Trump contradicts White House aides, says he's considering payroll tax cut

The president took questions on the economy at a meeting with the Romanian president.
5:11 | 08/20/19

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Transcript for Trump contradicts White House aides, says he's considering payroll tax cut
Well I like to see a cut in the Fed rate because actually happened a long time ago I think you're being very. Tardy in not doing it and not having done sooner they raced to quickly. And yeah I didn't quite vocal and that they also did quantitative tightening which was ridiculous. And so. And despite that you know if you look I guess you could call it normalized but if you look. Our economy is doing fantastically. And if you take a look at the previous administration. They weren't paying interest. They had no interest rates they have loosening that type thing. And frankly. It's a big difference in our economy is incredible jobs. You look at the jobs market but you have to be proactive. And so we really need 88 fed cut me because if you look at what's going on with the Europe. He European Union as an example that cutting. You take a look at Germany what they're doing and what they're paying. And they're actually doing something inverse they've never seen nobody's ever seen it before we have to at least keep up to an extent. So right now we're paying a very much higher rate of interest and we didn't follow the world and generally speaking that's okay but you can't have that much of the disparity. So we're looking for a rate cut we could be really greatly helped if the Fed would do its job. And do a substantial rate cut also. They were doing quantitative tightening very bid to do. They should do easing actually using no tightening or at a minimum they should be doing nothing. About that but they have to do a rate cut the other thing is yet we're looking at various tax reductions. Republicans have all the time anyway tax reductions that's one of the reasons we're such a strong economic position we're right now. The number one country anywhere in the world by far as an economy. Europe's got a lot of problems and Asians got a lot of problems you look at China. China's had the worst year they've had 27 years and they wanna make a deal with us but I can tell you I'm not ready to make a deal unless they're gonna make the right kind of a deal I'm not rated regular sauter. I don't know but I will say this. That's something will happen maybe sooner maybe a little bit later but China very much wants to make a deal you know we've been talking about indexing for a long time. And many people like indexing and it can be done very simply can be done directly by me. And so we've been looking at that as you probably have heard I can do it directly. So we're talking about indexing and we're always looking at the capital gains tax payroll tax. We're looking that. I would love to do something I'm. Capital gains were talking about that at Citi deal goes through congress. Payroll taxes something that we think about and a lot of people would like to see that. That very much affects the work room the workers of of our country and we have a lot of workers right now by the way. We have more people working today that we've ever had before in the history of our country we have almost a 160 million people working today. I think the word recession is a word that's an appropriate because it's just a word that the the certain people I'm going to be kind certain people in the media are trying to build up because they'd love to see a recession and we're very far from recession. In fact if the Fed would do its job I think would have a tremendous spurt of growth. A tremendous float in the Fed is psychologically very important lesson no actually went very psychologically important that if the Fed would do its job. Which it since really done very poorly over the last year have. You would see it any burst of growth like you've never seen before and that would be lowering interest rates and may be putting some. If you look at what China is doing if you look at what Germany's doing if you look at what so many countries are doing. Putting some money in because we want to compete with these other countries so. I think that we actually are set for a tremendous. Surge of growth if the Fed would do its job that's a big if you. Frankly when they showed the nation. And defense should the Fed should be cutting and I would say they should say at a minimum. A hundred basis points over a period of time not at one time. But over a period it to do not talking about doing anything at this moment but indexing is something that a lot of people don't like for a long time. And it's something that would be very easy to do in a lot of people have been talking about annexing for many years. And it's something that I am certainly thinking about I can say that a majority of the people in the White House. At the level that does this kind of thing they like indexing so it is something I'm thinking about payroll taxes. I've been thinking about payroll taxes for a long time whether or not we do it now or not is. It's not being done because of recession because we are. Legitimately have we had a cut in interest rates by. The Fed. If they would do their job properly. And of they would do it meaningful cut because they raised too fast. You would see growth like you've not seen ever in this country.

This transcript has been automatically generated and may not be 100% accurate.

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