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WHITE HOUSE & MEDIA UNITE for the big LIE! Claiming USA NOT IN A BIDEN RECESSION. · The Ben Ferguson Podcast

• 0:00
  Speaker 1: No, we're not in a recession. Biden administration tells US
• 0:05
  Speaker 1: voters it's a lie, even though every indicator is now
• 0:08
  Speaker 1: showing we are in a recession. The US economy is
• 0:12
  Speaker 1: plagued by inflation. I'm reading from Reuters this morning. This
• 0:16
  Speaker 1: just broke. All right, you ready for this? The US
• 0:18
  Speaker 1: economy is plagued by inflation. So they're saying it's inflation
• 0:22
  Speaker 1: and suffering from fallout from Russia's war in Ukraine. Leave
• 0:27
  Speaker 1: it to routers to blame that. But it's not a recession.
• 0:31
  Speaker 1: That's the message the White House officials are saying this morning.
• 0:35
  Speaker 1: Treasury Secretary Janet Yellen, Economic Advisor Brian Deese, and Commerce
• 0:39
  Speaker 1: Secretary Gina have all come out spoken in recent days.
• 0:44
  Speaker 1: Ahead of data that may show that grows domestic products
• 0:48
  Speaker 1: shrink from April to June. The Federal Reserve Bank of
• 0:51
  Speaker 1: Atlanta's GDP forecast suggests a one point six percent decline
• 0:56
  Speaker 1: that would mark the second quarter of GDP decline in
• 0:59
  Speaker 1: a well. A broad rule of thumb holds that two
• 1:02
  Speaker 1: consecutive quarters of GDP drops signal a recession. The strong
• 1:08
  Speaker 1: US job market, they claim, means that, well, this may
• 1:11
  Speaker 1: be the rare moment when that is not enough for
• 1:14
  Speaker 1: economists to declare the world's largest economy in recession. The
• 1:19
  Speaker 1: White House pushed back against recession talks about more than
• 1:22
  Speaker 1: just semantics. They're talking about recession can become a self
• 1:26
  Speaker 1: fulfilling prophecy as businesses and consumers, concerned with tougher times
• 1:31
  Speaker 1: are ahead, cut back on spending and investment plans. The
• 1:35
  Speaker 1: economy is top of mind for many voters ahead of
• 1:38
  Speaker 1: the November eighth midterm elections that will decide whether President
• 1:41
  Speaker 1: Joe Biden's Democratic Party retains control of Congress. Quote. We're
• 1:46
  Speaker 1: not going to be in a recession, Biden himself to
• 1:48
  Speaker 1: reporters on Monday. My hope is we go from rapid
• 1:52
  Speaker 1: growth to steady growth, which is a lie. Now, before
• 1:56
  Speaker 1: I get into more of this story, I want to
• 1:58
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• 2:57
  Speaker 1: So a GDP contraction and would likely exacerbate fears at
• 3:02
  Speaker 1: the United States is headed for or is in the
• 3:04
  Speaker 1: midst of an economic pullback. I love how they changed
• 3:06
  Speaker 1: the word pullback as every session over there at Reuters.
• 3:09
  Speaker 1: Isn't that nice? And worried voters already struggling with higher
• 3:13
  Speaker 1: grocery and gas bills may become even more concerned. White
• 3:17
  Speaker 1: House officials believe the GDP weakness is due to one
• 3:21
  Speaker 1: off factors, they claim, including declining companies restocking inventories that
• 3:26
  Speaker 1: may not reflect broader trends. Well, if that was the case,
• 3:29
  Speaker 1: and why is it that so many companies, including places
• 3:31
  Speaker 1: like Walmart, who are flushed with stock, are having problems
• 3:35
  Speaker 1: with people not coming in and buying right now. You
• 3:38
  Speaker 1: can't at my point is, you can't have it both ways.
• 3:40
  Speaker 1: You can't tell me that places like gap an Apple
• 3:45
  Speaker 1: and Walmart and Coles who are flushed with inventory, all right,
• 3:49
  Speaker 1: that's one of the things they told their investors this week.
• 3:52
  Speaker 1: They're just saying there's not enough buyers out there. Best
• 3:54
  Speaker 1: Buy is not flushed with stock there at the exact
• 3:56
  Speaker 1: same level as they were a year ago, and even
• 3:58
  Speaker 1: they're gonna be down twelve percent. They're saying, So this
• 4:02
  Speaker 1: idea that, oh, well, it's because of inventory. No, it's not.
• 4:06
  Speaker 1: That's that's it's absolutely not the case at all. CNN
• 4:11
  Speaker 1: trying to spend this the best way they know how.
• 4:13
  Speaker 1: This is how they described what's happening in America. Listen,
• 4:17
  Speaker 1: still hurts if you're at your own Powell, if you
• 4:19
  Speaker 1: are the FED share yesterday, did the Fed announced their
• 4:21
  Speaker 1: raising interest race? You know, the three quarters of a point.
• 4:24
  Speaker 1: What do you think of this report? Today. Gosh, I
• 4:29
  Speaker 1: don't know. I mean they're going to look at every
• 4:31
  Speaker 1: report case by case. And he did say yesterday that
• 4:34
  Speaker 1: if there are signs of a slowdown, they might have
• 4:37
  Speaker 1: to take their foot off the off the gas there
• 4:39
  Speaker 1: of those of those. That's why the market rallied yesterday,
• 4:41
  Speaker 1: by the way, because they were expecting that maybe if
• 4:43
  Speaker 1: you see softness in growth here, that the Fed won't
• 4:46
  Speaker 1: have to be so aggressive down the line. Who knows.
• 4:49
  Speaker 1: I mean, these numbers have been so volatile. You know,
• 4:51
  Speaker 1: we're all talking about a recession. I think we need
• 4:52
  Speaker 1: to be talking about a reset. We're coming from the
• 4:55
  Speaker 1: best growth last year since the Reagan administration. Before that,
• 4:58
  Speaker 1: you had a GDP that plunged thirty se percent in
• 5:01
  Speaker 1: the crisis. We're just trying to figure out what is
• 5:03
  Speaker 1: the baseline here to a certain extent, and this is
• 5:05
  Speaker 1: going to be hard for people to hear. This is
• 5:08
  Speaker 1: the kind of reaction that Jerome Pow might want to see,
• 5:13
  Speaker 1: which is things cooling off. He's a little bit and
• 5:17
  Speaker 1: that he certainly wants to see things cooling. He doesn't
• 5:20
  Speaker 1: want to see being sort of ice cooled, right, I mean,
• 5:23
  Speaker 1: you want to see sort of a pulling back, a
• 5:25
  Speaker 1: gradual pulling back to bring a bit more balance in
• 5:28
  Speaker 1: terms of the supply of goods and services, which right
• 5:31
  Speaker 1: now we're limited because we're still dealing with supply chain
• 5:33
  Speaker 1: issues and the demand for those goods and services. Let's
• 5:35
  Speaker 1: put up the GDP grond I love this, right, So
• 5:38
  Speaker 1: somehow this is good news. You notice that, right, like
• 5:40
  Speaker 1: this could be good news that we are again here's
• 5:44
  Speaker 1: the code word at CNN, right, liberal media. We're not
• 5:46
  Speaker 1: gonna we're not gonna say we're in a recession. We're
• 5:48
  Speaker 1: gonna call it a cooling off period because you guys,
• 5:51
  Speaker 1: and you said this, Christine, you know what people are
• 5:53
  Speaker 1: going to do when they I love this. You know
• 5:55
  Speaker 1: what people are gonna do when they hear this. Right,
• 5:57
  Speaker 1: We're just going to call it a cooling off period.
• 5:59
  Speaker 1: That's all it is. It's like, what and this new spending,
• 6:05
  Speaker 1: this new seven hundred billion and new spending. They even
• 6:11
  Speaker 1: spun it this way to somehow claim this is good
• 6:15
  Speaker 1: for America as you just US gross domestic product drops
• 6:21
  Speaker 1: for the second quarter in a row, fueling recession fears.
• 6:26
  Speaker 1: They're saying that this new government spending of seven hundred
• 6:29
  Speaker 1: billion may actually be a good thing. Listen self into
• 6:31
  Speaker 1: one right sort of question. So what are the solutions
• 6:36
  Speaker 1: at this? What else can be done? Even as we
• 6:38
  Speaker 1: see kind of all of the ducks well moving their
• 6:40
  Speaker 1: feet so suddenly and quickly under we're bringing this Mansion
• 6:43
  Speaker 1: Schumer deal overnight. I mean, you're talking about reducing drug
• 6:47
  Speaker 1: prices and capping your out of pocket prescription drug costs
• 6:50
  Speaker 1: at two thousand dollars a year. That's a big deal.
• 6:52
  Speaker 1: You're talking about a text credits for low income and
• 6:55
  Speaker 1: middle income drivers for electric vehicles, that's a big deal.
• 6:59
  Speaker 1: There are things in there that are meant to lower
• 7:01
  Speaker 1: the costs of everyday items for people. And it looks
• 7:03
  Speaker 1: as though and you can talk about the politics of
• 7:05
  Speaker 1: whether it happens or not, but it looks as though
• 7:08
  Speaker 1: they're targeting this more directly. That's been a criticism of
• 7:11
  Speaker 1: stimulus and investment in the economy before that was just
• 7:14
  Speaker 1: money going out the door. This looks pretty targeted to
• 7:16
  Speaker 1: me to people who need relief, and Larry Summers made
• 7:19
  Speaker 1: that point earlier, you know, talking to John. Look, I
• 7:22
  Speaker 1: do think that yesterday could look in the room mirror
• 7:24
  Speaker 1: as one of the biggest legislative days in recent American history,
• 7:28
  Speaker 1: if you look at its impact on the economy between
• 7:30
  Speaker 1: the Chips Act about China competitive, huge technology invest huge deal, right,
• 7:34
  Speaker 1: you know. And then on top of that, the surprise
• 7:37
  Speaker 1: Mansion Schumer deal that deals with lower prescription drug prices
• 7:40
  Speaker 1: has implications the economy raises revenue. So those two factors,
• 7:44
  Speaker 1: which are political, are also countervailing forces to this number.
• 7:48
  Speaker 1: And let's talk about sort of the right now that
• 7:50
  Speaker 1: all right, I mean Larry summerset earlier this morning that
• 7:52
  Speaker 1: it's anti inflationary. We've seen a lot of a I mean,
• 7:57
  Speaker 1: they can spend the worst economy even to tell you
• 8:00
  Speaker 1: it could be a good thing. CNBC reacting in a
• 8:04
  Speaker 1: different way. Here's how they just put it, reacting the
• 8:08
  Speaker 1: US economy shrinking by zero point nine percent in the
• 8:11
  Speaker 1: second quarter. They're not spinning it like they did at CNN.
• 8:15
  Speaker 1: They're actually saying, oh my gosh, on the air, that's
• 8:18
  Speaker 1: up five thousand for oh my gosh, boy. Not only
• 8:21
  Speaker 1: was I wrong, down nine tenths of one percent on
• 8:25
  Speaker 1: first look at second quarter GDP down nine tenths of
• 8:30
  Speaker 1: one percent. Okay, I know there's an organization that decides
• 8:34
  Speaker 1: whether we're in a recession or not. But investors they're
• 8:37
  Speaker 1: not gonna wait two back to back negative quarters. It's
• 8:41
  Speaker 1: not good. Call it whatever you want, Call it what
• 8:44
  Speaker 1: you want, call it what you want. Oh my gosh,
• 8:47
  Speaker 1: you hear that live on the air. This just comes out,
• 8:49
  Speaker 1: and this is their reaction, not what's saying it. Maybe
• 8:51
  Speaker 1: it's a good thing. That's up five thousand for oh
• 8:54
  Speaker 1: my gosh, boy, not only was I wrong? Down nine
• 8:58
  Speaker 1: tenths of one percent on first look at second quarter
• 9:02
  Speaker 1: GDP down nine tenths of one percent. Okay, I know
• 9:07
  Speaker 1: there's an organization that decides whether we're in a recession
• 9:10
  Speaker 1: or not. But investors they're not gonna wait two back
• 9:13
  Speaker 1: to back negative quarters. It's not good. Call it whatever
• 9:17
  Speaker 1: you want, Call it whatever you want. In other words,
• 9:20
  Speaker 1: it's a recession. Stupid, it's the economy stupid. So there
• 9:23
  Speaker 1: it is from CNBC. Oh my gosh, it's a recession.
• 9:28
  Speaker 1: It is a recession. There, every indicator is now saying
• 9:33
  Speaker 1: that we are in a recession. We just don't technically
• 9:36
  Speaker 1: know it yet. We're not headed towards one. We are
• 9:39
  Speaker 1: actually now in it. The articles are now being written,
• 9:44
  Speaker 1: how recessions hunted? Three presents and how two others recovered
• 9:48
  Speaker 1: another one fed hike again more to come layoffs. Firm
• 9:53
  Speaker 1: and tech giants are tightening the belt because they see
• 9:56
  Speaker 1: it coming. Facebook first ever revenue, new drop, Comcast bridband
• 10:01
  Speaker 1: growth grinds to a halt, Best Buy let us retailer
• 10:05
  Speaker 1: to cut Outlook and one hundred wealthiest Americans lost six
• 10:09
  Speaker 1: hundred and twenty two billion dollars since November. Those are
• 10:14
  Speaker 1: just some of the headlines that are coming out this morning, because,
• 10:18
  Speaker 1: as I said, we don't even officially realize it yet,
• 10:22
  Speaker 1: at least the White House sure as hell doesn't. We
• 10:24
  Speaker 1: are in a recession. Now, let's talk about the money
• 10:28
  Speaker 1: that's been lost in this country. And I'm not feeling
• 10:30
  Speaker 1: sorry for the hundred wealthiest Americans, but it is a
• 10:32
  Speaker 1: hardcore indicator of where we are. And so you can
• 10:35
  Speaker 1: understand just how much money we're talking about here. We
• 10:39
  Speaker 1: now have data that the hundred wealthiest Americans lost six
• 10:42
  Speaker 1: hundred and twenty two billion since November. Now, in the
• 10:46
  Speaker 1: early days of the pandemic. To put in perspective, when
• 10:50
  Speaker 1: markets pluns and twenty two million Americans lost their jobs,
• 10:53
  Speaker 1: Congress in the federal reserves sprang into action, and stabilize
• 10:56
  Speaker 1: the economy at risk of buckling. After trillions of dollars
• 10:59
  Speaker 1: of COVID nineteen relief cash and a monsoon of cheap
• 11:03
  Speaker 1: federally sponsored loans, households were sitting on record savings, but
• 11:09
  Speaker 1: no group benefited more than the ultra rich, whose companies
• 11:15
  Speaker 1: were able to double down on that money. Now that
• 11:18
  Speaker 1: money is disappearing, as six hundred and twenty two billion
• 11:23
  Speaker 1: dollars has disappeared since November. Now, the other thing that
• 11:29
  Speaker 1: is concerning is what's happening with big tech firms because
• 11:32
  Speaker 1: they're seeing the spending stopping in real time. Vox Media,
• 11:37
  Speaker 1: for example, has just laid off thirty nine people amid
• 11:41
  Speaker 1: quote economic uncertainty. Vox Media CEO Jim Bankof said that
• 11:48
  Speaker 1: of the laying off thirty nine people is quote less
• 11:51
  Speaker 1: than two percent of its total staff of more than
• 11:54
  Speaker 1: two thousand. Why are they doing it. It's an effort
• 11:57
  Speaker 1: to get ahead of economic uncertainty. According to feel familiar
• 12:00
  Speaker 1: with the cuts and a memo obtained by axios wyat Matters,
• 12:04
  Speaker 1: Vox Media is the latest in a long string of
• 12:07
  Speaker 1: firms now taking measures to prepare for a recession an
• 12:14
  Speaker 1: economic downturn. Analysts have begun cutting projections for advertising growth
• 12:20
  Speaker 1: this year, already sending shockwaves through the media and the
• 12:23
  Speaker 1: tech industry. The company is laying off staffers in a
• 12:27
  Speaker 1: few key areas, including recruiting some editorial roles as well
• 12:32
  Speaker 1: as sales, and the cuts are targeted towards certain parts
• 12:35
  Speaker 1: of the company, including some departments within its lifestyle site.
• 12:40
  Speaker 1: The company will continue to hire for critical roles, the
• 12:43
  Speaker 1: source noted, but will reduce the pace of hiring moving forward.
• 12:48
  Speaker 1: They say more than two dozen listenings still appear on
• 12:50
  Speaker 1: their website for hiring. But they say, quote, the current
• 12:54
  Speaker 1: economic conditions are impacting companies like ours in multiple ways.
• 12:59
  Speaker 1: As a direct quote from their email to their employees,
• 13:04
  Speaker 1: we supply chaining issues reducing marketing and advertising budgets across industries,
• 13:10
  Speaker 1: and that comic pressure changing the way that consumers are spending. Why,
• 13:14
  Speaker 1: because so much money is going into people's gas tanks
• 13:17
  Speaker 1: and just to buy food. Quote. Our aim is to
• 13:19
  Speaker 1: get ahead of greater uncertainty by making difficult but important decisions,
• 13:23
  Speaker 1: to pair back on initiatives that are lower priority or
• 13:26
  Speaker 1: have lower staffing needs in the current climate. Now put
• 13:31
  Speaker 1: that in perspective and let's move over to a totally
• 13:34
  Speaker 1: different cut that is coming and that is from Facebook.
• 13:40
  Speaker 1: Facebook now has the first ever revenue drop for the company. Now,
• 13:45
  Speaker 1: part of this is self inflicted because when they were
• 13:49
  Speaker 1: flushed with cash and rich, their fact checkers started canceling
• 13:53
  Speaker 1: the accounts of conservatives and conservatives stop spending money on
• 13:56
  Speaker 1: advis I've told you about this before. Facebook's parent company,
• 14:00
  Speaker 1: Meta Platforms, repurcha its force ever revenue dropped. The social
• 14:04
  Speaker 1: media giant miss Wall street sales expectations. They did add
• 14:08
  Speaker 1: some user users, so they say, well, that's good, right. Well,
• 14:12
  Speaker 1: Facebook's parent company posts its first decline in revenue, an
• 14:15
  Speaker 1: issue a muted outlook on digital advertising as it contends
• 14:19
  Speaker 1: with growing competition from rival TikTok, which is owned by
• 14:23
  Speaker 1: the Chinese government. When you use TikTok, they know everything
• 14:25
  Speaker 1: about your life, just so you know. The company reported
• 14:29
  Speaker 1: quarterly revenue of twenty eight billion, down one percent from
• 14:32
  Speaker 1: a year earlier and slightly below the twenty eight point
• 14:35
  Speaker 1: nine billion that Wall Street was expecting. Marks the first
• 14:39
  Speaker 1: time the company has posted a quarterly drop in revenue
• 14:42
  Speaker 1: from the year earlier. Now there's money out there they
• 14:44
  Speaker 1: could get their hands on. But the problem is they
• 14:46
  Speaker 1: screwed so many conservatives that many of them are refusing
• 14:50
  Speaker 1: to advertise on the platform anymore. As you know, if
• 14:54
  Speaker 1: you get hit with a misinformation or a partially false
• 14:57
  Speaker 1: ad or excuse me, partially false post on Facebook that
• 15:01
  Speaker 1: the fact checkers come after, they will shut down your
• 15:05
  Speaker 1: ad account where you're not even allowed to advertise. That's
• 15:08
  Speaker 1: how the corrupt world of Facebook actually works. And many
• 15:12
  Speaker 1: are saying never again. Now let's talk about retail so
• 15:16
  Speaker 1: you understand the other side of that. And again, I'm
• 15:18
  Speaker 1: just saying it. It's every indicator says we are now
• 15:20
  Speaker 1: in a recession, even though it hasn't been declared yet.
• 15:24
  Speaker 1: Best Buy has come out and cut its outlook, joining
• 15:27
  Speaker 1: other retailers as inflation pressures are hurting shoppers. Best by
• 15:32
  Speaker 1: Wednesday cut its forecast for the year in the second quarter,
• 15:35
  Speaker 1: sighting weaker demand as consumers are really hurting because the
• 15:40
  Speaker 1: prices of inflation. The retailers expect to see same sort
• 15:44
  Speaker 1: sales to decline around eleven percent for the fiscal year
• 15:50
  Speaker 1: eleven percent. The CEO emphasize its sales are higher than
• 15:54
  Speaker 1: pre pandemic levels when the company is in a strong
• 15:56
  Speaker 1: position despite a more challenging economic backdrop. The CEO, of course,
• 16:00
  Speaker 1: that's what you're going to tell your investors. They don't
• 16:02
  Speaker 1: pull your money out. The consumer Electronic Retailers said it
• 16:05
  Speaker 1: now it expects the same same sales stores to climb
• 16:09
  Speaker 1: by thirteen percent for the current three month period, which
• 16:12
  Speaker 1: in Saturday. That's lower than best Buy set in May.
• 16:16
  Speaker 1: They predicted it would be around eight percent to climb
• 16:19
  Speaker 1: the first corner. They've now made that adjustment to thirteen percent.
• 16:24
  Speaker 1: They also say for the first twelve month period that
• 16:26
  Speaker 1: ends in late January, they expect same source sales to
• 16:30
  Speaker 1: climb eleven percent, compared to a drop between three to
• 16:32
  Speaker 1: six percent they forecasted in May. Again another example of
• 16:36
  Speaker 1: what's changed just since May to now July. They are
• 16:40
  Speaker 1: changing their outlook for the year, down three to six
• 16:42
  Speaker 1: percent all the way up to now eleven maybe twelve
• 16:45
  Speaker 1: thirteen percent. Best Buy said it will pause share buy backs,
• 16:49
  Speaker 1: but we'll continue to pay its quarterly dividend. It also
• 16:52
  Speaker 1: said in a news release that it will quote continue
• 16:54
  Speaker 1: to actively assess further actions to manage profitability. The company
• 16:59
  Speaker 1: did not immediately respond to requests for details about those
• 17:01
  Speaker 1: potential steps. Now With Wednesday's announcements, best Buy joined a
• 17:06
  Speaker 1: growing list of retailers that are now saying they believe
• 17:09
  Speaker 1: we are in a recession. That would include Gap, Adida's Coals, Target,
• 17:14
  Speaker 1: and Walmart have all warned of lower sales or profits
• 17:18
  Speaker 1: as consumers or feel pinched by inflation or shift spinning
• 17:22
  Speaker 1: to services such as traveling dining out rather than goods.
• 17:27
  Speaker 1: Best Buy also sets inventory levels at the end of
• 17:29
  Speaker 1: the second quarter will be approximately flat compared to with
• 17:32
  Speaker 1: the year earlier period. That's a notable difference, by the way,
• 17:35
  Speaker 1: from Walmart, Target, and Gap, which have a glut of
• 17:39
  Speaker 1: unwanted inventory weighing on profit margins. They stocked up and
• 17:44
  Speaker 1: people aren't buying anything compared to what they expected. So
• 17:51
  Speaker 1: I would expect that this week you're going to see
• 17:54
  Speaker 1: some major reactions in the economy to this. I would
• 17:57
  Speaker 1: also expect the White House to continue to lie to
• 17:59
  Speaker 1: you about the economy, and the reality is, whether they
• 18:03
  Speaker 1: want to admit it or not, it looks like every
• 18:05
  Speaker 1: single indicator is we are in a recession. We're getting
• 18:10
  Speaker 1: more information now that apparently the White House is concerned
• 18:15
  Speaker 1: over inflation and they're trying to figure out now what
• 18:18
  Speaker 1: to do about it. That's all we know. Just they're
• 18:20
  Speaker 1: now actually concerned about They've been lying, telling you it's transitory,
• 18:24
  Speaker 1: that's not inflation, that everything's gonna be fine. They're also
• 18:27
  Speaker 1: wanting you to believe that this new bill that I
• 18:29
  Speaker 1: just mentioned is gonna fix all those problems. It's not.
• 18:34
  Speaker 1: It's called a Biden session. And we just got new
• 18:36
  Speaker 1: numbers that just came out. US GDP and this just
• 18:40
  Speaker 1: broke has shrunk to zero point nine percent in the
• 18:45
  Speaker 1: second quarter. Because back exactly what I said, all indicators
• 18:48
  Speaker 1: are that we are in a recession. The US contracted
• 18:52
  Speaker 1: in the second quarter of twenty twenty two, as the
• 18:55
  Speaker 1: economy was battered by four decade high inflation, record high
• 19:01
  Speaker 1: fuel prices, soaring food costs, and tighter monetary policy. The
• 19:06
  Speaker 1: government reported Thursday that gross domestic products shrank by zero
• 19:09
  Speaker 1: point nine percent in April through June period. Economists economic
• 19:14
  Speaker 1: or economists excuse me how expected the economy would grow
• 19:16
  Speaker 1: by zero point three percent. According to the Wall Street Journal.
• 19:20
  Speaker 1: That did not happen. So it is straight up recession.
• 19:27
  Speaker 1: This is kind of that final number that needed to
• 19:30
  Speaker 1: come in to say here it is. That's where we are.
• 19:33
  Speaker 1: Now Chuck Schumer Joe Mansion, we're now being told of
• 19:38
  Speaker 1: struck a deal on several different issues, including Obamacare and
• 19:43
  Speaker 1: climate change, as he has now caved to the Democrats
• 19:47
  Speaker 1: who are desperate to give you something short term that
• 19:50
  Speaker 1: looks good so you will vote for them in the
• 19:53
  Speaker 1: mid term elections coming up. Here's what we know so
• 19:56
  Speaker 1: far about this deal. Senate Majority Leader Chuck schum and
• 20:00
  Speaker 1: Joe Mansion have announced that they have struck this deal
• 20:02
  Speaker 1: on reconciliation package. They would end a combat climate change
• 20:06
  Speaker 1: because that's what everybody cares about right now, apparently Obamacare subsidies,
• 20:10
  Speaker 1: and lower the deficit, they claim. Humor Mansion struck this
• 20:14
  Speaker 1: deal on a reconciliation package, the Inflation Reduction Act they're
• 20:19
  Speaker 1: calling it of twenty twenty two that would, in their eyes,
• 20:21
  Speaker 1: address record inflation by paying down our national debt, lowering
• 20:25
  Speaker 1: energy costs, and lowering healthcare costs. They claim the two
• 20:30
  Speaker 1: Democrats have the bill would lower the deficit by three
• 20:32
  Speaker 1: hundred billion over ten years, which by the way, is
• 20:34
  Speaker 1: like literally nothing, Just so you know, like three hundred
• 20:37
  Speaker 1: billion dollars would be probably the equivalent and I'm not
• 20:40
  Speaker 1: trying to like exaggerate this. I'm being as intellectually honest
• 20:44
  Speaker 1: as I can. Would be like me telling you, over
• 20:46
  Speaker 1: the next ten years, I'm going to send you five bucks.
• 20:50
  Speaker 1: We spend three hundred billion dollars to Ukraine to fight Russia.
• 20:55
  Speaker 1: Just to put it in perspective, we threw we spent
• 20:57
  Speaker 1: three hundred billion on port bill pecks every day. Lowering
• 21:03
  Speaker 1: three hundred billion, which is only thirty billion dollars a
• 21:06
  Speaker 1: year over ten years, is actually and let me rephrase that,
• 21:10
  Speaker 1: I actually think it's probably five dollars over ten years
• 21:13
  Speaker 1: is too much. It's probably like me saying I'm going
• 21:16
  Speaker 1: to help you with inflation right now by sending you
• 21:19
  Speaker 1: thirty cents a year. That's what this bill does. So
• 21:24
  Speaker 1: they claim they're saving you a bunch of money, when
• 21:25
  Speaker 1: they're I mean, it's it's nothing, all right, It's nothing,
• 21:29
  Speaker 1: and it's over ten years, so it's not going to
• 21:32
  Speaker 1: affect inflation at all. When they say the bill will
• 21:35
  Speaker 1: lower deficits by three hundred billion over ten years, it's
• 21:38
  Speaker 1: not going to lower the deficit, and if it does,
• 21:40
  Speaker 1: it'd be over a decade from now before you saw
• 21:43
  Speaker 1: the results, and three hundred billion dollars if you paid
• 21:45
  Speaker 1: it down literally today right now, with our trillions and
• 21:49
  Speaker 1: trillions of dollars in debt, would have no bearing on inflation,
• 21:53
  Speaker 1: just to put in perspective now, they're also going to spend,
• 21:57
  Speaker 1: listening carefully, three hundred and sixty nine billion on climate
• 22:00
  Speaker 1: change programs, So they're going to spend more on climate
• 22:03
  Speaker 1: change programs than they are over the next ten years,
• 22:07
  Speaker 1: paying down our deficit by only three hundred billion. They
• 22:10
  Speaker 1: also are going to extend the Affordable care accepts these
• 22:13
  Speaker 1: for three years now. The measures would also include a
• 22:17
  Speaker 1: provision to allow Medicare to negotiate the price of drugs,
• 22:20
  Speaker 1: which would save money for the climate change and Obama
• 22:24
  Speaker 1: portion of the bill. They claim allowing Medicare to negotiate
• 22:28
  Speaker 1: the price of drugs would reportedly save two hundred and
• 22:31
  Speaker 1: eighty eight billion. The legislation would also quote closed tax
• 22:35
  Speaker 1: loopholes on wealthy individuals and corporations. Indeed, the legislation would
• 22:39
  Speaker 1: have a fifteen percent minimum corporate tax that is estimated
• 22:43
  Speaker 1: to raise three hundred and thirteen billion dollars. The legislation
• 22:48
  Speaker 1: would also raise one hundred and twenty four billion, they say,
• 22:50
  Speaker 1: from enhanced tax enforcement by the IRS. So they're now
• 22:54
  Speaker 1: going to just have a bunch more people coming and
• 22:55
  Speaker 1: getting all your money. Center Ron wide and a Republican
• 22:59
  Speaker 1: for Oregon, excuse me, a Democrat from Oregon floated increasing
• 23:03
  Speaker 1: IRS audits to pay for the enhanced Obamacare subsidies, meaning
• 23:07
  Speaker 1: would just audit more Americans automatically, will find more money
• 23:10
  Speaker 1: from them, and we'll screw them that way. That was
• 23:14
  Speaker 1: how they wanted to do this. Hire more IRS agents
• 23:17
  Speaker 1: to audit more people randomly, and then figure out ways
• 23:20
  Speaker 1: to screw them out of more money. The enhanced Obamacare
• 23:23
  Speaker 1: subsidies first created under President Joe Biden. Biden's one point
• 23:28
  Speaker 1: nine trillion dollar American Rescue Plan or his Coronavirus Aid Bill,
• 23:34
  Speaker 1: would expire this year. So we spent one point nine
• 23:37
  Speaker 1: billion on this, but then we're going to save you.
• 23:40
  Speaker 1: They claim to lower the deficit three hundred billion over
• 23:42
  Speaker 1: ten years. You guys noticed the Matthew, how bad you're
• 23:47
  Speaker 1: getting screwed. Senate Democrats hope to bring the reconciliation package
• 23:51
  Speaker 1: to the Senate for this week. Since the bill uses
• 23:55
  Speaker 1: budgetary reconciliation, it would require only fifty votes or the
• 23:59
  Speaker 1: Democratic Lady to pass. The bill remains unclear whether Senator Cinema,
• 24:04
  Speaker 1: a Democrat from Arizona, would support the bill. We do
• 24:10
  Speaker 1: not have comment on her and will review the text.
• 24:15
  Speaker 1: As spokesman for Center Cinema said in a statement this morning,
• 24:20
  Speaker 1: Schumer and Mansion proposal will contend a provision to limit
• 24:23
  Speaker 1: the carried interest deduction, a proposal that Cinema did not
• 24:27
  Speaker 1: want altered during previous billback better negotiations. Biden appears to
• 24:32
  Speaker 1: grant his blessing after speaking with Mansion and Schumer earlier
• 24:36
  Speaker 1: this afternoon. Biden on the Schumer Mansion reconciliation deal, apparently yesterday,
• 24:40
  Speaker 1: he said, quote, I want to think Center Schumer and
• 24:42
  Speaker 1: Center Mansion, if an act of this legislation will be historic,
• 24:45
  Speaker 1: and I urge a Senate to move on this bill
• 24:47
  Speaker 1: as soon as possible and for the House to follow
• 24:50
  Speaker 1: as well. The deal may also put into another problem
• 24:58
  Speaker 1: of this bill, as the chi Up Act is creating
• 25:03
  Speaker 1: helpful incentives to produce Semiconductors Act. Right, It's a two
• 25:07
  Speaker 1: hundred and eighty billion dollar package that would boost domestic
• 25:11
  Speaker 1: semiconductor chip manufacturing and high tech research. Somehow that's in
• 25:14
  Speaker 1: this bill. The House will vote on it today and
• 25:18
  Speaker 1: Senate Republicans just gave Democrats to vote to pass the
• 25:21
  Speaker 1: bill on Wednesday. They say, so, let's get it done.
• 25:24
  Speaker 1: Has anyone actually read the bill yet? No Republicans across
• 25:29
  Speaker 1: the spectrum of revolt at the idea of passing the
• 25:31
  Speaker 1: Chips bill as part of this bill, and Democrats want
• 25:34
  Speaker 1: to pass their climate change in Obamacare packages and a
• 25:38
  Speaker 1: light of this deal. Whether Republican members support Chips or not,
• 25:40
  Speaker 1: I don't. We must all vote no. Passing Chips will
• 25:44
  Speaker 1: pave the way for the radical billback broke plan. The
• 25:48
  Speaker 1: time to fight is now, is what Representive Kevin Hearn,
• 25:50
  Speaker 1: a Republican from Okahoma, sending reaction to this ridiculous deal.
• 25:55
  Speaker 1: Another question that came up was a serious question. Do
• 25:59
  Speaker 1: Housemas need the House Goop to passes the Chips bill?
• 26:03
  Speaker 1: I think so. Typically the squad votes against corporate welfare.
• 26:06
  Speaker 1: Bernie did that in the Senate. The House GOP should
• 26:09
  Speaker 1: kill Chips. Now that seventeenth Senate geopiters got played by
• 26:12
  Speaker 1: Schumer Mansion on reconciliation. Again. This just tells you how
• 26:16
  Speaker 1: bad some of the Republicans suck in Wash INDC In
• 26:20
  Speaker 1: the swamp. Representative Kevin Brady, a Republican from Texas who
• 26:24
  Speaker 1: is a ranking member of the House Ways and Means Committee,
• 26:26
  Speaker 1: said Senate Democrats were deceitful and announcing a reconciliation deal
• 26:32
  Speaker 1: after getting Republicans to back the Chips bill. Deceitful. Well,
• 26:36
  Speaker 1: if you guys got played, then guess what. You can
• 26:39
  Speaker 1: stop it because no one's voted yet. Or maybe here's
• 26:42
  Speaker 1: an idea, Why don't you actually read the damn bill
• 26:45
  Speaker 1: before you vote for it? What an idea? This is
• 26:48
  Speaker 1: how lazy people are. Democrats are getting asked the questions
• 26:54
  Speaker 1: they don't want to answer now, and the media is
• 26:57
  Speaker 1: starting to ask these questions. House Democrats are privately saying
• 27:02
  Speaker 1: they don't want Biden to run in twenty twenty four,
• 27:05
  Speaker 1: saying he's killing the party. House Democrats are agreeing with
• 27:08
  Speaker 1: most of their party voters, whould say President Biden should
• 27:10
  Speaker 1: consider stepping aside and allow another nominee in twenty twenty four.
• 27:14
  Speaker 1: Gav this is Gavin Newsom is already moving forward, clearly
• 27:17
  Speaker 1: going for the White House. Congress is preparing to recess
• 27:20
  Speaker 1: for six weeks starting in August, and the lawmakers have
• 27:23
  Speaker 1: less than a hundred days before the November midterm elections.
• 27:26
  Speaker 1: That is a new poll release Wednesday. I mentioned this yesterday.
• 27:31
  Speaker 1: New CNN poll found that seventy five percent of Democrats
• 27:34
  Speaker 1: said they want someone else so the Democratic presidential nominee
• 27:37
  Speaker 1: in twenty twenty four. Only twenty five percent of Democratic
• 27:40
  Speaker 1: voters say yes they want Biden again. Now, this poll
• 27:44
  Speaker 1: had more than a thousand respondents and the survey had
• 27:46
  Speaker 1: a margin of air four percent, meaning it's really bad
• 27:49
  Speaker 1: for the president. And the same question was asked at
• 27:51
  Speaker 1: the end of last year by NPR forty one percent
• 27:55
  Speaker 1: of Democrats believe Biden was the best Democrat can it
• 27:58
  Speaker 1: for the next election. Now that is down to just
• 28:02
  Speaker 1: twenty five percent. When asked about the poll at the
• 28:05
  Speaker 1: Daily Press Briefing on Wednesday, White House Press Secretary responded
• 28:09
  Speaker 1: that they are not worried about polls, saying, quote, the
• 28:12
  Speaker 1: President has said it has been clear that he intends
• 28:15
  Speaker 1: to run, but we are so far away from that time,
• 28:18
  Speaker 1: from you know, even being close to us thinking about that,
• 28:21
  Speaker 1: which is a lie. Biden is any presence always thinking
• 28:25
  Speaker 1: about re election, just so you know, just the way
• 28:28
  Speaker 1: it is. Biden has been fending off these types of
• 28:32
  Speaker 1: speculations over his well reelection prospects since his polling and
• 28:36
  Speaker 1: the economy has spiraled downward. Is criticized by Democrats for
• 28:40
  Speaker 1: being too old and unable to completely message and deliver wins.
• 28:43
  Speaker 1: For his party quote to stress the office and running
• 28:46
  Speaker 1: at eighty two, I don't think that's realistics. And a
• 28:48
  Speaker 1: veteran Democratic lawmaker about Biden this week on a private
• 28:52
  Speaker 1: phone call. Those is party who are willing to say
• 28:55
  Speaker 1: he should run for reelection are only willing to say
• 28:57
  Speaker 1: so anonymously. Other Democrat a lawmaker say there's support from
• 29:01
  Speaker 1: mister Biden depends on who he's running with. In twenty
• 29:05
  Speaker 1: twenty four, Well, one Democratic lawmaker who's running for reelection
• 29:10
  Speaker 1: was just cornered by a brilliant Washington Times reporter, Carry Pickett,
• 29:17
  Speaker 1: and this is what he had to say when asked
• 29:19
  Speaker 1: about supporting the president. Kevin Newsom is already testing the
• 29:23
  Speaker 1: waters for twenty twenty four. What are your thoughts on that?
• 29:25
  Speaker 1: Hell Comesta both in going up against Biden. I mean,
• 29:28
  Speaker 1: that's twenty twenty four I'm trying to give to you
• 29:30
  Speaker 1: this week. You know, do you think no? But do
• 29:33
  Speaker 1: you think Biden should be running the twenty twenty four
• 29:35
  Speaker 1: and do you think Vin Newson should be already putting it,
• 29:37
  Speaker 1: putting his hand ring. I mean, kid, which I'm worried
• 29:40
  Speaker 1: about today. I'm worried about twenty twenty four. Ran. Do
• 29:42
  Speaker 1: you think Biden should be running in twenty twenty four.
• 29:44
  Speaker 1: I'm not worried about twenty twenty four right now, trying
• 29:46
  Speaker 1: to focus on his income based when he incoment? Do
• 29:49
  Speaker 1: you think president's twenty twenty two US two years away?
• 29:52
  Speaker 1: So he's twenty twenty two, there's deal with twenty twenty
• 29:55
  Speaker 1: so he don't feel comfortable, So check this out. I
• 29:58
  Speaker 1: have my own primary. We have midterm elections, so the
• 30:01
  Speaker 1: beautiful comfortable even saying what I'm saying is I have
• 30:06
  Speaker 1: my own primary. We have mid term elections, and we
• 30:09
  Speaker 1: have bills this week that we got to deal with.
• 30:11
  Speaker 1: I'm not trying to think two years ahead. You can't.
• 30:15
  Speaker 1: I love this. I'm not trying to think two years ahead.
• 30:19
  Speaker 1: I'm not trying to think two years ahead, right, I'm
• 30:23
  Speaker 1: not trying to think two years ahead. Yeah, okay, every politician,
• 30:29
  Speaker 1: what's the number one thing you do have to get
• 30:30
  Speaker 1: you get elected? You think about your reelection and everybody
• 30:34
  Speaker 1: knows it. They're all thinking about it, and they're all
• 30:37
  Speaker 1: thinking about how much he is holding them back. Right now,
• 30:41
  Speaker 1: they are all thinking about how much he is holding
• 30:45
  Speaker 1: them back from this midterm and how much he's going
• 30:47
  Speaker 1: to weigh down candidates all right. Lastly, please make sure
• 30:51
  Speaker 1: you hit that subscribe button or auto download button wherever
• 30:55
  Speaker 1: you were listening to this podcast right now, and take
• 30:58
  Speaker 1: a moment to write us a five star review. Many
• 31:01
  Speaker 1: on the left have been attacking our podcast, writing us
• 31:03
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• 31:06
  Speaker 1: fight back by writing us a good review, a five
• 31:09
  Speaker 1: star review, and share this podcast with your family and
• 31:11
  Speaker 1: friends on social media to help us grow. See you
• 31:14
  Speaker 1: back here tomorrow,