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A Closer Look

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00:00:00

The president and the American people

00:00:02

are having a slight disagreement over the economy.

00:00:04

The president thinks it's awesome,

00:00:06

while the American people seem to think it sucks.

00:00:09

For more on this, it's time for "A Closer Look."

00:00:11

♪♪

00:00:15

As I'm sure you guys know, the economy is awesome.

00:00:17

The other day, I went to the grocery store

00:00:19

and bought some coffee, some bananas, some ground beef.

00:00:21

And long story short, I have to keep doing

00:00:23

this show until 2038 and I don't know if I can.

00:00:27

For one thing, who knows if Trump will even

00:00:29

still be president by then.

00:00:32

Anyway, the economy is awesome,

00:00:34

despite a few very minor setbacks.

00:00:36

-The ADP payrolls report showed, for November,

00:00:40

that the private sector unexpectedly shed 32,000 jobs.

00:00:44

That is the steepest decline in more than five years.

00:00:47

-Small businesses are, in the words of the report,

00:00:50

starting to crack as the economy gets weaker.

00:00:53

Four of the last six months have now shown job losses.

00:00:57

-Analysts say nearly 1.2 million jobs were cut

00:01:00

so far this year.

00:01:01

That's the highest amount recorded from January

00:01:04

until November since 2020.

00:01:06

-You never want to hear that something is the worst

00:01:08

since 2020, because if I recall correctly,

00:01:11

2020 was the year that we all wore respirators

00:01:13

to the grocery store, poured bleach on our mail,

00:01:16

and I did my show from the attic

00:01:17

like the ghost of a J.Crew manager.

00:01:21

The job cuts were the highest in five years.

00:01:23

That means the job numbers are the worst

00:01:26

since Crooked Joe Biden crashed the economy in 2020.

00:01:29

Sorry. What's that? Oh, Trump was president in 2020?

00:01:32

And, look, even I can admit COVID was the driver

00:01:35

of the economy collapsing in 2020.

00:01:37

But what's great is, when people told Trump that,

00:01:39

his response was, "I can also do it without COVID.

00:01:44

People are giving COVID way too much credit."

00:01:47

So we might be losing jobs,

00:01:49

but at least prices are also going down, right?

00:01:52

-The latest consumer price index shows overall prices rose

00:01:55

by nearly 3% on an annual basis last month.

00:01:58

-Most of the increase

00:02:00

was driven by the basic necessities

00:02:02

for Americans -- groceries and energy prices.

00:02:04

Those are the need-to-have things.

00:02:06

That was significantly higher.

00:02:08

-The cost of heating our homes

00:02:10

projected to rise 7.6% this winter,

00:02:13

$54 more for families heating with gas.

00:02:16

Up $100, 10%, for those heating with electricity.

00:02:20

The average home heating bill for the entire winter,

00:02:22

$976, rising more than double the rate of inflation.

00:02:27

-That's right, heating your house

00:02:28

is going to be so expensive this winter,

00:02:30

you're going to have no choice but to go out back

00:02:31

and chop some wood.

00:02:32

I've already started.

00:02:34

Every morning, I'm out there with a cup of coffee, 5:45 a.m.,

00:02:37

in my boots and my long johns, swinging an axe.

00:02:39

And I'm just [bleep] with you.

00:02:41

If I had to chop wood to survive,

00:02:42

I would freeze to death.

00:02:44

That's why I make my assistant Chelsea do it,

00:02:46

and she -- Don't groan.

00:02:48

She loves it.

00:02:50

It's a great workout for her.

00:02:51

And, sure, does it mean I have to read my own e-mails

00:02:54

and make my own restaurant reservations?

00:02:55

Yes, but that's the price

00:02:57

I'm willing to pay to keep my family warm.

00:02:59

Now, real quick,

00:03:01

why is the price of electricity soaring so much anyway?

00:03:04

-Electricity is up because A.I. data centers

00:03:07

are sucking up so much electricity.

00:03:10

That is also driving costs even higher.

00:03:13

-Oh, awesome. So next month,

00:03:14

when you get your electricity bill and it's 10% higher,

00:03:16

just be happy knowing that 10% made it possible

00:03:19

for your weird uncle to post an A.I. Facebook meme

00:03:22

of Rambo and Jesus Christ riding a Harley together.

00:03:26

Now, just to be clear, that's not A.I.

00:03:28

We used Photoshop to look like A.I.,

00:03:30

because we would never use A.I.

00:03:33

To replace a graphic, I mean.

00:03:35

We did replace our cue-card guy, Wally,

00:03:37

with an A.I. version called Wall-A.I.

00:03:40

Isn't that right, Wall-A.I.?

00:03:41

-Ha ha. That is correct, Seth Meyers.

00:03:44

I very much enjoy your humorous observations

00:03:46

about current events.

00:03:47

You are my second-favorite late-night-television host

00:03:49

after James Christian Kimmel, born November 13, 1967,

00:03:53

in Brooklyn, New York.

00:03:56

[ Cheers and applause ]

00:04:00

-Can we...

00:04:02

Can we make it talk less?

00:04:04

What? It's extra to make it talk less?

00:04:07

Alright, I guess I'll just learn to live with it.

00:04:09

Alright, the point is,

00:04:10

costs from everything from food to electricity

00:04:13

are soaring while employers are shedding jobs.

00:04:15

This is when a president needs to show empathy,

00:04:17

demonstrate that he understands the plight

00:04:19

of hard-working Americans, and -- Oh, no.

00:04:21

As I'm saying this, I'm remembering who

00:04:22

I'm talking about and realizing there's no [bleep] way

00:04:24

he's going to do that.

00:04:25

-I do want to talk about the economy, sir, here at home,

00:04:27

and I wonder what grade you would give your economy.

00:04:30

-A plus. -A plus.

00:04:32

-Yeah, A-plus-plus-plus-plus-plus.

00:04:34

-Now, I know that sounds tone-deaf,

00:04:36

but in fairness, it's possible Trump was just glitching.

00:04:39

In fact, if you watch the full clip,

00:04:41

I think it's pretty clear it was a software problem.

00:04:43

-A-plus-plus-plus- plus-plus-plus-plus-plus-

00:04:46

plus-plus-plus-plus-plus-plus.

00:04:49

-My heating bill just went up another 10%.

00:04:51

Now, of course, it won't surprise you to learn

00:04:54

that Trump's assessment of the economy

00:04:55

is very much at odds with how pretty much

00:04:57

everyone else feels about it.

00:04:59

-A Recent CBS news survey shows just 36% of Americans

00:05:03

approve of Trump's handling of the economy.

00:05:05

And according to a Fox News poll last month,

00:05:07

62% of Americans say they blame Trump

00:05:11

for the current economic conditions.

00:05:12

-It has everything to do with inflation.

00:05:14

It's the cost of living.

00:05:16

You go back to January, he was 3 points above water.

00:05:19

Now 34 points underwater. My goodness gracious.

00:05:23

That is a 37-point move in the wrong, wrong direction.

00:05:27

-So it's less of an A-plus-plus-plus-plus

00:05:29

and more of an F-minus-minus-minus-minus-minus.

00:05:31

But so what?

00:05:32

So Trump said something a little tone-deaf.

00:05:34

Maybe he can just chalk it up to one bad moment,

00:05:37

one slip of the tongue.

00:05:38

I'm sure he didn't say anything else on Tuesday

00:05:40

that sounded as bad as that.

00:05:42

-For miners. Do we love miners? I love miners.

00:05:45

[ Laughter ]

00:05:50

-Now, that's not exactly fair.

00:05:52

We took this out of context, and if you heard the whole speech,

00:05:55

you'd know he's referring to underage girls.

00:05:57

I mean, coal miners. Coal miners.

00:05:58

See? It can happen to anybody.

00:06:00

This is why you should always read the speech

00:06:01

before you say it out loud.

00:06:03

You know, just think about how it's going to sound.

00:06:04

Like, what else did he accidentally confess to?

00:06:06

"You know, I drove here today,

00:06:08

and my motorcade -- it always causes so much traffic.

00:06:10

I guess you could say I'm the king of traffic.

00:06:13

I'm the traffic king. It's my favorite thing to do.

00:06:15

I'm gonna put that on a hat.

00:06:17

Trump is traffic king. It's true.

00:06:20

You know, I've been traffic king for years."

00:06:22

But Trump's insistence that the economy is booming

00:06:24

is so out of step,

00:06:25

even Fox News isn't fully buying it,

00:06:27

which is why they're pressing Trump administration officials

00:06:31

on what's really going on.

00:06:32

-The November Fox News national survey found

00:06:34

that 76% of voters still view the economy negatively,

00:06:39

and that's up from 67%, who said the same thing in July.

00:06:44

What explains that in particular?

00:06:47

-Well, first of all, don't forget that

00:06:49

because of Joe Biden, a typical family buying a typical home

00:06:53

would have to spend $1,200 a month more on their mortgage.

00:06:56

Because of Joe Biden, you know,

00:06:58

groceries went from $400 for the typical family

00:07:00

for a month to $525.

00:07:03

And the fact is that Joe Biden dug a big hole,

00:07:05

and we're filling the hole really fast.

00:07:07

-Okay, just think about what you're going to say

00:07:08

before you say it.

00:07:10

I don't want to hear Trump administration officials

00:07:11

say the words, "We're filling the hole really fast.

00:07:14

Joe Biden left us a hole,

00:07:15

and when it comes to new-home construction,

00:07:17

we're hammering that hole.

00:07:18

When it comes to oil production,

00:07:20

we're drilling that hole

00:07:22

and we're making sure everyone has access to oil and gas,

00:07:24

which is why we're laying so much pipe.

00:07:26

And we're doing it all with our beautiful..."

00:07:29

-Miners. -Alright.

00:07:32

[ Laughter ]

00:07:37

Seriously, you can't blame Joe Biden anymore.

00:07:39

Honestly, no one even remembers that he was president,

00:07:42

himself included.

00:07:44

That was just a weird fugue state in between Trump terms.

00:07:46

Joe Biden is kind of like your second apartment

00:07:48

in New York City.

00:07:50

Everyone remembers their first apartment,

00:07:52

everyone knows where they live now,

00:07:53

but once in a while, you think to yourself, "Wait a second.

00:07:55

Did I really live in a studio above the BQE?

00:07:58

And did I really think it was an upgrade

00:08:00

because instead of a mattress on the floor in the kitchen,

00:08:02

it was a futon on the floor in the kitchen?

00:08:04

And was Wally really my roommate?"

00:08:07

-Ha ha. Yes, Seth Meyers,

00:08:09

I do have fond memories of that time we cohabitated together.

00:08:12

-Seriously, though,

00:08:13

how expensive is it to put him in silent mode?

00:08:16

$976?! That's a whole winter of heat.

00:08:19

If I do that, I'm gonna have to send Chelsea out for more wood.

00:08:21

And I don't want to do that,

00:08:23

because she's been showing up to work so tired.

00:08:26

If I'm being honest, I don't think she likes it.

00:08:28

Trump is running up against the same problem Biden had.

00:08:31

You can't convince people the economy is good

00:08:33

when they can see the truth with their own eyes

00:08:35

every time they buy groceries or pay their heating bills.

00:08:38

Trump thinks he's crushing it,

00:08:39

but the American people think he's...

00:08:41

-Sucking. -[ Laughter ]

00:08:46

-This has been "A Closer Look."

00:08:48

♪♪

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Seth takes a closer look at Trump and the American people having a slight disagreement about the state of the economy. Late Night with Seth Meyers. Stream now on Peacock: https://www.peacocktv.com/unavailable Subscribe to Late Night: https://www.youtube.com/user/latenightseth?sub_confirmation=1 Watch Late Night with Seth Meyers Weeknights 12:35ET/11:35c on NBC. Get more Late Night with Seth Meyers: https://www.nbc.com/late-night-with-seth-meyers LATE NIGHT ON SOCIAL Follow Late Night on Twitter: https://twitter.com/LateNightSeth Like Late Night on Facebook: https://www.facebook.com/unsupportedbrowser Follow Late Night Instagram: https://www.facebook.com/unsupportedbrowser Late Night on Tumblr: http://latenightseth.tumblr.com/ Late Night with Seth Meyers on YouTube features A-list celebrity guests, memorable comedy, and topical monologue jokes. GET MORE NBC Like NBC: https://www.facebook.com/unsupportedbrowser Follow NBC: http://Twitter.com/NBC NBC Tumblr: http://NBCtv.tumblr.com/ YouTube: https://www.youtube.com/nbc NBC Instagram: https://www.facebook.com/unsupportedbrowser Trump Gives Himself an “A+++++” on Economy Amid Job Cuts and Rising Prices: A Closer Look https://www.youtube.com/user/latenightseth

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