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Nov. 24, 2025 - Triggered - Donald Trump Jr
40:21
Making America Affordable Again, Interview with Economist Steve Moore | TRIGGERED Ep.294
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Hey guys, and welcome to another huge episode of Triggered.
It's great to be with all of you.
Today, we're doing a deep dive into something that I know is at the top of your minds.
Frankly, it's at the top of everyone's minds, and that's affordability.
And here's what the Trump administration is doing to address your concerns and to make sure we keep getting this country back on track.
Check this out.
President Trump's policies are working to make Americans' Thanksgiving more affordable this year, from their commute to the dinner table.
Nearly 100 million Americans are expected to drive next week to spend time with loved ones for the holiday.
And thanks to President Trump's drill, baby, drill agenda, the national average price of a gallon of gas on Thanksgiving Day is projected to be at the cheapest price since the COVID pandemic in 2021.
President Trump is bringing down gas prices and providing significant savings to American families at the pump.
And again, we expect those prices to continue to decline.
According to the American Farm Bureau Federation's annual survey, cooking Thanksgiving dinner will also cost less this year than it did last year and is down about 5% overall.
The average price for a staple of the meal, a 16-pound frozen turkey, is down more than 16% from last year, which will provide critical savings for families and their budgets.
President Trump's entire economic agenda is aimed at putting more money back into the pockets of hardworking Americans.
That's why he signed the largest middle tax class tax cuts in history into law, from no tax on overtime, no tax on tips, to no tax on Social Security.
And according to a new study from Piper Sandler, which is out this week, tax filers can expect an extra $1,000 bump to their tax refund next year and what could be a record-breaking tax refund season.
So there is more good news to come.
We know these refunds will make a huge difference for Americans to help pay down their bills and use towards life's expenses.
And guys, that's not all.
Just look at this latest video that was put out exposing more and all of the Democrats' abject insanity.
To satiate, if you want to get done, you are going to need at least some Republicans to come over.
Why not start with a one-year extension or potentially even a two-year extension?
Olita Schumer offered a one-year extension in the context of trying to end the Trump Republican shutdown.
That's different.
I'm talking about what you have now.
Let's not go back to what's done in the past and what has not been extended.
If you want to get something that it has actually done, you need to do something that will have bipartisan.
You can ask me the question.
You can ask me the question.
I'll provide the answer.
I'll provide the answer.
No, no.
I'm providing an answer in order to provide context.
Republicans have repeatedly refused to take yes for an answer.
It was a very reasonable multi-year extension that was offered.
It was a one-year straight extension plus a multi-year process through a bipartisan commission to more permanently resolve the Affordable Care Act issue.
So having that context is absolutely important, regardless of what you may think.
It's important context to make me realize that I don't think you want to get a deal done.
I think this is something where you'd like to see the rates go higher and allow the Republicans to hang themselves with that.
Is that the answer?
That's absolutely a ridiculous assertion.
And really shameful.
What do you do?
Shame on you for saying that because we're a fight.
It's not a partisan issue for us.
In fact, the states that are most impacted as it relates to an Affordable Care Act tax credit expiration are all Republican states.
We're talking about West Virginia, Wyoming, Alaska.
I'm contesting that.
Mississippi, right?
Tennessee.
Over and over and over again, we can't.
We probably have some Republicans who would sign on if you guys could come up with something that actually looks like a bipartisan deal.
Listen, this is not a partisan fight for us.
It's a patriotic fight.
But the regime media still doesn't get it, guys.
And here they are in their own words.
You can't make this stuff up anymore, but I figured we got some time.
So we're going to point it out to you, and you can make up your own minds.
Because the American people realized how bad it was when Joe Biden was president and they realized that they were being lied to, for example, about the job numbers.
I'm old enough to remember when they lied about 818,000 jobs in the job report numbers when we had a lot of people.
The job report numbers of the last quarter of last year, they had to refine them back.
Hold on a second.
About a million jobs they lied about.
Hold on, there.
Let me just correct you.
Please.
Because, first of all, you are saying that the Biden administration lied about the jobs numbers.
That is false.
There are revisions that don't pull out your Google.
No, it's our housebudget.gov that literally says you're wrong.
118,000 fewer jobs added than the economy previously reported.
That is from our government.
Those are not, that is not the Biden administration lying about the jobs numbers.
There are economic jobs definition of job number revisions that happen every single month.
And then annually, there are job number revisions that also happen.
A revision of that size was very similar to a revision of the job numbers that also happened in, was it 2009?
I believe it was.
It's all to do with every job.
Ben, stop.
Every year, the job numbers are revised.
Sometimes they're revised up.
Sometimes they are revised down.
The president is not responsible for putting out those numbers, good or bad.
So the Biden administration did not lie when they said there was 129,000.
No, they did not.
Oh, wow.
Stop with the Biden administration.
We are in the Trump administration.
I just think, honestly, let's stop for a second because that is very, very dishonest.
It's not dishonest.
No.
So you tell me that.
Hold on, hold on.
You tell me.
Did the Trump administration lie about the job numbers over the summer that have been revised down?
Did they lie?
Not to the point of 818,000 that you're saying.
But that's not what I asked you.
Didn't they lie?
I'm okay with revisions.
These were made-up lies to the American people.
I'm sorry.
It was on election day.
I'm not lying because these were.
Where Joe Biden came out and said, We are not.
This is exhausting.
This is exhausting.
This is why you guys lost the election today.
I'm sure it is why we lost the election.
Now, today, we'll sit down with economist Steve Moore, who's been on the show a bunch before, and he's uncovered a lot of new information about what the media isn't telling you about the economy, housing, and so much more.
So, check it out, guys, because there's a lot to get into.
There's a lot that's going to be realized next year.
You can't simply undo four years of incompetence and inflation and China capitulation overnight.
But when you hear what's actually going on and you get into the numbers, it's actually amazing.
The opportunities are boundless.
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It's a big deal.
That's not easy.
Show them some love.
Now, the recent anti-ICE riots in Los Angeles were just one of the hatred, one example really of the hatred and violence ICE agents are dealing with every day.
They all are out there working hard to enforce our nation's laws.
They've been ambushed, received death threats, and have been berated by the failing regime media.
And that's, guys, on top of dealing with violence from cartels and pushback from liberals and sanctuary cities.
These ICE agents deserve better.
The Heritage Foundation has created a survey to gauge Americans' support of ICE agents, and they need your participation now.
So go to heritage.org/slash Don Jr., okay, heritage.org/slash D-O-N-J-R to give your opinion on ICE's border enforcement efforts.
Okay, a couple minutes, five minutes at most is all it takes.
Complete the survey today at heritage.org/slash Don Jr. and make your voice heard.
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Well, guys, joining me now, finder of Unleash Prosperity and former Trump Economic Advisor, Steve Moore.
Steve, great to have you back, man.
How are you doing?
Hey, Don, I'm doing great.
And boy, this is one of the great presidencies of my lifetime.
I'm just so excited about what is happening with the economy under Donald J. Trump.
Amazing.
I just, every day, I'm like, what's he going to do next to fix the economy?
Really great job.
Yeah, listen, I get it.
You're an economist.
I have a degree in economics, though I'm not much of an economist, more of a regular business guy.
So, you know, I see what's going on.
I see the moves that they're making.
Obviously, you know, I think some people want sort of instant gratification, right?
You make a move and like, tomorrow morning, I want to wake up prosperous.
Some of this stuff takes a little bit of time to sort of get in there.
I mean, I feel really good about next year and, you know, some of the, you know, whether it's the tariffs, whether it's, you know, literally all of the inward investment from other countries.
I mean, when you add up the numbers, I mean, if you straightline like the 8 trillion committed or whatever the hell the number is, I mean, you straightline that over 10 years, it's like a point of GDP or two a year, almost in perpetuity.
You know, talk about that for a second, because I think people don't get that.
And again, it doesn't just happen overnight.
It takes a little while for that to get in there.
Well, that's right.
But I have to say, you know, the president's off to a great start.
For example, on this issue of if you look at what's happened to median family income, because there's a disconnect between reality and perception right now, you know, we just ran the numbers.
The average median household income after inflation is up $1,200 in the first eight months of the Trump presidency.
So there's a kind of a lie that's being told by the media that there's an affordability crisis when, in fact, people have more disposable income.
Another statistic that's amazing that has not gotten out there in the media, which we've been reporting at Unleashed Prosperity, and I showed the president these numbers the other day.
87% of the inflation since COVID happened under, guess what president that happened under?
Yeah.
Yeah, of course it did.
But okay, so my point is, yes, people should be angry about how much beef costs and how much eggs costs and how much you pay in rent and your utility bill.
But that's because Biden had the highest rate of inflation of ever any president since Jimmy Carter.
And we're still feeling the effects of it.
Yeah.
And again, like I said, whether it's the upside doesn't trickle in immediately, although $1,200 is not insignificant as a start in the first nine months of a presidency.
You're right.
I mean, the media is not talking about that.
Frankly, they're painting a very different picture.
You and I both know, you know, don't follow everything that you see online because they're sort of the paid outrage that's out there delivering a different message.
So when you think about where we were with inflation just a few years ago, that bleeding has stopped.
It doesn't mean there's not still pain inflicted because you can't undo four years of garbage immediately, but we do have to sort of remember the full perspective.
Can you lay out some of the other details so people start to get that?
Because again, I see the media is painting a false narrative.
You know, the online outrage machine is doing some of the same, but it doesn't seem to line up with what's really going on.
Well, let me give you another example.
You know, the one statistic that we've used for 40 years is kind of the best gauge about how people, you know, what people are feeling in inflation is to look at the gas price.
You know, what do you pay when you fill up your tank?
You know, when you pay more, that makes people angry.
And when you pay less, you know, people have more disposable income for other things because people have to drive their car or their truck.
Well, guess what?
The gas price is now nationally like $2.89 a gallon.
And it was up to $5 a gallon under Biden.
So these are enormous changes that give Americans more after tax and after-inflation money in their pocketbooks.
Let me give you another example.
You know, this is something that Larry Kudlow and I talk a lot about, which is the big, beautiful tax bill.
A lot of people say, well, I don't really feel the benefit of that.
That's because they haven't gotten the tax cut yet.
That's going to start in January of 2026 for most people.
They're going to start because they're going to have a change in the withholding.
People are going to see about $2,000 extra income next year because of the Trump tax cut.
It's just that they haven't felt it yet because they haven't received it yet.
So those are the kinds of things that the media never seems to report.
I mean, I didn't even think about it that way, but you're right.
Yeah, that goes into effect January 1.
So all of that savings are really next year because that's the way it works, right?
Exactly.
Well, just there's one exception.
That is for most people.
If people change their withholding this year, then they've already started to get the tax cut.
But most Americans have not.
So they'll start feeling this on January 1st of next year.
So I guess the other one that you hear a lot about right now is Americans being rightly concerned about costs, in particular home costs.
It's as much of a regulatory issue in many states, especially blue states.
Places like California, it's nearly impossible to build.
How much of this is a blue state versus a red state issue?
Because we can try to solve these issues at the federal level, but we're still a federalist society.
It's still at the states.
And if the states make it very difficult, let's call it half the states are blue states.
A huge number of the population live in California.
They're going to make those things difficult.
How do you see that playing out?
That's a big deal.
And I just wrote a column on this, Don, which is basically saying if you're upset about the cost of living, move to a red state.
Because if you look at the top 10 most expensive states to live in, nine out of those 10 are blue states.
And who leads the most expensive, let's see, California, New York, Illinois, New Jersey, Massachusetts, Connecticut.
What do those states have in common?
They're all blue states.
Now you look at the states that have the lowest cost of living, and you're talking about states like Arkansas, Oklahoma, the Carolinas, et cetera.
So that's a big deal for people that the costs are so much lower in these blue states, I mean, in the red states.
Yeah, I mean, you know, I sort of touched on this a little bit, but a lot of the steps that we're taking and the administration is taking won't fully be realized or even seen overnight.
The tax relief, the investment, they're trying to build something for the future instead of sort of the immediate sugar high that you got from Obamacare or whatever injection of billions of dollars right before the election cycle because of the Fed and obviously also the subsidies, which were basically used to hide the true costs going on out there.
How do you see sort of the difference between real sustainable growth that they're trying to create, a regulatory environment that lets things happen naturally versus this artificially subsidized economy that you see typically under the Democrats?
Well, that's a good point you're making.
So we did have growth under Biden, not a lot of growth, but we did have some growth, especially in the area of employment.
But guess what?
Almost all of that increase in the workforce was in government or healthcare.
The two areas that are most run by government are the ones that grew.
Whereas under Trump, we're seeing the opposite.
We're seeing private sector job growth.
And thanks to Donald Trump and Elon Musk and Doge, we have 300,000 fewer federal employees.
Good.
We don't want people working for government.
We want people doing productive things outside of government.
In other words, under Biden, we were growing employment in all the wrong places.
Under Trump, we're seeing rebound in jobs in the private sector, which is where all growth really comes from.
That's actually interesting.
Yeah.
And that's a huge point.
I mean, I don't think we need a bigger government.
We need bigger industries.
And that's why we're going to grow ourselves away from this nonsense.
That's never going to happen from a government bureaucrat that's really not creating anything other than probably regulatory hurdles and other nonsense along the way.
Well, there's no question.
I estimate that Trump is going to reduce the cost of doing business through deregulation by almost $1 trillion.
Those are enormous savings.
And those savings and costs get passed on to consumers and lower prices that you pay at the grocery store or the hardware store or where you pay for rent.
So don't forget about the benefits of Trump's deregulation efforts.
The tax bill, we're seeing an investment boom in this country, Don, like we haven't seen in a long, long time.
And that's because we have all these incentives in the tax bill that Donald Trump signed into law, I think it was January 4th, I mean, July 4th.
Those give incentives for businesses to invest in plant equipment, machinery, research and development, which is critical to growth.
And you can't have higher wages if businesses aren't investing.
So I'm with you.
I'm really super bullish on 2026.
I think we're going to see enormous growth, big increases in pay for workers, and a big increase in employment because we're the one country.
Think about this.
I mean, Canada isn't growing.
Japan isn't growing.
China isn't growing.
Europe isn't growing.
We're the only country that is growing.
We have these amazing technology companies that, you know, all our magnificent seven are worth more than all of the European countries combined.
So it's a really, you know, United States is flexing its economic muscle right now.
And that's thanks to a great president.
And actually, I have to say, I love Mike Johnson.
I think he's done an amazing job as Speaker of the House.
I think Jon Thune has been a great majority leader for the Senate.
So good things are coming.
Yeah, I mean, so, you know, one of the interesting stats I've been sort of talking about a lot is even just on the tariff side, you know, you have 400 billion plus, you know, year to date.
You take that out, you know, to a year.
I mean, that kind of just additional income, that's like a point of GDP.
I mean, can you explain to the average viewer what just a boost of a point in GDP means for America?
And that's before you get into the FDE, the foreign direct investment, which is like, again, something like $8 trillion over the next decade.
You straightline that proportionally over 10 years.
That's like another point or two.
You let these things mature into the market.
That's two to three points of GDP growth for America.
I mean, that pushes you four or 5% GDP growth.
That's insane.
I mean, that's the stuff that economic dreams are made of.
Do people fully understand that?
And do you agree with those numbers?
Well, let me give you an example of why this matters, Don.
And that is the one thing that everybody is worried about, including me and you and everyone, is the size of our national debt and the size of our deficit.
And we're all familiar with these very scary charts that show the debt going up and up and up and up as a share of GDP.
And that's the legacy of not fixing a lot of these problems over the last 40 years, and including the problem of the aging of America.
But if you look at those standard forecasts, they're estimating the U.S. economy is going to grow at 1.7% per year.
And to that, I say, and Donald Trump says, no, we're America.
We can grow a lot faster than 1.7.
So if you just put 3% growth in, and you were talking about 4 or 5%, but let's say even when we just get 3% growth, then we start to bend the curve down on the debt because the economy is growing faster than the debt and the problem starts to go away.
If you put 4% growth in that equation, I mean, you see a huge reduction in the debt impact.
So I've always said that the single most important step to bringing the debt down, in addition to putting some caps on government spending, is grow the economy as fast as we can.
That's exactly what Donald Trump is doing.
Yeah.
And I mean, if you compare that to, say, Europe, which is, you know, they're saying 1% growth, but in all fairness, it's probably zero or negative, given the insanity of their regulatory framework, the ESG, DEI type mandates that still exist, their inability or total lack of a desire to do anything as it relates to energy.
Then you compare it to some of the other places that may be growing, China.
I mean, where would anyone want to actually put their money?
And it feels like that's why the foreign direct investment into America right now is so strong, because they still look at it as such a safe haven relative to anywhere else in the world.
If we continue on this path that we're on right now, with respect to the increase in the stock market, not only are we going to very soon pass Dow 50,000, but by the end of Trump's presidency, we'll be at Dow 60,000.
So these are enormous gains in the wealth of Americans.
And I'm tired of people saying, oh, well, that's just the playground of rich people.
No, you know, we've got 150 to 175 million Americans who are invested in the American stock market and their 401k plans and their retirement plans are going up and up and up.
The average family's wealth has gone up by about $40,000 just since the beginning of the year because of this booming stock market that we're seeing, which is, by the way, Don, this is the envy of the world.
I mean, all of the great companies are here in the U.S.
And I'm glad, by the way, that Donald Trump is really celebrating America's technological leadership.
I mean, we have dominated the internet age.
And thanks to a lot of the policies that Donald Trump is putting in place, we are now set to dominate the AI age and the robotics age and the satellite age and the amazing technologies that are coming.
I love that, that Trump is saying, look, we should not smash our, you know, our technology companies.
We should let them continue to lead the way in the world.
And I love that.
NVIDIA, Apple, Google, all of these companies are amazing.
And the rest of the world is so jealous that we have dominated.
Stephen, in your opinion, would it be fair to say that perhaps some of the Americans who could actually benefit the most from the Trump administration's policies are actually younger people, some of whom maybe haven't even reached voting age yet?
You know, that's a funny thing that you should ask about that, because I just wrote a column on why are young people so glum and why are they so depressed and negative about the outlook for America?
Now, that's not unusual.
Young people tend to be worried about the future.
But this generation in particular, I think that's in part because they've been indoctrinated for the last 20 years of their life about how the free market doesn't work and we need more socialism.
And what a shame it was what happened to the great city of New York with the election of Mondame, who if he does what he says he's going to do, will destroy that great city.
But I have to tell you that young people are inheriting the best economy in the most affluent economy in the history of the world.
So why are they so double?
Well, I mean, could it be because academia has pushed them into degrees that are meaningless, that will never pay back, that will never, you know, if you go get your doctorate in gender studies, you're probably never going to be a contributing member of society in any real way, shape or form, certainly not economically, probably not intellectually either.
And yet, you know, that was the way, right?
People were pushed into degrees they didn't need, racking up debt they could never pay back.
This is a problem.
This is a real problem you've identified here, Don, is that if you get a degree in math or science or engineering or any of the STEM things or just know how to do anything, if you're an electrician, if you're a plumber, if you know how to do anything, there's a lot of jobs out there.
But what are our kids graduating with?
Political science degrees, ethnic study degrees, sociology degrees.
Guess what?
There's not a lot of demand for that.
So the university, I'm very happy, by the way, that Donald Trump has really gone after the universities because our universities are not what they once were.
They are not preparing our kids for the future.
They are anti-America.
They are sitting on a trillion dollars of endowments.
I believe, I think Donald Trump is right.
Why should that not be taxed like everything else is?
So, you know, it's time for us to really look at what's happening at these universities.
They're charging up to $80,000 a year per student.
It's the biggest ripoff in America is how much these universities are charging our families.
Yeah.
Well, and then the alleged elites that have those degrees that can't seem to pay back their student loans because they got degrees in stuff that no one cares about, they want a plumber.
They want an electrician.
They want carpenters who they look down upon, who they frown upon, who they certainly don't consider elite, who are actually making great livings and able to take care of themselves.
Plus, they want them to carry their debt.
The whole thing's ludicrous to me.
You know what?
You're so right about this.
I feel passionately about this issue because Joe Biden's response was, oh, we'll just let people forgive their debts and put the trillion dollars of new debt out of the backs of taxpayers, which was outrageous, especially for families that didn't send their kids to college, have to pay the higher taxes for families that did.
But more importantly, if you've got a useless degree from a university and you can't pay your student loan, you know who should have to pay off that student loan debt?
The school should, not the taxpayers.
I agree.
I mean, is that something that's realistic?
And again, maybe it'd be the greatest thing for academia to keep them in check because maybe they wouldn't be pushing you into nonsense degrees.
And, you know, again, your undergrad gender studies degree, you really need to get a master's in that and then a doctorate.
And then you can go make $30,000 being a gender activist, I guess.
But I don't know what else you can do with it, but they certainly should be on the hook for it if they're going to push these things and they're going to get the benefits of the tax advantage status that they have, et cetera, while functioning, frankly, as left-wing propagandists across the board.
Well, the one person who I've heard talk a lot about this, Don, is Linda McMahon, who's running the education department, doing an amazing job, by the way.
I love Linda.
And she's saying that.
Why should somebody have to like, I'll think of people like my wife.
You know, she graduated from UCLA back 25 years ago.
She, you know, when I met her, she was like not making a whole lot of money, but she was diligently and responsibly paying each month, you know, paying off that student loan debt.
And then she finally paid it off like, you know, any upstanding citizen should do.
You owe the money, you pay back the loan.
And now she's furious that Joe Biden was running around the country saying, oh, you don't have to pay your loan.
Somebody else is going to pay it off for you.
There's a big fairness issue in that.
And so Linda McMahon, I think, is on this, and I think she's going to fix it.
Yeah, I mean, that's the other thing.
I mean, it's a great case of sort of irony, which shouldn't surprise us anymore with anything that we see.
But those who actually did it, who sacrificed, the Saturday night parties or the nicer car or whatever, they're also taking the hit for this because there is no government-funded program.
It's all taxpayer-funded.
So the people who actually were responsible, even if they took on that debt, are also going to suffer the consequences.
It's not just the plumber or the carpenter.
It's those who actually altered their life to do the right thing because I guess they don't understand that they want three-year-olds to be able to decide what gender they can be, but they can't have an 18-year-old sign on the bottom line of a loan because they couldn't possibly understand the ramifications of the consequences of doing so.
Are you familiar, Don, with the school called College of the Ozarks?
I've heard of it, but I'm not all that familiar.
Well, it's, you know, I've probably given about 100 college lectures over the years, and I gave one at a school called College of the Ozarks, which is in Missouri.
And the most amazing thing about that school is, you know what the tuition is there?
Zero.
Zero.
You know how they do it?
No.
Every student on campus works 20 hours a week.
Wow.
You know, what a concept that a 19 or 20 year old should have to work.
But I'll tell you, Don, I've been to Northwestern.
I've been to Duke.
I've been to Yale, Princeton.
I've never met more students that I was so proud of that were so interested in their academics than the kids at College of the Ozarks.
You know why?
Because they were paying for it.
Yeah, I mean, there's something about being vested, right?
There's something about being.
Exactly.
No, I mean, it's amazing how you can pay attention.
And listen, I went to Penn, which is, you know, I don't know what the hell happened to it since I was there, but, you know, created a lot of guys at the time, great business school, all that stuff.
But you're right.
I mean, a lot of people just, they're there for it.
You took it for granted.
I'm sure even me to an extent, whereas, you know, I definitely went out and had too many beers a couple of nights that I could have probably been studying and bettering myself.
But if you're actually on the hook for these things and you actually have to deliver and you are vested in your outcomes, I'm sure it makes a big difference.
Yeah, it's an old saying, you know, that anything easily attained is lightly regarded.
And so if you have to work for it, you're going to make sure you're getting your money's worth.
I've got a rundown, but I'll just end with this.
I believe that the president has set the table for the great expansions that we've seen in America.
I think we're going to continue to dominate.
I think 2026 is going to be a monster year for the economy.
With you said maybe 4% to 5% growth, boy, that would be amazing.
I think it's very possible investment capital is flowing into the United States.
Like Donald Trump is some kind of magnet.
So I'm proud of your father.
I'm proud of this administration.
And I'm proud to have played a little, very little part in it.
Well, listen, that was a big deal.
You did a lot for it, and appreciate that.
And we're going to have to have you talk in more detail because, again, I see the machine.
I see what's going on out there.
They're trying to sell a different message than what's really happening.
Thank you, Don.
All right.
Thanks, Leslie.
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The media will not do that.
Okay.
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