Fmr. Speaker Paul Ryan on GOP 'nihilists,' Trump's econ. plans

Former House Speaker Paul Ryan joins Brian Sozzi and Akiko Fujita to discuss the current state of US politics and the potential effects of the upcoming 2024 presidential election on the economy.

In the House of Representatives, Rep. Marjorie Taylor-Greene (R-GA) has filed a motion to oust current Speaker Mike Johnson (R-LA) after disagreeing with his negotiation efforts with Democrats to pass a $1.2 trillion funding bill. "Shame on people who think that they should vacate a Speaker for a policy disagreement," Ryan says of Taylor-Greene.

He believes that her efforts will not succeed and sides with Johnson, giving him credit for making a tough decision and saying, "You can't be good at these jobs unless you're willing to lose them." He explains that the rampant political dysfunction in Congress only "adds to uncertainty tax" hitting the US and its economy.

On the issue of debt, Ryan believes that both 2024 presidential frontrunners will not do anything to alleviate the problem and are only "demagoguing those who are offering solutions." He warns, "We're walking ourselves into a very predictable crisis," and points to entitlement reforms that should be phased in to curtail the nation's growing debt. "You can't tax your way out of this," he explains, stressing that the debt crisis should be a bigger issue in the current election.

Disagreeing with both President Joe Biden and former President Donald Trump, Ryan tells Yahoo Finance that he will be writing in a Republican on Election Day.

Watch the video above to hear Ryan explain why both Trump and Biden are "bad for the economy."

For more expert insight and the latest market action, click here to watch this full episode of Market Domination. Be sure to check out more from Yahoo Finance's coverage of the 2024 Milken Institute Global Conference.

This post was written by Melanie Riehl