BACK TO YOU, SEAN.
SEAN: EDWARD LAWRENCE, THANK
YOU.
JOINING ME NOW IS RUSS VOUGHT,
CENTER FOR RENEWING AMERICA
PRESIDENT AND FORMER OFFICE OF
MANAGEMENT AND BUDGET DIRECTOR.
RUSS, GOOD TO SEE YOU.
LISTEN, I ALWAYS THINK IN
POLITICS IT’S REALLY IMPORTANT
TO BE HONEST, BUT IS JOE BIDEN
DOWN CANPLAYING THE POSSIBILITY
OF A RECESSION BECAUSE OF
MIDTERMS, TO -- OR DO YOU THINK
IT’S THE JOB OF THE PRESIDENT TO
TALK UP THE ECONOMY?
>> HE’S CLEARLY DOWNPLAYING THE
THREAT THAT WE ALL ARE ARE
FACING WITH REGARD TO THE
ECONOMY.
HE HAS BEEN LOATHE TO LEVEL WITH
THE AMERICAN PEOPLE, THE WHOLE
ADMINISTRATION FROM DAY ONE HAS
THOUGHT THAT THEY COULD GET AWAY
WITH JUST SPINNING THEIR VERSION
OF REALITY.
AND, ULTIMATELY, THAT HAS GOTTEN
THEM TO THE PLACE WHERE THEY ARE
IN RIGHT NOW WHICH IS THEY DON’T
HAVE ANY OTHER WAY OUT.
AND SO IF THEY HAVE AN
OPPORTUNITY TO EITHER LOOK LIKE
THEY KNOW WHAT THEY’RE DOING AND
BE AHEAD OF THE CURVE FOR THE
FIRST TIME, BUT THEY ALSO CAN’T
HIT THE PANIC BUTTON.
AND, UNFORTUNATELY, WITH WHERE
WE ARE HEADED, WE’RE HEADED
TOWARDS A RECESSION IF WE’RE NOT
ALREADY IN IT.
YOU TALK TO MOST SMALL
BUSINESSES, MOST GROCERY
SHOPPERS, MOST PEOPLE LOOKING AT
THEIR 401(K), THEY THINK WE’RE
ALREADY IN A RECESSION, AND
THEY’RE JUST WAITING FOR THE
NEXT SHOE TO DROP.
SEAN: YOU KNOW, RUSS, I WOULD
ARGUE THAT HIS POLICIES ARE THE
CAUSE, JOE BIDEN’S POLICIES ARE
THE CAUSE OF THE RECESSION, ALL
THE BORROWING AND SPENDING.
AND I DON’T EXPECT THE PRESIDENT
TO COME OUT AND ADMIT HIS
FAILURES WITH ALL THE SPENDING,
BUT IT’S INTERESTING.
HE’S SAYING THE AMERICAN ECONOMY
IS STRONGER THAN IT WOULD HAVE
BEEN BUT FOR THIS MASSIVE
SPENDING SPREE HE’S GONE ON OVER
THE LAST TWO YEARS.
>> I MEAN, IT’S A LUDICROUS
BELIEF ON HIS PART, TO THINK
THAT THIS IS A STRONGER ECONOMY
THAN THE ONE THAT THE TRUMP
ADMINISTRATION WAS LEAVING.
AND WE HAD DEALT WITH HISTORIC
ISSUES, AND YET WE WERE HAVING A
V-SHAPED RECOVERY THAT WAS
PUTTING US ON THE ROAD TO RECORD
GROWTH.
AND WHAT HAPPENED WAS THE BIDEN
ADMINISTRATION CAME IN AND PUT A
TON MORE SPENDING THAT WAS NOT
NECESSARY, AND THAT JUST
OVERRODE THE CIRCUS FROM A
FINANCIAL STANDPOINT AND PUT US
IN THIS PREDICAMENT.
AND AT THE SAME TIME THE, HAVE
BAD ECONOMIC POLICIES LIKE TAX
INCREASES, ANTI-ENERGY,
REGULATORY THE POLICIES, AND WE
ARE WHERE WE ARE BECAUSE OF WHAT
THEY HAVE DONE TO THIS COUNTRY.
SEAN: YOU KNOW, RUSS, LOOKING AT
THE PRODUCER PRICE INDEX NUMBERS
THAT CAME OUT, YOU HAD FOOD
SURGE 1.2%, YOU HAD ENERGY --
LOOKING AT HOME HEATING OIL AND
NATURAL GAS THAT FAMILIES ARE
GOING TO USE TO HEAT THEIR HOMES
THIS IS GOING TO HAVE A MASSIVE
IMPACT ON THE AMERICAN FAMILY AS
WE START TO ROLL INTO THESE
WINTER MONTHS.
>> NOT ONLY THAT, BUT SHELTER
CONTINUES TO BE HIGH AND A HUGE
PART OF THE CPI, WHICH WE’RE
GOING TO SEE TOMORROW.
SO, YES, THIS IS HAVING A REAL
IMPACT.
AND SO FOR HIM TO GO OUT THERE
SAYING WE DON’T HAVE A
RECESSION, I ALSO THINK IT’S A
LITTLE TONE DEAF GIVEN THE FACT
WHAT PEOPLE ARE SEEING ANYTIME9
THEY BUY ANYTHING.
WHEN YOU HAVE FRUITS AND
VEGETABLES GOING UP WHICH WE’VE
SEEN IN THIS LAST METER, PEOPLE
ARE SEEING PROBLEMS EVERYWHERE
THEY GO, AND THEY’RE NOT JUST
LOOKING AS TO WHETHER CERTAIN
OFFICIALS ARE SAYING OFFICIALLY
WE HAVE A RECESSION.
SEAN: YOU KNOW, ON AN ANNUALIZED
BASIS, INFLATION UP 8.5%.
PUT A FED HAT ON.
I KNOW YOU DON’T HAVE ONE, BUT
HOW DOES THE FED READ THESE
NUMBERS?
WE DON’T SEE A DAMPENING OF
INFORMATION, WE SEE IT --
INFLATION, WE SEE IT PICKING UP
AT LEAST AT THE WHOLESALE LEVEL.
>> YEAH.
I DON’T THINK THE FED IS GOING
TO TAKE THESE INDICATORS AND
CHANGE COURSE, AT LEAST THAT’S
MY ASSESSMENT.
THEY DO NOT SEEM TO WANT TO GO
AND COPY THE 1970s WHERE THEY
INCREASE AND THEN DECREASE.
THEY SEEM TO WANT TO STAY THE
COURSE.
THEY WERE INCREDIBLY LATE TO THE
GAME.
THEY SEEM TO HAVE LOST MY
ABILITY TO KNOW HOW INFLATION --
ANY ABILITY TO KNOW HOW
INFLATION IS CAUSED AND TO
BELIEVE THAT SOMEHOW HISTORY HAS
CHANGED AND ECONOMIC
FUNDAMENTALS COULD BE THROWN OUT
THE WINDOW.
THAT SEEMS TO BE, HAVE CHANGED,
AND THEY HAVE THEIR
INFLATION-FIGHTING HATS ON, AND
I THINK THEY NEED TO KEEP AT IT
AND NOT BE IN A SITUATION WHERE
THE MARKET THINKS THAT IF THEY
HAVE A LITTLE BIT OF UPROAR,
THAT THEY CAN HAVE THE FED
CHANGE COURSE BECAUSE WE’VE GOT
TO HAVE A RETURN TO RATIONALITY
WITH REGARD TO OUR ECONOMIC AND
MONETARY POLICIES.
AND I THINK WE’RE IN THAT MOMENT
RIGHT NOW, MOVE ANYTHING THAT
DIRECTION.
HOPEFULLY, THE BIDEN
ADMINISTRATION DOESN’T CONTINUE
TO MAKE THEIR JOB HARDER.
SEAN: A LITTLE FED PAIN IN THE
SHORT RUN IS GOING TO GIVE US A
LITTLE BIT OF RELIEF IN THE LONG
RUN.
I HOPE THEY STICK TO THEIR GUNS.
PRESIDENT BIDEN INTERVIEWED BY
CNN’S JAKE TAPPER.
LISTEN TO WHAT HE HAD TO SAY
ABOUT HIS PRESIDENCY SO FAR.
>> LOOK WHAT I’VE GOTTEN DONE.
NAME ME A PRESIDENT MANY RECENT
HISTORY THAT’S GOTTEN AS MUCH
DONE IN THE FIRST TWO YEARS, NOT
A JOKE.
YOU MAY NOT LIKE IT, BUT THE
VAST MAJORITY OF THE AMERICAN
PEOPLE DO LIKE WHAT I’VE GOT
DONE.
SO I JUST, IT’S A MATTER OF CAN
YOU DO THE JOB.
AND I BELIEVE I CAN DO THE JOB.
I’VE BEEN ABLE TO DO THE JOB.
I’VE GOTTEN MORE DONE.
I GOT INFLATION REDUCTION -- I
GOT ALL THESE PIECES OF
LEGISLATION PASSED.
SEAN: RUSS, A MAJORITY OF
AMERICANS LIKE WHAT HE’S DONE?
HIS POLL NUMBERS ARE, LIKE,
39-41%, THEY HATE WHAT HE’S
DONE!
I THINK WE’RE GOING TO SEE
RESULTS OF THAT ON NOVEMBER 8TH.
>> AND I THINK THERE’S A GRAIN
OF TRUTH IN WHAT HE SAID IN THE
SENSE THAT NO PRESIDENT IN
HISTORY, CERTAINLY IN MY
LIFETIME, HAS INCREASED THE SIZE
AND SCOPE OF THE FEDERAL
GOVERNMENT, BUT INCREASINGLY
WOKE AND WEAPONIZED IN A WAY
THAT’S AGAINST THE AMERICAN
PEOPLE.
AND SO I DON’T THINK WE’VE SEEN
SUCH A SCALE, YOU KNOW, OVER A
TWO-YEAR PERIOD.
SO WE ARE LIVING IN A DIFFERENT
AMERICA THAN WE WERE JUST A
SHORT PERIOD OF TIME.
AND I THINK THAT’S WHY HIS POLL
NUMBERS ARE SO POOR, AND I THINK
THAT’S WHY YOU’RE RIGHT THAT IN
NOVEMBER WE ARE GOING TO SEE THE
CAVALRY COME TO TAKE THIS
COUNTRY BACK.
SEAN: YOU KNOW, IT’S AMAZING HOW
FAST AN ECONOMY CAN CHANGE IN
JUST TWO YEARS WITH BAD