The Furry of it All?

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Speaker 3 All right, welcome to the Charlie Kirk Show. Happy Monday.
I'm Andrew Colvett, executive producer of this fine show. Joined as always.
Well, not as always,

Speaker 3 as often. You've been a little hiring.

Speaker 2 Joined as often.

Speaker 3 As often as humanly possible. That would be Blake Neff, our not-so-secret weapon.

Speaker 3 And co-host, here we are now.

Speaker 3 Just, you know, a huge breaking story this morning, if you are a fan of the Charlie Kirk show,

Speaker 3 because it ties in. And that is, of course, a new report from New York Post.
It would be Miranda Devine. She's actually going to be joining us tomorrow to discuss this in more detail.

Speaker 3 But breaking, new account linked to Thomas Matthew Crooks shows a furry fetish and transgender ideology interest, at least, referred to himself as they them.

Speaker 3 And obviously, Thomas Matthew Crooks is the attempted assassin of President Trump in Butler, Pennsylvania.

Speaker 2 Who had no, we were told, no digital trail whatsoever. He's the only person under 30 in the entirety of America who had nothing about him online.

Speaker 3 But now we're finding out that there is more to it. Now, this corresponds certainly with some of the reporting that Tucker Carlson has recently done, although this they, them, and furry fetish is new.

Speaker 3 And I think why this is so eye raising is simply because of what happened to Charlie.

Speaker 3 The alleged assassin of the monster who killed Charlie also had a furry fetish and

Speaker 3 allegedly and had

Speaker 3 a boyfriend that was trans. There certainly seems to be some of the similar ideologies that are circulating between the two instances.
Yeah, let's lay it out here.

Speaker 2 So last week, Tucker released a video which just dived into the Thomas Crookes case.

Speaker 2 As you guys probably remember, the FBI began looking into it and essentially said, There's no manifesto, we don't have an obvious motive for what this was, and he seems to have very little online trail, and they kind of left it there.

Speaker 2 There's been repeated efforts by Congress to get more information. It hasn't really led to many places.
And so, what Tucker was able to do is they found they kind of did standard forensic work.

Speaker 2 It wasn't to leak. They got a private investigator and he used tools that they had.
They knew one of his email addresses, and then they found accounts linked to that email address.

Speaker 2 And then they were able to use internet archive pages and a few other things. And they found some traces of his online presence.
Certainly,

Speaker 3 they found traces in 19 different profiles.

Speaker 2 The main thing they had. 19.

Speaker 3 So that, but I mean, I'm not saying that they were extensive footprints in any of these. Yeah.
But to find 19.

Speaker 2 But the main thing they just had was just YouTube comments, which is a pretty low tier of internet engagement. So he had the internet comments, which showed he was making threats.

Speaker 2 They signaled that when he was pretty young, this is all, this ends in 2020 when he's 16 years old, and some of it's earlier than that.

Speaker 2 But he was saying pretty violent rhetoric, threatening rhetoric, actually against immigrants and stuff.

Speaker 2 So the FBI had framed it, oh, he might have kind of been right-wing, motivated by anti-immigrant stuff. What they found was he'd started to turn around COVID, where he seemed to

Speaker 2 actually

Speaker 2 be very against Trump's handling of COVID. He seemed to be extremely angry about people who wouldn't mask up or people who wouldn't

Speaker 2 like follow lockdowns or so it seemed. It's not totally clear, but he was suddenly changing ideologically, which is, of course, really annoying because then the trail goes cold.

Speaker 2 Now, what happened there? We're not sure. It could be he started registering for new accounts with a new email we don't know of.

Speaker 2 There's sites you can use like 10 Minute Mail to sign up for websites with a throwaway email that no one will ever link to you. There's a lot of stuff that you can do.

Speaker 3 Now,

Speaker 2 today we have the New York Post, which essentially did the same thing Tucker did, but with the added caveat that they found his deviant Arctic housing. Do you know what DeviantArt is?

Speaker 3 I do know what Deviant. Do you know what DeviantArt is out there

Speaker 3 in the audience? Send us your thoughts, Freedom and Charlie Carlton.

Speaker 2 Send us your best DeviantArts.

Speaker 3 So, but here's what you have.

Speaker 3 Here's, let me, before we get to that point, right?

Speaker 3 There is an issue here. So, because

Speaker 3 on July 13th, 2024, FBI Director Chris Ray told Congress that the Bureau had found nothing in Crooks' online history, okay, that pointed to motive or political ideology.

Speaker 3 A week later, Ray's deputy, Paul Abate, and I'm reading from Miranda's report here, Paul Abate told Congress that comments posted on one of Crooks' social media accounts appear to reflect anti-Semitic and anti-immigration themes to espouse political violence.

Speaker 3 So, but here's the problem. This left out a huge chunk of the timeline, right? Where it seems to indicate a pivot from what you would consider, I guess,

Speaker 3 right, more right-leaning ideology, I guess, because of the immigration stuff, to anti-Trump rhetoric, anti-government rhetoric. So it was an omission.

Speaker 3 It left an entire section out from January to August 2020 when he did an ideological ideological backflip and went from rapidly pro-Trump to rapidly anti-Trump.

Speaker 3 And then he went dark, seemingly never to post again.

Speaker 4 Now, that's a huge, huge question.

Speaker 3 Yeah.

Speaker 2 Now, like in August 2020, one of his last things that we had was, in my opinion, the only way to fight the gov is with terrorism-style attacks.

Speaker 2 Sneak a bomb into an essential building and set it off before anyone sees you. Track down any important people, politicians, military leaders, etc., and try to assassinate them.
He said that. And he

Speaker 2 it seems, you know, the truth is a lot of people who become violent assassins or terrorists often are all over the map.

Speaker 2 And that's why it's so frustrating it goes cold in 2020 because 16 to 20, if you're already an unstable guy, is going to be an absolute rocket ship of potential ideological changes.

Speaker 2 I know someone, there was a guy I knew in high school, not even an extremist, I shouldn't say he was not a violent guy, but I knew a guy who, when he was a sophomore in high school, he was an Ayn Rand fan objectivist.

Speaker 2 And then by the time he was a freshman in college, he was a full, like Lenin did nothing wrong communist. Wow.
And then for a while, his ideology was whatever gets us to space fastest.

Speaker 2 And last time I checked, he was a MAGA supporter. So some people just whip all over the place when they're young adults.
And obviously, this guy was very unstable.

Speaker 3 To your point, so on July 20th, 2019, he said the literal Trump is the literal definition of patriotism. So that's 2019.

Speaker 3 And then,

Speaker 3 so, but by early 2020, Crooks is he had flipped 180, became very critical of Trump, Fox News, and Republican complaints about mail and voting.

Speaker 3 So, so he said, keep in mind the only reason we know about any of this, this was a comment in January 23rd, 2020. So, from January, so this is from what I say, July 20th, 2019 to January 23rd, 2020.

Speaker 3 So that's basically six months. And he starts going after President Trump, calling him Trump's stupidity.

Speaker 3 But that's a six-month window. And he seems to flip.
People swerve

Speaker 2 COVID, of course. That drove people nuts.
But then, yeah. So the thing we specifically have.

Speaker 3 And then he describes, by the way, he described Trump as racist. Yeah.
Well, I know, but that's interesting. He went from anti-immigrant screeds about killing immigrants to describing Trump as racist.

Speaker 2 But anyway, what we have from the New York Post this morning, in addition addition to that, which they kind of reaffirmed, what was on Tucker's segment, is they found the DeviantArt account.

Speaker 2 And they say, and I'm very frustrated with this because they say he appears to have been interested in, quote, furries and exploring gender identity.

Speaker 2 First, apparently, he used the pronouns they, them as his default on deviant art.

Speaker 2 And also, they say

Speaker 2 it had an obsession with

Speaker 2 scantily clad cartoon characters that had muscle-bound male bodies and female heads.

Speaker 2 And

Speaker 3 sadly, that's like a sub-genre.

Speaker 2 There's a lot of sub-genres of it. And I'm annoyed because, okay, they say that, and you'd want to know how much of there is that.

Speaker 2 Because if they look at one, that's different from if they look at a hundred or a thousand or ten thousand.

Speaker 2 And,

Speaker 2 you know, it might be sort of disturbing, so you'd want to maybe censor parts of it for normal people. But I suspect a lot of people are going to want to know what the heck are we talking about here?

Speaker 2 Because as we'll get into in the next segment, if he was really deep down that rabbit hole, he's going down a rabbit hole.

Speaker 2 A lot of other people who eventually become violent in the last couple of years have gone down.

Speaker 3 Well, and that's that's exactly it. We, I mean,

Speaker 3 the trans

Speaker 3 or gender-confused community may be the most

Speaker 3 terrorism-prone

Speaker 3 community in the country. Uh, just it's it's totally possible.
I don't have the exact stats, but man, there's a lot of anecdotal evidence.

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Speaker 3 So

Speaker 3 here's the deal, Blake. I mean, and Benny did a good job of putting these together, and you could add to his list the Brett Kavanaugh potential assassin.
Yes.

Speaker 3 So you got Charlie Kirk's assassin. Tyler Robinson had a furry obsession and lived with a transgender boyfriend.
Okay, there's one. It's the alleged assassin there.

Speaker 3 Annunciation Catholic church shooter identified as trans.

Speaker 3 Nashville Christian shooter identified as trans. That was a female to male.
Yep. Lakewood church shooter identified identified as trans.
Colorado Spring shooter identified as non-binary.

Speaker 3 Denver shooter identified as trans. Aberdeen shooter identified as trans.
Iowa high school shooter,

Speaker 3 trans activist. So you've got

Speaker 3 annunciation is Robin Westman, Nashville, Audrey Hale. So these are some of these famous names.

Speaker 3 You had the

Speaker 3 Brett Kavanaugh attempted assassin, went by Sophie Rasca.

Speaker 3 And

Speaker 2 that's happened after

Speaker 2 attack, I believe, correct?

Speaker 3 I'm not sure on the timeline. I think on that line, Danny will find out for us here.

Speaker 2 I mean, they were probably a little odd with you.

Speaker 3 I mean, I was going to say, you know, but what is really disconcerting here is that it seems to be something where

Speaker 3 you have unstable people that get into an ideology that basically unmoors them from reality.

Speaker 3 And what I believe happens, now I'm not a psychologist, but it seems to fit that when you become unmoored from your physical God-given attributes or believe that you can become disassociated with them in some way, that you become unmoored from morality, good and evil, right and wrong, these binaries that bind humanity and societies together.

Speaker 3 And if you have an unstable proclivity, then guess what's going to happen? You're going to be tapped into a whole ideology that basically says up is not up, down is not down, right is not wrong.

Speaker 3 It's potentially a few things.

Speaker 2 And we should caveat, of course, it's all like, it's kind of this wave of them is pretty new. It's emerging.
The transgenderism wave in general is pretty recent.

Speaker 2 It exploded really just in the past 10 years, and it's among young people.

Speaker 2 So you're looking, we're really just having people aging into their late teens, early 20s who were really blasted by this psychological

Speaker 2 contagion when they were social contagion. Yeah, the social contagion, when they were in middle school age, you know, early high school age.

Speaker 2 Now these people are aging into where they're old enough, they're autonomous enough to really potentially do things.

Speaker 2 And it's as you say, it's like there's a bit of the denial of reality. I think another thing is, if you're, if you've been exposed to these communities, you know, they can be very

Speaker 2 out, they're very unhinged. They're very indulging of like extreme wild rhetoric.
So if you hear, I mean, for example, I saw when people were reacting to Charlie's death, I routinely saw

Speaker 2 people with you know LGBT flag, trans flags, be like, Charlie Kirk wanted me dead. Charlie Kirk wanted everyone like me dead.
They really indulge a lot of that hysterical rhetoric.

Speaker 2 So there's an entire sub-community of people who are not mentally well in the first place that is also constantly feeding them. There are people who want to commit genocide against you.

Speaker 2 There are people who specifically want to kill you. They are a threat to you.

Speaker 2 And it's like, you, an unstable person, should think that this person is a full genocidal Nazi and will like kill you if you don't do something about it.

Speaker 2 So it's feeding unstable people the justification for extreme acts of violence.

Speaker 3 Yeah, a thousand percent agree with that. And you put on top of that, Blake, a lot of drug use, whether that's simple things like vaping THC all the time or harder drugs, or

Speaker 3 the hormonal replacement drugs, or testosterone replacement.

Speaker 2 Yeah, if you read, so again, this is background, but if you look into someone's been posting, claims he's been getting like Discord messages and such, that he was in the Discord group that Charlie's alleged shooter was in.

Speaker 2 And he's been saying that his

Speaker 2 boyfriend was like on tons of drugs all of the time.

Speaker 2 Really heavy stuff, and you know, it's all speculative how much that actually affected

Speaker 2 everyone else, but it's just there's a lot of

Speaker 3 well, I mean, just think about what you're doing.

Speaker 2 You're taking people who are unwell, pumping them potentially full of hormones, pumping them full of other drugs. None of these have remotely been studied for how they intersect with each other.

Speaker 2 There's a total unwillingness to take that question seriously, especially during peak woke.

Speaker 2 And, you know, you're just, it's like taking a bunch of random chemicals and putting them in a jar and shaking it as hard as you can and then throwing it somewhere.

Speaker 3 Well, absolutely. And we don't know the ramifications long term for a lot of this stuff, but let's go ahead and I saw this image go up, but let's throw it up again.
89.

Speaker 3 This is 7.2% of U.S. adults identify as LGBT, but look at those red graphs on the right.
That's 19.7%

Speaker 3 of Gen Z in 2022.

Speaker 3 So presumably that number would be higher now, although we have seen a reversal of some of these trends just because we've been actually winning, fighting, and winning cultural battles. You get this.

Speaker 3 Let's go to image.

Speaker 3 I'm not sure which one this is. Here we go.
90. This is Gallup poll.
Okay, so nearly 4 in 10 young liberal women identify as LGBT.

Speaker 3 Okay, so that's that big, huge graph right there. 18 to 29-year-old liberal women is almost at 38% identify as LGBT.
So when we talk about the social contagion of it all,

Speaker 3 that's what we're talking about because it far outpaces any other generation.

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Speaker 3 And before we bring our next guest in, I want to play Cut 107 as a little preview.

Speaker 5 The purchasing power dropped by about $3,000 under Joe Biden because the wages didn't keep up with prices.

Speaker 4 Under President Trump, it's already gone up by about $1,200.

Speaker 5 We understand that people still feel the pain of the high prices, but we're closing the gap and filling the gap faster.

Speaker 3 All right. I'm excited to welcome Kevin Hassett, the man in that clip, director of the National Economic Council of the United States.
Welcome to the show, sir. Honored to have you back again.

Speaker 3 It's great to be back.

Speaker 4 Yeah, it's great to be back.

Speaker 3 It's great to have you. And

Speaker 3 I used to talk about this with Charlie, just how much we loved having you on the show because you have such an optimistic air to you.

Speaker 3 If there's doom and gloom out there, you come on and you kind of make sense of it

Speaker 3 you kind of steady everybody's nerves and you say, hey, listen, guys, look at this piece of data. Look at that.

Speaker 3 And so this was, I think, one of the key points and videos that I saw floating around this weekend because you're talking about this affordability crisis that has become front and center, partly because some of Charlie's tweets

Speaker 3 have gone viral and everybody's talking about the housing affordability and things like that. Why don't you just start right there? Because people still feel the crunch of Biden inflation.

Speaker 3 I don't think anybody with a

Speaker 3 rational mindset thinks that that's all going to be wiped away in 10 months. But explain the real metrics of it and why people are still feeling this way.

Speaker 4 Oh, sure. I absolutely will.

Speaker 4 And again, it's my first time on the show since I was talking to Charlie. And one of the things I remember best about him is how much he started to love economics.

Speaker 4 I think you probably remember some of the conversations I had with him after the show, like when we weren't on tape. But, you know, I think that

Speaker 4 the bottom line is that under Joe Biden, they spent like drunken sailors and the Fed basically printed the money to let them do that. And everybody knows that that causes inflation.

Speaker 4 Inflation went up almost to 10%, averaged 5% a year. And then interest rates went up a lot.

Speaker 4 And so if you wanted, for example, to buy a new home, the typical homeowner would see their mortgage payment double.

Speaker 4 And meanwhile, grocery prices went up. And so, for example, a typical month's groceries for the average family was about $400 when President Trump took office.
It's about $515

Speaker 4 when President Trump came back again. And so

Speaker 4 people

Speaker 4 rightly look back at those numbers and say, geez, I'm really having a hard time keeping ahead. Now, we've got mortgage rates down, and so the monthly payments are going down.

Speaker 4 We're making it easier to buy a car because we're letting you deduct the interest.

Speaker 4 And inflation itself has dropped down to about 2.5%

Speaker 4 right now

Speaker 4 but you know if joe biden doubles your mortgage payment and then it goes down a little bit and if prices go from 400 to 515 dollars for a typical bag of groceries then you know getting inflation to slow is not the same as reversing uh the the situation and the way we reverse the situation is we continue to you know go after every little thing we can uh to reduce inflation the most important is at the macro level that we're cutting the deficit by about six hundred billion dollars this year, which will put downward pressure on everybody's prices.

Speaker 4 But then we're going thing by thing to try to come up with policies that help that as well.

Speaker 4 But the bottom line is that this is a situation that was caused by democratic policies, and this is a situation that we're fixing.

Speaker 4 And somehow, the fact that prices went up a lot under Joe Biden is suddenly a good talking point for President Trump. And that's just preposterous.

Speaker 3 Blake Neff, by the way, is also in studio with us. He's our

Speaker 3 producer here, so he's got a question.

Speaker 2 No, I just kind of wanted to highlight just I love this

Speaker 2 one of the actually one of the last things Charlie was tweeting about.

Speaker 2 He just talked about he really was fixating on that falling home ownership rate, especially for people about 30 years old when they're in that marrying, getting, having kids range.

Speaker 2 And he just said, you know, you mentioned it's like... left-wing policies.
And he says, we need to restore the social compact.

Speaker 2 And his six parts were deportations, stop the H-1B scam, cut legal immigration and chain migration, build 10 million homes, crush the college cartel.

Speaker 2 And you think like each of those is really a pillar of, you know, Biden-era policy of we're not going to deport anybody.

Speaker 2 We're going to give endless money to the college cartel with no change whatsoever.

Speaker 2 We're going to have, you know, endless H-1Bs, you know, whatever the right amount we can debate, but it was basically just more and more and more and more.

Speaker 2 And of course, you can't build any homes because we have endless regulation to strangle it. And dismantling that is such a basic step step towards making America a functional society for

Speaker 2 more of the people in it.

Speaker 3 Well, I totally agree. And we could throw that image up 59, Kevin, just so you could take a look at it.
He was responding to a graph that had been going around.

Speaker 3 This is about a month before he was killed.

Speaker 3 That said that the percentage of 30-year-olds that were both married and owned a home had dropped below 15%.

Speaker 3 And in the, it looks like 1960s, it was over 50%. It stayed about 50% until about 1970.
Even in 1980, it was about 45%.

Speaker 3 1990, it was about 45%, and then it dropped off a cliff. I mean, I don't know if you want to put your macroeconomic hat on.

Speaker 3 If you had to isolate what happened around 1990 from a macroeconomic standpoint or from a societal standpoint that caused that steep decline,

Speaker 3 what would you identify as the main drivers?

Speaker 4 Sure.

Speaker 4 Well, I think that the steepest decline is really over the last three or four years where the mortgage rate went through the roof.

Speaker 4 But I think that the thing that you guys have been talking about, Charlie talked about forever, the declining rate of marriage is a really big deal.

Speaker 4 You know, that people get married and then they buy a house, and usually people don't do it before then.

Speaker 4 And so I think that if you look at the sort of declining marriage rates over time, that they explain a lot of the declining homeownership.

Speaker 4 And the other thing that you just mentioned about like stop throwing all the money at the colleges so that they could just jack up tuition and everything.

Speaker 4 There's another thing on the affordability question that is underappreciated.

Speaker 4 I just would like to highlight with you guys, which is remember that, so Obamacare was supposed to be Affordable Care Act, right? That's what they said.

Speaker 4 And so all of this stuff, all the fights of the shutdown and everything about the Affordable Care Act, first of all, all those policies were crafted by Democrats.

Speaker 4 Every single one of them like barely, if ever, got a Republican. Republican vote.
And so if somebody's got a problem with the Affordable Care Act now, then they should blame the Democrats.

Speaker 4 And somehow the Affordable Care Act, if you look at the mainstream media, is President Trump's fault.

Speaker 4 But then the other thing is, and this goes back to your point that you just made so cleverly about the colleges and universities, and something that Charlie highlighted, is that so what happened was that in the Affordable Care Act, Obamacare started giving lots of subsidies to people to buy health insurance.

Speaker 4 And so there is sort of like you get subsidies for going to college.

Speaker 4 And then what happened was that the insurance companies, which give lots of campaign contributions to the Democrats, jacked up their prices.

Speaker 4 And so if you look at the Obamacare insurance programs, the insurance policies, they've increased a rate of inflation of about twice what it is for ordinary private plans.

Speaker 4 And so it's a classic case of throwing government money at stuff and then having the people who get the money jacking up the price and giving a worse deal to the American citizen.

Speaker 4 And that's something that Charlie would, of course, spoken up a lot about. And it's something that we're paying attention to right now.

Speaker 3 Well, absolutely. I mean, you could look at universities.

Speaker 3 As soon as we federalize student loans as opposed to private loans, one of our sponsors is YReFi, that actually helps with private student loans.

Speaker 3 You saw a ballooning of college administrative classes. I mean,

Speaker 3 the ratio of teachers to students drops off a clip, but the ratio of administrators to students,

Speaker 3 I mean, it's ballooned at an astronomical rate. And of course, we see

Speaker 3 building new stadiums, new buildings go through the roof starting in the late 90s, early 2000s, on to today.

Speaker 3 But the quality of the actual education, teaching, and professors goes down.

Speaker 3 So there is kind of a very interesting parallel to when government gets involved, whether it be in healthcare or in our higher education institutions, a massive decrease in quality.

Speaker 3 Yeah, you know,

Speaker 4 my sons both went to Columbia University, and I can remember that when my youngest son was going through his classes, one of the required classes he had was critical race theory.

Speaker 4 It was a required class. It's a core class.

Speaker 4 You know, Columbia, our guys went there because they thought that Columbia was this place where they had the great books program and they still celebrated Western civilization as something, but they squeezed in critical theory as one of the top courses, a required course for everybody at Columbia.

Speaker 4 And so that's the kind of stuff that isn't going to get you a job, I guess, unless the governments are putting you in charge of that, you know, for some poor company.

Speaker 4 But that's the other thing that's made education less valuable. You're right.

Speaker 3 And what else are they teaching young people is to not get married? Go ahead and throw an image 66.

Speaker 3 Obviously, it's a wider societal issue, but there is massive amounts of indoctrination that are going on at the higher education levels.

Speaker 3 This is girls are now less likely than boys to say that they want to get married. I had a tweet about this up over the weekend that went viral.

Speaker 3 This is the percentage of 12th graders saying they are most likely to choose to get married in the long run. In 1993, it was 83% of girls and 76% of boys.
Boys have remained basically steady.

Speaker 3 Girls, however, have dropped more than 22 points. And they're now, it went from 83% in 93% to 61% in 2023.

Speaker 3 So we've had an absolute collapse of the percentage of young women that want to get married. And so what we, I will tell you this is first-hand experience.

Speaker 3 One of my last really poignant memories with Charlie at a large event, we were doing an action summit over the summer in Tampa.

Speaker 3 And we went into a room with all these young leaders from Turning Point USA. And we asked them a question, like, how many of of you feel a disconnect in dating?

Speaker 3 Do you feel like that you guys, the men and the girls, are seeing eye to eye? And it was like every hand went up. They were like, no, we are not seeing eye to eye.

Speaker 3 There was a massive problem between boys and girls at this point. We want different things.
We see the world different. Our timelines are different.

Speaker 3 You saw that NBC poll that basically suggested that young men want to get married, start a career and have kids, and young women want a career, make money, be financially independent.

Speaker 3 Down was 11 out of 13 on the list was have kids and get married.

Speaker 3 I mean, so you're seeing a real societal breakdown when it comes to basic things like, you know, procreating, creating the next generation. And why that's so important? The three M's.

Speaker 3 I was with Martha McCallum on Fox on Friday about this. The three M's, Charlie and I would talk about it.
We would talk about it on the show all the time: marriage, mortgage, and mating.

Speaker 3 Brookings Institute calls those the conservatizing life events, Kevin.

Speaker 6 This is Lane Schoenberger, Chief Investment Officer and Founding Partner of YReFi. It has been an honor and a privilege to partner with Turning Point and for Charlie to endorse us.

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Speaker 3 There is

Speaker 3 a lot of actual good economic news when you get into the numbers. I want to play cut 109.
This is Peter Ducey comparing President Trump's first year to Joe Biden's. 109.

Speaker 3 When you look at overall inflation for the first year of Trump versus Biden, Biden, overall inflation was up 4.3%,

Speaker 3 higher than Trump, just up 1.6%.

Speaker 3 Groceries under Biden in that time, up 3.8%. With Trump, up 1.3%.
And then when it comes to gas, this is crazy. Biden, up 24.4%.
With Trump, it is actually down 5.4%.

Speaker 3 How much

Speaker 3 do you have to lower prices before we start worrying about deflationary pressure? I know we're not there yet, but I mean, we don't want deflation, obviously, right?

Speaker 3 So is there a a way to sort of make good on what people really think they want, which is lower prices without sort of tanking the economy? Or do you just have to sort of wait for wages to catch up?

Speaker 4 No, it's a great question.

Speaker 4 And also that chart that you just showed with Peter,

Speaker 4 the fact is that what the left is doing right now is they're looking at, say, that 24% increase and saying, well, you're down 5%,

Speaker 4 but

Speaker 4 you're still up.

Speaker 4 And the bottom line is that they have this massive hole that was was dug by Joe Biden and we're filling the hole really fast.

Speaker 4 But the fact that the hole still exists is what they're blaming President Trump for, which is just logically ridiculous.

Speaker 4 And so, you know, my view is that the way that we move forward is that we have a big supply-side positive shock for the economy, which we are having because of the big, beautiful bill.

Speaker 4 So we're, you know, building factories, we're cutting taxes on overtime and taxes on tips so that people work harder.

Speaker 4 And that increases growth but it it doesn't increase inflation but it gives you enough growth so that you shouldn't worry about deflation.

Speaker 3 I want to talk about this idea of deflation, right? So this is we've known that this has been a dog of a problem for so many countries like Japan went through a massive deflationary crisis.

Speaker 3 I think that's what people think they're getting, actually, when they think Trump's going to fix the economy, Trump's going to fix what Biden started.

Speaker 3 I think they think that they're getting deflation, but that's bad. So what we really need to do is you're talking about the supply side shock.

Speaker 3 President Trump's talking about $16, $17, $18, $19 trillion of investment into the economy. And then that starts boosting wages.

Speaker 3 You get a tightening job market when you deport illegal immigrants, when you, frankly, when you have a net migration outflow out of the country, right?

Speaker 3 So you tighten the labor supply, then you get wages going up, you get investment, you get this one-year amortization, which is in the accelerated amortization of things like, you know, a restaurant wants to build a kitchen and they can amortize all that in a single year or bigger investments.

Speaker 3 When are we going to start seeing that supply side shock? Because I know $19 trillion coming to the economy. If that materializes, that's going to be huge, but it's going to take a little while.

Speaker 3 How do you predict the next six to 12 months going?

Speaker 4 It actually isn't taking a while. In fact, it's underway right now.
If you look at capital spending this year, it's pretty much up by almost as much as we saw all four years for Joe Biden.

Speaker 4 There's been a capital spending boom because people want to build factories and create jobs in the U.S. And in fact, it was one of my favorite little footnotes about the State of the Union address.

Speaker 4 I guess we're supposed to call it something else, the joint session of Congress.

Speaker 4 But when we were editing the final draft, one of the nerdy things that the economic team asked the president to stick in was that whenever we pass the big beautiful bill, we're going to make the accelerated depreciation, the expensing of new equipment and new factories retroactive to his address that night.

Speaker 4 And then what we saw was that there was an explosion of investment already because people knew we were going to pass the big beautiful bill and we gave them this massive tax incentive to do it.

Speaker 4 And so it's really underway, a big part of it.

Speaker 4 But one of the things that happens in terms of the big wage effects that we're going to see is that people tend to get their wage adjusted if they're not changing jobs in January.

Speaker 4 And so there's going to be really big salary. increases.
They're already underway this year, but when do you see January?

Speaker 4 And the other thing is, because it takes a while for the IRS to do the forums, the no tax on tips, the no tax on overtime.

Speaker 4 A lot of people aren't going to see that until April when they get their refunds.

Speaker 4 And so the bottom line is there's a lot of really good after-tax news coming for next year, and it won't be deflationary.

Speaker 4 The way you get deflationary is you remember they called it the new normal under Obama, you just can't grow very much, and you got like really, really low price inflation, even deflation.

Speaker 4 Well, that's because they put a straitjacket around the economy. We're not doing that, and so we won't have deflation.
We won't have low growth like that.

Speaker 3 Well, no, and I think you agree with Scott Besson. He says that

Speaker 3 he thinks the U.S. economy will likely substantially accelerate Q1 and Q2 of next year.
I'm going to put you on the spot here, Kevin.

Speaker 3 You can feel free to defer. I know this isn't necessarily in your portfolio, but I saw Stephen Moran.
He went on, I don't remember one of the networks and said that

Speaker 3 he believes that

Speaker 3 deportations, mass deportations, are deflationary, meaning they actually do drop prices or reduce the rate of inflation potentially.

Speaker 3 Do you think that the U.S. economy still needs 1 to 1.2 million green cards, including H-1Bs and all that stuff, given AI is coming down the pike? We've got this job insecurity with new grads.

Speaker 3 30 seconds. I know it's not enough time to answer it, but...

Speaker 4 Do your best. Yeah.

Speaker 4 You know,

Speaker 4 I'm for illegal immigration that President Trump thinks is the appropriate amount. And I haven't talked to him lately about what the appropriate amount right now is.

Speaker 4 And so I I don't have an exact number for you. But I think that stopping illegal is one of the great accomplishments of any president ever.
And he really has pretty much stopped it in his tracks.

Speaker 4 And people told us that would cause a recession, but it didn't, right? Because it gave the jobs back to native-born people.

Speaker 4 And in fact, more than 100% of the jobs this year come from native-born people.

Speaker 3 Amen. Kevin Hassett, thank you so much for joining us.
It's an honor to have you. We'll talk to you again soon.
Oh, thanks. Honor to be here.

Speaker 2 For more on many of these stories and news you can trust, go to CharlieKirk.com.