1 00:00:00,040 --> 00:00:02,400 Speaker 1: Welcome to the Truth with Lisa Booth, where we get 2 00:00:02,400 --> 00:00:05,200 Speaker 1: to the heart of the issues that matter to you. Today, 3 00:00:05,200 --> 00:00:09,520 Speaker 1: we're talking about affordability. President Trump begins his cross country 4 00:00:09,560 --> 00:00:13,600 Speaker 1: tour on affordability and battleground states like Pennsylvania. He's going 5 00:00:13,640 --> 00:00:16,560 Speaker 1: to be talking about what he's done, what is administration 6 00:00:16,640 --> 00:00:19,680 Speaker 1: has done to make life easier for you. We're going 7 00:00:19,720 --> 00:00:21,720 Speaker 1: to get into it with EJ and Tony. He is 8 00:00:21,760 --> 00:00:23,920 Speaker 1: a chief economist at the Heritage Foundation. 9 00:00:24,320 --> 00:00:25,239 Speaker 2: He's a friend of the show. 10 00:00:25,239 --> 00:00:30,080 Speaker 1: We've had him on before to talk about President Trump's policies. 11 00:00:30,680 --> 00:00:32,000 Speaker 2: Have they made life better? 12 00:00:32,360 --> 00:00:35,120 Speaker 1: We'll talk about deregulation, the tax cuts as well as 13 00:00:35,159 --> 00:00:37,920 Speaker 1: the tariffs, and then also what impact does the legal 14 00:00:37,960 --> 00:00:39,839 Speaker 1: immigration have on housing. 15 00:00:40,720 --> 00:00:43,120 Speaker 2: So we'll dig into all of that and more. Stay 16 00:00:43,159 --> 00:00:50,600 Speaker 2: tuned for EJ. Well. EJ, it's always great to have 17 00:00:50,720 --> 00:00:51,640 Speaker 2: you on the show. 18 00:00:51,800 --> 00:00:54,960 Speaker 1: I want to talk to you about the buzzword affordability. 19 00:00:55,040 --> 00:00:58,560 Speaker 1: Everybody's talking about it. I'm sure sure you've heard the 20 00:00:58,600 --> 00:01:01,680 Speaker 1: word here or there in the past few weeks. I 21 00:01:01,840 --> 00:01:03,920 Speaker 1: appreciate you coming on and talking about it. 22 00:01:04,400 --> 00:01:05,800 Speaker 3: Yeah, my pleasure, Lisa. 23 00:01:05,840 --> 00:01:07,320 Speaker 4: I feel like the rest of the world is playing 24 00:01:07,360 --> 00:01:09,680 Speaker 4: ketchup to you and me, were we like the only 25 00:01:09,720 --> 00:01:13,680 Speaker 4: two talking about affordability for four stinking years before everyone. 26 00:01:13,360 --> 00:01:15,240 Speaker 3: Else realized it was a problem. 27 00:01:15,720 --> 00:01:19,000 Speaker 1: Is like, why weren't we talking about or you know, 28 00:01:19,240 --> 00:01:22,240 Speaker 1: obviously we were, But like, now the media all of 29 00:01:22,240 --> 00:01:24,240 Speaker 1: a sudden cares about affordability and the left all of 30 00:01:24,280 --> 00:01:26,840 Speaker 1: a sudden cares about affordability after four years of an 31 00:01:26,840 --> 00:01:29,880 Speaker 1: affordability little bred shot. 32 00:01:30,360 --> 00:01:33,760 Speaker 4: Exactly, it's because they think now it's politically profitable for 33 00:01:33,800 --> 00:01:36,840 Speaker 4: them to do so, whereas before it obviously wasn't. Because 34 00:01:36,840 --> 00:01:39,759 Speaker 4: the last thing they wanted to do when their guy 35 00:01:39,800 --> 00:01:41,920 Speaker 4: was in the White House was draw attention to the 36 00:01:41,920 --> 00:01:44,920 Speaker 4: fact that he was failing Americans literally every single day 37 00:01:45,560 --> 00:01:47,480 Speaker 4: in terms of the cost of living. And now all 38 00:01:47,520 --> 00:01:49,600 Speaker 4: of a sudden, now, oh now it's a concern. 39 00:01:49,720 --> 00:01:54,680 Speaker 1: Okay, well exactly how do you think you know, obviously 40 00:01:54,680 --> 00:01:58,920 Speaker 1: President Trump's brought to embark on this affordability tour. He'll 41 00:01:58,960 --> 00:02:01,640 Speaker 1: be in a Pennsylvania today. How do you think the 42 00:02:01,640 --> 00:02:04,800 Speaker 1: White House is doing and sort of messaging on what 43 00:02:04,840 --> 00:02:07,840 Speaker 1: they've done and what President Trump's done on affordability. 44 00:02:08,919 --> 00:02:11,560 Speaker 4: Yeah, I think they're doing Okay, Lisa, I just don't 45 00:02:11,560 --> 00:02:15,600 Speaker 4: think they do themselves any favors when they conflate what 46 00:02:15,720 --> 00:02:20,000 Speaker 4: Democrats are saying with the reality that Americans are feeling, 47 00:02:20,040 --> 00:02:22,799 Speaker 4: because those two things are not the same. Right When 48 00:02:22,840 --> 00:02:27,560 Speaker 4: Democrats say, oh, Trump caused an affordability crisis, okay, obviously 49 00:02:27,600 --> 00:02:30,960 Speaker 4: that's ridiculous. The affordability crisis was the whole reason Trump 50 00:02:31,040 --> 00:02:32,920 Speaker 4: got sent back to Washington. 51 00:02:32,520 --> 00:02:33,200 Speaker 3: To fix it. 52 00:02:33,480 --> 00:02:36,200 Speaker 4: Everyone was so sick of the economy under Biden and 53 00:02:36,240 --> 00:02:39,440 Speaker 4: Bidenomics that they sent Trump back because they remembered how 54 00:02:39,480 --> 00:02:42,320 Speaker 4: good the economy was in the first Trump term, so 55 00:02:42,360 --> 00:02:45,720 Speaker 4: they sent him back to DC specifically because there already 56 00:02:45,800 --> 00:02:49,359 Speaker 4: was an affordability crisis obviously before he took office, since 57 00:02:49,400 --> 00:02:52,720 Speaker 4: it was before the election. So you don't want to 58 00:02:52,760 --> 00:02:55,000 Speaker 4: say at the same time, though, just because what the 59 00:02:55,040 --> 00:02:57,280 Speaker 4: Democrats are saying as a hoax, you don't want to 60 00:02:58,040 --> 00:03:00,320 Speaker 4: you don't want people to get the impression you're saying 61 00:03:00,680 --> 00:03:03,800 Speaker 4: that what people are feeling is a hoax. And I 62 00:03:03,840 --> 00:03:07,280 Speaker 4: hope I'm making that distinction clear. There still is a 63 00:03:07,440 --> 00:03:11,320 Speaker 4: very real affordability crisis. The monthly mortgage payment on a 64 00:03:11,360 --> 00:03:16,079 Speaker 4: median price home literally doubled under the Biden administration. Now 65 00:03:16,120 --> 00:03:18,040 Speaker 4: have costs come down a little bit in terms of 66 00:03:18,040 --> 00:03:21,600 Speaker 4: home ownership. Yes, but have we by any means reset 67 00:03:21,639 --> 00:03:24,880 Speaker 4: the clock as it were? Are we back to where 68 00:03:25,880 --> 00:03:29,000 Speaker 4: home ownership affordability was under the first Trump term. No, 69 00:03:29,080 --> 00:03:32,160 Speaker 4: not at all. We have a very long way to go. 70 00:03:32,760 --> 00:03:35,560 Speaker 4: When you have messaging that I think conflates those two 71 00:03:36,040 --> 00:03:39,040 Speaker 4: and says the affordability crisis is a scam. No, the 72 00:03:39,080 --> 00:03:43,160 Speaker 4: affordability crisis is very real as it was two years ago, 73 00:03:43,400 --> 00:03:47,040 Speaker 4: three years ago, etc. But the Democrats messaging on it 74 00:03:47,080 --> 00:03:49,760 Speaker 4: is certainly the thing that is a scam. I do 75 00:03:49,800 --> 00:03:52,000 Speaker 4: think the White House is doing a better job of 76 00:03:52,080 --> 00:03:55,040 Speaker 4: highlighting the ways in which they are helping to bring 77 00:03:55,160 --> 00:03:57,720 Speaker 4: costs down or at least to stop them from going up. 78 00:03:58,120 --> 00:03:59,480 Speaker 4: I mean, look at what they've been able to do 79 00:03:59,520 --> 00:04:03,120 Speaker 4: with energy, with getting gas prices down to the lowest 80 00:04:03,200 --> 00:04:04,600 Speaker 4: level in five years. 81 00:04:04,640 --> 00:04:04,800 Speaker 3: Now. 82 00:04:04,840 --> 00:04:08,240 Speaker 4: You have several states where actually a lot of states, 83 00:04:08,280 --> 00:04:10,560 Speaker 4: most states where gas is under three dollars. You even 84 00:04:10,560 --> 00:04:12,640 Speaker 4: have a couple of states where the average price for 85 00:04:12,720 --> 00:04:15,480 Speaker 4: unleaded is below two dollars. It's like a buck ninety five, 86 00:04:15,520 --> 00:04:18,120 Speaker 4: a buck ninety nine. So great news, there a great 87 00:04:18,200 --> 00:04:21,440 Speaker 4: progress there, and it's not just Lisa from the standpoint 88 00:04:21,480 --> 00:04:24,120 Speaker 4: of now, the average American is going to pay less 89 00:04:24,160 --> 00:04:26,359 Speaker 4: every week when they fill up their own tank. But 90 00:04:26,839 --> 00:04:29,159 Speaker 4: look around, especially this time of year, at all the 91 00:04:29,279 --> 00:04:32,640 Speaker 4: Amazon delivery vans, right, Or even if you're not getting 92 00:04:32,640 --> 00:04:34,640 Speaker 4: an Amazon delivery, what about when you go to the 93 00:04:34,640 --> 00:04:37,200 Speaker 4: grocery store, you grab a gallon of milk, a carton 94 00:04:37,240 --> 00:04:39,840 Speaker 4: of eggs, a bag of bread, you know, you name it, 95 00:04:40,240 --> 00:04:42,120 Speaker 4: I don't care what it is. You grab anything off 96 00:04:42,120 --> 00:04:44,479 Speaker 4: the shelf, off the shelf, how did it get to 97 00:04:44,520 --> 00:04:47,279 Speaker 4: the store in the first place on a truck or 98 00:04:47,320 --> 00:04:51,080 Speaker 4: some other kind of delivery vehicle that was fueled by oil, 99 00:04:51,520 --> 00:04:55,040 Speaker 4: by diesel, by gas. Right. So bringing what I'm getting 100 00:04:55,040 --> 00:04:58,240 Speaker 4: at here, Lisa, is that by bringing down these energy prices, 101 00:04:58,800 --> 00:05:01,400 Speaker 4: that's going to put downward press hrun prices throughout the 102 00:05:01,480 --> 00:05:05,440 Speaker 4: economy because all of those transportation costs are a costs 103 00:05:05,480 --> 00:05:08,280 Speaker 4: that a business has to pass on to the consumer 104 00:05:08,360 --> 00:05:10,680 Speaker 4: in the final price of a product. And so if 105 00:05:10,680 --> 00:05:13,479 Speaker 4: Amazon is paying less for its delivery costs, you're going 106 00:05:13,560 --> 00:05:16,440 Speaker 4: to pay lower prices on Amazon. If the grocer is 107 00:05:16,480 --> 00:05:19,040 Speaker 4: paying less for his or her delivery costs, you're going 108 00:05:19,080 --> 00:05:22,159 Speaker 4: to pay less for your groceries. Things like that are 109 00:05:22,279 --> 00:05:25,080 Speaker 4: great news. I think the messaging also will get a 110 00:05:25,120 --> 00:05:27,479 Speaker 4: little bit easier in the new year because of some 111 00:05:27,560 --> 00:05:29,839 Speaker 4: of the changes with the One Big Beautiful Bill, some 112 00:05:29,960 --> 00:05:33,640 Speaker 4: of the tax changes, people will be able to you know, 113 00:05:33,680 --> 00:05:35,560 Speaker 4: not only are they going to get some in some 114 00:05:35,640 --> 00:05:38,120 Speaker 4: cases a very sizable tax refund, but they're going to 115 00:05:38,160 --> 00:05:40,840 Speaker 4: be able to change their tax with holdings, and so 116 00:05:40,880 --> 00:05:43,640 Speaker 4: they'll get to keep more of their weeklier monthly paycheck 117 00:05:43,680 --> 00:05:45,680 Speaker 4: in the first place. So things like that are really 118 00:05:45,680 --> 00:05:48,719 Speaker 4: going to benefit the average American, not just you know, 119 00:05:48,760 --> 00:05:49,760 Speaker 4: the Wall Street Titan. 120 00:05:49,880 --> 00:05:51,360 Speaker 1: Yeah, I do worry a little bit about some of 121 00:05:51,360 --> 00:05:53,839 Speaker 1: them in the messaging because it's like if you're fighting 122 00:05:54,040 --> 00:05:57,400 Speaker 1: with your partner, you know, your spouse, your boyfriend, girlfriend, whatever, 123 00:05:57,880 --> 00:06:01,240 Speaker 1: and like someone's like, oh, like calm down in a relationship. 124 00:06:01,279 --> 00:06:03,120 Speaker 2: You know, you're like, don't tell me to calm down. 125 00:06:03,200 --> 00:06:05,440 Speaker 2: Like I'm trying to express how I feel, you know. 126 00:06:05,480 --> 00:06:07,920 Speaker 1: And so I feel like Americans right now, like they're frustrated. 127 00:06:08,360 --> 00:06:09,719 Speaker 2: It's showing up in the polling. 128 00:06:09,920 --> 00:06:12,880 Speaker 1: You know, they're trying to tell politicians how they feel 129 00:06:12,880 --> 00:06:14,880 Speaker 1: about the state of the economy, and so telling them 130 00:06:14,920 --> 00:06:18,000 Speaker 1: like you're fine, calm down, right, Like it's just going 131 00:06:18,040 --> 00:06:21,520 Speaker 1: to enrage voters when like they want to feel heard 132 00:06:22,000 --> 00:06:26,280 Speaker 1: and understood and that they're struggling exactly. 133 00:06:25,720 --> 00:06:26,520 Speaker 3: One hundred percent. 134 00:06:26,600 --> 00:06:28,839 Speaker 4: Li said, Yeah, this I think is part of the 135 00:06:28,920 --> 00:06:32,160 Speaker 4: difficulty with Well, let me put it this way. You know, 136 00:06:32,240 --> 00:06:36,440 Speaker 4: at some point you can say this is Trump's economy now, right, 137 00:06:37,000 --> 00:06:40,240 Speaker 4: But by no means can I think anybody say that 138 00:06:40,400 --> 00:06:42,800 Speaker 4: not even a year into this Trump was going to 139 00:06:42,880 --> 00:06:46,520 Speaker 4: be able to somehow magically reverse literally everything Biden did, 140 00:06:46,680 --> 00:06:49,960 Speaker 4: and it would take even longer than to reverse the effects. 141 00:06:50,080 --> 00:06:53,080 Speaker 4: Let's not forget, not even a month into the Biden 142 00:06:53,080 --> 00:06:56,680 Speaker 4: administration he signed his first multi trillion dollar spending bill 143 00:06:57,040 --> 00:07:01,360 Speaker 4: into law, So the spending started a cent immediately, and 144 00:07:01,400 --> 00:07:03,680 Speaker 4: it was on a very grand scale. Again, we're talking 145 00:07:03,760 --> 00:07:07,680 Speaker 4: multi trillion dollar pieces of legislation. But when did we 146 00:07:07,760 --> 00:07:11,120 Speaker 4: finally get the peak of forty year high inflation. It 147 00:07:11,200 --> 00:07:13,760 Speaker 4: wasn't until a whole year and a half later, So 148 00:07:13,800 --> 00:07:17,760 Speaker 4: it really took eighteen months for the inflation to really 149 00:07:17,880 --> 00:07:20,240 Speaker 4: kick in in a big way. When you got you know, 150 00:07:20,280 --> 00:07:23,760 Speaker 4: inflation over nine percent by the CPI in double digits, 151 00:07:23,800 --> 00:07:26,680 Speaker 4: looking at the PPI, you have lots of different metrics, 152 00:07:26,800 --> 00:07:28,800 Speaker 4: so what I'm getting at here is the fact that 153 00:07:29,040 --> 00:07:32,200 Speaker 4: even if Trump started, which he did on day one, 154 00:07:32,720 --> 00:07:37,040 Speaker 4: with the regulatory changes, with the executive orders, you couldn't 155 00:07:37,040 --> 00:07:39,960 Speaker 4: expect that to have an instantaneous effect. It took even 156 00:07:40,040 --> 00:07:42,560 Speaker 4: longer for Congress to act. My goodness, look how long 157 00:07:42,600 --> 00:07:45,000 Speaker 4: it took them just to get the tax. 158 00:07:44,760 --> 00:07:46,160 Speaker 3: Bill across the finish line. 159 00:07:46,440 --> 00:07:48,679 Speaker 4: So yes, it is going to take time to actually 160 00:07:48,720 --> 00:07:51,040 Speaker 4: get this stuff done, and unfortunately it's going to take 161 00:07:51,080 --> 00:07:52,200 Speaker 4: even longer to. 162 00:07:52,200 --> 00:07:52,880 Speaker 3: Have an effect. 163 00:07:52,920 --> 00:07:55,920 Speaker 4: Now that's not much consolation for the average Joe who's 164 00:07:55,960 --> 00:07:58,880 Speaker 4: really suffering, right. I did an interview the other day, 165 00:07:58,920 --> 00:08:00,600 Speaker 4: and I hope I didn't get get too mad at 166 00:08:00,640 --> 00:08:03,120 Speaker 4: the person asking the question, because they said, you know, why, 167 00:08:03,200 --> 00:08:05,840 Speaker 4: why are the American people so impatient? Why can't they 168 00:08:05,880 --> 00:08:08,440 Speaker 4: just give the president, you know, two years or even 169 00:08:08,480 --> 00:08:10,680 Speaker 4: just eighteen months. Why can't they give them some time? 170 00:08:11,040 --> 00:08:13,880 Speaker 4: I'm like, what do you mean, wait eighteen months? Why 171 00:08:13,960 --> 00:08:16,080 Speaker 4: should they have to wait eighteen months? They are right 172 00:08:16,160 --> 00:08:18,880 Speaker 4: to be angry because they've been waiting three years. You're 173 00:08:18,920 --> 00:08:21,800 Speaker 4: not just asking the American people, you know, to suffer 174 00:08:21,840 --> 00:08:24,000 Speaker 4: for a year and a half because they've already been 175 00:08:24,080 --> 00:08:27,400 Speaker 4: suffering for three years, So what you're really saying is 176 00:08:27,440 --> 00:08:28,920 Speaker 4: not a year and a half but four and a 177 00:08:28,960 --> 00:08:31,520 Speaker 4: half years. That's how you have to look at this, 178 00:08:32,080 --> 00:08:34,160 Speaker 4: you know, to get the perspective. I think of the 179 00:08:34,280 --> 00:08:37,839 Speaker 4: average American what they've been dealing with and what they 180 00:08:37,880 --> 00:08:42,080 Speaker 4: continue to be dealing with in this American economy. And again, 181 00:08:42,120 --> 00:08:44,960 Speaker 4: it's not the president's fault. I don't mean by I'm 182 00:08:44,960 --> 00:08:47,480 Speaker 4: not in any way trying to insinuate that the president 183 00:08:47,559 --> 00:08:50,520 Speaker 4: is making things better, not worse. But I don't want 184 00:08:50,520 --> 00:08:53,800 Speaker 4: to diminish how bad things got. Things got because of 185 00:08:53,840 --> 00:08:55,559 Speaker 4: how much Biden made them worse. 186 00:08:56,280 --> 00:08:59,840 Speaker 1: I think the argument in the messaging should be, look, 187 00:09:00,080 --> 00:09:03,080 Speaker 1: Biden screwed this up, which is why you elected us. 188 00:09:03,880 --> 00:09:05,160 Speaker 2: We've made improvements. 189 00:09:05,240 --> 00:09:07,560 Speaker 1: Here they are, but of course the economy is not 190 00:09:07,600 --> 00:09:10,560 Speaker 1: where it should be right now. You're still hurting. We 191 00:09:10,600 --> 00:09:13,360 Speaker 1: have so much more to do. Why send the people 192 00:09:13,360 --> 00:09:18,480 Speaker 1: in who broke it originally? Well, exactly like an acknowledgment 193 00:09:18,520 --> 00:09:21,200 Speaker 1: that we're not where we should be. You have every 194 00:09:21,280 --> 00:09:24,000 Speaker 1: right to be hurting, but we have made improvements. We 195 00:09:24,080 --> 00:09:26,080 Speaker 1: just need more time. Like it was really screwed up, 196 00:09:26,200 --> 00:09:26,520 Speaker 1: you know. 197 00:09:27,040 --> 00:09:30,840 Speaker 4: Right, as Lincoln famously said, don't change horses mid stream 198 00:09:31,040 --> 00:09:33,640 Speaker 4: right for the election during during the middle of the 199 00:09:33,679 --> 00:09:38,240 Speaker 4: Civil War. I think you're absolutely rightly so. The one 200 00:09:38,600 --> 00:09:41,679 Speaker 4: analogy I like to use is that the I guess 201 00:09:41,800 --> 00:09:45,320 Speaker 4: Biden Biden nomics, you could say, is much like alcoholism. 202 00:09:45,679 --> 00:09:49,640 Speaker 4: In other words, the economy just moved from one spending 203 00:09:49,679 --> 00:09:52,760 Speaker 4: binge or one drinking binge to the next. And every 204 00:09:52,760 --> 00:09:56,079 Speaker 4: time the economy started to sober up and things started 205 00:09:56,120 --> 00:09:59,520 Speaker 4: to look bad, they just gave it another shot of whiskey, 206 00:09:59,559 --> 00:10:02,559 Speaker 4: another sh out of spending to try to keep the 207 00:10:02,600 --> 00:10:03,320 Speaker 4: buzz going. 208 00:10:03,400 --> 00:10:03,960 Speaker 3: As it were. 209 00:10:04,160 --> 00:10:06,120 Speaker 4: You know, if the government spends enough money, that sure 210 00:10:06,200 --> 00:10:08,480 Speaker 4: is going to make your GDP numbers look really good. 211 00:10:08,800 --> 00:10:10,800 Speaker 4: Then if the government hires enough people, that's going to 212 00:10:10,840 --> 00:10:12,720 Speaker 4: make your job's numbers look really good. 213 00:10:13,120 --> 00:10:14,320 Speaker 3: But what's going on. 214 00:10:14,280 --> 00:10:18,560 Speaker 4: In the actual internals of the economy. It's rot it's decay, 215 00:10:19,000 --> 00:10:22,120 Speaker 4: it's organ failure, if you will, to continue with the 216 00:10:22,400 --> 00:10:26,280 Speaker 4: alcoholism analogy. And what we're seeing this year is the 217 00:10:26,360 --> 00:10:30,400 Speaker 4: painful sobering up instead of the hair of the dog 218 00:10:30,640 --> 00:10:34,160 Speaker 4: like we've been doing. The Trump administration is saying, nope, 219 00:10:34,400 --> 00:10:37,320 Speaker 4: we are going to actually sober up here. So what 220 00:10:37,400 --> 00:10:40,120 Speaker 4: have we seen for example, with government purchases, they've been 221 00:10:40,160 --> 00:10:43,080 Speaker 4: flat for the year essentially, and that means that it's 222 00:10:43,080 --> 00:10:45,640 Speaker 4: been a drag on the GDP numbers. Despite that, the 223 00:10:45,679 --> 00:10:48,960 Speaker 4: GDP numbers are actually looking pretty good on average. What 224 00:10:49,080 --> 00:10:52,000 Speaker 4: about hiring, Well, it's been a total blow to the 225 00:10:52,080 --> 00:10:54,520 Speaker 4: labor market and a blow to the job's numbers that 226 00:10:55,040 --> 00:10:58,120 Speaker 4: the federal government is not only no longer hiring people 227 00:10:58,160 --> 00:11:01,600 Speaker 4: but laying them off. Federal layoffs have actually been so 228 00:11:01,720 --> 00:11:05,920 Speaker 4: intense this year, Lisa, they have offset entirely all of 229 00:11:05,960 --> 00:11:10,240 Speaker 4: the hiring by state governments and local governments combined. So 230 00:11:10,600 --> 00:11:13,319 Speaker 4: we've really seen the breaks come on hard there. And 231 00:11:13,360 --> 00:11:16,679 Speaker 4: that is also just like government spending reducing that is 232 00:11:16,760 --> 00:11:20,720 Speaker 4: dragging down the GDP number, reducing government hiring has dragged 233 00:11:20,760 --> 00:11:24,200 Speaker 4: down the jobs numbers. But despite the official numbers not 234 00:11:24,240 --> 00:11:28,920 Speaker 4: looking good, despite the initial effects appearing negative, this is 235 00:11:29,000 --> 00:11:31,080 Speaker 4: not a bad sign. This is a good sign. It's 236 00:11:31,120 --> 00:11:35,040 Speaker 4: a sign we're returning to long term economic health. Just 237 00:11:35,160 --> 00:11:37,320 Speaker 4: like when you wake up with a hangover, not that 238 00:11:37,360 --> 00:11:38,880 Speaker 4: any of us have been there, but when you wake 239 00:11:38,960 --> 00:11:41,920 Speaker 4: up with a hangover, you feel lousy, and the temptation 240 00:11:42,120 --> 00:11:44,520 Speaker 4: might be to go back to the bottle right, the 241 00:11:44,520 --> 00:11:46,880 Speaker 4: hair of the dog. But the path to long run 242 00:11:46,960 --> 00:11:50,040 Speaker 4: health is to go through the pain of that headache 243 00:11:50,120 --> 00:11:52,080 Speaker 4: of that I don't know, the nausea, whatever the case 244 00:11:52,120 --> 00:11:54,360 Speaker 4: may be, right, go through the pain of the hangover. 245 00:11:54,840 --> 00:11:58,200 Speaker 4: Let your liver do its thing and clear out the junk, 246 00:11:58,600 --> 00:12:01,360 Speaker 4: and that's how you get back towards the path of health. 247 00:12:01,760 --> 00:12:03,760 Speaker 1: Got to take a quick commercial break more with EJ 248 00:12:03,920 --> 00:12:10,560 Speaker 1: On the other side, how much of do you think 249 00:12:10,679 --> 00:12:14,800 Speaker 1: by you know, going through with the tariffs, President Trump 250 00:12:14,920 --> 00:12:17,800 Speaker 1: ended up taking more ownership over the economy, and it 251 00:12:17,840 --> 00:12:21,240 Speaker 1: makes it more difficult to blame it on Joe Biden 252 00:12:21,360 --> 00:12:25,680 Speaker 1: because Americans sort of associate the tariffs with disruption and 253 00:12:25,840 --> 00:12:27,480 Speaker 1: like that's coming from him. 254 00:12:28,080 --> 00:12:31,880 Speaker 4: That's a really really good point, Lisa. I think I 255 00:12:31,880 --> 00:12:35,640 Speaker 4: think there's definitely merit to that. The more changes, especially 256 00:12:35,760 --> 00:12:39,559 Speaker 4: radical changes, that the president makes, the more people are 257 00:12:39,559 --> 00:12:44,880 Speaker 4: going to associate the economy with him and with his actions. Unfortunately, though, 258 00:12:45,040 --> 00:12:48,600 Speaker 4: tariffs are another example, especially the way this president has 259 00:12:48,679 --> 00:12:51,640 Speaker 4: been using them. Tariffs are another case where you get 260 00:12:51,720 --> 00:12:57,839 Speaker 4: short term pain but long term gain. To incentivize people 261 00:12:57,880 --> 00:13:01,839 Speaker 4: to move manufacturing back to this cory. For example, it 262 00:13:01,920 --> 00:13:06,200 Speaker 4: temporarily might result in some imports getting more expensive. But 263 00:13:06,679 --> 00:13:10,439 Speaker 4: what have we seen with most of the major car manufacturers. 264 00:13:10,440 --> 00:13:13,760 Speaker 4: They're announcing they're going to create either invest to produce 265 00:13:13,800 --> 00:13:17,200 Speaker 4: more factories, or they're gonna they're gonna expand existing factories, 266 00:13:17,240 --> 00:13:19,360 Speaker 4: whatever the case may be, right, but they're gonna be 267 00:13:19,360 --> 00:13:23,160 Speaker 4: building more power trains here, They're gonna be doing more 268 00:13:23,200 --> 00:13:26,720 Speaker 4: final assemblies here, They're gonna have battery plants here, et cetera. 269 00:13:27,200 --> 00:13:30,160 Speaker 4: All of that is going to take time, but again 270 00:13:30,240 --> 00:13:34,920 Speaker 4: it's the path to long term, faster economic growth. And yes, 271 00:13:34,920 --> 00:13:38,240 Speaker 4: in the short run you might have some temporary price increases, 272 00:13:38,600 --> 00:13:43,160 Speaker 4: but again, short term pain, long term gain For an 273 00:13:43,160 --> 00:13:45,680 Speaker 4: American people, though, who have already been suffering under a 274 00:13:45,679 --> 00:13:48,080 Speaker 4: lot of pain, even just a little bit right now 275 00:13:48,160 --> 00:13:50,400 Speaker 4: can feel like a little bit more, I should say, 276 00:13:50,559 --> 00:13:53,200 Speaker 4: can feel like the straw that broke the camel's back. 277 00:13:53,280 --> 00:13:55,080 Speaker 4: So I think again that's part of what of the 278 00:13:55,080 --> 00:13:57,520 Speaker 4: difficulty that this administration is facing as well. 279 00:13:57,720 --> 00:14:01,320 Speaker 1: I also think the long term gain has to be 280 00:14:01,480 --> 00:14:06,479 Speaker 1: like particularly pronounced if you are making these sorts of disruptions, 281 00:14:06,720 --> 00:14:09,760 Speaker 1: and will we get there in terms of the long 282 00:14:09,840 --> 00:14:13,600 Speaker 1: term gain being worth the interim suffering? 283 00:14:14,040 --> 00:14:16,640 Speaker 4: Great, great point, and I think I think the way 284 00:14:16,720 --> 00:14:19,680 Speaker 4: you determine that is how willing the president is to 285 00:14:19,680 --> 00:14:22,600 Speaker 4: stay the course. You know, if the President just kind 286 00:14:22,600 --> 00:14:25,360 Speaker 4: of gives up the ghosts right now and says, okay, 287 00:14:25,440 --> 00:14:28,720 Speaker 4: forget this whole tariff strategy, what is every foreign nation 288 00:14:28,880 --> 00:14:30,720 Speaker 4: going to do realize that? 289 00:14:30,880 --> 00:14:31,960 Speaker 3: Oh, I guess every time. 290 00:14:31,760 --> 00:14:34,600 Speaker 4: The president talks now he's just bluffing. And now all 291 00:14:34,640 --> 00:14:37,760 Speaker 4: of this international trade stuff is just completely off the table. 292 00:14:38,400 --> 00:14:40,440 Speaker 4: All of the investment is going to dry up. I mean, 293 00:14:40,480 --> 00:14:42,880 Speaker 4: we have over ten trillion dollars that have been promised 294 00:14:43,160 --> 00:14:44,840 Speaker 4: in investment in the coming years. 295 00:14:45,080 --> 00:14:45,800 Speaker 3: That's huge. 296 00:14:46,040 --> 00:14:48,480 Speaker 4: That's more than the typical investment we get in the 297 00:14:48,560 --> 00:14:51,720 Speaker 4: United States domestically in a year. Granted it's spread out 298 00:14:51,760 --> 00:14:53,640 Speaker 4: over several years, but just for some you know, for 299 00:14:53,720 --> 00:14:57,480 Speaker 4: some context here as to the size of the investments, 300 00:14:57,520 --> 00:15:01,960 Speaker 4: whether it's investments in it infrastructure or manufacturing plants, or 301 00:15:01,960 --> 00:15:05,600 Speaker 4: even if it's investments in things like software development, whatever 302 00:15:05,640 --> 00:15:08,720 Speaker 4: the case may be, hard or soft assets, the money 303 00:15:08,800 --> 00:15:11,400 Speaker 4: is pouring in. All of that goes away. I think 304 00:15:11,520 --> 00:15:16,000 Speaker 4: if the President doesn't stay the course, and so, you know, 305 00:15:16,200 --> 00:15:18,720 Speaker 4: I hate to say that, you might be in for 306 00:15:19,040 --> 00:15:21,440 Speaker 4: even more pain, But I don't think it's going to 307 00:15:21,520 --> 00:15:25,800 Speaker 4: be considerably more than anything we've already experienced. I think 308 00:15:25,840 --> 00:15:28,760 Speaker 4: it just may be let's say a few more weeks 309 00:15:28,840 --> 00:15:31,840 Speaker 4: or maybe a few more months before we actually get 310 00:15:31,880 --> 00:15:35,480 Speaker 4: more of these trade deals hammered out. We already have several, right, 311 00:15:35,520 --> 00:15:37,720 Speaker 4: look at the great deal that he got with Japan, 312 00:15:37,800 --> 00:15:40,080 Speaker 4: for example, But it will probably be a little bit 313 00:15:40,120 --> 00:15:43,400 Speaker 4: longer before we get we get more details, especially like 314 00:15:43,440 --> 00:15:46,040 Speaker 4: the one with China, before we get all the details 315 00:15:46,080 --> 00:15:47,520 Speaker 4: ironed out on that trade deal. 316 00:15:48,280 --> 00:15:50,680 Speaker 2: Why are so many Americans living paycheck to paycheck? 317 00:15:51,960 --> 00:15:52,880 Speaker 3: Great great question? 318 00:15:52,960 --> 00:15:56,640 Speaker 4: For a long time, the answer, especially with the millennial generation, 319 00:15:57,360 --> 00:16:00,600 Speaker 4: was because they were making bad financial choices. That wasn't 320 00:16:00,640 --> 00:16:04,880 Speaker 4: true for everybody, right, but a disproportionate number of that 321 00:16:04,960 --> 00:16:08,200 Speaker 4: generation they didn't want to own a home. They were 322 00:16:08,240 --> 00:16:09,520 Speaker 4: just like, now, I'll just rent forever. 323 00:16:09,760 --> 00:16:09,920 Speaker 1: Now. 324 00:16:09,960 --> 00:16:11,840 Speaker 3: Some of that was environmental, right. 325 00:16:11,920 --> 00:16:14,400 Speaker 4: A lot of them were coming of age during during 326 00:16:14,440 --> 00:16:17,840 Speaker 4: the mortgage meltdown, and they saw the chaos that resulted 327 00:16:17,840 --> 00:16:19,560 Speaker 4: from that. Many of them were victims of it, and 328 00:16:19,560 --> 00:16:22,200 Speaker 4: they said, Okay, this whole home ownership thing is a scam. 329 00:16:22,240 --> 00:16:22,840 Speaker 3: It's not for me. 330 00:16:23,120 --> 00:16:25,200 Speaker 4: But then we saw a lot of other patterns where 331 00:16:25,800 --> 00:16:28,560 Speaker 4: they just they didn't even want to save, right. They 332 00:16:28,600 --> 00:16:31,960 Speaker 4: weren't saving for retirement, they weren't saving for you know, 333 00:16:32,000 --> 00:16:34,840 Speaker 4: saving up like a sinking fund. To buy a vehicle, 334 00:16:35,200 --> 00:16:37,240 Speaker 4: they would just go out and buy a vehicle, and 335 00:16:37,280 --> 00:16:39,480 Speaker 4: they would either lease it, which is the most expensive 336 00:16:39,480 --> 00:16:42,160 Speaker 4: way to drive, or they would buy on credit. And 337 00:16:42,360 --> 00:16:46,120 Speaker 4: increasingly they did that with a lot of things, even 338 00:16:46,160 --> 00:16:49,320 Speaker 4: things that traditionally most people would have just paid cash 339 00:16:49,440 --> 00:16:51,560 Speaker 4: or again would have saved up for with a sinking 340 00:16:51,600 --> 00:16:55,360 Speaker 4: fund or whatever the case may be. So millennials seemed 341 00:16:55,440 --> 00:16:58,360 Speaker 4: to be living beyond their means for a good number 342 00:16:58,360 --> 00:17:02,040 Speaker 4: of years. And today we find with like gen z 343 00:17:02,200 --> 00:17:05,080 Speaker 4: or the Zoomers, whatever we call them, they're actually when 344 00:17:05,080 --> 00:17:08,040 Speaker 4: we look at their spending habits, Lisa, believe it or not, 345 00:17:08,119 --> 00:17:12,679 Speaker 4: they're much more financially conservative, which is interesting because I 346 00:17:12,720 --> 00:17:16,160 Speaker 4: think that generation, at least, you know, well especially the men, 347 00:17:16,359 --> 00:17:19,119 Speaker 4: politically seem to be much more conservative according to some 348 00:17:19,119 --> 00:17:21,600 Speaker 4: of the data I've read, But financially. 349 00:17:21,080 --> 00:17:21,880 Speaker 3: They certainly are. 350 00:17:22,400 --> 00:17:26,040 Speaker 4: And so I don't think we can blame especially on 351 00:17:26,080 --> 00:17:28,160 Speaker 4: these really young folks by and large, I don't think 352 00:17:28,200 --> 00:17:31,640 Speaker 4: we can blame bad financial habits for why they're living 353 00:17:31,680 --> 00:17:32,600 Speaker 4: paycheck to paycheck. 354 00:17:32,640 --> 00:17:33,800 Speaker 3: It's not that they're living. 355 00:17:33,680 --> 00:17:36,679 Speaker 4: High on the low now. Of course, just like with millennials, 356 00:17:37,040 --> 00:17:39,399 Speaker 4: you'll find exceptions to every rule. I'm sure there are 357 00:17:39,400 --> 00:17:41,600 Speaker 4: plenty of gen Z folks out there, you know, who 358 00:17:41,600 --> 00:17:44,159 Speaker 4: are total spend thrifts, and you know, I get it. 359 00:17:44,200 --> 00:17:48,399 Speaker 4: There are those in every generation, right, But with gen Z, 360 00:17:49,160 --> 00:17:51,399 Speaker 4: I think the reason they are living beyond their means 361 00:17:51,560 --> 00:17:56,920 Speaker 4: is because the essentials, the daily essentials, the bare necessities, 362 00:17:56,960 --> 00:17:59,680 Speaker 4: are beyond their means. For a lot of them, they 363 00:17:59,720 --> 00:18:04,119 Speaker 4: can't afford a place to live and food and insurance 364 00:18:04,200 --> 00:18:07,919 Speaker 4: and transportation costs. I mean, it's staggering to see the 365 00:18:07,960 --> 00:18:11,480 Speaker 4: figures the number of people young people today who have 366 00:18:11,560 --> 00:18:13,679 Speaker 4: had to move back home with their parents. At one 367 00:18:13,680 --> 00:18:16,840 Speaker 4: point during the Biden administration, if you can believe this, Lisa, 368 00:18:17,119 --> 00:18:19,800 Speaker 4: young people were moving back in with their parents at 369 00:18:19,840 --> 00:18:22,720 Speaker 4: the highest rate since the nineteen thirties for those playing 370 00:18:22,720 --> 00:18:25,960 Speaker 4: along at home. That was the great depression. Among gen Z, 371 00:18:26,119 --> 00:18:29,800 Speaker 4: it's something like over half of them are either living 372 00:18:29,960 --> 00:18:33,080 Speaker 4: with their parents or living with some other family member, 373 00:18:33,720 --> 00:18:36,800 Speaker 4: or they're living with a group of friends. So like three, 374 00:18:36,920 --> 00:18:39,320 Speaker 4: four or five people to a place, you know, maybe 375 00:18:39,359 --> 00:18:41,679 Speaker 4: they're renting a house or whatever the case may be. 376 00:18:41,840 --> 00:18:44,760 Speaker 4: In other words, they just can't afford to make it 377 00:18:44,800 --> 00:18:47,480 Speaker 4: on their own. And that's not their fault. When it's 378 00:18:47,520 --> 00:18:50,280 Speaker 4: a small portion of a generation, yeah, I'll totally blame 379 00:18:50,680 --> 00:18:53,399 Speaker 4: that portion of the generation. But when it's an entire 380 00:18:53,520 --> 00:18:56,280 Speaker 4: generation like this, I just don't think we can blame them. 381 00:18:56,680 --> 00:18:59,800 Speaker 2: Do they really have it harder than previous generations? Though? 382 00:19:00,920 --> 00:19:02,800 Speaker 3: I think they do in a lot of ways. 383 00:19:02,880 --> 00:19:06,600 Speaker 4: Yeah, And I think the numbers bear this out. We 384 00:19:06,680 --> 00:19:09,840 Speaker 4: just mentioned a moment ago, the cost of home ownership 385 00:19:09,880 --> 00:19:12,880 Speaker 4: for just a median price home, not a mansion, right, 386 00:19:13,000 --> 00:19:16,160 Speaker 4: just the median price home, which hasn't changed in terms 387 00:19:16,200 --> 00:19:19,159 Speaker 4: of the home itself over the last four or five years. 388 00:19:19,440 --> 00:19:22,880 Speaker 4: That cost today is literally double what it was four 389 00:19:22,960 --> 00:19:26,480 Speaker 4: or five years ago. And so we've created this bifurcated 390 00:19:26,480 --> 00:19:30,480 Speaker 4: economy where you can basically place almost everyone, not quite 391 00:19:30,480 --> 00:19:33,480 Speaker 4: but almost everyone into one of two groups. Either those 392 00:19:33,520 --> 00:19:36,439 Speaker 4: who were lucky enough to get a home before interest 393 00:19:36,520 --> 00:19:38,880 Speaker 4: rates and home prices exploded. 394 00:19:38,440 --> 00:19:40,600 Speaker 3: In twenty twenty twenty one, twenty two, et cetera. 395 00:19:41,280 --> 00:19:43,359 Speaker 4: And so it's those who did it before and those 396 00:19:43,440 --> 00:19:46,160 Speaker 4: after who pretty much can't afford it and probably never 397 00:19:46,240 --> 00:19:48,600 Speaker 4: will be able to afford it. I mean, that's just 398 00:19:49,119 --> 00:19:52,760 Speaker 4: that's sickening. And I know interest rates were a lot 399 00:19:52,840 --> 00:19:54,840 Speaker 4: higher in the past. I know, I hear that from 400 00:19:54,880 --> 00:19:57,280 Speaker 4: boomers all the time. Oh back in my day, you know, 401 00:19:57,320 --> 00:20:00,240 Speaker 4: in the early eighties, interest rates were double digits. You know, 402 00:20:00,280 --> 00:20:02,520 Speaker 4: I had a mortgage at twenty percent. I get that, 403 00:20:02,680 --> 00:20:06,200 Speaker 4: yes you did. But look at the ratio of the 404 00:20:06,240 --> 00:20:09,959 Speaker 4: price of the home you bought to your salary. It 405 00:20:10,040 --> 00:20:13,520 Speaker 4: was actually lower. And if you look at the cost 406 00:20:13,560 --> 00:20:16,760 Speaker 4: of home ownership as a percentage of a salary, it 407 00:20:16,840 --> 00:20:19,480 Speaker 4: was lower. And then on top of that, just look 408 00:20:19,520 --> 00:20:22,560 Speaker 4: at the price of food, look at insurance. You know, 409 00:20:22,600 --> 00:20:25,320 Speaker 4: these are not things that you can do without, right 410 00:20:25,400 --> 00:20:29,080 Speaker 4: your transportation costs, et cetera. And if you add all 411 00:20:29,119 --> 00:20:31,600 Speaker 4: of this up, for a lot of young people today, 412 00:20:31,720 --> 00:20:35,320 Speaker 4: it exceeds their budget. I'm not talking about you know 413 00:20:35,480 --> 00:20:38,359 Speaker 4: what are all like Netflix or there's a there's a 414 00:20:38,400 --> 00:20:41,760 Speaker 4: Disney streaming service. Right there's these all these non essentials, 415 00:20:41,800 --> 00:20:44,919 Speaker 4: these different forms of entertainment that we have today. You know, 416 00:20:45,200 --> 00:20:48,679 Speaker 4: I'm not talking about affording the latest iPhone right now, 417 00:20:48,920 --> 00:20:52,760 Speaker 4: I'm just talking about the bare necessities here have gotten 418 00:20:52,800 --> 00:20:56,119 Speaker 4: astronomically expensive, and I think this is a big reason 419 00:20:56,200 --> 00:21:01,159 Speaker 4: why we are seeing so many of the youngest generation today. 420 00:21:01,760 --> 00:21:06,879 Speaker 4: Really they're really leaning towards extremes. They're leaning towards the 421 00:21:06,920 --> 00:21:10,280 Speaker 4: guys like Mamdanni, you know, but they're they're leaning towards 422 00:21:10,320 --> 00:21:14,040 Speaker 4: other extremists as well. Basically, anybody who is willing to 423 00:21:14,119 --> 00:21:16,560 Speaker 4: acknowledge the fact that there is a cost of living 424 00:21:16,600 --> 00:21:20,080 Speaker 4: crisis and that the hand this generation got dealt is 425 00:21:20,119 --> 00:21:23,920 Speaker 4: incredibly unfair. And it's like any politician who's just willing 426 00:21:24,000 --> 00:21:26,440 Speaker 4: to acknowledge that fact, people flock to them. 427 00:21:26,800 --> 00:21:27,520 Speaker 3: I mean, you. 428 00:21:27,400 --> 00:21:32,040 Speaker 4: Had you had almost ninety percent of some demographics of 429 00:21:32,160 --> 00:21:36,560 Speaker 4: young people voting for Mamdanni in New York. That is astounding. 430 00:21:36,640 --> 00:21:41,000 Speaker 4: That means he was even capturing a sizable portion of Republicans. 431 00:21:41,240 --> 00:21:43,720 Speaker 4: I'm not saying a majority of them, but a sizable 432 00:21:43,760 --> 00:21:44,480 Speaker 4: portion of them. 433 00:21:44,520 --> 00:21:49,720 Speaker 1: Nonetheless, what does illegal immigration impact housing in the country 434 00:21:49,840 --> 00:21:50,960 Speaker 1: and the cost of housing? 435 00:21:52,160 --> 00:21:55,920 Speaker 4: Oh, it's huge, Lisa, this is this is a great point. 436 00:21:55,960 --> 00:21:57,840 Speaker 4: I'm so glad you raised this. It's something that not 437 00:21:57,920 --> 00:22:00,480 Speaker 4: enough people are talking about right now. When we look 438 00:22:00,520 --> 00:22:06,040 Speaker 4: at home, home prices, cost of living. It's supply and demand, right, 439 00:22:06,400 --> 00:22:08,879 Speaker 4: we a lot sometimes we've fallen to the fallacy of 440 00:22:08,920 --> 00:22:10,000 Speaker 4: just talking about one or the other. 441 00:22:10,080 --> 00:22:10,560 Speaker 3: It's both. 442 00:22:10,600 --> 00:22:13,280 Speaker 4: It's supply and demand. When it comes to the supply 443 00:22:13,359 --> 00:22:16,919 Speaker 4: of homes, that's not nearly as elastic as the demand 444 00:22:16,960 --> 00:22:20,520 Speaker 4: for homes. What can change easier, what changes quicker. What 445 00:22:20,640 --> 00:22:25,480 Speaker 4: happened under Biden was we imported over ten million illegal aliens, right, 446 00:22:26,040 --> 00:22:29,040 Speaker 4: and the result of that was a huge increase in 447 00:22:29,080 --> 00:22:30,919 Speaker 4: the demand for housing units. 448 00:22:30,960 --> 00:22:32,320 Speaker 3: Those people got to live somewhere. 449 00:22:32,359 --> 00:22:35,199 Speaker 4: And when you import the population of New Jersey, the 450 00:22:35,200 --> 00:22:38,040 Speaker 4: most densely populated state in the country, don't tell me 451 00:22:38,119 --> 00:22:40,680 Speaker 4: that's not going to have an effect on home prices. 452 00:22:40,720 --> 00:22:43,560 Speaker 4: It most certainly will. Now for better or for worse, 453 00:22:43,600 --> 00:22:45,680 Speaker 4: all those people were dispersed throughout the country. 454 00:22:45,720 --> 00:22:46,159 Speaker 3: I get it. 455 00:22:46,440 --> 00:22:49,639 Speaker 4: But still it represents a significant increase in the demand 456 00:22:50,200 --> 00:22:53,920 Speaker 4: for homes, and whether it's homes, apartments, whatever the case 457 00:22:53,960 --> 00:22:57,320 Speaker 4: may be, the result of that was a big increase 458 00:22:57,600 --> 00:23:00,960 Speaker 4: in the price of housing and therefore the cost of living. 459 00:23:01,359 --> 00:23:04,080 Speaker 4: And you just can't dispute that. Again, it is supply 460 00:23:04,480 --> 00:23:06,440 Speaker 4: and demand and they both matter. 461 00:23:07,119 --> 00:23:07,720 Speaker 2: Quick break. 462 00:23:07,760 --> 00:23:09,679 Speaker 1: If you like what you're hearing, please share on social 463 00:23:09,680 --> 00:23:11,600 Speaker 1: media or maybe send it to your family and friends. 464 00:23:14,960 --> 00:23:17,800 Speaker 1: Has infleetion improved since President trop took office? 465 00:23:18,119 --> 00:23:20,440 Speaker 4: By some metrics, it has. I would say by most 466 00:23:20,480 --> 00:23:22,960 Speaker 4: metrics it has. By some metrics you could make you 467 00:23:22,960 --> 00:23:25,199 Speaker 4: could argue that it really hasn't improved. I don't think 468 00:23:25,240 --> 00:23:27,439 Speaker 4: there's any way though that you can say it's gotten worse. 469 00:23:27,640 --> 00:23:30,800 Speaker 4: But I would say by most metrics, I think it's 470 00:23:30,840 --> 00:23:34,480 Speaker 4: clear that it that it has actually improved. Prices are 471 00:23:34,520 --> 00:23:37,679 Speaker 4: not going up as quickly as they were before. You 472 00:23:37,720 --> 00:23:41,240 Speaker 4: have a few instances like gasoline where because of the 473 00:23:41,240 --> 00:23:44,240 Speaker 4: administration's policies, prices have come down. You have a few 474 00:23:44,280 --> 00:23:47,280 Speaker 4: other cases where things like eggs that are a bit 475 00:23:47,320 --> 00:23:49,960 Speaker 4: of an anomaly, right you know, the Bind administration was 476 00:23:50,040 --> 00:23:53,119 Speaker 4: literally paying farmers to kill their egg laying hens. That 477 00:23:53,200 --> 00:23:54,359 Speaker 4: was the stupidest thing ever. 478 00:23:54,440 --> 00:23:55,160 Speaker 3: And the Trump. 479 00:23:54,960 --> 00:23:58,240 Speaker 4: Administration reversed that, put some other productive measures in place, 480 00:23:58,280 --> 00:24:00,760 Speaker 4: and just those simple changes in increase the number of 481 00:24:00,760 --> 00:24:03,120 Speaker 4: egg laying hens, which increase the number of eggs, which 482 00:24:03,400 --> 00:24:05,639 Speaker 4: obviously brought down the price of eggs. 483 00:24:05,840 --> 00:24:07,120 Speaker 3: So you've seen things like that. 484 00:24:07,800 --> 00:24:11,200 Speaker 4: They're also doing similar measures right now to increase the 485 00:24:11,280 --> 00:24:13,840 Speaker 4: size of the cattle herd in this country. That'll increase 486 00:24:14,320 --> 00:24:16,560 Speaker 4: many months down the road. That'll increase the amount of 487 00:24:16,560 --> 00:24:18,280 Speaker 4: cows going to slaughter, which will bring. 488 00:24:18,080 --> 00:24:19,040 Speaker 3: Down beef prices. 489 00:24:19,760 --> 00:24:21,720 Speaker 4: So at the end of the day, we have made 490 00:24:21,720 --> 00:24:24,920 Speaker 4: some progress. I don't think we've made enough progress, though 491 00:24:24,960 --> 00:24:28,160 Speaker 4: there's a lot more to be done. The deregulation efforts 492 00:24:28,320 --> 00:24:30,520 Speaker 4: that they've been putting in place this year are going 493 00:24:30,600 --> 00:24:33,440 Speaker 4: to start bearing fruit in twenty twenty six. That's positive 494 00:24:33,440 --> 00:24:37,879 Speaker 4: news there. The tax changes again allowing people to keep 495 00:24:37,960 --> 00:24:40,720 Speaker 4: more of their money. That's going to be very beneficial too, 496 00:24:40,840 --> 00:24:44,639 Speaker 4: because even if prices don't go down, if people have 497 00:24:44,720 --> 00:24:47,200 Speaker 4: more money in their paycheck, they can still buy more, 498 00:24:47,440 --> 00:24:50,840 Speaker 4: right So it's what your weekly paycheck can buy that 499 00:24:50,920 --> 00:24:51,919 Speaker 4: really really counts. 500 00:24:52,440 --> 00:24:53,960 Speaker 1: So you think the economy is going to be in 501 00:24:54,000 --> 00:24:57,520 Speaker 1: a different place heading into the midterms, I think so. 502 00:24:57,680 --> 00:25:00,440 Speaker 4: I certainly hope so too. But I do think so 503 00:25:00,560 --> 00:25:02,800 Speaker 4: for a couple of reasons, some of which we've already 504 00:25:02,840 --> 00:25:07,879 Speaker 4: mentioned right, like the deregulation, the tax changes, the energy policy. 505 00:25:07,920 --> 00:25:10,880 Speaker 4: All of those are very very positive. But another thing 506 00:25:11,200 --> 00:25:12,960 Speaker 4: that I think is big. We just touched on it 507 00:25:13,000 --> 00:25:15,840 Speaker 4: a second ago. Is the illegal immigration. 508 00:25:15,480 --> 00:25:16,280 Speaker 3: Component of this. 509 00:25:16,760 --> 00:25:19,479 Speaker 4: I am so sick and tired of all these I mean, 510 00:25:19,720 --> 00:25:23,360 Speaker 4: they're just anecdotes. Really, this whole idea that all these 511 00:25:23,400 --> 00:25:26,480 Speaker 4: illegal immigrants came here and we're working in the construction industry, 512 00:25:26,640 --> 00:25:28,560 Speaker 4: and if we deport them all, there's going to be 513 00:25:28,560 --> 00:25:29,560 Speaker 4: no one to build homes. 514 00:25:29,840 --> 00:25:30,359 Speaker 3: Excuse me. 515 00:25:30,480 --> 00:25:34,639 Speaker 4: If that was the case, why wasn't home construction booming 516 00:25:35,200 --> 00:25:36,359 Speaker 4: under the Biden years? 517 00:25:36,800 --> 00:25:37,920 Speaker 3: Right? It didn't. 518 00:25:38,240 --> 00:25:42,080 Speaker 4: The number of construction jobs did not escalate dramatic like, 519 00:25:42,119 --> 00:25:45,280 Speaker 4: they did not accelerate dramatically. The number of homes coming 520 00:25:45,320 --> 00:25:48,280 Speaker 4: onto the market did not go up dramatically, or same 521 00:25:48,280 --> 00:25:52,000 Speaker 4: thing with apartments, right, housing units. We did not see 522 00:25:52,040 --> 00:25:55,800 Speaker 4: the big increase in supply that should have corresponded with 523 00:25:55,920 --> 00:25:59,359 Speaker 4: the huge increase in the number of construction workers that 524 00:25:59,400 --> 00:26:01,480 Speaker 4: should have happened. And if all these illegal aliens were 525 00:26:01,520 --> 00:26:04,760 Speaker 4: working in construction, the idea that deporting all these illegal 526 00:26:04,800 --> 00:26:07,680 Speaker 4: aliens is going to cause inflation is ridiculous. Then why 527 00:26:07,720 --> 00:26:11,719 Speaker 4: didn't it cause deflation when we imported them all? Spare 528 00:26:11,760 --> 00:26:16,040 Speaker 4: me this nonsense. What will happen though, by deporting millions 529 00:26:16,040 --> 00:26:19,840 Speaker 4: of illegal aliens, assuming the Trump administration actually does it, 530 00:26:19,880 --> 00:26:23,439 Speaker 4: is going to be to put tremendous downward pressure on 531 00:26:23,640 --> 00:26:26,280 Speaker 4: the price of homes, but also a lot of other 532 00:26:26,359 --> 00:26:31,280 Speaker 4: prices throughout the economy, because again it's supply and demand. 533 00:26:31,359 --> 00:26:33,960 Speaker 4: People love to talk about how, oh illegal aliens were here, 534 00:26:34,000 --> 00:26:36,199 Speaker 4: and you know they're working all these jobs, providing all 535 00:26:36,200 --> 00:26:39,120 Speaker 4: these products and services. Really, then why are so many 536 00:26:39,200 --> 00:26:41,840 Speaker 4: of them on government services? Something that we were told 537 00:26:41,920 --> 00:26:44,919 Speaker 4: couldn't happen. And then we find out states like California 538 00:26:45,000 --> 00:26:47,960 Speaker 4: have been giving them Social Security numbers and enrolling them 539 00:26:47,960 --> 00:26:50,840 Speaker 4: in all kinds of welfare benefits, so much so that 540 00:26:50,880 --> 00:26:53,600 Speaker 4: the Treasury has now had to start cutting people off 541 00:26:53,640 --> 00:26:55,960 Speaker 4: when they find out about it. So don't tell me 542 00:26:56,000 --> 00:26:56,760 Speaker 4: it doesn't happen. 543 00:26:56,800 --> 00:26:57,240 Speaker 3: It does. 544 00:26:57,600 --> 00:27:01,520 Speaker 4: These people are not all here working and them removes 545 00:27:01,600 --> 00:27:05,040 Speaker 4: all of the demand that they've been placing on all 546 00:27:05,119 --> 00:27:08,600 Speaker 4: kinds of public services. Again, these families, they have to 547 00:27:08,640 --> 00:27:10,800 Speaker 4: live somewhere, right, so they're taking up a housing unit. 548 00:27:11,200 --> 00:27:13,680 Speaker 4: Their kids are in public schools paid for by our 549 00:27:13,720 --> 00:27:17,160 Speaker 4: tax dollars. They're using emergency rooms paid for by our 550 00:27:17,200 --> 00:27:18,320 Speaker 4: tax dollars. 551 00:27:18,080 --> 00:27:18,560 Speaker 3: You name it. 552 00:27:18,600 --> 00:27:21,680 Speaker 4: They're driving on public roads right paid for by our 553 00:27:21,720 --> 00:27:24,400 Speaker 4: tax dollars in so many different ways they have been 554 00:27:24,400 --> 00:27:27,280 Speaker 4: putting a strain on this economy and a burden on 555 00:27:27,359 --> 00:27:31,080 Speaker 4: the taxpayer, and removing them will remove that strain and 556 00:27:31,119 --> 00:27:32,360 Speaker 4: will remove that burden. 557 00:27:32,600 --> 00:27:34,880 Speaker 1: E j Antoni, appreciate you for coming on the show. 558 00:27:35,000 --> 00:27:36,480 Speaker 1: Look forward to having you on again soon. 559 00:27:37,080 --> 00:27:39,000 Speaker 3: Lisa, always a pleasure. Thanks for having me. 560 00:27:39,280 --> 00:27:40,359 Speaker 2: How is Ejntoni? 561 00:27:40,400 --> 00:27:42,480 Speaker 1: Appreciate him for coming on the show. Appreciate you guys 562 00:27:42,480 --> 00:27:44,960 Speaker 1: at home for listening every Tuesday and Thursday, but you 563 00:27:44,960 --> 00:27:46,680 Speaker 1: can listen throughout the week. I also want to thank 564 00:27:46,720 --> 00:27:49,040 Speaker 1: my producer, John Cassio for putting the show together. 565 00:27:49,160 --> 00:27:49,880 Speaker 2: Until next time.