CAN PAT THEMSELVES ON THE BACK
AND SAY THAT THEY DID SOMETHING.
DAGEN: JOINING ME NOW, ART
LAFFER, LAF THE FER ASSOCIATES
CHAIRMAN.
KARINE JEAN-PIERRE WAS ASKED AT
THE PRESS BRIEFING TODAY ABOUT
PRESIDENT OBAMA’S COMMENTS FROM
2008, THE SUMMER THEN, AND GAVE
A LONG, NON-ANSWER BUT DID
MANAGE TO BE TO BLAME PUTIN A
COUPLE OF TIMES.
IF?
>> IT DOESN’T SURPRISE ME,
DAGEN, THAT THEY WOULD DO THAT.
THIS IS THE TYPE OF THING THEY
DO.
AND WHY DON’T THEY TELL US HOW
THIS IS A GREEN POLICY TOO?
I MEAN, IF YOU’RE LOWERING THE
GAS TAX ON GAS AND OIL, AREN’T
YOU ENCOURAGING PEOPLE TO BUY
MORE AND THAT’S POLLUTING THE
AIR AND DOING ALL THAT STUFF IN
THE ONLY THING THEY’RE DOING IS
THEY’RE MAKING IT POLLUTED MORE
BY MAKING IT BE FROM FROM IRAN
AND VENEZUELA RATHER THAN
AMERICAN PRODUCERS.
IT’S RIDICULOUS, WHAT’S GOING
ON.
DAGEN: IT IS JUST A GIMMICK.
PRESIDENT OBAMA WAS RIGHT --
>> TRUE.
CAWG CRAIG -- WHEN HE REFERRED
TO THE THEM, THE THEM IS NOW,
WELL, THE DEMOCRATS.
>> YES.
AND IT’S MORE PR THAN POLICY,
DAGEN, IT’S JUST THAT’S WHAT IT
IS.
YOU KNOW?
AND, BY THE WAY, IT HAS GO
THROUGH THE LEGISLATURE, WHICH
IT WON’T.
I CAN’T IMAGINE THE REPUBLICANS
VOTING FOR THIS, GIVING THEM A
BIG WIN WHEN IT’S A NOTHING
BURGER.
DAGEN: AND SO NOW THE DEMOCRATS
WOULD THEN ACCUSE REPUBLICANS OF
BEING EXISTENCE LOWERING TAXES
ON AMERICAN -- AGAINST LOWERING
TAXES ON THE AMERICAN PEOPLE, I
GUESS THERE’S ALWAYS --
>> OH, NO, DAGEN.
THE REPUBLICANS WOULD THEN BE IN
FAVOR OF NOT SHORTING THE
HIGHWAY FUNDS WHICH ARE
DESPERATELY NEED FOR THE
INFRASTRUCTURE BILL THE BUILD
BACK BETTER WOULD HAVE DONE.
I MEAN, GOODNESS GRACIOUS, YOU
DON’T WANT TO SHUT THOSE HIGHWAY
FUNDS AND GET ALL THE
INFRASTRUCTURE YOU REALLY NEED,
DO YOU?
I’M JUST JOKING, DAGEN.
THEIR LOGIC IS ALL FLAWED, AND
IT’S JUST PURE POLITICS.
DAGEN: SPEAKING OF POLITICS,
ENERGY SECRETARY JENNIFER
GRANHOLM IS EXPECTED TO MEET
WITH OIL EXECUTIVES THIS
THURSDAY.
WHAT IS SHE POSSIBLY GOING TO
SAY TO THESE OTHER THAN VILIFY
THEM TO THEIR FACE IF SHE HAS
THE GUMPTION TO DO THAT?
>> OH, SHE DOES HAVE THE
GUMPTION TO DO THAT.
IS HAVE YOU EVER SEEN HER
BEFORE?
SHE REALLY IS A VERY IS
STRONG-WILLED PERSON, BELIEVE ME
WHEN I TELL YOU SHE WILL DO
THAT.
IT’S THE WRONG THING TO DO.
THESE GUYS ARE TRYING TO MAKE A
BUCK IN THIS WORLD AND, FRANKLY,
THEY’RE NOT TRYING TO EXPLOIT
ANYONE, THAT THEY’RE TRYING TO
PROVIDE THE OIL, BUT THE
PRESIDENT AND THE CONGRESS HAS
STOPPED THEM FROM BUILDING THE
OIL AND STRUCTURE THAT WE NEED
TO PROVIDE THAT OIL.
SO IF YOU COMPLAIN ABOUT
ANYTHING, THEY SHOULD JUST YELL
RIGHT BACK AT GRANHOLM AND SAY
WHY DON’T YOU LET US PRODUCE
MORE OIL?
WHICH SHE WON’T LEAPT US DO.
DAGEN: ART, WHAT COULD THE BIDEN
ADMINISTRATION DO HERE?
I’VE SAID THAT HE COULD COME OUT
AND SAY I WILL VETO ANYTHING
THAT INCREASES GOVERNMENT
SPENDING FOR THE FORESEEABLE
FUTURE INCLUDING EXTENDING THE
MORATORIUM ON STUDENT LOAN
PAYMENTS WHICH IS A HANDOUT,
ONGOING, TO RICH PEOPLE IN THIS
COUNTRY.
HE COULD DO THAT.
BUT WITHOUT DOING ANYTHING TO
COOL INFLATION, THEY ARE WHAT I
CALL CAN KICKING, DOING SOME CAN
KICKING THAT’S DANGEROUS --
[LAUGHTER]
BECAUSE EVERYTHING IS KICKED
OVER TO THE FEDERAL RESERVE.
AND THE FEDERAL RESERVE IS A
BLUNT INSTRUMENT THAT COULD
CAUSE A FINANCIAL CALAMITY AS IT
TRIES TO RAISE RATES AND REDUCE
THE BALANCE SHEET AND TAME
INFLATION.
>> YEAH.
WHAT I THINK THEY SHOULD DO,
DAGEN, IS RIGHT ALONG YOUR
LINES, THAT THEY SHOULD IMPOUND
THE FUNDS THAT HAVE ALREADY BEEN
AUTHORIZED BUT HAVE NOT BEEN
SPENT BECAUSE WE CAN’T AFFORD
THE INFLATION THERE.
I THINK YOU SHOULD COME OUT
PUBLICLY AND SAY I NO LONGER
WANT BUILD BACK BETTER, THAT $6
TRILLION PROGRAM THAT’S IN THE
BUDGET.
HE SHOULD DO THAT, AND HE SHOULD
ALSO THEN SAY I WANT TO OPEN UP
ALL THE OIL PRODUCTION WE CAN, I
WANT TO REVERSE THE KEYSTONE
PIPELINE, I WANT TO REVERSE ALL
THE INJUNCTIONS WE PUT AGAINST
DRILLING IN ANWR AND ELSEWHERE
IN THE COUNTRY, AND I WANT TO
BUILD MORE REFINERIES.
THAT’S WHAT HE SHOULD DO.
BUT INSTEAD, YOU KNOW, THEY’RE
PLAYING POLITICS IN THE WORST
WAY, AND THEIR POLLS SHOW.
EVERYONE SEES THROUGH THE
TRANSPARENCY THESE PEOPLE HAVE.
THEY’RE JUST STARK TRANSPARENT
POLITICAL OPERATIVES, AND IT’S
REALLY NOT ATTRACTIVE.
DAGEN: WELL, AND THEY DON’T KNOW
HOW TO ANSWER QUESTIONS EITHER.
WHEN GRILLED ABOUT WHAT’S REALLY
GOING ON IN THE ECONOMY, ART,
TODAY BIDEN WAS ASKED ABOUT THE
UNEMPLOYMENT RATE, AND IT WAS
KIND OF ALLUDING TO WHAT LARRY
SUMMERS WAS TALKING ABOUT, LIKE
THE UNEMPLOYMENT RATE NEEDS TO
GO UP IN ORDER TO TAME
INFLATION.
HE WAS ASKED ABOUT THIS TODAY,
AND HERE WAS HIS ANSWER.
ART, LISTEN TO THIS REAL QUICK.
>> OKAY.
>> [INAUDIBLE]
WHAT COULD BE DONE TO SWITCH
THAT?
>> WELL, THERE’S OTHER, THERE’S
OTHER ECONOMISTS WHO DON’T THINK
THAT’S THE CASE, AND WE’RE IN
THE PROCESS OF WORKING THROUGH
ALL OF THIS.
DAGEN: THAT WAS THE BEST HE
COULD GIVE US.
>> OH, MY GOODNESS.
THAT’S SORT OF EMBARRASSING.
I MEAN, WHEN YOU LOOK AT THIS
ECONOMY, DAGEN, AND JUST
FACTUALLY THERE ARE 800,000 LESS
JOBS TODAY -- YEAH, 800,000 LESS
JOBS TODAY THAN THERE WERE IN
FEBRUARY OF 2020.
IF YOU DO IT ON A TREND LINE
FROM THERE, WE’RE ABOUT 5-6
MILLION JOBS SHORT OF WHERE WE
ARE AT THE END -- JUST BEFORE
THE PANDEMIC.
THIS IS, WE’VE HAD TWO QUARTERS,
1.5% DECLINE IN GDP, THAT’S
ACTUALLY THE FIRST QUARTER X
THIS QUARTER NOW IS ESTIMATED BY
ATLANTA FED AS BEING VERY, VERY
CLOSE TO 0.
IF IT COMES IN NEGATIVE, THAT
WILL BE THE TWO QUARTERS IN A
ROW THAT WOULD BE THE DEFINITION
OF A REEGG.
DAGEN: -- RECESSION.
DAGEN: RIGHT.
IF YOU ASK ANYBODY P LIKE FOLKS
THAT WE KNOW WHO DON’T WORK IN
WASHINGTON, IF YOU ASK THEM
ANYTHING ABOUT, OH, DO YOU THINK
A RECESSION’S ON THE HORIZON,
THEY WILL MAKE A NASTY HAND
GESTURE AT YOU --
[LAUGHTER]
BECAUSE PEOPLE ALREADY FEEL LIKE
THEY’RE IN A RECESSION IN TERMS
OF JUST TRYING TO COPE WITH
DECLINING WAGES.
AND IF YOU’RE RUNNING A SMALL
BUSINESS, YOU’RE GETTING HIT
FROM EVERY ANGLE.
YOU CAN’T EVEN FIND PEOPLE TO
WORK.
TO YOUR POINT, THE BIDEN
ADMINISTRATION HAS NOT FULLY
RECOVERED ALL THE JOBS LOST
DURING THE SHUTDOWN.
BECAUSE I SAT DOWN AND DID THE
MATH TOO.
>> YEAH, YOU’RE EXACTLY RIGHT.
THEY HAVEN’T, AND THEN WE’VE HAD
TWO QUARTERS OF -1.A 5%, AND THE
NEXT ONE WAS REVISED FROM 1.3%
TO .9% NOW TO0%.
TO 0%.
IT’S GETTING WORSE.
THESE THINGS ARE NOT ATTRACTIVE,
AND HE’S NOT SAYING THINGS
CORRECTLY.
HE’S WRONG, WRONG, WRONG WHEN HE
SAYS THIS IS THE BEST ECONOMY IN
THE WORLD, WE’VE GOT ALL THIS
GROWTH, FASTEST GROWTH EVER.
THAT’S NOT TRUE.
IT’S LITERALLY THE OPPOSITE OF
THAT.
DAGEN: YEAH.
AND WHEN YOU SAY THAT, YOU’RE
SPITTING IN THE FACE OF EVERY
HARD WORKING AMERICAN WHO’S
STRUGGLING JUST TO FILL UP THEIR
CARS TO GET TO WORK.
ART, JAMES FREEMAN WROTE ABOUT
THIS, JUST REAL QUICK.
JOE BIDEN VOTED FOR, WHEN HE WAS
A SENATOR -- A HALF HALF A
CENTURY OF THAT, WELL, ALMOST --
HE VOTED FOR THE REAGAN TAX
REFORMS IN ’81 AND ’86.
>> YES, HE DID.
DAGEN: AND NOW LOOK WHAT’S
HAPPENED TO HIM.
>> I KNOW, IT’S TERRIBLE.
YOU KNOW, WHAT YOU SEE HAPPENING
HERE, DAGEN, IF I MAY SAY, THESE
PEOPLE WILL REBUT ARGUMENT --
I’M TALKING ABOUT THE BIDEN
ECONOMISTS -- THEY WILL REBUT
ARGUMENTS THEY KNOW TO BE TRUE
IN ORDER TO CURRY FAVORS WITH
THEIR POLITICAL BENEFACTORS.
AND THAT IS THE THING THAT
DISGUSTS ME THE MOST.
THE HEARING -- JUST HEARING
THESE PROFESSIONAL ECONOMISTS
TOUT THIS PARTY LINE WHEN THEY
KNOW IT’S NOT TRUE.
THEY KNOW IT’S NOT TRUE, AND YET
THEY STILL JUST SPOUT IT OUT AS
IF TEMPERATURE. -- IF
TEMPERATURE. -- IF IT WERE.
DAGEN: I’M WAITING FOR THEM TO
PULL AN LBJ.
WHEN EGG PRICES WERE RISING NOT
ONLY DID HE ROUGH UP CHESNEY
MARTIN WHO WAS THE FED CHIEF,
BUT WHEN EGG PRICES WERE RISING,
HE SENT THE SURGEON GENERAL OUT
TO SCARE THE AMERICAN PEOPLE
ABOUT CHOLESTEROL TO BRING EGG
PRICES DOWN.
[LAUGHTER]
>> THAT’S -- DON’T YOU LOVE IT?
I MEAN, YOU KNOW, THIS IS TIME
AND TIME AGAIN THESE PATTERNS TO
OCCUR.
WE’RE GOING TO HAVE WAGE AND
PRICE CONTROLS SOON, EXCESS
PROFIT TAX.
ALL OF THOSE ARE ALL IN THE
ITINERARY OF WHAT’S GOING TO BE
ROLLED OUT OVER THE NEXT YEAR,
YEAR BEHALF, TWO YEARS TO TRY TO
CONTROL THE BAD ANY -- BAD
ECONOMY, AND NONE OF IT WILL
WORK.
DAGEN: IT CAUSES SHORTAGES,
RIGHT.
>> UNFORTUNATELY, I’VE
EXPERIENCED IT ALL, DAGEN, AND
IT NEVER DOES WORK.
FREE MARKETS WORK OVER
GOVERNMENT CONTROL EVERY SINGLE
TIME.
DAGEN: AMEN, HALLELUJAH.