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Rep. Stephen Lynch (D-MA) is Interviewed About Unemployment Numbers; The Numbers on Kamala Harris and the Democratic Party; Bob Geldof Talks About Live Aid. Aired 9:30-10a ET

Aired August 01, 2025 - 09:30   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

[09:30:00]

MATT EGAN, CNN SENIOR REPORTER: Things get pulled back. There's new threats. It's almost impossible for CEOs to make sense of. So, it makes sense that they're just hitting pause right now. They're not hiring.

So, look, the headline number, 73,000 jobs added in July, that was weaker than expected.

KATE BOLDUAN, CNN ANCHOR: Yes.

EGAN: But the real news is there were all these massive downward revisions for both May and June. May, originally, the government said the economy added 144,000. Now, 19,000. That is a major revision. These are the biggest revisions we've seen since Covid.

June was originally at 147,000, now it's just at 14,000. You can see it on that bar chart there. June was the worst since December of 2020.

I just talked to Joe Brusuelas. He's the chief economist over at RSM. And he said, this report that we just got, when you look at the July numbers and the revisions, he says this is the worst major economic report we've gotten since the end of the pandemic era. And it is a reflection of not just the trade war situation, but it's also the immigration crackdown, right?

BOLDUAN: Yes.

EGAN: There's not as many people in the United States who are looking for work. And so some companies, they actually want to hire, but they can't.

So, we look at U.S. stocks --

BOLDUAN: But -- and the White House was just on with us and they did -- they did acknowledge that, that it's part of foreign workers, Stephen Miran said. But he also acknowledged, he said it was not ideal but said it's all up from here.

EGAN: Huh. Well, look, I think the problem is, we've got an aging population in the United States, right? The baby boomers, as they continue to retire, a lot of companies, they don't have enough workers. They actually need more immigration, not less. And so that's another reason why we've seen the pace of hiring slow down.

You see, U.S. stocks, they're opening solidly lower. The S&P, 1 percent in the red. The Dow, 400 points, almost 1 percent. Steeper losses for the Nasdaq, 1.4 percent.

Now, what's notable is, U.S. stocks were down before the jobs report came out. And that was largely about the tariff situation, right?

BOLDUAN: Yes.

EGAN: This is just -- we're seeing more historically high tariffs. The highest since the Great Depression during Smoot-Hawley.

I talked to Art Hogan. And he said the reality of higher tariffs is finally settling in. And he said it's like getting hit in the face with a two by four. He said it's, to some extent, investors have been somewhat complacent about the tariff risk, but they're starting to wake up to it again.

Amazon also, we're seeing Amazon down. Pre-market it was down about 7 or 8 percent. That's a reflection of concerns about Amazon putting out some disappointing -- some gloomy guidance going forward.

So, I don't know, you put it all together, it's a weak job report after a soft GDP report, after a hot inflation report. It's a big week for the economy. And I think that things are looking more concerning than they were a week ago.

BOLDUAN: All right. Thanks so much, Matt. Really appreciate it.

EGAN: Thanks, Kate.

BOLDUAN: John.

JOHN BERMAN, CNN ANCHOR: All right, with us now, Congressman Stephen Lynch, a Democrat from the Commonwealth of Massachusetts.

Congressman, thanks so much for being with us.

Major downward revisions for May and June, making them the worst months since the pandemic. A miss on the jobs report just out.

I want you to listen to how the chair of the Council of Economic Advisers at the White House, Steve Miran, just described it to our Kate Bolduan.

(BEGIN VIDEO CLIP)

STEPHEN MIRAN, CHAIRMAN, COUNCIL OF ECONOMIC ADVISERS: You know, this jobs report isn't ideal. There's no -- there's -- there's no way around that. But nevertheless, I think that the downward revisions reflect a couple of anomalous factors.

(END VIDEO CLIP)

BERMAN: Not ideal. How would you describe it? REP. STEPHEN LYNCH (D-MA): Well, we're seeing, in our area, we've got

30 percent unemployment among the ironworkers union. A lot of those building trades are being affected by the 50 percent tariffs against Canadian steel, where we get most of our fabricated steel from. Aluminum as well.

So, in the building trades, we're seeing -- you know, they're -- they're probably the tip of the iceberg, but they're the first, I think, to be impacted. And I think that the -- the impact will continue to grow from there. It's not an anomaly. This is the beginning of a -- a bad sequence for -- for employment in the country.

BERMAN: There are actually 11,000 manufacturing jobs lost last month in those reports. You are deeply connected to the unions up in Massachusetts, south Boston and elsewhere.

What has the impact been of the president's tariffs to this point on manufacturing? And what do you think it will be, now that he is announcing a new round of tariffs that he says will go into effect in a week?

LYNCH: So, I've got about six major projects that have already gone through the environmental process, the community process, the zoning process. But those develop -- and these are large scale projects. These are all hundreds of thousands of square feet, lots of retail, residential units, some manufacturing. All those projects have stopped because of the uncertainty. How -- how can you -- how can you put a bid in or how can a developer get financing when the cost of your products, whether it's steel or concrete or aggregate or lumber, which is -- which is also historically high right now, around 20 percent, lumber from Canada, how can you give a -- a bid to an owner when you don't know what your costs are going to be?

[09:35:07]

Your -- your margins can disappear like that.

And so, we're seeing the -- the banks also very reluctant to -- to offer financing on favorable terms because of the uncertainty.

BERMAN: Congressman, I want to ask you about the Epstein investigation and the files. You were sent home early. You got to go home to Massachusetts early, which is always nice. But because the House speaker, Mike Johnson, didn't want to take a vote on releasing the Epstein files.

Our Kaitlan Collins, last night, spoke to the family of Virginia Giuffre, died by suicide earlier this year, but she was a very prominent Epstein accuser. This is what the family had to say about the president's statement that Epstein stole Virginia Giuffre from Mar-a-Lago.

(BEGIN VIDEO CLIP)

SKY ROBERTS, BROTHER OF VIRGINIA GIUFFRE: She wasn't stolen. She was preyed upon at his property, at President Trump's property. And it certainly makes you kind of ask the question, you know, how much he knew during that time, right?

(END VIDEO CLIP)

BERMAN: Now, it is important to note that President Trump himself hasn't been implicated in any way in the Epstein investigation. But what questions do you have this morning?

LYNCH: Well, as -- as Mr. Giuffre pointed out, there are major questions to be asked. If -- if he knew that this young woman was -- was at his -- his facility and was -- was being, you know, taken out, stolen, as he put it, terribly insensitive. But, you know, get -- getting to the bottom of that.

Look, like, I think we should go back to the very beginning on this case. Go back, not only to the Manhattan cases, but also back to the Florida cases that were -- were dismissed for -- for some unknown reason by -- by the U.S. attorney back then and -- and the immunity deal and other non-prosecutorial agreements that were made with some of the, you know, some of the perpetrators here, including Epstein. So -- so, we -- we need a full stem to stern investigation here.

I'm not sure that our deposition was -- was supposed to go forward in about a week, but with the attorney's assertion of, you know, that his client needs immunity, we need to give them the questions in advance, I don't see the -- the committee, Democrats or Republicans, agreeing to those terms. So, I think what will happen is that -- that Ms. -- Ms. Maxwell will probably take the Fifth in any -- any hearing that we have because there's -- I think it's very unlikely that her attorneys are going to allow her to go on the record and be exposed to -- to further prosecution.

BERMAN: I should have noted, you are the senior Democrat on the House Oversight Committee, which is overseeing this part of the investigation. So, I appreciate your insight on that.

Congressman, before I do let you go, as we sit here this morning after the trade deadline, I do want to ask you, how disappointed are you that the Red Sox didn't make any bigger moves at this stage of the game?

LYNCH: Yes, look, look, look, you know, I let the management make that -- those decisions. You know, it's an exciting team. I'm praying for them, cheering for them. I'm with them. So, they've got a great group of -- of young players there that -- look, I believe in them. I believe in the Red Sox. The team that they have right now I think can win it all.

BERMAN: I don't know if prayers makes for a fifth starter, but we'll have to see.

Congressman Stephen Lynch, I appreciate you being with us this morning. Thank you very much.

All right, former Vice President Kamala Harris just gave her first extensive interview since losing the election. We will give you a sense of where she stands heading into the next election. Medical examiners say wrestling legend Hulk Hogan died from a heart

attack. His autopsy is revealing more about his private health struggles.

(COMMERCIAL BREAK)

[09:43:34]

BOLDUAN: Kamala Harris made her return to the national stage last night, sitting down with Stephen Colbert. It was her first major interview since leaving office. And during the sit down, she discussed her announcement that she will not be running for governor of California and also very clearly left the door open for another possible presidential run in 2028.

CNN's Harry Enten looking at all the numbers for you on this.

If she wants to run in 2028, what are the numbers that you're seeing about this right now?

HARRY ENTEN, CNN CHIEF DATA ANALYST: Yes, I would just say, hold your horses here. The chance that Kamala Harris is going to be the 2028 Democratic nominee, they don't look too good right now to be perfectly honest with you. Chance of being the 2028 Democratic nominee.

BOLDUAN: Don't you need to do the caveat of like what year we're currently in.

ENTEN: I believe we're in 2025, though it kind of feels like -- it feels like 2045. There have been so many years of just one so far.

Look, Gavin Newsom is the favorite at 20 percent, according to the (INAUDIBLE) markets do not sleep on Ocasio-Cortez. AOC right up there at 15 percent. Buttigieg, nine. Shapiro, six. Harris all the way down at six. Basically in a tie for fourth place at this particular point.

So, if you have any ideas that Kamala Harris is passing up a potential gubernatorial run for 2026 in California and perhaps would be trading up for a presidential bid, the betting markets at this point, simply put, do not buy it.

BOLDUAN: Where are Democrats, though, right now and how divided they are, you know, historically speaking, looking at 2028.

ENTEN: Yes, I would just say that at this particular point, Democrats, at this point, are historically divided.

[09:45:03]

It is a complete and utter mess. It is messier than a hoarder's basement. What are we talking about here? The national early poll leader, 25 percent plus. Normally that's where Democrats are. Biden was at -- at 25 percent plus in 2020. Hillary Clinton was in '08 and '16. Gore was in '00 and '04. At this particular point, there is no one -- no one in the Democratic race for president who's polling at 25 percent plus. The water is quite warm if you're a Democrat potentially thinking about running in 2028, jump right in because at this point there is no frontrunner.

BOLDUAN: Is that -- what do you think -- is that because where -- how people view the Democratic Party right now? Is that contributing to this?

ENTEN: Yes, I think that that is in large part of what's going on is one of the reasons why there is no frontrunner. Nobody wants to put anybody up at the top of their ballot list is because at this particular point, the Democratic brand is in the basement. It is total and complete garbage in the mind of the American public.

The Democratic Party's net favorable rating, record lows in all three. "Wall Street Journal," 30 points underwater. CNN, 26 points underwater. Gallup, 26 points underwater. And that is being driven in large part by discontent within the Democratic base. The Democratic base wants something different. We'll ultimately end up seeing who they choose. It will be quite the thing, who ultimately gets the rose.

BOLDUAN: Yes, sir. Thank you so -- gets the rose.

ENTEN: Thank you.

BOLDUAN: I -- from the rose, from "The Bachelor," to messier than hoarder's basement. You pick, John.

BERMAN: I was going to say, in the basement where hoarders apparently keep a lot of stuff, and not neatly, according to Harry Enten.

ENTEN: That --

BOLDUAN: Is -- wait, does hoarding require a mess? Could you be a neat hoarder?

BERMAN: Does it require a basement?

ENTEN: There's no way you could be a neat hoarder. As someone who kind of is sometimes right on that hoarding borderline, it's very messy.

BERMAN: All right, surveillance video shows a toddler allegedly being taken by a man inside a Virginia mall. What happened next that led to the child's rescue?

And Sean Combs making a bid to get a new trial, calling his conviction unconstitutional and unprecedented.

(COMMERCIAL BREAK)

[09:51:28]

BERMAN: All right, new this morning, scary moments inside a Virginia mall. A toddler grabbed at a popular play area for children in broad daylight. Police in Fairfax County released new surveillance footage capturing it all. Police say Andres Caceres Jaldin was able to make it to the upper level of the mall before being stopped by the child's parents. Officers arrested him soon thereafter, discovering he allegedly stole a car earlier that day. Court documents reveal the suspect has a lengthy criminal history, with more than 30 criminal cases in Fairfax County, including a felony charge just weeks before the abduction.

Lawyers for Sean Combs asking a judge to overturn his convictions or grant a new trial. A jury found Combs guilty of two counts of transportation for prostitution, but acquitted him on more serious racketeering and sex trafficking charges. His attorneys say if he had not been charged with the latter counts, his trial would have been entirely different. Combs will be sentenced in October.

This morning, an official cause of death for pro wrestler Hulk Hogan, heart attack according to Florida officials. He was also suffering other issues. Officials say he had been battling blood cancer and an irregular heartbeat. He was 71 years old.

Kate.

BOLDUAN: So, 40 years ago this summer, rock legends like David Bowie, U2, Queen, they took the stage to raise money for famine relief in Africa. CNN's Bill Weir sat down with Bob Geldof, the man who put them all together for the final episode of the CNN original series "Live Aid: When Rock and Roll Took on the World."

(BEGIN VIDEOTAPE)

BILL WEIR, CNN CHIEF CLIMATE CORRESPONDENT (voice over): In 1985, Bob Geldof sat down to watch the 6:00 BBC newscast in London.

UNIDENTIFIED FEMALE: Our correspondent Michael Buerk (ph) has been back to Korem.

WEIR (voice over): And little did he know that what he was about to watch would change his life and career forever. His first glimpse of widespread famine in Ethiopia.

BOB GELDOF, POLITICAL ACTIVIST: These elegant human beings, all that intellect, all that possibility, dying of hunger in biblical numbers. That's what he said, a biblical famine of biblical proportions.

My partner began to cry. Not sob. I looked around to see and had just tears. And she grabbed our baby and ran upstairs, almost as if she didn't want this infant to see the world that she was going to be in.

WEIR (voice over): The next day, Bob called his friends across the music industry and convinced them to do something, to make a record to raise money for famine relief.

GELDOF: So, by the end of the day we had The Rats, Ultravox, Spandau Ballet, The Police and probably Duran Duran. Everyone felt the shame, the disgust, the rage, and the frustration of not being able to do something. It isn't enough just to find a charity box and do that. And so that Christmas, that seven-inch piece of plastic became the price of a life. WEIR (voice over): They sold over 11 million copies of that record and raised more than 125 million with Live Aid, concerts that took place across London and Philadelphia, with headliners that included Queen, David Bowie, U2 and many more.

And a second charity concert called Live Eight in 2005, Geldof committed himself to a life of activism.

UNIDENTIFIED MALE: You both have a lot of money, both have a lot of fame.

[09:55:00]

You don't need to be doing this. You don't need to be sitting in these meetings on and on and on having a world leader fall asleep on you. Why in the world are you doing it?

GELDOF: Usually he falls asleep.

Because it works. Poco, poco (ph).

Those terrible pictures that you rightly show on CNN. You look at that. The pornography of poverty trolling across America's tea time tables every night. And people say, it's hopeless. Nothing can be done. Wrong. We've been doing it 20 years. It does change it.

WEIR (voice over): Bill Weir, CNN, New York.

(END VIDEOTAPE)

BOLDUAN: And the final episode of this CNN original series airs Sunday, 9:00 p.m. Eastern and Pacific, only on CNN.

BERMAN: I so vividly remember watching that concert live on TV, like on the shag carpet, like the yellow, brown and orange carpet, you know, in the basement. It was so moving at the time. It's so fun to see (INAUDIBLE).

BOLDUAN: You were so cute at that young age.

BERMAN: I was. I was adorable.

BOLDUAN: (INAUDIBLE).

BERMAN: Thank you for being with us. "SITUATION ROOM" with the adorable Wolf Blitzer is up next.

(COMMERCIAL BREAK)