In this episode, Steve and Dr. Miriam Grossman discuss the devastating inflation numbers from the Labor Department and the devastating impact on wages and purchasing power under President Joe Biden. They also discuss the controversy over the transgenders and whether or not they should be allowed to vote.
00:01:30.180You saw the – Tommy, first off, talk about the producer price index print and today the print on consumer price index, the worst in 40 years.
00:01:41.680And if you look at the underlying analysis, it even gets worse.
00:01:46.480Because I'll start off with a speech that you gave in Delaware the other day about the seven ways I think Biden is destroying the American economy.
00:01:53.960But how has that manifested when you look at both the producer price yesterday and the consumer price, sir?
00:02:03.260Let's not forget that we have 1.5 percent inflation at the month that Trump left office.
00:02:07.760So in 21 months, we've gone from 1.5 percent to 8.5 percent inflation.
00:02:12.060I wouldn't have even thought that was possible.
00:02:14.140I want people to know the proximate cause of this disaster in terms of runaway inflation is the $4.1 trillion that Biden has spent and borrowed and printed.
00:02:25.040So he's flooded the American economy with cheap dollars, and that is causing this tragic inflation.
00:02:31.100The average family has lost about $4,100 in purchasing power in the last 14 months under Biden.
00:02:40.680By the way, they were up over $6,000 under Trump.
00:02:43.580Now they're down $4,000 under Biden in terms of people's buying power.
00:02:47.580And we're talking about middle-class people here, Steve.
00:02:49.760And then finally, you look at what's happening to people's savings.
00:02:53.800I see the market is up today, and I can't really explain why that is, given these abysmal numbers.
00:02:59.400But even if you take into account the better numbers today, you know, the stock market, when you adjust for inflation, is down almost 15 to 20 percent under Biden since he entered office.
00:03:08.460So people's 401K plans, seniors' retirement plans are being vaporized by these policies.
00:03:18.880Now, the reason it's up, and we'll talk about this in a while, the reason it's up is that the market, it believes that Jamie Dimon and these guys have now, and Powell and these guys are rattled enough, you're going to get a greenspan put.
00:03:32.100The doves are going to win over the hawks.
00:03:34.140That's why people are hoping for more easy money.
00:03:36.200But let's go back to the underlying thing.
00:03:39.080President Trump had full-spectrum energy dominance, tax cuts where they were, and I didn't agree with all the tax cuts, but tax cuts where they're meaningful, focused on bringing manufacturing jobs back.
00:03:51.140We had no inflation and, I think, 11 percent real wages increase for working class people, for people blue-collar over white-collar, non-college graduate over college graduate.
00:04:03.320This, we just finished, your $10,000 swing, the $6,000 bump with Trump, the $4,000 subtraction for Biden.
00:04:10.980That is because we've had 18 months in a row consecutively of real wages declining.
00:04:19.900Let's go, let's turn, but I want to turn to your, I want to turn to your seven ways that America is being disrupted.
00:04:42.560Americans are losing 3 percent of their purchasing power each month.
00:04:47.740And, by the way, a lot of people think, you know, when you buy the essentials, that inflation rates a lot higher than, you know, 8 percent.
00:04:54.600And, you know, what group that's really getting clobbered here is seniors.
00:04:58.520So, seniors' inflation rate is closer to 9 to 10 percent.
00:05:01.640I mean, I fell down off my chair laughing today when Ron Klain, the chief of staff of Joe Biden, one of the three or four most powerful people in this administration, put out a tweet today saying,
00:05:13.580Isn't this great news that Social Security payments are going up by 9 percent?
00:05:18.760Well, Steve, they're going up by 9 percent because the inflation is running at 9 percent, you moron.
00:05:23.880And so, that just means our deficit is going to be larger.
00:06:02.740Yeah, the Treasury went up to 4 percent for the first time in many, many, many, many years.
00:06:07.880And so, it was about 1 percent, I think, when Trump left office.
00:06:12.900So, think about what that three percentage point increase in interest rates means on the government debt.
00:06:18.060We've added probably $1 to $2 trillion to the debt for nothing, for nothing, just because we have to pay more money for the massive amounts of government borrowing that we've been doing for the last 30 years in this country.
00:06:30.380I mean, that $1 to $2 trillion, we're getting nothing for that.
00:06:35.460We're not getting roads, bridges, schools.
00:06:37.280We're not getting national defense for that.
00:06:39.240It's just money that's going out of our country to foreigners because of the higher interest rates.
00:06:44.740What do you say, Janet Yellen, yesterday, and we talked about it a little bit this morning, is warning about a lack of liquidity in the Treasury market.
00:06:54.120I mean, these things used to sell automatically.
00:06:56.380People didn't even get big commissions for selling it because it was automatic.
00:06:59.440It came or the Treasury sold them, and the guys who are buying those are kind of tucking them away.
00:07:05.820Now, they're saying because of lack of liquidity, you're going to have to increase the interest rates even more than today.
00:08:11.880They're talking in D.C. right now about a continued resolution, which is just the fact they haven't passed an appropriations bill.
00:08:19.340People should understand the scam of all these committees.
00:08:22.020The reason they don't pass an appropriations bill, they never want to have to give the American people kind of a, uh-oh, we're going to have a $1.5 or $2 trillion deficit annually.
00:08:31.120So they wait, then they had these CRs, and the game is just to kick it down the road 90 days at a time.
00:08:37.000But essentially, it's another trillion and a half dollars, and we have the debt ceiling coming up in the first part of the year.
00:08:43.340Steve, how's the Biden regime, which essentially is going to end on November 8th with the landslide that we've got coming in the House and the Senate, how is this going to be worked out?
00:08:54.160Well, Steve, I mean, first of all, let me say this, that, you know, on that debt that you were talking about, you know, I love Biden saying, oh, I've reduced the national debt.
00:09:06.040When, in fact, you know, he came in his first year, they spent $3 trillion above the budget, and then this year they're only spending an extra $1.5 trillion, and he wants us to pat him on the back for that.
00:09:18.660I mean, is that the most absurd thing you've ever heard?
00:09:21.020You know, no president in modern times, maybe ever in American history, has been as financially reckless as this president, and he's running around saying how he's reducing the deficit.
00:09:43.180As you see this thing going forward, walk me through what's going to happen here.
00:09:48.100You've got market in the market today, but the stock market definitely bounced back because people are anticipating that Powell and these guys don't have the stones to continue on the Volcker path.
00:09:59.420They think that they're going to be too rattled by the politics of this.
00:10:03.060So they're looking for what we call the Greenspan put, more quantitative easing, easing of interest rates, no bump in the next session.
00:10:11.220People think the doves are going to win out.
00:10:12.940But as you forecast out, tell me what you see.
00:10:16.960Well, I don't understand why financial markets think that's a good thing if the doves win out, because then what are we going to do?
00:10:23.120We're going to have 8%, 9% inflation from now until kingdom come, until we do something about two things.
00:10:28.240I think the Fed does need to raise rates some more.
00:10:30.620But much, much more important than that, Steve, is it doesn't matter how much the Fed raises interest rates if you've got a government that continues to spend $1, $2 trillion each year more than it's bringing in.
00:10:43.020I mean, as I said, I'll ask that question again.
00:10:45.380Who's going to buy all of these bonds?
00:10:47.580I think that the Treasury Secretary is right, Janet Yellen, that at some point people just stop buying the bonds.
00:10:55.480And then you think the interest rate is high now.
00:11:14.020And none of these people in the Biden administration have any idea how to deal with it.
00:11:18.960And they're putting it all on Jerome Powell.
00:11:22.900But I don't think he knows how to deal with this either, frankly, because we've never had this kind of level of massive overspending and borrowing.
00:11:39.480We essentially buy it because the Japanese insurance companies, the Chinese Communist Party, the Gulf Emirates, they've only got a certain they got a certain cap, a certain limit.
00:11:48.900What you do to enhance more buyers also is you juice up interest rates.
00:13:45.580How do you like eight, nine percent inflation?
00:13:48.300How do you like the fact that we can't we don't have enough energy in this country?
00:13:51.380How do you like the fact that we're running deficits so large that it's put our country in great financial turmoil?
00:13:57.640And when you add that to what all the I think it's so important to put this in the international context of what the rest of the world is doing,
00:14:04.320where they're they're following our lead and spending and spending and spending.
00:14:08.000And the private sector is getting crushed and crowded out by this massive increase in government.
00:14:13.600And that story never has a happy ending.
00:14:18.940Walk me through the seven ways, because I want to ask you about the politics of money right here.
00:15:28.580Number four, you would debase its currency.
00:15:30.780And that's what's happening with this runaway inflation.
00:15:33.200Number five, you would put your political opponents in jail.
00:15:37.740And Steve, I mean, nobody knows more about this than you do.
00:15:40.520And people like Peter Navarro and, you know, I really literally at night, I am worried that there's going to be a knock on my door because I work for Donald Trump and they're going to come with guns and they're going to put me in jail.
00:15:51.540I mean, that's what's happening to our country.
00:18:17.100I posted it on Getter, but I want to make sure we put it.
00:18:20.100It's called Seven Ways to Destroy a Country, and when you look at it, it's actually quite eerie how much of that has gone on in the last 18 months.
00:18:29.360Of course, we're paying the price for that.
00:18:31.160Boris is going to join us a little bit later to talk about the practicality of the politics of all this,
00:18:35.340but I want to bring in Dr. Miriam Grossman.
00:23:34.980They believed that even infants are sexual preachers.
00:23:40.140And so they certainly had an agenda and they believed that, you know, they need to reach kids very early and they need to bring this into the schools and present it in such a way that it sounds like it's educational and that it's based on health.
00:24:00.580It certainly was educational, but it was not based on health.
00:24:04.640It was based on the ideology that sexual freedom and sexual right are the most important things
00:24:12.480to teach our kids, that they have, that they are sexual beings.
00:24:18.140I want to go right there about the sexual being, the sexual freedom.
00:24:21.480The institutions of the Judeo-Christian West, in your mind, at that time in the 60s, right?
00:24:27.880The Jewish tradition, the temples, the Christian, whether it's a Catholic church or the Christian in the nuclear family had been going on, I don't know, for millennia, right?
00:24:39.100Was there any evidence, any evidence at all that those traditions were met, regardless of religious form, but the Judeo-Christian civilization was having a problem promulgating that information,
00:24:52.700given that we had large families, happy families, there wasn't an issue about family formation, there wasn't an issue about population decline?
00:25:01.520Was there any evidence at the time that this was not being passed down appropriately for those cultures and civilizations?