00:01:19.420I want to jump into something with you.
00:01:22.520I know you have a background in finance. You're the founder of Martin Capital. You're a Christian. You helped get PayPal off the ground. So you have a unique insight to economic stuff.
00:01:38.160Every day, I see CNN, MSNOW, and others telling millions of Americans how terrible the U.S. economy is, how terrible Trump's economy is.
00:01:49.980It's the worst that we've seen in decades.
00:01:52.880No one can afford to live, yet when I go out to restaurants, they've got lots of people in there eating.
00:01:58.660When I go to the grocery store, I see shopping carts full of food. Unemployment is low. Government jobs are down. Illegals working in the U.S. market is down. Americans back to work is up. Poverty is the lowest it's been. The middle class is finally getting ahead of inflation since 2022. Help me make sense of what's really going on in this economy.
00:02:22.540Well, you know, the truth is the mainstream media is just an adjunct of the Democratic National Committee and has been for decades.
00:02:31.440They're just a little more open about it now.
00:02:33.580But you said the most important thing just a second ago in pointing out that the census data we just got a couple of weeks ago shows that we are at the lowest poverty rate in American history.
00:02:49.580lowest in history for heaven's sake and wait there's more because median income inflation
00:02:58.160adjusted higher than at any point in history so lowest poverty highest median income by the way
00:03:06.960also lowest child poverty that's kind of a big deal some of us care about that and yet you'd
00:03:13.720never hear it on MS Now. That would just never pass their lips, just like the CapEx boom we've
00:03:20.900had all this year, which is just extraordinary. You know, we talked last time we were on here
00:03:25.700about the $18 trillion in investment Donald Trump had recruited from outside the country
00:03:33.980into America, most of which is slated for manufacturing. Well, we were promised by
00:03:41.040Clinton and Bush and Obama and Biden, that there was no chance that we would ever see manufacturing
00:03:48.460come back to the United States. Well, it turns out if you change the incentives, you change the
00:03:54.220outcome. They incentivized everybody to go to China or Vietnam or India or Mexico. And Donald
00:04:02.300Trump flipped it around. If you don't want to be tariffed, the easiest way to ensure that you don't
00:04:09.760have to face tariffs is to build a plant in the United States, where, by the way, we just made
00:04:18.020permanent the 2017 tax cuts. We just made permanent full business expensing. We just made it easier
00:04:24.960to write off the equipment purchases necessary to build a plant. We just made it cheaper to be able
00:04:33.120to train skilled workers. If you want to get back to an America where, you know, bear in mind,
00:04:39.920most people don't go to college. Most people don't get a degree. And a lot of the people who do get
00:04:45.280a degree these days are getting degrees in gender studies or basket weaving or something. I mean,
00:04:50.640it's just all ooey. And the truth is most Americans for most of history didn't go through
00:04:57.760that process, didn't get all that student debt. And now it's very, very hard. It has been for 30
00:05:05.320years to get the kind of blue collar work that used to support entire families, not just, you
00:05:12.540know, the families we have now, large families, four kids, a husband, a wife, maybe a grandmother
00:05:19.160living somewhere on property. All of that was supported on one income for decades. It can be
00:05:28.240again. And when you look at this new Andrel plant in Baltimore, we're going to be significantly
00:05:35.180increasing America's ability to build Virginia class submarines. When you look at this new
00:05:40.500$15 billion steel mill going to go into Iowa, biggest steel mill in American history. Look,
00:05:49.020America has to start making stuff again. We can't afford to depend on China for 92% of our rare1.00
00:05:56.600earth elements. We can't afford to depend on China for our pharmaceuticals. That's insane.
00:06:03.180And we're just not going to do it anymore. So mining, manufacturing, all that stuff's coming
00:06:08.080back. Energy is off the charts. We're outproducing Saudi Arabia and Russia put together. We're the
00:06:14.440world's largest exporter of LNG or liquefied natural gas. That means the Europeans and the1.00
00:06:20.380Japanese are buying from us instead of the Middle East and Russia. That is better for everybody.0.99
00:06:27.900It's certainly better for them because now they have secure supply. All of these things add up
00:06:34.580to American jobs. And no, they haven't all kicked in yet because it takes a while to get a plant
00:06:41.620permitted. It takes a while to then start construction. It takes a while to then start
00:06:47.120the hiring process, but it is well underway. You were exactly right to point out federal employment
00:06:53.520is down dramatically. Lowest rate since 1966, but a million private sector jobs created in that same
00:07:03.800time. This economy is raring to go and Republicans have got to start telling their story instead of
00:07:11.160hiding behind, oh, we can't talk about Trump. Are you kidding? This is the most amazing politician
00:07:17.960of our lifetime. Get out there, tell what we've achieved, and promise more. The Democrats put us
00:07:24.680in the hole. They're not going to get us out of it. They're going to dig it deeper. So get out
00:07:30.560there and tell the story. Yes, I saw something that said, everyone knows that Democrats dug the
00:07:37.600hole that we're in, why would we hand them back the shovel? Like they're going to just continue
00:07:42.040to dig, right? I want to be sensitive. I know that a lot of people are, you know, these high
00:07:47.960gas prices because of the war and, you know, Ukraine blowing up, you know, refineries and
00:07:54.040Russia. At the same time, that aside, it does seem like this economy is going really well.
00:08:01.220And if wages are up and jobs are up, that's really good for seniors on Social Security
00:08:06.500that depend on Social Security, because that's not printed money. That's money coming in from
00:08:11.680somebody working to take care of someone who already worked. So it's a really robust thing.
00:08:16.900But where do you where do you see the gas prices going once this war is ended? For example,
00:08:23.720President Trump announced from the Oval Office, I'm not going to attack Iran. I want a deal.
00:08:29.340And the oil prices dropped, just like he had predicted. Where do you see those going? Because
00:08:36.320that seems to be the thing that's really got people a little bit on edge.
00:08:41.260Well, and when you're talking about Iran, the president knows better than anybody that you1.00
00:08:45.680can't really make a deal with these people. The only deal you can really make with them is a1.00
00:08:49.920surrender. And we're strangling them. This blockade is pretty much 100% successful.0.97
00:08:58.340They don't have any means to use overland routes to make up the difference. The railway from Iran
00:09:04.040to China at most could carry 6% of their oil exports, that's a drop in the bucket. That's
00:09:10.440not going to help them pay their IRGC thugs to shoot people in the streets. So they are on their0.94
00:09:17.320last legs. Now, last legs might be three weeks or three months or who knows, but at some point,
00:09:26.100you've got to be able to pay your people and they can't. So we are at that point. Donald Trump is
00:09:32.780very wise to stay out of the headlines with resumed bombing when the blockade is doing more
00:09:40.660good for us than bombing would. So he's dead right to do that. We want Paxton talking about
00:09:49.820Tallarico, not Iran. So that's all good. Now, as far as gas prices, you've got two different0.98
00:09:56.540strands there, you hit one of them. The long term strand is actually really positive because
00:10:03.820as you know, we are now shipping as much oil through the Strait of Hormuz as we were before
00:10:10.200the war. So global oil prices are going to go down. Additionally, we've de-risked the strait
00:10:18.580in that we now have all this pipeline construction across Saudi Arabia, across Oman, across
00:10:26.000Syria, possibly even across Israel, we can redirect about 70% of the Middle Eastern oil
00:10:35.700that was going through the strait over land once those pipeline projects are complete.
00:10:41.100And by the way, a lot of that work is going to U.S. companies like Chevron in Syria. So that's
00:10:47.360more U.S. jobs, more money coming home. But that's one piece of it. You hit the other piece
00:10:55.260and there's a twist even on that. You mentioned Ukraine. The Ukrainians are just taking the fight
00:11:03.120to Vladimir Putin in the smartest way possible. They're not randomly attacking neighborhoods and
00:11:11.640office buildings the way the Russians have done in Kiev. They're attacking oil refineries,0.65
00:11:18.240pumping stations, all of the means by which the Russian state pays its bills. They can't pay for
00:11:25.460this invasion without those sales of oil and refined product. And it's so bad. They've lost
00:11:32.72058% of their capacity just this year. It is so bad that they're actually having to import diesel
00:11:40.900from Belarus, where they used to be one of the world's biggest exporters. That's a big part of
00:11:47.000why the price of diesel is high. It's unavoidable. And the people who are screaming the most about
00:11:53.620those prices are the people who scream the most to send stuff to Ukraine. So pick one, guys. Just0.94
00:12:00.100pick one and stick with it. And so that is a real factor. But the other real factor that must be
00:12:07.900stressed, California shut two major refineries just since the war started. Don't talk to me about
00:12:15.500gas prices when you're shutting down the plants that produce the gas. It's absolutely insane.
00:12:21.620So California is stuck importing a bunch of gasoline that they were making. That does affect
00:12:28.720the national average. That does affect the local averages. And that's on them. And I guarantee you
00:12:35.780the surest way to see the $10 or $15 a gallon gas that lots of the Green New Deal Democrats have
00:12:43.780promised was where they want it to go so they can force you into an electric vehicle. If you want
00:12:49.720that, just elect them nationally and let them have at the refineries in Texas and Louisiana,
00:12:55.200because those are on the list for next. Yeah. You know, I remember when gas got really high
00:13:01.860under Biden and there wasn't a war, you know, they basically made fun of the American people
00:13:08.280and said, well, just get an electric car. Right. And then as soon as as soon as Elon Musk,
00:13:14.280the electric car genius, starts helping Trump, they start attacking Tesla dealerships,
00:13:19.800badmouthing electric vehicles. And as you just mentioned, I don't think a lot of Americans
00:13:24.240understand this. The Democrat Party literally talked about the way to make us have clean energy
00:13:31.000in America is to ensure that big oil is put under and that gas is ten dollars a gallon.
00:13:37.120They literally openly talked about this as one of their plans.
00:13:41.280I don't think most Americans know that story.
00:13:43.560And it's a marvel to me that they don't.
00:13:47.060If I were running for the U.S. Senate right now in Michigan or in Iowa or in Texas or in Georgia or in Maine or in New Hampshire or North Carolina, I would be running those clips pretty regularly.
00:14:04.260If everybody's upset about gas prices, let's see what the Democrats want gas prices to be.
00:14:10.900They've been perfectly clear. Hunt down that Obama clip where he says, if we enact my policies, your electricity prices will skyrocket.
00:14:20.700I mean, and he's proud of it because he wants to destroy fossil fuels.
00:14:25.160Well, OK, if you don't want nuclear and you don't want natural gas and you don't want oil and you don't want coal, how are you going to power all those electric vehicles?
00:14:35.460And, of course, this is the thing they never answer.
00:14:38.720California wants to force everybody into an EV, but California wants to shut down power generation, shut down refining.
00:14:46.940How are you going to square that circle?
00:15:50.820I don't know how he could do more. We have to do our part. And the math is really simple. You know very well midterms are low turnout elections. The drop off between the percentage of voters in 2020 to the percentage of voters in 2022 was about a third.
00:16:11.320So you've got these really low turnout elections. And gee, that means I can do something about it that matters. That means what I do is really meaningful. So if we get out there and we tell our story, we actually tell people, look, this is what's really happening.
00:16:29.580give it a minute, stay the course. In a year, the boom is just going to be undeniable. It's
00:16:36.540just going to be unbelievable in the same way as the transition from 1983 to 1984.
00:16:43.980You still had a lot of economic doldrums going into 83, and then all that Reagan magic kicks in,
00:16:52.160and by 84, he's winning 49 states. Well, it would have been convenient if this midterm election was
00:16:58.560next year rather than this year, but it just didn't work out that way. So we've got to go do
00:17:03.380the work. We've got to talk to people. The president's doing his part. We've got to do ours.
00:17:08.040We're citizens. We have agency. We have a stake in our futures and our children's futures.
00:17:13.700We've got to act like it. And that means not just talk to people, but put them in your car
00:17:18.820and take them to the polls. No matter how high gas is, you can afford that. And I guarantee you,
00:17:25.020when the Democrats get control of things, you won't be able to afford to do that. So it's worth
00:17:30.300fighting for now. I'm sure you're watching the different polling. Every day I kind of feel a
00:17:38.360little schizophrenic. It's like, oh my gosh, we've made gains. And then the next day it's like, well,
00:17:42.800we might lose. Where are you seeing things going? Do you think that we have a chance of
00:17:48.760losing both houses or keeping one or keeping both? Where do you sit as you research it?
00:17:55.020The chances of losing the Senate, I think, are pretty slim. It's possible, but I don't think it's very likely. The chances of losing the House are historically pretty high. But here's the bottom line on that.
00:18:09.380If you look at what we need to win the House, 20 key House races, turning out a thousand more conservative voters each wins, period.
00:18:23.580Just a thousand more voters in just 20 races out of 435.
00:18:29.680And it works out when you do the math to about four voters per precinct.
00:18:35.260Well, I can put four voters in my car.
00:18:38.040That is just not a big deal. All of us can take responsibility for that. So, no, I think our chances are good. I also look at these things, you know, state by state. I think, well, first of all, we're in the margin of error in Michigan. If we pick up Michigan, that's a really big deal.
00:18:55.220We may lose Watley's race in North Carolina because I just think he's running a terrible
00:19:00.400campaign. Good guy. He'd be a great senator, but he ought to fire his entire campaign staff. I don't
00:19:06.700know what they're doing. In Iowa, I think we're going to pull that out. The only really solid
00:19:12.360poll we have of likely voters in that race is Emerson, and they have her up five. So I feel
00:19:19.740pretty good about that. Susan Collins has been declared dead every single race she's ever won.0.93
00:19:26.760I think she pulls that out. I think Sununu pulls out New Hampshire. I think we've got a really good
00:19:32.760shot there. John Ossoff probably wins in Georgia, but he doesn't have to. It's absolutely possible
00:19:39.500to win that. And then you get into stuff like here in Florida. I mean, this is going to be a
00:19:45.400blowout. Ashley Moody's going to win that by a stunning number. But Texas, I just don't believe1.00
00:19:53.060that God is non-binary guy who wants to chemically castrate our children and doesn't eat meat is0.72
00:20:02.520going to be the next senator from Texas. I just don't buy that. And there is a very prominent0.99
00:20:09.200citizen of Texas named Elon Musk, who has said he's going to spend about 50 to 200 million dollars
00:20:16.100to make sure that Paxton's message is just splattered all over all of their expensive
00:20:22.560media markets. And of course, the president's playing in that, too. So I think Paxton will
00:20:28.000be properly funded, which is rare for him. He's a terrible fundraiser, but it'll be a great senator.
00:20:32.980And and I think he will be our senator. So all things considered, can we win the House? Yes, it's harder. Can we win the Senate? We probably do. And we could potentially even go up a seat. It's possible. It's not super likely, but we could actually have a 54 seat Republican majority without, you know, crazy things happening.
00:20:58.880And that's just not anything that people are hearing.
00:21:07.260Even if we stayed exactly the same, one thing that I'm excited about is next Congress starting in January has less rhinos and more MAGA warriors.0.60
00:21:17.020Even if even if the numbers stay the same, the quality of person, the fighter, the America first person is a totally different Congress next year.0.95
00:21:27.900And people are always talking about how there's not a dime's worth of difference between the parties.
00:21:31.700And I honestly can't remember a time ever when that was true.
00:21:35.500I mean, that wasn't even true in the 50s when the conservative movement didn't even exist yet.
00:21:41.820That just that's absurd. I understand the feeling, but the logic just isn't there.
00:21:48.780How much more so is that true now, when so many of these Democratic nominees are members of the Democratic Socialists of America, and we just had the DSA convention, and one of the key leaders of the DSA stands up at the podium and says, verbatim, quote, our goal is communism.
00:23:22.420I mean, nobody just waltzes into the Super Bowl and wins.
00:23:25.900Nobody just waltzes into the World Series and wins.
00:23:29.000You've got meaningful competition, and we have not done as good a job as we should have
00:23:34.120of educating the American people on what all these things mean, not just the current story,0.95
00:23:39.240But the bigger story of freedom versus tyranny, we haven't done a good enough job of that because we've handed over our public schools to the wokesters who are just Marxists, just plain out Marxists, Maoists even.0.93
00:23:55.900That is a reality that we're going to be dealing with for a lot of years.0.98
00:24:00.180And so we are going to have to step up our game individually, not just as a party, not just as candidates, but as citizens.
00:24:08.300Yeah, I agree. One of my favorite things that President Trump and the vice president are doing is this war on fraud. The Trump administration is finding record amounts of fraud in Medicare, Medicaid, Obamacare, USAID, you name it, there's fraud in it.
00:24:29.040I love seeing this cleaned up because I know you pay a lot in taxes.
00:24:57.660that this was always the purpose of a lot of these programs. The Democrats get to skim off
00:25:03.640the top. And you see that everywhere. You mentioned USAID. USAID was a cesspool. It had a bigger
00:25:11.360budget than the State Department and the CIA combined. And it turns out only 10, maybe 13%
00:25:19.080of what it was spending money on was actual humanitarian aid. All the rest of it is foreign
00:25:25.940transgender surgeries, foreign LGBTQ parades, color revolutions in various countries. And what0.80
00:25:35.880we really see in, oh, and by the way, 300,000 forced sterilizations of native women in Peru.
00:25:42.100You know, I thought Democrats were against, you know, harming native women, but apparently
00:25:47.880not if it involves sterilization and reducing the surplus population. So, you know, just thing
00:25:54.640after thing. These are heinous, horrible things. But wait, we just saw in Brazil the biggest single
00:26:02.820thing. USAID was using your tax dollars to tip the scales in country after country's elections.
00:26:11.140That's what they were doing. And from stem to stern, from Tierra del Fuego, all the way through
00:26:17.160Honduras, we now have all of these elections that are supposed to go permanently left,0.67
00:26:23.480Going right, conservative and libertarian governments in all these countries, and now Bolsonaro is probably going to win this in Brazil, which is really one of the worst offenders and one of the worst to be in bed with China.
00:26:37.880So so all of this changes the instant that the U.S. taxpayer isn't paying for socialist parties in foreign countries, political campaigns.
00:26:48.660It's just fraud. It is horrible, horrible fraud. And you see it everywhere. It's not just there.
00:26:56.300I mean, you're talking about welfare fraud. We can talk about food stamp fraud all day long.
00:27:14.820It's things like the $2 billion EPA grant.
00:27:19.360Folks, that's the Environmental Protection Agency, a $2 billion grant to a one-month-old NGO started by Stacey Abrams.
00:27:30.720in Georgia. How does this help the environment? How does 2 billion of your tax dollars help the
00:27:37.440environment in the hands of Stacey Abrams? What is her environmental experience? What is her0.99
00:27:44.520knowledge base on that? And we all know where that was going. That's just going to boost her,
00:27:50.240help her win her next governor's race, and help make it easier on John Ossoff and Raphael Warnock.
00:27:57.640That's all it is. It's about flipping Georgia blue. And that's your tax dollars at work. No, all this fraud has to go. Just cutting the budget isn't enough. You're going to have to go after the fraudsters. A bunch of these guys are actually breaking laws. It's not just bad in theory. It's actually criminal in a lot of these cases.
00:28:18.320If I were if I were anybody in government in Minnesota right now, I'd be very, very concerned.
00:28:25.600And California and New York are coming right up.
00:28:31.580You've got a book coming out not too many days from now called Trump's New World Reorder versus New World Order.
00:28:41.140What what is what is the book going to tell us?
00:28:44.240Well, the first and foremost thing is that no, Trump isn't actually just a chaos monster and everybody thinks he is. It's just random stuff here, there and no, no, this actually all fits together.
00:28:57.960All of these different policies fit together in a way that is far superior to anything we've seen under the Beltway elites for most of my lifetime, where everything has been compartmentalized.
00:29:21.400So first and foremost, yeah, there's a plan.
00:29:23.900And I show you the plan in Trump's new world reorder.
00:29:27.000The second thing is it is a multifaceted plan, first and foremost at home, making elections matter again, because elections really don't matter if the government never actually changes course.
00:29:40.320This is why they say there's not a dime's worth of difference between the parties.
00:29:43.700It's not that the parties aren't different.
00:29:45.540It's that one party controls the permanent bureaucracy.
00:29:48.560If you've got one president and you've got 435 congressmen, only half of whom are our guys, and even that's a little loose, and you've got 5,000 political appointees, but you've got nearly 3 million permanent federal workers who are unaccountable, unfireable, and absolutely impenetrable.
00:30:15.000They have the opinions they have. They were all hired by Democrats. They will all hire Democrats to replace them. And they just keep doing the same things no matter who wins an election. Donald Trump is dismantling that at home. That's what this litigation strategy that gets you to Chevron being overturned, Humphrey's executor being overturned.
00:30:36.920All these landmark cases that I know most people's eyes glaze over.
00:30:41.000But what he's doing is he's restoring Article two of the Constitution and eliminating the permanent unelected power of this this illegitimate fourth branch of government that FDR gave us in the 30s overseas.
00:30:56.360Kind of the same thing, because we created an order under FDR that was designed to be multilateral.
00:31:05.180That all sounds really nice. And if you're a liberal internationalist, that sounds moral.
00:31:11.200But in reality, what it means is the Lilliputians are always tying down the American gulliver.0.94
00:31:17.340We pay the bills. We provide the security. We police the sea lanes.0.85
00:31:22.480We make global trade possible. And they call the shots. No, thank you. Not anymore.
00:31:27.580So, you know, from trade policy where we're rebalancing things so that we have the same access to their markets that they get to ours, to energy policy where we're shifting the center of gravity of global energy from the Persian Gulf to the Gulf of America, to just revamping our alliance structure where we expect these guys to be partners, not dependents.
00:31:48.900It is ridiculous that Britain has twice as many admirals as warships.
00:31:53.860It is ridiculous that Germany was showing up at NATO exercises with broomsticks because0.50
00:31:59.260they didn't buy enough rifles for their army.