♪.
LARRY: YOU CAN’T TAX YOUR WAY
INTO PROSPERITY AND NOT EVERYONE
IS EQUAL.
I DON’T KNOW WHY SOCIALISTS WILL
NEVER LEARN THAT LESSON.
JOINING ME NOW MICK MULVANEY,
FORMER OMB DIRECTOR, FORMER
ACTING DIRECTOR OF WHITE HOUSE
CHIEF OF STAFF.
STEVE MOORE, FREEDOM WORKS,
COMMITTEE TO UNLEASH PROSPERITY,
ALL THINGS GOOD IN THE WORLD,
TWO DEAR FRIEND.
MICK, YOU KNOW I KNOW SOCIALISTS
WILL NEVER UNDERSTAND THIS BUT
WE’RE NOT ALL EQUAL.
AS I SAID WHEN I WAS A KID I
WANTED TO WIN WIMBLEDON.
TROUBLE IS A MILLION PLAYERS IN
THE WORLD BETTER THAN ME.
WE’RE NOT ALL THE SAME HEIGHT,
NOT ALL THE SAME WEIGHT, HERE’S
THE THING, DANA PERINO NAILED
IT, THAT DOESN’T MEAN I SHOULD
PUNISH YOU FOR YOUR SUCCESS,
MICK MULVANEY.
THAT IS WHAT THIS BUDGET IS
DOING.
>> LARRY, YOU JUST MENTIONED, BY
THE WAY GREAT TO BE HERE WITH
YOU AND GREAT TO BE WITH STEVE.
YOU MENTIONED EARLIER IN THE
SEGMENT CAUGHT MY ATTENTION, THE
NUMBER OF TIMES THEY USED THE
WORD EQUITY, IT IS NOT NUMBERS.
THIS IS A MESSAGING DOCUMENT
MORE THAN A ECONOMIC DOCUMENT.
THAT WORD IS DANGEROUS US IT IS.
IT HAS NO DEFINITION.
WE KNOW EQUITY IS GIVES PEOPLE
IN CHARGE PERMISSION TO DO
WHATEVER THEY WANT.
THAT IS ONE OF THE THINGS THAT
REALLY FRIGHTENS ME ABOUT THIS
DOCUMENT.
THEY’RE TRYING TO REPLACE
EQUALITY WITH EQUITY AND I DON’T
KNOW WHAT THAT MEANS AND THAT’S
DANGEROUS.
LARRY: YES, STEVE MOORE, STAY
WITH THIS, THEIR TAX POLICY IS
AIMED AT AMORPHOUS NOTION OF
EQUITY.
WE SHOULD ALL, I DON’T KNOW, WE
ALL HAVE TO PAY OUR FAIR SHARE.
I DON’T KNOW WHAT THAT MEANS
EITHER.
IF YOU LOOK, I KNOW YOU’RE
MAKING MUCH MORE MONEY THAN I’M
MAKING, STEVE MOORE, BUT I DON’T
WANT TO PUNISH YOU WITH THE TAX
CODE.
MICK MULVANEY IS MAKING A
FORTUNE, FORMER BUDGET DIRECTOR,
CHIEF OF STAFF, THE
OPPORTUNITIES ARE ENDLESS.
I STILL DON’T WANT TO PUNISH YOU
BECAUSE YOU MIGHT FORM A
COMPANY, CREATE A JOB.
YOU SEE WHAT I’M SAYING?
THIS IS A WOKE SOCIALIST BUDGET.
MICK IS RIGHT, THESE DEFINITIONS
OF EQUITY ARE WIDE OPEN.
THEY WILL USE IT FOR ANY
JUSTIFICATION AT ALL.
>> WELL FIRST OF ALL MICK
MULVANEY WROTE GREAT BUDGETS AS
YOU KNOW, LARRY, FOR PRESIDENT
TRUMP AND YOU GUYS REALLY AIMED
AT GETTING RID OF A LOT OF THE
WASTE, INEFFICIENCY, DUPLICATION
IN THE BUDGET.
II WANT TO SALUTE YOU GUYS.
I KNOW THEY WERE DEAD ON ARRIVAL
WHEN THEY GOT TO CONGRESS.
CONGRESS DOESN’T WANT TO CUT
SPENDING THIS IS $6 TRILLION.
LARRY WHEN YOU WERE WORKING FOR
RONALD REAGAN IN THE EARLY
1980s.
BUDGET WAS $500 BILLION.
WE’VE GONE FROM 500 BILLION TO
$6 TRILLION.
THIS IS THE POINT OF MY BOOK,
WHICH IS IN PAPERBACK BECAUSE IT
NEVER WENT INTO HARD BACK UNLIKE
DANA’S BOOK.
I WANT TO MAKE A QUICK POINT
ABOUT SOMETHING MICK MULVANEY
SAID ABOUT THE EQUITY ISSUE.
THE OTHER ISSUE THAT IS A
CURRENT THROUGHOUT THAT
DOCUMENT, CLIMATE CHANGE,
CLIMATE CHANGE, CLIMATE CHANGE.
LARRY: YEP.
>> HERE IS A STATISTIC FROM MY
BUDDY CASEY MULLIGAN.
A MILLION PEOPLE THE LAST 20
YEARS, A MILLION AMERICANS HAVE
DIED FROM THE OPIOID EPIDEMIC
AND CRISIS AND DRUG OVERDOSES.
YOU KNOW HOW MANY PEOPLE HAVE
DIED THE LAST 20 YEARS FROM
CLIMATE CHANGE?
ZERO.
YET AS CASEY POINTS OUT THEY
SPENT SIX PAGES IN THE BUDGET ON
CLIMATE CHANGE AND ONE TEAR PARA
ON THE OVERDOSE PROBLEM.
LARRY: THAT IS A GOOD POINT.
BJORN LOMBORG WILL BE ON THE
SHOW TOMORROW.
THE CLIMATE CHANGE THING IS OFF
THE CHARTS.
WE SPENT $6 TRILLION AND
NOTHING.
THESE GUYS DON’T WANT TO GROW
THE ECONOMY.
PROSPERITY AND GROWTH ARE NOT IN
THEIR VOCABULARY.
EQUITY IS, PROSPERITY IS NOT.
WOKE IS.
CLIMATE CHANGE IS.
THEIR OWN ESTIMATES IN THE
OUT-YEARS, LAST SEVEN OR EIGHT
YEARS, 2% GROWTH JUST LIKE THE
STAGNATION OF THE OBAMA YEARS
AND, 36 TAX HIKES.
I MEAN HOW IS THAT CONSISTENT
WITH GROWTH?
>> IT’S NOT.
I REMEMBER WHEN I WAS IN THE
STATE LEGISLATURE AND WE WERE
DEBATING A DEMOCRAT PROPOSAL TO
RAISE TAXES ON TOBACCO.
THEY SAID WHY ARE YOU DOING
THIS.
WE WANT LESS SMOKING.
THAT MAKES SENSE YOU REFERRED TO
ART LAFFER’S COMMENTS IF YOU
WANT LESS OF SOMETHING YOU TAX
IT.
WHEN YOU TAX WEALTH CREATION
MORE YOU GET LESS WEALTH
CREATION.
THIS IS SOMETHING THAT BENEFITS
EVERYBODY.
WE CAN’T HAVE THE TYPE STAFFING
NATION.
BY THE WAY IMPLICIT IN THE
DOCUMENT.
YOU MAKE EXCELLENT POINT.
THESE ARE MESSAGING DOCUMENTS.
THEY’RE NOT PIECES OF
LEGISLATION.
THEY’RE NOT VERY VALUABLE AS
ECONOMIC DOCUMENTS.
IT IS INTERESTING TO SEE SOME OF
THE ASSUMPTIONS.
WHEN YOU GO IN, SEE WHAT THIS
ADMINISTRATION IS SAYING GROWTH
WILL LOOK LIKE FIVE, SIX, SEVEN,
EIGHT, NINE YEARS OUT, 2% AGAIN.
SAME THING OBAMA HAD IN HIS
BUDGET.
NOT THE 3% IN OUR BUDGETS.
IT’S A DEPRESSING, PESSIMISTIC
VIEW ABOUT OUR COUNTRY THAT IS
THE MESSAGE ABOUT THE BUDGET.
THIS IS NOT A LIFTING BUDGET,
SHARED PROSPERITY.
IT’S A NEGATIVE BUDGET.
LARRY: GO AHEAD, STEVE.
>> MICK, AS YOU KNOW YOU WRITTEN
BUDGETS, 2% GROWTH YOU CAN’T
BALANCE THE BUDGET.
LARRY: NO YOU’RE GOING TO LOSE
GROUND.
>> YEAH.
LARRY: FIRST OF ALL --
>> EXACTLY.
LARRY: IT’S A VERY NEAT TRICK.
THERE IS DEFICIT REDUCTION
BUDGET.
THE DEFICIT COMES DOWN AS
EMERGENCY SPENDING RUNS OFF,
TRUMP V-SHAPED RECOVERY
CONTINUES BUT THEN THE DEFICIT
GOES PACK UP, ALL RIGHT?
AS A SHARE OF GDP IT GOES BACK
UP.
BUT I’M JUST SAYING ON THIS
POINT THE THEMES OF THIS BESIDES
WOKE EQUITY AND CLIMATE CHANGE,
THOSE ARE THE TWO THINGS, AND
THE FLIPSIDE OF CLIMATE CHANGE,
WE HATE FOSSIL FUELS.
THEY HAVE NO PLAN TO REPLACE
FOSSIL FUELS.
I SAY THIS TO BOTH OF YOU, THEY
HAVE NO ALTERNATIVE PLAN TO
REPLACE FOSSIL FUELS.
TO REPLACE THE ELECTRICITY GRID,
TO REPLACE THE POWER BASE IN
THIS COUNTRY WITH RENEWABLES
THAT ARE 5%.
THEY HAVE NO PLAN.
IT IS SHEER, I MEAN IT IS
EXISTENTIAL ABYSS IS WHAT IT IS.
>> YEAH.
LARRY, THERE WAS THE, THERE WAS
ONE OTHER LIE IN THIS BUDGET
THAT WAS REPEATED OVER AND OVER
AGAIN AND ALL THE NEWSPAPERS,
BIDEN SAID AT THE PRESS
CONFERENCE, RICH PEOPLE ARE
PAYING AN 8% TAX RATE.
SHOW ME, SHOW ME A MILLIONAIRE
OR BILLIONAIRE PAYING 8%.
I LOOKED AT THE STATISTICS.
I LOOKED THEM UP IN THE BUDGET.
I LOOKED AT THE TAX FOUNDATION
DATA.
WHEN YOU LOOK AT OUR TAX SYSTEM
IT IS NO COUNTRY IN THE WORLD
DEPENDS ON THE TOP 1% TO PAY THE
BILLS MORE THAN THE UNITED
STATES DOES.
IT IS HIGHLY PROGRESSIVE TAX
SYSTEM.
ALREADY THE IDEA, THEY’RE NOT
TAKING INTO ACCOUNT THE
CORPORATE TAX WHICH IS OBVIOUSLY
PAID BY THE OWNERS OF THE
COMPANIES.
I ESTIMATE THAT THE AVERAGE RATE
OF TAX BY MILITARIES AND
BILLIONAIRES CLOSER TO 25%, NOT
8%.
LARRY: MICK MULVANEY, I’M
INVITING YOU, WE ARE GOING TO
PUT TOGETHER A BALANCED BUDGET
EXERCISE.
IT IS NOT UNLIKE THE LAST COUPLE
OF TRUMP BUDGETS.
RUSS VOUGHT IS GOING TO HELP,
STEVE’S GOING TO HELP.
WE’LL DO IT THROUGH AFPI.
BROOKE WILL HELP, WE WANT YOU TO
HELP TOO.
WE’LL SHOW IT THIS CAN BE DONE.
YOU WILL HAVE TO MAKE CHOICES.
YOU WILL HAVE TO CUT DOMESTIC
SPENDING.
YOU WILL HAVE TO GROW THE
ECONOMY AT THREE TO 4%.
>> GROWTH, GROWTH.
LARRY: GROWTH, GROWTH.
>> LET’S GET YOUR PREDECESSOR,
GARY COHN WATCHING THIS TODAY
INVOLVED IN THAT.
HE IS HEAVILY INVOLVED IN THE
TAX CHANGES THAT LED TO THAT
GROWTH.
WE HAVE A GOOD TEAM.
WE CAN PUT IT TOGETHER.
LARRY: GARY COHN IS A GOOD TAX
CUTTER.
WE’LL GET HIM INVOLVED.