00:00:47.000We will not embrace the ideas that have destroyed countries, destroyed lives, and we are going to fight for freedom on campuses across the country.
00:02:33.000We need to get busy figuring out how to get our appropriations bills done.
00:02:36.000And we need to secure the border of the United States.
00:02:39.000So, Chip, walk us through what I consider the biggest issue is the CR omnibus stuff, continuing resolution, and then the omnibus kind of muscle memory.
00:02:47.000We have to break the fever, 12 separate spending bills.
00:02:51.000I didn't love Speaker Johnson saying, well, maybe we have to go to January.
00:02:57.000I got to be honest, Chip, you're not going to like what I have to say.
00:03:00.000You might have to work through Christmas.
00:03:01.000Bring your family to D.C. You know, this whole idea of Congress punting before Christmas, I don't like it.
00:03:08.000It has not proven to be what's the best for your constituents or the American people.
00:03:13.000So fill us into some of the inside baseball here of what we're thinking scheduling.
00:03:18.000Yeah, well, if you rewind back to January and you remember that a lot of the discussion going on then about Speaker McCarthy or not, and fundamentally what at least I was trying to do was change the institution.
00:03:29.000And you're alluding to one important part of that.
00:05:03.000But my big thing is we need to stay in town and get our job done, send the appropriations bills to the Senate and force the Senate to the table.
00:05:11.000What I don't want to do is tee up a big omnibus bill before December like they did last year.
00:05:16.000And remember, one last point: a CR is nothing more than continuing that disastrous omnibus bill that they did last year.
00:05:22.000And it's supposed to be used for emergencies.
00:05:24.000And Chip, if we had a Republican majority that thought the way you did, this wouldn't be a problem.
00:05:29.000You got these moderates that drive me crazy.
00:05:31.000But I think you can understand my from pattern recognition.
00:05:47.000So my argument to you and Speaker Johnson is: no way in hell should you guys go to January because you're going to have even less courage from these members.
00:05:57.000The argument should be, guys, do the tough stuff.
00:06:30.000I'm not going to fund a CR at Nancy Pelosi levels that funds the United Nations that just crapped all over Israel, that funds a Department of Homeland Security, not secure the homeland, that funds all manners of sins, including the World Health Organization, that undermined our health freedom through all the COVID pandemic.
00:06:49.000But my question here is: what can we do in order to move the ball forward?
00:06:53.000And I'm going to give Mike a little bit of grace.
00:06:55.000He's been in the job for a week to kind of figure out what he can do.
00:06:58.000I thought we should put forward a continuing resolution or call it something different, a stopgap spending measure that cuts spending and does so for a short period of time and jam that over to the Senate.
00:07:10.000Say, look, you don't want to shut the government down.
00:07:16.000You're going to pass HR2 and the measures necessary to secure the border as a price for continuing the funding of government for a month or two months.
00:07:25.000What we should not do is continue to kick the can down the road and do a continuing resolution of the same garbage the American people are tired of.
00:07:33.000So I think we're saying the same thing while we try to move the appropriations bills forward.
00:07:38.000So I guess the question is the current, just to make sure I understand, when does the CR expire again, Chip?
00:08:21.000Department of Justice, Department of Education, Labor, HHS.
00:08:26.000All of those are in packages that are still on the table for us to pass.
00:08:30.000Even if we pass them, Charlie, we've got to get into the Senate, and they're not going to want to pass what we pass.
00:08:34.000So they're going to want to go to conference.
00:08:36.000So right now, we have a job to do to get these appropriations bills through at our priorities and at lower spending levels and then force the hand of the Senate.
00:08:44.000We can only get so much done in the next two weeks, but we got to keep our foot on the gas to do it.
00:08:48.000And then have a debate in the middle of all that, by the way, on this whole Israel debate in Ukraine that's coming around the corner.
00:08:54.000The focus for you and Speaker Johnson, every time you guys do a media hit, instead of just saying the Senate, here's my advice.
00:09:00.000Just say Sinema, Manchin, Brown, and Tester.
00:09:03.000Those red state Democrats, they're sweating, man.
00:09:06.000Their approval ratings are going down.
00:09:10.000Instead of just, you know, doing the Chuck Schumer thing, if McConnell was smart, which whatever, he's going to focus on those four people as a leverage point.
00:09:21.000I want to talk about ReliefFactor.com.
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00:09:58.000Realistically, we have a $2 trillion deficit.
00:10:02.000Where do you want the House Conference to go all in of places to cut spending?
00:10:07.000There's even some hangover COVID spending, from what I understand, which is hundreds of billions of dollars, which is just an outright fraud.
00:10:14.000I'm sure you saw that $250 billion, which is stolen.
00:10:42.000If you ask me how to prioritize it, first, we have to target the discretionary spending because that is what is empowering the weaponized government against you and me and undermining our freedom and driving up the debt.
00:11:41.000And you've got this massive big health care that has vertical integration where they own everything, where you've got United who fund all the doctors.
00:11:49.000More doctors work for United Healthcare than anybody else.
00:11:52.000We've got to break the back of big health care in order to drive health prices down.
00:11:56.000I know that's a lot, but in order, the thing I can handle right now, we need to pay for Israel.
00:12:01.000We need to hold our spending in check on discretionary spending this year, spend less in 24 than in 23, and then we need to focus on mandatory spending next year.
00:12:10.000I'm on the budget committee and we've already got some plans to try to address that.
00:12:46.000We've talked about it over the last week.
00:12:47.000I have made clear that I will oppose any rule.
00:12:50.000I will oppose every procedural option if they try to jam through a Ukraine-Israel combination, especially with all that bogus border spending, which just processes more people.
00:13:52.000Don't be afraid of a government shutdown.
00:13:55.000I know, but the fear from the government shutdown last time is what triggered the whole speaker thing.
00:14:02.000And I know that people don't want to hear it and you haven't been home very much, but working through Christmas, typically the worst decisions I've seen is when Congress wants to get home for Christmas and they'll just sign off on anything.
00:14:14.000This Christmas vacation pressure has done a lot of damage to our republic.
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00:15:26.000So yesterday I visited the University of Arizona and I really, this is one of the most fulfilling parts of my job of my career, I guess you could say.
00:15:37.000I get to sit and I talk to students for hours on it.
00:15:39.000And some of these conversations, I mean, I visibly am not too moved by.
00:17:05.000For crisis support, call this phone number.
00:17:10.000You also have employee assistant counseling and the threat assessment and management team.
00:17:16.000So I go on college, a college campus, to talk about why young people can't own homes.
00:17:24.000And the University of Arizona is more worried about Charlie Kirk and Turning Point USA than Hamas supporters who want to exterminate Jews.
00:17:33.000University of Arizona sends out an email to the entire student body saying that if you need mental health support, we have counselors and psychologists available.
00:18:12.000Because the question I received by dozens of students were, Charlie, am I ever able, am I, do you think I'll be able to own a home in the next 10 years?
00:18:20.000Do you think I'll ever be able to own a home?
00:18:29.000We have almost created an entire generation of people now who very likely may never be able to own their home.
00:18:37.000This is a very, very difficult conversation that I've had to have with many young people in this country now, because by causing all of this inflation that has drastically increased home prices, yes, you've increased the paper value of homes that already exist.
00:18:53.000So if you already owned a home, congratulations, I suppose, because the value of that home, at least on paper, has gone up.
00:18:59.000But if you're one of the poor people who didn't have a home, who were renting or maybe weren't even in the market at all, and now you are trying to buy a home, good luck.
00:19:08.000On top of the incredible run up in home prices that we've seen the last two and a half, three years, we now have these higher interest rates, rates that are basically at the highest point in literally more than a decade.
00:19:21.000We're pushing 8% now on mortgages, whereas before they were between 2% and 3%.
00:19:27.000So what has essentially happened is there are two different effects, Charlie, that are having a major, major impact on home affordability.
00:19:36.000On the one hand, all of the people who got a home with a 2% to 3% mortgage now can't sell it to someone else.
00:19:42.000Because if they do, they lose that 2% or 3% mortgage.
00:19:54.000So the supply of existing homes is way down.
00:19:57.000But in terms of new homes, the supply is also way down because the prices faced by homebuilders to actually construct those new homes are near record highs.
00:20:07.000So the homebuilders can't reduce their prices either on the homes that they're selling.
00:20:11.000Again, even though interest rates are pushing 8% right now.
00:20:16.000So for all the young people out there who did what they were supposed to do and saved their money to try to get a down payment, now the down payment's not big enough because the home price went up.
00:20:25.000And even still, they don't make enough money in order to make the monthly payments.
00:20:31.000I mean, so let's just go through this.
00:20:33.000So home prices were already high in 2019, not super high, not out of reach, but we create trillions of dollars that we don't have and flood the system with stimulus and bailouts and subsidizing.
00:20:48.000And so asset prices only inflated in value.
00:20:53.000And if you look at just in Phoenix, for example, an average single family home went from $480,000 to $500,000 to now $750,000 to $800,000, nearly doubled.
00:21:05.000And then the interest rates alongside of it.
00:21:08.000And then EJ, you have an entire generation that then also can't barely make rent.
00:21:14.000This is a recipe for not just an economic disaster, but a political one as well.
00:21:22.000But have we ever seen in recent history homeownership so out of grasp for young people in particular, late 20, early 30s-somethings?
00:21:34.000No, Charlie, this is the first time in this generation that we have ever seen that.
00:21:39.000You literally have to go back a whole generation, a little more than a generation, to see the last time that you had such a disparity between the cost of home ownership and the cost of renting.
00:21:50.000And that's really saying something when you consider the fact that rents, as you just pointed out, are already at a record high.
00:21:56.000So rents are at a record high and home ownership is incredibly less affordable on top of that.
00:22:05.000Despite the fact that, yes, home prices were elevated at that point.
00:22:09.000We have to remember that so was the average income and so was the median income.
00:22:13.000So if you made the median income, you could very easily afford the median priced home in 2019.
00:22:20.000But now that has been flipped entirely on its head today, where if you make the median income, you can afford the median priced home.
00:22:28.000In fact, Charlie, it's so bad that in many major metro areas around the country, you actually need to have an after-tax income that is above the median income to actually be able to afford the median priced home.
00:22:43.000In other words, for the typical American family, even if you devoted 100% of your income to your home, you still couldn't afford the payments.
00:22:52.000I mean, I don't know how better to define unaffordability than that.
00:22:57.000And it creates a lot of generational resentment because young, I mean, the attitude I received at the University of Arizona is why do my parents have, why did they have it so simple and we don't?
00:23:10.000And look, a lot of people in our audience don't like hearing that.
00:23:13.000They'll say, oh, just work harder, kid, work harder, kid.
00:23:16.000EJ, you and I aren't one to play into people's complaints or grievances, but there's a legitimate difference right now between a 22-year-old graduating college today than a 22-year-old graduating college in 1995.
00:23:34.000And to your point, this isn't a matter of grievances between one generation or another.
00:23:39.000This is strictly a matter of just what the numbers tell us.
00:23:42.000And what they tell us is that ZERP or the zero interest rate policy, which the Federal Reserve had basically for two decades, has just, I mean, it's been absolutely catastrophic on asset markets, especially on housing.
00:23:57.000It virtually eliminated the incentive to save for a generation and a half.
00:24:02.000It's no surprise that millennials and the generation that has come after them are in the terrible shape that they are compared to their parents.
00:24:10.000So let's talk about the federal budget because that ties into this.
00:25:07.000And you make a great point, by the way, that there are a lot of things that, although we would love to say, oh, just cut everything, you're right.
00:25:16.000I mean, for starters, roll back the entire IRA, the so-called Inflation Reduction Act, which did nothing to reduce inflation, but only exacerbated it.
00:25:25.000Get rid of all of the so-called green energy programs, that whole agenda from this administration.
00:25:30.000We need to seriously pare back all of the welfare spending.
00:25:35.000There is tremendous waste, fraud, and abuse at all levels of virtually all welfare programs.
00:25:41.000If you want to have states administer individual programs that they can do that a whole lot better than the federal government can, they can do it more efficiently.
00:25:49.000And that would just be one way to help reduce that waste, fraud, and abuse.
00:25:54.000But the fact is that there is a tremendous amount of waste throughout the federal budget and including defense.
00:26:02.000I know for a lot of conservatives, that's a sacred cow.
00:26:04.000But when the Pentagon literally can't account for trillions of dollars, they're not accounting.
00:28:26.000On the government side, you're seeing the same thing where the government is simply just taking out unbelievable, just eye-watering levels of debt to maintain its spending.
00:28:35.000For investment, you're not seeing an increase in, let's say, factories, machines, things that are going to increase productivity and therefore long-run growth.
00:28:45.000No, that's not what you're seeing at all.
00:28:46.000Businesses are simply scared right now because inflation has accelerated.
00:28:50.000So they are buying more inventory today so they don't have to buy it in the future at a higher price.
00:28:56.000Now, while that does increase the GDP right now, in the future, when that inventory is sold off and drawn down, it's just going to decrease GDP then.
00:29:05.000So you essentially just front-loaded that growth.
00:29:09.000There's absolutely nothing in this report that smacks of any kind of sustainability here.
00:29:15.000It is simply a one-off and frankly, a harbinger that we're going to have less growth in the future.
00:29:20.000If you look at the growth, excuse me, the investment that really matters, again, that's things like factories and machines for producing long-run growth.
00:29:34.000In closing here, EJ, what do you think we can anticipate as far as markets?
00:29:41.000I think we're in for a big correction.
00:29:43.000At some point, this asset bubble has to burst, or are we basically going to live through a new normal of 10 to 15% inflation and the money printing shall continue until morale improves?
00:29:55.000Charlie, it's a really, really good question.
00:29:57.000Unfortunately, we simply just don't know what the Fed is going to do.
00:30:00.000So it's a question of if the Treasury continues spending like they are, which that looks like it's going to continue, then we're going to have this anemic economic growth.
00:30:09.000And then is the Fed going to behave and keep rates high and keep monetary policy tight?
00:30:14.000That will kill the inflation, but it's also going to damage the economy.
00:30:18.000Or is the Fed going to do what they've done for most of Biden's presidency, which is just print money to pay for it all?
00:30:24.000Unfortunately, Powell will say one thing and then do something completely different.
00:30:28.000He promised, for example, a 75 basis point hike was off the table and then delivered four in a row.
00:30:34.000So we just unfortunately have no idea what he's going to do.
00:30:37.000What we do know is that as long as the Treasury continues to spend and borrow us into oblivion, we are going to have poor economic numbers and poor economic conditions for the average American.
00:30:49.000EJ Antoni from Heritage doing a great work.
00:30:55.000You know, somebody said, Charlie, I find it very hard to believe that these students need mental health counseling because you visited University of Arizona.
00:31:59.000And what I found yesterday is that a majority of the kids that I talk to, they don't believe in that stuff.
00:32:03.000There are so many more right-wingers at the University of Arizona than anyone would ever lead you to believe.
00:32:08.000Strong and tough and patriotic, but it's a tyranny of the minority, of a mentally ill minority.
00:32:17.000You have deep-seated mental problems if you need to go see a counselor because Charlie Kirk goes and talks about house prices for two hours at the University of Arizona.
00:32:25.000Like, you got some serious problems, and you got to grow up.
00:32:28.000Stop making it everybody else's issue.
00:32:30.000And shame, contempt on the University of Arizona for sending out an email like that.