1 00:00:00,560 --> 00:00:04,920 Speaker 1: Senator Mollins of Oklahoma put out a video listing many 2 00:00:05,000 --> 00:00:08,480 Speaker 1: things you need an ID for. In regards to Chuck 3 00:00:08,520 --> 00:00:13,160 Speaker 1: Schumer's Jim Crow two point zero comment on the Save Act, 4 00:00:14,000 --> 00:00:17,280 Speaker 1: Senator Mellan said, you can't even sign up for government 5 00:00:17,360 --> 00:00:20,560 Speaker 1: benefits unless you have an ID, So you can't get 6 00:00:20,560 --> 00:00:24,720 Speaker 1: benefits without ID, and you absolutely need an ID for 7 00:00:24,960 --> 00:00:27,880 Speaker 1: a job. So who are the people without an ID 8 00:00:28,200 --> 00:00:29,680 Speaker 1: without benefits or a job? 9 00:00:31,000 --> 00:00:35,320 Speaker 2: Interestingly, during the break, I was taking care of something 10 00:00:35,360 --> 00:00:38,760 Speaker 2: for a friend of mine who has some documents that 11 00:00:38,840 --> 00:00:42,280 Speaker 2: need to be filed with the Secretary of State in Colorado. 12 00:00:43,400 --> 00:00:45,640 Speaker 2: So she's a former co worker here, and so I 13 00:00:45,720 --> 00:00:47,600 Speaker 2: was just taking care of it for during the break. 14 00:00:48,080 --> 00:00:52,000 Speaker 3: And I don't ever remember doing this before. 15 00:00:52,280 --> 00:00:54,280 Speaker 2: Dragon, Did you see me trying to fumble around for 16 00:00:54,400 --> 00:00:55,560 Speaker 2: my wallet? 17 00:00:55,960 --> 00:00:57,400 Speaker 4: You really think I was paying attention to what the 18 00:00:57,440 --> 00:00:59,319 Speaker 4: hell you were doing? And they're doing a break. If 19 00:00:59,320 --> 00:01:01,279 Speaker 4: I don't have to pay pay attention, I'm not going to. 20 00:01:01,360 --> 00:01:03,080 Speaker 4: I barely even pay attention to you what I have 21 00:01:03,560 --> 00:01:03,959 Speaker 4: During the. 22 00:01:03,880 --> 00:01:06,120 Speaker 2: Break, I'm funebling around for my wallet because for the 23 00:01:06,120 --> 00:01:08,880 Speaker 2: first time, the first time that I remember in all 24 00:01:08,920 --> 00:01:10,679 Speaker 2: the years that I've been doing this for this friend 25 00:01:10,720 --> 00:01:14,319 Speaker 2: of mine. I actually had to provide my driver's license 26 00:01:14,400 --> 00:01:19,160 Speaker 2: number and a firm under penalty of perjury that it was. 27 00:01:19,560 --> 00:01:23,120 Speaker 2: And I don't know whether they they must compare the 28 00:01:23,240 --> 00:01:28,000 Speaker 2: number I put in to what's in the state's database 29 00:01:28,800 --> 00:01:32,000 Speaker 2: because the name that I use on this document is 30 00:01:32,000 --> 00:01:36,360 Speaker 2: Michael D. Brown, and once I put in my driver's 31 00:01:36,400 --> 00:01:40,039 Speaker 2: license number, it then has my full name, Michael dumbass Brown, 32 00:01:41,160 --> 00:01:43,759 Speaker 2: So they obviously are doing a cross referencing to double 33 00:01:43,840 --> 00:01:46,720 Speaker 2: check the number on the driver's license to make sure 34 00:01:46,760 --> 00:01:52,880 Speaker 2: it's a current, valid driver's license. Simply defile an annual 35 00:01:53,600 --> 00:01:58,720 Speaker 2: form that is, in my opinion, a totally meaningless form. 36 00:01:59,000 --> 00:02:01,760 Speaker 2: But nonetheless, she like twenty five bucks to file this 37 00:02:01,920 --> 00:02:04,760 Speaker 2: form and had I had to provide an ID to 38 00:02:04,800 --> 00:02:05,160 Speaker 2: do that. 39 00:02:05,640 --> 00:02:09,359 Speaker 3: So yes, it's everywhere so for and by the way. 40 00:02:09,240 --> 00:02:12,120 Speaker 2: I haven't heard from Hayley down and Senator Cordon's office. 41 00:02:12,160 --> 00:02:14,600 Speaker 3: Haley hasn't written me back. Weird. 42 00:02:14,919 --> 00:02:16,960 Speaker 2: Yeah, you know, I don't think she wants to hear 43 00:02:17,000 --> 00:02:23,480 Speaker 2: from me either, So whatever, God bessn't the Secretary Treasury 44 00:02:23,560 --> 00:02:28,680 Speaker 2: Secretary appeared on Maria Bartiromo's show either yesterday or day 45 00:02:28,720 --> 00:02:30,880 Speaker 2: before I had this to say on. 46 00:02:31,560 --> 00:02:34,240 Speaker 5: This crypto legislation that seems to be hung up in 47 00:02:34,280 --> 00:02:37,560 Speaker 5: the Senate Secretary, do you expect that the Clarity Act 48 00:02:38,360 --> 00:02:40,320 Speaker 5: will in fact come back for a mark of it? 49 00:02:40,440 --> 00:02:43,600 Speaker 5: And why are we having a debate about bank margins? 50 00:02:43,800 --> 00:02:44,920 Speaker 3: Where do you stand on this? 51 00:02:45,000 --> 00:02:47,840 Speaker 5: Do you think crypto platforms should be able to pay rewards, 52 00:02:47,880 --> 00:02:49,160 Speaker 5: pay customers. 53 00:02:48,639 --> 00:02:50,520 Speaker 3: For moving stable coin or or. 54 00:02:50,520 --> 00:02:52,840 Speaker 5: Money out of a traditional bank to posit accounts and 55 00:02:53,080 --> 00:02:54,960 Speaker 5: keep them on crypto platforms. 56 00:02:55,120 --> 00:02:55,799 Speaker 3: Where are you on. 57 00:02:55,760 --> 00:02:59,880 Speaker 6: That issue again, Maria, I think what we're seeing in 58 00:03:00,120 --> 00:03:04,120 Speaker 6: crypto market over the past few months means more than 59 00:03:04,160 --> 00:03:08,240 Speaker 6: ever that the US we need market structure, we need clarity, 60 00:03:08,720 --> 00:03:11,280 Speaker 6: and we need to get this across the line. This 61 00:03:11,440 --> 00:03:16,080 Speaker 6: spring we got We've got a few recalcitrant actors who said, well, 62 00:03:16,400 --> 00:03:19,680 Speaker 6: be better to have no legislation than the legislation we 63 00:03:19,720 --> 00:03:22,720 Speaker 6: don't want. And I think both on the banks the 64 00:03:22,760 --> 00:03:26,079 Speaker 6: other crypto firms are united against them. So we need 65 00:03:26,120 --> 00:03:29,240 Speaker 6: to get this across the line the US president. Under 66 00:03:29,280 --> 00:03:32,840 Speaker 6: President Trump's leadership, the US is becoming the crypto capital 67 00:03:32,840 --> 00:03:36,480 Speaker 6: of the world with our best practices, best regulation, and 68 00:03:36,560 --> 00:03:42,880 Speaker 6: for crypto to remain a viable digital asset and move forward. 69 00:03:43,000 --> 00:03:44,720 Speaker 6: We need to get this Clarity Act done. 70 00:03:45,120 --> 00:03:47,720 Speaker 5: So you think it will be it'll come back fairly soon. 71 00:03:47,760 --> 00:03:51,960 Speaker 6: Then I'm optimistic. And there's there's bipartisan support here. 72 00:03:52,360 --> 00:03:55,840 Speaker 2: Yeah, okay, oh oh, they cut it off before you 73 00:03:55,840 --> 00:03:58,000 Speaker 2: got to the good stuff. He goes on to say, 74 00:03:58,040 --> 00:04:02,920 Speaker 2: Maria today can't on economic growth because the President's plan 75 00:04:03,080 --> 00:04:06,000 Speaker 2: is working, the Trump economic delivery for the American people. 76 00:04:06,000 --> 00:04:09,320 Speaker 2: We have strong growth, and inflation is in fact coming down. 77 00:04:09,680 --> 00:04:12,200 Speaker 2: For the past three months, inflation is two point one percent, 78 00:04:12,480 --> 00:04:14,840 Speaker 2: close to the Federal reserves target, and a measure called 79 00:04:15,120 --> 00:04:18,240 Speaker 2: true inflation, which is a daily observation, nows below one percent. 80 00:04:18,480 --> 00:04:21,520 Speaker 2: So inflation down, strong growth, stocks at a record high, 81 00:04:21,760 --> 00:04:24,080 Speaker 2: the lowest crime rate, and over one hundred years Democrats 82 00:04:24,120 --> 00:04:26,520 Speaker 2: wants to talk about Democrats don't want to talk about that. 83 00:04:26,960 --> 00:04:29,240 Speaker 2: They want to hoot and holler, Maria, So what kind 84 00:04:29,240 --> 00:04:31,279 Speaker 2: of growth are you expecting for twenty twenty six. We're 85 00:04:31,279 --> 00:04:33,479 Speaker 2: looking at Friday's market rally. The Dow was up one 86 00:04:33,520 --> 00:04:35,720 Speaker 2: hundred points two and a half percent, twelve hundred, the 87 00:04:35,800 --> 00:04:38,279 Speaker 2: Nasdaq was up one percent, even Goal was up. And 88 00:04:38,279 --> 00:04:40,840 Speaker 2: when you look at year at year, when you look 89 00:04:40,839 --> 00:04:43,919 Speaker 2: at year the day actually goals outperformed stocks Gold up 90 00:04:43,960 --> 00:04:46,240 Speaker 2: fourteen percent year to date, the S and P up 91 00:04:46,240 --> 00:04:49,040 Speaker 2: one percent, tell us your expectations for growth and also 92 00:04:49,080 --> 00:04:51,279 Speaker 2: a word on goal. What's driving that move as well. 93 00:04:51,520 --> 00:04:53,320 Speaker 2: What I can tell you is what we're seeing the 94 00:04:53,360 --> 00:04:56,160 Speaker 2: cyclical components of the market expand. So that's why the 95 00:04:56,240 --> 00:04:58,960 Speaker 2: TAL hit a new high. Importantly, the rustle, which is 96 00:04:58,960 --> 00:05:00,320 Speaker 2: the small cap index. 97 00:05:00,040 --> 00:05:00,840 Speaker 3: Has hit a new high. 98 00:05:01,080 --> 00:05:04,080 Speaker 2: We're seeing the industrial sectors under the market hit new highs. 99 00:05:04,279 --> 00:05:05,520 Speaker 3: And my thirty five to forty. 100 00:05:05,400 --> 00:05:07,159 Speaker 2: Years on Wall Street dead tells me that Wall Street 101 00:05:07,200 --> 00:05:11,159 Speaker 2: is telling you that Main Street is about to prosper. 102 00:05:12,720 --> 00:05:14,240 Speaker 2: That's the point I wanted to hit through what they 103 00:05:14,400 --> 00:05:22,360 Speaker 2: cut off that were about to prosper. What is this 104 00:05:22,440 --> 00:05:30,080 Speaker 2: affordability crisis? Let me lay out some evidence chronologically. In 105 00:05:30,120 --> 00:05:34,359 Speaker 2: March of twenty twenty, the Cares Act. Now it was 106 00:05:34,440 --> 00:05:38,680 Speaker 2: Trump and Biden. This is bipart Democrats and Republicans did this. 107 00:05:39,040 --> 00:05:43,240 Speaker 2: The Cares Act two point two trillion dollars. Now, you 108 00:05:43,320 --> 00:05:46,359 Speaker 2: might say that was defensible as an emergency response to 109 00:05:46,400 --> 00:05:49,479 Speaker 2: a pandemic shut down, but that rais of the question 110 00:05:49,560 --> 00:05:51,560 Speaker 2: whether we should have shut down to begin with or not, 111 00:05:52,800 --> 00:05:56,440 Speaker 2: and you have brought you have very broad bipartisan support 112 00:05:56,920 --> 00:05:59,000 Speaker 2: for spending an additional This is on top of the 113 00:05:59,040 --> 00:06:03,640 Speaker 2: regular operating budget, the regular federal budget two point two 114 00:06:03,960 --> 00:06:09,159 Speaker 2: trillion dollars additional. And then in December of twenty twenty 115 00:06:09,200 --> 00:06:14,200 Speaker 2: again bipartisan Consolidated Appropriations Act was two point three trillion 116 00:06:14,240 --> 00:06:18,159 Speaker 2: dollars that included additional stimulus, still trying to justify it 117 00:06:18,200 --> 00:06:22,799 Speaker 2: based on the pandemic. The economy slowly beginning to recover, 118 00:06:23,080 --> 00:06:27,440 Speaker 2: primarily because of this humongous infusion of cash. Now March 119 00:06:27,440 --> 00:06:32,320 Speaker 2: of twenty twenty one, Biden and the Democrats only passed 120 00:06:32,320 --> 00:06:35,400 Speaker 2: the American Rescue Plan at one point nine trillion dollars. 121 00:06:35,760 --> 00:06:40,520 Speaker 2: And this is where spending goes off the rails, pass 122 00:06:40,600 --> 00:06:44,880 Speaker 2: on pure party line vote, zero Republican support. Vaccine rollout 123 00:06:44,920 --> 00:06:49,359 Speaker 2: is underway. The economy is already recovering. Even Larry Summers, 124 00:06:50,040 --> 00:06:53,560 Speaker 2: Democrat economists president of Harvard at one time warning that 125 00:06:53,640 --> 00:06:57,679 Speaker 2: this was too much and the employment rate was already falling. 126 00:06:57,920 --> 00:07:03,440 Speaker 2: The economy didn't need that fuel then, so already early 127 00:07:03,560 --> 00:07:06,960 Speaker 2: in twenty twenty one. Now go to November twenty twenty one. 128 00:07:07,000 --> 00:07:11,600 Speaker 2: Biden then passes again. Now, unfortunately this one became bipartisans, 129 00:07:11,600 --> 00:07:13,840 Speaker 2: so you can blame Republicans for part of this too. 130 00:07:14,120 --> 00:07:17,200 Speaker 2: You get the Infrastructure Investment in Jobs Act one point 131 00:07:17,240 --> 00:07:20,120 Speaker 2: two trillion dollars, more than everything else I've already described, 132 00:07:20,840 --> 00:07:25,720 Speaker 2: and then in August to twenty twenty two, Biden Democrats 133 00:07:25,760 --> 00:07:28,880 Speaker 2: only you get the Inflation Reduction Act seven hundred and 134 00:07:28,880 --> 00:07:32,520 Speaker 2: fifty billion dollars three quarters of a trillion dollars, and 135 00:07:32,560 --> 00:07:36,040 Speaker 2: the Audacity is naming three inflation reduction while inflation was 136 00:07:36,080 --> 00:07:38,960 Speaker 2: at already at eight or nine percent, passed on a 137 00:07:39,040 --> 00:07:44,640 Speaker 2: party line vote via budget reconciliation. More government spending and 138 00:07:44,760 --> 00:07:51,160 Speaker 2: inflation is already raging. So the math total pandemic spending 139 00:07:51,880 --> 00:07:56,320 Speaker 2: six plus trillion dollars, and the last three point six 140 00:07:56,400 --> 00:08:01,120 Speaker 2: trillion came after the emergency was over, So they were 141 00:08:01,160 --> 00:08:05,160 Speaker 2: pumping money into an economy that was already recovery. That's 142 00:08:05,280 --> 00:08:10,560 Speaker 2: classic demand pull inflation, too much money chasing limited goods. 143 00:08:11,440 --> 00:08:16,160 Speaker 2: Then you got the entire economic mechanism of how government 144 00:08:16,240 --> 00:08:20,240 Speaker 2: spending causes inflation. And I want to walk through that 145 00:08:20,800 --> 00:08:24,760 Speaker 2: because I want to get to affordability and why we're 146 00:08:24,800 --> 00:08:28,320 Speaker 2: hearing conflicting stories about affordability and what it might mean 147 00:08:28,360 --> 00:08:29,320 Speaker 2: for the midterm election. 148 00:08:29,440 --> 00:08:30,880 Speaker 4: Good morning, Michael and Dragon. 149 00:08:31,160 --> 00:08:33,360 Speaker 7: Well, I don't have any kind of witty talk back 150 00:08:33,440 --> 00:08:35,760 Speaker 7: to leave today. Just wanted to say hi and wish 151 00:08:35,840 --> 00:08:38,000 Speaker 7: everybody a happy second Monday. 152 00:08:38,640 --> 00:08:43,040 Speaker 4: Have a great day. 153 00:08:43,679 --> 00:08:44,439 Speaker 3: You look puzzled. 154 00:08:44,960 --> 00:08:49,240 Speaker 2: Well, thank you for turning my mic on, the first 155 00:08:49,520 --> 00:08:51,320 Speaker 2: decent thing he'd done for me in a long long time. 156 00:08:51,960 --> 00:08:58,840 Speaker 4: If ever, and off your microphone goes, nobody can hear you. 157 00:08:58,679 --> 00:09:04,240 Speaker 3: Your microphones off? There you go, Try that second Monday. Yeah, 158 00:09:04,320 --> 00:09:09,680 Speaker 3: what what's that reference to? Second Monday? Yesterday was Monday? 159 00:09:09,720 --> 00:09:13,839 Speaker 2: And second Monday tomorrow, third Monday, so yeah, and then 160 00:09:14,080 --> 00:09:15,640 Speaker 2: the fourth Monday, and then the fifth Monday. 161 00:09:15,840 --> 00:09:17,160 Speaker 3: The fifth Monday would just be Friday. 162 00:09:17,200 --> 00:09:18,000 Speaker 4: And Friday's a good day. 163 00:09:18,200 --> 00:09:22,319 Speaker 3: It's a good day, oh okay, and then Saturday and Sunday. Yeah, 164 00:09:22,360 --> 00:09:26,160 Speaker 3: those are good days. Do we actually have Monday off? Yes? 165 00:09:26,760 --> 00:09:28,840 Speaker 2: Is it like but is it one of those things 166 00:09:28,840 --> 00:09:31,480 Speaker 2: where it's a company holiday, but somebody's going to come 167 00:09:31,520 --> 00:09:33,600 Speaker 2: running to us at the last minute and say. 168 00:09:34,320 --> 00:09:37,960 Speaker 3: You know, it's a company holiday. 169 00:09:37,760 --> 00:09:37,920 Speaker 6: But. 170 00:09:39,600 --> 00:09:42,600 Speaker 4: You know, we really need you to Like Martin Luther 171 00:09:42,679 --> 00:09:44,679 Speaker 4: King day when we had to cut the day off, 172 00:09:44,679 --> 00:09:46,360 Speaker 4: but we didn't get the day off. I think maybe 173 00:09:46,360 --> 00:09:49,160 Speaker 4: something similar will happen in a few years when the 174 00:09:49,200 --> 00:09:52,440 Speaker 4: Super Bowl is actually the day before President's Day? 175 00:09:53,040 --> 00:09:55,280 Speaker 3: So, oh is that going to occur? Right? 176 00:09:55,360 --> 00:09:57,360 Speaker 4: And so then when the Broncos make that Super Bowl, 177 00:09:57,480 --> 00:09:59,839 Speaker 4: when that Super Bowl will be stuck here working that 178 00:10:00,040 --> 00:10:00,559 Speaker 4: following day? 179 00:10:00,600 --> 00:10:03,959 Speaker 2: Yes, okay, all right, and does that happen? You think 180 00:10:03,960 --> 00:10:06,600 Speaker 2: they're going to get a new stadium built by next year? 181 00:10:06,720 --> 00:10:06,840 Speaker 1: No? 182 00:10:06,840 --> 00:10:09,400 Speaker 3: No, no, no, no, no no. We're just saying somewhere down 183 00:10:09,440 --> 00:10:10,199 Speaker 3: in the future. 184 00:10:09,920 --> 00:10:11,760 Speaker 4: Right, when the Broncos go to the Super Bowl here 185 00:10:11,760 --> 00:10:14,800 Speaker 4: in a few years, and when that Super Bowl will 186 00:10:14,840 --> 00:10:16,439 Speaker 4: be asked to work that following day. 187 00:10:16,480 --> 00:10:18,760 Speaker 2: So you're so negative you don't even think they'll make 188 00:10:18,760 --> 00:10:19,719 Speaker 2: the super Bowl next year? 189 00:10:19,720 --> 00:10:21,400 Speaker 3: You know they will come back to back to back. 190 00:10:21,440 --> 00:10:21,840 Speaker 4: It's fine. 191 00:10:21,960 --> 00:10:24,640 Speaker 2: Yeah, this seems to be kind of our pattern, isn't it. 192 00:10:24,679 --> 00:10:25,960 Speaker 2: We go back to back? Right? 193 00:10:26,080 --> 00:10:29,280 Speaker 3: Yeah? Okay, at least for not the Cowboys. How long 194 00:10:29,280 --> 00:10:31,400 Speaker 3: has it been since the Cowboys have been nineties? I 195 00:10:31,440 --> 00:10:33,000 Speaker 3: think nineties? 196 00:10:33,160 --> 00:10:36,320 Speaker 4: Yeah, Oh, I don't think it was that thirte series 197 00:10:36,400 --> 00:10:41,200 Speaker 4: I look at up, but I'm pretty sure Holy cow wow. 198 00:10:46,080 --> 00:10:48,000 Speaker 2: See if we can talk about affordability all day long, 199 00:10:48,080 --> 00:10:49,280 Speaker 2: but who cares about affordability? 200 00:10:49,320 --> 00:10:52,559 Speaker 4: And we have this The Dallas Cowboys last appeared and 201 00:10:52,679 --> 00:10:58,400 Speaker 4: won in Super Bowl on January twenty eighth, nineteen ninety six. 202 00:10:59,200 --> 00:11:01,920 Speaker 3: Wow, and they have been back at all. They have 203 00:11:02,040 --> 00:11:03,160 Speaker 3: even been back to lose. 204 00:11:03,440 --> 00:11:06,000 Speaker 4: Correct, They've been to the playoffs a time or two 205 00:11:06,120 --> 00:11:10,560 Speaker 4: with Romo and with Dak but no, not not not 206 00:11:10,600 --> 00:11:13,040 Speaker 4: been to the Super Bowl since nineteen ninety six. 207 00:11:13,600 --> 00:11:16,720 Speaker 3: Now, DC's you know, rolls downhill. 208 00:11:17,640 --> 00:11:20,200 Speaker 2: But in the case of the Dallas Cowboys, is it 209 00:11:20,280 --> 00:11:22,520 Speaker 2: rolling uphill to the front office and Jerry Jones? 210 00:11:22,960 --> 00:11:25,280 Speaker 4: Well, yeah, of course Jerry Joines. He's in charge of 211 00:11:25,320 --> 00:11:28,959 Speaker 4: absolutely everything. I mean he he but yeah, he's the owner. 212 00:11:29,240 --> 00:11:31,600 Speaker 3: Do you mean that, like, does he micromanage everything? 213 00:11:31,679 --> 00:11:32,199 Speaker 1: Yeah. 214 00:11:32,320 --> 00:11:36,120 Speaker 4: He picks the players that are drafted, not the coach. Yeah, 215 00:11:36,200 --> 00:11:37,800 Speaker 4: so it's all rolls to Jerry. 216 00:11:38,120 --> 00:11:41,160 Speaker 3: Oh yeah, Well imagine that. 217 00:11:43,120 --> 00:11:48,920 Speaker 2: Any answers to a shareholder of one. So all right, 218 00:11:48,960 --> 00:11:52,080 Speaker 2: back to how government spending causes inflation. Here's the process 219 00:11:53,320 --> 00:11:56,720 Speaker 2: money creation. The government doesn't have six trillion dollars, you know, 220 00:11:56,800 --> 00:12:00,640 Speaker 2: just playing around somewhere in the mattress. So that borrow, 221 00:12:00,720 --> 00:12:03,360 Speaker 2: which increases the national debt from twenty three trillion to 222 00:12:03,360 --> 00:12:06,400 Speaker 2: thirty six trillion, or the Fed monetizes it and the 223 00:12:06,400 --> 00:12:09,679 Speaker 2: words it prints the money. The second thing that happens, 224 00:12:09,720 --> 00:12:13,600 Speaker 2: money supply explodes. The m to money supply grew by 225 00:12:13,640 --> 00:12:17,160 Speaker 2: about forty percent between February twenty twenty to March and 226 00:12:17,200 --> 00:12:20,600 Speaker 2: twenty twenty two. That's not a type of forty percent 227 00:12:21,000 --> 00:12:25,600 Speaker 2: growth in the money supply in two years, which leads 228 00:12:25,640 --> 00:12:29,800 Speaker 2: to three a dollar devaluation because the more dollars you 229 00:12:29,880 --> 00:12:34,120 Speaker 2: have in circulation the money supply, every dollar becomes worth less. 230 00:12:34,480 --> 00:12:37,840 Speaker 2: That's basic supply and demand applied to the currency that 231 00:12:37,920 --> 00:12:40,000 Speaker 2: you have in your wallet or the ones and zeros 232 00:12:40,000 --> 00:12:42,280 Speaker 2: that you have in your bank account. And then four, 233 00:12:42,360 --> 00:12:46,400 Speaker 2: demand surges because they spend you know, six trillion dollars 234 00:12:46,480 --> 00:12:51,120 Speaker 2: laying around all those stimulus checks, enhance unemployment, child text credits. 235 00:12:51,280 --> 00:12:54,240 Speaker 2: People had more money to spend. And that leads to 236 00:12:54,800 --> 00:12:59,400 Speaker 2: the fifth, which is supply constraints. So the COVID related 237 00:12:59,440 --> 00:13:04,239 Speaker 2: supply chain issues. I mean, there are even fewer goods available, 238 00:13:04,440 --> 00:13:07,320 Speaker 2: and you got all that money chasing all those limited 239 00:13:07,360 --> 00:13:10,520 Speaker 2: supply of goods around, and the result is number six, 240 00:13:10,600 --> 00:13:15,760 Speaker 2: too much money, too few goods, prices, spike economics one 241 00:13:15,800 --> 00:13:16,200 Speaker 2: oh one. 242 00:13:16,960 --> 00:13:18,880 Speaker 3: You can send me your tuition check anytime. 243 00:13:19,720 --> 00:13:22,320 Speaker 2: And the thing is Republicans were warning about that in 244 00:13:22,400 --> 00:13:27,360 Speaker 2: real time. So let me systematically destroy every excuse the 245 00:13:27,400 --> 00:13:31,960 Speaker 2: Democrats offered, which Dragon says, I have to do after the. 246 00:13:32,000 --> 00:13:37,160 Speaker 7: Break, Michael and Dragon. Hey, at the bottom of the hour, 247 00:13:37,520 --> 00:13:42,080 Speaker 7: last hour, they said that Sam Darnold, that's a winning 248 00:13:42,400 --> 00:13:47,520 Speaker 7: Super Bowl quarterback. It's got a bill from California for 249 00:13:48,000 --> 00:13:50,240 Speaker 7: state tax of two hundred and. 250 00:13:50,040 --> 00:13:51,760 Speaker 3: Sixty thousand dollars. 251 00:13:52,520 --> 00:13:56,320 Speaker 7: We're playing the game there called a jock tax. 252 00:13:58,920 --> 00:13:59,840 Speaker 3: Yeah, it's true. 253 00:14:02,360 --> 00:14:05,240 Speaker 4: I just love the fact that he had to clarify 254 00:14:05,320 --> 00:14:08,960 Speaker 4: Sam Darnold as the Super Bowl winning champion because he 255 00:14:09,080 --> 00:14:11,000 Speaker 4: knew that you might not know. 256 00:14:11,160 --> 00:14:14,040 Speaker 2: So it's very kind of him. No, I saw the 257 00:14:14,120 --> 00:14:16,880 Speaker 2: story too. It's about it's about the California. I mean, 258 00:14:17,640 --> 00:14:22,720 Speaker 2: it's not just I guess what irritates me about that 259 00:14:22,720 --> 00:14:28,000 Speaker 2: that story is a lot of states. For example, I 260 00:14:28,720 --> 00:14:32,280 Speaker 2: am a partner in a small business and we do 261 00:14:32,440 --> 00:14:36,320 Speaker 2: business and states, you know, all all around the country. 262 00:14:37,080 --> 00:14:42,160 Speaker 2: And when I get my tax forms, many states I 263 00:14:42,160 --> 00:14:46,680 Speaker 2: have to file income tax returns in because of partnership 264 00:14:46,720 --> 00:14:48,400 Speaker 2: doing business in those states. 265 00:14:49,520 --> 00:14:53,160 Speaker 3: Now, I can, yeah, be careful what I say here. 266 00:14:53,240 --> 00:14:59,320 Speaker 2: But if I give a speech in Chicago and they 267 00:14:59,360 --> 00:15:03,080 Speaker 2: pay me in Cago, I'm really not quite certain what 268 00:15:03,160 --> 00:15:08,480 Speaker 2: the rules are in terms of state income taxing in Illinois, 269 00:15:09,200 --> 00:15:11,360 Speaker 2: but I probably might just kind of slop that off 270 00:15:11,360 --> 00:15:13,960 Speaker 2: and ignore that and just put it on my schedule 271 00:15:14,040 --> 00:15:16,800 Speaker 2: see here, and just pay income taxes on it here. 272 00:15:18,600 --> 00:15:21,960 Speaker 2: The reason that jock tax story irritates me is it's 273 00:15:21,960 --> 00:15:26,120 Speaker 2: not just jocks. Everybody does that. You go work in 274 00:15:26,160 --> 00:15:29,920 Speaker 2: another state and bingo, they went part of whatever you 275 00:15:29,960 --> 00:15:33,880 Speaker 2: earned in that state. They catch you coming and going everywhere. 276 00:15:35,040 --> 00:15:37,160 Speaker 2: So let's go back to where we are with inflation. 277 00:15:38,400 --> 00:15:40,920 Speaker 2: The Democrats want to tell you that inflation was global 278 00:15:40,920 --> 00:15:43,000 Speaker 2: and it wasn't just not just in this country. Yeah 279 00:15:43,080 --> 00:15:48,239 Speaker 2: it was, but it was worse here than comparably economies 280 00:15:48,280 --> 00:15:51,560 Speaker 2: and it lasted longer. Why because we spent more than 281 00:15:51,600 --> 00:15:56,880 Speaker 2: anybody else relative to our GDP. They had inflation too, 282 00:15:56,880 --> 00:15:58,720 Speaker 2: but they didn't up one point nine trillion dollars in 283 00:15:58,760 --> 00:16:02,160 Speaker 2: stamulus into an already recovering economy back in March. 284 00:16:02,000 --> 00:16:02,600 Speaker 3: Of twenty one. 285 00:16:02,960 --> 00:16:05,600 Speaker 2: The global argument is like some drunk drivers, saying other 286 00:16:05,680 --> 00:16:08,440 Speaker 2: cars crushed too, when he's the one that was speeding 287 00:16:08,480 --> 00:16:13,120 Speaker 2: and drunk driving. The Democrats liked arguable it was Trump 288 00:16:13,200 --> 00:16:16,680 Speaker 2: spending too. Yeah, that's partially true, but critically different timing. 289 00:16:17,000 --> 00:16:21,720 Speaker 2: The initial CARESA came, an unemployment hit fourteen point seven percent, 290 00:16:22,000 --> 00:16:24,400 Speaker 2: and the economy was in a free fall at that time. 291 00:16:24,760 --> 00:16:27,400 Speaker 2: That's an emergency response. Now I didn't even like that, 292 00:16:27,560 --> 00:16:29,920 Speaker 2: but nonetheless I can make the argument it was an 293 00:16:29,920 --> 00:16:34,880 Speaker 2: emergency response. The rescue plan came when employment was already 294 00:16:34,920 --> 00:16:37,960 Speaker 2: down to six percent and continuing to fall fast, The 295 00:16:38,040 --> 00:16:41,920 Speaker 2: vaccines were rolling out, the economy was clearly recovering. That's 296 00:16:42,000 --> 00:16:48,520 Speaker 2: not an emergency response. That's political opportunity. Opportunity disguised as relief. 297 00:16:48,840 --> 00:16:50,880 Speaker 2: It's the difference between giving water to somebody in the 298 00:16:50,920 --> 00:16:53,200 Speaker 2: desert forcing them to drink a fire hose. 299 00:16:53,600 --> 00:16:55,560 Speaker 3: So what the Democrats were doing, And. 300 00:16:55,480 --> 00:16:57,960 Speaker 2: They will also argue, well, it was supplied chains in 301 00:16:58,000 --> 00:17:03,000 Speaker 2: Putin's war, chain issues in the Ukraine War in February 302 00:17:03,000 --> 00:17:06,000 Speaker 2: of twenty twenty two that exacerbated inflation. 303 00:17:06,080 --> 00:17:09,200 Speaker 3: It didn't cause inflation. Check the data. 304 00:17:10,400 --> 00:17:14,160 Speaker 2: Inflation started spiking in early twenty one, a full year 305 00:17:14,200 --> 00:17:18,000 Speaker 2: before Putting invaded Ukraine, the consumer pricing index went from 306 00:17:18,040 --> 00:17:20,760 Speaker 2: one point four percent in January of twenty twenty one 307 00:17:21,119 --> 00:17:23,880 Speaker 2: to four point two percent by April twenty twenty one. 308 00:17:24,160 --> 00:17:28,480 Speaker 2: That's before any Ukraine war, before most supply chain issues 309 00:17:28,520 --> 00:17:35,399 Speaker 2: had even peaked. Supply constraints became inflationary because demand was 310 00:17:35,560 --> 00:17:38,240 Speaker 2: artificially inflated by trillions and stimulus. 311 00:17:38,520 --> 00:17:40,880 Speaker 3: You remove the excess demand, and. 312 00:17:40,920 --> 00:17:49,280 Speaker 2: Supply chain issues caused shortages, not price spikes. I love this. 313 00:17:49,920 --> 00:17:53,720 Speaker 2: The Democrats want to argue that corporations got greedy. That's 314 00:17:53,720 --> 00:17:57,120 Speaker 2: probably the most intellectually dishonest argument of all. Corporations didn't 315 00:17:57,119 --> 00:18:00,760 Speaker 2: suddenly become greedy in twenty twenty one. They've always tried 316 00:18:00,760 --> 00:18:04,480 Speaker 2: to maximize profits. That's called capitalism, and it worked pretty 317 00:18:04,480 --> 00:18:06,760 Speaker 2: well for I don't know two hundred and fifty years. 318 00:18:07,359 --> 00:18:09,200 Speaker 3: What change wasn't corporate greed. 319 00:18:09,640 --> 00:18:14,240 Speaker 2: It was that Democrats gave consumers trillions of dollars to spend. 320 00:18:14,760 --> 00:18:18,400 Speaker 2: That enabled companies to raise prices because the customers could 321 00:18:18,400 --> 00:18:21,600 Speaker 2: afford it. You can't call it greed when it's government policy. 322 00:18:21,680 --> 00:18:27,399 Speaker 2: Decreedd the conditions where price the increases were possible. And 323 00:18:27,440 --> 00:18:30,240 Speaker 2: this is where it gets really damning. In my opinion, 324 00:18:30,320 --> 00:18:34,240 Speaker 2: Republicans and even some Democrat economists, we're voting this would happen. 325 00:18:35,520 --> 00:18:40,840 Speaker 2: Larry Sommers, Jason Furmer, Obama's chief economists and Republican economists 326 00:18:40,840 --> 00:18:44,680 Speaker 2: were virtually unanimous predicting inflation from all the excess spending. 327 00:18:45,400 --> 00:18:50,320 Speaker 2: Congressional Republicans voted no on the rescue Plan, citing inflationary 328 00:18:50,359 --> 00:18:54,639 Speaker 2: concerns in wht with the Democrats telling us how quickly 329 00:18:54,760 --> 00:18:57,440 Speaker 2: we forget Janet Yellen. I don't believe that inflation will 330 00:18:57,440 --> 00:19:01,760 Speaker 2: be an issue. Jerome Powell, inflation is try Biden. There's 331 00:19:01,800 --> 00:19:05,000 Speaker 2: nobody suggesting that there's unchecked inflation on the way. And 332 00:19:05,040 --> 00:19:09,040 Speaker 2: then Saki and Biden inflation is a high class problem. Well, 333 00:19:09,080 --> 00:19:12,040 Speaker 2: they were warned, and they ignored the warnings, they mocked 334 00:19:12,080 --> 00:19:14,600 Speaker 2: the warning, and now millions of Americans are paying for 335 00:19:14,640 --> 00:19:19,800 Speaker 2: their arrogance. So the current political scam is this, Democrats say, 336 00:19:19,960 --> 00:19:24,280 Speaker 2: vote for us to fix what we broke. Here's the 337 00:19:24,320 --> 00:19:28,240 Speaker 2: colm that Democrats are running. One, spend three point six 338 00:19:28,280 --> 00:19:31,439 Speaker 2: trillion dollars we didn't need to spend. Two ignore the 339 00:19:31,440 --> 00:19:35,440 Speaker 2: warnings from the economists. Three Inflation predictably explodes to nine 340 00:19:35,480 --> 00:19:39,560 Speaker 2: point one percent. Four deny that it's happening, call it transitory. 341 00:19:39,600 --> 00:19:39,879 Speaker 3: Five. 342 00:19:39,920 --> 00:19:43,520 Speaker 2: When the denial fails, blame the corporations, Blame Putent, blame 343 00:19:43,600 --> 00:19:47,440 Speaker 2: supply Chain, blame anybody but the Democrats themselves. Six And 344 00:19:47,560 --> 00:19:52,200 Speaker 2: when Trump takes office, suddenly discover affordability as an issue. 345 00:19:52,760 --> 00:19:56,120 Speaker 2: It's a crisis now. And then seven run ads attacking 346 00:19:56,160 --> 00:20:00,720 Speaker 2: Republicans for not instantly fixing the problem that Democrats spent 347 00:20:00,880 --> 00:20:07,080 Speaker 2: four years creating. And people will say, well, polling is 348 00:20:07,160 --> 00:20:11,360 Speaker 2: driving the issue, or maybe real problems are driving the polling. 349 00:20:12,840 --> 00:20:18,040 Speaker 2: Real problems that Democrats created are being successively blamed on 350 00:20:18,119 --> 00:20:26,440 Speaker 2: Republicans through polling and messaging. Democrats are favored on affordability 351 00:20:26,880 --> 00:20:31,359 Speaker 2: by up fourteen points, are more. Democrats are favored on 352 00:20:31,440 --> 00:20:34,600 Speaker 2: helping the middle class, up fourteen points, are more. Generic 353 00:20:34,960 --> 00:20:38,600 Speaker 2: Democrats are up six points or more. This is a 354 00:20:38,840 --> 00:20:43,000 Speaker 2: master class in political gas lighting, and it's working. You 355 00:20:43,040 --> 00:20:47,240 Speaker 2: know why it's working. Voters have short memories. The American 356 00:20:47,280 --> 00:20:50,320 Speaker 2: rescue Plan was March of twenty twenty one, five years ago. 357 00:20:51,480 --> 00:20:55,760 Speaker 2: Most voters too stupid to connect the dots, And of course, 358 00:20:55,760 --> 00:21:00,520 Speaker 2: the cabal media complicity. How many news stories keep reminding 359 00:21:00,600 --> 00:21:05,520 Speaker 2: voters that Democrats passed the massive spending over Republican objections 360 00:21:05,520 --> 00:21:08,840 Speaker 2: and the economy. Even Democrat economists warning don't spend all 361 00:21:08,880 --> 00:21:15,000 Speaker 2: this money, you got what's called recency bias. Trump's been 362 00:21:15,040 --> 00:21:18,040 Speaker 2: president for slightly more than a year anyhow, Prices are 363 00:21:18,040 --> 00:21:21,720 Speaker 2: still high. Simple minds think Trump equals high prices. And 364 00:21:21,760 --> 00:21:25,960 Speaker 2: there's a very sophisticated framing that's going on. I want 365 00:21:25,960 --> 00:21:27,800 Speaker 2: you to notice it now when you start listening to 366 00:21:27,840 --> 00:21:31,760 Speaker 2: these news stories. Democrats are not saying we didn't cause this. 367 00:21:32,720 --> 00:21:36,000 Speaker 2: They're just talking about solutions, letting voters forget who created 368 00:21:36,000 --> 00:21:38,760 Speaker 2: the problem in the first place. So when Democrats say 369 00:21:39,080 --> 00:21:43,520 Speaker 2: inflation is down and Republicans have it fixed affordability, here's 370 00:21:43,520 --> 00:21:46,760 Speaker 2: what I would say. Inflation being down to a two 371 00:21:46,800 --> 00:21:50,040 Speaker 2: point seven percent is like a thief returning to rob 372 00:21:50,080 --> 00:21:52,040 Speaker 2: you again, but this time only taking half as much 373 00:21:52,040 --> 00:21:55,159 Speaker 2: as they took the first time around. Sure it's better 374 00:21:55,560 --> 00:21:59,359 Speaker 2: than being robbed blind, but we're still being robbed. And 375 00:21:59,400 --> 00:22:01,560 Speaker 2: the same people who picked your pockets in twenty twenty 376 00:22:01,560 --> 00:22:03,400 Speaker 2: one and twenty twenty two are now offering to help 377 00:22:03,480 --> 00:22:06,320 Speaker 2: you recover while their hands are still in your wallet. 378 00:22:06,440 --> 00:22:11,040 Speaker 2: Through continued deficit spending. Why does this affordability crisis exist 379 00:22:12,600 --> 00:22:17,280 Speaker 2: because prices went up twenty to thirty percent cumulatively and 380 00:22:17,320 --> 00:22:21,120 Speaker 2: they're staying there. Yeah, inflation is slowing, but that doesn't 381 00:22:21,119 --> 00:22:24,520 Speaker 2: equal that prices are falling. Real wages for low income 382 00:22:24,560 --> 00:22:28,520 Speaker 2: workers are declining. Government continues to spend beyond its mean. 383 00:22:28,840 --> 00:22:31,879 Speaker 2: The dollar gets devalued. So what's going to fix this? 384 00:22:33,880 --> 00:22:38,640 Speaker 2: Don't laugh, but here's what would fix it. Cutting government spending, 385 00:22:39,200 --> 00:22:44,480 Speaker 2: reducing the deficit, strengthening the dollar, letting the economy rebalance 386 00:22:44,560 --> 00:22:48,080 Speaker 2: without government intervening, and trying to do it through government solutions. 387 00:22:49,160 --> 00:22:54,840 Speaker 2: One of the Democrats' solutions, well more spending. The Affordable 388 00:22:54,920 --> 00:22:58,760 Speaker 2: Care Act, the Obamacare subsidies. They want to restore those. 389 00:22:59,119 --> 00:23:01,440 Speaker 2: That's another three one hundred and thirty five billion dollars 390 00:23:01,480 --> 00:23:04,440 Speaker 2: over the next ten years. They want more regulation, They 391 00:23:04,480 --> 00:23:09,240 Speaker 2: want price controls which inevidably, inevitably create shortages, and of 392 00:23:09,280 --> 00:23:09,960 Speaker 2: course blame. 393 00:23:09,800 --> 00:23:12,080 Speaker 3: The corporation, those greedy, damn corporations. 394 00:23:12,880 --> 00:23:16,840 Speaker 2: They want to treat the symptoms with the same poison 395 00:23:17,280 --> 00:23:22,880 Speaker 2: that caused the disease. I think the affordability crisis is real, 396 00:23:23,359 --> 00:23:26,000 Speaker 2: and I know families are struggling. That part is not 397 00:23:26,160 --> 00:23:31,000 Speaker 2: in dispute. What is in dispute is causation and solution. 398 00:23:32,000 --> 00:23:35,399 Speaker 2: Because the evidence shows that the Democrats spent trillions in 399 00:23:35,520 --> 00:23:41,160 Speaker 2: unnecessary stimulus Back in the early twenties, Republicans and economists 400 00:23:41,280 --> 00:23:45,760 Speaker 2: warned us it would cause inflation. The Democrats ignored those warnings. 401 00:23:45,960 --> 00:23:49,880 Speaker 2: Inflation spike to forty year highs prices rose twenty thirty percent. 402 00:23:50,000 --> 00:23:51,280 Speaker 3: They had not come down enough. 403 00:23:51,560 --> 00:23:54,639 Speaker 2: The dollar was devalued through money printing and deficits spending, 404 00:23:54,840 --> 00:23:57,280 Speaker 2: and now they want the Democrats want you to reward 405 00:23:57,320 --> 00:24:00,359 Speaker 2: them with control of Congress to fix the affordability, like 406 00:24:00,440 --> 00:24:03,080 Speaker 2: hiring the contractor who built the faulty foundation to come 407 00:24:03,080 --> 00:24:06,560 Speaker 2: back and fix the cracks for double the price. These 408 00:24:06,680 --> 00:24:11,679 Speaker 2: polls showing Democrats advantage on affordability do not prove that 409 00:24:11,720 --> 00:24:16,320 Speaker 2: Democrats have the solution. It simply proves Democrats have successfully 410 00:24:16,600 --> 00:24:21,520 Speaker 2: obscured their role in creating this crisis, exploited voter frustration, 411 00:24:22,200 --> 00:24:24,440 Speaker 2: blamed the party that's been in power for one year 412 00:24:24,480 --> 00:24:27,480 Speaker 2: for problems that took four years to create, and convince 413 00:24:27,520 --> 00:24:29,280 Speaker 2: people that more government spending he's going to fix the 414 00:24:29,280 --> 00:24:32,919 Speaker 2: problems caused by too much government spending. It's insane this 415 00:24:33,000 --> 00:24:36,560 Speaker 2: world that we live in. Imagine you've got a neighbor. 416 00:24:37,920 --> 00:24:40,320 Speaker 2: The neighbor floods your basement by leaving his hose running 417 00:24:40,320 --> 00:24:44,240 Speaker 2: all weekend. You go complain. He turns off the hosts 418 00:24:44,359 --> 00:24:47,320 Speaker 2: the hose and says, well, see the water's not rising, 419 00:24:47,600 --> 00:24:50,520 Speaker 2: not rising fast now, and then he announces he's going 420 00:24:50,600 --> 00:24:53,359 Speaker 2: to run for head of the OHOA in his platform 421 00:24:54,160 --> 00:24:58,480 Speaker 2: water damage prevention. That's what Democrats are doing on affordability. 422 00:24:59,080 --> 00:25:02,639 Speaker 2: They spent u into inflation, They ignored the warnings that 423 00:25:02,640 --> 00:25:05,760 Speaker 2: would happened, They denied it when it did happen, they 424 00:25:05,800 --> 00:25:08,119 Speaker 2: blamed everybody else when they couldn't deny it anymore, and 425 00:25:08,160 --> 00:25:10,480 Speaker 2: now they want you to put them back in charge 426 00:25:10,480 --> 00:25:14,679 Speaker 2: to fix it. The inflation rate being down does not 427 00:25:14,880 --> 00:25:18,000 Speaker 2: mean your groceries are getting cheaper. It means they're getting 428 00:25:18,480 --> 00:25:21,199 Speaker 2: more expensive, slightly. 429 00:25:20,760 --> 00:25:21,880 Speaker 3: Slower than before. 430 00:25:22,520 --> 00:25:26,960 Speaker 2: Your dollar is still worth less, your paycheck still doesn't 431 00:25:27,000 --> 00:25:29,280 Speaker 2: go as far. And the people responsible are running ads 432 00:25:29,280 --> 00:25:35,800 Speaker 2: saying they're the solution. Don't fall for that. The affordability 433 00:25:35,800 --> 00:25:40,080 Speaker 2: crisis is absolutely real and it's serious, but it's not 434 00:25:40,160 --> 00:25:46,679 Speaker 2: a natural disaster. It's a policy created disaster, specifically Democrat 435 00:25:46,800 --> 00:25:51,119 Speaker 2: policy over Republican economist warnings, and the fact that Democrats 436 00:25:51,160 --> 00:25:55,040 Speaker 2: are now politically benefiting from the crisis they created doesn't 437 00:25:55,040 --> 00:25:57,720 Speaker 2: mean they were right. It means they're really good at politics, 438 00:25:57,880 --> 00:26:01,960 Speaker 2: and voters have short memories. The question for twenty twenty 439 00:26:01,960 --> 00:26:06,320 Speaker 2: six isn't whether affordability is a real issue. It's whether 440 00:26:06,440 --> 00:26:11,000 Speaker 2: voters will connect the cause, which is Democrats spending, with 441 00:26:11,160 --> 00:26:16,040 Speaker 2: the afflict effect, which is inflation and devaluation, and vote accordingly, 442 00:26:16,640 --> 00:26:18,600 Speaker 2: or whether they're going to be fooled into thinking the 443 00:26:18,720 --> 00:26:22,240 Speaker 2: arsoness should be hired as the firefighters. Based on the 444 00:26:22,280 --> 00:26:25,040 Speaker 2: Funk polling, Yeah, I think it looks like the con 445 00:26:25,119 --> 00:26:29,280 Speaker 2: is working. Our job is to remind people who started 446 00:26:29,280 --> 00:26:34,720 Speaker 2: the fire. We did not start the fire. The current 447 00:26:34,720 --> 00:26:39,000 Speaker 2: indicators two point seven percent year over year, down from 448 00:26:39,080 --> 00:26:44,240 Speaker 2: nine point one percent, Real wages up from zero point 449 00:26:44,359 --> 00:26:48,399 Speaker 2: nine to one percent for most workers in twenty twenty five, 450 00:26:49,040 --> 00:26:52,199 Speaker 2: nominal wages are up three point eight percent. That truly 451 00:26:52,280 --> 00:26:56,040 Speaker 2: is outpacing inflation by about one point one percentage points. 452 00:26:56,440 --> 00:26:59,800 Speaker 2: Employment unemployment at four point four percent, up from three 453 00:27:00,080 --> 00:27:03,000 Speaker 2: point four percent low in April of twenty twenty three, 454 00:27:03,040 --> 00:27:05,000 Speaker 2: but still historically reasonable. 455 00:27:06,160 --> 00:27:07,560 Speaker 3: The economy looks pretty good. 456 00:27:08,200 --> 00:27:13,119 Speaker 2: Inflation has cooled dramatically, wages are out outpacing price increases, 457 00:27:13,160 --> 00:27:19,560 Speaker 2: and we're near full employment. The Conference Board's Consumer Confidence 458 00:27:19,640 --> 00:27:23,960 Speaker 2: index plummeted to the eighty four point five last month. 459 00:27:24,520 --> 00:27:28,879 Speaker 2: That's the lowest level since May of twenty fourteen. That's 460 00:27:28,920 --> 00:27:32,919 Speaker 2: worse than the pandemic depths. The University of Michigan Sentiment 461 00:27:32,960 --> 00:27:36,240 Speaker 2: Index is down about twenty percent from January twenty twenty 462 00:27:36,240 --> 00:27:43,600 Speaker 2: five levels. So what's driving the disconnect? Economists measure inflation 463 00:27:44,200 --> 00:27:47,960 Speaker 2: year over year, but you and I measure it from 464 00:27:48,320 --> 00:27:53,840 Speaker 2: the before times, and the cumulative toll is brutal. Food 465 00:27:53,920 --> 00:27:58,240 Speaker 2: prices they're up eighteen percent since January of twenty twenty two. 466 00:27:58,880 --> 00:28:03,400 Speaker 2: Grocery specifically up up two point four percent. 467 00:28:03,560 --> 00:28:06,440 Speaker 3: At home, it's up four point one. 468 00:28:06,400 --> 00:28:11,680 Speaker 2: Percent in restaurants just last year alone. Healthcare medical care 469 00:28:11,760 --> 00:28:14,920 Speaker 2: up three point two percent, hospital services up six point 470 00:28:15,000 --> 00:28:19,159 Speaker 2: seven percent, Utility electricity up six point seven percent, pipe 471 00:28:19,200 --> 00:28:22,840 Speaker 2: gas up over ten percent, fuel oil up over seven percent. 472 00:28:23,119 --> 00:28:26,320 Speaker 2: Housing shelter costs continue rising about four tens a percent 473 00:28:26,400 --> 00:28:29,560 Speaker 2: every month. Rent for two bedroom averages about eleven hundred 474 00:28:29,600 --> 00:28:32,600 Speaker 2: dollars nationally, but much higher in metro areas. 475 00:28:34,680 --> 00:28:38,000 Speaker 3: It's real. I experience it every time we go out 476 00:28:38,040 --> 00:28:38,360 Speaker 3: to eat. 477 00:28:38,400 --> 00:28:40,120 Speaker 2: I experienced I know the time I went to the 478 00:28:40,120 --> 00:28:43,080 Speaker 2: grocery store today, I dread looking at the credit card 479 00:28:43,080 --> 00:28:45,400 Speaker 2: built because I know that it's going to be like, Okay, 480 00:28:45,760 --> 00:28:48,240 Speaker 2: I'll go home. I'll look in the pantry, I'll look 481 00:28:48,240 --> 00:28:51,160 Speaker 2: in the refrigerator all look in the freezer, and I'll 482 00:28:51,160 --> 00:28:52,040 Speaker 2: wonder what'd you buy? 483 00:28:52,640 --> 00:28:53,200 Speaker 3: What'd you get? 484 00:28:54,680 --> 00:28:57,640 Speaker 2: Because the dollar amount doesn't match what I'm going to 485 00:28:57,680 --> 00:29:00,080 Speaker 2: see in the pantry of the grocery or in the 486 00:29:00,560 --> 00:29:04,880 Speaker 2: in the in the refrigerator. Prices don't go down. The 487 00:29:05,480 --> 00:29:08,920 Speaker 2: inflation slowing doesn't mean that the prices drop, It just 488 00:29:09,000 --> 00:29:13,520 Speaker 2: means that they rise less quickly. So eggs, you use 489 00:29:13,560 --> 00:29:16,240 Speaker 2: eggs an example that went from two dollars to four 490 00:29:16,280 --> 00:29:19,960 Speaker 2: dollars during the spike. They're now four dollars and ten 491 00:29:20,080 --> 00:29:23,680 Speaker 2: cents instead of four dollars and fifty cents. But we 492 00:29:23,760 --> 00:29:27,840 Speaker 2: as consumers still see four dollars ten cent eggs. But 493 00:29:27,880 --> 00:29:34,440 Speaker 2: the problem is remembered we remember two dollars eggs. Businesses 494 00:29:35,000 --> 00:29:40,280 Speaker 2: almost never cut prices in absolute terms. That's just not 495 00:29:40,360 --> 00:29:43,720 Speaker 2: how it works. But voters don't think like economists. They think, 496 00:29:43,840 --> 00:29:45,920 Speaker 2: why does everything still cost so much more than it 497 00:29:46,000 --> 00:29:49,720 Speaker 2: used to cost? And that's why affordability is going to 498 00:29:49,800 --> 00:29:55,640 Speaker 2: have to be on messaging for Republicans in this midterm 499 00:29:55,640 --> 00:30:00,920 Speaker 2: election year. We've got to explain it, and Scott Bessett 500 00:30:00,960 --> 00:30:03,840 Speaker 2: and the others have got to get out there and explain. 501 00:30:04,000 --> 00:30:06,600 Speaker 2: And maybe when people start doing their tax returns and 502 00:30:06,640 --> 00:30:09,280 Speaker 2: they start seeing some of this money coming back into 503 00:30:09,280 --> 00:30:11,640 Speaker 2: their pocket, maybe that's going to ease the shock of 504 00:30:11,680 --> 00:30:14,200 Speaker 2: it a little bit. But I'm not going to sit 505 00:30:14,240 --> 00:30:16,240 Speaker 2: here and lie to you and tell you that it's 506 00:30:16,240 --> 00:30:18,920 Speaker 2: not a problem. Indeed, I think it is a problem. 507 00:30:20,480 --> 00:30:25,480 Speaker 2: But the midterms, yeah, we're gonna have to remember that 508 00:30:25,520 --> 00:30:29,400 Speaker 2: the midterms is something that we'll have to deal with 509 00:30:30,080 --> 00:30:34,120 Speaker 2: on the up and up. Be realistic about what caused it, 510 00:30:34,760 --> 00:30:38,080 Speaker 2: and be very very realistic about what we can do 511 00:30:38,600 --> 00:30:46,320 Speaker 2: to fix it. Every time I hear that, oh, let 512 00:30:46,320 --> 00:30:49,680 Speaker 2: me pick a Mike Johnson from it, Mike Johnson will 513 00:30:49,680 --> 00:30:53,280 Speaker 2: come out and tell you, hey, we've passed X number 514 00:30:53,320 --> 00:30:58,440 Speaker 2: of appropriation bills on regular order, and that's a grand accomplishment. 515 00:31:00,560 --> 00:31:04,240 Speaker 2: It is, and I'm glad to see you doing regular order, 516 00:31:04,560 --> 00:31:08,360 Speaker 2: which means that members of Congress, both Democrats and Republican 517 00:31:08,680 --> 00:31:11,400 Speaker 2: will have to stand on those votes for those appropriation 518 00:31:11,560 --> 00:31:20,120 Speaker 2: bills that they passed. Those appropriation bills increase government spending. 519 00:31:21,640 --> 00:31:26,240 Speaker 2: Why don't we just do a not even zero based budgeting. 520 00:31:26,600 --> 00:31:30,320 Speaker 2: Why don't we just say, hey, let's pass appropriation bills 521 00:31:30,720 --> 00:31:32,959 Speaker 2: for you know, the big one right now, big controversy 522 00:31:33,040 --> 00:31:38,640 Speaker 2: is homeland security, and it's peripheral issues about wearing masks, 523 00:31:38,720 --> 00:31:41,440 Speaker 2: not wearing masks, body cams not body cams. 524 00:31:41,640 --> 00:31:43,240 Speaker 3: Wait a minute, forget all that crap. 525 00:31:44,360 --> 00:31:47,360 Speaker 2: Instead, why don't members of Congress just say, okay, why 526 00:31:47,360 --> 00:31:52,000 Speaker 2: don't we just stick to what we spent previously. 527 00:31:53,560 --> 00:31:55,440 Speaker 3: I'd be happy with that. Now. 528 00:31:55,520 --> 00:31:59,520 Speaker 2: I'd prefer if they reduce spending by one percent? Two percent? 529 00:32:00,200 --> 00:32:03,520 Speaker 2: Is I think that would send a signal to consumers, 530 00:32:03,840 --> 00:32:08,040 Speaker 2: the economists, the market, everyone that we're serious about cutting 531 00:32:08,080 --> 00:32:12,960 Speaker 2: government spending one percent. If I ask you, in your home, 532 00:32:13,160 --> 00:32:16,720 Speaker 2: in your household, to cut your spending by one percent, 533 00:32:17,480 --> 00:32:19,920 Speaker 2: you could find someplace to do it. You may not 534 00:32:20,080 --> 00:32:24,120 Speaker 2: like it, might be uncomfortable, might mean porking beans instead 535 00:32:24,120 --> 00:32:28,880 Speaker 2: of you know, hamburger, But you could do it. If 536 00:32:28,920 --> 00:32:31,880 Speaker 2: we can do it, Why the hell can't they do it? 537 00:32:33,040 --> 00:32:33,880 Speaker 2: Because they don't care.