The Great America Show - MIKE JOHNSON'S 1,547-PAGE CHRISTMAS GIFT

00:00:00.000 Hello, everybody, and welcome to The Great America Show.

00:00:05.300 It's great to have you with us.

00:00:06.280 Thanks so much for joining us today.

00:00:08.020 Well, Speaker Mike Johnson is at it again.

00:00:11.040 He wants to spend more money.

00:00:12.760 President Trump's set to take office in just over a month, but Mike Johnson wants to pass

00:00:17.140 through a continuing resolution that'll fund the government through mid-March.

00:00:21.960 Now, I can understand if Mike Johnson wants to pass a CR that'll, you know, just fund

00:00:26.500 the bare necessities of the government, but that's not the only thing Mike Johnson wants

00:00:31.180 to fund.

00:00:32.300 Mike Johnson wants to give Congress a raise, a $34,000 reimbursement raise, putting them

00:00:37.400 at well over $200,000 a year, because they're the last people who deserve a raise in this

00:00:42.460 country, folks.

00:00:43.080 After all that we've been through as a nation, they're the ones who are getting a raise.

00:00:47.260 I think it's absolutely despicable.

00:00:49.560 Jerome Powell also playing politics, announcing there won't be that many rate cuts coming into

00:00:54.280 the new year, which sent the markets tumbling, the Dow 10th consecutive day down, the first

00:00:59.920 time since 1974.

00:01:02.120 So what trajectory is this country on right now?

00:01:04.860 Is this only a one-day issue?

00:01:06.940 Is it a one-week issue?

00:01:08.160 Or is this something that's going to spiral into, hopefully not, but a recession?

00:01:12.180 Our guest today is John Lonsky.

00:01:13.720 He's the CEO of the Lonsky Group, and he knows far too much about this.

00:01:17.260 He's our guest today to take all of this up.

00:01:19.460 John, thanks so much for joining us today here on The Great America Show.

00:01:22.260 I want to start with what we saw yesterday, the 10th straight losing day on the Dow, first

00:01:28.440 since 1974, a Dow taking a nearly 1,200-point hit after Jerome Powell decided he wanted to

00:01:35.920 come out and, we'll say, play politics.

00:01:38.920 What's your thoughts?

00:01:40.180 I think that is very much the case.

00:01:42.860 You know, I was struck by the fact that, you know, back at the September FOMC meeting,

00:01:48.000 we had the FOMC downwardly revise its forecast for the Fed funds rate of year-end 2024, suddenly

00:01:57.940 from 5.1 percent, that was taken in March and, excuse me, June, to September's 4.4 percent.

00:02:08.440 And indeed, that turns out to be the case.

00:02:10.520 Fed funds ends this year at 4.38 percent, about 4.4.

00:02:15.340 But what was striking about this is that I cannot help but think that the FOMC, the Federal

00:02:22.680 Reserve, was cutting rates back in September deeply by half a percentage point because they

00:02:30.100 were very worried that Donald Trump would indeed be re-elected president of the United States.

00:02:37.080 They were trying to do whatever they could possibly do to improve the chances of the Democrats

00:02:43.760 holding on to the presidency.

00:02:46.240 And it didn't work as it turned out.

00:02:48.440 Trump ended up becoming victorious.

00:02:50.820 Now, the other thing I'm struck by is that up until Trump's victory, Jerome Powell never said

00:02:59.120 anything about the importance of the federal budget deficit to the U.S.'s current problem

00:03:06.780 with interest rates and price inflation.

00:03:09.520 But once Trump becomes elected president, all of a sudden, this is on the front burner

00:03:16.380 as far as what the Fed is willing to talk about regarding what is influencing the outlook

00:03:22.800 for inflation and for interest rates.

00:03:25.360 You know, there's so much to uncover there.

00:03:28.200 I want to roll a clip.

00:03:29.780 This is back in January of this year, so almost a year to the day coming up.

00:03:35.640 It was about mid-January, so when Trump will be sworn in for president.

00:03:39.820 President Trump sat down with the great Lou Dobbs at Mar-a-Lago, and he had expressed his

00:03:45.300 concerns about the economy.

00:03:46.600 And Lou, by trade, was an economist, knew more about the markets than some of these folks

00:03:51.800 that we see go out on television.

00:03:54.260 And I'm not saying you, but I'm saying, you know, some of these folks who are out there

00:03:57.160 pretending like they know what's going on, but, you know, can't read a simple balance sheet.

00:04:02.620 And Lou used to make fun of these people all the time.

00:04:04.620 Anyway, Lou and President Trump are talking, and President Trump, you know, expresses his

00:04:11.120 concern about this economy and makes a statement that he hopes the economy doesn't crash when

00:04:17.340 he takes over as president.

00:04:19.260 If it's going to happen, let it happen now, and I'll be there to save this thing.

00:04:23.300 It's almost like he's no Shradamus because, you know, he predicts a lot of things that

00:04:27.600 happen.

00:04:28.040 But I want to roll this clip and get your thoughts on it, John.

00:04:30.140 You want to buy a home today, you're middle income, and you want to go out to a bank.

00:04:33.200 The banks, number one, don't have money. 0.99

00:04:35.500 And if they do have money, they're loaning it at 9 and 10 and 11 percent or not loaning

00:04:40.080 it really at all.

00:04:42.240 We have an economy that's incredible.

00:04:45.200 We have an economy that's so fragile.

00:04:47.340 And the only reason it's running now is it's running off the fumes of what we did, what

00:04:51.760 the Trump administration, it's just running off the fumes.

00:04:55.340 And when there's a crash, I hope it's going to be during this next 12 months because I

00:05:01.840 don't want to be Herbert Hoover.

00:05:03.140 The one president, I just don't want to be Herbert Hoover.

00:05:05.560 But what they've done is incredible what they're doing with all of this money, the trillions

00:05:13.220 and trillions of dollars of of waste.

00:05:16.180 This Green New Deal is, you know, it's a the Green New Deal will destroy our country. 1.00

00:05:22.240 You know, lose one of the few people who can speak with President Trump about that, because

00:05:27.180 like I said, aside from being a journalist, he's an economist and one of the few people

00:05:31.640 who truly understood what went on in this economy.

00:05:34.780 And, you know, before Lou passed, he had expressed on the show to me the hours we would speak

00:05:40.380 each day that he didn't trust this economy.

00:05:43.560 He didn't trust the the the debt buybacks that the Treasury was doing.

00:05:48.380 He did the numbers and we saw time and time again, John, last time you and I spoke, I

00:05:52.620 think a jobs reporter come out that had been revised by about 200,000 jobs, revised from

00:05:58.140 270,000 down to only 70,000 jobs created.

00:06:01.900 What are your what's your thoughts about what President Trump foresaw coming?

00:06:06.340 Is this just a, you know, a week that a bad week for the markets, a bad day for the markets?

00:06:12.280 Or do you think this is something that's tumbling into maybe an earthquake?

00:06:16.220 Well, you know, right at this point in time, I'm not about to go out on a limb and predict

00:06:22.620 that a recession is going to arrive within the next six months.

00:06:27.220 But I hate to say this, you know, given if we really want to get rid of this inflation

00:06:31.800 problem once and for all, if we want to bring mortgage yields down to levels that make housing

00:06:37.800 affordable again.

00:06:39.240 And I hate to add, if we want to soften home prices by enough to make housing affordable

00:06:44.360 again for first time homebuyers, we may have to go through some sort of correction, slow

00:06:50.600 down in economic activity that may be unavoidable.

00:06:54.920 Let's not forget Ronald Reagan.

00:06:56.720 He took over January of 1981.

00:07:00.420 We had a recession that struck in August of that year, August of 1981.

00:07:06.100 It was a severe recession, but it got rid of that chronic inflation problem from the 1970s

00:07:14.140 and early 80s once and for all.

00:07:16.260 It cleared the deck.

00:07:17.760 And by the time 1984 came around, that was the year of Reagan's reelection.

00:07:24.420 Ronald Reagan won by a mammoth landslide, the likes of which we haven't seen since.

00:07:30.940 So it may be that we have to bear a little bit of pain to get some long-term gain for

00:07:39.040 the U.S. economy.

00:07:40.320 I wouldn't.

00:07:40.900 But the only good thing I could say is we don't have a type of imbalances in the U.S.

00:07:45.880 economy today that would warn of a recession as severe as the 81, 82 recession, nor do we

00:07:53.760 have imbalances, say, in the housing market that warn of a repeat of the 2008-2009 downturn.

00:08:05.120 Trump has inherited a mess, and the mess can be summarized by the simple fact that at this

00:08:12.160 point in time, the U.S. government is spending $1.8 trillion more, nearly $2 trillion more than

00:08:21.920 what it is taking in in terms of revenues.

00:08:25.680 That's why inflation prices remain high.

00:08:28.960 And that's also why, you know, today we had the 10-year Treasury yield jump up from 4.4

00:08:35.280 to more than 4.5%.

00:08:37.420 That means that mortgage yields are moving higher again, despite the Fed's latest rate

00:08:42.800 cut.

00:08:43.360 You need that, you know, Department of Government efficiency.

00:08:46.120 You're going to have to have cutbacks in government spending to put this economy, this country

00:08:51.960 back on the right track.

00:08:53.720 The cutback in government spending, we're going to take that up in just a few moments.

00:08:57.880 This whole omnibus that Mike Johnson apparently is trying to dump on us just before Christmas

00:09:03.920 holiday.

00:09:04.480 As President Trump is set to take office now in a month and a day, this man wants to

00:09:08.880 put through a spending bill with woke ideologies and push us through March, give the Democrats

00:09:14.080 what they want, and give them a little pay raise over there in Congress. 0.94

00:09:18.460 I want to talk, John, before we get to that, a little bit of microeconomics for all the viewers

00:09:24.080 watching to boil down how this is hurting the Americans at the micro level.

00:09:29.100 This week, John, we find out that in the third quarter of 2024, U.S. credit card balances

00:09:34.580 rose by $24 billion, reaching the almost $1.2 trillion mark, the highest record recorded

00:09:40.440 by the Fed in 20 years, okay?

00:09:43.200 You look at that coupled with household debt at $18 trillion.

00:09:48.620 This is at the micro level.

00:09:50.200 This is at the level that it's hitting the American people, you and I, maybe not you and

00:09:54.660 I per se, but the American people who are struggling to work two or three jobs.

00:09:59.100 You look at things like that, and President Trump, my father was in banking, he's now

00:10:02.980 retired.

00:10:03.960 President Trump had floated the idea of capping credit card rates.

00:10:07.380 Now, my father, being a banker, says that's a terrible idea.

00:10:10.200 But what about the folks, John, who work two or three jobs, who took out a credit card,

00:10:15.360 who live on it to buy their groceries each and every week, who are making maybe $3,000 a

00:10:20.860 month, $4,000 a month, who would open up a credit card at 12%.

00:10:23.880 Now, all of a sudden, these credit card companies want 29% and 30% after you've racked up

00:10:27.620 $5,000, $6,000, $7,000, $10,000 in debt.

00:10:31.120 First, let's get to the credit card outstanding balances by the American people.

00:10:36.340 What does that signal for us as an American class?

00:10:40.280 That's telling me that a lot of American families are living beyond their means.

00:10:46.180 I mean, you make a good point where you have more and more workers taking on two or three

00:10:50.960 jobs. And in fact, if you look at some of the government data, you find that of late,

00:10:57.420 we have an outright contraction by full-time employment from a year ago, while we have

00:11:03.420 an increase in part-time employment.

00:11:05.600 That doesn't represent the healthy labor market. 0.74

00:11:08.860 Believe me, it's a sickly labor market in my mind.

00:11:12.360 And in the past, whenever you had full-time employment declining, while part-time employment

00:11:18.100 is growing, you ordinarily usually had a recession.

00:11:22.440 Not a good sign.

00:11:23.760 The labor market is not as strong as Paul thinks it is.

00:11:28.540 For example, the jobs growth you're getting of late is just concentrating in government,

00:11:33.820 health care, and leisure and hospitality.

00:11:36.660 When you get outside of that, you're looking at a meager, I think it's a six-tenths of a percent

00:11:42.780 year-over-year increase by the number of jobs outside of those three sectors.

00:11:47.780 That is not good.

00:11:49.700 Manufacturing output has been declining.

00:11:51.900 That is not good.

00:11:52.680 There's a lot of problems on the jobs front.

00:11:55.760 And I would think that eventually, the middle-income consumer, the lower-income consumer has to cut 0.87

00:12:03.480 back on spending.

00:12:05.020 And it's going to be that cutback in spending that is going to create problems for the economy.

00:12:11.640 It's going to create problems for the labor market. 0.99

00:12:14.620 And it's going to create a lot of headaches for those investors that are looking forward

00:12:19.640 to the further growth of corporate earnings.

00:12:23.740 Now, what about those folks, John, who simply can't?

00:12:26.400 Those folks who live paycheck to paycheck, who are in the median household income bracket

00:12:31.760 of $60,000 a year, $70,000 a year.

00:12:34.320 That's about what it is here in America for the median household income. 0.67

00:12:37.420 And obviously, unaffordable to live on that if you live here in New York or in the Northeast

00:12:41.500 or California.

00:12:43.080 But 47, 46 other states, that's what people are living on out here in the Midwest and things

00:12:50.120 like that, who rely on credit cards, who rely on mortgages, who are living paycheck to paycheck.

00:12:57.580 What about those folks who have already buried themselves now in this debt?

00:13:01.160 And like I said, whether it be $5,000, $10,000, $15,000, $20,000, what does it mean for them

00:13:05.980 who have now seen their credit card interest rates go from 12% to 13% all the way up to

00:13:10.760 29%, 30% after you've already borrowed the money?

00:13:14.060 You know, what that tells me is after what ought to be, it looks like a passable holiday

00:13:18.740 shopping season.

00:13:19.980 There's going to be a pullback in consumer spending.

00:13:22.640 It's unavoidable.

00:13:23.940 According to what, you know, the data that you're providing me with, you can't do much about

00:13:28.260 it.

00:13:28.560 I mean, so that's going to be, you're going to have a slowdown that arrives later this

00:13:33.260 year.

00:13:34.320 And that will, again, that's going to force the Fed to go ahead and cut rates more deeply

00:13:40.900 than what they predicted today.

00:13:43.240 We're probably going to see Fed funds later this year drop to a rate that's lower than the

00:13:50.300 3.9% predicted by the FOMC with today's policy statement.

00:13:56.120 I think that's inevitable.

00:13:58.260 We just don't have that type of underlying strength in the U.S. economy that is going

00:14:05.700 to be able to sustain consumer spending at the current level, barring some sort of miracle.

00:14:11.320 And I wouldn't count on that.

00:14:12.660 And I think, again, to cut government spending, that's going to cause some pain.

00:14:16.800 Let's go back to Reagan.

00:14:18.460 August 1981.

00:14:20.280 You know what happened in that month?

00:14:21.660 A very famous event that helped to turn the tide towards lower inflation, that being the

00:14:29.440 firing of 11,000 federal government workers, air traffic controllers.

00:14:36.000 That's called the Patco strike.

00:14:37.240 Don't be surprised that if Elon Musk and Vivek Ramaswamy have that same type of event take place to finally rein in government spending,

00:14:50.760 and by doing so, bring inflation under control and allow interest rates to decline significantly.

00:14:59.300 I want to take a quick break here.

00:15:01.460 We're talking with John Lonsky.

00:15:02.620 He's the CEO of the Lonsky Group.

00:15:04.340 John, when we return, I want to go a little bit deeper into these interest rates going back to last six months.

00:15:09.900 And a trend that looks like it's happening, I also want to go a little bit deeper into this budget that Mike Johnson's trying to force down our throats.

00:15:17.160 And Jerome Powell, if he can stay in his job after doing what he's done now for the last year or so to this country.

00:15:25.840 So, we're going to take a quick break.

00:15:27.280 We're coming right back with John Lonsky.

00:15:28.580 Folks, stay with us. 0.87

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00:16:30.760 We're back.

00:16:34.300 We're talking with John Lonsky.

00:16:35.440 He's the CEO of the Lonsky Group.

00:16:37.660 John, I want to turn to inflation.

00:16:41.340 It seems the government, I don't think, is being completely honest with us.

00:16:44.780 If you look back to the middle of the year, we look at April 3.4, May 3.3, June 3, July 2.9, and then it drops down to 2.5 in August.

00:16:56.760 Seemingly in that time where Kamala Harris and Joe Biden decided to do their little switch-off.

00:17:01.480 September drops down to 2.4, the lowest that we've seen in the last year.

00:17:05.200 October 2.6, November 2.7.

00:17:08.740 I have to assume for December we're going to see that trend continue upwards maybe 2.9 to 3.

00:17:16.120 What happened in that period of August and September that we saw that little drop-off in inflation that now looks like it's back on its trajectory on its way back up after Kamala Harris and Joe Biden told us in October and November,

00:17:28.980 inflation's under control.

00:17:30.040 We're all good here.

00:17:30.800 I don't know about you, John, but when I pick up my insurance bills and whatnot, you know, when I go to the grocery store, I see absolutely no evidence of a declining rate of inflation.

00:17:43.640 I happen to think that service sector inflation is taking off much more so than as it's measured by the Bureau of Labor Statistics, by the federal government.

00:17:55.320 I don't believe any of this at all, quite frankly, and neither do American consumers.

00:18:01.640 Neither did the American voter on November 5th.

00:18:04.980 I think it's all hot wash.

00:18:07.040 So I think, you know, they maybe tried to pull a stunt on the back of what had been declining gasoline prices, but that now has, you know, gasoline prices have bottomed out.

00:18:18.840 They're increasing again, but worse yet, it seems as though food prices are beginning to lift off one more time.

00:18:28.300 Just in time for the holiday season when Americans seemingly have to go shopping for their families and shopping to celebrate the holidays.

00:18:35.780 It really does.

00:18:36.360 There's so many complaints, you know, for families that have younger children above these steep price hikes for toys this Christmas season.

00:18:44.720 They're not happy about this at all.

00:18:46.860 You still have a problem with elevated prices.

00:18:51.280 The American consumer is not happy.

00:18:53.420 They're not pleased.

00:18:54.260 Oh, sure, you're getting this big jump by retail sales of the latest month.

00:18:59.180 But a lot of that jump consists of higher prices as opposed to an increase in the volume, actual number of consumer goods being sold.

00:19:09.680 Right.

00:19:11.140 Like I said, just in time for the holiday season for these folks to go out.

00:19:14.900 It's a good thing Santa Claus is real and we don't have to pay for gifts for family members.

00:19:19.440 Right, John?

00:19:20.260 I want to turn to Jerome Powell, who I think has played a massive role in all of this and seemingly thinking his job is safe there at the Federal Reserve.

00:19:29.320 Lou didn't agree that Jerome Powell was there in the first place.

00:19:32.940 I certainly don't think he should have been there in the first place.

00:19:35.100 He's not an economist by trade.

00:19:36.860 What is a man who's not an economist doing running the Federal Reserve, controlling the markets as we see?

00:19:44.240 You know, it used to be funny back when Trump was in office the first time.

00:19:47.520 Trump would put out a tweet and it would drive the markets.

00:19:49.360 That's OK.

00:19:49.780 He's the president of the United States.

00:19:51.020 There was no manipulation to it.

00:19:52.980 This man, it seems, is manipulating the markets.

00:19:54.940 How does President Trump allow him to stay in his job knowing this man's a politician?

00:20:00.420 Well, I think Trump lacks, to the best of my knowledge, the constitutional authority to fire Jerome Powell.

00:20:10.060 But you say, yeah, Jerome Powell is not an economist.

00:20:13.280 And by the way, the last time we had a lawyer or a non-economist like Powell had the Federal Reserve was under Jimmy Carter.

00:20:21.560 The guy's name was G. William Miller and inflation went through the roof and, you know, cost Carter any chance at being reelected as president back in the election of 1980.

00:20:36.240 So it's sort of like history is repeating itself.

00:20:39.980 You know, Powell's he's a political animal.

00:20:42.700 That's his biggest problem.

00:20:43.900 You mentioned the Inflation Reduction Act, that act that had the effect of swelling the budget deficit and actually should have been called the Inflation Preservation Act because it extended the spout of rapid price inflation and elevated prices.

00:21:01.520 When he was Fed chairman, did Jerome Powell ever question the wisdom of this Inflation Reduction Act that added to government spending, government subsidies?

00:21:11.360 No way.

00:21:13.180 But sure enough, once the Democrats lose the election, Trump wins after November 5th.

00:21:20.560 We have to worry about that budget deficit.

00:21:23.300 You know, we have to worry about that again.

00:21:25.600 We've got to be concerned about fiscal policy.

00:21:28.160 We have to worry about tariffs.

00:21:29.860 They could be very inflationary.

00:21:31.800 That is, to me, that is a glaring example of how politicized the Powell Federal Reserve has been.

00:21:41.900 He's not the only one.

00:21:42.960 You had Janet Yellen, who I think is, I thought at least, was a hair smarter than Powell.

00:21:48.280 It seems that she's completely either lost her mind or I don't know what she's up to.

00:21:51.680 But she was sitting there cheering this thing on, and she knows damn well that everything her party was pushing was not good for the economy and not good for Americans, John.

00:22:01.780 Yeah, they were not being honest about the economic cost of this reduction in carbon emissions.

00:22:09.680 Believe me, if they followed through on the plan proposed by John Kerry and company, the cost would have been humongous.

00:22:17.040 The cost would have led to higher inflation and slower growth and the loss of tens of thousands, if not more, in terms of jobs.

00:22:26.920 If you want to do something like this, at least be honest with people.

00:22:30.960 Don't lie to them.

00:22:32.140 Don't try to sugarcoat a change in the functioning of the economy that in all reality would prove to be very, very costly.

00:22:42.620 And I think the American people caught on to this.

00:22:44.900 They realized that this was a giant scam, if you like.

00:22:50.240 I want to I want to turn to something, too.

00:22:52.180 It's another issue, and it's coupled with another issue.

00:22:55.600 And we'll try not to play politics on it because you are an economist.

00:22:59.780 The fact that U.S. real wages, if you look at what they are continuously on a decline from April of 2021 to flat now, I mean, completely flat.

00:23:09.840 Americans aren't making more money.

00:23:11.460 Inflation is going up.

00:23:12.480 At least they're telling us it's only going up slightly.

00:23:14.880 In my opinion, it's going up rapidly.

00:23:16.520 It sounds like you agree with me on that, that they're not being completely honest.

00:23:20.180 But wages are completely flat.

00:23:21.920 People aren't making more money to adjust for inflation.

00:23:25.180 And to adjust for inflation right now, you need to make it get a considerably high promotion or raise.

00:23:31.580 And these companies are just not doing it.

00:23:33.800 But it seems like companies now are making more money than they've ever made before.

00:23:37.640 A lot of companies exploited COVID, raised prices when they didn't need to be raised as high as they were.

00:23:43.920 Hopefully, these people pay the price for what they've done.

00:23:45.960 But you couple that now with illegal immigration and the illegals that are taking jobs in this country. 0.94

00:23:52.000 And then you couple that, John, with what President Trump wants to do when it comes to tariffs in this country and adding tariffs onto countries like Mexico, countries like Canada, countries like China, who have been eating our lunch for the last four years now.

00:24:07.060 What do you think that means?

00:24:09.460 Let's start with the deportation of these illegals who are driving wages down in this country. 1.00

00:24:13.960 There's no other way to put that.

00:24:15.860 You know, they're taking jobs from American people, allowing – and it's these folks. 0.86

00:24:20.600 I spoke to Victor Ovia the other day, a very good man on the border.

00:24:25.100 It's these folks who are hiring them in cities like New York, right?

00:24:29.200 They're hiring these illegals to come work construction jobs or restaurant jobs. 0.99

00:24:32.540 They're paying them, you know, half the wages of what an American or illegal citizen would be making. 0.62

00:24:37.700 And they're driving wages down for folks who could have those jobs. 0.98

00:24:42.000 What do you see coming January, now January 20th, as it comes to illegal immigration, the deportations, and what it will mean for real wages for American people?

00:24:52.860 Hey, wage depression by illegal immigrants helps to explain why the Republicans did so much better with your lower-income voter in the United States. 0.54

00:25:05.780 It makes a lot of sense.

00:25:06.980 They want these people out.

00:25:08.760 You're just talking about the impact on wages.

00:25:11.060 What about the effect on the communities?

00:25:13.180 I mean, they add to the spending that has to be taken by a city like New York.

00:25:19.420 It ends up in the billions of dollars to house these people.

00:25:22.360 They place the children of the illegal immigrants in already overcrowded, underperforming schools. 1.00

00:25:31.000 My goodness, this is a disaster.

00:25:33.600 And what I find to be funny about this is the fact that you have these proponents of a sanctuary city, these well-off liberals, you know, from towns like around New York City,

00:25:46.880 from Rye, Chappaqua, Bronxville, Scarsdale, whatever, you've got to go ahead and let these people and take care of them.

00:25:54.580 But I'll be damned if these limousine liberals want to have these illegal immigrants housed in their own communities. 1.00

00:26:03.080 I'll be damned if they want to have their kids going to their schools that they pay such high taxes for in order to fund these schools. 0.99

00:26:11.740 It's nonsensical. 0.99

00:26:13.140 The hypocrisy is galling.

00:26:14.780 So you've got to sympathize for those people getting hurt by this.

00:26:18.760 And you really have to get angry at the people who push for these types of policies, who have this way of making sure that they're insulated from paying the cost of such policies.

00:26:32.600 You know, it's funny you brought that up about the hypocrisy, but you remember what happened when I think it was DeSantis or Abbott flew them up to Martha's Vineyard.

00:26:40.880 They couldn't get them out of there fast enough, John.

00:26:43.060 They didn't want these migrants. 1.00

00:26:44.620 They didn't want these people that they love so much.

00:26:47.360 They didn't want them in their neighborhoods.

00:26:48.800 Why?

00:26:49.560 You want them so badly.

00:26:50.840 There's these guys that I don't know if you've heard of the Nelk Boys, but they're very good friends with Trump. 1.00

00:26:54.140 They're YouTubers.

00:26:55.340 And they did this prank I saw the other day.

00:26:57.880 And they brought a petition to these really rich white neighborhoods and they brought it to the they find Democrats and they bring it to the door.

00:27:05.460 They say, do you support bringing illegals into our city?

00:27:09.120 Absolutely.

00:27:10.300 Sign the petition.

00:27:11.140 OK.

00:27:11.860 And they had a boss, a yellow bus pull up outside with all these fake actor migrants get out and they start filing it to this lady's house, about 10 or 15 of them. 0.98

00:27:20.680 And no, no, no, no, no, no, no, no, no.

00:27:23.420 But it's literally the hypocrisy of it all.

00:27:25.580 Well, John, you bring them in here, then you should you should house them.

00:27:28.760 You should raise.

00:27:29.300 And this is why the government is run so inefficiently, so poorly.

00:27:35.360 My goodness.

00:27:36.340 The federal government simply exists for the most part as a massive jobs program, I think, and little else.

00:27:42.060 And there's really no need for that.

00:27:44.060 There's a lot of room for cost cutting.

00:27:46.720 Unfortunately, as I said earlier, this will involve getting rid of people that really aren't needed.

00:27:53.280 Of course, these people now go into the private sector and that perhaps will provide the private sector with a badly needed supply of labor.

00:28:03.180 And over time, of course, the economy will grow more rapidly than otherwise.

00:28:07.900 Productivity will improve.

00:28:09.240 I guess it's the reason why the United States government is the largest employer in this country, hiring nearly three million people.

00:28:17.100 You fire half those people.

00:28:18.180 I think this country would probably run better than it's running with these folks.

00:28:21.900 Too many cooks in the kitchen. 1.00

00:28:23.340 You know, Senator Mike Lee of Utah has introduced legislation to ban illegal immigrants from receiving public benefits.

00:28:30.840 And I tweeted this out. If you do this, coupled with penalizing those folks who hire them and you get this border fixed, I guarantee you, you could fix this migrant issue in probably less than two years that President Trump has with this, at least Republican Congress.

00:28:46.140 You stop hiring them.

00:28:47.820 You stop giving them government subsidies, health care and schooling.

00:28:51.800 They have no constitutional right to help.

00:28:54.520 We don't even have a constitutional right to health care as Americans, John.

00:28:57.540 Yeah. And what we should, you know, the State Department should wake up to their part of the problem and that they should go to these countries where the illegal immigrants are coming from and tell them it's time to shape up. 0.98

00:29:10.460 It's time to get rid of their silly socialist or Marxist doctrines that's restrained growth in all these different economies.

00:29:17.460 And also they have to push a lot of the corrupt officials, government officials from these Latin American economies and elsewhere out of office, try to clean up the act overseas. 0.63

00:29:29.720 And I'm going to go take I'm going to go a stretch further.

00:29:32.580 I'm going to go across the Pacific Ocean and I'm going to make a forecast.

00:29:36.980 And that is that as long as China remains allied with Russia and Iran and North Korea, the Chinese export engine will never roar the way it did in the past.

00:29:54.320 Chinese exports will not do that well.

00:29:56.960 The Chinese leadership has made a humongous, huge mistake that they need to correct.

00:30:02.140 If they want to have the Chinese economy return to the type of growth that provides the Chinese youth with the opportunity of finding a job.

00:30:12.660 I think the Chinese youth unemployment right now is above 25 percent.

00:30:17.200 I've been told that youth unemployment in China is so bad that Chinese young people are leaving the cities of China and moving to rural areas to take up a newfound occupation as a farmer.

00:30:34.760 You know, it's kind of crazy because I've been on the show and Lou's been on the show and Lou's been doing it for 30 years.

00:30:40.240 I'm just criticizing the Chinese as masters of deception because everything they do is a lie. 1.00

00:30:46.480 I mean, the Chinese people individually, I'm saying the CCP, the Chinese government, everything that they tell us is a lie. 0.97

00:30:52.100 They told us 100000 people died in China from covid.

00:30:55.020 OK, you know, I got a million dollars for you if you can prove that to be true.

00:30:59.300 But it's it's now become the American government has become the same exact way when it comes to lying.

00:31:05.880 I want to take one more quick break here.

00:31:07.460 We're coming back with John Lonsky is the CEO of the Lonsky Group.

00:31:10.240 And I want to go a little bit further into these tariffs that President Trump plans to to enact on, like I said, Canada, Mexico and China,

00:31:19.940 just being the three of the three main ones who have been eating our lunch for the last four years and what it means for this economy.

00:31:25.400 I also want to take up that nearly 1500 page omnibus bill that Mike Johnson wants to give us all as a Christmas gift.

00:31:33.540 So nice of him. We're coming right back with John Lonsky. Folks, stay with us.

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00:32:40.920 Folks, we're back.

00:32:41.820 We're talking with John Lonsky.

00:32:42.900 He's the CEO of the Lonsky Group.

00:32:45.240 John, these tariffs we've heard from the left since twenty sixteen.

00:32:49.120 They're going to crash our economy.

00:32:50.900 They're going to do all types of harm that we can never come back from.

00:32:55.020 It's going to kill the American people. 0.91

00:32:56.240 It's going to kill the American job. 0.89

00:32:57.780 It's going to kill the American economy.

00:32:59.980 We're not going to be able to afford anything.

00:33:02.120 Well, if I look at it the way it is right now, things are pretty pretty unaffordable.

00:33:07.180 If you look at the amount of debt people are in and the price of things and the inflation that's hit them,

00:33:13.280 how much worse can it possibly get under these these tariffs that they say is going to get so bad, John?

00:33:16.980 Well, you know, let's not overlook the fact that the imposition of tariffs on exports from Canada, Mexico and China are contingent on these countries doing something to help stop the inflow of illegal immigrants into the United States. 0.73

00:33:37.620 And we go beyond that.

00:33:38.780 Whether or not these tariffs are going to be imposed depends upon the willingness of these three countries to halt the inflow of fentanyl that has contributed to so many deaths in the U.S., so many so much heartache.

00:33:56.160 My goodness, in anguish, it's sad.

00:33:58.520 So Trump is using the threat, the threat of tariffs as a negotiating tool, a negotiating chip.

00:34:07.540 And the reality is that because we have such a large consumer driven economy, I mean, he has the balance of power.

00:34:18.420 He has a strong bargaining position dealing with Canada, Mexico and China, I think, on these issues.

00:34:26.260 And I'm pretty sure given the sad state of affairs as far as China is concerned, the underperformance of the economies of Canada and Mexico, people don't know this,

00:34:36.720 but I think the Canadian economy is growing about one point two percent versus we have nearly three percent growth in the United States.

00:34:44.520 Likewise, in Mexico, a relatively poor country, you're getting economic growth of less than two percent.

00:34:51.660 These countries are in a weak position vis-a-vis the United States, and perhaps they have no choice but to agree to do more to halt the inflow of illegal immigrants and the inflow of fentanyl into the United States.

00:35:07.780 And this would be, you know, a feather in Trump's cap if he manages to successfully get what he wants.

00:35:14.780 You know, if you look at, John, if you look at America's imports, among the top three things that they're importing are computer goods.

00:35:25.600 You know, Tim Cook sending his Apple computers over here.

00:35:28.500 And the reason I bring this up, I should preface it with this is, you know, there's some on the left who say, OK, well, Trump, it's almost like they're playing for the other side, which drives me nuts.

00:35:37.560 John, you see these folks on Twitter and hopefully you don't spend as much time on Twitter as I do because it makes me angry.

00:35:42.340 But you see these folks on Twitter who are like rooting against America.

00:35:46.480 You know, oh, Trump puts tariffs on them.

00:35:48.580 They're going to get us with tariffs, you know.

00:35:50.260 So if you look at among the top three things that America imports cost wise, luxury vehicles from Germany.

00:35:57.620 So, OK, you guys want to put tariffs on?

00:35:59.400 That's fine.

00:35:59.960 The person who's driving the BMW everywhere anyway is not the average American who's, you know, driving a regular car.

00:36:06.420 OK, who are you going to hurt then?

00:36:08.160 You're going to hurt the rich people.

00:36:09.180 OK, fine.

00:36:11.360 Computers.

00:36:11.860 Tim Cook.

00:36:12.580 I guess, Tim, you're going to have to find a place out of China to start making your computers.

00:36:17.100 And if you want to keep selling computers, because I'd have to assume America is probably the number one consumer of Apple products in the world.

00:36:24.040 OK, Tim Cook, maybe it's time for you to learn your lesson and go start making them somewhere else.

00:36:28.520 I understand that there's certain things you can't make in America.

00:36:31.880 The labor costs are way too high.

00:36:33.560 Getting the parts, it's way too high.

00:36:37.220 That's fine.

00:36:37.640 I believe last time we spoke, John, about them going down to South America to start making things.

00:36:41.900 So, Tim Cook, you'll learn your lesson there.

00:36:44.160 And then the other thing is fuel, petroleum.

00:36:47.820 As President Trump says, we have the most liquid gold right here under our feet.

00:36:51.140 Why are we importing it in the first place, John?

00:36:54.280 It makes no sense.

00:36:55.700 I mean, my goodness, you could go ahead and help bring inflation down pretty quickly if the federal government, instead of discouraging drilling for oil and natural gas, tries to encourage the production of oil and natural gas.

00:37:12.320 That's just another example where the Democratic Party failed to make the American people understand just how very costly this pursuit of zero carbon emissions is.

00:37:26.960 Do you really want to go down that path?

00:37:29.300 Well, you know, you have to be willing to pay the cost.

00:37:32.280 And as you hinted at, these costs are going to be borne unequally.

00:37:38.400 People with a lot of money, upper income Americans, are not going to feel the same amount of economic pain as middle income and lower income Americans will if you follow through with further reductions in the ability of the United States to drill for oil and natural gas.

00:37:58.320 John, I got another thing we got to talk about because it's just happening this week as if the not so bright have gotten dimmer out in California.

00:38:07.540 They just approved the ban of gas powered cars to sell the gas to sell gas powered cars by 2035.

00:38:15.920 I mean, you see what happened in this election with regard to New York.

00:38:21.640 President Trump getting a million more votes in New York this time than he did last time.

00:38:25.400 California, very similar numbers.

00:38:27.080 President Trump won Beverly Hills County, John, the probably most liberal place in America, where if you walk down the street and you're wearing one of these hats, it's over for you.

00:38:37.760 President Trump winning Beverly Hills, California for the first time in a very long time.

00:38:43.900 Do these people not read the writing on the wall, John?

00:38:47.200 With this last election, you want to go ahead now and ban gas cars because everyone could go out and afford to go buy yourself a brand new electric vehicle.

00:38:57.080 Yeah, you have to have the charging stations and whatnot.

00:38:59.840 You have to have the electric power generation capacity to provide the power so you could use electric cars.

00:39:09.340 But on top of that, you know, talking about electric generation capacity, let's not forget about the demands now being imposed on power generation by the development of artificial intelligence.

00:39:23.060 My goodness, that's supposedly going to soak up, I don't know, billions of kilowatts in order to reach its full potential.

00:39:33.420 So, but where's the electric power going to come from?

00:39:38.280 It's going to come from natural gas powered plants, maybe a few oil powered plants and perhaps nuclear plants.

00:39:45.760 But all of a sudden, of course, these people that were so opposed to nuclear energy are now very much in favor of it so that they can get full use of artificial intelligence.

00:39:56.900 And perhaps at the same time, have enough power left over for electric vehicles and you need a transmission facilities.

00:40:05.240 And so many communities don't want these new power lines going through their community.

00:40:10.920 We could go on and on with all of the problems that these grandiose plans and goals of the Democratic Party present to the United States.

00:40:21.900 Yeah. You know, the other thing people don't talk about it, I talk about it often on the shows, where do you dispose of the batteries, John?

00:40:28.540 Where do you, if you care about the environment so much, if you're a simple engineer, it doesn't take an engineer to figure it out.

00:40:35.900 If you're a simple engineer as an American folk, where do you dispose of these batteries, these lithium ion batteries that if catch fire, these things explode?

00:40:44.380 Where do you dispose of them if you care so much about this environment?

00:40:46.740 Well, you're going to put them in the same place where you put the spec uranium fuel rods, I guess, bury them in some mountain in Nevada.

00:40:55.060 Right.

00:40:55.620 I don't know what else.

00:40:57.220 It's these people, you know, I can't really fathom what goes through their mind.

00:41:02.380 They can't think ahead. That's what it comes down to.

00:41:05.380 They can't fully appreciate how complex their goals are and how difficult and how costly it will be to reach these goals.

00:41:13.920 Maybe it's best to just allow the market to decide how we're going to proceed with whatever powers motor vehicles.

00:41:23.140 You know, you have climate change, you know, if you have a lot of storms or fires in an area, the insurance companies will help you solve that problem.

00:41:31.140 Rates start going sky high.

00:41:33.160 People will learn their lesson and try to avoid areas that are susceptible to natural disasters.

00:41:40.040 I mean, to be quite frank, if you want to get rid of fossil fuels, the most efficient way of doing so is by increasing the federal excise taxes on fossil fuels.

00:41:52.560 But believe me, no politician is willing to propose to do that if they have any hope of getting reelected.

00:42:00.640 John, not bad for an economist.

00:42:01.920 It's almost like you have a brain that a lot of these it's it all boils down and it doesn't take a brain scientist.

00:42:08.960 I'm not saying you're an honest and you're a very smart man, but you're not a environmentalist.

00:42:13.940 You're not any of that stuff. You're not an engineer.

00:42:15.720 You're an economist and you understand it.

00:42:18.100 And, you know, I think a lot of people on the show, if not the whole entire audience, understands what's going on, what the government's trying to do to us.

00:42:25.300 I want to talk about something else that the government's trying to do to us, and it's trying to pass a fifteen hundred page omnibus before Christmas, just as they like to do every single year.

00:42:38.380 Passing of Mike Johnson's woke policies, whatever he wants.

00:42:42.860 Also, we mentioned real wages stagnant.

00:42:45.840 John Congress, those members of Congress somehow are going to be voting for a 20 percent raise for themselves, a little bit higher than inflation.

00:42:54.060 So they're you know, they're getting the long end of the stick.

00:42:56.160 Very nice for those folks.

00:42:57.880 They're going to be making over two hundred thousand dollars a year, almost three times more than the average household median income in America.

00:43:04.800 Thirty. What are we at? Thirty two trillion, thirty three trillion dollars in debt.

00:43:08.160 Now, John, what's going on with these folks in D.C.?

00:43:11.360 Yeah, that's all.

00:43:15.180 Yeah, it's really amazing, isn't it?

00:43:16.960 Just crazy. You know, you're running a deficit of over six percent of GDP.

00:43:21.040 Historically, you don't get a budget deficit above six percent of GDP unless you are in a recession, unless you have high unemployment.

00:43:30.540 But by the way, today we have a near full employment economy.

00:43:34.200 And nevertheless, we still run this huge federal budget deficit.

00:43:38.140 And I guess that's one of the reasons why you should not be confident about disinflation becoming well established in 2025.

00:43:49.080 OK, so the people in Washington, let them have their last fling.

00:43:54.400 This is it, because come inauguration day around January 20th, things will change dramatically, I believe.

00:44:02.940 And it will be following the inauguration, a time of some significant belt tightening in D.C., a time of material reductions and federal spending that are so very important.

00:44:18.060 If we are going to get rid of this inflation problem, if we're going to get interest rates and mortgage yields back to where they were prior to COVID, say, in 2019.

00:44:29.660 We haven't had a budget passed in, I think, over 20 years, maybe more.

00:44:34.880 I don't understand why the Republicans are so feckless in the sense, shut the government down.

00:44:41.360 Let this thing molt for a little bit.

00:44:44.060 Let the constituents call these members of Congress, the folks on this show, probably we give out the number every single day, who call these folks and tell them what they want.

00:44:52.880 We didn't vote for this stuff.

00:44:54.340 I mean, what are we going to do when I have kids and I have to explain to them, well, now we're $60 trillion in debt and we have no plan to pay that off, which means there's only one possible thing, John, and we default on that.

00:45:05.660 You and I both know what happens.

00:45:07.440 Everyone knows what happens when you default on something, you lose it.

00:45:10.880 What's that going to do to American currency when eventually one day we default on it because we can't simply keep printing money anymore and people don't respect the dollar anymore because it's worth absolutely nothing.

00:45:21.760 Because these politicians decided to run our debt up and I'm saying $60 trillion, it's probably going to be more than that one day, hopefully not in my lifetime, but the way things are going, it's looking awfully like that.

00:45:33.200 Why don't the Republicans say, okay, that's fine.

00:45:35.820 Shut it down.

00:45:37.000 President Trump just won.

00:45:38.120 It was a referendum, John.

00:45:39.520 They have the House.

00:45:40.400 They have the Senate.

00:45:41.460 Shut this thing down for a few days.

00:45:42.840 Shut this thing down for a week.

00:45:44.320 Let President Trump get back into office.

00:45:46.080 The other thing is, if you don't want to shut it down, why can't you pass single line items?

00:45:52.720 Okay, the DOD needs X amount of money to function.

00:45:55.840 Boom.

00:45:56.500 The Department of Education, I just mentioned these two off the top, ones that I wouldn't even like to be funded.

00:46:01.200 But the Department of Education, X amount of money.

00:46:03.620 Why is it that we have something in the budget about subpoenas, about subpoenaing power for people's, for committees?

00:46:11.500 What does that have to do with the budget?

00:46:12.880 Should Congress giving themselves a raise?

00:46:15.600 What does that have to do with funding the DOD, the Department of Education, John?

00:46:21.280 I really don't know.

00:46:22.600 I don't even know why we have a Department of Education.

00:46:25.560 It seems as though since we've had a Department of Education, educational standards in the United States have worsened.

00:46:32.880 I mean, let education be run locally, not from the federal level.

00:46:37.740 And it worked very well in the past, and centralizing government control over education has been a disaster, at least.

00:46:49.420 Look at where we rank relative to other countries in terms of educational achievement.

00:46:54.520 Horrible.

00:46:55.100 We're usually, what, 15th to 20th place.

00:46:57.880 Matt's sad, given all the money we spend on education.

00:47:00.980 Never mind spending so much on education and getting such a lousy return.

00:47:06.520 Look at health care.

00:47:08.400 We spend a huge amount of money on health care, and yet we find that this is a relatively unhealthy population in the United States compared to other advanced economies.

00:47:20.200 There's so much that needs to be done in D.C., and, you know, I would say this is going to be the last gasp for those big spenders in Washington, that everything should be changing after Inauguration Day.

00:47:35.840 And, you know, as I noted earlier, that these major changes, these pullbacks in government spending, unfortunately, are going to entail some pain.

00:47:46.640 It seems President Trump is literally the only man, not in D.C. yet, but who's been in D.C., who has the gut to go ahead and say, shut it down.

00:47:55.800 He famously told Nancy Pelosi and Chuck Schumer, which they paraded, shut the thing down.

00:48:00.940 I'll take the responsibility for it.

00:48:02.760 He's the only man, I think, probably that I've ever seen in my lifetime who is trying to cut the national debt, who's trying to get a balanced budget through.

00:48:12.260 If COVID didn't happen, his plans were to start paying down the national debt.

00:48:15.340 It would have been the first time we've seen a president do it in how long, John?

00:48:18.520 It seems that things are just things that are just common sense, aren't so common for these folks in D.C., and I don't know if it's on purpose, John, or if it's by design, but it doesn't seem like there's one person there.

00:48:30.100 A lot of these guys come out, they'll go on Fox News, they'll go on CNN, they talk tough, but when push comes to shove, they go ahead and vote for that C.R., that continuing resolution, C.R. after C.R.

00:48:40.380 C.R. after C.R., I don't think Mike Johnson's the man for the job.

00:48:44.320 As we wrap up here, what's your thoughts on how we push forward into this new year?

00:48:48.360 Do you think the Republicans grow a backbone and say enough's enough?

00:48:51.340 We've seen enough.

00:48:52.940 Our grandchildren have a country that they need to be left to them.

00:48:56.600 Our children need a country to be left to them.

00:48:59.940 What do we see going into this new year in regard to this omnibus?

00:49:03.820 Well, John, I hope we see that backbone come January.

00:49:07.900 I mean, that's so important to the future of this country.

00:49:11.020 And the Republicans have to be willing to take the risk of imposing some pain on Washington for, you know, the purpose of putting this country back on the road to prosperity,

00:49:28.220 on the road to real wage growth, on the road to hope as far as younger Americans are concerned about their economic future.

00:49:39.300 Yeah.

00:49:39.900 And this country's security.

00:49:41.620 One thing I left out there is Mike Johnson tweeted out earlier this year when he took over the gavel.

00:49:47.660 There will be no budget passed if it doesn't have border security in it.

00:49:52.180 Lo and behold, John, there's no border security in this bill.

00:49:54.280 I just had to get that in there to let the people know that this man is a snake loose, called him from what he is from the beginning.

00:50:00.560 We got calls from his office to please relent and back up.

00:50:03.680 When I told Lou about those calls, Lou says, I will do no such thing.

00:50:07.000 And as a matter of fact, I will go harder now because, you know, there's very few people, John, as you know, you know, Lou for a very long time.

00:50:14.660 There was very few people who were willing to call it out for what it was.

00:50:17.460 And we all miss him and his loud voice because there's nobody who's willing to go ahead and say enough's enough.

00:50:26.480 That's that.

00:50:27.460 John, we hope you have a Merry Christmas and a Happy New Year.

00:50:29.920 And we hope that when we talk to you in the new year, this country is off to a good start or a better start than we were off to this past new year.

00:50:38.620 Yeah, we hope that we're in a position several months from now where we can have hope for the future and some faith in the operation of the federal government, which right now is sadly lacking.

00:50:52.580 You know, there's just too many young people out there that don't have any confidence in the future.

00:50:57.600 And there needs to be changes that begin in Washington, that begin with the presidency and with the Congress that puts this country on firm footing for the future.

00:51:11.280 I'll end with this, as Colonel McGregor reminded me on yesterday's show.

00:51:15.340 As Lou famously used to say, America's got the best government money can buy.

00:51:20.380 It's true.

00:51:21.380 John, Merry Christmas, brother.

00:51:22.700 We'll talk to you in the new year.

00:51:24.320 Happy New Year.

00:51:25.100 OK.

00:51:25.320 Thanks, everybody, for joining us today here on The Great America Show.

00:51:28.540 We hope you'll join us back here tomorrow.

00:51:30.360 Same time, same place where our quest for truth, justice and the American way continues.

00:51:35.340 Until then, may God bless you.

00:51:36.900 May God bless America.

00:51:38.360 And may God bless the great Lou Dobbs.

The Great America Show - December 19, 2024

MIKE JOHNSON'S 1,547-PAGE CHRISTMAS GIFT

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