. most of this for trillion once a social welfare corporate welfare, you know, net 0 policies,

other subsidies like for college of college tuition. so i don't think that's good for the economy. so truck on the other hand would rate the private sector and, and encourage business investment, which ends up leading to job creation as well as, as increase in supply. so. so i think you know that you're right though they can't, they can't continue the spending bids without raising taxes. i think the alternative is to cut spending and also cut taxes always price talked to greg on kind of the cost manufacturing day for being with us. thanks, adrian. great to be here. thanks. i is not such as inflation rates as cold for the 1st time in 8 months. consumer price is slipped to almost 72 percent in june from 75.5 percent the previous month. the monthly rate of inflation also fell sharply to 1.6 percent footwear and transportation without cheaper, but housing prices continue to rise sharply. economists say that that indicates turkey is pivot away from unconventional monetary policy,

is starting to bear fruit from the pain and carry a seabrook pacific is to buy up 152 air bus plains with 20 $4000000000.00 a day. it is considered the largest aircraft or the in the countries aviation history see bu, pacific says able to use present with the engines for the plains. that's despite reporting problems with the funds engines, which would force the line to ground at least 10 at craft a much needed legislative victory for argentina as president parliament has approve heavy i realize sweeping economic reform bill of to months of political wrangling, its passage sends a message to investors, that means a has the political backing to bring the economy back on track, even though massively watered down markets, riley the off to the proposal was approved, but the nation has entered a technical recession, poverty of homelessness around the rice. now, despite that, the presidents insist his tough fiscal medicine, and mainly it's flashing spending

a death will help the time the economy around jacob, around reports the new york. and with that knowledge and team is paloma finally approved the controversial economic reform package. for the culmination of months of the debate protests and public outcry. a low, slightly watered down the package of free market reforms still gives broad powers to self proclaimed and not code capitalist. president v. like including more control over energy, pensions and security. it also, she's a new tax and this things, labor reforms, and the privatization of some states, hundreds of companies. there's a video, so getting this set up, i mean, yes it, but our families need to understand that what we're doing is essential to create a prosperous new argentina, leaving behind the misery caused by the previous governments. as in pays cost,

the votes protests raged outside the word, democracy rushing across the funeral rates and the way for them up this little presents complete labor phone listening conditions. the workers in the country were more than 50 percent of the population is already below the poverty line. belay was elected 6 months ago at a time when argentine as inflation had sold nearly 300 percent. 6 during his campaign, he famously wielded a chain, so a symbol of his promise to slash state interference in the economy. most of the, the by you see today is a society is a country and as opposed to good body, we are at a cross road. you can persist in the road to decadence 4. we continue in the path to freedom. he was quick to implement a shock, austerity plan freezing public works to them and icing more than 2 100000 social welfare plans and announcing plans defiant 70000 government work is he says it's

working. inflation has slowed, and oxygen team is budget when from a multi $1000000000.00 deficit in december to its 1st quarterly surplus and move in 16 years in april. but the lights policies have also caused to shop drop and consumption, unemployment, and poverty around the rise. a major devaluation of the pay, so against the dollar has strangled people's purchasing power. the double dresser, who i am here because i get paid the minimum pension and i cannot survive on it. i worked for 33 years and my pension is $200.00. with these laws, the president is supporting, we're all going to be impoverished. we're going to lose our rights delay is convinced he's on the right path to reform argentina's economy. economists via widespread deregulation means industry in small and medium sized businesses. this stuff with the most and a large part of the population is living stand. when we give jackie brown,

which is 0 to counting the cost. well, let's take a look at how many lays shock therapy is working 6 months into his presidency. argentina entered a technical recession in the 1st 3 months of the year to the economy, frank, for 2 consecutive courses. argentina's budget went from a fiscal deficit of $120000000000.00 in december to a subclass of $299000000.00 in april. annual integration. we still there's 300 percent in april. however, the month on month rates fell to 8.8 percent the 1st time since october. that it wasn't in double figures. the number of people living in poverty increased of 55 percent trades unions have taken to the streets to protest against the president's economic policies. but the international monetary fund has said that the nice government performance was better than expected at it's economic program, was firmly back on track to discuss all of that were joined by human blanco,

senior research director. and she found a list of global risk from the risk maple cross cheese in malaga, in spain. good to have you with a set him, an, as always, so massively bolted down this plan was none the less it got through parliament. is it working? well, thank you for having me, adrian. i think, you know, it's 1st in some areas, it certainly is. inflation is coming down, which was maybe one of the, the main tasks that have you ever really had at hand when he 1st to call face the monthly inflation rates in may, posted at 4.2 percent against nearly 30 percent in december. so it's clearly coming down now. the key pending issue is when will this shock program write the suffering that the arch in time people are going through right now? start paying dividends. when will the economy start turning around and will base be quick enough for heavier malay to be able to read the political benefits of it as

he had seemed to an election, a mid term election in 2025. when you say how long i mean what i mean, it's not going to be a quick fix, is it? so odds and ends are in for some a, some pretty bad pain for some time to come yet. absolutely, and i think the government was extremely, i mean, heavier me late was honest about this on the complaint trail. right. his voters knew that a shop program was coming, that it wasn't going to be an easy fix. the government has been completely honest about, you know, this very tough road ahead. over the 1st 6 months. now, heavier malay has said that the green shoots should start coming through in the 2nd half of this year, particularly in q 4. and i think that's when we're going to start really seeing whether he can maintain vote or patients, right. people are paying a major price for these shop program time human chain that support of about half of

the population going into 2025. but most crucially is that enough to restore investor confidence, so he can start getting the inflows of investment that he needs to start creating quality jobs in the private sector. and what about the i am at for even though argentina is people in for quite a painful right here, the only and that seems to be quite please we will be late as doing to well, i think there's 2 parts to that, right? the 1st one is the i m f has a lot of experience in urgency and i'm with origin tina, and most of it has been far from positive. now the previous administration wasn't really implementing the program. it had agreed with the i m f. where is the current administration is so from the point of view of the regulation market liberal like sation, it's understandable that the i m f is supportive of our agency now because it aligns with its own principles. now i think the flip side of that is the i m f is also very concerned and paying attention to the social situation in the country.

and we could argue to some degree, it has learned from its past experiences in argentina where i m. s. programs have often to come to social discontent. protests on the uh, you know, a subsequent crisis. so i think the fund is being very cautious. supportive on the economic front, but also demanding that the government keeps a very close attention to the social situation and supporting the most vulnerable in society. as i said, the countries now the technical recession of if the, if the countries and recession where, where is the growth but it desperately needs go to come from as well. origin. tina has 3 areas of what we called the comic engines, right? agriculture where the country is not only a major export of footsteps, but also agriculture world technology. and that's an area where we've actually seen significant growth under the the malay administration. and the other one is energy,

right? both oil and gas and metals and mining are 2 areas where, you know, the, the industry is, is bul being in the country. interestingly, all 3 of those areas require much more skilled labor force, technological investment and diversification. and that is where the government is betting it's going to reactivate the economy. there is a force area where art and so you know, it's not currently growing, but it has a lot of potential. and that is the knowledge economy and services. and again, if we look at a lot of malays agenda overseas, in the 1st 6 months of his administration, he's been courting exactly that industry, particularly tech investment coming in from silicon valley. the question is, well his efforts result in investments over the coming 6 months. and i think this is where, you know, the proof will be. all right, that's all going to stay with us for a few minutes because i want to talk to you about peru,

which is coming up next. china and peru, a strengthening that economic ties. the presidents of the 2 nations signed a plan to expand cooperation on trade and technology and paging last week. now peru is a major destination for chinese investment under the belgian road initiative for the flagship trendkite mega pools. the 3 and a half 1000000000 dollar facility is due to being overrated later this year and will help ton, peru is a life in america's hub for trade with asia bots. the us is worried that the project could affect its influence in the region as body on a sanchez reports. v my little grew up in 10 can, as she says, she's never seen so much economic activity in this small city, north of lima, a construction of a mega port, capable of handling shipped with car because of more than $20000.00 containers each . seduce, finished by november, global trade with a show will soon be at the heart of the city of $70000.00,

which is changing rapidly. and they will see there are many more businesses now. you can see roasted chicken chain restaurants, and now we have a more chunk, chi's progressing, and mega poor to private, chinese prove young joint venture will handle 1000000 containers and its 1st year of operation. site is expected to become the maritime trade hubs of left in america . dante was mainly a fishing and agricultural region. for example, here farmers used to grow corn, cabbages, or pumpkins, but not much of the land is up for sale. some guys, may your says development is a challenge. he says that this government is not ready for what the port operations will entail for the region. peter, for the total demand, we envisioned the benefits in the future. the port will be the locomotive and the wagons behind will be, for example, a cost actually a tax freeze on. but i feel my hands are tied because the presidents in government having it produced and they have been develop into less. yeah. but it's estimated

that 30000 jobs will be created in the next 10 years. and development will expand, will be on the city. it's almost have none the less on we see development for 3 surrounding cities, but also regions in the north. and as far as the jungle that are far away now, but will certainly benefit from the industrial development in the long run with them. the man who manages a restaurant says she's living in a land of opportunities she could never have imagined. i've always thought of leaving the country for a better life, but now these work in chanc. hi. and i will keep on planning what other jobs i can do related to the port. china is biggest number one, trading partners and ties are likely to become much stronger. people here are hoping they will reap the benefits they're looking forward to a brighter, more prosperous future. again, the sun just, i'll just see that for counting the cost guide. let's talk about this with the aim

of that. what do you make of, of this port and, and try and kaya is peru pivoting towards china. him how is that going to affect his relations with the us as well? let's start from the fact, but chinese investment in lots in america is neither new and particularly not in peru and with peru. having been the 2nd largest recipient of chinese investment in the region over the past 20 years coming 2nd only to breast sale. the 2nd point is, you know, this makes a lot of sense from the perspective of economic diversification, both of improve as well as on, on the chinese side. i think, you know, as we talk about the geopolitical tensions between the united states and china, it makes sense that there's concerns in different parts of the world as investment happens. but it's important to know that this investments in flows of investments have not triggered a major up search and tensions between uh, you know,

peru in the united states or, or peru in china. so i think it's part of a new economic setting that we're going to see in the coming decades, as diverse implication happens across the globe. now it's, it's, it's likely that we will see a point. this results in, you know, different conversations about the strategy of various countries. but i think when we look at the particulars of this investment, it's coming from a private company financed in china. so it's less of a sold rent to supper and relationship, but rather more of a private sector in direct investment into the peruvian economy. maybe not always great to talk to you on counting the costs many thanks and date for being with us. thank you for having me. i am finally, council has launched a new tourism project sensitive around the launch, amusement park, that's points to be bigger. but walt disney's magic kingdom, the 5 and a half $1000000000.00. somebody's bought projects will be located north of the gas

rich nation's capital. bo huh. and we'll spend 8000000 square meters. it will include an 18 hole golf course. 300 villas, luxury results, a marina beach club, as well as homes and shops. the project is part of the government's plan to boost the tourism and diversify its economy. and that's i'll show for this week. if you'd like to comments on anything that you've seen, i'm a split again on x. please try to remember to use the hash tag h a c t c. you can drop us a line casting the costs out to 0. dot net is our e mail address. and of course, most people for you online at elder 0 dot com slash ctc. that takes you straight to the page that you'll find individual links reports at a time episode. so you to capture that's it for this edition of counting the cost on a tree instead of going from the whole team here in doha, thanks for being with us. the abuse on al jazeera,

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