DAVID: PRESIDENT BIDEN KEEPS
REPEATING FALSE CLAIMS ABOUT
INFLATION.
RUSSIA IS TO BLAME, BUT THE
EVIDENCE TELLS A DIFFERENT
STORY.
RUSS VOUGHT, THANK YOU FOR BEING
HERE.
I KNOW EVERYONE HAS SEEN A LOT
OF GRAPHS.
WE REALLY EMPHASIZE THE
INFLATION FROM THE TIME BIDEN
WAS IN UNTIL RUSSIA INVADE.
435% INCREASE IN INFLATION FROM
JANUARY 2021 TO JANUARY 2022.
THEN IN FEBRUARY IT WAS UP TO
8.6%.
THE FIRST ONE IS A 435% INCREASE.
SINCE THE RUSSIAN INVASION, 9%.
ONE IS A LOT BIGGER THAN THE
OTHER, YET HE STILL SAYS RUSSIA
RUSSIA RUSSIA.
>> IT’S SUCH A TELLING GRAPH.
IT’S SO ACCURATE WITH WHAT IT
SHARES WITH THE AMERICAN PEOPLE
ABOUT THE LACK OF TRUTHFULNESS
WITH THE PRESIDENT’S REMARKS.
THE AMERICAN PEOPLE KNOW IT.
THEY HAVE BEEN TRYING TO GET
AWAY WITH IT FOR THE LAST SELF
MONTHS WITH THE PRESIDENT TRYING
TO BLAME PUTIN.
HIS COMMUNITIES OVERSEAS SHOW
HE’S NOT INTENDING TO CHANGE
POLICIES.
DAVID: BASED ON EVIDENCE THAT IS
SO REMARKABLY WRONG.
YOU DON’T HAVE TO BE AN
ECONOMIST TO REALIZE 435 IS
BIGGER THAN 9.
IT’S A HUGE EXPLOSION OF
INFLATION OF THE RUSSIAN
INVASION, AND IT STILL GOES UP
AFTERWARDS.
BUT JUST A COUPLE OF POINTS,
POINTS TO BE PRECISE.
HOW CAN AMERICANS LOOK AT THAT
CHART AND NOT GET IT?
AND APPARENTLY THEY DO IF YOU
LOOK AT THE POLL NUMBERS.
>> I THINK IT’S BECAUSE HE HAS
NO OTHER THING TO DO OR SAY
OTHER THAN TO CHANGE POLICY AND
HE THOUGHS IT.
AND THE AMERICAN PEOPLE NO IT.
I THINK THE NEWS ORGANIZATIONS
LIKE FOX NEWS.
THE AMERICAN PEOPLE GET IT.
LAST YEAR I WAS PAYING A LOT
MORE IN GAS.
THIS DIDN’T START WITH THE
INVASION OF UKRAINE.
THE PRESIDENT IS THINKING HE CAN
GET AWAY WITH CONTINUING TO LIE
AND SEND OUT DIFFERENT POLITICAL
MESSAGES.
BUT IT’S NOT GOING TO WORK.
UNFORTUNATELY THAT DOESN’T ALLOW
THEM TO HAVE A PIVOT MOMENT
WHERE THEY SAY THEY ARE GOING TO
GO WITH DIFFERENT ENERGY
POLICIES.
DAVID: THE ECONOMY IS SLOWING
DOWN.
THE ATLANTA FED CAME OUT WITH
THEIR PREDICTION THAT THE SECOND
QUARTER WILL TURN OUT TO BE A
DOWNTURN OF 1%.
THAT WOULD BE BACK-TO-BACK
QUARTERS OF CONTRACTION.
ARE THEY -- DO YOU THINK THE
ATLANTA FED IS RIGHT?
>> I DO.
I THINK PRACTICALLY WE ARE IN
THE MIDST OF A RECESSION RIGHT
NOW.
TO THE EXTENT POWELL IS OUT
THERE SAYING THE ECONOMY IS
STRONG IS MORE ABOUT HIM TRYING
TO CONTINUE TO MARKETS THAT HE’S
NOT GOING IN A DIFFERENT PATH
WITH IT COMES TO RAISING
INTEREST RATES.
DAVID: WE PUT TOGETHER A MONTAGE
OF THAT DESPITE THE FACT WE HAD
A BAD NEGATIVE PRINT IN THE
FIRST QUARTER AND POSSIBLY THE
SECOND QUARTER.
>> I TOOK OFFICE, FAMILIES WERE
CARRYING LESS DEBT.
THE RECENT SURVEY FROM THE
FEDERAL RESERVE IS MORE
AMERICANS FEEL MORE FINANCIAL
COMFORTABLE THAN SINCE THE
SURVEY BEGAN IN 2013.
>> LOWER INCOME HOUSEHOLDS
CONTINUE TO HAVE BUFFER STOCKS
OF SAVINGS THAT WILL ALLOW THEM
TO REMAIN.
>> THEY HAVE EXCESS SAVINGS FROM
NOT BEING ABLE TO TRAVEL AND
THINGS LIKE THAT AND FISCAL
TRANSFERS.
DAVID: WE ARE USED TO THE LIES
COMING OUT OF YELLEN.
BUT YELLEN AND POWELL TALKING
ABOUT THE EXCESS SAVINGS.
HAVE YOU EVER HEARD OF THIS IN A
ECONOMY WHERE PEOPLE SAY THEY
LIVE FROM PAY CHECK TO PAYCHECK?
>> IT DOES NOT ACCOUNT FOR THE
FACT THAT PEOPLE ARE VERY
NERVOUS AND TRYING TO GET A
HANDLE ON HOW MUCH INFLATION
WILL HAVE AN IMPACT.
BUT THEY ARE ALSO MAKING MUCH
MORE SUBSTANTIAL DECISIONS ABOUT
INVESTMENTS.
WHAT DO I SPEND THAT MONEY ON?
BECAUSE IT WON’T BE THERE IN A
YEAR FROM NOW.
PEOPLE GET RESTLESS AND ANXIOUS,
AND IT CHANGES HOW PEOPLE SPEND.
SO I CANNOT GO ALONG WITH THIS
VIEW THAT PEOPLE ARE SITTING OWN
A TON OF MONEY, AND THEY ARE
OKAY, AND FEELING LIKE THEY ARE
IN A GOOD PLACE.
THAT’S NOT WHERE PEOPLE ARE.
THIS IS ONE OF THOSE THINGS
WHERE THEY SAY WE ARE GOING TO
MAKE STATIC MEASUREMENT AND MAKE
BROAD PRONOUNCEMENTS ABOUT THE
ECONOMY.
DAVID: POWELL IS SUPPOSED TO BE
ABOVE THAT.
ECONOMICALLY HE KNOWS THE
REALITY OF SAVINGS THAT YOU JUST
OUTLINED.
>> I THINK YOU ARE RIGHT.
HE HAS BEEN VERY POLITICAL FOR
QUITE SOME TIME NOW.
I THINK WITH HIM, I THINK THERE
IS SOME SENSE THAT HE WANTS TO
MAKE SURE PEOPLE DON’T GET THE
WRONG IMPRESSION HE WILL BE
SPOOKED BY THE MARKET SLOWING
DOWN.
WE HAVE BEEN SAYING HE NEEDS TO
GO MORE AGGRESSIVE THAN HE HAS.
DAVID: AS BAD AS THE LIES ARE
COMING OUT OF THE
ADMINISTRATION, I DON’T THINK
WE’LL SEE A REPEAT THAT TWEET
FROM LAST JULY TALKING ABOUT HOW
WE ALL WOULD BE ABLE TO SAVE
MONEY BUYING THE INGREDIENTS FOR
THE BARBEQUE.
>> I THINK WE MOVED ON FROM THAT
KIND OF NONSENSE.
EVEN AT THE TIME IT WAS ABSURD.
WE WERE IN THE MIDST OF 5%
ANNUAL INFLATION.
RUSS VOUGHT, WE WISH YOU A GOOD
AND PROSPEROUS JULY FOURTH.