LEADER JEFFRIES: "AS DEMOCRATS, WE BELIEVE IN A STRONG FLOOR AND NO CEILING"
Today, Democratic Leader Hakeem Jeffries appeared on CNBC's Squawk Box to discuss Donald Trump and Republicans' failure to improve the economy and highlight Democrats' commitment to defending Social Security on its 90th Anniversary.
Andrew Ross Sorkin: Welcome back to Squawk Box. Joining us right now, House Minority Leader Hakeem Jeffries. There is so much to talk to you about this morning, about everything that's going on in Washington, about the BLS, the Fed. We could talk about NVIDIA, the Democratic Party, but I want to start with this. And by the way, mea culpa on me too, but I'm curious where you land. For the last several months, the Democratic Party, for the most part, has been publicly suggesting that because of these tariffs, that the economy was going to falter, that there was going be a massive recession. And for whatever reason, that has not happened. I'm curious why you think that hasn't happened and whether you think it was a mistake to be as critical as you have been.
Leader Jeffries: Good morning. Great to be with you. Donald Trump promised on day one that costs were going to go down. Costs haven't gone down, they've gone up. What we have seen, in fact, is job creation go down almost to record low levels. And so there is reason to believe that the economy is not moving in the right direction. The erratic tariff policies have created a great deal of uncertainty in the business environment and uncertainty, of course, doesn't allow for the type of explosive economic growth that we would all like to see here in the United States of America. I think there's no real basis to conclude that Donald Trump has been successful, particularly as it relates to the core issue of driving down the high cost of living in the United States of America, which is too high, which was his fundamental promise to the American people. Costs aren't going down, they're going up.
Andrew Ross Sorkin: But are you surprised? I'm just asking, just as a person, are you surprised that the tariffs haven't had a bigger impact on prices, for example?
Leader Jeffries: I think it remains to be seen where this is headed. I'm deeply concerned that the tariffs are going to exacerbate the inflationary challenges that we already have in the United States of America, the affordability issues that we have in United States America, particularly as it relates to consumer goods and consumer goods that are going be important to the American people as folks prepare to send their children back to school.
Joe Kernan: Mr. Speaker, I don't know about deflation and costs coming down. All I can tell you is that the inflation rate itself was 2.7 percent in the most recent year-over-year, versus it got to a high of 9 percent under Biden. Stocks are at record highs. Unemployment is 4.2 percent, that's full employment. The GDP was 3 percent. The border is actually secure. We've got trade deals with the EU, Japan, many more in the works, and trillions of dollars of foreign investment coming here. Iran's nuclear ambitions have been set back indefinitely. And I just wrote down a few things. So I just have to ask you, where is the calamity that you're talking about? And it almost seems like for Democrats, socialism is the answer to—to these problems. Or, I don't know, what, an end of democracy or something? We just don't get it.
Leader Jeffries: Well, actually, I'll tell you what we stand for, Joe. It's pretty clear. As Democrats, we believe in a strong floor and no ceiling. In America, you work hard, you play by the rules, you should be able to live the good life. And there should be no ceiling on your success, on your capacity to do anything in the United States of America. That's the great promise of this country. At the same period of time, there should be a strong floor. Today is the 90th anniversary of Social Security. It was born 90 years ago today. What we've seen from this administration is an attack on Social Security, an attack on Medicare, an attack on the Affordable Care Act, ripping Medicaid away from millions of Americans. That actually is the type of strong floor that we should also have in this country. You pass a One Big Ugly bill that's now law, on a partisan basis, that represents the largest attack on healthcare in American history. Hospitals will close, nursing homes will shut down, community-based health clinics will be unable to operate, people all across the country are going to experience increased premiums, co-pays and prescription drug prices. That's a problem for everyday Americans. I'm not talking about people who are already wealthy and well-off and well-connected, I'm talking about the everyday Americans that I represent in Brooklyn and that we're fighting hard for. In fact, those same Americans, food is being ripped out of the mouths of hungry children, veterans and seniors with the largest attack on nutritional assistance in American history. I find that problematic in the United States of America, and millions of people do so as well.
Full interview can be watched here.