00:02:58.320And the talking point that they're giving Americans is, if you vote for us, we're going to fix the problem with inflation.
00:03:05.460How is that possible when they're the ones that created this economic crisis and they're the ones that are in charge of the House and the Senate and the White House?
00:03:13.240Why would you give them a second chance when they've already destroyed the economy with the first chance?
00:03:36.280And he sat there like a deer in headlights, silent.
00:03:39.400And then finally, the only answer he could stammer out is, well, well, we're still in the middle of a covid pandemic, which is complete garbage.
00:03:48.060And I would point out one person who said the pandemic was over was Joseph Robinette Biden Jr.
00:04:13.560And I got to give them credit for one thing.
00:04:15.900And it's utter chutzpah, which is what he is saying is so bizarrely counterfactual.
00:04:22.800Two years ago, when you did have a Republican president in office, we had two dollar gasoline.
00:04:29.620Now, in a lot of parts of the country, it's five, six, seven dollars a gallon.
00:04:33.260Two years ago, you could get a home mortgage at two, three percent.
00:04:37.820Now it's six, seven percent and heading up two years ago.
00:04:40.980The price of everything was much, much lower.
00:04:44.640And the cause of it, this is where Democrats are counting on economic ignorance, they hope, from the voters and active complicity from the media.
00:05:00.220It has one source and one source only.
00:05:02.760Milton Friedman put this beautifully a long time ago.
00:05:05.800Inflation comes when the federal government spends too much money.
00:05:08.900When it prints money, it doesn't have.
00:05:10.840When it spends money, it doesn't have.
00:05:12.500And I'll explain it in a really intuitive way.
00:05:14.520Look, all dollars are, are a measure of value so that we can know the relative value of one good versus another.
00:05:23.760Think before we had currency, we had barter.
00:05:26.580And if you, if you were growing chickens and I was growing wheat and you decided you wanted some wheat, you brought three chickens and I gave you a bushel of wheat.
00:05:34.440That was less than convenient to carry three chickens with you.
00:05:38.040So, Dan, although I will say for the record, Ben usually has three chickens on him wherever he goes.
00:05:44.600You got, you got to have that backup cash when you need it, my friend.
00:05:48.040Look, I mean, how do you think you made it through Greek life at Ole Miss?
00:06:02.320But look, money then arose, all right, if we have a standard, let's say a coin, maybe we know that, that it is one coin for a bushel of wheat and two coins for a chicken.
00:06:15.780And the coin is just a relative unit of measurement of one good versus another.
00:06:22.660Suppose the price of an apple is a dollar and the price of a banana is two dollars.
00:06:29.480The dollar is giving you the relative value of how much more apples there are, how much more people like bananas.
00:06:39.520If you double the number of dollars in the world, if you suddenly print twice as many dollars,
00:06:44.940as a simple rough back of the envelope math, suddenly an apple will be worth two dollars and a banana will be worth four dollars because they're twice as many dollars.
00:06:54.760And what the money is showing is just the relative value of one good or another.
00:07:01.300Because the Democrats have run the printing presses like crazy and they've spent over 12 trillion dollars and that's produced the inflation.
00:07:11.120And what they're counting on is that some voters who may not pay attention may not know that and the media will lie to them about it.
00:07:19.280But I think the voters are a lot smarter.
00:07:21.860You know what you just played a moment ago.
00:07:41.240When we talk about inflation, gas prices, that's been something that the American people have seen for the past several months, several weeks, and as costs have been coming down.
00:07:55.320And even Bloomberg today, Senator, said the odds of a recession hit 100 percent in a blow to this idea that prices are coming down.
00:08:05.520They said today, they described this as a blow to the president's economic messaging ahead of the November elections because they said the U.S. economy is effectively certain to enter a recession in the next 12 months according to model projections from Bloomberg economists.
00:08:33.260So there are a couple of things going on there.
00:08:36.240Number one, even Bloomberg, which is acknowledging that it's 100 percent we're headed to a recession, even that is pro-Biden-Democrat spin.
00:09:03.500The Biden White House tried to redefine what the word recession means, but even under their redefined terms, now nobody can credibly say, okay, well, even under their redefined terms, which is basically when a bunch of government economists sit around in a room and say, yep, this is a recession.
00:09:18.240They've gotten to the point that even the people who are on their payroll can't lie about it anymore and say anything other than this is a recession because of the policies we've seen.
00:09:29.260Now, secondly, what Corrine Jean-Pierre is saying is she's focusing on gas prices.
00:09:34.220And what happened is for the first year plus of the Biden administration, gas prices spiked enormously, grew more than 100 percent, went from $2.38 when Biden came in to $4.5 and in places like Nevada and California to $6 and $7 a gallon.
00:09:54.820Now, it is true that in the summer, gas prices dropped a little bit.
00:10:01.880And the Biden White House immediately took a big victory lap and said, see, they're not as horribly high as they were a couple of months ago.
00:10:09.300They're still much, much, much higher than they were when Biden became president.
00:10:13.500Now, even that little dip has turned around.
00:10:17.500And listen, as we talked on the last podcast, Biden has been rendered utterly naked and exposed when the Saudis made clear that he went and said, will you please give us a price break on oil for one month until Election Day?
00:10:35.060The day after Election Day, jack the hell out of it.
00:10:40.440He didn't say that part, but that's implied.
00:10:42.140And it makes clear that when the White House press secretary is talking, she's just spinning and she's not focused on it is not a policy objective for this administration to lower the price of gasoline going forward.
00:10:56.940What's a policy objective is to have a momentary dip right before Election Day so that they hope voters are fooled that this is something other than exactly what Joe Biden and the Green New Deal Democrats want, which is gasoline unaffordable because they want you to sell your truck and buy a little Prius.
00:11:17.240And they're going to make your life miserable until you do that.
00:11:39.380They announced so you can get started on it.
00:11:41.580And I know many conservatives don't understand, one, how does the president have the power to do this without Congress being involved?
00:11:50.540And two, can the president decide, because based on what they've been told, they truly believe the president can't just forgive this private debt, which is what student loan debt is.
00:12:35.140The first question, I think the answer is clearly no, that the actions of the Biden administration are contrary to federal law.
00:12:43.280Now, the way the Biden administration justified this student loan giveaway is they based it on a statute that Congress passed after 9-11,
00:12:53.92020-plus years ago, that gave the Secretary of Education some authority to forgive debts for soldiers and sailors and airmen and Marines and their families.
00:13:04.880So for people that were actually fighting al-Qaeda, that were going and enlisted and were fighting to defend this nation against terrorism,
00:13:13.160Congress passed a bill called the HEROES Act that gave some authority to forgive their student loan debts.
00:13:18.480What the Biden Department of Justice did, and an opinion that I've read that the opinion is from the Office of Legal Counsel,
00:13:24.960which is the office in the Department of Justice charged with giving authoritative legal determinations for the entire executive branch.
00:13:32.940And it has been headed by some of the greatest legal minds in history, including Antonin Scalia, including William Rehnquist,
00:13:40.440including my former boss, Chuck Cooper, including Ted Olson, who was George W. Bush's Solicitor General.