1 00:00:11,697 --> 00:00:14,297 Speaker 1: You're listening to the Buck Sexton Show podcast. 2 00:00:14,497 --> 00:00:16,537 Speaker 2: Let make sure you subscribe to the podcast on the 3 00:00:16,577 --> 00:00:19,737 Speaker 2: iHeartRadio app or wherever you get your podcasts. 4 00:00:20,257 --> 00:00:22,817 Speaker 3: So what's actually in the big beautiful bill? 5 00:00:23,257 --> 00:00:25,617 Speaker 4: We have been told it is big and beautiful, and 6 00:00:25,657 --> 00:00:28,297 Speaker 4: we've certainly heard a lot from President Trump and the 7 00:00:28,337 --> 00:00:31,257 Speaker 4: White House about how great it is going to be. 8 00:00:31,497 --> 00:00:34,657 Speaker 4: Let's dive into some of the specific some of the 9 00:00:34,657 --> 00:00:37,097 Speaker 4: substance here. Steve Myron is with us. He is the 10 00:00:37,177 --> 00:00:41,017 Speaker 4: chairman of the Council of Economic Advisors to the White House, 11 00:00:41,137 --> 00:00:43,657 Speaker 4: and he's an economist. He's got a PhD from Harvard. 12 00:00:43,777 --> 00:00:46,337 Speaker 4: Very impressive, fellow. Thank you for being with us, sir. 13 00:00:47,377 --> 00:00:51,857 Speaker 4: Let's just start with this. What are the main takeaways 14 00:00:51,937 --> 00:00:54,857 Speaker 4: that the general public should have about why this bill 15 00:00:55,217 --> 00:00:56,817 Speaker 4: is going to be great for the economy. 16 00:00:58,697 --> 00:00:59,977 Speaker 1: Look, thanks so much for having me. 17 00:01:00,537 --> 00:01:02,817 Speaker 2: You know, first off, the bill is big and beautiful 18 00:01:02,857 --> 00:01:05,057 Speaker 2: and it's going to be great for America. The number 19 00:01:05,057 --> 00:01:09,257 Speaker 2: one thing that does is extend the President's historic tax 20 00:01:09,297 --> 00:01:12,337 Speaker 2: cuts from twenty six seventeen. Tax cuts on families, tax 21 00:01:12,377 --> 00:01:15,177 Speaker 2: cuts and households, and tax cuts on firms. Now, what 22 00:01:15,217 --> 00:01:18,177 Speaker 2: those tax cuts did was they created an economic boom 23 00:01:18,217 --> 00:01:20,657 Speaker 2: in the United States in the first term, President Trump's 24 00:01:20,657 --> 00:01:23,377 Speaker 2: first economic boom, and they're going to in the continuation 25 00:01:23,417 --> 00:01:25,257 Speaker 2: of those tax cuts and the further tax relief for 26 00:01:25,297 --> 00:01:27,977 Speaker 2: American families and firms that's in the bill, are going 27 00:01:28,017 --> 00:01:30,817 Speaker 2: to create a boom in President Trump's second term, president 28 00:01:30,817 --> 00:01:33,777 Speaker 2: Trump's second economic boom. Now what we do in this 29 00:01:33,857 --> 00:01:36,057 Speaker 2: bill is, first of all, we keep rates low. We 30 00:01:36,097 --> 00:01:38,777 Speaker 2: prevent we prevent rates from snapping back up like they 31 00:01:38,817 --> 00:01:41,697 Speaker 2: would if we did nothing. And then we also provide 32 00:01:41,737 --> 00:01:45,817 Speaker 2: additional tax relief to American families and to American firms 33 00:01:46,057 --> 00:01:49,297 Speaker 2: that will incentivize increased labor supply because there were reward 34 00:01:49,497 --> 00:01:53,417 Speaker 2: families for working more and by letting them keep more 35 00:01:53,457 --> 00:01:55,617 Speaker 2: of the money they earn in their pockets. And they'll 36 00:01:55,817 --> 00:01:59,177 Speaker 2: incentivize increase investment in the American economy by firms because 37 00:01:59,217 --> 00:02:01,897 Speaker 2: there will be bonus because there will be incentives for 38 00:02:02,217 --> 00:02:05,617 Speaker 2: investing in equipment, investing in factories, and the production of 39 00:02:05,657 --> 00:02:08,897 Speaker 2: new equipment and new factories increases what economists call the 40 00:02:08,897 --> 00:02:11,577 Speaker 2: capital stock in the economy. That's equipment that you use 41 00:02:11,617 --> 00:02:14,777 Speaker 2: to make stuff factories, and that creates more wages, that 42 00:02:14,817 --> 00:02:17,697 Speaker 2: creates higher wage growth to So what the bill does 43 00:02:17,737 --> 00:02:20,897 Speaker 2: is it keeps tax rates low. It provides further incentives 44 00:02:21,017 --> 00:02:23,857 Speaker 2: to improve the economy, further tax relief, keeping money in 45 00:02:23,897 --> 00:02:27,217 Speaker 2: families pockets week in, week out, providing incentives for firms 46 00:02:27,217 --> 00:02:29,937 Speaker 2: to do investment, and it'll create an economic boom that 47 00:02:29,937 --> 00:02:31,617 Speaker 2: will look just like the first term and the biggest 48 00:02:31,617 --> 00:02:32,657 Speaker 2: boom the country's ever seen. 49 00:02:32,937 --> 00:02:34,897 Speaker 4: When you say keep tax rates low, I mean that 50 00:02:35,057 --> 00:02:37,537 Speaker 4: sounds great to me. I like low taxes. I know 51 00:02:37,617 --> 00:02:40,497 Speaker 4: I'm not alone there, But so does that mean that 52 00:02:40,537 --> 00:02:45,817 Speaker 4: there are individual rates that are going to either stay 53 00:02:46,217 --> 00:02:49,137 Speaker 4: where they are or be lower, like like give me 54 00:02:49,177 --> 00:02:51,257 Speaker 4: a little more and for you know, if you're listening 55 00:02:51,297 --> 00:02:53,457 Speaker 4: to this and you know you own or work at 56 00:02:53,457 --> 00:02:55,537 Speaker 4: a small business and you've got a household, they'd come 57 00:02:55,577 --> 00:02:56,817 Speaker 4: of one hundred and fifty grand. 58 00:02:57,217 --> 00:02:58,857 Speaker 3: Are you going to feel those tax cuts? 59 00:02:58,897 --> 00:03:01,057 Speaker 1: How? Yeah? 60 00:03:01,137 --> 00:03:04,337 Speaker 2: So, first of all, if the bill doesn't pass, it's 61 00:03:04,377 --> 00:03:06,497 Speaker 2: going to be the biggest tax site in American history, 62 00:03:06,537 --> 00:03:09,057 Speaker 2: because the twenty seventeen tax cuts will go away and 63 00:03:09,137 --> 00:03:11,137 Speaker 2: tax rates will snap back to what they were in 64 00:03:11,177 --> 00:03:14,257 Speaker 2: the Obama administration, which was not a tax friendly environment 65 00:03:14,257 --> 00:03:16,577 Speaker 2: and not a friendly environment for business and for families 66 00:03:16,617 --> 00:03:19,497 Speaker 2: because those tax rates were much higher. That's a four 67 00:03:19,657 --> 00:03:21,777 Speaker 2: trillion dollar tax like if we don't pass the bill, 68 00:03:21,817 --> 00:03:23,417 Speaker 2: which is part of why it's so important to do 69 00:03:23,497 --> 00:03:26,737 Speaker 2: it now. Keeping those tax rates low is good, Extending 70 00:03:26,737 --> 00:03:29,577 Speaker 2: those tax rates is good. But there's further tax relief 71 00:03:29,577 --> 00:03:31,977 Speaker 2: that the President has promised also, and part of that 72 00:03:32,137 --> 00:03:34,737 Speaker 2: is the president's promises of no tax in overtime is 73 00:03:34,737 --> 00:03:37,137 Speaker 2: that people can work more and get paid for working 74 00:03:37,137 --> 00:03:39,057 Speaker 2: more without having the government take the money out of 75 00:03:39,057 --> 00:03:39,537 Speaker 2: their pocket. 76 00:03:39,937 --> 00:03:41,857 Speaker 1: No taxes on tips, so. 77 00:03:41,817 --> 00:03:45,577 Speaker 2: That workers working working gig jobs, working for in tip 78 00:03:45,657 --> 00:03:49,457 Speaker 2: jobs can be incentivized to work more and again keep 79 00:03:49,457 --> 00:03:51,017 Speaker 2: more of the money in their pockets every week. 80 00:03:51,257 --> 00:03:53,017 Speaker 1: And no taxes on Social Security. 81 00:03:53,057 --> 00:03:56,297 Speaker 2: That's tax bonus for seniors to help this very hard 82 00:03:56,377 --> 00:03:58,337 Speaker 2: this group that was very hard hit by inflation and 83 00:03:58,697 --> 00:04:00,457 Speaker 2: help them recoup some of their losses that were due 84 00:04:00,497 --> 00:04:00,937 Speaker 2: to inflation. 85 00:04:01,377 --> 00:04:03,857 Speaker 4: And so all of these yeah, I do interrupt you, 86 00:04:03,857 --> 00:04:05,737 Speaker 4: I just I mean, just the no tax on tips. 87 00:04:05,737 --> 00:04:08,057 Speaker 4: I remember Trump when he was running on that, when 88 00:04:08,097 --> 00:04:11,177 Speaker 4: when now president then candidate Trump was running and he 89 00:04:11,457 --> 00:04:14,337 Speaker 4: had this idea and everyone said, wow, that's a great idea. 90 00:04:14,497 --> 00:04:16,497 Speaker 4: And then there was a whole. But is he really 91 00:04:16,537 --> 00:04:19,097 Speaker 4: going to do that. It sounds like if this bill 92 00:04:19,177 --> 00:04:22,057 Speaker 4: goes through, he's really doing that. That's actually happening. 93 00:04:23,177 --> 00:04:26,337 Speaker 2: Oh, he's really he's really doing it. He's absolutely doing it. 94 00:04:26,377 --> 00:04:29,217 Speaker 2: And just as important as the as the provisions for 95 00:04:29,537 --> 00:04:33,057 Speaker 2: that will help families, that will help individuals and individual 96 00:04:33,137 --> 00:04:35,497 Speaker 2: income taxes, are the provisions for businesses. 97 00:04:35,537 --> 00:04:36,977 Speaker 1: And these are what I was talking about before. 98 00:04:37,217 --> 00:04:42,337 Speaker 2: Full expensing on equipment investment, full expensing on factory investment. 99 00:04:42,537 --> 00:04:44,417 Speaker 2: These are things that will get firms to invest more 100 00:04:44,417 --> 00:04:46,657 Speaker 2: in America. And when you invest more in America, you 101 00:04:46,777 --> 00:04:48,657 Speaker 2: hire more people. And so if you look at this 102 00:04:48,777 --> 00:04:50,897 Speaker 2: job we just so if you look at this, this 103 00:04:50,937 --> 00:04:53,457 Speaker 2: big beautiful bill, an effect on jobs in the economy. 104 00:04:53,697 --> 00:04:55,537 Speaker 2: We just released a really big paper on this at 105 00:04:55,577 --> 00:04:57,337 Speaker 2: the Council of Economic Advisor State. If you go to 106 00:04:57,377 --> 00:04:59,657 Speaker 2: the White House website, you go to the Council of 107 00:04:59,697 --> 00:05:02,577 Speaker 2: Economic Advisor's website, the CEA website, you can see we 108 00:05:02,657 --> 00:05:04,817 Speaker 2: just put a paper on our website analyzing the one 109 00:05:04,817 --> 00:05:08,017 Speaker 2: big beautiful bill, analyzing the effects of all these tax 110 00:05:08,017 --> 00:05:09,617 Speaker 2: and centers of the economy. And let me just give 111 00:05:09,617 --> 00:05:12,097 Speaker 2: you the number, okay, because the numbers are incredibly are 112 00:05:12,097 --> 00:05:14,577 Speaker 2: incredibly great, and they're going to be an economic boom 113 00:05:14,577 --> 00:05:15,217 Speaker 2: in this country. 114 00:05:15,417 --> 00:05:15,857 Speaker 1: It's going to. 115 00:05:15,897 --> 00:05:19,377 Speaker 2: Raise GDP by four point two to five point two percent, right, 116 00:05:19,497 --> 00:05:21,097 Speaker 2: that's the size of the total economy. 117 00:05:21,257 --> 00:05:22,297 Speaker 1: It's going to create. 118 00:05:22,337 --> 00:05:25,937 Speaker 2: Seven million new jobs, seven million new jobs as a 119 00:05:26,137 --> 00:05:28,577 Speaker 2: result of passing this bill. And it's going to boost 120 00:05:28,697 --> 00:05:31,817 Speaker 2: take home pay for the for a typical family of four, 121 00:05:31,857 --> 00:05:34,897 Speaker 2: so typical family with two kids, typical family for take 122 00:05:34,937 --> 00:05:36,577 Speaker 2: home pay is going to go up by eight to 123 00:05:36,657 --> 00:05:39,697 Speaker 2: thirteen thousand dollars, eight thousand to thirteen thousand dollars as 124 00:05:39,737 --> 00:05:42,257 Speaker 2: a result of passing this bill. Right, And that's a 125 00:05:42,297 --> 00:05:44,977 Speaker 2: result of keeping the tax rates slow, preventing them from 126 00:05:44,977 --> 00:05:48,577 Speaker 2: stapping back, and from the new tax provisions that incentivize 127 00:05:48,577 --> 00:05:52,097 Speaker 2: more work from more work from on overtime end tips 128 00:05:52,497 --> 00:05:57,937 Speaker 2: that incentivize more investment in the country, more equipment, building factories, hiring, expanding, 129 00:05:58,337 --> 00:06:01,297 Speaker 2: more capital stock, more productive workers, and all those are 130 00:06:01,297 --> 00:06:03,057 Speaker 2: great things, and they're all going to go into the economy. 131 00:06:03,057 --> 00:06:04,617 Speaker 2: And this paper lays it out one by one what 132 00:06:04,697 --> 00:06:05,497 Speaker 2: each provision does. 133 00:06:06,297 --> 00:06:08,337 Speaker 3: Now, talk to me about. 134 00:06:09,457 --> 00:06:13,257 Speaker 4: Cost control, rolls cuts, anything having to do with the 135 00:06:13,257 --> 00:06:15,217 Speaker 4: mission of because you've laid out all this stuff, and 136 00:06:15,217 --> 00:06:17,817 Speaker 4: I mean, for example, the family of four with a 137 00:06:17,857 --> 00:06:19,217 Speaker 4: five to eight thousand I think it was five to 138 00:06:19,257 --> 00:06:21,057 Speaker 4: eight thousand, you said more in their pocket or eight 139 00:06:21,097 --> 00:06:24,817 Speaker 4: to twelve eight I'm sorry, eight to thirteen thousand more. 140 00:06:24,937 --> 00:06:26,497 Speaker 1: GDP goes up by about five percent. 141 00:06:26,577 --> 00:06:29,457 Speaker 4: Yeah, yeah, that that's very real to people, right, I mean, 142 00:06:29,497 --> 00:06:32,897 Speaker 4: I know that for a lot of my radio listeners, 143 00:06:32,897 --> 00:06:35,257 Speaker 4: for example, you tell them that they're going to have 144 00:06:35,297 --> 00:06:37,737 Speaker 4: another ten grand plus let's just call it in their 145 00:06:37,777 --> 00:06:38,537 Speaker 4: pocket at the end. 146 00:06:38,497 --> 00:06:42,017 Speaker 3: Of the year, that that's really meaningful. So that's fantastic, huge. 147 00:06:42,697 --> 00:06:44,737 Speaker 4: But a big part of this as well with the 148 00:06:44,737 --> 00:06:47,697 Speaker 4: new administration has been getting rid of the waste, fraud 149 00:06:47,737 --> 00:06:50,417 Speaker 4: and abuse, the unnecessary spending. What can you tell us 150 00:06:50,417 --> 00:06:54,977 Speaker 4: about whether it's cost controls, cuts raining things in Where 151 00:06:55,017 --> 00:06:57,057 Speaker 4: is that in the bill? 152 00:06:57,257 --> 00:06:58,777 Speaker 1: Yeah, so there is there. 153 00:06:58,817 --> 00:07:00,937 Speaker 2: There are cuts to waste, front of abuse in the bill, 154 00:07:01,057 --> 00:07:03,817 Speaker 2: and these are in These are in a variety of 155 00:07:03,857 --> 00:07:09,697 Speaker 2: government programs, in some transfer programs, some insurance programs, getting 156 00:07:09,737 --> 00:07:12,177 Speaker 2: you know, making making government agencies do. 157 00:07:12,217 --> 00:07:13,217 Speaker 1: More with less people. 158 00:07:13,617 --> 00:07:16,617 Speaker 2: Every day, every business in the country is under pressure 159 00:07:16,657 --> 00:07:19,537 Speaker 2: to produce the same things with fewer inputs with less costs, 160 00:07:19,537 --> 00:07:21,417 Speaker 2: and there's no reason the government can't do the same. 161 00:07:21,737 --> 00:07:23,017 Speaker 1: The government should be able. 162 00:07:22,857 --> 00:07:26,177 Speaker 2: To improve its status, the quality of its of its offerings, 163 00:07:26,217 --> 00:07:28,937 Speaker 2: improve the quality of its services over time, but do 164 00:07:29,057 --> 00:07:31,417 Speaker 2: so more efficiently and more cheaply, just as a business does. 165 00:07:31,737 --> 00:07:34,377 Speaker 2: And Congress is putting cuts to those to those waste 166 00:07:34,377 --> 00:07:37,457 Speaker 2: fraudened abuse in the bill. The Department of Government Efficiency 167 00:07:37,577 --> 00:07:40,897 Speaker 2: DOGE is finding more opportunities to cut waste fraudened abuse, 168 00:07:40,937 --> 00:07:43,577 Speaker 2: and these are through These are through incentivizing workers to 169 00:07:43,697 --> 00:07:46,657 Speaker 2: leave the federal workforce, through cuts that don't need to 170 00:07:47,137 --> 00:07:49,337 Speaker 2: through cuts to spending that don't need to be made, 171 00:07:49,657 --> 00:07:53,977 Speaker 2: finding fraudulent numbers in in social security or or medicare 172 00:07:54,577 --> 00:07:58,097 Speaker 2: combating fraud that sometime is perpetrated, sometimes is perpetrated by 173 00:07:58,177 --> 00:08:01,417 Speaker 2: by foreign adversaries, you know, sort of just milking money 174 00:08:01,417 --> 00:08:04,177 Speaker 2: out of out of American transfer programs. And all of 175 00:08:04,217 --> 00:08:06,417 Speaker 2: this serves to bring down to bringing them the deficit 176 00:08:06,457 --> 00:08:07,377 Speaker 2: and control the deficit. 177 00:08:08,737 --> 00:08:11,697 Speaker 3: So this goes to you see a lot of great 178 00:08:11,697 --> 00:08:12,777 Speaker 3: things happening. 179 00:08:13,137 --> 00:08:17,657 Speaker 4: How do how does the current situation of tariff's and 180 00:08:17,697 --> 00:08:21,057 Speaker 4: international trade factor in Now I'm shifting a little bit. 181 00:08:21,057 --> 00:08:22,137 Speaker 3: I know this is all tied together. 182 00:08:22,297 --> 00:08:24,497 Speaker 4: Shifting a little bit from the big beautiful bill to 183 00:08:24,817 --> 00:08:28,937 Speaker 4: where the administration is on tariffs and what you see happening, 184 00:08:29,897 --> 00:08:31,897 Speaker 4: you could say in the next ninety days or perhaps 185 00:08:31,937 --> 00:08:33,697 Speaker 4: from now to the end of the year. I mean, 186 00:08:33,697 --> 00:08:37,737 Speaker 4: what's your what's your sense of where the tariff negotiations 187 00:08:37,777 --> 00:08:38,817 Speaker 4: are and where they're going. 188 00:08:40,057 --> 00:08:42,577 Speaker 2: No, I'm glad you are, because look as before I 189 00:08:42,617 --> 00:08:44,977 Speaker 2: get to sort of thinking about tariff negotiations, let me 190 00:08:45,017 --> 00:08:47,457 Speaker 2: just emphasize something, which is that you're bringing up that 191 00:08:47,577 --> 00:08:50,537 Speaker 2: all of these depthsit reduction things are tied together, but 192 00:08:50,617 --> 00:08:53,657 Speaker 2: they get left out of the conversation by a lot 193 00:08:53,697 --> 00:08:55,257 Speaker 2: of analysts and a lot of and a lot of 194 00:08:55,297 --> 00:08:58,057 Speaker 2: the media because they don't enter into the scoring process 195 00:08:58,057 --> 00:09:00,977 Speaker 2: by the Congressional Budget Office. When the Congressional Budget Office 196 00:09:01,057 --> 00:09:02,937 Speaker 2: looks at how much the one big beautiful bill is 197 00:09:02,937 --> 00:09:04,937 Speaker 2: going to cost, they do so with a very narrow 198 00:09:05,017 --> 00:09:06,857 Speaker 2: lens and they ignore a number of things that are 199 00:09:06,897 --> 00:09:09,257 Speaker 2: going to bring the deafest down materially, and tariffs are 200 00:09:09,257 --> 00:09:10,657 Speaker 2: part of that. But let me just walking through the 201 00:09:10,697 --> 00:09:12,777 Speaker 2: rest of it. So it's going to create huge amounts 202 00:09:12,777 --> 00:09:14,897 Speaker 2: of economic growth through what I was talking about before. Right, 203 00:09:15,177 --> 00:09:18,097 Speaker 2: that economic growth delivers more revenues because as people have 204 00:09:18,137 --> 00:09:20,817 Speaker 2: more income and companies have more income, they pay more 205 00:09:20,857 --> 00:09:23,417 Speaker 2: income tax and more corporate tax. That's going to boost 206 00:09:23,817 --> 00:09:26,857 Speaker 2: revenues by about a percentage point of GDP if we 207 00:09:26,897 --> 00:09:29,377 Speaker 2: get growth to three percent, So that'll take a point 208 00:09:29,377 --> 00:09:30,057 Speaker 2: off the deficit. 209 00:09:30,177 --> 00:09:32,697 Speaker 1: Right. Number two is tariffs that you just brought up. 210 00:09:32,857 --> 00:09:34,857 Speaker 2: Tariffs are quite likely going to bring in hundreds of 211 00:09:34,857 --> 00:09:37,857 Speaker 2: billions of dollars of revenue every year if we keep 212 00:09:37,937 --> 00:09:39,137 Speaker 2: teriff rates where they are now. 213 00:09:39,657 --> 00:09:42,417 Speaker 1: That shaves another point off the deficit. Another one is 214 00:09:42,457 --> 00:09:43,697 Speaker 1: interest expense. 215 00:09:43,697 --> 00:09:46,737 Speaker 2: Because our policies push out the supply side of the 216 00:09:46,737 --> 00:09:49,217 Speaker 2: economy because they get workers to be willing to work 217 00:09:49,217 --> 00:09:51,857 Speaker 2: more because they keep more of their wages. Because firms 218 00:09:51,857 --> 00:09:54,657 Speaker 2: invest in more capital stock, they invest in more factories, 219 00:09:54,737 --> 00:09:57,777 Speaker 2: more equipment. That pushes at the supply side of the economy, which, 220 00:09:57,817 --> 00:10:01,137 Speaker 2: by the way, our deregulation efforts help also because deregulation 221 00:10:01,217 --> 00:10:02,977 Speaker 2: allows firms to just do what they want to do 222 00:10:03,097 --> 00:10:05,937 Speaker 2: to sell into the market without begging permission from Washington. 223 00:10:06,257 --> 00:10:08,857 Speaker 2: Firms should just be able to provide to meet consumer demand, 224 00:10:09,297 --> 00:10:11,977 Speaker 2: and that helps co price pressures. So as we bring 225 00:10:12,057 --> 00:10:15,217 Speaker 2: price pressures down, as we continue slaying the lingering Biden 226 00:10:15,257 --> 00:10:18,417 Speaker 2: inflation price pressures, interest rates will come down to And 227 00:10:18,457 --> 00:10:20,937 Speaker 2: if interest rates on federal debt come down to where 228 00:10:20,937 --> 00:10:24,417 Speaker 2: they were right before COVID struck, it'll shave another point 229 00:10:24,617 --> 00:10:26,977 Speaker 2: more than quite more than a point actually off of 230 00:10:27,017 --> 00:10:29,977 Speaker 2: the deficit. And then there's custom waste front, that waste 231 00:10:30,017 --> 00:10:32,657 Speaker 2: front abuse that you mentioned before. That's at least another 232 00:10:32,697 --> 00:10:35,857 Speaker 2: half a point off the deficit, maybe more so. Between 233 00:10:35,897 --> 00:10:38,497 Speaker 2: all of these things, I just gave you between three 234 00:10:38,537 --> 00:10:41,617 Speaker 2: and four percentage points of GDP worth of reduction off 235 00:10:41,617 --> 00:10:42,177 Speaker 2: the deficit. 236 00:10:42,337 --> 00:10:43,097 Speaker 1: And that's huge. 237 00:10:43,137 --> 00:10:45,217 Speaker 2: And guess what, none of this falls into the CBO 238 00:10:45,297 --> 00:10:47,737 Speaker 2: score because of the rules that Congress gave, the rules 239 00:10:47,777 --> 00:10:50,457 Speaker 2: that Congress adopted when they gave CBO its mission. But 240 00:10:50,497 --> 00:10:53,497 Speaker 2: there what are going to bring the deficit down materially 241 00:10:53,617 --> 00:10:56,257 Speaker 2: down over the next few years and help control the 242 00:10:56,257 --> 00:10:58,737 Speaker 2: federal deficit in the federal debt. But they don't enter 243 00:10:58,737 --> 00:11:01,257 Speaker 2: into the conversation because of the very peculiar rules of 244 00:11:01,297 --> 00:11:03,937 Speaker 2: how the scoring process from the Congressional Budget Office works. 245 00:11:03,977 --> 00:11:06,377 Speaker 2: But the administration's determined to bring the deficit down, and 246 00:11:06,417 --> 00:11:07,177 Speaker 2: we're going to succeed. 247 00:11:07,657 --> 00:11:10,017 Speaker 4: I've said it before, and a warrant saying again. Preborn 248 00:11:10,177 --> 00:11:14,137 Speaker 4: accomplishes in a year what so many other organizations would 249 00:11:14,177 --> 00:11:17,377 Speaker 4: hope to accomplish in a lifetime. Last year alone, Preborn 250 00:11:17,417 --> 00:11:21,417 Speaker 4: made it possible for tens of thousands of babies. 251 00:11:20,977 --> 00:11:22,657 Speaker 3: To be brought into this world. 252 00:11:23,057 --> 00:11:25,857 Speaker 4: And they start this whole process by welcoming pregnant mothers 253 00:11:25,857 --> 00:11:28,617 Speaker 4: who are considering abortion and presenting them with a better 254 00:11:28,657 --> 00:11:32,097 Speaker 4: idea giving life to the tiny baby in their womb. 255 00:11:32,537 --> 00:11:35,377 Speaker 4: Over the past two decades, three hundred and fifty thousand 256 00:11:35,497 --> 00:11:38,217 Speaker 4: babies have been saved in this way by Preborn's efforts. 257 00:11:38,817 --> 00:11:41,937 Speaker 4: And it all starts with that ultrasound process when Preborn 258 00:11:42,017 --> 00:11:44,737 Speaker 4: brings that mother to be in introduces her to the 259 00:11:44,737 --> 00:11:48,297 Speaker 4: tiny life growing inside of her womb, and then says 260 00:11:48,377 --> 00:11:53,417 Speaker 4: they'll be support, love and all kinds of help if 261 00:11:53,417 --> 00:11:56,497 Speaker 4: the mom chooses life for that baby. They accomplish this 262 00:11:56,737 --> 00:12:01,337 Speaker 4: with a very straightforward proposition. It's a twenty eight dollars 263 00:12:01,497 --> 00:12:06,937 Speaker 4: expense per ultrasound. Twenty eight dollars expense per ultrasound is 264 00:12:07,017 --> 00:12:09,617 Speaker 4: all that we're talking about for each one of these 265 00:12:09,697 --> 00:12:12,017 Speaker 4: possible life saving interventions. 266 00:12:12,417 --> 00:12:13,377 Speaker 3: With a pregnant woman. 267 00:12:13,737 --> 00:12:17,737 Speaker 4: Preborn operates communities in communities across our nation where abortion 268 00:12:17,857 --> 00:12:20,857 Speaker 4: rates are the highest. The resources and services they offer, 269 00:12:20,897 --> 00:12:23,817 Speaker 4: including that ultrasound to meet the unborn baby, really give 270 00:12:23,897 --> 00:12:26,977 Speaker 4: that mom another option, a better one of life. To 271 00:12:27,097 --> 00:12:30,897 Speaker 4: donate securely, dial pound two fifty and say the keyword baby. 272 00:12:30,937 --> 00:12:34,097 Speaker 4: That's pound two five zero say baby, or visit preborn 273 00:12:34,177 --> 00:12:37,697 Speaker 4: dot com slash buck that's preborn dot com slash b 274 00:12:37,897 --> 00:12:43,177 Speaker 4: u c K sponsored by Preborn. I know that from 275 00:12:43,257 --> 00:12:46,817 Speaker 4: a functional perspective, the answer is Jerome. 276 00:12:46,497 --> 00:12:47,577 Speaker 3: Powell in the Fed. 277 00:12:47,657 --> 00:12:51,937 Speaker 4: But what is the philosophical rationale as you can see 278 00:12:51,977 --> 00:12:53,817 Speaker 4: it for rates not coming down? 279 00:12:53,817 --> 00:12:54,977 Speaker 3: And President Trump's. 280 00:12:54,617 --> 00:12:58,617 Speaker 4: Been very vocal that he's frustrated given the low rate, 281 00:12:58,657 --> 00:13:01,177 Speaker 4: and I know the most recent data on inflation was 282 00:13:01,217 --> 00:13:02,137 Speaker 4: really encouraging. 283 00:13:02,977 --> 00:13:04,177 Speaker 3: Why haven't rates gone down? 284 00:13:04,617 --> 00:13:04,697 Speaker 1: Like? 285 00:13:04,737 --> 00:13:06,137 Speaker 4: What are we waiting? I mean, I think just normal 286 00:13:06,177 --> 00:13:08,057 Speaker 4: people want to ask what are they waiting for? I 287 00:13:08,097 --> 00:13:09,897 Speaker 4: know this is out of the White House's hands, So 288 00:13:11,137 --> 00:13:13,537 Speaker 4: are they just are they just being too late on this? 289 00:13:14,937 --> 00:13:15,137 Speaker 1: Well? 290 00:13:15,217 --> 00:13:17,977 Speaker 2: I mean, you know, over time they'll come down to reality, 291 00:13:18,017 --> 00:13:21,457 Speaker 2: and the reality is that we are we are killing 292 00:13:21,497 --> 00:13:26,737 Speaker 2: inflation in this administration. Inflation came in below expectations in 293 00:13:26,777 --> 00:13:31,137 Speaker 2: the last three reports. Core inflation on an annual basis 294 00:13:31,257 --> 00:13:33,177 Speaker 2: is as low as it's been since March of twenty 295 00:13:33,217 --> 00:13:35,977 Speaker 2: twenty one. So we've taken out all of the Biden 296 00:13:35,977 --> 00:13:39,337 Speaker 2: inflation that occurred in twenty twenty later in twenty twenty 297 00:13:39,337 --> 00:13:42,097 Speaker 2: one and twenty twenty two, and our policies will continue 298 00:13:42,097 --> 00:13:45,777 Speaker 2: pushing inflation doubt by allowing the economy to produce more 299 00:13:46,577 --> 00:13:49,297 Speaker 2: of getting government out of the way, getting the tax 300 00:13:49,337 --> 00:13:52,857 Speaker 2: man out of the way, letting workers work, letting firms invest, 301 00:13:52,897 --> 00:13:55,297 Speaker 2: letting firms produce by getting regulations out of the way. 302 00:13:55,337 --> 00:13:56,697 Speaker 1: Cutting red tape. 303 00:13:56,657 --> 00:13:59,377 Speaker 2: Allows firms to deliver into consumer demand and keeps pressure, 304 00:13:59,497 --> 00:14:02,377 Speaker 2: keeps price pressures low, and that will kill inflation, and 305 00:14:02,417 --> 00:14:04,097 Speaker 2: that will bring interest rates down over time. 306 00:14:04,897 --> 00:14:08,657 Speaker 4: Steve Myron, Chairman Council of Economic Advisors at the White House, 307 00:14:08,657 --> 00:14:10,377 Speaker 4: Thanks for being the time for us today, sir, great 308 00:14:10,417 --> 00:14:13,497 Speaker 4: to talk to you, and please keep this economy roaring 309 00:14:13,537 --> 00:14:13,897 Speaker 4: all right. 310 00:14:13,937 --> 00:14:15,817 Speaker 3: A lot of people are happy to see it. 311 00:14:16,897 --> 00:14:18,417 Speaker 1: Thanks for having me. It's been a real pleasure. 312 00:14:19,337 --> 00:14:23,457 Speaker 4: Israel experienced even more attacks last week latest in this 313 00:14:23,577 --> 00:14:26,857 Speaker 4: onslaught five of them, in fact, from the Houthi rebels. 314 00:14:26,977 --> 00:14:28,817 Speaker 4: Just when you think the Houthi Rebels may be limited 315 00:14:28,817 --> 00:14:31,457 Speaker 4: from any further missile strikes after both the US and 316 00:14:31,577 --> 00:14:35,417 Speaker 4: the IDEA forces eliminated their ability to launch rockets, Israel 317 00:14:35,457 --> 00:14:38,137 Speaker 4: fears there are more that could be coming. There's little 318 00:14:38,137 --> 00:14:40,497 Speaker 4: that could provide peace in Israel right now for young 319 00:14:40,537 --> 00:14:42,977 Speaker 4: and old alike, and a country that embraces their youth 320 00:14:43,017 --> 00:14:46,057 Speaker 4: as well as respecting their elders, especially those that survived 321 00:14:46,057 --> 00:14:49,137 Speaker 4: the Holocaust and are still with us. Eighty years ago 322 00:14:49,177 --> 00:14:51,497 Speaker 4: this month, the horror of the Holocaust, the Final Solution 323 00:14:51,577 --> 00:14:53,657 Speaker 4: as it was called, came to an end. Half of 324 00:14:53,737 --> 00:14:57,377 Speaker 4: all living Holocaust survivors reside in Israel today, further testimony 325 00:14:57,417 --> 00:14:59,777 Speaker 4: to just how special Israel is. The pain of the 326 00:14:59,817 --> 00:15:02,537 Speaker 4: pass is only intensified by these kinds of missile attacks. 327 00:15:02,777 --> 00:15:04,977 Speaker 4: The Government of Israel does all they can, but it 328 00:15:05,057 --> 00:15:07,777 Speaker 4: is time to stand with our friends and allies in Israel. 329 00:15:08,017 --> 00:15:11,257 Speaker 4: That's why I support the International Fellowship of Christians and Jews. 330 00:15:11,817 --> 00:15:13,937 Speaker 4: The Fellowship provides a lifeline in the form of hot 331 00:15:13,977 --> 00:15:16,177 Speaker 4: meals and boxes full of healthy food, and for only 332 00:15:16,217 --> 00:15:18,457 Speaker 4: twenty five dollars, you can help provide a food box 333 00:15:18,577 --> 00:15:20,777 Speaker 4: in fact, you can do even better than that. Three 334 00:15:20,897 --> 00:15:23,577 Speaker 4: hundred and thirty five dollars provides hot meals for an 335 00:15:23,777 --> 00:15:27,377 Speaker 4: entire year. To give generously, call eighty eight four eight 336 00:15:27,377 --> 00:15:30,457 Speaker 4: eight IFCJ. That's eight eight eight four eight eight four 337 00:15:30,537 --> 00:15:33,417 Speaker 4: three two five, or go to IFCJ dot org. That's 338 00:15:33,497 --> 00:15:35,257 Speaker 4: IFCJ dot org.