Bloomberg Audio Studios, Podcasts, radio news. Single best idea off of an interview with Emery Horden, Jonathan Ferrell, and Lisa Bramwitz of a Secretary of Treasury. Huge response to that interview, given the huge tum out, whatever your politics out there, We're just trying to give you nuance on the conversations around all these different decisions coming out of the new the second Trump administration. And it was good to hear
from Scott Besson today. We were so honored after that to have with us Jason Furman at Harvard University and Wendy Scheller at Brown University, just back to back on just sort of the moment at hand. In GDP analysis, consumption is seventy percent of the American pie. Investment is like a lean percent. But Jason Furman went on really to describe why that is so important here from Harvard Jason Furman on America's business investment.
Consumer spending is the majority of GDP, but investment is the majority of fluctuations in GDP because it's much more volatile and right now investors business investment is grappling with continued high interest rates which are likely to stay that way. With an appreciated dollar, which is likely to stay that way, with uncertainty about global trade, which is likely to stay
that way. On the other side of the ledger, there may be some reductions in investment in regulations that will matter more in targeted sectors like energy than it does generically across the board. So a lot of cross currents right now, but from policy they're a little bit more minus than plus on that part of GDP that is most critical to business cycle fluctuations.
Jason Furman, teaching X ten at Harvard. Wendy Schiller was on today. She's on so often. She's been a huge support for the program, and I would suggest that a lot of our audience looks at her as a liberal voice. She's on because she's definitive on American civics. Just to give you one idea, one of her great textbooks, in its fifth edition, seven hundred and twenty pages, about the
sprawl of American history in civics. Today, she said, the single smartest thing I've seen about the Transatlantic effort, and I'm going to paraphrase this to set it up where Europe as a parliamentary structure, America does not, but actually our new president second term, Donald Trump wants to bring back elements of that parliamentary European structure. Here, Wendy Schiller, here's the.
Thing to remember about this Trump Republican unity and the swiftness of all these changes. Europe has parliamentary democracies. The prime minister when they ring control on the party that he controls mostly, he not always controls all party policy, all government policy. They change everything when they win the government and they see if it works, and people say they like it or they don't, and then they get thrown out. We are now verging into that kind of
single party dominance in our federal level. We're not used to it. So to say that Europe has to get us act together, we're veering towards a political system that looks just like Europe in the way the policy changes so swiftly. So it's going to be us that has to adapt, us that has to get our act together to the kind of government that we're about. You know that we're seeing right now.
That is a single most cogent thing I've heard in the blur of news that we're all dealing with. Thanks again to an Mary Horden for that interview. With the Secretary of the Treasury. On your commute across America, look for us on our wonderful radio distribution Good Morning Bloomberg eleventh three zero in New York Special Good Morning ninety two nine FM, ninety two nine FM in Greater New England. There's a small hockey game tonight in Boston. We're on
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