What is a supply chain disruption? It is shocking how much we are actually reliant on the Chinese Communist Party for. We dive into those details. Today's special guest is Charlie Kirk, the founder of Turning Point USA, which is fighting for freedom on campuses across the country.
00:00:41.000His spirit, his love of this country, he's done an amazing job building one of the most powerful youth organizations ever created, Turning Point USA.
00:00:49.000We will not embrace the ideas that have destroyed countries, destroyed lives, and we are going to fight for freedom on campuses across the country.
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00:01:48.000But let's dive into the breaking news that happened yesterday.
00:01:51.000The Chinese Communist Party has announced.
00:01:55.000That it is suspending shipments of rare earth minerals to the United States.
00:02:01.000That the critical minerals that many American companies need to be able to survive and build things such as iPhones, electric vehicles, are being put in suspension.
00:02:13.000Now if you look at a periodic table, it seems as if, if we could print out a periodic table, it seems like China controls like half of the periodic table.
00:02:23.000Now, mind you, I have not looked at a periodic table in probably well over a decade.
00:02:27.000So in preparation for this program, I started to research what rare earth minerals specifically does China extract?
00:02:36.000And then I had to go back to my periodic table and realize that the Chinese Communist Party controls almost 85% of all the rare earths in America.
00:02:46.000This is a serious escalation in the trade war between the Chinese Communist Party and the United States.
00:02:52.000Here are just 10 rare earth minerals that China is the world's dominant supplier in.
00:05:06.000But there is a fallacy and a problem in Milton Friedman's pencil lecture.
00:05:12.000Milton Friedman would say no one can actually make a pencil because all the components are extracted from around the world.
00:05:17.000However, time out, Milton Friedman, and I respect you with so much, such a high degree of respect.
00:05:24.000What happens if the country that has the component that makes the pencil made possible stops trading with you?
00:05:33.000The fact that the Chinese Communist Party has suspended trade Of rare earth minerals with the United States of America proves Donald Trump's point.
00:05:43.000It proves that we are actually a vassal state of the Chinese Communist Party.
00:05:50.000That at any time they can flip a switch and we are reliant on them.
00:05:54.000And there is a short window for us to fix this.
00:05:57.000And if I might be candid with all of you, I feel as if supply chains have been an underemphasized component of this trade war.
00:06:05.000We've talked about bringing industry back to America pretty well.
00:06:09.000We've talked about how the Chinese Communist Party is a great enemy.
00:06:12.000I don't necessarily think we've built out the argument for supply chains.
00:06:16.000And it's not just the rare earth minerals, like gadoloneum, contrast agent, and MRI scans.
00:06:36.000Those where Earths are straight from China.
00:06:39.000We should not have to rely on our adversaries to be able to, for example, periodic element PR, an alloy, I can't pronounce it, protesodium, minium, alloy with magnesium for aircraft engines, pretty important,
00:08:34.000Do you know that 80% of active ingredients in U.S. medicines originate from China or India, which itself often imports from China, so basically China?
00:09:25.000Human beings need vitamin C to be able to survive and live.
00:09:29.000And China decided to corner the market, and we ignored it.
00:09:32.000Our leaders, Bush, Obama, Biden, never said, hey, probably not a good thing that we don't make vitamin C. Have you gone into surgery lately?
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00:11:31.000They'll learn to think for themselves, to stand for liberty.
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00:13:12.000No more vitamin C, vitamin D, multivitamins, or herbal blends.
00:13:15.000No more antibiotics, painkillers, blood pressure medication, no more thermometers, oxygen monitors, pulse oximeters, and blood pressure monitors, not to mention all the rare earth minerals that I mentioned.
00:13:25.000No more circuit boards, no more resistors, no more power suppliers, no more switches, no more drills, no more fasteners, no more wrenches, no more saws, no more toolkits.
00:16:54.000This pen right here was made by a bunch of zealots halfway around the world that hate us, want to murder us, and take over the world, all from a singular country called China.
00:17:02.000Abstract philosophical ideas often unravel when confronted with the unpredictable weight of real life.
00:17:09.000And only President Trump is standing up for America against our greatest enemy.
00:17:16.000Gentlemen, let's get real for a second.
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00:19:24.000And one of the reasons I wanted to come on your show is that before we get into all the good stuff in the tax bill, I want to alert you and your listeners to something I'm hearing that I think is very dangerous, and we need to get all conservatives to shout out against this,
00:19:39.000which is that there are some in Congress, some Republicans, who want to raise the top income tax rate.
00:19:48.000For those of us who are old enough to remember when George H.W. Bush raised taxes, and remember, read my lips, it split the party, it did great damage to the economy, and it led to the election of Bill Clinton.
00:20:01.000So Republicans would be making a major mistake if they raised the top rate.
00:20:07.000In fact, every time in history, by the way, my buddy Art Laffer has a great book out on this called Taxes Have Consequences.
00:20:14.000Every time we've raised tax rates, the economy has gone into recession.
00:20:17.000The rich have actually paid less taxes, and the burden has shifted to lower-income people.
00:20:23.000This is not a way to help America, and I just wanted to get that out there.
00:20:27.000So I want your listeners to call your congressman or senator and say, do not raise tax rates on anyone.
00:21:14.000Someone like me that he was talking about himself, who's created tens and tens of thousands of jobs in some of the greatest businesses ever, were politicians.
00:21:23.000So the people who are the job creators and the wealth producers in our economy are people at the top.
00:21:31.000They've gotten to the top because they're smart.
00:21:33.000By the way, over half of all small businesses.
00:21:37.000Pay their taxes on the individual income tax rate.
00:21:40.000Do we want to be taxing the small businessmen and women in the country so it doesn't work?
00:21:45.000And the other thing about the rich, and this is also in Laffer's book, is that they're smart.
00:22:13.000Any student of history knows that lowering tax rates is a great thing.
00:22:16.000And the last two presidents who were Republicans who raised tax rates, Herbert Hoover and George H.W. Bush, it didn't turn out too well for them.
00:22:23.000So can you also talk to this idea of a brain drain?
00:22:27.000That we are in a competition for the world's best people and that when you start to de-incentivize profit, then they very well might go to other countries.
00:22:38.000In the data, is brain drain drawn out or is that just a talking point that sounds good on TV?
00:23:25.000Well, that was the point I was going to make.
00:23:26.000Yeah, that was the point I was going to make, is that you have states like Tennessee, Texas, Florida, that have no income tax, and they're booming.
00:23:34.000Arizona's got a pretty good low income tax rate.
00:23:51.000So in the spirit of raising taxes, here's one that I go back and forth on.
00:23:56.000I want to get your opinion, which is the carried interest loophole.
00:24:01.000Some on Capitol Hill are saying that we have to close it.
00:24:04.000Some are saying that Trump already fixed it.
00:24:07.000What is the carried interest deduction, and how do you stand on that, and what is the potential impact that it could have on the economy at large?
00:24:17.000Literally, just this morning, I finished writing my weekly column on that very issue, so you must be clairvoyant.
00:24:23.000But, you know, look, I'm not going to get into the weeds on this.
00:24:27.000This is the private equity industry, which is what pumps money into small businesses, family businesses to keep them alive or to allow them to grow into bigger businesses.
00:24:38.000We are almost unique as a country in having this incredible private equity industry.
00:24:44.000That injects capital into smaller or medium-sized companies so they can grow.
00:25:10.000Yeah, it's just the argument that the other guys would say is, but it's a fat cat loophole made and designed for Wall Street, and it's used and abused.
00:25:32.000And then the personal income tax, which is taxed right now at 37%.
00:25:38.000So what these people want to do, and this is basically people like Bernie Sanders and Elizabeth Warren and some Republicans, they say, well, we should tax these people at the personal income tax rate, not the capital gains rate, which is, to me, I don't even get the logic of that.
00:25:54.000These companies, when a private equity person puts money into a company, that's at-risk capital.
00:26:23.000They're saying it's a tax cut for the rich.
00:26:24.000What would it mean if the Trump tax cuts are not made permanent?
00:26:29.000So, first of all, that's a really important question because I think a lot, you know, we did a poll that half of Americans are not aware of this because, you know, a lot of Americans just don't pay a lot of close attention to this.
00:26:39.000If they don't get this job done, Charlie, we're talking about the biggest tax increase in American history on January 1st because all of the Trump tax cuts would go away, and virtually all of them.
00:26:52.000And so the average family in America...
00:26:54.000I'm not talking about Warren Buffett and Bill Gates and Elon Musk.
00:26:58.000I'm talking about the average family would face a $3,000 increase in their taxes next year.
00:27:41.000I think one thing that would really help restore investor confidence is for Republicans to sign, seal, and deliver this in the next month.
00:27:49.000Steve, so let's talk now about heavy machinery deduction.
00:27:53.000The left will attack about this saying, oh, this is just a private jet deduction.
00:27:57.000What does a heavy machinery deduction mean for the economy at large and also for people that work with their hands, machinists, welders, people that are, you know, are fixing automobiles?
00:28:09.000And what does the data show about a 100% depreciation for heavy machinery?
00:28:14.000It's amazing that we even have to talk about this because it's so obvious.
00:28:18.000If a business invests in a factory or invests in the kind of machinery you're talking about, I mean, a welder can't weld if he doesn't have the equipment to weld with, right?
00:28:28.000I mean, they don't have a job if they don't have the equipment.
00:28:30.000If there aren't factories, there aren't jobs.
00:28:32.000So we absolutely want to allow companies, not to just allow them, to encourage them.
00:28:39.000To invest in factories and machinery and computers.
00:28:44.000Those are what make American workers more productive.
00:28:47.000It's the reason, you know, it's our capital investment and our know-how that makes the American workers the most highly paid workers in the world.
00:28:55.000So we ought to say if a company builds a factory, you can write it off.
00:29:00.000If you have heavy equipment like you're talking about, if you're buying a, you know, I talked to Fred Smith who owns...
00:29:08.000You know, one of the great companies in America.
00:29:11.000And he's saying once they allowed that deduction, they bought four jumbo jets so that they could transport packages around the world.
00:29:21.000Think of all the jobs that created for the Boeing workers.
00:29:24.000Steve, in closing here, about 30 seconds remaining, what do you think is the probability of this bill passing and getting Republicans behind a pro-growth agenda?
00:33:20.000But there are three reasons why President Trump objectively is in probably some of the best health you'll ever find a president.
00:33:26.000When you are trying to end the Russian-Ukrainian war, when you are trying to close an invasion on the southern border, and your blood pressure is 128 over 74, I'm impressed.
00:33:56.000I have found the people that live the longest and are the healthiest, they have a mission, they have a zeal for life that supersedes everything else.
00:34:06.000You invisibly communicate with all of your trillions of cells, meaning, keep me healthy, keep me alive.
00:34:13.000He has meaning and he has filled that existential void with a mission to save the United States of America.
00:34:20.000And the third reason as to why his cholesterol is very healthy and his blood pressure is great, and yes, he takes some cholesterol, statins and all that, which of course is 78, it's no big deal, but it's the most obvious on the entire report that is just glaring that Cannot be overlooked.
00:34:38.000Lifelong abstinence from tobacco and alcohol.
00:34:47.000But if you want to be 78, run in the free world with five kids worth billions of dollars and have blood pressure that's better than your average 28-year-old out of the street, don't drink and don't smoke, kids.
00:35:00.000You too can become the leader of the free world.
00:35:03.000Looking at Donald Trump, 78 years old, 6'3", 224.
00:35:08.000We might lose Donald Trump to the NFL draft in two weeks, and this guy's going to play for the Tennessee Titans soon.
00:35:14.000All kidding aside, he's in fighting shape and fighting form, perfectly passing his cognitive test, and all of the suspicions around President Trump are put to bed and put to rest.
00:35:25.000But he's ready to keep on being the man in the arena, and God bless him.
00:35:29.000Thanks so much for listening, everybody.
00:35:31.000Email us, as always, freedom at charlottecourt.com.