TREY: WELCOME BACK TO
"SUNDAY NIGHT IN AMERICA,"
SOME PRICES MAY BE FALLING
BUT OTHERS ARE NOT, FOOD
PRICES ROSE ALMOST 11% IN
JULY.
COMPARED TO LAST YEAR,
INFLATION IS HITTING CALL
AMERICANS.
DEMOCRATS PASSED WHAT THEY
CALL THE INFLATION REDUCTION
ACT WE LEARNED BY NOW WHAT
CONGRESS CALLS SOMETHING
BEARS NO RESEMBLANCE TO WHAT
IT DOES, WE KNOW IS THIS
LEGISLATION RAISES SOME
TAXES AND GIVES YOU MORE IRS
AGENCIES, TWO THINGS I DO
DON’T CALL ANYONE CLAMORING
FOR, TO DISCUSS THE BOTTOM
LINE FOR AMERICANS IS ONE OF
MOST POPULAR HOSTS ON FOX,
INCLUDING SUNDAY MORNING
FUTURES AND MORNINGS WITH
MARIA, OUR VERY OWN MARIA
BARTIROMO, I HAVE TO BE
HONEST, WHEN I MET YOU
SEVERAL YEARS AGO, I DREAMED
ON BEING ON YOUR SHOW ONE
DAY, NEVER IMAGINED I WOULD
BE HOSTING YOU ON MINE.
WHAT DO YOU MAKE OF THE
CURRENT STATE OF OUR
ECONOMY.
>> A GREAT QUESTION.
THANK YOU SO MUCH FOR HAVING
ME, TREY, IT IS AN HONOR FOR
ME TO BE WITH YOU.
I THINK WE’RE IN A MAJOR
SLOWDOWN WRITE RIGHT NOW.
WE HAD TWO QUARTERS OF
CONTRACTION AND A NUMBER OF
COMPANIES TELLING US THAT
THE REST OF THE YEAR WILL BE
SLOWER THAN FIRST PART.
WE MAY BE IN A RECESSION
RIGHT NOW AND THAT WILL
DEEPEN LATER THIS YEAR INTO
NEXT YEAR.
IT IS BEGINNING TO HIT JOBS,
YOU HAVE A NUMBER OF
COMPANIES TELLING US THEY
ARE DOING A HIRING FREEZE
BECAUSE CORPORATE AMERICA IS
GETTING SQUEEZED AS ARE
INDIVIDUALS BASED ON WHAT
YOU REPORTED INFLATION AT A
41 YEAR HIGH.
TREY: I WAS A VERY MEDIOCRE
PROSECUTOR, I DON’T
UNDERSTAND THESE ISSUES LIKE
YOU DO.
I SEE JOB NUMBERS, LOOK GOOD
SOME MONTHS BUT INFLATION
NUMBERS ARE NOT.
INTEREST RATES ARE GOING UP.
RETIRE AMRETIREMENT ACCOUNTS
GOING DOWN, HOW DOW MAKE
SENSE OF WHAT -- HOW DO YOU
MAKE SENSE OF WHAT SEEMS TO
BE COMPETING EVIDENCE.
>> THE BOTTOM LINE IS THAT
OUR WAGES ARE GOING UP.
ABOUT 4-5% YEAR-OVER-YEAR.
BUT THE COST OF THE
ESSENTIALS OF THINGS WE BUY
IS GOING UP 8.5 TO 9%.
THE BOTTOM LINE AS YOU CALL
IT, IS THAT WE ARE NOT
KEEPING UP WITH THE COSTS OF THE ITEMS WE’RE BUYING.
THE ITEMS WE’RE BUYING.
TAKE -- ESSENTIALED,S, FOOD,
FUEL AND RENT.
IN THE MONTH OF JULY OIL
PRICES CAME DOWN FROM THE
HIGH THAT TOOK SOME HURT
AWAY.
CONSUMER PRICE INDEX CAME IN
8. 5%, THAT IS BETTER THAN
9.1% IN JUNE.
BUT IT IS UP 8.5%.
YOU LOOK AT A DOZEN EGGS,
YOU PAY 30% MORE THIS YEAR
THAN LAST YEAR.
YOU LOOK AT PRICE OF MEAT,
FISH, PAYING 20% HIGHER
TODAY THAN LAST YEAR.
EVEN THOUGH OUR WAGES HAVE
CREPT HIGHER THEY ARE NOT
KEEPING UP WITH THE RATE OF
INFLATION.
THAT IS A PROBLEM.
TREY: LET ME ASK YOU A BROAD
QUESTION.
AT INTERSECTION OF ECONOMIC
AND POLITICS.
DO ADMINISTRATIONS TAKE TOO
MUCH CREDIT WHEN THE ECONOMY
DOES WELL AND THERVE AND ASH
ABSORB TOO MUCH BLAME WHEN
IT IS NOT OR DO WE DID IT
RIGHT.
>> ALL OF THE
ADMINISTRATIONS FROM YEARS
AND YEARS BACK HAVE TRIED TO
TAKE CREDIT FOR A STRONG
ECONOMY.
IT IS NOT ALWAYS THAT WAY.
THERE ARE A LOT OF FACTORS
THAT GO INTO THIS.
BUT RIGHT NOW, WHAT WE’RE
SEEING IS BAD POLICY RESULTS
IN BAD OUTCOMES.
YOU KNOW THAT IN AMERICAN OF
MARCH MUCH 2021
ADMINISTRATION PASSED COVID
RELEASE PACKAGE, AT THAT
TIME INFLATION WAS IN
BEGINNING OF JANUARY OF
2021, INFLATION WAS 1. 4%.
BY THE TIME MARCH ROLLED
AROUND AND THEY SIGNED INTO
LAW JOE BIDEN’S SIGNED INTO
LAW THE RELIEF PACKAGE,
INFLATION WAS UP TO ALMOST
3%, THEN MORE SPENDING AND
MORE SPENDING FORGIVENESS
MUCH STUDENT DEBT, AND
THREATS OF A 5 TRILLION
DOLLAR SPENDING PACKAGE
INFLATION WAS CREEPING
HIGHER ALL ALONGS WAY, I
WOULD SAY YOU HAVE TO LOOK
AT THIS ADMINISTRATION AND
THE DEMOCRATIC SPENDING A
LONG WITH THE EASE -- ALONG
WITH EASY MONEY OUT OF
FEDERAL RESERVE AS FAR AS
WHO IS TO BLAME FOR THIS
INTEGRATION.
INFLATION.
YOU LOOK AT WORD INFLATION
IN DICTIONARY, YOU GET TOO
MANY DOLLARS CHASING TOO FEW
GOODS, THAT IS WHAT WE’VE
SEEN OVER THE LAST YEAR AND
A HALF, TOO MANY DOLLARS
COMING AT THE ECONOMY.
THAT SENDS PRICES HIGHER.
SO SURE, IT IS NOT ALWAYS
THE FAULT OF AN
ADMINISTRATION, NOT ALWAYS
THE FAULT OF THE FEDERAL
RESERVE.
THIS TIME, AROUND, I WOULD
SAY BAD POLICY RESULTED IN
BAD OUTCOMES.
TREY: ONE OF MOST POPULAR
HOSTS IN ALL OF TELEVISION,
CERTAINLY ON FOX, MARIA
BADDERBARTBARTIROMO, THANK
YOU SO MUCH FOR CARVING OUT
TIME FOR US, HAVE A GREAT