Watch CNBC's full interview with White House National Economic Council Director Kevin Hassett

Right. I mean, yes, of course he does. The president is the leader of the free world and he's the leader of this economy. The bottom line is that there are some things that moved in the last couple of years that haven't recovered. So, for example, there was 20-some percent inflation and we've got inflation way down. Incomes are up. Real incomes are growing, but we haven't filled the hole from the inflation. So, is it Trump's economy or Biden's economy? I think that at some point you need to just slow down and say okay so when we're talking about whose economy it is, whose economy is the policy being driven right now, who's going to manage the policy going forward, who's going to give you the state of the union in a few weeks that says here's what's going to happen over the next few months and years, and for that it's definitely Trump's economy.

Right. I mean, there's absolutely no question that we're in the biggest productivity boom that we've seen since the '90s, that the introduction of the internet and the introduction of artificial intelligence are very similar in the ways that they're affecting the data. I thought it was interesting. You put up a graphic a minute ago where you showed that the biggest outperformer of the Dow was Caterpillar of all things, but that's 100% consistent with what we're seeing, which is that first of all that Trump's tax policies are making it so that you can expense capital equipment. So there's big demand for Caterpillar stuff, but then also AI is making it so that every company from Caterpillar on up is finding that it's more productive when it does stuff. And so with higher productivity they get higher profits and profits is, you know, we often hear from another network it's the mother's milk of stocks and so yeah I absolutely believe that we're on an uptick that's significant. I think that the open question really is what's going to happen to jobs as productivity goes up. And I think that there's a chance that job creation lags, productivity skyrockets, profits skyrocket, GDP skyrockets. But then all of a sudden like you were making 20 widgets and you can make 20 widgets with fewer people and then that person has to find a new job. I think that kind of transition could happen.

Yeah, I actually talked to a bunch of my friends in Silicon Valley over the week to try to understand what was going on. And the bottom line is that a software engineer at a typical, you know, West Coast Silicon Valley company has seen their productivity go up by 50, 80% over the last year because of these amazing tools that Anthropic and the other companies are developing. And so what that means is that if you're, you know, a 22-year-old kid who just graduated from college with a software engineering degree, that there is a machine that can probably, you know, help a senior person do your job. But in the bottom line, in the end, these big companies that were going up and down last week, their clients are people that have built relationships with them over the years that they trust. And so I think that it's going to be a long, long time until the client base moves away from the really, really big organizations like Salesforce and moves, you know, straight to ChatGPT because of the relationships and the data that these firms have built over time.