Best of the Program | 4/15/25

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Speaker 2 It's tax day.

Speaker 3 The world is on fire.

Speaker 2 Donald Trump has not some great approval ratings now from independence. He was plus one.
Now he's minus 29 on the economy with independence.

Speaker 2 What is he going to do? Well, let me first tell you, we give you some history about this been done before about 50 years ago. We'll tell you about that.

Speaker 2 And what he needs to do to turn the ship around. He needs to turn the pressure up on Congress to do the rest.
And I explain.

Speaker 2 Also, Bezos sending my girlfriend up into space on the giant phallic ship with the women screaming all the way. What

Speaker 2 a story that is. We share it in today's podcast.

Speaker 2 Out on the wind-rustled prairies that still exist in this country between the veins and the arteries of American cities, towns, and even just some wild spots in the road, there still exist the men and women who have always made sure that America's supper was waiting for them on the table.

Speaker 2 There are farmers and our ranchers, and every day through toil and sweat they raise the cattle and the pigs and the chickens, all of the food that we have. So you don't have to, so I don't have to.

Speaker 2 So we can go to the grocery store and fill our baskets. But every year there are fewer and fewer of them.
Meat gets shipped in from overseas.

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Speaker 2 Hello, America. You know, we've been fighting every single day.
We push back against the lies, the censorship, the nonsense of the mainstream media that they're trying to feed you.

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Speaker 3 You're listening to

Speaker 3 the best of the Blendbeck program.

Speaker 3 All right, let me take you on a little ride through history here,

Speaker 2 through the smoky rooms of the 1970s, actually 1971, into what we're experiencing today in the last few weeks with the markets.

Speaker 2 It is a story of money and power and an idea to pull something off rare, something audacious, to remake. the global trade and financial system.

Speaker 2 That's what we're doing today, but we've done this once before because this is not a new story. It's one that we've almost forgotten.

Speaker 2 And we can't forget this one because this is how things went wrong, how everything in America is broken. And maybe, just maybe, what we're doing now might fix it.

Speaker 2 Let me start in August. It's August 15th, 1971.
Did you know that France sent warships over to, we had French warships.

Speaker 2 I don't even know what those look like. A little tugboat with like a pea shooter on it.
I'm not sure. But French warships were in the harbor of New York demanding their gold back.

Speaker 2 Because of what Nixon did when he stepped to the microphone, he said on April 15th,

Speaker 2 he announced what would be known later as the Nixon shock. No more gold backing of the dollar, 10% tariff on all imports and wage price control to tame inflation.

Speaker 2 Some call it a shock.

Speaker 2 I think that's an insane understatement.

Speaker 2 What he did was he broke the Bretton Woods system, that grand agreement that happened right after World War II, tying our dollars to gold and the stability, all nations' stability

Speaker 2 to gold and the U.S. dollar.
And that crumbled overnight. The dollar all of a sudden was free, free.
And with it, it was free to change the world and everybody along with it.

Speaker 2 Nixon said he wanted to save jobs and fix a $2 billion trade deficit, but that's not true. What Nixon was doing was paying for war and the great society.

Speaker 2 Any of this sound familiar? You know, save American jobs, fix a trade deficit, make sure that we don't go into debt anymore. But what he did is unleash a storm that we're still weathering today.

Speaker 2 And I'm not saying that everything was perfect before 1971. Life never is, but I want you to look at the numbers and tell me,

Speaker 2 was this a good shift or a bad shift?

Speaker 2 In 1971, the top 1%,

Speaker 2 they held about 8% of the nation's income.

Speaker 2 By 2010, the top 1%

Speaker 2 held 20%

Speaker 2 of the nation's income. Their wealth climbing from 16%

Speaker 2 to now 23%

Speaker 2 last year.

Speaker 2 The middle class, the heart of America, 61% of us in 1971, we had 61% of all of the income. By 2021,

Speaker 2 they're half the country scraping by with only 42%. And the wages, they tell another tale.
From 1979 to 2024, productivity, how much we make, jumped 81%.

Speaker 2 But the wages for the people who are making that

Speaker 2 barely budged. Now, this is the wages for the bottom 90% of our country, they didn't go up.
Well, I shouldn't say that. From 1979 to today, they went up 29%.

Speaker 2 The houses that cost three times your salary in 1971 now cost six times your salary today.

Speaker 2 The debt has doubled from 60 cents per dollar

Speaker 2 to

Speaker 2 $1.20

Speaker 2 by 2007. If you check the charts, everything,

Speaker 2 everything started to break when Nixon cut the gold cord.

Speaker 2 So what happened?

Speaker 3 Well,

Speaker 2 we birthed a new world. Without gold, money supply ballooned.
M1 money supply, so you know, that's the money. That's the cash everybody has that's liquid.
That's in your checking account.

Speaker 2 That's what's in your wallet. That's what's available to you at an ATM.

Speaker 2 It's whatever you buy pizza with, that's the M1 supply, okay? That's not, I've got money in stock market or whatever. Your available cash.

Speaker 2 The supply

Speaker 2 ballooned

Speaker 2 9%

Speaker 2 in 1972 alone.

Speaker 2 That means printing more money.

Speaker 2 We have more money chasing few goods. That means inflation.
Inflation was up by 11%.

Speaker 2 Financial wizards cooked up futures and options and everything else where all the things that keep busting, like 2008, all of those things that are just these, you know,

Speaker 2 it's just alchemy. These financial wizards are like, I'm going to make gold.
And it's alchemy. And they keep busting and we keep paying for it.
And they get richer. Meanwhile, factories closed.

Speaker 2 Manufacturing jobs fell from 26% in 1970 to 8%

Speaker 2 by 2020. Globalization sent jobs to Japan, then China.
The trade deficit swelled to $13 billion by 1980. Now, don't get me wrong, Nixon didn't mean to break us.

Speaker 2 What he was doing is he saw a world slipping. gold reserves shrinking against

Speaker 2 $14 billion in foreign dollars, and he acted like a

Speaker 2 a farmer burning the crops to save his crops. The fire spread, stagflation came about, 9% unemployment, prices started to soar.

Speaker 2 The oil crisis didn't help, quadrupling gas costs, confidence broke, the middle class started its long slide into where we are now.

Speaker 2 That's the history, raw and real, etched in the Congressional Budget Office numbers and Pew Research.

Speaker 2 Fast forward to April 2025. Now here's Donald Trump staring down

Speaker 2 a trade deficit

Speaker 2 of $971 billion,

Speaker 2 announcing tariffs 10% on everybody and 125% on China. The market does what a market does when it's spooked.
SP 500 down 5.4% in a week. Volatility, kind of like 87 or 88.

Speaker 2 Treasury yields what we have to pay when we're borrowing money, we sell treasuries. That's like going to the bank and asking for a loan, depending on your credit.

Speaker 2 What is your interest rate? If you have bad credit, the interest rate is higher. We are having bad credit.
It's up now to 4.49%.

Speaker 2 That's a 50 basis point leap.

Speaker 2 And people are starting to say, let's get out of this.

Speaker 2 China is hitting back. They are dumping our

Speaker 2 T bills, our treasury bills. Taiwan stocks wobbling, consumers, people like you and me bracing for higher prices.
University of Michigan survey says inflation fears are spiked. It's Nixon.

Speaker 2 This is Nixon.

Speaker 2 But take a step back.

Speaker 2 Trump's not stirring the pot.

Speaker 2 What Nixon did was he took us off the gold standard so we could spend more money and to make us, this is what he promised the world, that he would make us consumers, not

Speaker 2 producers.

Speaker 2 So we would consume what everybody else was producing. So in a way, that was his plan, and he got it.

Speaker 2 But it cracked the system for, you know, the average person.

Speaker 2 Nixon's tariffs lasted four months. It didn't fix the core.
Trump is going bigger and bolder. He says he's going to bring jobs home.
Could it backfire? Yeah.

Speaker 2 Yeah. Tariffs might add another 1% to 2% to prices, maybe 3% to 5% on your Walmart card because everything from Walmart's coming from China.
The Peterson Institute, by the way, has run the numbers.

Speaker 2 Higher yields could strain our $2 trillion deficit, make mortgage prices higher.

Speaker 2 The retaliation from China is real, and China is not blinking, and neither are we.

Speaker 2 Now, do we stumble into recession, stagflation like the 70s? I don't don't know. In the 70s, real wages fell 5% in a year.
Here's the flip side.

Speaker 2 If Trump pulls this off,

Speaker 2 if we start setting things right,

Speaker 2 where we mean what we say and say what we mean, we get everything under control, we're not just spending and we have no real assets that we actually are sitting on.

Speaker 2 If wages rise 1 to 2% like the IMF predicts, if supply chains come home, we could see something new, not a return to 1971, but a system where the middle class isn't crushed, where houses don't cost your soul, and where the top 1% don't control almost everything.

Speaker 2 Even Bernie Sanders would agree with this, but no, no, no, he's not because he's busy at Coachella. I'll get to that here in a second.
But here's the thing.

Speaker 2 History is a very tough teacher. Nixon shock showed good intentions can spark long fires, inequality, debt, a

Speaker 2 hollowed-out heartland.

Speaker 2 This is a very big stakes game.

Speaker 2 But what has a higher cost is not trying to fix the system.

Speaker 2 That's a slow bleed, and we're almost out of blood. There have been 50 years to prove the point.
This doesn't work. The system is broken, but it's not dead.

Speaker 2 Imagine a world where our children's jobs actually pay enough, where America is not just buying, but it's building. That's the gamble, and that is the next generation's new American dream.

Speaker 2 So we're at a crossroads like we were in 1971. Hopefully, we're wiser.
Trump's not Nixon. He's got a history map, scars and all.
Will he fix what is broke? I don't know.

Speaker 2 Things are getting a little dangerous

Speaker 2 and tough. This is where

Speaker 2 the big boys play. This is why Trump earns the big money, even though he doesn't actually take a paycheck for any of this.
But this, we're playing the highest stakes of a game.

Speaker 2 Here's the latest from China. And I don't know how many people are really focusing on this, but this is the ball game.
China now says that

Speaker 2 they're going to

Speaker 2 cut us off on rare earth minerals.

Speaker 2 We have plenty of rare earth minerals.

Speaker 2 There is a new space race. Do you remember when JFK said this?

Speaker 2 We choose to go to the moon and this decayed and do the other things, not because they are easy, but because they are hard. Apparently even harder than saying decade, not decade.

Speaker 2 I don't, anyway, I digress.

Speaker 2 So this was really important because it was a space race. This would change the world.
Whoever got to space first, got to the moon first, would change the world.

Speaker 2 But there's a new race, and it is just as game-changing. This one is even more critical, and that is the race for rare earth minerals, the tiny elements that power everything in our future.

Speaker 2 Right now, China has just pulled a giant gun and they're holding it to our head. They are threatening to cut off all exports of rare earth minerals.

Speaker 2 And if we don't act with a JFK kind of moonshot, we will lose the AI race. We'll lose quantum computing race.
We will lose every technological leap that is just over the horizon.

Speaker 2 Rare earth minerals are not just elements and rocks in the ground. They are the backbone to our modern world.

Speaker 2 Everything from high-tech weaponry that will defend our skies to the smartphones that are in your pocket to the

Speaker 2 wind turbine eyesores that you know the left love so much and mean nothing and the quantum computers that will redefine what is possible. Here's the deal.

Speaker 2 In 2024, we produced 45,000 metric tons of rare earth oxide concentrate from the U.S., mostly in the mountain pass in California.

Speaker 2 Sounds great, but we only refined about 6,500 metric tons of usable material.

Speaker 2 66,000, 6, yeah, 6,600 metric tons is our demand every

Speaker 2 year.

Speaker 2 So we're close. And yet so far away, because 70%

Speaker 2 of what we need still comes from China. And Beijing knows this.
And this month, they've halted all exports, saying it's in their national interest to stop.

Speaker 2 We knew this was coming. We've talked about this for a long time.
Do not be held hostage. They are weaponizing the rare earth minerals.

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You either rise to the occasion or you fall to the level of your lack of preparation.

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If you're over 18, you can get one.

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Speaker 2 A Berna launcher, B-Y-R-N-A.com/slash Beck, Berna.com/slash Beck. Now back to the podcast.
You're listening to the best of the Glenn Beck program.

Speaker 2 Well,

Speaker 2 my gosh, what a great moment for all of women kind

Speaker 2 yesterday. One giant leap for women.
Wouldn't you just Ace two? For women kind.

Speaker 3 Yeah.

Speaker 3 That was impressive. Jeff Bezos, who was just all jacked up.

Speaker 2 He's just all jacked up on

Speaker 2 some kind. I don't know what, but.

Speaker 3 I just want to have sex with a babe.

Speaker 2 He's a little disturbing.

Speaker 3 Yeah, how many of you see my rocket ship?

Speaker 3 It's made to look like one of my prime parts.

Speaker 3 Really, it is, by the way.

Speaker 2 It does look phallic.

Speaker 3 You know how much thrust it has.

Speaker 3 So

Speaker 2 he

Speaker 2 disturbingly was at the launch of the giant phallic symbol yesterday. And I put women in there.

Speaker 2 And so he had women, just some great, great women.

Speaker 2 He put in his lover.

Speaker 3 She's a wart.

Speaker 2 So she was in there.

Speaker 2 And then he had Katie Perry and

Speaker 2 Gail King.

Speaker 3 And

Speaker 3 can we focus on one little thing that bothered me from the coverage of this, other than the fact that it was covered at all?

Speaker 3 Yes, but my girlfriend isn't usually covered.

Speaker 3 It's an interesting Bezos impression you've got working here.

Speaker 2 I mean, doesn't he look like he's just about out of control with all of the steroids that are raging through him?

Speaker 3 Allegedly. Yes.

Speaker 3 All right, anyway. It does feel like there's something.

Speaker 3 I feel feel like it's one of those

Speaker 3 not quite in GNC, but near GNC supplements. Like there's a GNC, and then there's also a stand outside of it that's not related to GNC, but selling similar products that might not be legal.

Speaker 3 Like, I feel like that's where he shops. I don't know.
I could be wrong.

Speaker 3 I'm not sure. We don't know.
Allegedly.

Speaker 3 So.

Speaker 3 I get my steroids.

Speaker 2 The same place in my main squeeze.

Speaker 3 Gets all the replacing.

Speaker 3 they kept calling these women the crew

Speaker 3 i'm sorry what did katy perry do on this flight to be considered crew am i am i on the crew every time you talk about what she did to get on

Speaker 2 let's not talk about that

Speaker 3 because that could be

Speaker 3 a whole nother story but like When I'm on an American Airlines flight to Des Moines, am I on the crew? No, you're not on the crew. I'm just sitting there.

Speaker 2 No, you're not the crew. You're a passenger.

Speaker 3 I'm a passenger. You're a passenger.
Right? Yeah. So I don't think that necessarily the crew is the right way to say it's an all-female crew.
Is it?

Speaker 2 Do we have any of the audio of the

Speaker 3 guide parachutes?

Speaker 3 The drug parachutes? Just free-falling right there until those drugs came out.

Speaker 3 And I think those could be the main parachutes that get pulled out

Speaker 3 screaming inside the capsule. It's a very soft

Speaker 3 Oh my gosh, that is 40. It's embarrassing.
Perceptor, there it is.

Speaker 3 Are they screaming out of terror or is they screaming out of like, you know, roller coaster-ish joy?

Speaker 3 Who cares? I'm not a text with a little woman.

Speaker 2 I don't really. I don't know.
I don't know. But it's not a good look.
It's not a good look.

Speaker 2 Now,

Speaker 2 his girlfriend said

Speaker 2 everything is so uh nasty and so vitriolic nowadays i mean if everybody could experience that peace that we had up there

Speaker 2 the kindness and what it takes to do what we did the very world would be a better place

Speaker 3 uh-huh uh-huh

Speaker 3 uh

Speaker 2 Gail Queen, Gail King said,

Speaker 2 I'm so proud of me right now For the courage.

Speaker 3 What? What? She said that. So proud of me? Yeah, we have that.

Speaker 2 Go ahead.

Speaker 4 But the best part was when we got back in our seats after Zero G's, Katie sang, what a wonderful world.

Speaker 3 She did have an ice.

Speaker 4 She sang, what a wonderful world. I see dreams.
Oh, yes, yes, yes.

Speaker 4 Because we'd been asking her to sing all the time, and she wouldn't. And she wouldn't.

Speaker 4 Because everybody said, sing, roar, sing, fireworks. And she said, it's not about me.
I wanted to talk about the world. Wow.

Speaker 3 And it was was that nice.

Speaker 3 I'd be praying for this thing to crash into a mountain on the way down. If I was on that thing,

Speaker 3 I would be hoping for it to burn up in the atmosphere.

Speaker 3 Oh, God, please don't sing again, Katie.

Speaker 2 We missed the part of her actually saying, I'm so proud of me right now because it took so much courage.

Speaker 3 I mean,

Speaker 3 it did it.

Speaker 2 Well, she was the crew.

Speaker 2 She was probably the captain.

Speaker 3 We know, no, she stood up.

Speaker 3 She sat back down and she heard singing. What else did she do?

Speaker 2 Not much.

Speaker 3 Not much. I didn't think so.

Speaker 3 And now I would say it is brave if we trusted those people to be the crew. Well, then, yeah, it would be very brave to get on that thing.
It would be. I'd rather get on.

Speaker 3 I'm not going to be able to get Perry as like my co-pilot, right?

Speaker 3 Exactly. I'd rather get on a submarine to the Titanic.

Speaker 2 Get an experimental small little sub?

Speaker 3 Yeah, I think so. So I don't, I mean, I guess there's some bravery if they actually were responsible for anything, but I think they were just passengers.
Yeah, I think so, too.

Speaker 2 Okay, you have some more video here?

Speaker 3 Hey, Lynn up there. Flynn, I got you.

Speaker 3 I got you, Flynn.

Speaker 3 Oh, the moon. You guys, I don't have to tell you.
Look at the moon.

Speaker 3 Look.

Speaker 3 Wow.

Speaker 3 Look at the moon.

Speaker 2 Who's that woman? She's not even from the Bahamas.

Speaker 3 She's not even mentioned any of the stories. That's amazing.

Speaker 2 Or her.

Speaker 3 That's amazing. That's a butterfly.

Speaker 2 Oh, that's really, that's really cool.

Speaker 3 So

Speaker 2 you have that going.

Speaker 3 I'm sure that's a cool flight. I'm sure it was.
I'm like, it's a cool ride. It's like going, you know, I'm sure it's like an amazing roller coaster.

Speaker 3 Well, you don't know that necessarily we should have been hearing about it at all.

Speaker 2 I think Katy Perry said it best when she said, and I quote,

Speaker 2 I wanted to model courage

Speaker 2 and worthiness and fearlessness.

Speaker 2 I feel really worried.

Speaker 3 Wait, she wanted to model worthiness. These are not, like, these aren't even sentences.
I wanted to model worthiness.

Speaker 2 She was she worried of that kind of thing.

Speaker 3 Society is, yes. Yes.
She was more than worthy.

Speaker 2 She said, I feel.

Speaker 3 I'm sorry. What does this mean? Can we just dive into this?

Speaker 3 What does it mean to model worthiness by taking a flight as a celebrity into a spaceship somebody just let you get on? She

Speaker 2 had to work.

Speaker 3 She was worthy to become a family. She had a passenger on a ship.

Speaker 2 Yeah, she had to work to become famous so she could get on that ship that nobody else can.

Speaker 3 Because she's super famous, and because of her mediocre singing, that she could get on a flight owned by the guy who delivers all of our pet food. Yes.

Speaker 2 Now she went on to say, and this is where her worthiness comes in. She says, I feel really connected to that strong divine feminine right now.

Speaker 3 In the ship that looked like a giant penis that a guy built?

Speaker 3 we're gonna be so connected tonight

Speaker 3 all right okay

Speaker 2 so uh

Speaker 2 that's that's great i think they were all very worthy of that flight uh i mean i have no problem if he wants to give flights away to people yeah totally i mean i'd love to i would go but i wouldn't come down going i was so worthy I was so worthy and so brave.

Speaker 2 So brave. I think I model

Speaker 2 worthiness and bravery. I wanted to model that.
That's why I was up, you know, when we were up in the Arizona.

Speaker 3 That was,

Speaker 2 that was good. That was good.

Speaker 3 Is this, I honestly ask you this question. Yeah, okay.
Is this in any way a newsworthy event? Now, look, it's an achievement. Shooting celebrities.
Wait a minute.

Speaker 2 Wait a minute. Wait a minute.
Wait a minute. Shooting celebrities into space?

Speaker 3 Yeah,

Speaker 3 if the thrusters kept going. Yeah.
Yes.

Speaker 2 I mean, it's like, you know, we're just shooting them into space. I think that's very newsworthy.
We're halfway there. We just shouldn't return them.

Speaker 3 So this was a test flight eventually. We'll just start picking celebrities to launch into the sun.
I hope.

Speaker 3 I don't,

Speaker 3 there's been tons of people who have done this. This was like sort of like

Speaker 3 quote-unquote space, right? Like it was like... a really i mean i'm sure it was impressive it would be really fun to go on i'm sure but it's like

Speaker 3 it's it's just a big high flight like it's not it wasn't like anything that hadn't been done before, right?

Speaker 3 There was no. No.
I guess just the fact that they put a bunch of people with vaginas on the flight, that was the big notable thing. That's a big thing.
That's a big thing. Is it? Yes.
Is it notable?

Speaker 3 Do we care about that? Yes.

Speaker 2 Why? But because

Speaker 2 they

Speaker 2 don't represent mankind, they represent womankind.

Speaker 2 One big step for one small step for women, one large step for womankind. That's what happened yesterday.
If you don't think that's newsworthy, well.

Speaker 3 I just feel like this was just

Speaker 3 Jeff Bezos looking to hook up with a bunch of people. And we were all like, let's watch it on the news.

Speaker 3 I mean, he put a bunch of people that he wants to sleep with on a penis and descendant into space.

Speaker 2 I mean, it's honestly, it is like an

Speaker 2 Austin Powers movie. It really is like what you would see in Austin Powers.

Speaker 2 And everybody would laugh. And he's doing it.

Speaker 3 And we're all laughing.

Speaker 2 So, you know, God bless you there, Jeff.

Speaker 3 I mean, for him, I got no, look,

Speaker 3 he's a guy. He does whatever he's doing.
You know, I mean, there's been questions about his personal life and maybe the supplements he's taking. However, like, hey, you got a bunch of money.

Speaker 3 This is how you want to spend it. All right.
That's totally fine.

Speaker 2 I mean, you know, I know that. It's impressive technology.

Speaker 3 Obviously,

Speaker 3 it's not industry-leading technology. No, it's not.
It seems like it's like third or fourth place technology, but still, better than I could do.

Speaker 2 It's the best way to pick up women, though.

Speaker 3 But it seems like it's a very nice spaceship, I got to say, to pick up women.

Speaker 2 Yeah, well,

Speaker 3 there's got to be something easier than sending them into space.

Speaker 2 It's Jeff Bezos.

Speaker 3 Yeah.

Speaker 3 I mean,

Speaker 3 I just figured these supplements could help you.

Speaker 2 His girlfriend doesn't look cheap. Does she?

Speaker 2 It doesn't look like that's not a cheap date that's happening right there.

Speaker 2 You're paying in all kinds of cash

Speaker 2 for that, for dating that one. Anyway, there is one other piece to this.

Speaker 2 Bezos, as he's going to get his hot babe out of the capsule, here's what happens.

Speaker 3 We love being able to share this experience with you, and thank you for sharing.

Speaker 2 There's Bezos there.

Speaker 3 How you feel out here with our audience.

Speaker 2 He's looking, he's running around the capsule.

Speaker 3 That's really incredible. So, yeah.

Speaker 3 That was a Biden-esque fall. That was a three-step fall.

Speaker 3 I keep hearing he face planted, which he sort of does, but

Speaker 3 it was a slow

Speaker 3 descent to the earth with Bezos falling there. It was like a fall onto the knee, onto the chest, onto the face, and the hands don't really get there in time to stop it.

Speaker 2 And that's kind of amazing because he looks like he's incredible shape.

Speaker 3 Right. Yeah.
I mean, considering

Speaker 3 all the time he seems to spend in the gym these days, you'd think. I mean, because when Biden fell off the bike, it reminded me of that.
Remember how slow that happened?

Speaker 3 It's like he's seeing this coming, right? We had full conversations in the time when it went from the bike standing up to the bike being on its side.

Speaker 2 You know, you should put your leg down. You're going to fall.
Yeah, you're falling.

Speaker 3 You should do something. Okay, there it is.
Oh, there it is. You're listening to the best of Glenn Beck.
Need a little more? Check out the full show podcast anywhere you download podcasts.

Speaker 2 Welcome to the Glenn Beck programs.

Speaker 2 We're so glad to have you join us today. It's tax day, day,

Speaker 2 and our taxes are only going to get worse and worse and worse if we don't control our spending and inflation. I was looking at the

Speaker 2 budget deficit

Speaker 2 in 2019.

Speaker 2 Just listen to this. The 2019 deficit

Speaker 2 or

Speaker 2 let me see if I can find exactly what I was talking about.

Speaker 2 Yeah, $2.7 trillion

Speaker 2 for in 2019 twenty two point seven trillion dollars inflation adjusted is three point three trillion today

Speaker 2 excuse me wow that's a happens fast wow that happens fast

Speaker 3 600 billion dollar difference that's your biden inflation era yeah right that's all that yeah

Speaker 2 that i mean that that says a lot says a lot it does

Speaker 3 and what's fascinating is what's the cause of all of that? Well, at least a lot of it was spending, right? Giant and multiple new bills.

Speaker 3 I mean, Biden authorized about $4 to $5 trillion of new spending when he was in office. They went for it, remember?

Speaker 3 Like, this was not a, this is not a, you know, remember, Biden was brought in as like a return to normalcy. And we're just going to, we're going to be sane people.

Speaker 3 We're just not, we're not going to go crazy. We're not going to be AOC.
Right. Remember, he was going against Bernie Sanders, right? We're not going to be like Bernie Sanders.

Speaker 3 Well, then he was just like Bernie Sanders and did all the spending and really went for it. And

Speaker 3 we brought this up before, but I just don't understand why Republicans aren't looking at every single dime spent and saying, absolutely not.

Speaker 3 These crazy bills that were passed,

Speaker 3 we can overcome them. We can reverse them.

Speaker 2 Trump cannot.

Speaker 3 Trump can't buy himself. No.
I'm talking about the reconciliation bill that's going to go through Congress, which has these tax cuts.

Speaker 3 And part of the trick, as you've mentioned before, is they say tax cuts, but what they mean is making the current tax rate permanent.

Speaker 2 Yeah, it's not a tax cut.

Speaker 3 It's not a tax cut. That's the current tax.

Speaker 2 This is not what the American people voted for. No.
You know, Donald Trump said tax cuts, and

Speaker 2 everybody interprets that as an actual cut to the taxes I'm paying,

Speaker 2 not an extension of the same tax I'm paying into the years going forward. We want a tax cut.

Speaker 3 So these are the two things the right are talking about right now, apparently, which is one, make Trump's previous tax rate, the ongoing tax rate permanent,

Speaker 3 which again

Speaker 3 would be better than raising it to the former rate. It's not, but it's not enough.

Speaker 2 It's not good enough with the tariffs.

Speaker 2 You have to attract people to start businesses and bring businesses here by actually giving them the most competitive tax in the world.

Speaker 3 Right. And of course, obviously, when it comes down to prices, you have tariffs are a tax, right?

Speaker 3 So you already have that. That's a little bit of pain, as Trump's talked about.
So you need to be able to alleviate the pain, not by making the current rate go on.

Speaker 3 That's not going to alleviate any of the pain.

Speaker 3 The other proposal by the right seems to be making the tax rates permanent from the Trump tax rates, except for the highest bracket and returning those to the old rates.

Speaker 2 That's insane.

Speaker 3 If those are the two proposals, we're in serious trouble. We're in real trouble.
Part of the problem here, though, to be fair, is scoring this bill.

Speaker 3 When it goes through this entire process, the reconciliation process,

Speaker 3 the reason why you need that is because you don't have to get 60 votes in the Senate. So you have to go through this reconciliation process to get this passed.

Speaker 3 So you only need 50 votes, which the Republicans have. The problem with that is

Speaker 3 it has to be a situation that lowers the debt, the deficit on the country. So that's the rule to only have to do with 50 votes.
I have that answer. Okay.
Go ahead.

Speaker 3 Well, I mean, my only point here was going to be

Speaker 3 the way this gets scored, right, is that they say the keeping the rates permanent is a cost because if we didn't change the law, the rates would go up and we get more money from taxes.

Speaker 3 That's how that's scored, which to me is unfair and ridiculous. But

Speaker 3 when you can dive into these programs that Biden has passed and authorized a bunch of spending, much of which has not gone out the door yet.

Speaker 2 Yes.

Speaker 3 You can go in there, cut slash all of that stuff

Speaker 3 and make all sorts of savings against those BS

Speaker 3 cost increases. Yeah.

Speaker 2 I mean, I feel like Jeff Bezos is like, no.

Speaker 3 Oh, God, I have sex with that idea.

Speaker 3 No.

Speaker 2 But yeah, that is the answer. Okay, so you got to say, okay, well, I can save you a lot of money.
How much was the,

Speaker 2 you know, Inflation Reduction Act, which Biden is on record saying it had nothing to do with inflation, had everything to do with global warming. Well, the president doesn't believe in that nonsense.

Speaker 2 The Congress doesn't believe in that nonsense. The Republican senators don't believe in that nonsense.
Why aren't you just cutting that? Yeah, and most of that has not gone out.

Speaker 3 A lot of it has not gone out. And the way, again, these things get scored is

Speaker 3 if the money is expected to be spent and you say now it will not be spent, that is a good improvement on your scoring. Like it's going to help you get across the finish line.

Speaker 3 And what they would say, pay for the tax cuts, terminology I despise more than anything in the world, but pay for the tax cuts. You have to be able to get that thing to score out appropriately.

Speaker 3 Republicans are flirting with an idea, which I think is the sane idea in reality, which is, hey, well,

Speaker 3 this isn't costing us anything because we're just keeping the rates the same. That is not the way that's typically scored, and we don't know how that will work in the courts.

Speaker 3 Seems like they're trying to do that, and it would help them become more aggressive with rate cuts. But like, you need the aggressive rate cuts.

Speaker 3 The tariffs may help as well, by the way, with the scoring process, which is one of the reasons it's been rumored that they're doing them. Now, I don't know if that's accurate.

Speaker 3 I kind of hope it is, because if it's just a scoring mechanism, maybe they go away. We will see on that one.
I don't know.

Speaker 3 But, you know, in theory, if this tariffs are bringing in a bunch of money, they could say, well, if they put them

Speaker 3 in a bill, they could theoretically get the expected savings from that,

Speaker 3 expected gains, excuse me, from that as far as revenue. And that could, you could offset that with cuts.
That would be a positive way that this might play out.

Speaker 2 So let me just let me explain something on how things work. Okay.

Speaker 2 When people say,

Speaker 2 you know, tax cuts, that's only for the rich.

Speaker 2 First of all, that's not true.

Speaker 2 Second of all, because the really, really, really, really rich, you think George Soros really is paying any taxes? No. Why? Because he's not making an income.
So income tax doesn't affect him.

Speaker 2 He's living

Speaker 2 off of his capital gains, which is what? 15, 20%? I don't even know. 15 or 20% capital gains.

Speaker 2 He's not paying 50%.

Speaker 2 So the Uber, Uber rich, rich, they're not paying it. And if you don't like that, then you have to change the law and make capital gains over a certain amount income.

Speaker 2 But that's the way the law is. And that's never going to change.
Why? Because the rich are all powerful and will call up every friend and every favor they have and say, don't let that pass.

Speaker 2 So they're not, that's not affecting them. Who is it affecting? It's affecting the people that might have a million dollars.
Okay.

Speaker 2 Now, you think that's a lot, but if you're a businessman, that's about what it takes to run a business.

Speaker 2 You've got to have the money to be able to open up the business, start the business, and hire people. Okay.

Speaker 2 Those are the people that are going to be hurt. Those are the people that were hurt during COVID.

Speaker 2 All of your local employers that were struggling to make ends meet, might have had a business that was doing a million dollars. That doesn't make them a millionaire.

Speaker 2 That means their business is doing about a million dollars.

Speaker 2 And they're still living on the edge, even though they own a business and everything else, but they're the ones who hire people.

Speaker 2 If you cut their taxes, then they can hire more people and expand their business.

Speaker 2 And if you cut their taxes along with the lower, you're going to have people that can buy those products, go to those restaurants. So what happens? Well, that's nothing.

Speaker 2 We just lose money because they're not paying their fair fair share. No,

Speaker 2 you're expanding the base.

Speaker 2 For every dollar that they are not spending going to the government, they're probably going to spend it on their business to enhance their business, grow their business, which means they will hire more people.

Speaker 2 And those people now share the burden by paying taxes. You end up making more,

Speaker 2 not less.

Speaker 2 If you grow your way out of it, this is Donald Trump 101. He knows all of this.
So why it's not happening, I don't know, but he knows all of this. So you get more jobs, more tax revenue is collected.

Speaker 2 When you spend less, you incur, just think of the United States as somebody coming into a bank for a loan. You going into a car dealership to get a loan.

Speaker 2 If your credit is 400, You're going to get a loan?

Speaker 2 Maybe it'll be hard.

Speaker 3 And what will happen?

Speaker 2 Your interest rate will be through the roof.

Speaker 2 We are somebody that's walking into a car dealership with bad credit. We spend more than we make.
We don't look like we're good for it anymore. We're on the decline.

Speaker 2 They don't believe we're going to get another job.

Speaker 2 They see their numbers. Okay.

Speaker 2 You want us to take that loan? Well, we lose a lot of banks like China and Japan and Germany and everybody else that was holding our treasuries.

Speaker 2 China in particular is dumping, so we've lost our biggest bank

Speaker 2 because we don't look dependable.

Speaker 2 So when you go in and you really reduce your spending, all of a sudden the world says, oh, well, they're serious about fixing their problem.

Speaker 2 If you do just one of these things, tariffs, cutting spending, or taxes, it's not going to solve your problem.

Speaker 2 But cutting spending is the only one that will make people go around the world, oh, looks like they're serious this time.

Speaker 2 If we cut taxes, we cut spending, and then we cut regulation. Well, we have to have regulation.
Do we? How much regulation is enough regulation?

Speaker 2 Because for everything that is set into regulation, that means every business, every person has to file more paperwork. You have to have more attorneys.

Speaker 2 You have to have more people in between you and the thing you're trying to accomplish. Time is money and money is money.

Speaker 2 I got to spend money on attorneys to make sure I'm in compliance with everything. The more attorneys I hire, the less regular people I hire.

Speaker 2 And I don't know about you, but I think America has far too many attorneys. Attorneys don't build anything.

Speaker 2 Attorneys are the no police. They are there to say no so you don't get into trouble.

Speaker 2 If you leave things up to an attorney, nothing's going to happen because they just view the world differently than creators.

Speaker 2 The creators come in and they need good attorneys, but you don't want a buttload of attorneys because now you're outnumbered and they're going to say no.

Speaker 2 And you're spending all of your money on attorneys.

Speaker 2 That's not a good idea for any business.

Speaker 2 And what is Congress? It's filled with attorneys.

Speaker 2 So we cut the regulation. That means I have an easier time to accomplish my goals as a small business person.

Speaker 2 I can start this because I don't need

Speaker 2 millions of dollars just to get through all the regulations, all the hurdles that the government is going to do as a small business person or a big business person.

Speaker 2 If I'm a country that has to deal with more regulations than any other country in the world, that's why Europe is dying. You want to go ahead, wrestle through their regulations.

Speaker 2 You'll never get anything done.

Speaker 2 We're becoming that. You have to cut that.
Then you cut the taxes on everybody.

Speaker 2 You cut your spending. And then you have tariffs.
That's the package that Donald Trump was talking to us about. He's done what he can do.

Speaker 2 It's now Congress's turn to go in and just return us to the spending of 2019.

Speaker 2 What's the problem with that? Why is that so controversial? Return us to the spending of 2019.

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