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This week in Trumponomics

Coco-cola, Salesforce, MGM Resorts and United Airlines all announced that they would be laying off a number of their employees. Yahoo Finance's Rick Newman joins The Final Round to discuss how big company layoffs are going to impact President Trump on his campaign for re-election and to give this week’s Trumpometer reading.

Video Transcript

JEN ROGERS: So now you got your update on politics and what's going on. But you need your Trumponomics fix and your Trumpometer score, or you can't go into the weekend. So, Rick Newman, take it away.

RICK NEWMAN: Thanks for the build-up, Jen. I hope I can live up to all that. Well, obviously, politically, the big story this week was the convention. I reported on that. So many other people did.

You know, my sort of very short view of that was it was pretty weak TV. And there were just too many Trumps. I think many Americans are just sick of seeing Trumps on their TV screen by now. But that's not what the Trumpometer's focused on this week.

I think we need to-- it's very important to point out we're now seeing some very large layoff announcements from some big companies, not small companies. So MGM, the casino operator, today saying it's going to layoff about 18,000 people. That's about 1/4 of its workforce. I mean, that's a big number.

United Airlines, Delta Airlines-- United, something like 19,000 employees they expect are going to lose their jobs this fall. Delta's notified almost 2,000 pilots they could lose their jobs. Coca-Cola, this week, 4,000 layoffs there.

I think what's happening here is a lot of these big companies-- and these are the companies that are represented in the stock indexes that have been doing so well-- I think they have been trying to hold off on this. And to me, it's unnerving that the big companies with the deep pockets are now-- they are now saying, we can't hold on anymore. We're just going to have to start cutting jobs.

So I think that's very worrisome. I think we're going to see a lot more of this in the coming weeks. And the Trumpometer reflects that. We are back to sad.

That's the lowest rating. Last week I think we were two notches higher than that. We have been off the sads for a few weeks. But now we're back in sad territory, I'm sorry to say.

JEN ROGERS: So if this continues, who do you think the president's going to blame?

RICK NEWMAN: He is more creative at finding people to blame than I am, Jen. I mean, I guess he's going to blame the CEOs. Maybe he'll find some way to blame Joe Biden. Maybe he'll say that CEOs of big companies are so worried about a Joe Biden presidency that they're laying people off preemptively.

But look, we all know the background here. We've been talking about it all summer. Congress has not yet approved a fourth stimulus bill. Most economists say it's necessary. I think we're seeing the reasons why it's necessary.

There's some belief that if the stock market quivers and sends a signal to Washington, that would trigger some quicker action. But for the time being, the outlook for another stimulus bill is not until mid or late September. And I think we have to acknowledge the odds have risen that there might not be any additional stimulus bill. So this is bad news. We need help still.

JEN ROGERS: All right, Rick Newman, with the sad reading on the Trumpometer this week.