TO TRY TO HELP ACCELERATE THAT,
PROTECTING -- UNSTICKING SUPPLY
CHAINS.
>> Harris: THE WHITE HOUSE
TWEETED OUT THIS HANDY CHART
DESPITE FED CHAIR JEROME POWELL
TESTIFYING THE DAY BEFORE THAT
INFLATION WOULD PERSIST WELL
INTO 2022.
THE COVER OF THE "NEW YORK
POST" WITH ONE WORD ABOUT OUR
JOURNEY RIGHT NOW, CRUSHED.
STEVE MOORE FORMER ECONOMIC
ADVISOR TO PRESIDENT TRUMP AND
FREEDOM WORKS ECONOMIST STEVE,
GOOD TO HAVE YOU IN FOCUS TODAY.
AMERICANS ARE FEELING CRUSHED.
TELL US WHAT THAT MEANS
ECONOMICALLY.
>> SO I WAS JUST LISTENING TO
YOUR FASCINATING CONVERSATION
WITH MARC SIEGEL AND HOW THE
BIDEN ADMINISTRATION CAN’T GET
ITS MESSAGE STRAIGHT ON COVID
AND EXACTLY THE SAME THING IS
HAPPENING WITH THEIR ECONOMIC
MESSAGING.
REMEMBER ON FRIDAY THE
PRESIDENT GAVE A SPEECH AT THE
OVAL OFFICE TAKING A VICTORY
LAP SAYING HOW WONDERFUL THE
BIDEN ECONOMY IS.
I HAVE THE BEST FIRST YEAR AS
PRESIDENT OF ANY PRESIDENT IN
MODERN TIMES AND SO ON.
THEN TWO OR THREE DAYS LATER,
HARRIS, THE NUMBERS COME OUT ON
INFLATION WHICH ARE
FRIGHTENINGLY BAD.
THESE ARE EXTREMELY DAMAGING
NUMBERS.
YOU ARE TALKING ABOUT NOT ONLY
DID WE GET THE 7% INFLATION
NUMBER, THE WORST IN 35 TO 40
YEARS BUT THIS MORNING WE GOT A
NUMBER FOR THE WHOLESALE
PRODUCER PRICES, THOSE WERE UP
ALMOST 10% OVER THE LAST YEAR.
THAT WAS THE WORST NUMBER EVER,
EVER THAT THEY’VE RECORDED.
SO THIS IS A WHAT I CALL A HUGE
TAX ON LOWER INCOME PEOPLE.
IT REALLY MAKES -- CALLS OUT
THE LIE WHEN BIDEN SAYS I’LL
ONLY TAX PEOPLE WHO MAKE MORE
THAN 400,000 DOLLARS.
EVERY TIME YOU GO TO THE
GROCERY STORE AND GAS PUMP AND
AIRLINE PURCHASE YOU ARE PAYING
THIS TAX.
IT IS HURTING THE BOTTOM PEOPLE
THE MOST.
>> Harris: WE’LL PUT THE FACTS
AGAINST THE SPIN.
WHEN IT SPINS THIS HARD LET’S
CALL IT WHAT IT IS.
IT IS FICTION.
HERE IS SOME MORE.
ONLY 34% OF AMERICANS APPROVE
OF THE PRESIDENT’S HANDLING OF
THE ECONOMY.
AGAIN, THAT’S A FACT THAT WE’RE
SEEING TIME AND TIME AGAIN IN
THE POLLING.
MAYBE IT WILL CHANGE BUT NOT
RIGHT THIS SECOND.
THAT MEANS 57% DISAPPROVE OF
THE WAY THIS PRESIDENT IS
HANDLING THE ECONOMY.
STEVE, I HAVE HEARD YOU SAY
TIME AND TIME AGAIN YOU CAN
LOOK AT THE NUMBERS BUT YOU
HAVE TO LISTEN TO THE PEOPLE.
>> WELL GREAT POINT.
AMERICANS HAVE REALLY TURNED
AGAINST BIDEN ON THE ECONOMY.
LOOK, THIS IS SOMETHING THAT
DOESN’T NEED SPIN.
IT DOESN’T MATTER WHAT YOU SAY
OR WHAT I SAY.
EVERY TIME PEOPLE GO TO THE
STORE THEY SEE IT.
I WENT TO THE GROCERY STORE
YESTERDAY TO GRAB SOME MILK AND
FIRST OF ALL THERE WASN’T MUCH
MILK LEFT.
THAT’S ANOTHER PROBLEM.
BUT PEOPLE WERE COMPLAINING IN
THE LINE.
PEOPLE WERE TALKING ABOUT HOW
MUCH FOOD COSTS RIGHT NOW.
I JUST DON’T SEE A -- HERE IS
THE THING.
ALL BIDEN DOES IS BLAME SOMEONE
ELSE OR DEFLECT THE CRITICISM.
HE IS NOW SAYING THINGS LIKE
WELL GEE, YOU KNOW, THAT IS A
NATURAL CONSEQUENCE OF THE
ECONOMY GETTING OUT OF THE
VIRUS SITUATION.
WE’RE STILL IN IT.
IF YOU LOOK AT WHAT THE
INFLATION NUMBER IN JANUARY OF
2021 EXACTLY A YEAR AGO,
HARRIS, WHEN THE ECONOMY WAS IN
A RECOVERY UNDER TRUMP YOU KNOW
WHAT THE INFLATION RATE WAS?
1.5%.
IN ONE YEAR WE WENT 1.5% TO 7%.
A CRUMMY RECORD.
>> Harris: YOU STARTED TO SAY
SOMETHING AND I WROTE IT DOWN.
YOU SAID I DON’T SEE A SOLUTION.
DOES THAT MEAN THERE IS NO
SOLUTION OR YOU DON’T SEE ONE
COMING FROM THIS WHITE HOUSE?
WHAT CAN BE DONE?
>> THAT’S A GREAT POINT.
YES, OF COURSE THERE IS A
SOLUTION TO THE INFLATION
PROBLEM.
YOU HAVE TO DO TWO THINGS,
HARRIS.
NUMBER ONE, WE HAVE TO STOP THE
MASSIVE SPENDING AND BORROWING,
THE MULTI-TRILLIONS OF DOLLARS.
THAT’S THE REASON WE HAVE THE
INFLATION IS WE KEEP SPENDING
AND SPENDING AND SPENDING
AMOUNT WE’VE NEVER SEEN BEFORE
IN THE HISTORY OF THIS COUNTRY.
THANK GOD FOR JOE MANCHIN
KILLING THAT BUILD BACK BETTER
BILL.
IT WOULD HAVE BEEN ANOTHER $5
TRILLION OF SPENDING WE CAN’T
AFFORD.
THAT’S THE MOST IMPORTANT THING.
CUT SPENDING NOT RAISE SPENDING.
TWO, THE FED ALSO HAS TO TAKE A
BIG PART OF THE BLAME HERE.
THEY HAVE BEEN BEHIND THE CURVE
FOR THE LAST YEAR.
FIRST THEY SAID THERE WAS NO
INFLATION, THEN THEY SAID IT’S
TRANSITORY.
NOW THEY HAVE FINALLY ADMITTED
THAT INFLATION MAY BE
ENTRENCHED IN THE ECONOMY.
IT IS TIME TO START RAISING
INTEREST RATES, CUTTING
GOVERNMENT SPENDING.
IF THAT HAPPENS WE CAN GET THE
INFLATION UNDER CONTROL.
BUT I’M OLD ENOUGH TO REMEMBER
THE LAST TIME WE HAD INFLATION
LIKE THIS.
JIMMY CARTER WAS PRESIDENT AND
DON’T FORGET WHAT HAPPENED.
RONALD REAGAN, ONE OF THE
BIGGEST LANDSLIDE ELECTIONS IN
HISTORY BECAUSE PEOPLE WERE SO
FRUSTRATED WITH RISING PRICES.
>> Harris: AND YOU KIND OF TAKE
ME TO THIS FINAL POINT ON ALL
OF THIS, STEVE.
THAT IS IF HE CAN’T RAISE -- HE
BEING THE PRESIDENT CAN’T RAISE
ALL OF THOSE TRILLIONS OF CASH
TO PUMP INTO THE ECONOMY AND
KEEP HIS PROMISE ABOUT BUILD
BACK BETTER AND ALL THESE OTHER
BIG SPENDING PROGRAMS THEN HE
LOSES THE FAR LEFT SIDE OF HIS
BASE.
HE IS POLITICALLY IN MORE
TROUBLE THAN HE IS RIGHT NOW.
AND THE ONLY THING FACING HIM
IS LESS THAN 300 DAYS AWAY
NOVEMBER 8th.
STEVE, I HAVE TO LET YOU GO BUT