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Speaker 1: No, we're not in a recession. Biden administration tells US

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Speaker 1: voters it's a lie, even though every indicator is now

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Speaker 1: showing we are in a recession. The US economy is

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Speaker 1: plagued by inflation. I'm reading from Reuters this morning. This

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Speaker 1: just broke. All right, you ready for this? The US

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Speaker 1: economy is plagued by inflation. So they're saying it's inflation

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Speaker 1: and suffering from fallout from Russia's war in Ukraine. Leave

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Speaker 1: it to routers to blame that. But it's not a recession.

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Speaker 1: That's the message the White House officials are saying this morning.

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Speaker 1: Treasury Secretary Janet Yellen, Economic Advisor Brian Deese, and Commerce

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Speaker 1: Secretary Gina have all come out spoken in recent days.

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Speaker 1: Ahead of data that may show that grows domestic products

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Speaker 1: shrink from April to June. The Federal Reserve Bank of

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Speaker 1: Atlanta's GDP forecast suggests a one point six percent decline

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Speaker 1: that would mark the second quarter of GDP decline in

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Speaker 1: a well. A broad rule of thumb holds that two

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Speaker 1: consecutive quarters of GDP drops signal a recession. The strong

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Speaker 1: US job market, they claim, means that, well, this may

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Speaker 1: be the rare moment when that is not enough for

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Speaker 1: economists to declare the world's largest economy in recession. The

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Speaker 1: White House pushed back against recession talks about more than

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Speaker 1: just semantics. They're talking about recession can become a self

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Speaker 1: fulfilling prophecy as businesses and consumers, concerned with tougher times

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Speaker 1: are ahead, cut back on spending and investment plans. The

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Speaker 1: economy is top of mind for many voters ahead of

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Speaker 1: the November eighth midterm elections that will decide whether President

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Speaker 1: Joe Biden's Democratic Party retains control of Congress. Quote. We're

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Speaker 1: not going to be in a recession, Biden himself to

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Speaker 1: reporters on Monday. My hope is we go from rapid

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Speaker 1: growth to steady growth, which is a lie. Now, before

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Speaker 1: I get into more of this story, I want to

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Speaker 1: say thank you and tell you about our good friend,

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Speaker 1: And if you have not looked at gold and silver

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Speaker 1: as a way to protect your hard earned dollars against

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Speaker 1: what's happening on Wall Street with inflation, it's time for

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Speaker 1: you to call them and get the Free Investors Guide.

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Speaker 1: Why because So many around the world are now using

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Speaker 1: gold and silver, and historically they have for decades as

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Speaker 1: a protection, a hedge against inflation, which is exactly what

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Speaker 1: we're dealing with right now. If you're terrified to look

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Speaker 1: at your retirement account, your four one case statement because

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Speaker 1: of what's happening on Wall Street, that's all the more

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Speaker 1: reason why you should call and get the investors got

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Speaker 1: in gold and silver, protect your hard earned money and diversify.

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Speaker 1: Precious Medals one eight six six seven five one twenty

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Speaker 1: So a GDP contraction and would likely exacerbate fears at

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Speaker 1: the United States is headed for or is in the

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Speaker 1: midst of an economic pullback. I love how they changed

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Speaker 1: the word pullback as every session over there at Reuters.

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Speaker 1: Isn't that nice? And worried voters already struggling with higher

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Speaker 1: grocery and gas bills may become even more concerned. White

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Speaker 1: House officials believe the GDP weakness is due to one

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Speaker 1: off factors, they claim, including declining companies restocking inventories that

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Speaker 1: may not reflect broader trends. Well, if that was the case,

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Speaker 1: and why is it that so many companies, including places

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Speaker 1: like Walmart, who are flushed with stock, are having problems

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Speaker 1: with people not coming in and buying right now. You

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Speaker 1: can't at my point is, you can't have it both ways.

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Speaker 1: You can't tell me that places like gap an Apple

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Speaker 1: and Walmart and Coles who are flushed with inventory, all right,

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Speaker 1: that's one of the things they told their investors this week.

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Speaker 1: They're just saying there's not enough buyers out there. Best

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Speaker 1: Buy is not flushed with stock there at the exact

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Speaker 1: same level as they were a year ago, and even

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Speaker 1: they're gonna be down twelve percent. They're saying, So this

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Speaker 1: idea that, oh, well, it's because of inventory. No, it's not.

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Speaker 1: That's that's it's absolutely not the case at all. CNN

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Speaker 1: trying to spend this the best way they know how.

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Speaker 1: This is how they described what's happening in America. Listen,

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Speaker 1: still hurts if you're at your own Powell, if you

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Speaker 1: are the FED share yesterday, did the Fed announced their

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Speaker 1: raising interest race? You know, the three quarters of a point.

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Speaker 1: What do you think of this report? Today. Gosh, I

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Speaker 1: don't know. I mean they're going to look at every

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Speaker 1: report case by case. And he did say yesterday that

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Speaker 1: if there are signs of a slowdown, they might have

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Speaker 1: to take their foot off the off the gas there

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Speaker 1: of those of those. That's why the market rallied yesterday,

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Speaker 1: by the way, because they were expecting that maybe if

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Speaker 1: you see softness in growth here, that the Fed won't

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Speaker 1: have to be so aggressive down the line. Who knows.

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Speaker 1: I mean, these numbers have been so volatile. You know,

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Speaker 1: we're all talking about a recession. I think we need

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Speaker 1: to be talking about a reset. We're coming from the

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Speaker 1: best growth last year since the Reagan administration. Before that,

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Speaker 1: you had a GDP that plunged thirty se percent in

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Speaker 1: the crisis. We're just trying to figure out what is

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Speaker 1: the baseline here to a certain extent, and this is

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Speaker 1: going to be hard for people to hear. This is

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Speaker 1: the kind of reaction that Jerome Pow might want to see,

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Speaker 1: which is things cooling off. He's a little bit and

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Speaker 1: that he certainly wants to see things cooling. He doesn't

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Speaker 1: want to see being sort of ice cooled, right, I mean,

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Speaker 1: you want to see sort of a pulling back, a

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Speaker 1: gradual pulling back to bring a bit more balance in

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Speaker 1: terms of the supply of goods and services, which right

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Speaker 1: now we're limited because we're still dealing with supply chain

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Speaker 1: issues and the demand for those goods and services. Let's

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Speaker 1: put up the GDP grond I love this, right, So

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Speaker 1: somehow this is good news. You notice that, right, like

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Speaker 1: this could be good news that we are again here's

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Speaker 1: the code word at CNN, right, liberal media. We're not

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Speaker 1: gonna we're not gonna say we're in a recession. We're

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Speaker 1: gonna call it a cooling off period because you guys,

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Speaker 1: and you said this, Christine, you know what people are

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Speaker 1: going to do when they I love this. You know

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Speaker 1: what people are gonna do when they hear this. Right,

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Speaker 1: We're just going to call it a cooling off period.

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Speaker 1: That's all it is. It's like, what and this new spending,

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Speaker 1: this new seven hundred billion and new spending. They even

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Speaker 1: spun it this way to somehow claim this is good

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Speaker 1: for America as you just US gross domestic product drops

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Speaker 1: for the second quarter in a row, fueling recession fears.

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Speaker 1: They're saying that this new government spending of seven hundred

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Speaker 1: billion may actually be a good thing. Listen self into

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Speaker 1: one right sort of question. So what are the solutions

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Speaker 1: at this? What else can be done? Even as we

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Speaker 1: see kind of all of the ducks well moving their

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Speaker 1: feet so suddenly and quickly under we're bringing this Mansion

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Speaker 1: Schumer deal overnight. I mean, you're talking about reducing drug

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Speaker 1: prices and capping your out of pocket prescription drug costs

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Speaker 1: at two thousand dollars a year. That's a big deal.

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Speaker 1: You're talking about a text credits for low income and

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Speaker 1: middle income drivers for electric vehicles, that's a big deal.

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Speaker 1: There are things in there that are meant to lower

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Speaker 1: the costs of everyday items for people. And it looks

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Speaker 1: as though and you can talk about the politics of

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Speaker 1: whether it happens or not, but it looks as though

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Speaker 1: they're targeting this more directly. That's been a criticism of

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Speaker 1: stimulus and investment in the economy before that was just

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Speaker 1: money going out the door. This looks pretty targeted to

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Speaker 1: me to people who need relief, and Larry Summers made

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Speaker 1: that point earlier, you know, talking to John. Look, I

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Speaker 1: do think that yesterday could look in the room mirror

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Speaker 1: as one of the biggest legislative days in recent American history,

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Speaker 1: if you look at its impact on the economy between

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Speaker 1: the Chips Act about China competitive, huge technology invest huge deal, right,

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Speaker 1: you know. And then on top of that, the surprise

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Speaker 1: Mansion Schumer deal that deals with lower prescription drug prices

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Speaker 1: has implications the economy raises revenue. So those two factors,

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Speaker 1: which are political, are also countervailing forces to this number.

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Speaker 1: And let's talk about sort of the right now that

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Speaker 1: all right, I mean Larry summerset earlier this morning that

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Speaker 1: it's anti inflationary. We've seen a lot of a I mean,

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Speaker 1: they can spend the worst economy even to tell you

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Speaker 1: it could be a good thing. CNBC reacting in a

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Speaker 1: different way. Here's how they just put it, reacting the

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Speaker 1: US economy shrinking by zero point nine percent in the

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Speaker 1: second quarter. They're not spinning it like they did at CNN.

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Speaker 1: They're actually saying, oh my gosh, on the air, that's

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Speaker 1: up five thousand for oh my gosh, boy. Not only

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Speaker 1: was I wrong, down nine tenths of one percent on

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Speaker 1: first look at second quarter GDP down nine tenths of

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Speaker 1: one percent. Okay, I know there's an organization that decides

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Speaker 1: whether we're in a recession or not. But investors they're

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Speaker 1: not gonna wait two back to back negative quarters. It's

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Speaker 1: not good. Call it whatever you want, Call it what

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Speaker 1: you want, call it what you want. Oh my gosh,

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Speaker 1: you hear that live on the air. This just comes out,

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Speaker 1: and this is their reaction, not what's saying it. Maybe

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Speaker 1: it's a good thing. That's up five thousand for oh

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Speaker 1: my gosh, boy, not only was I wrong? Down nine

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Speaker 1: tenths of one percent on first look at second quarter

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Speaker 1: GDP down nine tenths of one percent. Okay, I know

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Speaker 1: there's an organization that decides whether we're in a recession

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Speaker 1: or not. But investors they're not gonna wait two back

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Speaker 1: to back negative quarters. It's not good. Call it whatever

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Speaker 1: you want, Call it whatever you want. In other words,

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Speaker 1: it's a recession. Stupid, it's the economy stupid. So there

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Speaker 1: it is from CNBC. Oh my gosh, it's a recession.

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Speaker 1: It is a recession. There, every indicator is now saying

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Speaker 1: that we are in a recession. We just don't technically

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Speaker 1: know it yet. We're not headed towards one. We are

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Speaker 1: actually now in it. The articles are now being written,

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Speaker 1: how recessions hunted? Three presents and how two others recovered

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Speaker 1: another one fed hike again more to come layoffs. Firm

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Speaker 1: and tech giants are tightening the belt because they see

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Speaker 1: it coming. Facebook first ever revenue, new drop, Comcast bridband

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Speaker 1: growth grinds to a halt, Best Buy let us retailer

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Speaker 1: to cut Outlook and one hundred wealthiest Americans lost six

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Speaker 1: hundred and twenty two billion dollars since November. Those are

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Speaker 1: just some of the headlines that are coming out this morning, because,

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Speaker 1: as I said, we don't even officially realize it yet,

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Speaker 1: at least the White House sure as hell doesn't. We

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Speaker 1: are in a recession. Now, let's talk about the money

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Speaker 1: that's been lost in this country. And I'm not feeling

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Speaker 1: sorry for the hundred wealthiest Americans, but it is a

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Speaker 1: hardcore indicator of where we are. And so you can

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Speaker 1: understand just how much money we're talking about here. We

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Speaker 1: now have data that the hundred wealthiest Americans lost six

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Speaker 1: hundred and twenty two billion since November. Now, in the

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Speaker 1: early days of the pandemic. To put in perspective, when

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Speaker 1: markets pluns and twenty two million Americans lost their jobs,

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Speaker 1: Congress in the federal reserves sprang into action, and stabilize

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Speaker 1: the economy at risk of buckling. After trillions of dollars

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Speaker 1: of COVID nineteen relief cash and a monsoon of cheap

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Speaker 1: federally sponsored loans, households were sitting on record savings, but

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Speaker 1: no group benefited more than the ultra rich, whose companies

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Speaker 1: were able to double down on that money. Now that

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Speaker 1: money is disappearing, as six hundred and twenty two billion

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Speaker 1: dollars has disappeared since November. Now, the other thing that

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Speaker 1: is concerning is what's happening with big tech firms because

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Speaker 1: they're seeing the spending stopping in real time. Vox Media,

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Speaker 1: for example, has just laid off thirty nine people amid

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Speaker 1: quote economic uncertainty. Vox Media CEO Jim Bankof said that

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Speaker 1: of the laying off thirty nine people is quote less

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Speaker 1: than two percent of its total staff of more than

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Speaker 1: two thousand. Why are they doing it. It's an effort

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Speaker 1: to get ahead of economic uncertainty. According to feel familiar

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Speaker 1: with the cuts and a memo obtained by axios wyat Matters,

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Speaker 1: Vox Media is the latest in a long string of

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Speaker 1: firms now taking measures to prepare for a recession an

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Speaker 1: economic downturn. Analysts have begun cutting projections for advertising growth

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Speaker 1: this year, already sending shockwaves through the media and the

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Speaker 1: tech industry. The company is laying off staffers in a

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Speaker 1: few key areas, including recruiting some editorial roles as well

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Speaker 1: as sales, and the cuts are targeted towards certain parts

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Speaker 1: of the company, including some departments within its lifestyle site.

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Speaker 1: The company will continue to hire for critical roles, the

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Speaker 1: source noted, but will reduce the pace of hiring moving forward.

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Speaker 1: They say more than two dozen listenings still appear on

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Speaker 1: their website for hiring. But they say, quote, the current

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Speaker 1: economic conditions are impacting companies like ours in multiple ways.

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Speaker 1: As a direct quote from their email to their employees,

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Speaker 1: we supply chaining issues reducing marketing and advertising budgets across industries,

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Speaker 1: and that comic pressure changing the way that consumers are spending. Why,

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Speaker 1: because so much money is going into people's gas tanks

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Speaker 1: and just to buy food. Quote. Our aim is to

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Speaker 1: get ahead of greater uncertainty by making difficult but important decisions,

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Speaker 1: to pair back on initiatives that are lower priority or

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Speaker 1: have lower staffing needs in the current climate. Now put

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Speaker 1: that in perspective and let's move over to a totally

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Speaker 1: different cut that is coming and that is from Facebook.

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Speaker 1: Facebook now has the first ever revenue drop for the company. Now,

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Speaker 1: part of this is self inflicted because when they were

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Speaker 1: flushed with cash and rich, their fact checkers started canceling

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Speaker 1: the accounts of conservatives and conservatives stop spending money on

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Speaker 1: advis I've told you about this before. Facebook's parent company,

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Speaker 1: Meta Platforms, repurcha its force ever revenue dropped. The social

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Speaker 1: media giant miss Wall street sales expectations. They did add

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Speaker 1: some user users, so they say, well, that's good, right. Well,

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Speaker 1: Facebook's parent company posts its first decline in revenue, an

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Speaker 1: issue a muted outlook on digital advertising as it contends

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Speaker 1: with growing competition from rival TikTok, which is owned by

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Speaker 1: the Chinese government. When you use TikTok, they know everything

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Speaker 1: about your life, just so you know. The company reported

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Speaker 1: quarterly revenue of twenty eight billion, down one percent from

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Speaker 1: a year earlier and slightly below the twenty eight point

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Speaker 1: nine billion that Wall Street was expecting. Marks the first

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Speaker 1: time the company has posted a quarterly drop in revenue

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Speaker 1: from the year earlier. Now there's money out there they

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Speaker 1: could get their hands on. But the problem is they

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Speaker 1: screwed so many conservatives that many of them are refusing

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Speaker 1: to advertise on the platform anymore. As you know, if

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Speaker 1: you get hit with a misinformation or a partially false

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Speaker 1: ad or excuse me, partially false post on Facebook that

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Speaker 1: the fact checkers come after, they will shut down your

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Speaker 1: ad account where you're not even allowed to advertise. That's

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Speaker 1: how the corrupt world of Facebook actually works. And many

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Speaker 1: are saying never again. Now let's talk about retail so

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Speaker 1: you understand the other side of that. And again, I'm

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Speaker 1: just saying it. It's every indicator says we are now

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Speaker 1: in a recession, even though it hasn't been declared yet.

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Speaker 1: Best Buy has come out and cut its outlook, joining

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Speaker 1: other retailers as inflation pressures are hurting shoppers. Best by

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Speaker 1: Wednesday cut its forecast for the year in the second quarter,

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Speaker 1: sighting weaker demand as consumers are really hurting because the

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Speaker 1: prices of inflation. The retailers expect to see same sort

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Speaker 1: sales to decline around eleven percent for the fiscal year

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Speaker 1: eleven percent. The CEO emphasize its sales are higher than

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Speaker 1: pre pandemic levels when the company is in a strong

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Speaker 1: position despite a more challenging economic backdrop. The CEO, of course,

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Speaker 1: that's what you're going to tell your investors. They don't

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Speaker 1: pull your money out. The consumer Electronic Retailers said it

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Speaker 1: now it expects the same same sales stores to climb

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Speaker 1: by thirteen percent for the current three month period, which

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Speaker 1: in Saturday. That's lower than best Buy set in May.

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Speaker 1: They predicted it would be around eight percent to climb

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Speaker 1: the first corner. They've now made that adjustment to thirteen percent.

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Speaker 1: They also say for the first twelve month period that

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Speaker 1: ends in late January, they expect same source sales to

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Speaker 1: climb eleven percent, compared to a drop between three to

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Speaker 1: six percent they forecasted in May. Again another example of

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Speaker 1: what's changed just since May to now July. They are

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Speaker 1: changing their outlook for the year, down three to six

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Speaker 1: percent all the way up to now eleven maybe twelve

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Speaker 1: thirteen percent. Best Buy said it will pause share buy backs,

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Speaker 1: but we'll continue to pay its quarterly dividend. It also

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Speaker 1: said in a news release that it will quote continue

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Speaker 1: to actively assess further actions to manage profitability. The company

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Speaker 1: did not immediately respond to requests for details about those

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Speaker 1: potential steps. Now With Wednesday's announcements, best Buy joined a

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Speaker 1: growing list of retailers that are now saying they believe

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Speaker 1: we are in a recession. That would include Gap, Adida's Coals, Target,

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Speaker 1: and Walmart have all warned of lower sales or profits

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Speaker 1: as consumers or feel pinched by inflation or shift spinning

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Speaker 1: to services such as traveling dining out rather than goods.

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Speaker 1: Best Buy also sets inventory levels at the end of

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Speaker 1: the second quarter will be approximately flat compared to with

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Speaker 1: the year earlier period. That's a notable difference, by the way,

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Speaker 1: from Walmart, Target, and Gap, which have a glut of

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Speaker 1: unwanted inventory weighing on profit margins. They stocked up and

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Speaker 1: people aren't buying anything compared to what they expected. So

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Speaker 1: I would expect that this week you're going to see

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Speaker 1: some major reactions in the economy to this. I would

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Speaker 1: also expect the White House to continue to lie to

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Speaker 1: you about the economy, and the reality is, whether they

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Speaker 1: want to admit it or not, it looks like every

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Speaker 1: single indicator is we are in a recession. We're getting

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Speaker 1: more information now that apparently the White House is concerned

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Speaker 1: over inflation and they're trying to figure out now what

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Speaker 1: to do about it. That's all we know. Just they're

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Speaker 1: now actually concerned about They've been lying, telling you it's transitory,

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Speaker 1: that's not inflation, that everything's gonna be fine. They're also

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Speaker 1: wanting you to believe that this new bill that I

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Speaker 1: just mentioned is gonna fix all those problems. It's not.

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Speaker 1: It's called a Biden session. And we just got new

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Speaker 1: numbers that just came out. US GDP and this just

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Speaker 1: broke has shrunk to zero point nine percent in the

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Speaker 1: second quarter. Because back exactly what I said, all indicators

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Speaker 1: are that we are in a recession. The US contracted

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Speaker 1: in the second quarter of twenty twenty two, as the

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Speaker 1: economy was battered by four decade high inflation, record high

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Speaker 1: fuel prices, soaring food costs, and tighter monetary policy. The

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Speaker 1: government reported Thursday that gross domestic products shrank by zero

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Speaker 1: point nine percent in April through June period. Economists economic

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Speaker 1: or economists excuse me how expected the economy would grow

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Speaker 1: by zero point three percent. According to the Wall Street Journal.

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Speaker 1: That did not happen. So it is straight up recession.

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Speaker 1: This is kind of that final number that needed to

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Speaker 1: come in to say here it is. That's where we are.

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Speaker 1: Now Chuck Schumer Joe Mansion, we're now being told of

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Speaker 1: struck a deal on several different issues, including Obamacare and

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Speaker 1: climate change, as he has now caved to the Democrats

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Speaker 1: who are desperate to give you something short term that

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Speaker 1: looks good so you will vote for them in the

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Speaker 1: mid term elections coming up. Here's what we know so

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Speaker 1: far about this deal. Senate Majority Leader Chuck schum and

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Speaker 1: Joe Mansion have announced that they have struck this deal

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Speaker 1: on reconciliation package. They would end a combat climate change

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Speaker 1: because that's what everybody cares about right now, apparently Obamacare subsidies,

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Speaker 1: and lower the deficit, they claim. Humor Mansion struck this

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Speaker 1: deal on a reconciliation package, the Inflation Reduction Act they're

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Speaker 1: calling it of twenty twenty two that would, in their eyes,

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Speaker 1: address record inflation by paying down our national debt, lowering

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Speaker 1: energy costs, and lowering healthcare costs. They claim the two

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Speaker 1: Democrats have the bill would lower the deficit by three

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Speaker 1: hundred billion over ten years, which by the way, is

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Speaker 1: like literally nothing, Just so you know, like three hundred

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Speaker 1: billion dollars would be probably the equivalent and I'm not

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Speaker 1: trying to like exaggerate this. I'm being as intellectually honest

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Speaker 1: as I can. Would be like me telling you, over

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Speaker 1: the next ten years, I'm going to send you five bucks.

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Speaker 1: We spend three hundred billion dollars to Ukraine to fight Russia.

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Speaker 1: Just to put it in perspective, we threw we spent

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Speaker 1: three hundred billion on port bill pecks every day. Lowering

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Speaker 1: three hundred billion, which is only thirty billion dollars a

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Speaker 1: year over ten years, is actually and let me rephrase that,

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Speaker 1: I actually think it's probably five dollars over ten years

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Speaker 1: is too much. It's probably like me saying I'm going

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Speaker 1: to help you with inflation right now by sending you

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Speaker 1: thirty cents a year. That's what this bill does. So

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Speaker 1: they claim they're saving you a bunch of money, when

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Speaker 1: they're I mean, it's it's nothing, all right, It's nothing,

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Speaker 1: and it's over ten years, so it's not going to

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Speaker 1: affect inflation at all. When they say the bill will

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Speaker 1: lower deficits by three hundred billion over ten years, it's

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Speaker 1: not going to lower the deficit, and if it does,

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Speaker 1: it'd be over a decade from now before you saw

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Speaker 1: the results, and three hundred billion dollars if you paid

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Speaker 1: it down literally today right now, with our trillions and

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Speaker 1: trillions of dollars in debt, would have no bearing on inflation,

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Speaker 1: just to put in perspective now, they're also going to spend,

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Speaker 1: listening carefully, three hundred and sixty nine billion on climate

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Speaker 1: change programs, So they're going to spend more on climate

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Speaker 1: change programs than they are over the next ten years,

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Speaker 1: paying down our deficit by only three hundred billion. They

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Speaker 1: also are going to extend the Affordable care accepts these

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Speaker 1: for three years now. The measures would also include a

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Speaker 1: provision to allow Medicare to negotiate the price of drugs,

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Speaker 1: which would save money for the climate change and Obama

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Speaker 1: portion of the bill. They claim allowing Medicare to negotiate

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Speaker 1: the price of drugs would reportedly save two hundred and

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Speaker 1: eighty eight billion. The legislation would also quote closed tax

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Speaker 1: loopholes on wealthy individuals and corporations. Indeed, the legislation would

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Speaker 1: have a fifteen percent minimum corporate tax that is estimated

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Speaker 1: to raise three hundred and thirteen billion dollars. The legislation

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Speaker 1: would also raise one hundred and twenty four billion, they say,

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Speaker 1: from enhanced tax enforcement by the IRS. So they're now

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Speaker 1: going to just have a bunch more people coming and

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Speaker 1: getting all your money. Center Ron wide and a Republican

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Speaker 1: for Oregon, excuse me, a Democrat from Oregon floated increasing

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Speaker 1: IRS audits to pay for the enhanced Obamacare subsidies, meaning

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Speaker 1: would just audit more Americans automatically, will find more money

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Speaker 1: from them, and we'll screw them that way. That was

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Speaker 1: how they wanted to do this. Hire more IRS agents

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Speaker 1: to audit more people randomly, and then figure out ways

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Speaker 1: to screw them out of more money. The enhanced Obamacare

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Speaker 1: subsidies first created under President Joe Biden. Biden's one point

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Speaker 1: nine trillion dollar American Rescue Plan or his Coronavirus Aid Bill,

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Speaker 1: would expire this year. So we spent one point nine

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Speaker 1: billion on this, but then we're going to save you.

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Speaker 1: They claim to lower the deficit three hundred billion over

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Speaker 1: ten years. You guys noticed the Matthew, how bad you're

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Speaker 1: getting screwed. Senate Democrats hope to bring the reconciliation package

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Speaker 1: to the Senate for this week. Since the bill uses

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Speaker 1: budgetary reconciliation, it would require only fifty votes or the

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Speaker 1: Democratic Lady to pass. The bill remains unclear whether Senator Cinema,

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Speaker 1: a Democrat from Arizona, would support the bill. We do

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Speaker 1: not have comment on her and will review the text.

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Speaker 1: As spokesman for Center Cinema said in a statement this morning,

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Speaker 1: Schumer and Mansion proposal will contend a provision to limit

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Speaker 1: the carried interest deduction, a proposal that Cinema did not

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Speaker 1: want altered during previous billback better negotiations. Biden appears to

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Speaker 1: grant his blessing after speaking with Mansion and Schumer earlier

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Speaker 1: this afternoon. Biden on the Schumer Mansion reconciliation deal, apparently yesterday,

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Speaker 1: he said, quote, I want to think Center Schumer and

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Speaker 1: Center Mansion, if an act of this legislation will be historic,

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Speaker 1: and I urge a Senate to move on this bill

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Speaker 1: as soon as possible and for the House to follow

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Speaker 1: as well. The deal may also put into another problem

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Speaker 1: of this bill, as the chi Up Act is creating

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Speaker 1: helpful incentives to produce Semiconductors Act. Right, It's a two

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Speaker 1: hundred and eighty billion dollar package that would boost domestic

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Speaker 1: semiconductor chip manufacturing and high tech research. Somehow that's in

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Speaker 1: this bill. The House will vote on it today and

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Speaker 1: Senate Republicans just gave Democrats to vote to pass the

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Speaker 1: bill on Wednesday. They say, so, let's get it done.

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Speaker 1: Has anyone actually read the bill yet? No Republicans across

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Speaker 1: the spectrum of revolt at the idea of passing the

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Speaker 1: Chips bill as part of this bill, and Democrats want

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00:25:34,760 --> 00:25:38,119
Speaker 1: to pass their climate change in Obamacare packages and a

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00:25:38,200 --> 00:25:40,760
Speaker 1: light of this deal. Whether Republican members support Chips or not,

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Speaker 1: I don't. We must all vote no. Passing Chips will

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00:25:44,600 --> 00:25:48,320
Speaker 1: pave the way for the radical billback broke plan. The

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00:25:48,400 --> 00:25:50,840
Speaker 1: time to fight is now, is what Representive Kevin Hearn,

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00:25:50,880 --> 00:25:54,800
Speaker 1: a Republican from Okahoma, sending reaction to this ridiculous deal.

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Speaker 1: Another question that came up was a serious question. Do

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Speaker 1: Housemas need the House Goop to passes the Chips bill?

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00:26:03,480 --> 00:26:06,320
Speaker 1: I think so. Typically the squad votes against corporate welfare.

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00:26:06,520 --> 00:26:09,320
Speaker 1: Bernie did that in the Senate. The House GOP should

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00:26:09,359 --> 00:26:12,959
Speaker 1: kill Chips. Now that seventeenth Senate geopiters got played by

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00:26:12,960 --> 00:26:16,719
Speaker 1: Schumer Mansion on reconciliation. Again. This just tells you how

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00:26:16,760 --> 00:26:20,399
Speaker 1: bad some of the Republicans suck in Wash INDC In

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Speaker 1: the swamp. Representative Kevin Brady, a Republican from Texas who

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00:26:24,240 --> 00:26:26,680
Speaker 1: is a ranking member of the House Ways and Means Committee,

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00:26:26,720 --> 00:26:32,360
Speaker 1: said Senate Democrats were deceitful and announcing a reconciliation deal

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00:26:32,359 --> 00:26:36,719
Speaker 1: after getting Republicans to back the Chips bill. Deceitful. Well,

453
00:26:36,720 --> 00:26:38,959
Speaker 1: if you guys got played, then guess what. You can

454
00:26:39,000 --> 00:26:42,520
Speaker 1: stop it because no one's voted yet. Or maybe here's

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Speaker 1: an idea, Why don't you actually read the damn bill

456
00:26:45,400 --> 00:26:48,800
Speaker 1: before you vote for it? What an idea? This is

457
00:26:48,840 --> 00:26:54,320
Speaker 1: how lazy people are. Democrats are getting asked the questions

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00:26:54,359 --> 00:26:57,040
Speaker 1: they don't want to answer now, and the media is

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00:26:57,080 --> 00:27:02,119
Speaker 1: starting to ask these questions. House Democrats are privately saying

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00:27:02,240 --> 00:27:05,240
Speaker 1: they don't want Biden to run in twenty twenty four,

461
00:27:05,320 --> 00:27:08,600
Speaker 1: saying he's killing the party. House Democrats are agreeing with

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00:27:08,680 --> 00:27:10,840
Speaker 1: most of their party voters, whould say President Biden should

463
00:27:10,840 --> 00:27:13,800
Speaker 1: consider stepping aside and allow another nominee in twenty twenty four.

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00:27:14,600 --> 00:27:17,480
Speaker 1: Gav this is Gavin Newsom is already moving forward, clearly

465
00:27:17,520 --> 00:27:20,920
Speaker 1: going for the White House. Congress is preparing to recess

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00:27:20,960 --> 00:27:23,520
Speaker 1: for six weeks starting in August, and the lawmakers have

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00:27:23,600 --> 00:27:26,320
Speaker 1: less than a hundred days before the November midterm elections.

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Speaker 1: That is a new poll release Wednesday. I mentioned this yesterday.

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00:27:31,080 --> 00:27:34,240
Speaker 1: New CNN poll found that seventy five percent of Democrats

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00:27:34,280 --> 00:27:37,080
Speaker 1: said they want someone else so the Democratic presidential nominee

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00:27:37,080 --> 00:27:40,440
Speaker 1: in twenty twenty four. Only twenty five percent of Democratic

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00:27:40,520 --> 00:27:44,080
Speaker 1: voters say yes they want Biden again. Now, this poll

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00:27:44,200 --> 00:27:46,919
Speaker 1: had more than a thousand respondents and the survey had

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00:27:46,920 --> 00:27:49,080
Speaker 1: a margin of air four percent, meaning it's really bad

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00:27:49,119 --> 00:27:51,760
Speaker 1: for the president. And the same question was asked at

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00:27:51,800 --> 00:27:55,840
Speaker 1: the end of last year by NPR forty one percent

477
00:27:55,920 --> 00:27:58,399
Speaker 1: of Democrats believe Biden was the best Democrat can it

478
00:27:58,480 --> 00:28:01,960
Speaker 1: for the next election. Now that is down to just

479
00:28:02,119 --> 00:28:05,240
Speaker 1: twenty five percent. When asked about the poll at the

480
00:28:05,320 --> 00:28:09,440
Speaker 1: Daily Press Briefing on Wednesday, White House Press Secretary responded

481
00:28:09,520 --> 00:28:12,199
Speaker 1: that they are not worried about polls, saying, quote, the

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00:28:12,200 --> 00:28:15,600
Speaker 1: President has said it has been clear that he intends

483
00:28:15,600 --> 00:28:18,399
Speaker 1: to run, but we are so far away from that time,

484
00:28:18,440 --> 00:28:21,560
Speaker 1: from you know, even being close to us thinking about that,

485
00:28:21,720 --> 00:28:25,240
Speaker 1: which is a lie. Biden is any presence always thinking

486
00:28:25,240 --> 00:28:28,120
Speaker 1: about re election, just so you know, just the way

487
00:28:28,119 --> 00:28:32,080
Speaker 1: it is. Biden has been fending off these types of

488
00:28:32,280 --> 00:28:36,040
Speaker 1: speculations over his well reelection prospects since his polling and

489
00:28:36,080 --> 00:28:40,040
Speaker 1: the economy has spiraled downward. Is criticized by Democrats for

490
00:28:40,120 --> 00:28:43,880
Speaker 1: being too old and unable to completely message and deliver wins.

491
00:28:43,920 --> 00:28:46,640
Speaker 1: For his party quote to stress the office and running

492
00:28:46,640 --> 00:28:48,720
Speaker 1: at eighty two, I don't think that's realistics. And a

493
00:28:48,800 --> 00:28:52,320
Speaker 1: veteran Democratic lawmaker about Biden this week on a private

494
00:28:52,320 --> 00:28:55,200
Speaker 1: phone call. Those is party who are willing to say

495
00:28:55,200 --> 00:28:57,400
Speaker 1: he should run for reelection are only willing to say

496
00:28:57,440 --> 00:29:01,479
Speaker 1: so anonymously. Other Democrat a lawmaker say there's support from

497
00:29:01,480 --> 00:29:05,120
Speaker 1: mister Biden depends on who he's running with. In twenty

498
00:29:05,200 --> 00:29:10,280
Speaker 1: twenty four, Well, one Democratic lawmaker who's running for reelection

499
00:29:10,440 --> 00:29:16,800
Speaker 1: was just cornered by a brilliant Washington Times reporter, Carry Pickett,

500
00:29:17,080 --> 00:29:19,240
Speaker 1: and this is what he had to say when asked

501
00:29:19,240 --> 00:29:23,200
Speaker 1: about supporting the president. Kevin Newsom is already testing the

502
00:29:23,240 --> 00:29:25,400
Speaker 1: waters for twenty twenty four. What are your thoughts on that?

503
00:29:25,560 --> 00:29:28,200
Speaker 1: Hell Comesta both in going up against Biden. I mean,

504
00:29:28,280 --> 00:29:30,040
Speaker 1: that's twenty twenty four I'm trying to give to you

505
00:29:30,200 --> 00:29:33,560
Speaker 1: this week. You know, do you think no? But do

506
00:29:33,560 --> 00:29:35,360
Speaker 1: you think Biden should be running the twenty twenty four

507
00:29:35,360 --> 00:29:37,200
Speaker 1: and do you think Vin Newson should be already putting it,

508
00:29:37,840 --> 00:29:40,200
Speaker 1: putting his hand ring. I mean, kid, which I'm worried

509
00:29:40,200 --> 00:29:42,200
Speaker 1: about today. I'm worried about twenty twenty four. Ran. Do

510
00:29:42,240 --> 00:29:44,000
Speaker 1: you think Biden should be running in twenty twenty four.

511
00:29:44,200 --> 00:29:46,400
Speaker 1: I'm not worried about twenty twenty four right now, trying

512
00:29:46,440 --> 00:29:49,120
Speaker 1: to focus on his income based when he incoment? Do

513
00:29:49,120 --> 00:29:52,520
Speaker 1: you think president's twenty twenty two US two years away?

514
00:29:52,640 --> 00:29:55,440
Speaker 1: So he's twenty twenty two, there's deal with twenty twenty

515
00:29:55,440 --> 00:29:57,920
Speaker 1: so he don't feel comfortable, So check this out. I

516
00:29:58,040 --> 00:30:01,520
Speaker 1: have my own primary. We have midterm elections, so the

517
00:30:01,560 --> 00:30:06,480
Speaker 1: beautiful comfortable even saying what I'm saying is I have

518
00:30:06,600 --> 00:30:09,280
Speaker 1: my own primary. We have mid term elections, and we

519
00:30:09,320 --> 00:30:11,560
Speaker 1: have bills this week that we got to deal with.

520
00:30:11,680 --> 00:30:13,520
Speaker 1: I'm not trying to think two years ahead. You can't.

521
00:30:15,680 --> 00:30:18,520
Speaker 1: I love this. I'm not trying to think two years ahead.

522
00:30:19,360 --> 00:30:23,400
Speaker 1: I'm not trying to think two years ahead, right, I'm

523
00:30:23,440 --> 00:30:28,880
Speaker 1: not trying to think two years ahead. Yeah, okay, every politician,

524
00:30:29,120 --> 00:30:30,840
Speaker 1: what's the number one thing you do have to get

525
00:30:30,880 --> 00:30:34,720
Speaker 1: you get elected? You think about your reelection and everybody

526
00:30:34,760 --> 00:30:37,880
Speaker 1: knows it. They're all thinking about it, and they're all

527
00:30:37,880 --> 00:30:40,520
Speaker 1: thinking about how much he is holding them back. Right now,

528
00:30:41,080 --> 00:30:45,120
Speaker 1: they are all thinking about how much he is holding

529
00:30:45,160 --> 00:30:47,600
Speaker 1: them back from this midterm and how much he's going

530
00:30:47,680 --> 00:30:51,000
Speaker 1: to weigh down candidates all right. Lastly, please make sure

531
00:30:51,040 --> 00:30:55,320
Speaker 1: you hit that subscribe button or auto download button wherever

532
00:30:55,440 --> 00:30:58,200
Speaker 1: you were listening to this podcast right now, and take

533
00:30:58,240 --> 00:31:01,320
Speaker 1: a moment to write us a five star review. Many

534
00:31:01,360 --> 00:31:03,720
Speaker 1: on the left have been attacking our podcast, writing us

535
00:31:03,720 --> 00:31:06,880
Speaker 1: bad reviews on purpose, so if you would help us

536
00:31:06,880 --> 00:31:09,080
Speaker 1: fight back by writing us a good review, a five

537
00:31:09,120 --> 00:31:11,920
Speaker 1: star review, and share this podcast with your family and

538
00:31:11,920 --> 00:31:14,440
Speaker 1: friends on social media to help us grow. See you

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00:31:14,520 --> 00:31:15,520
Speaker 1: back here tomorrow,