DAVID: OUR TOP STORY, WILL VOTE
BUYING WORK?
LES REALLY NO QUESTION THAT THE
STUDENT LOAN BAILOUT IS AN
ATTEMPT AT VOTE BUYING BY BIDEN
ADMINISTRATION JUST AHEAD OF THE
MIDTERMS.
DEMOCRAT FINGERPRINTS ARE ON
STAGFLATION, CRIME AND BORDER
CHAOS, THEY’RE MUCH TOO OBVIOUS
EVEN FOR MEDIA CENSORS TO KEEP
OUT OF VOTERSES’ MINDS GOING
INTO THE ELECTION, SO DEMS WERE
DESPERATE9LY LOOKING FOR
DISTRACTIONS.
THE MAR-A-LAGO RAID WAS ONE, THE
STUDENT LOAN BAILOUT IS ANOTHER,
ONE THEY HOPE WILL ENERGIZE A
BASE OF 40 MILLION YOUNG
AMERICAN VOTERS.
BUT WILL IT WORK POLITICALLY OR
ECONOMICALLY?
EVEN SOME DEBT DEMOCRATS THINK
IT WILL BACKFIRE POLITICALLY.
LISTEN.
>> SO DEMOCRATS, I’M A
PROGRESSIVE.
I WANT TO HELP FOLKS.
BUT I THINK THIS IS TERRIBLE
POLICY.
POLITICS WE SAW --
>> THERE’S A LOT OF PEOPLE OUT
THERE MAKING 30, 40 GRAND A YEAR
THAT DIDN’T GO TO COLLEGE, AND
THEY NEED HELP AS WELL WHICH IS
WHY I’VE BEEN PROPOSING A TAX
CUT FOR WORKING PEOPLE THAT WILL
AFFECT EVERYBODY.
DAVID: AS FOR THE ECONOMICS OF
IT ALL, THERE AREN’T MANY
ECONOMISTS WHO THINK THE THE
BIGGEST VOTE BUY IN HISTORY --
IT’S UP TO A TRILLION OF YOUR
TAX DOLLARS -- WILL BRING DOWN
INFLATION OR BRING UP GROWTH.
HERE’S A TWEET BY JASON FURMAN,
PRESIDENT OBAMA’S CHAIR OF THE
COUNCIL OF ECONOMIC ADVISERS.
QUOTE: POURING ROUGHLY HALF A
TRILLION DOLLARS OF GASOLINE ON
THE INFLATIONARY FIRE ALREADY
BURNING IS RECKLESS.
DOING IT WHILE GOING WELL BEYOND
ONE CAMPAIGN PROMISE, 10K OF
STUDENT LOAN RELIEF, AND
BREAKING ANOTHER -- ALL
PROPOSALS PAID FOR -- IS EVEN
WORSE: SO WHAT DOES HAPPEN TO
THE ECONOMY NOW?
JOINING ME NOW IS KEVIN HASSETT,
FORMER CHAIRMAN OF THE COUNCIL
OF ECONOMIC ADVISERS UNDER THE
TRUMP ADMINISTRATION.
KEVIN, THANK YOU FOR BEING HERE.
>> THANKS, DAVID.
DAVID: FIRST OF ALL, ISN’T A
RL -- JUST ASSUMING FOR A MOMENT
THAT IT’S A TRILLION OR EVEN
HALF A TRILLION, ISN’T THAT
SUPPOSED TO EMANATE FROM
CONGRESS, NOT FROM THE WHITE
HOUSE?
>> RIGHT.
AND THAT’S THE MOST IMPORTANT
THING.
THIS IS AN ALL-OUT ASSAULT ON
THE CONSTITUTION.
AND I’M A LITTLE BIT
DISAPPOINTED, I GUESS EXTREMELY
DISAPPOINTED, THAT THE MEDIA ARE
NOT COVERING IT THIS WAY.
LET ME MAKE IT 100% CLEAR.
I WAS ONE WITH OF THE PEOPLE IN
THE TRUMP WHITE HOUSE
COORDINATING THE COVID ECONOMIC
RESPONSE.
WE ASKED THE JUSTICE DEPARTMENT
ABOUT DEBT FORGIVENESS BECAUSE
WE WERE LOOKING AT THE TOOLS WE
COULD POSSIBLY USE GIVEN WE WERE
ABOUT TO HAVE THE BIGGEST
NEGATIVE QUARTER SINCE THE GREAT
DEPRESSION.
THE JUSTICE DEPARTMENT LAWYERS
TOLD US IT WAS ABSOLUTELY
UNCONSTITUTIONAL FOR US TO
FORGIVE DEBT, THAT WE COULD
DELAY IT -- AND YOU REMEMBER, WE
DID DELAY SOME OF THE DEBT
REPAYMENTS --
DAVID: YEP.
>> -- BUT YOU COULDN’T FORGIVE
IT.
AND I REALLY WONDER DID THE
BIDEN WHITE HOUSE ASK THE BIDEN
JUSTICE DEPARTMENT IF THIS IS
CONSTITUTIONAL AND DID THEY SAY
YES, AND WHY IS THAT A DIFFERENT
CAN ANSWER THAN THE ANSWER THEY
GAVE THE RUMP ADMINISTRATION
WHEN THEY WERE -- TRUMP
ADMINISTRATION WHEN HE WERE
EXPLORING ALL THE OPTIONS THEY
COULD POTENTIALLY PURSUE GIVEN
THE PANDEMIC?
THAT’S REALLY, FOR ME, QUESTION
A.
DAVID: I AGREE.
>> I DON’T KNOW, LIKE, PEOPLE
TALK ABOUT IS ANYONE GOING TO
GET STANDING AND WILL IT GO IN
FRONT OF A COURT, BUT THIS IS A
BLATANT ASSAULT ON THE
CONSTITUTION, AND IF YOU’RE A
DEMOCRATIC LAWMAKER IN CONGRESS
AND YOU LET A WHITE HOUSE SPEND
BASICALLY A TRILLION DOLLARS
LIKE THEY’RE DOING RIGHT NOW,
THEN YOU’VE GIVEN UP YOUR
CONSTITUTIONAL RESPONSIBILITIES
AND, YOU KNOW, YOU SHOULD BE
ASHAMED OF YOURSELF.
DAVID: AND CLEARLY --
>> AND I THINK CONGRESS SHOULD
PASS A LAW, REPEALING THIS, I
REALLY DO.
DAVID: WE’LL SEE WHAT HAPPENS,
AND IT WILL BE CHALLENGED.
THERE’S NO QUESTION IT’LL BE
CHALLENGED I SOMEHOW.
I THINK THE WHITE HOUSE IS
PREPARING FOR IT.
BUT CLEARLY, JUST ON THE
ECONOMICS OF IT, CLEARLY IF
THERE WAS EVER ANY DEFICIT
REDUCTION IN THE SO-CALLED
INFLATION REDUCTION ACT, AND
THERE WAS A LOT OF QUESTIONS
ABOUT WHETHER THERE WOULD BE ANY
ENTIRELY, DOESN’T IT?
>> IT ABSOLUTELY DOES WIPE OUT,
I MEAN, THE DEFICIT REDUCTION
WAS ILLUSORY.
REMEMBER, THEY HIRED ALL THOSE
85,000 PEOPLE AT THE IRS THAT
ARE GOING TO AUDIT THE ALL OF US
WITHIN AN INCH OF OUR LIVES --
THE.
[LAUGHTER]
AND SOMEHOW THAT’S GOING TO
INCREASE THE REVENUE A LOT.
BUT THE FACT THAT WAS THAT
WASN’T -- THEY CAN HIRE THOSE
GUYS, BUT MOST AMERICANS PAY
THEIR TAXES FINE, AND THEY’RE
NOT GOING TO GET A LOT OF
REVENUE OUT OF THAT.
BUT TO PUT IT IN PERSPECTIVE,
AND THIS GOES BACK TO SOME OF
THE COMMENTS FROM YOUR INTRO,
THAT THIS IS $6,000 PER
AMERICAN, COST OF THIS.
AND SO AT SOME POINT IN THE LIFE
OF EVERY BLUE COLLAR WORKER IN
AMERICA, THEY’RE GOING TO HAVE
TO OBEY $6,000 MORE IN -- TO PAY
$6,000 MORE IN TAXES SO THEY CAN
BUY OFF THE LOANS OF DOCTORS,
LAWYERS, HARVARD GRADS AND
PEOPLE WHO STUDIED CRITICAL
THEORY AND DIDN’T GET A REAL
JOB.
AND HARD WORKING AMERICANS ARE
GOING TO HAVE TO PAY ON AVERAGE
$6,000 TO COVER THIS POLICY.
AND I JUST DO NOT THINK THAT’S
JUST OR DEFENSIBLE IN ANY WAY.
AND I’M REALLY PROUD OF JASON
FURMAN.
HE AND I ARE FOR ALL OF HISTORY
ARE GOING TO HAVE OUR PICTURES
ON THE WALL NEXT TO EACH OTHER
AT THE WHITE HOUSE, AND HE’S
SPEAKING THE TRUTH.
AND I THINK IT’S TOO BAD THERE
ARE NOT ENOUGH DEMOCRATS RIGHT
NOW IN GOVERNMENT WHO ARE
WILLING TO DO THAT.
DAVID: SPEAKING MORE ABOUT THE
UNFAIRNESS OF THE THING, IT GOES
BACK -- WE’RE FAMILIAR WITH IT.
I MEAN, THE PUBLIC HAS A -- HAD
A VIEW OF THIS, NONE BETTER, I
THINK, THAN WHEN LIZ WARREN WAS
APPROACHED BY THE DAD OF SOMEONE
WHO HAD PAID OFF HIS DAUGHTER’S
DEBT IN IOWA.
LET ME JUST PLAY THAT FOR
VIEWERS OF WHO HAVE FORGOTTEN.
>> MY DAUGHTER’S GETTING OUT OF
SCHOOL, I SAVED ALL MY MONEY --
>> GOD BLESS YOU.
>> AM I GOING TO GET MY MONEY
BACK?
>> OF COURSE NOT.
>> THOSE OF US WHO DID THE RIGHT
THING GET SCREWED.
>> [INAUDIBLE]
>> OF COURSE YOU DID.
MY BUDDY WENT FUN, BOUGHT A CAR,
WENT ON VACATION, I SAVED MY
MONEY.
I WORKED A DOUBLE SHIFT,
WORKED -- I SAFED MY MONEY.
SO YOU’RE LAUGHING, THAT’S
EXACTLY WHAT YOU’RE DOING.
WE DID THE RIGHT THING, AND WE
GET I SCREWED.
DAVID: THOSE OF US WHO DID THE
RIGHT THING GET SCREWED.
I THINK THAT MESSAGE IS HEARD
LOUD AND CLEARLY -- BY THE
AMERICAN PUBLIC, DON’T YOU?
>> I THINK THAT MIGHT BE THEME
OF THE DEMOCRATIC PARTY, RIGHT?
IF YOU DO THE RIGHT THING AND
YOU WORK HARD AND YOU MAKE A LOT
OF MONEY, THEN HAY WANT TO TAX
THE HECK OUT OF YOU.
IF YOU START A SMALL BUSINESS,
THEY WANT EVERY REGULATORS TO
GIVE YOU A MEDICAL EXAM THREE
TIMES A DAY.
THEY’RE TAKING SUCCESS IN
AMERICA AND PENALIZING IT AND
REWARDING THE KIND OF DO-NOTHING
ACADEMICS THAT ARE NOW THE HEART
AND SOUL OF THE DEMOCRATIC
PARTY.
AND I JUST CAN’T IMAGINE THAT,
YOU KNOW, BLUE COLLAR AMERICA IS
GOING TO STAND FOR THIS.
THIS IS A REAL WATERSHED MOMENT.
THEY VIOLATED THE CONSTITUTION,
THEY SENT BASICALLY A BILL OR
ARE GOING TO SEND A BILL OF
$6,000 TO EVERY AMERICAN SO THEY
CAN GIVE MONEY TO PEOPLE WHO
STUDIED THINGS THAT DIDN’T
PRODUCE GOOD JOBS AND,
THEREFORE, COULDN’T PAY BACK
THEIR LOANS.
PEOPLE WHO DID PAY BACK THEIR
LOANS AREN’T GETTING ANY MONEY.
DAVID: WE’VE SEEN THIS BEFORE
WHERE IT’S AN ATTEMPT TO FOOL
THE PUBLIC BY DENYING THE
REALITY OF IT.
WE GIVE YOU -- WE GHEI YOU A
GREAT RAISE. -- GAVE YOU A GREAT
RAISE.
FORGET ABOUT THE FACT THAT IT
WAS COMPLETELY WIPED OUT BY
INFLATION.
THERE’S ALWAYS A FOCUS, IT’S
LIKE THE MAGICIAN WHO SAYS LOOK
HERE, BUT HE’S REALLY DOING THE
STUFF WITH THE HAND THAT YOU
CAN’T SEE.
>> RIGHT.
THE DISINFORMATION RIGHT NOW IS
THROUGH THE ROOF.
I SAW THE WHITE HOUSE CAME OUT
AND SAID THAT THIS STOWBT --
STUDENT LOAN EFFORT IS PAID FOR
ALREADY BY THEIR MASSIVE DEFICIT
REDUCTION ARE, BUT THE MASSIVE
DEFICIT REDUCTION THEY’RE
ALLUDING TO IS JUST THE REMOVAL
OF ALL THOSE STIMULUS PROGRAMS
FROM THE PANDEMIC.
THERE’S NO DEFICIT REDUCTION AT
ALL.
DAVID: YEAH.
>> THEY’RE ABSOLUTELY
MISREPRESENTING THE ECONOMIC
DATA AND MISLEADING PEOPLE EVERY
DAY.
AND THE FACT IS THAT YOUR SHOW
AND OTHER SHOWS ON FOX IS PRETTY
MUCH THE ONLY PLACE WHERE
JOURNALISTS ARE STANDING UP TO
THIS.
AND I THINK IT MIGHT BE, LIKE,
AS BAD AS IT WAS IN THE TRUMP
ADMINISTRATION WHEN THEY’RE
GIVING PINOCCHIOS FOR THE TRUTH
AND SO ON, THE FACT HAT MEDIA IS
ALLOWING HEM TO BASICALLY BE
WORSE THAN PASS, RIGHT, IN THEIR
PASS OFFICE -- PRESS OFFICE AND
PARROTING THE MISINFORMATION
THAT THE WHITE HOUSE IS GIVING
IS, I THINK, A LOW POINT IN THE
HISTORY OF AMERICAN JOURNALISM.
DAVID: WE’VE RUN OUT OF TIME,
BUT HOW LONG -- I MEAN,
AMERICANS DO UNDERSTAND WHEN
THEY GO TO THE GAS PUMP IF OR
WHEN THEY GO TO THE GROCERY
STORE THAT THEY’RE PAYING MORE
AND THAT THEY’RE GETTING
SCREWED, THEY HAVE LESS ABILITY
TO PAY FOR THINGS THAN THEY USED
TO.
AND WHEN WE GO INTO THE WINTER
MONTHS AND THEY’RE NOT ABLE TO
AFFORD SOME OF THE ENERGY BILLS
WHICH ARE GOING TO CLIMB --
THEY’RE ALREADY UP 80%, AND
NATURAL GAS IS GOING TO GO UP
FURTHER IN THE WINTER, WON’T
THEY, WON’T AMERICANS BE
MOTIVATED BY WHAT THEY SEE
RATHER THAN WHAT THEY’RE BEING
TOLD?
>> I THINK THE DEMOCRATS HOPE
NOT, AND IS HAIR STRATEGY TO DO
THAT IS TO -- THEIR STRATEGY TO
DO THAT IS TO BUY VOTES, TO
PERSECUTE PRESIDENT TRUMP, TO
TRY TO MAKE IT ALL ABOUT LIKE
FAKE MISDEEDS THAT THEY GENERATE
ABOUT HIM RATHER THAN WHAT’S
GOING ON IN THE WORLD TODAY.
AND I HOPE AND PRAY THAT
AMERICANS RECOGNIZE IT, BECAUSE
THIS UNCONSTITUTIONAL EFFORT,
THIS KIND OF SPENDING IS GOING
TO DESTROY THE COUNTRY.
THE FED IF CONFERENCE JUST NOW
THEY SHOWED THAT BIDEN’S
POLICIES ADDED AT LEAST 3% TO
THE INFLATION RATE, AND THAT’S
THE STUFF THAT ALREADY HAPPENED,
AND NOW AS JASON FURMAN SAID,
THEY’RE POURING GAS ON THE FIRE.
THESE PEOPLE ARE GOING TO
DESTROY THE AMERICAN ECONOMY.
DAVID: KEVIN HASSETT, WISH YOU
HAD BETTER NEWS, BUT MAYBE YOU
WILL EVENTUALLY IF AMERICANS
CATCH ON, AND I THINK THEY