DAVE: I HAD A PIPE BURST IN
MASSACHUSETTS.
AS AMERICANS GRAPPLE WITH
RISING PRICES PRESIDENT BIDEN
IS REQUESTING MORE THAN $9
BILLION IN WAR FUNDS FOR COVERT
RESPONSE AFTER EXTENDING THE
PUBLIC HEALTH EMERGENCY FOR 60
DAYS.
JOINING IS REAGAN ECONOMISTS
ART LAUGHER AND NATIONAL
TAXPAYERS EXEC VICE PRESIDENT
BRANDON ARNOLD.
THANKS FOR BEING HERE.
FORGIVE ME FOR BEING A SKEPTIC
BUT WHEN IT COMES TO GOVERNMENT
SPENDING I’M ALWAYS A SKEPTIC.
THE WORD EMERGENCY, IS THAT
USED AS AN EXCUSE TO SPEND MORE
AND GROW THE GOVERNMENT MORE?
>> THAT’S PRETTY MUCH IT.
I’M SURE THEY HAVE A LOT OF
SURPLUS FUNDS IN THE BUILD BACK
BETTER BILL COMMAND EXTRA FUNDS
THEY’VE NOT SPENT.
I’M SURE THEY COULD TAKE SOME
OF THOSE FUNDS AND USE IT BUT
THIS IS A WAY OF GETTING
ADDITIONAL FUNDS AND THEY LIKE
SPENDING MONEY AND THAT’S WHAT
THEY ARE DOING.
DAVE: WHAT EFFECT ON THE
ECONOMY?
>> IS SMALL BUT ALL BAD,
GOVERNMENT FUNDS ARE A TAX.
YOU CAN’T REDISTRIBUTE INCOME
FROM ONE GROUP TO ANOTHER
WITHOUT HURTING THE ECONOMY AT
$9 BILLION IS NOT THE END ALL
BE ALL OF THIS WORLD BUT IT IS
DAMAGING TO THE ECONOMY AND
WILL HURT LONG-TERM ECONOMIC
GROWTH, NOT SURE IT SHOULD BE
LOOKED AT IN A CYCLICAL WAY BUT
THE SECULAR DECLINE IN THE
GROWTH RATE IS A SERIOUS
PROBLEM AND THIS WILL ADD TO
THAT PROBLEM.
DAVE: YOU ARE BRAVER THAN US,
YOU LIVE INSIDE THE BELTWAY
WHICH I DID, I GREW UP THERE
WHICH IS WHY I’M MOVED AWAY
FROM IT BUT WE HAVE A FEW WEEKS
LEFT IN LAME-DUCK CONGRESS,
ONCE THE FINAL CHECK IS PUT IN
THE REPUBLICANS TAKING OVER
LEADERSHIP MIGHT DEMOCRATS TRY
TO SNEAK MORE SPENDING BILLS IN
BEFORE THE DOG RINGS IN
JANUARY?
>> NO DOUBT ABOUT IT, THE
$9 BILLION FOR COVID IS THE TIP
OF THE ICEBERG.
RIGHT BEHIND THAT IS $38
BILLION IN ADDITIONAL FUNDING
FOR UKRAINE.
BEHIND THAT ADDITIONAL FUNDING
FOR DISASTER RELIEF.
BERNIE SANDERS IS MAKING A HAIL
MARY PASS TO RAISE THE DEBT
CEILING IN THIS LAME-DUCK
PERIOD WHICH COULD COST AN
ADDITIONAL TRILLIONS OF DOLLARS
DOWN THE ROAD.
THIS COULD BE ONE OF THE MOST
EXPENSIVE IF NOT THE MOST
EXTENSIVE LAME-DUCK SESSIONS OF
CONGRESS EVER.
DAVE: COULD THE NEW CONGRESS
UNDO WHAT THE LAME-DUCK DOES?
>> TECHNICALLY YES BUT WE’VE
NEVER SEEN THAT TAKE PLACE.
WE ARE HOPING FOR SOME
BIPARTISAN AGREEMENT BECAUSE
THERE WILL BE REPUBLICANS AND
DEMOCRATS IN POWER IN JANUARY,
BUT WE HOPE THERE’S SOME SORT
OF BIPARTISAN AGREEMENT TO PUT
A BRAKE ON SPENDING, SOME SORT
OF SPENDING CAPS, CHECK ON
SPENDING BECAUSE THE $6
TRILLION WE PUSH OUT THE DOOR
DUE TO THE COVID EMERGENCY HAS
BEEN BACKBREAKING, IT HAS
DRIVEN INFLATION THROUGH THE
ROOF, MAKING THANKSGIVING
POSSIBLY THE MOST EXPENSIVE
THANKSGIVING OUR NATION HAS
EVER EXPERIENCED AND IT HAS GOT
TO END.
DAVE: AMERICANS GET WHAT THEY
VOTE FOR, THEY HAVE THE CURRENT
CONFIGURATION OR WILL HAVE
WHICH MEANS WE ARE DEALING WITH
A DEMOCRAT SENATE.
IT’S NOT A COMPLETELY DIVIDED
GOVERNMENT BETWEEN EXECUTIVE
AND CONGRESS BUT IT IS CLOSE SO
HOW MUCH DAMAGE COULD BE TERMS
AND MOVING CLOSER TO SOCIALISM WITH JUST A SENATE DEMOCRAT
WITH JUST A SENATE DEMOCRAT
SENATE AND DEMOCRAT EXECUTIVE?
>> YOUR THING IS PEOPLE DESERVE
THE GOVERNMENTS THEY GET.
THAT IS WHAT YOU WANT TO SAY ON
THAT.
THE NEW CONGRESS, THE HOUSE
WAYS AND MEANS COMMITTEE IS IN
CHARGE OF PURSESTRINGS SO THEY
MAY BE ABLE TO HOLD BACK SOME
OF THESE BY NOT PROVIDING
FUNDING THAT WAS CARRIED OUT.
DON’T KNOW HOW FAR THEY CAN GO
WITH THAT BUT WHEN YOU LOOK AT
THE SKINNY MAJORITY REPUBLICANS
WILL HAVE IN THE HOUSE,
PROBABLY ENOUGH REPUBLICANS
THAT LIKE BIG TIME SPENDING TO
MAKE SURE THEY CAN NEVER FAIL
TO GET THE MONEY THEY NEED FOR
THESE PROGRAMS.
I WOULD SIT THERE AND SAY THIS
IS NOT GOING TO BE A
REVOLUTIONARY PERIOD OF
CONTROLLING SPENDING, THAT’S
NOT GOING TO HAPPEN.
HE WILL SEE 2 YEARS OF
UNBRIDLED SPENDING AND
WORSENING OF THE US ECONOMY
DURING THIS PERIOD BUT HOPE
SPRINGS ETERNAL AND I HOPE
BRANDON IS RIGHT THEY WILL DO A
BIPARTISAN AGREEMENT AND PUT A
CEILING ON THIS SPENDING BUT I
DOUBT IT VERY MUCH.
DAVE: IT IS UNLIKELY THE WAR ON
FOSSIL FUELS WILL CHANGE, THE
PRESIDENT IS CONVINCED THAT
EVERYTHING HE HAS BEEN DOING IS
CORRECT.
HE SAID SO MUCH AFTER THE
ELECTION AND CONTINUE TO STOP
ALL THE DRILLING AND LEASING
WHERE WE HAVE HAD THESE DO
MINIMUS MEASURES TAKEN TOWARDS
PROGRESS AND A WHOLE WEALTH OF
NEW REGULATIONS TO STOP ANY
KIND OF NEW DRILLING.
LOOKS LIKE WE WILL HAVE
SHORTAGES OF FOSSIL FUEL.
>> WHAT BIDEN SAID WAS THE
BEATINGS WILL CONTINUE UNTIL
MORALE IMPROVES SO I THINK WE
WILL HAVE HIGHER ENERGY PRICES
FOR THE FORESEEABLE FUTURE, THE
GLIMMER OF HOPE, I WILL TRY TO
BE AN OPTIMIST, THE GLIMMER OF
HOPE IS THE PROMISE THEY MADE
TO SENATOR MANCHIN TO DO
PERMITTING REFORM.
THAT COULD ACCELERATE NOT JUST
GETTING ENERGY OUT OF THE
GROUND BUT TRANSMISSION WE
SORELY NEED TO GET ENERGY FROM
POINT ETA POINT B.
THAT’S THE ONE GLIMMER OF HOPE,
THIS ADMINISTRATION HAS BEEN
ANTI-DOMESTIC ENERGY AND THAT
COULD COST TAXPAYERS AT THE
PUMP AND COST TAXPAYERS WHEN
TRYING TO HEAT THEIR HOMES AND
MAINTAIN THEIR LIVELIHOODS.
DAVE: MAY COST SOME PEOPLE
THEIR LIVES IF THEY USED TO