The Ben Shapiro Show - Joe Biden Celebrates Reducing Inflation…As Inflation Continues To Explode | Ep. 1574

00:00:00.000 Joe Biden holds an event at the White House celebrating the hilariously misnamed Inflation Reduction Act.

00:00:05.000 The Dow Jones Industrial Average drops 1,200 points after inflation stats come in red hot and Democratic Senate candidates are struggling.

00:00:12.000 I'm Ben Shapiro.

00:00:12.000 This is the Ben Shapiro Show.

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00:00:26.000 Slash Ben will get to all the news in just one moment.

00:00:28.000 First, as you know, inflation is at record highs because Joe Biden is a terrible president.

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00:01:32.000 So, yesterday, the inflation statistics came in and they were red hot.

00:01:35.000 The expectations by economists have been at 8.1% annualized inflation.

00:01:38.000 Instead, they came in at 8.3%.

00:01:38.000 inflation. Instead, they came in at 8.3 percent. The consumer price index had increased 8.3 percent over year over year. According to the Wall Street Journal, consumer prices overall rose more slowly in August from a year earlier, but increased sharply from the prior month after excluding volatile food and energy prices, showing inflation pressers remain strong and stubborn.

00:01:57.000 The Labor Department on Tuesday reported its consumer price index rose 8.3 percent in August from the same month a year ago.

00:02:02.000 That is down from 8.5 percent in July and 9.1 percent in June, which is the highest inflation rate in four decades.

00:02:08.000 The CPI measures what consumers pay for goods and services.

00:02:11.000 But again, All that means is that we are still wildly inflated over last year.

00:02:15.000 It does not mean that inflation is actually really reducing.

00:02:18.000 It just means that it's increasing at a slower rate.

00:02:21.000 So-called core CPI, which excludes energy and food prices, increased 6.3% in August from a year earlier, upmarkedly from the 5.9% rate in both June and July, a signal that broad price pressures actually strengthened.

00:02:33.000 And so the only force that was militating against an even worse inflation number is the fact that gas prices have come down.

00:02:38.000 Gas prices have come down because people are spending less on gas.

00:02:41.000 Demand is starting to wane on gas.

00:02:43.000 And so what that means is that all of the other forces that are boosting that number, the things that you really spend a lot of money on things like your rent.

00:02:49.000 things like your food. These things are incredibly expensive. On a monthly basis, the core CPI rose 0.6% in August. That is double July's pace. That's actually an increase in the inflation rate over July from core CPI. Investors and policymakers follow core inflation closely as a reflection of broad underlying inflation and as a predictor of future inflation. Jamie Cox, managing partner for Harris Financial Group said in a statement, these data are hot and are a reflection of feed through of higher energy prices from earlier this year.

00:03:15.000 Inflation is a stubborn thing.

00:03:17.000 U.S.

00:03:18.000 stocks tumbled, bond yields jumped after the report showed the price pressures are proving to be more persistent than investors anticipated.

00:03:23.000 That, of course, makes perfect sense.

00:03:24.000 The stock market is saying This means that earnings are likely to drop and this means that prices are likely to drop and they're starting to move toward bonds because again, if the inflation rate is really hot, that means the interest rates are about to increase.

00:03:37.000 The Dow Jones Industrial Average dropped nearly 1300 points or 3.9% on Tuesday.

00:03:39.000 point or 3.9 percent on Tuesday. The S&P 500 fell 4.3 percent while the Nasdaq composite slid 5.2 percent. The yield on the benchmark 10-year U.S.

00:03:48.000 Treasury note settled at 3.422%, according to TradeWeb.

00:03:51.000 That is up from 3.297% just before the inflation data were released.

00:03:55.000 Inflation has recently shown signs of easing for some goods and services, mainly gas.

00:03:59.000 But the problem is, prices for most goods and services remain much higher than one year earlier.

00:04:04.000 On a monthly basis, prices rose more for items tracked by the CPI in August than in July, which is an escalating rate of inflation.

00:04:10.000 On pretty much everything except for gasoline.

00:04:13.000 Food prices continued to climb sharply this past month.

00:04:15.000 It rose 0.8% in August from July, as did those for new vehicles.

00:04:19.000 Prices also rose last month for medical care, education, electricity, and natural gas.

00:04:23.000 One key channel of inflation is rising housing costs.

00:04:25.000 Those rose 0.7% in August from July.

00:04:28.000 These costs account for nearly one-third of the overall CPI.

00:04:31.000 Once housing costs start to rise, that momentum tends to persist.

00:04:33.000 And a lot of that, of course, is increase in rent, because as those interest rates increase and as mortgage rates increase, people are not buying homes, which means they still need a place to live.

00:04:41.000 And the place that they are choosing to live is in rental apartments, for example.

00:04:45.000 This is generating extraordinary pressure on American households.

00:04:49.000 The inflation debate seemed to have sort of waned over the course of the last couple of months as the media dramatically tried to refocus on things like climate change and Trump.

00:04:56.000 And you can see it reflected in the polls as Republicans started to decline in the generic congressional ballot and Democrats began to increase in the generic congressional ballot.

00:05:04.000 Well, inflation is now top of the ticket again.

00:05:06.000 And it's going to get worse for Democrats before the election, not better, especially considering the way that the Biden administration has chosen to actually fend off allegations that they have postured inflation.

00:05:15.000 They're not saying, well, you know what, guys, we are going to get this under control.

00:05:18.000 And the way we're going to get this under control is we are going to push for an increase in the interest rates.

00:05:21.000 We're going to become more fiscally responsible.

00:05:22.000 We're going to stop blowing money into the economy.

00:05:24.000 We're going to stop wasting all of your taxpayer dollars on random nonsense.

00:05:28.000 Instead, they've basically gone out there and they've started telling everybody that it's all in their mind.

00:05:32.000 That if you are paying 13% more for food this year than you were last year, which is pretty much what you're paying, if you are doing, if that's what you're feeling, you are feeling wrong.

00:05:40.000 It's economic cognitive behavioral therapy.

00:05:43.000 You are upset about the economy.

00:05:45.000 You're spending on a monthly basis, hundreds of dollars more than you were just a year ago.

00:05:50.000 And it's really all in your head, right?

00:05:52.000 You're looking at your checkbook and you're thinking, no, those are numbers wrong.

00:05:56.000 Those are not numbers.

00:05:57.000 That is all imaginary because Joe Biden tells you so.

00:06:01.000 According to the Wall Street Journal, inflation infighting is happening now within households because food prices are up.

00:06:07.000 The consumer price index was up 8.3% year over year in August, according to the Labor Department, and various couples have been making sacrifices to cope.

00:06:14.000 They're changing how they shop, specifically because of all of this, and this is causing household fights.

00:06:19.000 Again, these are real, when you talk about kitchen table issues, there's no thing, like literally, there's nothing that is more kitchen table issue than how much your food costs.

00:06:28.000 And it's not just food, by the way.

00:06:29.000 Electricity and some heating costs are rising as well right now.

00:06:32.000 According to the Wall Street Journal, U.S.

00:06:34.000 consumers are getting a reprieve from high gas prices, but a jump in electricity and natural gas costs are increasing their energy bills as winter approaches.

00:06:40.000 Gas prices have dropped about 26 percent since June, helping to bring the U.S.

00:06:43.000 Consumer Price Index for energy in August down 5 percent from July, a second consecutive monthly decline, according to the Labor Department data.

00:06:49.000 Other energy costs are rising, offsetting relief at the pump.

00:06:52.000 The index for electricity in August climbed 15.8% year over year.

00:06:57.000 That is the biggest such 12 month increase since 1981.

00:06:59.000 So basically all the savings that you are seeing on gas are now being eaten up by your electric and heating bill, which is a serious problem for most Americans.

00:07:10.000 Also worth noting, one of the ways Joe Biden sought to lower the gas price at the pump is that he released Hundreds of millions of barrels of oil from the Strategic Petroleum Reserve, putting it at its lowest level in decades.

00:07:20.000 Well, now he is seeking to buy back a bunch of oil to restock the Strategic Petroleum Reserve.

00:07:27.000 Meanwhile, in terms of overall income, according to the Wall Street Journal, Americans as a whole have experienced two years in a row of flat or declining household income, according to new government data, reflecting the pandemic's lingering economic pain as inflation is also taking the largest bite out of pocketbooks in four decades.

00:07:42.000 In its annual assessment of the nation's financial well-being, the Census Bureau said median household income of about $70,800 in 2021 was not statistically different in a real way from an inflation-adjusted 2020 estimate of about $71,200.

00:07:50.000 statistically different in a real way from inflation adjusted 2020 estimate of about $71,200. That should have been a minor decline. Lack of any real growth for 2021 follows a decrease in incomes recorded in 2020.

00:08:02.000 And this year, too, wages are being outpaced by inflation.

00:08:07.000 The road ahead for the U.S.

00:08:07.000 economy remains uncertain, with the Federal Reserve aggressively raising interest rates while trying not to trigger a recession.

00:08:12.000 But it's not going to happen.

00:08:13.000 They're going to have to ramp up the interest rates to dramatic rates in order to cramp the incipient inflation bubble that is now eating up pretty much everybody's wage increases.

00:08:25.000 By the way, banks are seeing people withdraw money specifically because they need the money.

00:08:29.000 Deposits at U.S.

00:08:30.000 banks, according to the Journal, fell by a record $370 billion in the second quarter.

00:08:33.000 That is the first decline since 2018.

00:08:36.000 Basically, the money pushed a bunch of money.

00:08:38.000 Basically, the government pushed a bunch of money, a bunch of cash into people's pockets, and now people are withdrawing it at extraordinary rates in order to pay off these inflationary bills.

00:08:46.000 Deposits fell to $19.563 trillion as of June 30th.

00:08:50.000 That is down from $19.932 trillion in March, according to the Federal Deposit Insurance Corporation.

00:08:56.000 The outflow in the quarter is not a problem for banks.

00:08:58.000 They're sitting on more deposits than they want.

00:09:00.000 But it does show that people are beginning to withdraw extraordinary amounts of money from the banks right now.

00:09:06.000 And as the government attempts to rein in the amount of inflation, when people are withdrawing a lot of money from the bank and they're spending it, that is not going to rein in the inflation.

00:09:15.000 That means probably more spending, which means presumably higher prices.

00:09:18.000 We now have a price-wage spiral, for example.

00:09:21.000 The federal deficit, by the way, widened to $220 billion in August as well.

00:09:26.000 According to the Wall Street Journal, the federal government ran a deficit of $220 billion in August, a shortfall that widened compared with the year before as spending grew faster than revenue collection last month.

00:09:35.000 The government spent $523 billion last month alone, which is unbelievable.

00:09:39.000 The amounts of money that we spend in this country are just insane.

00:09:42.000 An $84 billion increase that largely reflected calendar differences in how payments were distributed in August 2021.

00:09:48.000 Government revenues were $304 billion, a $35 billion increase.

00:09:51.000 So we spent $220 billion more than we took in last month.

00:09:57.000 But don't worry, Joe Biden is fiscally responsible, guys.

00:09:59.000 Which, of course, is why the stock market suffered the worst day that it has since literally the middle of the pandemic in June of 2020.

00:10:04.000 Now, serious economists, people who are not spending their days with their heads directly up Joe Biden's rectum, serious economists are looking at this and they are saying, okay, this is a serious Now institutionalized problem with the American economy and this is not going to end without significant pain.

00:10:21.000 Larry Summers, the former Treasury Secretary and National Economic Council Director, who of course worked under Bill Clinton and was warning about inflation from the very beginning.

00:10:30.000 He is out there saying that the United States still has a serious inflation problem.

00:10:33.000 He said core inflation is higher this month than for the quarter, higher this quarter than last quarter, higher this half of the year than the previous one, and higher last year than the previous one.

00:10:41.000 He also said that median inflation rose to its highest ever reading.

00:10:45.000 Indeed, median inflation rose from 6.3% in July 2022 to 6.7% in August of 2022.

00:10:50.000 So the simple fact is, Summers said that the odds of inflation falling to 2%, which is what the Federal Reserve typically targets, without unemployment spiking above 4.5% is highly He says that you're going to have to raise the interest rates above 4% generally.

00:11:06.000 He said 4% is not going to do it.

00:11:08.000 I've been saying this for a while, that the total interest rates set by the Federal Reserve are going to have to be more like 5% or 6% to get inflation anywhere near under control.

00:11:17.000 So again, this is this is Joe Biden's fault.

00:11:20.000 This is the Federal Reserve's fault.

00:11:21.000 They've done a terrible job. 0.99

00:11:22.000 So the strategy from the Biden administration is to tell you that if you notice you're crazy.

00:11:27.000 They're really going to try and gaslight you on this thing.

00:11:29.000 They're going to try to pretend that everything is fine.

00:11:32.000 So Joe Biden tweeted out, Um, what now?

00:11:34.000 This data show progress in fighting inflation.

00:11:37.000 This month, prices overall were essentially flat.

00:11:40.000 Gas prices were down, wages were up.

00:11:42.000 That's good news for American family embassies.

00:11:45.000 My plan is showing we can lower costs, create jobs, bring manufacturing back to America.

00:11:50.000 Um, what now?

00:11:52.000 What?

00:11:53.000 Really?

00:11:54.000 Did yesterday's data show progress in fighting inflation, considering the rapidly increasing price of food and energy?

00:12:00.000 And energy aside from gasoline?

00:12:02.000 The rapidly increasing price of rent?

00:12:04.000 Really, is that the progress?

00:12:05.000 He says, prices overall were essentially flat, which is another way of saying that we still have a hotly inflated economy.

00:12:12.000 And wages were up, but they're getting eaten by inflation.

00:12:16.000 So if you are making more money from your job, but then everything costs a lot more, that doesn't mean anything.

00:12:23.000 In order for wages to truly be up, they have to outpace inflation.

00:12:27.000 But this is the entire Biden administration strategy.

00:12:30.000 They're just going to try to pretend everything is fine.

00:12:32.000 Alrighty, so Larry Summers properly summing up the fact that inflation is not going away anytime soon.

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00:13:56.000 So Corinne Jean-Pierre, the extraordinarily untalented White House press secretary, she yesterday was saying, she said, you know, we're seeing moderation in prices.

00:14:02.000 Don't you see the good news here, guys?

00:14:04.000 Look at the good news.

00:14:04.000 There's so much good news.

00:14:05.000 Pay attention to the good news.

00:14:07.000 There's no good news.

00:14:09.000 This month, we saw some welcome moderation in the price increases for food at the grocery store.

00:14:16.000 It's moderating, which is important.

00:14:18.000 And real wages are going up again for the second month in a row, giving hard families, hardworking families, just a little bit of breathing room that you hear the president say.

00:14:28.000 Oh, is that?

00:14:28.000 Are you feeling the breathing room?

00:14:30.000 Feel the breathing room, guys.

00:14:32.000 Sure, the prices continue to spike, but feel that breathing room.

00:14:35.000 So then she was asked, you know, you did pass the Inflation Reduction Act, and it seems like inflation is not being reduced.

00:14:41.000 Not only did you pass the Inflation Reduction Act, yesterday, the White House held a big celebratory event for the Inflation Reduction Act, which led to some extraordinary contrast between Joe Biden speaking on screen about the Inflation Reduction Act, and then in the bottom of the screen, the stock market numbers, the ticker going down 1200 points.

00:14:57.000 It was really, really not a very good screen cap for the Biden administration.

00:15:01.000 So Corinne Jean-Pierre was asked about the Inflation Reduction Act, and she's like, well, you know, sure, it doesn't reduce inflation right now, but it will in the future.

00:15:08.000 And it's about climate change.

00:15:11.000 And they got nothing.

00:15:14.000 What exactly would the Inflation Reduction Act do to reduce inflation in the short term?

00:15:20.000 So, when you look at the lowering costs in particular for Americans, I think that's important when you think about how inflation has increased costs for Americans.

00:15:36.000 If you think about the $100 Saving about $100 per year on premiums with ACA.

00:15:42.000 When you think about lowering costs for our seniors, capping that at $2,000 a year instead of thousands and thousands of dollars a month.

00:15:51.000 That lowering of cost as we deal with a time that is difficult for many Americans.

00:15:59.000 Yeah, you feeling secure now?

00:16:01.000 You feeling secure with these people in charge?

00:16:02.000 Okay, so all of this was in the midst of a day in which Joe Biden was celebrating with his friends in the Democratic Party about passing a $1 trillion green energy boondoggle that is going to be a SOP to a bunch of Solyndra-like companies.

00:16:16.000 And the level of out of touchness of this White House really is quite amazing.

00:16:20.000 You have to understand that most of the people who staff places in Washington, D.C., these are not people, you know, the higher level staffers, the people who write these bills.

00:16:27.000 These are not people who are deeply worried about the price of groceries because they don't exist in that world.

00:16:31.000 The journalistic establishment does not exist in the world where the price of groceries is like a major obstacle to their way of life.

00:16:37.000 They're not living the lives of blue collar workers in Ohio, for example.

00:16:41.000 I get it.

00:16:41.000 I don't live that life either.

00:16:42.000 The difference is I know blue collar workers in Ohio and nobody in journalism or apparently in the Democratic administration has ever met anybody who's a blue collar worker in Ohio.

00:16:50.000 So their way of celebrating the Inflation Reduction Act is they they took out of storage James Taylor.

00:16:56.000 James, you remember, like, the kind of folk rock singer from the 1960s?

00:17:00.000 So they dredged him up from a crypt somewhere, and they brought him forth to sing Fire and Rain, which, by the way, is a depressing song about suicide.

00:17:08.000 So I guess it's appropriate.

00:17:10.000 Also, this song was written in—it's a great song.

00:17:13.000 It was written in 1968.

00:17:14.000 Ironically, the year when another massive spending president who believed himself to be a world-changing figure had to withdraw from a presidential race because he was so wildly unpopular and was leading the American economy into a roadside ditch.

00:17:26.000 So, I guess there is some sort of appropriateness to James Taylor.

00:17:31.000 He literally came out and sang Fire and Rain at the Inflation Reduction Act celebration ceremony.

00:17:36.000 Here we go.

00:17:37.000 I have seen fire, I have seen rain Such boomer stuff, man. 0.59

00:17:48.000 It's a great song, but what?

00:17:50.000 I've seen lonely times and I could not find a friend.

00:17:57.000 I'm sorry.

00:17:59.000 But I always thought I'd see you.

00:18:01.000 I mean, listen, I guess at this point I should just be pleased that Joe Biden didn't call forth Megan Thee Stallion and Cardi B to rap about their vaginas in celebration of the Inflation Reduction Act in pursuit of equity or something.

00:18:12.000 I mean, I guess at least I should be happy about that, right?

00:18:15.000 I mean, at least it's James Taylor whose music is actually listenable.

00:18:20.000 Be grateful, America.

00:18:21.000 So then all of the politicians came forth to pay homage to the amazingness of Joe Biden.

00:18:27.000 This part is really funny.

00:18:28.000 So Joe Biden, first of all, even if you like the Inflation Reduction Act, which is the most misnamed act in human history, they're literally celebrating the Inflation Reduction Act as inflation stats come in at 8.3% and food comes in at 13%.

00:18:38.000 It's unbelievable.

00:18:42.000 I'm trying to think of an act that has been more misnamed than the Inflation Reduction Act in history.

00:18:48.000 There was a pact in the 1920s to end all war, and it was right before the outbreak of World War II.

00:18:54.000 That one was bad.

00:18:55.000 The naming of this act, though, the Inflation Reduction Act, which is what if we pour $1 trillion into the economy in the middle of an inflationary spiral to stop inflation, and then we'll celebrate it on the White House lawn as the stock market plunges 1,200 points thanks to our inflationary pursuits.

00:19:11.000 That's pretty amazing.

00:19:13.000 One of the other things that's amazing here is even if you like the Inflation Reduction Act for no apparent reason.

00:19:16.000 You were hit on the head with a frying pan when you were a child or something.

00:19:20.000 If you love the Inflation Reduction Act, it's just your favorite.

00:19:23.000 Would you credit Joe Biden with that?

00:19:25.000 Joe Biden went to sleep in Delaware and when he woke up, they'd passed it.

00:19:28.000 It had nothing to do with Joe Biden.

00:19:29.000 It was Chuck Schumer and Joe Manchin and Nancy Pelosi who hammered that thing out.

00:19:33.000 Meanwhile, Joe Biden was being who's being comatose in a basement in Rehoboth Beach.

00:19:39.000 It's amazing.

00:19:41.000 So Chuck Schumer comes forward to talk about how Joe Biden is a great leader.

00:19:45.000 He's a great leader, guys.

00:19:46.000 He's so great at the leading.

00:19:47.000 Joe Biden can't lead himself to the bathroom.

00:19:49.000 Here is Chuck Schumer.

00:19:50.000 He has restored dignity, respect, and a sense of action back to the Oval Office.

00:19:58.000 Talking about the same guy?

00:19:59.000 Oh, we will find that out in 2022, will we not?

00:20:02.000 leadership. Americans are seeing what it looks like to have a president and a Congress that's focused on delivering results to make their lives better.

00:20:13.000 Oh, we will find that out in 2022, will we not? Whether Americans really, really like what you guys have been doing. Joe Biden is an amazing leader.

00:20:22.000 And meanwhile, Joe Biden's walking into walls over here.

00:20:23.000 Like, Joe, Joe, not that, not that way, not that way.

00:20:26.000 You got Joe Biden and the Easter Bunny pulling him away.

00:20:29.000 Schumer then, of course, as a unifying figure, he says, MAGA Republicans divide us, but Joe Biden brings us back together.

00:20:35.000 This obnoxious nonsense about how anyone who opposes your agenda is an extremist, who is a threat to domestic security, is really scary.

00:20:43.000 It really is.

00:20:44.000 Remember, they have not defined MAGA Republicans.

00:20:46.000 This is a celebration for the passage of a fully partisan act.

00:20:49.000 There was not one Senate vote by the Republicans, including people like Mitt Romney and Susan Collins, in favor of this so-called Inflation Reduction Act.

00:20:56.000 Not one.

00:20:58.000 And what he's saying is if you didn't vote for it, you are a Republican extremist who wants to end democracy.

00:21:02.000 Here we go.

00:21:04.000 With the challenges we face, not a single Republican joined us to make these new investments and new jobs possible.

00:21:12.000 Not one.

00:21:15.000 That's the difference between the two parties in a nutshell.

00:21:19.000 While MAGA Republicans are fixated on their extremist agenda like a national abortion ban, Democrats are focused on creating jobs, lowering costs, and bringing the country together.

00:21:33.000 This is such unbelievable gaslighting.

00:21:37.000 I mean, what Chuck Schumer says right there is such unreal gaslighting.

00:21:41.000 It's truly amazing.

00:21:42.000 So, Chuck Schumer, that is a dude who makes you want to go to sleep.

00:21:45.000 And when I say sleep, you know what I'm going to say next.

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00:22:53.000 So, understand, he just claimed that if you did not support this Garbage Inflation Reduction Act, you're Mitt Romney, you're Susan Collins, you didn't support it.

00:23:01.000 Lisa Murkowski did not support it.

00:23:03.000 If you didn't support it, you are a MAGA extremist.

00:23:05.000 We now know that MAGA extremist means that you are a domestic terrorist who wishes to overthrow the country, according to Joe Biden.

00:23:10.000 But Joe Biden is bringing us back together and reducing inflation.

00:23:14.000 And bringing back jobs.

00:23:16.000 Oh, is that all the things that they're doing?

00:23:18.000 Okay, so Nancy Pelosi was also brought out of mothballs here. 0.62

00:23:22.000 Our leadership class, just as a general observation, and this is true across the board, when your entire leadership class in a country is geriatric, this demonstrates a complete lack of forward progress in a country. 0.63

00:23:34.000 It is a serious issue.

00:23:36.000 If the entire leadership class of your country is a bunch of 80-year-olds, that does not speak well of the future of your country.

00:23:44.000 It just doesn't.

00:23:45.000 And when it's Nancy Pelosi, who is in excess of 80, and when it is Joe Biden, who's 80, and when it is Chuck Schumer, who is, I believe, 71, on one side of the aisle, and then on the other side of the aisle, your leading presidential candidate is also approaching 80, right?

00:24:02.000 Donald Trump is also approaching 80 at this point.

00:24:05.000 And Mitch McConnell is similarly an elderly person.

00:24:10.000 McConnell's age right now is 80.

00:24:12.000 Like, this does not speak of an American political system that is thriving here.

00:24:18.000 Anyway, Nancy Pelosi has brought forth dentures a-clacking to explain that the Inflation Reduction Act is bringing down the cost of kitchen table items. 1.00

00:24:24.000 There's great irony to the fact that no one can afford to put anything on their kitchen table at the moment that she is discussing how she's bringing down costs.

00:24:30.000 And then she has to beg people for applause, which is always great.

00:24:32.000 You remember when Jeb Bush had to ask people to applaud and it became a meme?

00:24:35.000 So now Nancy Pelosi's doing the same thing.

00:24:38.000 Inflation Reduction Act, so beautifully named for all that it does.

00:24:43.000 So beautifully named?

00:24:43.000 As the name suggests, this landmark law is cutting costs and inflation fighting and driving down costs for kitchen table items for America's working families.

00:24:54.000 Mr. President, thank you for unifying and inspiring a vision of a stronger, fairer, safer future for all, for our children.

00:25:07.000 Your extraordinary leadership has made this glorious day possible.

00:25:12.000 Glorious?

00:25:13.000 Wow.

00:25:13.000 That's an applause line.

00:25:17.000 That's an applause line.

00:25:18.000 Unbelievable.

00:25:19.000 Unbelievable.

00:25:20.000 Your glorious leadership has made this day possible.

00:25:22.000 People are like, who is she talking about?

00:25:23.000 She's talking about Joe Biden?

00:25:25.000 It's the most greatly named act of all, the Inflation Reduction Act.

00:25:33.000 It's like every other democratic act.

00:25:34.000 That's the Equality Act, which is really just about enforcing LGBTQ agenda items.

00:25:39.000 Or it's the Voting Rights Act, which is really just about changing voting procedure to make it easier to vote illegally.

00:25:44.000 Whenever a party names an act, you can assume that the name of the act is not actually what is in the act.

00:25:50.000 The only difference is that what the media do is the media routinely call things by what the Democrats wish them to be called.

00:25:56.000 And if Republicans have an act, then the Democrats just make up a name for the act, and then the entire media call it by what the Democrats want it to be called.

00:26:02.000 It's always what the Democrats want it to be called.

00:26:03.000 If it's the Inflation Reduction Act, we don't call it the Green Boondoggle Act of 2022, which is what it is.

00:26:09.000 We call it the Inflation Reduction Act.

00:26:11.000 If Florida passes a law saying that you should not teach sexual orientation and gender identity to five-year-olds, then the media immediately start calling it the Don't Say Gay Bill, right?

00:26:19.000 And this is what they do, because the Democrats are calling it that, which demonstrates, again, the complete merger between the Democratic Party and the media.

00:26:24.000 Okay, so finally, we get to Triumphal Joe Biden.

00:26:27.000 Triumphal Joe Biden is one of the worst forms of—he's wearing his aviators.

00:26:32.000 This is how you know that he's triumphant.

00:26:33.000 When Joe Biden wears it, we have been reliably informed that when Joe Biden wears aviators, it's not because he is suffering from astigmatism.

00:26:40.000 It is because he actually is triumphant.

00:26:44.000 So triumphant Joe Biden trying to, I don't know, bluster his way through eating mashed potatoes here, talking about how it wasn't easy to pass, but we did it.

00:26:56.000 I do love that it wasn't easy to pass.

00:26:58.000 You mean with entirely Democrats?

00:27:01.000 Like, literally, it was just Democrats.

00:27:03.000 No one else voted for this thing.

00:27:04.000 Here is Joe Biden.

00:27:06.000 Let's be honest.

00:27:08.000 Passing this law wasn't easy.

00:27:10.000 It wasn't.

00:27:10.000 I proposed as soon as I got here, basically.

00:27:13.000 And I've said that day that I determined, I was determined.

00:27:19.000 I was determined and determined.

00:27:21.000 And I've done that.

00:27:22.000 In fact, I think it's fair to say we've achieved more bipartisan agreement in these nearly two years in my presidency than anyone thought was even remotely possible when I entered office.

00:27:33.000 That's not true.

00:27:35.000 Actually, what happened is that you kept pushing forward radical proposals.

00:27:38.000 And even Mitt Romney, I say again, Mitt Romney, Susan Collins, these are people who voted for the Infrastructure Act.

00:27:43.000 That's the only thing that was done on a real bipartisan basis under Joe Biden.

00:27:48.000 The Inflation Reduction Act was not bipartisan.

00:27:50.000 The quote-unquote American Prosperity Plan was not bipartisan.

00:27:53.000 Bill Backbatter died because you couldn't even get your own Democrats on board.

00:27:56.000 He's been a hack partisan president throughout his presidency.

00:27:59.000 He came in and the idea was he was going to restore normalcy and do a bunch of things that people could agree on. 0.72

00:28:03.000 And then he did precisely the opposite and then said that you're a terrorist.

00:28:07.000 This has been the agenda of the Biden administration.

00:28:09.000 It really is an amazing thing.

00:28:10.000 And then the gaslighting continues, right?

00:28:12.000 So this was the part that was really funny.

00:28:13.000 If you actually watched this speech on, for example, Fox News, you would see underneath the stock ticker.

00:28:19.000 And it was very awkward because as he was talking about how the American people were winning and how fiscally responsible he was, you could just see the stock ticker going.

00:28:29.000 So here is Joe Biden talking about how the American people won.

00:28:32.000 Weird because they don't feel like they won here.

00:28:35.000 Exactly four weeks ago today, I signed the Inflation Reduction Act into law.

00:28:41.000 A single most important legislation passed in the Congress to combat inflation, and one of the most significant laws in our nation's history, in my view.

00:28:49.000 I said it then, and I'll keep saying it.

00:28:52.000 With this law, the American people won, and special interests lost.

00:28:57.000 Lost.

00:28:57.000 Say it again.

00:28:59.000 The American people won, and special interests lost.

00:29:02.000 I'll say it again.

00:29:03.000 The American people won, and ostriches can fly!

00:29:10.000 What an amazing president he is.

00:29:11.000 The special interest lost by being handed a trillion dollars in subsidies.

00:29:16.000 That's how they lost.

00:29:16.000 I don't know what losing feels like to you, but typically when the government tries to give me billions of dollars to waste on inefficient green energy projects, that doesn't feel so much like losing to me.

00:29:28.000 It just, it doesn't.

00:29:30.000 And then he continues, he said, when Joe Biden pretends that he is fiscally responsible, Joe Biden pretending that he is fiscally responsible is like OJ Simpson saying that he is excellent with women.

00:29:41.000 Like, I'm sorry.

00:29:42.000 No, sir, you are not.

00:29:44.000 No, you're spending more money than any president in human history, more than any person in human history has ever spent on anything you're spending.

00:29:52.000 And then you're declaring that you are fiscally responsible.

00:29:56.000 What in the?

00:29:56.000 It's like Ted Kennedy declaring that when it comes to alcohol, he's a responsible human being.

00:30:02.000 I just occasionally drive off bridges.

00:30:04.000 I don't know.

00:30:06.000 It happens.

00:30:08.000 Here's Joe Biden.

00:30:09.000 The gaslighting is so strong.

00:30:12.000 He's just lying to your face and then hoping that because you hate Donald Trump and Orange Man bad that you're going to pretend that he's not the president and he's not presiding over an inflationary spiral we haven't seen since before I was born.

00:30:23.000 Here we go.

00:30:25.000 For this fiscal year, a trillion five hundred billion dollar reduction in the deficit.

00:30:33.000 So I don't want to hear it anymore about big spending Democrats.

00:30:36.000 We spend, but we pay.

00:30:39.000 You have never.

00:30:40.000 What?

00:30:42.000 Literally, the only Democratic president who attempted to balance budgets at all was Bill Clinton.

00:30:47.000 Joe Biden says that that you pay for what you spend.

00:30:50.000 In what world is that true?

00:30:52.000 In what world is that remotely true?

00:30:55.000 He's saying that he keeps saying this lie, which is that he's reducing the deficit.

00:30:59.000 Again, if I spend $200 on my credit card bill this month and I spend $100 on my credit card bill last month, that's not reducing my total debt.

00:31:07.000 If you call that reducing deficit because I spent less this month than I did last month, that is so unbelievably dishonest to claim that now you're fiscally responsible because you're spending a little bit less in the red than you were last month.

00:31:19.000 You're not on a pathway to zero, my friend.

00:31:20.000 He's not even pretending he's on a pathway to zero here.

00:31:24.000 It's incredible.

00:31:25.000 And then he takes credit for bringing down gas prices.

00:31:27.000 So let's just get this straight.

00:31:28.000 When gas prices go up, that's Vladimir Putin's fault.

00:31:31.000 When gas prices come down, that's Joe Biden's credit.

00:31:34.000 Amazing unfalsifiability here.

00:31:36.000 But, you know, the aviators say that he's on a roll here, guys.

00:31:39.000 He's really on a roll.

00:31:41.000 And guess what?

00:31:42.000 For all the criticism I got and the help you gave me, for gas prices bringing they're down more than a dollar and thirty cents a gallon leaning in since the start of the summer we're making progress i do enjoy when he leans into the microphone you know what you know what love that move from the president of the united states By the way, just going to note here that the U.S.

00:32:09.000 national debt is now up to $31 trillion.

00:32:13.000 $31 trillion, and that's not counting all of the unfunded liabilities that we have.

00:32:18.000 So yeah, he's doing great.

00:32:19.000 He's doing great.

00:32:19.000 And also when he says he brought down gas prices, again, I would just like to point out that gas prices right now Are on average in the United States, something like, I'm looking at the AAA number right now, about $3.70 when he took office, a little over $2.

00:32:36.000 So yeah, he's been doing an amazing job, guys.

00:32:38.000 Don't you feel it?

00:32:39.000 Don't you feel great?

00:32:39.000 And then, of course, we end with Joe Biden in his aviator glasses rambling incoherently as they bring him back to the break room and plop him down on that gurney and wheel him away.

00:32:48.000 Here is Joe Biden.

00:32:50.000 We just have to remember who we are.

00:32:52.000 We are the United States of America.

00:32:55.000 There's nothing, nothing, nothing we've ever set our mind to, nothing that we've not been able to accomplish.

00:33:03.000 Nothing beyond our capacity.

00:33:05.000 And so just remember who we are.

00:33:08.000 We stand together.

00:33:09.000 There's nothing beyond our capacity.

00:33:12.000 May God bless you all and may God protect our- The United States!

00:33:16.000 Nothing beyond!

00:33:17.000 We are!

00:33:18.000 Who we are!

00:33:19.000 When we are!

00:33:20.000 When are we?

00:33:24.000 Guys, it's going amazing.

00:33:25.000 It's just going amazing.

00:33:26.000 And by the way, I hope that you're looking forward to more price spikes considering that the White House is currently trying to figure out how to ship freight around the country because the railroad unions are taking advantage of this administration.

00:33:37.000 According to the Wall Street Journal, the White House is assessing how other transportation providers could fill potential gaps in the nation's freight network as labor unions and railroads continue contract talks to avert a potential labor stoppage this week.

00:33:47.000 Senior administration officials are communicating with ocean shipping, trucking, and air freight companies, among others, to determine how to keep goods moving.

00:33:53.000 Oh, ocean shipping.

00:33:54.000 Have we had any problems with that in the recent past?

00:33:55.000 You know, like with supply chains and the inability to get stuff off the docks at the ports.

00:33:59.000 Have we had any problems?

00:34:00.000 Maybe we should talk to the transportation secretary.

00:34:02.000 Or is he too busy on paternity leave still?

00:34:04.000 What does he do for a living exactly? 0.84

00:34:07.000 I mean, listen, I understand that he was mayor of South Bend, Indiana and also is gay, but at some point he should actually do his job. 0.84

00:34:13.000 It's unbelievable. 0.99

00:34:14.000 We're in the middle of an inflationary spiral and the labor union is like, oh, we got a sucker in the White House. 0.98

00:34:17.000 Let's do this thing.

00:34:20.000 White House Press Secretary Karine Jean-Pierre said, we've made crystal clear to the interested parties, the harm that American families, businesses and communities would experience if they were not to reach a resolution.

00:34:28.000 So basically, they're now going to the labor unions and like, guys, we need you to come to the table.

00:34:32.000 Otherwise, Republicans are going to win.

00:34:33.000 That's basically their final picture.

00:34:35.000 Labor Secretary Marty Walsh is planning to meet with Union and Rail Company representatives on Wednesday in Washington, D.C.

00:34:42.000 Several railroads have already halted transports of hazardous materials and said they would place embargoes on non-hazardous cargo as well.

00:34:47.000 Norfolk Southern Corporation said in a bulletin to customers it plans to close all gates to intermodal traffic on Wednesday at noon local time.

00:34:54.000 Such shipments, where railroads carry shipping containers and truck trailers, are often used by large retailers and consumer products companies.

00:35:00.000 The railroad said they're limiting shipments to avoid stranding hazardous or sensitive materials in case of a strike.

00:35:05.000 So again, just excellent, well done stuff here from the Biden administration, which has fomented the greatest hopes of all of the unions everywhere.

00:35:14.000 When the gaslighting is so strong that Stephanie Ruhle over at MSNBC is like, guys, you're gaslighting us?

00:35:18.000 You know how bad things are.

00:35:19.000 So here is MSNBC's Stephanie Ruhle having the capacity to recognize some level of reality. 1.00

00:35:27.000 As far as inflation, the thought that things are going to go down quickly, it ain't happening.

00:35:32.000 You said it.

00:35:33.000 Rent is high.

00:35:34.000 Healthcare costs are high.

00:35:35.000 Energy costs are high.

00:35:36.000 And we talk about inflation as it relates to going to the grocery store.

00:35:40.000 And for you and me, every time we go in there to get our milks, egg, butter, cereal, everything is still very expensive.

00:35:46.000 So for families, the everyday things we're buying still cost a lot, despite the fact that the Fed has made moves to raise rates.

00:35:54.000 So Joe Biden has a habit.

00:35:55.000 When things get bad, he just leaves down.

00:35:57.000 So yesterday, he did.

00:35:59.000 He ran away.

00:36:00.000 Yesterday, he was just like, you know what?

00:36:01.000 I'm not gonna be in Washington, D.C.

00:36:02.000 I gotta get out of here.

00:36:03.000 Get me, get me to Delaware, Joe.

00:36:04.000 Please, please get me, get me home.

00:36:07.000 Home.

00:36:08.000 We'll get to that in a moment.

00:36:09.000 So as many of you know, Candace Owens was out on maternity leave. 0.99

00:36:12.000 Now she is back.

00:36:13.000 We are unleashing the power of Candace five days a week in her new Daily Wire Plus show. 1.00

00:36:16.000 Candace Owens is already climbing all of the charts.

00:36:19.000 You need to give it a listen.

00:36:20.000 You're not going to want to miss her explosive first episode.

00:36:22.000 It premiered this week.

00:36:23.000 New episodes are available every day at 3 p.m.

00:36:25.000 Eastern on Daily Wire Plus.

00:36:26.000 Trust me.

00:36:26.000 But I say this is going to be huge.

00:36:28.000 Watch Candace Owens' show right now on Daily Wire Plus or listen on Apple Podcasts, Spotify or wherever you listen to podcasts.

00:36:35.000 So Joe Biden, he had to get out of town because it turns out that he's really crappy at his job.

00:36:41.000 And when people notice him, it's bad for the Democrats.

00:36:44.000 So all the Democrats like, Joe, could you leave?

00:36:45.000 It's like, yeah, I'm going to go back and I've been stocking up on Matlocks. 1.00

00:36:50.000 The VHS.

00:36:50.000 I don't know.

00:36:51.000 What is this TiVo?

00:36:52.000 I still haven't... I don't know.

00:36:54.000 I need tapes.

00:36:54.000 I got a stack and I got some backup as well.

00:36:58.000 So, he went back to Delaware.

00:37:00.000 What was his excuse?

00:37:01.000 By the way, Captain Climate Change over here, who just spent a trillion dollars on fighting climate change, gassed up Air Force One and went to Delaware to get ready for this.

00:37:11.000 To vote.

00:37:12.000 Went back to Delaware to vote.

00:37:14.000 In a primary.

00:37:16.000 That has no major races in it.

00:37:18.000 You wouldn't do this.

00:37:19.000 You wouldn't even leave work for this, probably.

00:37:21.000 But Joe Biden had to leave the White House to fly.

00:37:23.000 Now, why didn't he just get an absentee ballot?

00:37:25.000 No one knows.

00:37:26.000 According to Bloomberg, the White House didn't publicly announce the trip until just before he left because what happened is they didn't plan it.

00:37:33.000 They didn't know they were going to Delaware.

00:37:34.000 Joe Biden was like, I want to leave.

00:37:38.000 And they're like, OK, gas up that jet and let's go.

00:37:40.000 Asked before boarding his plane why he was traveling to his home state on short notice, the president answered, to vote.

00:37:45.000 He did not answer when asked why he hadn't simply requested and returned an absentee ballot.

00:37:49.000 Delaware also offered in-person early voting on Saturday, when Biden was in Delaware.

00:37:54.000 So either the man has short-term memory loss, or he's just trying to get out of town.

00:37:59.000 Instead, Biden employed two motorcades, local police protection, and the Boeing 757 version of Air Force One to vote in an election with no high-profile races on the ballot.

00:38:06.000 I'm gonna go with he just wanted to leave town, okay?

00:38:08.000 I really don't think that he was like, I need to vote for the dog catcher in Wilmington.

00:38:11.000 It's very, very impamity.

00:38:14.000 Very impanamity.

00:38:16.000 Former President Obama, by the way, cast absentee ballots in 2010 and 2014.

00:38:19.000 And Donald Trump was like, I'm not voting in the 2018 primary.

00:38:23.000 Screw it, man.

00:38:23.000 I don't care.

00:38:25.000 Which, frankly, I think may be the proper response in single-party states like Delaware and New York.

00:38:31.000 So there is Captain Climate Change, who is blowing the carbon emissions out the back of that jet like nobody's business, doing more to fly back to Wilmington, Delaware, in order to vote in a useless primary in Delaware, spending more on carbon emissions than the entire continent of Africa does in a day, probably.

00:38:47.000 Meanwhile, in the Senate, you can see Democratic Senate candidates running headlong away from Joe Biden.

00:38:52.000 And as I've been saying for literally months, when the focus is on Joe Biden, Democrats are in serious, serious trouble.

00:38:58.000 So Mark Kelly, who is running a Senate race right now against Blake Masters, in most of the polls, he's up somewhere between five and seven points.

00:39:04.000 But if people realize that Mark Kelly actually just votes with Joe Biden all the time, it's not great for Mark Kelly.

00:39:08.000 So Mark Kelly was asked a pretty simple question.

00:39:10.000 Is Joe Biden doing a good job?

00:39:12.000 And he's like, if anybody comes to Arizona, I'm looking to show them, you know, what do we what do we need from the federal government?

00:39:23.000 How do we solve these problems?

00:39:24.000 And so if he came out here, held an event, you'd attend that event?

00:39:28.000 You'd like that?

00:39:28.000 I would certainly consider it.

00:39:30.000 Consider is not... Well, I would look at it.

00:39:32.000 Yeah, sure.

00:39:33.000 I mean, I could be in Washington, you know, voting on important legislation.

00:39:36.000 I mean, that's... That's a possibility, but if you were free, you'd gladly go and... It would depend on what the event was, where it was.

00:39:44.000 And what's the goal?

00:39:47.000 But if the president wanted to come out here and see Arizona, I'd welcome him to do that.

00:39:54.000 Not good, gang.

00:39:56.000 If Joe Biden happens to be in the Western United States, I'd be happy to wave at him.

00:40:06.000 These people want so far away from Joe Biden.

00:40:09.000 They want away from Joe Biden like Tara Reade wanted away from Joe Biden.

00:40:12.000 I mean, his own senators are like, can we keep Joe Biden far away?

00:40:16.000 Meanwhile, Chuck Schumer and Nancy Pelosi, he's a great leader.

00:40:18.000 He's such a great leader.

00:40:19.000 He's so great.

00:40:20.000 And meanwhile, the Democrats are like backing away.

00:40:24.000 How far can they move so they're not in a camera frame with Joe Biden?

00:40:27.000 Joe, can you go back to Delaware and vote in the local primary, Joe?

00:40:30.000 And meanwhile, in Pennsylvania, as I have been predicting, that Pennsylvania Senate race is becoming a lot closer.

00:40:35.000 The Pennsylvania Senate race right now is a five-point race in the head-to-head.

00:40:39.000 This is CBS News polling.

00:40:41.000 Fetterman leads Dr. Oz 52 to 47.

00:40:45.000 A lot of this is based on the idea that John Fetterman is authentic.

00:40:48.000 Now, Dr. Oz is not going to be considered authentic by the Pennsylvania population.

00:40:52.000 It's just not possible to overcome the kind of numbers he has there.

00:40:55.000 And right now what the polls show is that Pennsylvanians think that Dr. Oz says what he really believes.

00:41:01.000 Only 29% of Pennsylvanians believe that.

00:41:03.000 71% say that he's just saying what he thinks voters want to hear, Dr. Oz.

00:41:08.000 Now, first of all, this is always a dumb question because the answer is if you're a politician, almost always you're saying what voters want to hear.

00:41:12.000 That's literally your job. 0.75

00:41:14.000 But that poll also shows 57% of Pennsylvania voters think that John Fetterman says what he really believes.

00:41:19.000 The problem is he doesn't have, like, a lot of thoughts that Pennsylvanians agree with. 0.99

00:41:23.000 And also, as it turns out, he is a massive hypocrite. 0.98

00:41:26.000 So remember that time he was ripping on Dr. Oz for having multiple properties? 1.00

00:41:30.000 Oops! 0.78

00:41:30.000 According to the UK Daily Mail, a watchdog group is filing a complaint asking the Senate Ethics Committee to investigate why Pennsylvania Democrat John Fetterman did not disclose eight real estate assets on his most recent personal finance disclosure. 0.78

00:41:42.000 The total value of the properties he left off his disclosure form was $108,000.

00:41:46.000 All eight of the properties were in Braddock, Pennsylvania, Fetterman's hometown where he served as mayor.

00:41:51.000 His name is listed as owner on all of them on the Allegheny County website.

00:41:55.000 Most of the properties appear to be empty lots worth between $10,000 and $20,000 that surround Fetterman's home.

00:42:00.000 One was a building structure worth over $40,000.

00:42:02.000 But Fetterman did not list a single real estate asset on his most recent July 29th disclosure.

00:42:07.000 His team says he didn't have to.

00:42:08.000 They didn't produce income.

00:42:09.000 They weren't really investments.

00:42:10.000 Oh, they're not investments?

00:42:11.000 He just bought lots for no reason?

00:42:13.000 Interesting.

00:42:14.000 So, Democratic Senate prospects are not extraordinarily good at this point.

00:42:20.000 I think that there is at least a 50% shot that the Republicans surprise all of the pollsters and end up taking the Senate.

00:42:27.000 That would not be, I think, the greatest shock in the world at this point.

00:42:30.000 Alrighty, guys, the rest of the show is continuing now.

00:42:31.000 You're not going to want to miss it.

00:42:32.000 You're going to get to Tim Ryan, the Democratic Senate candidate in Ohio, saying that it's time to kill the extremist MAGA movement.

00:42:38.000 Plus, the Biden administration continues to say that the border is under control.

The Ben Shapiro Show - September 14, 2022

Joe Biden Celebrates Reducing Inflation…As Inflation Continues To Explode | Ep. 1574

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