LARRY: WE HAVE SENATOR MIKE
BRAUN FROM THE GREAT STATE OF
INDIANA WHO IS AN OLD FRIEND. BIDEN SAYS TODAY ABOUT INFLATION
BIDEN SAYS TODAY ABOUT INFLATION
THAT HE -- HE INHERITED INFLATION FROM DONALD TRUMP.
INFLATION FROM DONALD TRUMP.
THE INFLATION RATE IN 2001 2021
HOW CAN HE GET AWAY WITH THAT.
>> WHEN YOU GET OUT TO D.C., I
HAVE BEEN THERE FOR FOUR YEARS.
IF YOU HAVE THINK YOU ARE GOODS
AT MADISON AVENUE YOU WILL TRY TO SPIN EVERYTHING.
TO SPIN EVERYTHING.
PRECOVID WE HAD THE BEST
ECONOMY.
WE IN THE EARLY 80s IT WOULD
HAVE BEEN 18%.
IT’S HOGWASH AND WE NEED TO
POINTS IT OUT. I DUSTED OFF MY ECONOMICS DEGREE
I DUSTED OFF MY ECONOMICS DEGREE
AND I KNOW WHAT KENSIAN -- KNOW
KEYNESIAN ECONOMICS IS ALL
ABOUT.
LIKE RAHM EMANUEL SAID, DON’T
LET A CRISIS GO TO WASTE.
THEY TRIES TO FLIP THIS ECONOMY
THAT WAS WORK ONLY ALL
CYLINDERS, NO INFLATION.
I ALMOST GOT THE CBO TO ADMIT
THE TAX CUTS WERE PAYING FOR
THEMSELVES BECAUSE YOU HAD THE
3% ECONOMIC BOTH RATE.
IT WAS DONE WITH THE FED HELPING
ON THE MOST AGGRESSIVE FISCAL
POLICY WE HAVE HAD SINCE THE GREAT DEPRESSION.
GREAT DEPRESSION.
LARRY: LAUGH LAFFER HAS BEEN ON
SHOW SEVERAL TIMES.
A.
THE CBO SHOULD SCORE THAT.
TODAY WAS A GOOD JOBS NUMBER.
I’M GOING TO RECKON AND ASK
YOU’RE OPINION.
MR. BIDEN WILL MAKE A LOT OF HAY
OUT OF THIS NUMBER OF AND ROLL
INTO THE STATE OF THE UNION
TUESDAY SELLING THE BIDEN
ECONOMY.
HOW IS THAT GOING TO PLAY?
>> YOU HAVE GOT TO BE FAST ON
YOUR FEET FOR THAT ONE.
WHEN YOU LOOK AT THE JOBS, I
STILL STAY IN TOUCH WITH WHAT
BUSINESSES ARE ACTUALLY DOING.
THERE WAS SUCH AN INCENTIVE TO
STAY HOME AND WATCH NETFLIX FOR
A YEAR OR MORE, MANY COMPANIES
ARE ERRING ON THE SIDE OF
GETTING PEOPLE BACK BECAUSE IT
WAS HARD TO GET THEM TO WORK.
THE LABOR PARTICIPATION RATE IS
WAY LOW COMPARED TO WHAT IT WAS
DURING THE TRUMP ADMINISTRATION.
LARRY: PRE-PANDEMIC.
>> YES.
IF THE GOVERNMENT IS GOING TO BE
THERE, WHAT’S THE RUSH OF
GETTING BACK INTO THE PRODUCTIVE
ECONOMY SNOTTERWISE THEY WILL
TRY -- OTHERWISE THEY WILL TRY
TO GROW GOVERNMENT AT THE
EXPENSE OF THE PRIVATE SIDE.
LARRY: IT’S NOT KEYNESIAN.
IT’S WOKE BIG GOVERNMENT
SOCIALISM.
HE WILL SAY IT WORKED, HE WILL
SAY IT BROUGHT DOWN THE
INFLATION RATE AND INCREASED
JOBS.
I’M GOING TO WORK THAT NIGHT.
BUT THAT’S WHAT HE’S GOING TO
SELL.
IT WILL BE UP TO US ON THE OTHER SIDE OF THE AISLE.
SIDE OF THE AISLE.
IN TERMS OF WHAT HAS OCCURRED,
THE CROWNING OUT EFFECT THE
INTEREST WILL HAVE ON THE BUDGET
ITSELF WHEN YOU DO THE MATH,
TAKE 4% OF INTEREST RATE
INCREASES.
ONCE IT GETS PRICED IN, WE JUST
SPENT $1.7 TRILLION ON THE
OMNIBUS BILL.
$550 BILLION IS WHAT WE PAY IN
INTEREST CURRENTLY.
DO 1% OF 30 TRILLION.
SOMEWHERE DOWN THE ROAD WE’LL
SOON BE PAYINGS MUCH MORE
INTEREST AS WE ARE IN DEFENSE OR
DOMESTIC IF YOU KEEP GOING AT
THE PACE WE ARE, WE’LL BE PAYING
AS MUCH FOR INTEREST AS TWO OF
THEM PUT TOGETHER.
LARRY: AND WE CAN’T EVEN SHOOT
DOWN A CHINESE BALLOON.
ESG, CAN WE RID OURSELVES OF ESG
AS AN INVESTMENT RETIREMENT?
IT’S NOT EXACTLY A MANDATE.
I NOTICE YOU BANDED TOGETHER
WITH JOE MANCHIN AND OTHERS TO
STOP THAT.
>> THE CONGRESSIONAL REVIEW ACT,
THAT’S THE ONLY WAY YOU CAN
CHALLENGE AN UNRULY EXECUTIVE
BRANCH.
THAT RULING WENT INTO EFFECT
THIS PAST WEEK.
IF I GET ONE MORE DEMOCRAT THAT
PASSES THE SENATE.
I GOT JOE MANCHIN AND EVERY
REPUBLICAN.
SO IF I GET ONE MORE DEMOCRAT,
IT PASSES THE SENATE.
IT WILL PASS IN THE HOUSE, THEN
JOE BIDEN WOULD HAVE THE
EMBARRASSMENT OF VETOING IT OR
SIGNING IT.
WHAT IT DOES IS SIMPLY SAYS YOU
SHOULD NOT BE ENCOURAGING
RETIREMENT FUND MANAGERS TO BE
INVESTING IN ENVIRONMENT SOCIAL
AND GOVERNANCE WHEN IT’S SHOWN
IT WILL GIVE YOU ABOUT A RETURN
2.5% LESS THAN WHAT IT WOULD BE
OTHERWISE.
FINANCIAL RETURN IS THE ONLY
THING THAT MATTERS.
WHEN I DID IT ON THE VACCINE
MANDATE THE SUPREME COURT CAME