As an investor, it’s easy to say, but never bet against this country. Ultimately, we will come back.
— Steve Forbes, chairman and editor-in-chief of Forbes Media
In Episode 15 of The Homeland on Proud American Studios, host Dean Cain sits down with Steve Forbes, chairman and editor-in-chief of Forbes Media, for an in-depth one-on-one conversation about the state of the American economy: the blockbuster August jobs report, the case for deeper tax cuts, a stable dollar, and the trade dispute with Canada. Later in the episode, Dean is joined by former CIA covert operations officer Mike Baker for a separate discussion on national security. It's the kind of substance a serious citizenry needs heading into midterm season.
The August Jobs Report and the Case for Tax Cuts
Steve Forbes opened by assessing the August jobs report, which came in at roughly three times expectations. He highlighted the creation of over 100,000 construction and manufacturing jobs this year, crediting the AI boom for driving job creation even in sectors where productivity gains typically suppress hiring. The lesser-reported household survey, Forbes noted, showed job gains exceeding 500,000 for the month, a figure he acknowledged will be subject to revision but called “absolutely phenomenal.”
Forbes used the momentum to press a broader economic argument: the Trump administration and Republicans should go on offense with new tax proposals. Among his specific recommendations were indexing capital gains to eliminate taxation on inflation-driven “fake” gains for homeowners and investors, cutting the 22 and 24 percent individual income tax brackets to 15 percent, following through on the proposed reduction of the corporate rate from 21 to 15 percent, and increasing exemptions. He urged the party to pair the strong jobs data with forward-looking proposals, calling it a chance to build a positive case heading into midterms rather than playing defense.
A Stable Dollar as the Foundation
Forbes delivered a pointed critique of the Federal Reserve’s traditional approach, arguing that raising interest rates to fight inflation amounts to deliberately depressing the economy. He praised new Fed Chair Kevin Walsh for publicly acknowledging the importance of the dollar’s value, something Forbes called remarkable given the Fed’s history.
Drawing on the example of the Swiss franc, which has held its purchasing power better than any major currency for over a century, Forbes made the case for a dollar anchored to stability and trust rather than rate manipulation. He suggested that a credible commitment to a stable dollar could bring mortgage rates down from around 7 percent to 5 percent or lower. He also floated a proposal to allow homeowners with low-rate mortgages obtained during the rate-cutting era to port those rates to a new home, a move he acknowledged banks would resist but one that could significantly improve housing market fluidity.
When Cain asked directly whether leaving the gold standard was a mistake, Forbes answered without hesitation: “Absolutely.” He stopped short of calling for an immediate return, instead endorsing a framework where the Fed uses gold and commodity prices as barometers, much as Alan Greenspan did in the 1990s.
Treasury Secretary Bessent and the Trade Dispute with Canada
Forbes had high praise for Treasury Secretary Scott Bessent, describing him as both physically imposing and intellectually formidable, someone unwilling to back down from foreign leaders or the press. Forbes expressed hope that Bessent and Walsh together could force a fundamental change in how monetary policy is conducted.
On the U.S.-Canada trade dispute, Forbes called it “totally unnecessary,” attributing part of the breakdown to last-minute changes by the Secretary of Commerce. He recommended stepping back from escalating tariffs and resuming negotiations to update the USMCA, the trade agreement President Trump originally negotiated in his first term, as is already underway with Mexico. Forbes took a moment to note how fortunate the U.S. and Canada are to have each other as neighbors compared to nations bordering Russia or China.
The segment also included a tribute to the late Dolly Parton, whom Forbes praised as a superb entertainer, a great entrepreneur, and an embodiment of the American story: humble beginnings, perseverance through setbacks, and an extraordinary commitment to giving back. He described philanthropy and commerce as two sides of the same coin in the American tradition.
Mike Baker on Iran and the Limits of Patience
Mike Baker’s segment opened with a sobering assessment of the global security landscape. He described the current moment as the most complex since the start of the Cold War, with the White House and Pentagon multitasking across numerous hotspots, from Ukraine to Iran and well beyond.
On Iran, Baker laid out the strategic calculus: the Iranian regime is betting it can outlast U.S. political will, absorbing airstrikes and economic pressure while relying on China’s continued economic lifeline. Baker said the regime has been unambiguous in its suppression of the population, with the Basij militia warning neighborhoods directly that street protests will be met with lethal force, and executions ramped up in recent months.
Baker identified the desired end state plainly: regime change, a term he acknowledged Washington avoids but one he said should be stated openly. The best outcome, he argued, is for the Iranian people themselves to bring down the regime. But he admitted to deep skepticism about the timeline, noting that arming the population or relying on Kurdish forces from the north is not a plausible path. The more realistic scenario requires sustained economic pressure severe enough to fracture the IRGC from within, a point where commanders and their families begin to question whether continued loyalty is worth the cost.
If the regime were to fall and a responsible government replace it, Baker described the downstream effects as transformational: Hezbollah, Hamas, the Houthis, and Iranian-aligned militias in Iraq would lose their primary source of resources, training, and direction. He pointed to Israel’s recent strikes on Hezbollah positions in Lebanon as evidence that the proxy network is already under pressure. Baker expressed confidence in the Iranian people’s sophistication, saying he believes they would not fall for another autocrat, and could build a prosperous, open society given the opportunity.
Cybersecurity and the Next Frontier of Conflict
Baker warned that the next major global conflict will play out substantially in cyberspace and in space. He described a concerted, years-long effort by China, Russia, North Korea, and Iran to map American infrastructure, including water treatment facilities, power grids, transportation hubs, and financial systems, creating playbooks designed to inflict pain on the homeland at the outset of any major conflict.
Sleeper Cells and the Border as a Security Perimeter
On the question of sleeper cells, Baker was direct: they are already here, and have been for years. He described the threat as spanning from long-term intelligence placement, such as Chinese students eventually embedded in defense contractors, to terrorist and criminal operatives who exploited the open border. Baker said anyone who assumes adversarial nations with the resources and motivation would not take advantage of an unsecured border is “willfully ignorant.”
Looking Ahead
Baker closed with a note on his upcoming film The Walk-In, an action thriller in post-production starring Aaron Eckhart and based on events from Baker’s own career in the CIA. Cain wrapped the episode by reminding viewers of the stakes: an educated, informed citizenry is the foundation of a free republic, and episodes like this one are designed to deliver exactly that.
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