well joining me now to discuss is nancy
tengler laffer tangler economist and
steve forbes forbes chairman
and editor-in-chief good to see you both
nancy uh
the fed and the administration keep
telling us that inflation's not really a
problem we've got it under control we
can handle but people go to the store
and they're it's it is a problem they
see their budgets getting out of control
uh is is it a problem that's going to
get worse or is this just temporary
oh david i think it's definitely going
to get worse i i was at my home in
incline village this weekend there were
uh worker for hire signs in every store
the
the grocery store the gas station the
u.s post office
as i was driving home gas was 5.69
a gallon in california lumbers up coins
up soybeans up
tins up copper's up um of course these
these costs are going to trickle up
through the economy
cost of transportation as well and the
backlogs so
you know we've seen there's a lot of
good news in in the economy
but i i worry my biggest policy worry is
that the fed is just too sanguine
about inflation because we know that a
controlled burn can turn into a wildfire
just like that steve you know liberals
created a straw dog when criticizing uh
policies that you and i love economic
supply side policies
uh but they they created a strong dog by
calling it a trickle down that is to say
that the rich people do great
and some of the the drippings will
trickle down to the
to the middle class and the poor uh
president biden is using some of that
rhetoric he's of course coming out with
his
his budget proposal tomorrow but in in a
sort of a kick-off of that he
used some of the rhetoric today let me
play this sound bite
i believe this is our moment to rebuild
an economy from the bottom up in the
middle out
not a trickle-down economy from the very
wealthy
that has never benefited people who are
at this college
or any other place for their work trying
to make a living
to build an economy that rewards work
not just wealth
an economy that works for the backbone
of this country
the people who get up every single day
work hard
raise their families pay their taxes
serve their countries volunteered
in their communities just looking for a
little bit
of breathing room well in fact steve you
know the blue-collar workers did pretty
well once the tax cuts kicked in from
the
the the trump administration that the
wages went up uh
much more than they had in the past and
isn't inflation
sort of the result of trickle-down
economics from a democrat point of view
that is you you the government
spends all this money and and one of the
things that trickles down for that
is inflation well that's right inflation
is a form of taxation an invidious one
because nobody passed it
it happens when you go to the
marketplace and talk about
impoverishment
his plans unfortunately are
impoverishing the american people
bottom up as you know before the covet
crisis
lower income americans their wages were
going up faster than middle income and
higher income wages because the economy
is really purring
and now the bite administration wants to
reverse those policies that worked
and this massive spending david the
danger is we're going to get more
inflation
next year because of the federal reserve
printing
money yeah governments are not buying
our bonds anymore
and so the fed's going to have to print
a lot of money and we know where that
leads we just look at venezuelan
zimbabwe
everywhere in the world there's no
reason we're any different nancy
jobless claims uh were down that's a
good thing but again you mentioned the
fact that we still have
over 8 million unfilled jobs because
people are getting paid more
for staying at home that's killing a lot
of the small businesses that can't
simply afford to compete with the
government benefits
yeah i mean all of our good friends dr
laffer has always said if you want more
of a behavior you tax it less
and if you want less of a behavior you
tax it more well what we're doing
is a perverse inversion of that we're
paying people to stay home
i'm in in scottsdale arizona now now
arizona is going to
remove the 300 supplemental um
unemployment insurance and they're going
to pay bonuses to people
uh that go go back to work so a
full-time job is going to be two
thousand dollar bonus part-time one
thousand
i don't think that's really the
government's place to pay people to go
back to work but it is the right
direction
for incentives because it will get
people back to work watch those numbers
decline
certainly getting rid of the
supplemental and i think there are 23
states that that have signed on to do
that
uh steve finally i you are the
capitalist tool
i don't say that as an insult i say it
as a position of honor that you're in
you
that's what forbes magazine was called
as a capitalist tool
the president spoke to the point of
capitalism today and himself let me play
that and get your reaction roll tape
i i i'm a capitalist
but here's the deal i'm a capitalist
but here's the deal when you hear butt
after some after a
declarative you know he's going to turn
it on its head is
joe biden a capitalist what do you think
no sadly he's a far left politician and
we know where that leads
they're more interested in power than in
prosperity uh we don't need all of this
spending just i've
said many times david send this
administration on a six-month vacation
taxpayer paid would be a great
investment come back
and the lockdowns open the schools and
by golly this country would really
prosper
and tell the federal reserve to take
time off too save the forest from having
to print all that money
save the paper steve forbes nancy
tangler good to see you both thank you
for being here appreciate it