the book is trumponomics. - you very much trumponomics.are that some of the people around the president are as keen on immigration as he was suggesting there. certain people like stephen miller who have moved to restrict even legal immigration. 0n miller who have moved to restrict even legal immigration. on this issue and where the debate is today on the back of the shootings at the incidents that we saw last week, he wa nts to incidents that we saw last week, he wants to get back to dropping out immigration. he doesn't want to be talking about what happened in pittsburgh. yes. and that is what republicans would like to talk about as well because they feel that immigration and this caravan is very good for them. there have been some polls that have come outjust in the last we can even one that can today that suggests that the president's own approval ratings are down about six out of eight points either get is just of the last week. this is a referendum on president trump, these midterm elections, that is not a good number good number for

steve moore is a conservative economist and the co-author of trumponomics. a senior fellow at the heritage foundation. we welcome him to bloomberg. to talk to austan goolsbee. one thing he said was if things keep going the way they are going, president trump will have the worst year in the stock market in history. if hed him what happened goes back to when he was elected? what is your take? i worked as a senior advisor under trump. the stock market has had a tough year. the last three weeks have been bearish. today we see the market on a rebound. my take is if trump can get this straight situation settled, which one of the reasons markets fell at 500 points in a couple hours, was this news he was going to get tough with china. a -- might have to take with china in the short-term but in the long-term, we're going to get a deal. it will be a better deal for the and states. if we get that deal, and i do not know when it is coming -- i should not say if but when -- the stock market is going to explode. david: a number people in the marketplace go back to china.

. >> what is trumponomics? is part of what america first is that he cares deeply about american businesses doing well and american workers doing well. that's why it is america first. that i think has been one of the reasons why, you know, since the election, i mean trump is right that the stock market has. it is up 5% since he was elected. the other thing, look at the numbers that came out the last couple of days on consumer sentiment. it is an all time high. we have never seen consumers as confident as they are now. >> with that are you prepared to dispel with the myth that republicans are the party of fiscal responsibility? >> look, my problem right now is i don't think either party is a party of fiscal responsibility. >> you have republicans -- >> all right. that's a fair point. >> you foe whknow what i mean? >> yeah. >> you asked me what trumponomics is. >> you will not be able to make any progress on the deficit if you don't have that. he puts job in the economy and if we keep up this kind of strong econom

stuart: "trumponomics." between trumponomics and what you started, reaganomics? >> they're very similar. deregulation, tax rate reduction. the difference is the corporate rate was way out of line this time so he dropped the corporate rate dramatically from 35% to 21%, which is the highest now down to the middle of the pack. when we came in with reagan, personal income tax rates were really high. we got it down from 70 to 28. stuart: gigantic drop. >> isn't it wonderful? stuart: is it true you literally did have a meeting with ronald reagan way before his presidential run? did you really sketch out on a little table napkin, is that true? >> i used to have lunch with him about once a month between '76 and '80 at the beverly wilshire hotel, just the two of us. we bring in all these papers with paper clips on them. we just talked and you know, after '76 i didn't think there was any chance of him being president. he's an older fellow, really wonderful to have lunch with and great fun. then all of a sudden he was

columnist for the "washington post" and stephen moore, an informal white house adviser and author of "trumponomicsto have taken some people by surprise. a congressional source tells cnn there is no serious plan at the moment but what do you know about what might happen? >> well, let me go back to the campaign. one of the things that trump used to say on the campaign a lot is if you elect me president, i'm going to cut taxes every year so i think this was harkening back to the campaign of keeping the tax message going and look, i don't actually even know what the 10% tax is. i did a lot of and everybody's kind of tight-lipped but i think the politics of this are good. the democrats are running around the country saying, elect us and we'll repeal the president's tax cut of last year, the big one and now republicans say, look, we want to cut taxes, they want to raise them. that's not a place for republicans to be politically. >> what's your take? i mean, if republicans keep the senate, who knows what's going to happen with the house, it is possible that there will be some movement and you might be ab

do you think people are laosing faith in trumponomics? >> losing faith? no, it has been amazing.rowth. i saw the president as the rose garden a few weeks ago and i said mr. president this is working than we even thought it would and he said you ain't seen nothing yet, but we're very impressed. today we have seven million more jobs than we have workers to fill them, the lowest unemployment rate ever, am i worried about the stock market, yes -- >> gdps could be dragging down growth. >> that is a great point. >> he didn't follow your advice on that. >> yeah, common sense he doesn't do that, larry kudlow, as well, we worked as a team. we said well donald, we can't work for you because we're for free trade. he said i'm not a trade protectionist. i believe in international commerce and international trade, but we have to have a better deal, we have to get tougher. >> one quick point, i came around a certain, to some extent, to his way of thinking. i started looking at the evidence and trump was right, we had lower e ee ee ee ee eer tar. >> yeah, i don't like the government spending, i

>> people always ask me, what is the essence of trumponomics. it's all about growth.bout growth, growth, growth. grow the economy because all of -- this is the first thing larry kudlow and i told trump, when you get the economy out of the rut that we were in for 10 years where the economy was growing at 1.5% or so, you can't solve any problem. you can't bring the deficit down. you can't solve the poverty problem. you can't reduce income inequality. you can't help middle class worker. the strategy is get the growth rate up to 3 or 4%, which by the way we're at 4. every economist we debated whether the obama economist, the hillary clinton economist, said it's impossible for donald trump to get to 3% to 4% growth. maria dagen: i loved how the narrative during the summer with the democrat talking points that go around via e-mail wages weren't growing as fast as inflation. it was like inflation's outpacing wage growth. on friday we're going to get wage growth likely north of 3%, the first time it's happened in almost a decade. >> you're right. what tonighdoesn't take accou