The Great America Show - The Great America Saturday Show： May 25th, 2024

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00:00:33.860 Hello, everybody.

00:00:35.200 Welcome to The Great America Show.

00:00:36.800 It is always great to have you with us.

00:00:38.900 The House Judiciary Committee this week voted to hold Corrupt Attorney General Merrick Garland in contempt.

00:00:46.040 The judiciary contempt vote was for Garland's refusal to hand over audiotapes of Special Counsel Robert Herr's interview with Joe Biden.

00:00:57.240 Garland told reporters the congressional subpoena was not legitimate and would harm the DOJ's ability to successfully pursue sensitive investigations.

00:01:07.860 That is what we call poppycock, pure bull. 0.91

00:01:10.840 Merrick Garland was also visibly irritated that Republicans had the audacity to try to defund Jack Smith's investigations into Trump.

00:01:21.920 Here is the outraged Merrick Garland Attorney General.

00:01:26.120 The Justice Department is a fundamental institution of our democracy.

00:01:30.460 People depend on us to ensure that our investigations and our prosecutions are conducted according to the facts and the law and without political influence.

00:01:41.760 We have gone to extraordinary lengths to ensure that the committees get responses to their legitimate requests.

00:01:54.100 But this is not one.

00:01:56.040 To the contrary, this is one that would harm our ability in the future to successfully pursue sensitive investigations.

00:02:03.180 Now, there have been a series of unprecedented and, frankly, unfounded attacks on the Justice Department.

00:02:13.700 This request, this effort to use contempt as a method of obtaining our sensitive law enforcement files, is just the most recent.

00:02:24.080 The effort to threaten, to defund our investigations, and the way in which there are contributions to an atmosphere that puts our agents and our prosecutors at risk, these are wrong.

00:02:37.900 So, look, the only thing I can do is continue to do the right thing.

00:02:42.640 I will protect this building and its people.

00:02:46.260 Thank you, sir.

00:02:46.800 Why don't we respond?

00:02:48.100 Go ahead.

00:02:49.620 You kind of answered this just now, but I was wondering, like, you know, what this combined with the efforts to defund Jack Smith

00:02:55.420 and the other attacks on Biden administration officials say about, you know, the broader effort to discredit you

00:03:02.020 and to discredit the Justice Department and also how would you manage that?

00:03:06.160 How are you resisting that?

00:03:07.340 And what can you do about that as Attorney General?

00:03:09.960 Look, we have to go about our work following the federal principles of prosecution.

00:03:14.160 They said we follow the facts and the law.

00:03:17.340 We screen out outside inappropriate influences.

00:03:21.460 That's what we're doing here.

00:03:22.820 We're protecting our ability to continue to do high-profile and sensitive investigations, and we will continue to do that.

00:03:30.420 Mr. Kerry, last question.

00:03:33.120 The facts now seem vanishingly small that the two Jack Smith federal cases are going to begin trial, let alone finish trial, this year.

00:03:47.000 What does that say about the pace of the justice system and confidence in this Justice Department?

00:03:53.820 Look, the special counsel brought both cases last year.

00:03:57.360 He appropriately requested speedy trials.

00:04:00.220 The matter is now in the hands of the judiciary, and I'm not going to be able to comment any further.

00:04:04.300 The House contempt vote came just hours after Joe Biden abused his power by asserting executive privilege over the audio tapes of that interview.

00:04:14.380 According to special counsel Her, the tapes depict Biden as an elderly man with a poor memory, end quote.

00:04:22.120 And that on at least seven occasions, Biden experienced mental lapses, nothing that we don't already know.

00:04:30.560 And Hunter Biden's sugar daddy, Kevin Morris, has reportedly retired from sugar daddy, the role of being Hunter's personal piggy bank.

00:04:40.120 Since meeting Hunter in 2019, Morris has loaned him nearly $5 million.

00:04:47.080 I would think he'd get tired of doing that.

00:04:49.600 But Morris' spokesperson told Politico that the reason Kevin got involved financially in the first place was that he could see that no one was going to help Hunter.

00:05:00.700 And now, four and a half years later, there's still no help.

00:05:04.880 And now Kevin is apparently tapped out.

00:05:08.260 So just when Hunter is facing two criminal trials starting in a few weeks, Morris all of a sudden has no resources.

00:05:15.920 Peculiar timing, but also very understandable.

00:05:20.600 On today's show, we're going to be taking up the economy under Joe Biden and what we should expect over the next few months as we head toward that election on November 5th.

00:05:31.640 Our guest is leading economist John Lonsky.

00:05:35.040 He's also the president of the Lonsky Group, and we think highly of him.

00:05:39.520 And now here is John Lonsky.

00:05:42.520 And, John, it is great to have you with us.

00:05:46.000 It's just extraordinary what we're witnessing right now in this economy.

00:05:51.520 Biden has given up on Bidenomics, for crying out loud.

00:05:55.300 Jerome Powell says he's not confident in the Fed's forecasting.

00:05:59.920 And, by the way, his confidence was just about all he had going for him at the Fed.

00:06:05.180 This isn't going well, is it?

00:06:07.400 No, it's not going well at all for Joe Biden.

00:06:10.740 My goodness, it looks as though it's Donald Trump's presidential election to go ahead and lose.

00:06:18.820 I don't see how things are going to get any better, how they're going to improve for Joe Biden.

00:06:24.000 You know, well, maybe month-to-month changes by inflation have eased,

00:06:27.900 but we still find the CPI index is something like 18% to 20% higher than would be the case

00:06:35.780 had inflation grown at the same rate that it did during the four years ended 2019.

00:06:43.240 Yeah.

00:06:44.140 It's amazing.

00:06:45.240 And the Federal Reserve, I don't want to get – we'll go to the Fed here in just a minute.

00:06:49.640 But I'm watching these markets.

00:06:52.660 We're looking at records being set on the indexes.

00:06:56.800 We're looking at strong performance in the markets.

00:07:00.900 And then I look at what's happening, and I think, how can this be?

00:07:05.780 I mean, we're talking about – we're on our way to $37 trillion in national debt.

00:07:11.060 We're looking at deficits that are rolling up by a trillion dollars every hundred days or so.

00:07:18.340 And nobody talks about fiscal policy.

00:07:21.080 It's just like la-la land. 0.90

00:07:22.880 Anything the crazy Joe Biden does doesn't seem to have a material, real effect on the economy

00:07:28.400 in the minds, at least, of these geniuses on the left side of the ledger.

00:07:32.880 That's why the only thing that's going to bring an end to this problem with inflation,

00:07:38.820 the only thing that's going to bring an end to fiscal policy madness, this rapidly growing

00:07:44.800 U.S. government debt, will be a recession.

00:07:49.320 And I keep my eye on that because, you know, recently we've gotten some not-so-good news

00:07:54.620 on consumer spending.

00:07:56.500 Real GDP, for instance, in the first quarter slowed to a 1.6 percent rate.

00:08:01.980 It's probably going to be revised lower according to these latest downward revisions for retail

00:08:09.300 sales for the months of February and March, never mind the fact that retail sales did nothing.

00:08:15.300 They were stalled in the month of April.

00:08:17.680 I think the economic situation, economic outlook is worsening inexorably.

00:08:25.120 And we're going to begin to see fairly soon a rise in unemployment that's going to lead

00:08:31.240 to unexpectedly low consumer spending.

00:08:35.000 And what do companies do if sales are less than expected?

00:08:39.060 They lay people off and it becomes a vicious downward cycle.

00:08:44.480 And that cycle, I hear John Lonsky saying he thinks that cycle may well be underway.

00:08:50.240 Give us, if you will, John, your view.

00:08:55.140 No one has, in my opinion, greater talent than you, more experience than you with looking

00:09:02.560 at the economy and making a determination that is realistic and understanding what the

00:09:09.500 likely consequences of public policy are.

00:09:12.820 Let's turn to first the John Lonsky view of the American economy under this Biden regime.

00:09:22.140 Well, first of all, you know, upper income Americans are still doing pretty well.

00:09:26.860 They're not suffering.

00:09:27.740 You have a lot of exposure to equities.

00:09:30.300 You're feeling wealthier.

00:09:32.180 What I worry about are middle income Americans and lower income Americans, younger Americans, 1.00

00:09:37.580 those people that really haven't established much in the way of wealth accumulation.

00:09:44.360 And I think that's where we are beginning to see a pullback by discretionary spending.

00:09:50.120 You know, today's rally by the stock market.

00:09:52.240 Believe it or not, the S&P 500 stock price component that focuses on discretionary consumer

00:09:59.580 spending is down for the day.

00:10:01.940 And the message that I'm getting is there's going to be a slowdown by consumer spending

00:10:07.540 on items like automobiles.

00:10:09.920 And eventually it's going to hit vacations and whatnot.

00:10:13.560 Believe it or not, it's already hit housing.

00:10:16.880 And all of this is, you know, tells me the labor market can only weaken.

00:10:21.580 And by the way, you know, as far as the labor market is concerned, I'm really shocked that

00:10:25.800 I might be the only guy in the world to notice this.

00:10:28.360 But because I do have some close contacts with young people going to universities, what I'm

00:10:35.980 noticing is they're complaining about a lack of attractive job opportunities.

00:10:41.060 They said this labor market, this job market for the class of 2024 is the worst that it has

00:10:48.140 been, the worst it's been since the COVID recession.

00:10:52.220 And I'll add to that, that these young kids, these younger undergraduates can't find any

00:10:58.860 internships.

00:10:59.600 So why can't they find any jobs?

00:11:01.400 Because banking employment has stalled with consulting.

00:11:05.820 I think they're reducing their headcounts.

00:11:09.280 There's really not much left in terms of job opportunities outside of government and outside

00:11:15.520 of health care.

00:11:16.200 Yeah, when you look at the those numbers coming out of the BLS monthly, and we know they're

00:11:23.020 a little squirrely because it is an election year.

00:11:25.660 But what we see time and time again is, you know, the government is just doing a bang up

00:11:32.000 job of hiring.

00:11:33.520 I mean, there are jobs everywhere.

00:11:36.140 And the one thing you don't need in this situation is a government as the as the employer

00:11:43.560 of last resort.

00:11:44.600 It's the employer of first resort.

00:11:47.880 And we're living in a period of unreality when it comes to economic policy.

00:11:55.660 Even economic theory, as abstract as it can be, has much more solidity than anything we're

00:12:03.020 hearing out of this administration, anything out of this Federal Reserve.

00:12:07.000 Yeah, it's like a socialist economy, isn't it?

00:12:09.920 The government becoming the primary driver of jobs growth.

00:12:13.260 You know, the reason why health care is doing so well is because of the considerable government

00:12:19.260 support that health care receives.

00:12:22.020 And I'll say that if we look into construction or manufacturing, what's really doing well are

00:12:28.500 those aspects of manufacturing and construction that benefit from the government's subsidies

00:12:36.320 that are being provided to microchip manufacturers that are being provided to green energy.

00:12:43.040 You take that away and not much of anything is happening.

00:12:46.040 You know, because of government support of manufacturing as it relates to microchips and as it relates

00:12:53.240 to green energy, construction spending on manufacturing facilities, factories and the like, soared by 70 percent,

00:13:03.280 seven zero percent year over year last year.

00:13:05.900 You take away that support and that growth rate is going to drop considerably.

00:13:12.380 And we can't this is unsustainable.

00:13:15.500 We have our gargantuan government debt relative to GDP.

00:13:19.860 We have these huge budget deficits, as you said, better than a trillion dollars to maybe two trillion dollars per year.

00:13:27.060 You cannot do this continuously.

00:13:29.120 At some point, you're going to pay the price for this.

00:13:32.380 And maybe we're beginning to see the beginnings of where we are going to have to basically pay the price,

00:13:41.320 pay the cost of having run these giant deficits indefinitely.

00:13:46.500 We're talking with John Lonsky, a great economist, great American.

00:13:50.600 And we will continue in just one moment.

00:13:53.440 Stay with us.

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00:15:28.500 We're back.

00:15:31.700 We're talking with John Lonsky.

00:15:33.460 He is the president of the Lonsky Group.

00:15:36.440 A brilliant economist, I might add.

00:15:39.280 And I want to just say that we have so many cross currents in this economy right now.

00:15:46.020 And folks working day-to-day, small business people trying to drive their business in this environment.

00:15:54.540 I mean, I start scratching my head at how in the world we could have gotten to this point

00:16:00.220 sort of in a stealthy sort of manner in terms of public policy.

00:16:06.120 And then I look at those deficits.

00:16:08.320 I look at that national debt, the government hiring, as we were discussing.

00:16:13.240 I mean, government is everywhere driving this economy right now.

00:16:19.060 The principal stimulus, without question, is the federal government, right?

00:16:24.540 That's correct.

00:16:25.320 And let's not forget, the government is also making matters worse through stepped-up regulatory

00:16:31.160 activity.

00:16:32.540 I think that's damaging the economy right now.

00:16:37.220 And it's basically confusing businesses about where they should be investing their capital.

00:16:43.840 There's a lot of uncertainty as to where this economy is headed in terms of regulations,

00:16:50.000 in terms of taxes.

00:16:51.380 And as a result, when we look beyond those elements of business investment spending that

00:16:59.100 now benefit from government subsidies, not much of anything is taking place.

00:17:04.700 We really, again, we're not seeing much growth outside of government and those private sector

00:17:11.580 activities that get considerable support from government.

00:17:15.020 And those health organizations that depend on the boomer generation for a lot of subsidies 0.99

00:17:25.820 and as well as a lot of revenue, we're watching an economy changing rapidly because never has

00:17:34.260 America had a population this old. 0.99

00:17:37.260 Never have we had a population that has more aged Americans in it than younger Americans.

00:17:46.340 This nation has always been driven by youth, which is the greatest, I think, the greatest

00:17:53.360 demonstration of optimism about the future.

00:17:57.100 It's clear that this younger generation right now, from 18 to 30, doesn't have a lot of optimism because

00:18:05.960 they're not having kids.

00:18:07.780 And as you said, the job market for them right now is withering.

00:18:13.140 That's true.

00:18:14.260 And the other problem that the younger generation has perhaps is a lack of leadership, a lack of

00:18:19.420 business leadership and a lack of political leadership.

00:18:22.220 I think that's a major problem.

00:18:23.760 You know, what bothers me is you have a lot of these corporations that are trying to do

00:18:28.020 way too much.

00:18:29.240 I mean, not only are they trying to maximize profits, they're also going ahead and they're

00:18:33.780 trying to save the world through woke policies and the like.

00:18:37.340 And they're confusing everybody in the process.

00:18:40.040 Their heads are spinning.

00:18:41.260 Nobody really knows what's going on.

00:18:43.900 And, you know, they're worried about how much carbon they're using or their carbon emissions.

00:18:49.640 But that's not what they should be doing.

00:18:51.440 They should focus the work at hand.

00:18:54.260 And you would think that with fewer young people relative to the overall economy, there

00:18:59.640 would be more opportunities for the young.

00:19:02.280 And that's not taking place.

00:19:04.400 And, you know, getting back, you know, like the housing market is a disaster for young people.

00:19:09.960 I mean, it's just housing for the most part is unaffordable.

00:19:13.220 You could go ahead and work your tail off as a recent college graduate and find it because

00:19:18.940 you have to pay a very high rent from where you're currently living.

00:19:22.380 You can never save up the money to meet the down payment for that first purchased home.

00:19:27.900 It's a it's a sad situation.

00:19:30.680 And I just can't help but think that there are some very serious leadership problems,

00:19:36.860 not only in the public sector, but in the private sector as well.

00:19:40.860 You know, and it's and by the way, it's an international problem, as you know, certainly.

00:19:45.500 I mean, you look at what's happening in Europe. 0.98

00:19:48.340 They're led by buffoons. 0.97

00:19:50.580 There is there is a talk about a power vacuum. 0.99

00:19:54.780 There's a leadership vacuum.

00:19:56.460 There's a value vacuum.

00:19:58.500 They don't know which way they're going, in part because the Biden administration is dispensing

00:20:03.880 with its allies or at least America's allies like Israel are coming up with new policies

00:20:09.580 for the Middle East without consulting anyone.

00:20:11.640 And by the way, Russia is just fine.

00:20:14.400 It can continue its war as as they like against Ukraine. 0.99

00:20:19.280 I mean, it's preposterous what we're watching this this moronic White House do. 0.96

00:20:24.780 I mean, one hand, you have Biden saying we need another 60 billion for Ukraine. 0.98

00:20:29.520 Meanwhile, he does.

00:20:30.600 He's not saying to Vladimir Putin, you know, hey, Vlad, maybe we could lighten it up on the

00:20:37.160 casualties here and maybe take a stand down and perhaps see if we could negotiate peace.

00:20:42.420 He's not once suggested that he tells Israel not to bomb Rafa, but he doesn't tell Putin 0.57

00:20:50.000 not to bomb Ukraine.

00:20:52.440 He's a spineless president.

00:20:54.520 It is sad.

00:20:55.700 And what you're leaving out is something I think there's something very important.

00:20:58.660 And that is China's role in this.

00:21:01.820 Let's not forget China's providing support to Russia.

00:21:06.520 And at the same time, there are some, you know, not exactly cold relations between China

00:21:11.540 and Iran.

00:21:12.460 That's right.

00:21:13.000 You have this access of access powers, Russia, Iran and China that are working against the

00:21:19.940 interest of the United States and advanced Western economies.

00:21:24.420 And Biden doesn't know what to do.

00:21:26.400 And we also find that there are a lot of major corporate leaders in the United States who

00:21:31.760 are more than happy to continue to do business with China.

00:21:35.900 This is a messy situation.

00:21:37.460 I don't see where it gets any better without stronger leadership, without laying down the

00:21:44.200 rules of the game, the law, as far as how we are going to proceed internationally.

00:21:50.400 And we're going to take up exactly that subject as we continue with John Lonsky.

00:21:54.860 He is the president of the Lonsky Group.

00:21:57.620 We're coming right back and we will factor in that China, China factor.

00:22:03.540 We'll be right back.

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00:22:29.620 We're back with John Lonsky, president of the Lonsky Group.

00:22:41.980 And John, I just want to bring up the Financial Times poll, which I think is really interesting

00:22:48.380 because the majority of voters are saying very specifically that Biden's economy is crippling

00:22:56.140 their finances, crippling, not having an impact, not in some way, some measured abstraction

00:23:03.480 here, crippling their finances.

00:23:06.760 Against that, and you said it at the outset, I don't see how anyone could survive as a candidate

00:23:13.080 for president who is responsible for crippling finances of both business and the American

00:23:19.680 people.

00:23:20.180 Remember, Lou, once upon a time, long, long ago, the Democratic Party worked for the interest

00:23:30.720 of the middle class and lower classes in America.

00:23:33.560 That's no longer the case.

00:23:35.220 No.

00:23:35.640 It seems as though the Democratic Party primarily exists to serve the wishes of the elite, of

00:23:45.220 the highly educated, and the hell with the rest of the U.S. And, you know, the idea is the

00:23:51.940 Democratic Party gets their ideas on policy from the elite, from this relatively small segment of

00:24:00.800 society, and then tries to force these ideas on the average American with, quite often, what are

00:24:07.860 unpleasant and unwanted consequences. I think that's the point where we've gotten today. You know,

00:24:14.440 not every American is suffering under the Biden economy. Some are doing quite well, but as I

00:24:20.440 stated earlier, the people that are not fearing well are the people that are striving to get ahead,

00:24:26.440 the people that are stuck with incomes that are not much higher than the median income.

00:24:32.220 A part of this is, a lot of this is inflation. Some of it is, you know, the sense of reduced job

00:24:38.860 opportunities going forward because of too much government regulation, maybe too many taxes and

00:24:45.580 the like.

00:24:46.960 Yeah. Think about this, John. I mean, a family, they're getting ready to send their kid off to

00:24:52.440 college. Now, which college are you going to send him or her to? It won't be Harvard, probably, if you

00:24:58.580 are a middle class, hardworking American. You know, one or both parents working. Because, you know, Harvard

00:25:06.980 has gone retrograde. They have turned into a Marxist organization. They just suspended their suspensions

00:25:16.580 of the pro-Hamas demonstrators and protesters. They have still held on, as if she were a treasure,

00:25:23.660 to Claudine Gay, the plagiarist and bigot. They fired as president. The trustees look like complete, 0.84

00:25:32.000 completely inept and without values. Where in the world are you going to send your kid? 0.99

00:25:39.080 Am I going to send my kid? Well, we did send our kids there. But the fact is,

00:25:46.060 you're just not going, you know, the grandkids have got a tough choice, is my point. The universities

00:25:53.060 are a mess. The education is not, I don't care what anybody says, they're not getting the education

00:25:59.800 we were giving students 20 years ago. And I should say it another way, that students were earning 20

00:26:06.820 years ago. Yeah, there's a lot of problems with higher education. The tragedy of places like Harvard

00:26:14.100 and Columbia and Yale and Stanford is these are the schools that the United States and the Western world

00:26:20.560 depends on for leadership. And unfortunately, the type of leadership that we need so badly is not

00:26:28.100 coming from our most highly ranked educational institutions. It's troubling. And, you know,

00:26:36.060 as you stated, there seems to be too much effort placed at these educations, at these higher

00:26:42.740 institutes of education and trying to inculcate students with Marxist values, anti-American,

00:26:51.520 anti-capitalist values. It's to the point where it becomes ridiculous. What they're not doing is that 0.84

00:26:58.320 they are not teaching students how to think, how to analyze, and so on. And their failure to do so

00:27:06.600 right now it's proving costly to the United States. I'll tell you something I think is fascinating

00:27:15.080 because I've always been a big proponent of community colleges. I think they're the best

00:27:20.540 bargain in education in this country. Just as Harvard is not right for everybody, the community

00:27:28.060 college isn't right for everybody. But for I think most people, it's a great place for young people

00:27:33.140 right now. We're driving along, as we do often going to a nearby town, and there is outside a

00:27:40.380 vocational school, there's a group of kids saying, save our shop. Now think about this. This is a

00:27:47.540 vocational school, and they're wanting to cut out shop at the college. This is not a community college,

00:27:55.300 it's a vocational school. But this is where we are as a country right now. The idiots in a vocational

00:28:01.680 school administering it and running it want to cut out shop. I mean, what is, you know, what in the 1.00

00:28:08.380 world are we coming to? Cut out, you know, biochemistry for pre-med? I don't know. It's nuts.

00:28:21.300 Everywhere there's a certain perversity about what we're doing in public policy in terms of the choices

00:28:27.700 being made by long-trusted institutions. And there, by the way, is great perversity in this

00:28:33.840 administration and perverse policies that attend, whether it's, you know, gender-affirming care

00:28:42.620 or deciding to turn on allies first and then maybe think about their enemies.

00:28:48.660 Oh, you're so right. How about those schools that want to change the teaching of mathematics,

00:28:54.600 because mathematics as it now stands is deemed by some as being racist or sexist. This is ridiculous. 0.97

00:29:03.660 The laws of physics are the laws of physics. The laws of algebra will never change. Yet they're 0.58

00:29:08.420 trying to alter them because of ideological reasons. This is why nobody is learning anything.

00:29:15.940 They're trying too hard. They're leveling the playing field to such an extent that the playing

00:29:24.060 field gets flooded with inanities and stupidity. Yeah. Unfortunately, you know, it's like the old 1.00

00:29:31.680 saying about money. Bad money chases out good. And what is passing for education destroys young minds.

00:29:39.440 It's that simple. And not much as simple about our life in America right now or this economy. But,

00:29:47.040 John, we thank you very much for your views and for bringing greater understanding of this

00:29:52.380 economy. I won't say Bidenomics, this economy today. John Lonsky, thanks for being here. God bless you.

00:30:01.380 Thank you, Lou. Thanks to John Lonsky for sharing his views and opinions and forecasts. And thank you,

00:30:08.640 everybody, for being with us here today. Join us tomorrow for the Great America Saturday Show.

00:30:14.120 And be sure to follow me on Twitter and Truth Social at Lou Dobbs and on Facebook and Instagram

00:30:19.840 at Lou Dobbs Tonight. And please join us each and every week evening for Lou Dobbs Tonight,

00:30:25.920 7 p.m. Eastern, 6 Central, on Frank Speech, Rumble, Roku, and X. Thanks, everybody. God bless you. And may God bless America.

The Great America Show - May 25, 2024

The Great America Saturday Show： May 25th, 2024

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