The Charlie Kirk Show - Will Gen Z Ever Own Homes? with E.J. Antoni and Rep. Chip Roy

00:00:00.000 Hey everybody, it's Andy Charlie Kirk Show.

00:00:01.000 Chip Roy joins the program.

00:00:02.000 And EJ Antonio, we talk about Congress continuing resolution, the economy, and more.

00:00:08.000 Email us, as always, freedom at charliekirk.com.

00:00:11.000 That is freedom at charliekirk.com.

00:00:13.000 Get involved with turningpointusa at tpusa.com.

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00:00:24.000 Buckle up, everybody.

00:00:25.000 Here we go.

00:00:26.000 Charlie, what you've done is incredible here.

00:00:28.000 Maybe Charlie Kirk is on the college campus.

00:00:30.000 I want you to know we are lucky to have Charlie Kirk.

00:00:33.000 Charlie Kirk's running the White House, folks.

00:00:37.000 I want to thank Charlie.

00:00:38.000 He's an incredible guy.

00:00:39.000 His spirit, his love of this country, he's done an amazing job building one of the most powerful youth organizations ever created.

00:00:46.000 Turning point USA. 0.65

00:00:47.000 We will not embrace the ideas that have destroyed countries, destroyed lives, and we are going to fight for freedom on campuses across the country.

00:00:56.000 That's why we are here.

00:00:59.000 Brought to you by the Loan Experts I Trust, Andrew and Todd at Sierra Pacific Mortgage at andrewandTodd.com.

00:01:08.000 Joining us now is Chip Roy.

00:01:10.000 Congressman Roy, thank you so much for taking the time.

00:01:12.000 Chip, I have great respect for you.

00:01:14.000 You've been doing, it's been a tough year.

00:01:16.000 I know there's been a lot of ups and downs, some disappointments, some wins, but I like our new speaker.

00:01:21.000 What do you think, Chip Roy?

00:01:23.000 Look, Mike Johnson is a good friend.

00:01:25.000 He's a good man.

00:01:26.000 He's a believer.

00:01:27.000 He is someone, obviously, he's a father of five.

00:01:30.000 He's got a beautiful wife.

00:01:31.000 He grew up, or he represents the area my mom grew up in, Northwest Louisiana.

00:01:36.000 But here's the thing.

00:01:37.000 Mike is already demonstrating a willingness to listen.

00:01:40.000 We've been having serious conversations over the last week.

00:01:43.000 He's been speaker less than a week.

00:01:45.000 And it was, as you've noted in your introduction there, it's been after a year of some turmoil.

00:01:51.000 And what you're seeing unfold in front of us right now in full display for the American to see is the debate that needs to be had.

00:01:58.000 The American people are tired of the status quo.

00:02:01.000 They're tired of the same old thing.

00:02:02.000 And if you keep putting in place the same thing, you're going to get the same results.

00:02:07.000 And Mike represents a departure from that.

00:02:09.000 It was telling last week that there were senators that were somewhat mockingly in their Republican lunch saying, wait, who is this guy?

00:02:16.000 And that's not necessarily a bad thing.

00:02:19.000 Mike is a strong, convicted man.

00:02:22.000 He's liked across the conference.

00:02:23.000 Now the question is, can we get busy getting the stuff done that we need to get done?

00:02:28.000 We need to fund Israel, but we need to pay for it. 1.00

00:02:31.000 We need to separate it from Ukraine. 1.00

00:02:33.000 We need to get busy figuring out how to get our appropriations bills done.

00:02:36.000 And we need to secure the border of the United States.

00:02:39.000 So, 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.

00:02:47.000 We have to break the fever, 12 separate spending bills.

00:02:51.000 I didn't love Speaker Johnson saying, well, maybe we have to go to January.

00:02:57.000 I got to be honest, Chip, you're not going to like what I have to say.

00:03:00.000 You might have to work through Christmas.

00:03:01.000 Bring your family to D.C. You know, this whole idea of Congress punting before Christmas, I don't like it.

00:03:08.000 It has not proven to be what's the best for your constituents or the American people.

00:03:13.000 So fill us into some of the inside baseball here of what we're thinking scheduling.

00:03:16.000 And are we going to have another CR?

00:03:18.000 Yeah, 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.

00:03:29.000 And you're alluding to one important part of that.

00:03:32.000 In my lifetime, I'm 51 years old.

00:03:34.000 We've only passed 12 appropriations bills, the total number of bills that we're supposed to do to do our job four times.

00:03:41.000 Four times.

00:03:42.000 And so the fact is, is that we have to do our job better.

00:03:45.000 Now, to your point about being here, I never thought we should have left over August.

00:03:49.000 I think that was a failure by former Speaker McCarthy.

00:03:52.000 I didn't think we should leave at any point.

00:03:54.000 Any of these weekends when we were debating the speaker, I thought we should stay in town.

00:03:58.000 I think we should stay in town now to get our job done.

00:04:00.000 To be clear, there was about a 40-day stretch.

00:04:03.000 I only saw my family in about five days.

00:04:05.000 You know why?

00:04:06.000 Because I stayed in Washington.

00:04:08.000 I thought we needed to keep working.

00:04:10.000 And frankly, as a result, we've been moving the ball down the field.

00:04:13.000 Now we have five appropriations bills passed.

00:04:17.000 We have two or three that are waiting on deck.

00:04:20.000 They are not where I want them to be, but they cut spending at least the 1% that the debt deal sought to cut.

00:04:26.000 I thought we should go further.

00:04:28.000 And they massively changed the priorities to the priorities we think represent the American people.

00:04:32.000 So now the question will be: when we run out of daylight in about two weeks, what do we do?

00:04:37.000 Because I don't think we can push all 12 across the goal line by November 17th.

00:04:42.000 We might.

00:04:43.000 It'll be close because of the amendment process.

00:04:45.000 Even if we do, the Senate won't approve them by November 17th.

00:04:49.000 So the question is: what do we do?

00:04:51.000 In my opinion, we've got to stay the course to make sure we cut spending.

00:04:54.000 I do not want some long-term CR that punts.

00:04:58.000 Maybe you have a short-term, several-week CR.

00:05:00.000 Maybe Mike's right.

00:05:01.000 Maybe you kick it into January.

00:05:03.000 But 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.

00:05:11.000 What I don't want to do is tee up a big omnibus bill before December like they did last year.

00:05:16.000 And remember, one last point: a CR is nothing more than continuing that disastrous omnibus bill that they did last year.

00:05:22.000 And it's supposed to be used for emergencies.

00:05:24.000 And Chip, if we had a Republican majority that thought the way you did, this wouldn't be a problem.

00:05:29.000 You got these moderates that drive me crazy.

00:05:31.000 But I think you can understand my from pattern recognition.

00:05:34.000 I'm doing this for a decade.

00:05:35.000 And you know this, Chip.

00:05:37.000 The closer you get to an election, especially over that New Year's, the courage goes down, right?

00:05:44.000 So it's kind of this graph, right?

00:05:47.000 So 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.

00:05:57.000 The argument should be, guys, do the tough stuff.

00:06:00.000 Maybe you shut it down.

00:06:01.000 Maybe you get 10 out of 12.

00:06:03.000 And then you get this done by December 25th, 26th, 27th.

00:06:08.000 People will forget about it by early January if there were some tough decisions to be made.

00:06:12.000 Do we really think that weak-need Republican members are going to find a spine in January of an election year?

00:06:20.000 Yeah, Charlie.

00:06:21.000 I mean, look, you and I are on completely the same page here, and I think we're saying roughly the same thing.

00:06:25.000 All I'm suggesting is, look, I'm not going to support a so-called clean CR.

00:06:29.000 Okay.

00:06:30.000 I'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.

00:06:46.000 I could go on and on.

00:06:47.000 Why would we fund that?

00:06:49.000 But my question here is: what can we do in order to move the ball forward?

00:06:53.000 And I'm going to give Mike a little bit of grace.

00:06:55.000 He's been in the job for a week to kind of figure out what he can do.

00:06:58.000 I 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.

00:07:10.000 Say, look, you don't want to shut the government down.

00:07:11.000 Fine.

00:07:12.000 You're going to reduce spending.

00:07:14.000 Or you don't want to shut the government down.

00:07:16.000 Fine.

00:07:16.000 You'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.

00:07:25.000 What 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.

00:07:33.000 So I think we're saying the same thing while we try to move the appropriations bills forward.

00:07:38.000 So I guess the question is the current, just to make sure I understand, when does the CR expire again, Chip?

00:07:45.000 What is the date?

00:07:46.000 I think it's November 17th, I believe.

00:07:48.000 November 17th.

00:07:49.000 So right before Thanksgiving, right?

00:07:51.000 And so what are the tops or the topics?

00:07:56.000 And if you pass 10 out of 12, would then only, would it be a partial government shutdown?

00:08:01.000 The short version is this.

00:08:03.000 We've passed five of the 12 appropriations bills.

00:08:05.000 We've passed DOD, that's Department of Defense, MILCON VA, that's Military Construction and Veterans Affairs.

00:08:10.000 We passed State and Foreign Operations, State Department, and all the foreign operations stuff, and two others.

00:08:16.000 And we just passed energy and water this past week.

00:08:18.000 We have a number we have not passed.

00:08:21.000 Department of Justice, Department of Education, Labor, HHS.

00:08:26.000 All of those are in packages that are still on the table for us to pass.

00:08:30.000 Even 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.

00:08:34.000 So they're going to want to go to conference.

00:08:36.000 So 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.

00:08:44.000 We can only get so much done in the next two weeks, but we got to keep our foot on the gas to do it.

00:08:48.000 And 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.

00:08:54.000 The focus for you and Speaker Johnson, every time you guys do a media hit, instead of just saying the Senate, here's my advice.

00:09:00.000 Just say Sinema, Manchin, Brown, and Tester.

00:09:03.000 Those red state Democrats, they're sweating, man.

00:09:06.000 Their approval ratings are going down.

00:09:10.000 Instead 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.

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00:09:58.000 Realistically, we have a $2 trillion deficit.

00:10:02.000 Where do you want the House Conference to go all in of places to cut spending?

00:10:07.000 There's even some hangover COVID spending, from what I understand, which is hundreds of billions of dollars, which is just an outright fraud.

00:10:14.000 I'm sure you saw that $250 billion, which is stolen.

00:10:17.000 I mean, we have a $6 trillion budget.

00:10:20.000 We have $4 trillion in revenue, $2 trillion in deficit.

00:10:24.000 Where do you think is the best place to reasonably cut spending to get us closer to a balanced budget?

00:10:30.000 We probably won't get there, but closer to a balanced budget.

00:10:32.000 It's a longer form question, right?

00:10:34.000 On how to handle the extent to which we have $33 trillion of debt, right?

00:10:39.000 $2 trillion deficit spending.

00:10:42.000 If 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.

00:10:54.000 It's doing both.

00:10:55.000 The second thing we have to do is stop these supplemental spending bills that are unpaid for.

00:11:00.000 That's why it's critical that we pay for the Israel bill. 0.72

00:11:04.000 As much as we may want to support Israel, and there's some debate in our country, we need to pay for it. 1.00

00:11:09.000 Whatever we do with Ukraine, maybe it's zero, maybe it's $20 billion, maybe it's $50 billion, but you got to pay for it. 0.99

00:11:15.000 We have to stop this thing where we write blank checks.

00:11:18.000 The third thing we need to do is we need to dive into so-called mandatory spending.

00:11:23.000 That includes, obviously, Social Security, Medicare, Medicaid, now increasingly veteran spending is now permanent and mandatory.

00:11:31.000 That means it just keeps going through no matter what we do in our discretionary budget.

00:11:35.000 And in order to tackle that, the biggest thing we got to do is go after health care prices.

00:11:40.000 That's the real issue.

00:11:41.000 And 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.

00:11:49.000 More doctors work for United Healthcare than anybody else.

00:11:52.000 We've got to break the back of big health care in order to drive health prices down.

00:11:56.000 I know that's a lot, but in order, the thing I can handle right now, we need to pay for Israel. 0.97

00:12:01.000 We 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.

00:12:10.000 I'm on the budget committee and we've already got some plans to try to address that.

00:12:14.000 Yeah, it's going to be a fight.

00:12:16.000 And what I'm most concerned about, not just the interest payments, but the stuff that DC doesn't want to touch at all.

00:12:24.000 And just the lackluster attitude towards Ukraine, for example.

00:12:31.000 Do you think we're going to be able to get Israel and Ukraine?

00:12:33.000 I know that the House is going to pass thing, but the Senate is dead on a rival.

00:12:36.000 But do you think that we'll actually be able to peel Ukraine into its own vote?

00:12:40.000 Because a majority of Americans say no more aid to Ukraine.

00:12:43.000 Yeah, first of all, yes.

00:12:44.000 Mike Johnson has said that.

00:12:46.000 We've talked about it over the last week.

00:12:47.000 I have made clear that I will oppose any rule.

00:12:50.000 I 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. 0.75

00:13:02.000 So yes, we will separate them.

00:13:03.000 I believe that.

00:13:04.000 Otherwise, there'll be a massive fight going on in DC.

00:13:07.000 But we still, even if Israel is independent, I got to state this clearly.

00:13:11.000 I love Israel.

00:13:13.000 I actually believe it's important in our national security interests to stand on the wall alongside Israel, but we got to pay for it. 1.00

00:13:19.000 I applaud Speaker Johnson putting in this IRS money.

00:13:23.000 There's $78 billion sitting there, taking $14 billion over here to pay for Israel.

00:13:28.000 Let me tell you what.

00:13:29.000 If my Democratic colleagues don't want to do that, fine.

00:13:32.000 I got $12.5 billion that we spent on United Nations in 2021.

00:13:37.000 I think it's about that now.

00:13:38.000 Wipe that out if you want to.

00:13:40.000 But we've got to go do this the right way.

00:13:42.000 Pay for it out of current year dollars.

00:13:44.000 I'm tired of it.

00:13:45.000 I'm over it.

00:13:46.000 And that is a line in the sand for me.

00:13:48.000 Chip Roy will be watching closely.

00:13:50.000 Again, just my editorial feedback.

00:13:52.000 Don't be afraid of a government shutdown.

00:13:55.000 I know, but the fear from the government shutdown last time is what triggered the whole speaker thing.

00:14:02.000 And 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.

00:14:14.000 This Christmas vacation pressure has done a lot of damage to our republic.

00:14:19.000 Doing a great job, Chip.

00:14:20.000 Thanks so much.

00:14:21.000 Thanks, Charlie.

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00:15:26.000 So 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.

00:15:37.000 I get to sit and I talk to students for hours on it.

00:15:39.000 And some of these conversations, I mean, I visibly am not too moved by.

00:15:44.000 I'd say it's a small percentage.

00:15:45.000 Some of these students are super smart.

00:15:46.000 They're just being misled by the cabal of the cartel.

00:15:51.000 Some of them are not so smart.

00:15:53.000 They reveal themselves.

00:15:54.000 We move on from those conversations.

00:15:55.000 But I'd say about half of the conversations I had yesterday at the University of Arizona were economic or financial in nature.

00:16:03.000 Now, interestingly, I want to just read this email.

00:16:07.000 See, here's what I do.

00:16:08.000 We do a lot of different sort of events, but this one in particular, show up, our Turning Point USA group at the University of Arizona.

00:16:14.000 They did an amazing job organizing.

00:16:18.000 And literally, in the middle of the quad free speech event, I'm sitting there, you know, in the sun, 80-degree heat, whole thing.

00:16:25.000 University of Arizona sends out this email.

00:16:27.000 As many of you are aware, the group Turning Point USA is scheduled to hold a rally around the student union and administrative building.

00:16:34.000 UAPD is currently monitoring the situation.

00:16:37.000 Oh, they're monitoring us.

00:16:38.000 Please encourage faculty, staff, and students in your units who may be impacted to consider avoiding the area.

00:16:46.000 I want to share with you the following services on campus.

00:16:50.000 Students in need of mental health support can contact campus health counseling and psych services.

00:16:57.000 Caps can be reached by calling blank.

00:17:00.000 We X'd out the information there.

00:17:03.000 Scheduling an appointment online.

00:17:05.000 For crisis support, call this phone number.

00:17:10.000 You also have employee assistant counseling and the threat assessment and management team.

00:17:16.000 So I go on college, a college campus, to talk about why young people can't own homes. 0.99

00:17:24.000 And the University of Arizona is more worried about Charlie Kirk and Turning Point USA than Hamas supporters who want to exterminate Jews.

00:17:33.000 University 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.

00:17:45.000 It's hard to put this into words.

00:17:48.000 My appearance, University of Arizona, could not have been more, outside of one conversation, agreeable, warm, and honestly deep.

00:17:58.000 Joining us now is EJ Antoni.

00:18:01.000 EJ, no safe spaces here, but EJ, we did yesterday, I was at the campus, University of Arizona.

00:18:05.000 We were speaking extensively about homeownership, financial anxiety.

00:18:11.000 What do the numbers show, EJ?

00:18:12.000 Because 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?

00:18:20.000 Do you think I'll ever be able to own a home?

00:18:23.000 EJ, what do the numbers show, please?

00:18:26.000 Charlie, it is so sad.

00:18:29.000 We have almost created an entire generation of people now who very likely may never be able to own their home.

00:18:37.000 This 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.

00:18:53.000 So if you already owned a home, congratulations, I suppose, because the value of that home, at least on paper, has gone up.

00:18:59.000 But 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.

00:19:08.000 On 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.

00:19:21.000 We're pushing 8% now on mortgages, whereas before they were between 2% and 3%.

00:19:27.000 So what has essentially happened is there are two different effects, Charlie, that are having a major, major impact on home affordability.

00:19:36.000 On 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.

00:19:42.000 Because if they do, they lose that 2% or 3% mortgage.

00:19:45.000 They have to take an 8% mortgage.

00:19:47.000 And now the monthly payment on their home is going to more than double.

00:19:51.000 They can't afford that.

00:19:52.000 So they have golden handcuffs.

00:19:53.000 They won't sell.

00:19:54.000 So the supply of existing homes is way down.

00:19:57.000 But 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.

00:20:07.000 So the homebuilders can't reduce their prices either on the homes that they're selling.

00:20:11.000 Again, even though interest rates are pushing 8% right now.

00:20:16.000 So 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.

00:20:25.000 And even still, they don't make enough money in order to make the monthly payments.

00:20:31.000 I mean, so let's just go through this.

00:20:31.000 Yeah.

00:20:33.000 So 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.

00:20:48.000 And so asset prices only inflated in value.

00:20:53.000 And 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.

00:21:05.000 And then the interest rates alongside of it.

00:21:08.000 And then EJ, you have an entire generation that then also can't barely make rent.

00:21:14.000 This is a recipe for not just an economic disaster, but a political one as well.

00:21:20.000 And I could go more into that one.

00:21:22.000 But have we ever seen in recent history homeownership so out of grasp for young people in particular, late 20, early 30s-somethings?

00:21:34.000 No, Charlie, this is the first time in this generation that we have ever seen that.

00:21:39.000 You 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.

00:21:50.000 And that's really saying something when you consider the fact that rents, as you just pointed out, are already at a record high.

00:21:56.000 So rents are at a record high and home ownership is incredibly less affordable on top of that.

00:22:02.000 Now, Charlie, you did mention 2019.

00:22:05.000 Despite the fact that, yes, home prices were elevated at that point.

00:22:09.000 We have to remember that so was the average income and so was the median income.

00:22:13.000 So if you made the median income, you could very easily afford the median priced home in 2019.

00:22:20.000 But now that has been flipped entirely on its head today, where if you make the median income, you can afford the median priced home.

00:22:28.000 In 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.

00:22:43.000 In 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.

00:22:52.000 I mean, I don't know how better to define unaffordability than that.

00:22:57.000 And 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?

00:23:10.000 And look, a lot of people in our audience don't like hearing that.

00:23:13.000 They'll say, oh, just work harder, kid, work harder, kid.

00:23:15.000 I mean, hold on a second.

00:23:16.000 EJ, 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.

00:23:29.000 Major differences.

00:23:31.000 Is that correct, EJ?

00:23:32.000 Oh, 100%, Charlie.

00:23:34.000 And to your point, this isn't a matter of grievances between one generation or another.

00:23:39.000 This is strictly a matter of just what the numbers tell us.

00:23:42.000 And 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.

00:23:54.000 It has creaTedros price distortions.

00:23:57.000 It virtually eliminated the incentive to save for a generation and a half.

00:24:02.000 It'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. 0.56

00:24:10.000 So let's talk about the federal budget because that ties into this.

00:24:14.000 Spending is the driver.

00:24:16.000 Looking at the budget, EJ, and you say, boy, I would love to be able to cut this and this.

00:24:22.000 Where do you think is the most obvious place to begin cutting?

00:24:27.000 The place where...

00:24:29.000 Okay, well, but we can't cut the interest, right?

00:24:29.000 Oh, everywhere.

00:24:33.000 So that's $900 billion, right?

00:24:35.000 Fair.

00:24:35.000 Fair point.

00:24:36.000 And so Social Security, Medicare, that's not going to get cut.

00:24:39.000 So that's like 1.6, 1.

00:24:41.000 Whatever trillion.

00:24:42.000 And you and I both know the sacred cows of the Defense Department.

00:24:45.000 They're going to get a trillion-ish, right?

00:24:47.000 And so just walk us through in about two minutes here, the best you can, EJ.

00:24:53.000 That right there, we're at like $3.

00:24:54.000 Almost $3 trillion before we even get out of the gate, right?

00:24:57.000 And we're only bringing in, what, $4 to $5 trillion in revenue.

00:25:00.000 Walk us through the other parts of our budget where we're allocating massive amounts of money.

00:25:06.000 Charlie, it's a great question.

00:25:07.000 And 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.

00:25:13.000 We really can't.

00:25:13.000 There's too much that's baked into the cake.

00:25:15.000 But what can we cut?

00:25:16.000 I mean, for starters, roll back the entire IRA, the so-called Inflation Reduction Act, which did nothing to reduce inflation, but only exacerbated it.

00:25:25.000 Get rid of all of the so-called green energy programs, that whole agenda from this administration.

00:25:30.000 We need to seriously pare back all of the welfare spending.

00:25:35.000 There is tremendous waste, fraud, and abuse at all levels of virtually all welfare programs.

00:25:41.000 If 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.

00:25:49.000 And that would just be one way to help reduce that waste, fraud, and abuse.

00:25:54.000 But the fact is that there is a tremendous amount of waste throughout the federal budget and including defense.

00:26:02.000 I know for a lot of conservatives, that's a sacred cow.

00:26:04.000 But when the Pentagon literally can't account for trillions of dollars, they're not accounting.

00:26:09.000 They don't do accounting, right, EJ?

00:26:11.000 Exactly.

00:26:12.000 Exactly.

00:26:12.000 We're not saying, oh, we spent all this money and it was a waste.

00:26:15.000 We shouldn't have spent it on X, Y, or Z.

00:26:17.000 No, they're literally saying they don't know where the money went.

00:26:21.000 I'm sorry, but that's a very good indicator that your budget needs to be scaled back.

00:26:26.000 I think you're onto something very powerful here.

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00:27:27.000 EJ, I meant to have you on the program to explain the GDP number.

00:27:32.000 The White House is celebrating it.

00:27:35.000 They say the Dow is up and everything is wonderful.

00:27:37.000 What is the truth of the economy that we are living through?

00:27:41.000 Well, Charlie, I think what the average American is feeling right now just completely doesn't line up with this GDP report.

00:27:48.000 And the reason for that is because it's really emblematic.

00:27:51.000 It's a classic tissue fire, if you will.

00:27:54.000 It burns really hot and bright, but only for a short period of time.

00:27:57.000 And then there's not even any embers left at the end to keep you warm.

00:28:01.000 What is actually driving the growth behind this number?

00:28:04.000 Well, on the spending side, you see consumers just going into debt to try to continue maintaining their standard of living.

00:28:12.000 So you have an increase in debt.

00:28:14.000 You have a decrease in savings.

00:28:16.000 That's not sustainable.

00:28:17.000 Eventually, those savings are depleted and the consumer runs up against the wall of being denied additional credit.

00:28:24.000 So that can't last.

00:28:26.000 On 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.

00:28:35.000 For 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.

00:28:45.000 No, that's not what you're seeing at all.

00:28:46.000 Businesses are simply scared right now because inflation has accelerated.

00:28:50.000 So they are buying more inventory today so they don't have to buy it in the future at a higher price.

00:28:56.000 Now, 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.

00:29:05.000 So you essentially just front-loaded that growth.

00:29:09.000 There's absolutely nothing in this report that smacks of any kind of sustainability here.

00:29:15.000 It is simply a one-off and frankly, a harbinger that we're going to have less growth in the future.

00:29:20.000 If 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.

00:29:28.000 That hasn't changed.

00:29:30.000 It's flat for over two years now.

00:29:34.000 In closing here, EJ, what do you think we can anticipate as far as markets?

00:29:41.000 I think we're in for a big correction.

00:29:43.000 At 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?

00:29:55.000 Charlie, it's a really, really good question.

00:29:57.000 Unfortunately, we simply just don't know what the Fed is going to do.

00:30:00.000 So 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.

00:30:09.000 And then is the Fed going to behave and keep rates high and keep monetary policy tight?

00:30:14.000 That will kill the inflation, but it's also going to damage the economy.

00:30:18.000 Or 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?

00:30:24.000 Unfortunately, Powell will say one thing and then do something completely different.

00:30:28.000 He promised, for example, a 75 basis point hike was off the table and then delivered four in a row.

00:30:34.000 So we just unfortunately have no idea what he's going to do.

00:30:37.000 What 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.

00:30:49.000 EJ Antoni from Heritage doing a great work.

00:30:52.000 Thank you so much.

00:30:53.000 Thank you, Charlie, for having me.

00:30:54.000 Excellent.

00:30:55.000 You know, somebody said, Charlie, I find it very hard to believe that these students need mental health counseling because you visited University of Arizona.

00:31:02.000 I want to be very clear.

00:31:03.000 This was not even a typical campus event where I go on stage and speak, which is, okay, not worthy of mental health counseling.

00:31:13.000 This was a largely underadvertised campus meetup in Tucson, Arizona.

00:31:19.000 I literally sit behind a card table and the University of Arizona says if you need mental health counseling, I mean this very seriously.

00:31:31.000 How are these people going to exist in the rest of the world?

00:31:36.000 And the answer is they don't.

00:31:38.000 And this is exactly why the whole country has become a massive college campus.

00:31:43.000 Instead of toughening our young people and strengthening them, we teach them how to complain to remove anything that triggers them.

00:31:51.000 You don't like this comedian?

00:31:52.000 Get rid of them.

00:31:53.000 You don't like Charlie's Twitter account?

00:31:55.000 Cancel it.

00:31:55.000 It's a safe space generation.

00:31:59.000 And what I found yesterday is that a majority of the kids that I talk to, they don't believe in that stuff.

00:32:03.000 There are so many more right-wingers at the University of Arizona than anyone would ever lead you to believe. 0.95

00:32:08.000 Strong and tough and patriotic, but it's a tyranny of the minority, of a mentally ill minority. 0.97

00:32:17.000 You 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. 0.95

00:32:25.000 Like, you got some serious problems, and you got to grow up. 0.98

00:32:28.000 Stop making it everybody else's issue.

00:32:30.000 And shame, contempt on the University of Arizona for sending out an email like that.

00:32:36.000 You guys are part of the problem.

00:32:38.000 As Candace Owens would say, life is tough.

00:32:41.000 Buy a helmet.

00:32:45.000 Thanks so much for listening, everybody.

00:32:46.000 Email us as always, freedom at charliekirk.com.

00:32:49.000 Thanks so much for listening and God bless.

00:32:54.000 For more on many of these stories and news you can trust, go to CharlieKirk dot com.

The Charlie Kirk Show - October 31, 2023

Will Gen Z Ever Own Homes? with E.J. Antoni and Rep. Chip Roy

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