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>> GOT TO LOVE ELTON JOHN.
WELCOME BACK TO THE BIG SUNDAY
SHOW EVERYONE.
PRESIDENT BIDEN BREAKING HIS
PROMISE NOT TO RAISE TAXES ON
THE MIDDLE CLASS.
THE SO-CALLED INFLATION
REDUCTION ACT WOULD DO EXACTLY
THAT.
BUT SENATOR MANCHIN CLAIMS IT
WON’T EARLIER ON FOX NEWS
SUNDAY.
LISTEN.
>> IT DOES NOT RAISE TAXES.
I HAVE SAID THIS BEFORE.
I SAID ALL WE DID WAS CLOSE
LOOPHOLES.
>> BUT THE JOINT COMMITTEE ON
TAXATION ANALYSIS FINDS HE’S
WRONG.
THE BIPARTISAN GROUP SAYS TAXES
WOULD INCREASE NEXT YEAR FOR
PEOPLE WHO EARN LESS THAN
$200,000.
THE AVERAGE TAX RATE FOR NEARLY
EVERY INCOME BRACKET WOULD
INCREASE, AND IN ABOUT 10 YEARS,
THOSE EARNING BELOW $400,000
WOULD BEAR AS MUCH TWO THIRDS OF
THE TAX BURDEN, THANKS TO NEW
GREEN ENERGY CREDITS KICKING IN
TO HELP THE WEALTHY.
ALL RIGHT, GUYS, A LOT HERE TO
TALK ABOUT.
SO THIS BILL IS A LITTLE BIT
LESS THAN THE BUILD BACK BETTER
BILL.
THAT WAS ONLY 3 TRILLION
DOLLARS.
THIS ONE IS 433 BILLION DOLLARS.
BUT I THINK THE KEY HERE IS IT
IS NOT A DONE DEAL YET.
IS THE KEY TO THIS BILL KIRSTEN
SINEMA?
>> IT MAY BE.
BUT THE OTHER KEY IS JOE
MANCHIN, THE AMOUNT OF TIME HE
TALKED ABOUT BEING CONCERNED
ABOUT INFLATION AND THE
DEVASTATING EFFECTS THAT
INFLATION HAS ON WORKING
AMERICANS TO GO ALONG WITH
SOMETHING LIKE THIS, WHICH IS --
YOU KNOW, THEY CAN CALL IT THE
INFLATION REDUCTION ACT ALL THEY
WANT.
IT IS NOT GOING TO REDUCE
INFLATION.
IT IS GOING TO INCREASE
INFLATION.
AND THERE IS NO SUCH THING AS A
FREE MEAL.
MONEY COMES FROM SOMEWHERE.
EVEN IF YOU ARE PRINTING IT,
MONEY COMES FROM SOMEWHERE.
WORKING AMERICANS ARE GOING TO
PAY THE PRICE FOR THIS, AND WHY
JOE MANCHIN WANTS TO BE AT THE
CENTER OF THIS AND MAKE THINGS
SO MUCH WORSE, HE IS UP IN 2024.
AT THE SAME TIME, WHEN EITHER
JOE BIDEN AND/OR PRESIDENT TRUMP
WILL BE BACK ON THE SCENE, IT IS
GOING TO BE REALLY INTERESTING,
AND HE’S GOING TO PAY SOME SORT
OF PRICE FOR THIS.
>> YEAH, I MEAN, BRET BAIER PUT
HIM ON THE SPOT THIS MORNING ON
FOX NEWS SUNDAY.
JOE BIDEN WOULDN’T BACK DOWN.
I WANT TO PUT UP THIS QUOTE.
WE ALL KNOW UNIVERSITY OF
PENNSYLVANIA HAS AN EXCELLENT
BUSINESS SCHOOL.
THIS IS WHAT THEY SAY THE
WHARTON BUDGET MODEL ON
SPENDING.
WE ESTIMATE THAT THE INFLATION
REDUCTION ACT WILL PRODUCE A
VERY SMALL INCREASE IN INFLATION
FOR THE FIRST FEW YEARS, UP 0.5%
IN 2024.
OKAY, BUT RACHEL, YOU KNOW, THE
AMERICAN FAMILY IS ALREADY
STRUGGLING WITH INFLATION,
PRICES AT THE GROCERY STORE,
GAS, YOU NAME IT, EVERYTHING IS
UP.
CAN THEY TAKE -- CAN THEY BEAR A
TAX INCREASE?
>> I MEAN, THIS IS SUCH AN
INSULT TO THE AMERICAN PEOPLE,
JUST AS CHARLIE WAS TALKING
ABOUT.
I MEAN, YOU HAVE, YOU KNOW,
SOMEONE LIKE AL GORE TWEETING I
LOVE THE INFLATION REDUCTION
BILL.
WHY?
BECAUSE IT IS A CLIMATE BILL.
IT HAS NOTHING TO DO WITH
INFLATION.
IN FACT, IT IS GOING TO RAISE
TAXES.
IT IS GOING TO EXACERBATE
INFLATION.
MANCHIN KNOWS THAT THE PEOPLE --
HE’S LYING, FIRST OF ALL.
JOE MANCHIN IS LYING.
HE KNOWS WHAT’S HAPPENING IN
THIS BILL.
HE IS GOING TO GO ON AND LIE AND
SAY IT IS ABOUT REDUCING
INFLATION AND WON’T RAISE TAXES.
HE’S DOING THAT BECAUSE HE KNOWS
THE PEOPLE OF HIS STATE DON’T
LIKE JOE BIDEN.
THEY MISS TRUMP.
THEY MISS TRUMP GAS PRICES.
THEY MISS TRUMP ECONOMY.
THEY MISS TRUMP FOREIGN POLICY
WHERE LIKE EVERY THREE MONTHS
WE’RE NOT FACING SOME SORT OF
NUCLEAR CATASTROPHE.
I THINK A LOT OF REPUBLICANS
HAVE GIVEN JOE MANCHIN A LOT OF
GRACE BECAUSE NEXT TO, YOU KNOW,
AOC AND PELOSI AND BIDEN AND
KAMALA, HE SEEMS NORMAL,
MODERATE.
HE’S NOT.
HE’S A HARD CORE LIBERAL.
HE JUST LOOKS A LITTLE BIT MORE
NORMAL NEXT TO THESE GUYS.
IT IS INTERESTING.
HE’S UP IN 2024.
IS HE MAKING A PLAY TO RUN FOR
PRESIDENT?
DON
I DON’T KNOW WHAT HE’S DOING
THAT.
HE IS WILLING TO BASICALLY HURT
HIS OWN PEOPLE WHO ARE SOME OF
THE POOREST IN THE COUNTRY BY THE WAY.
THE WAY.
>> THIS PARTY DOESN’T LIKE
MODERATES.
DO YOU REMEMBER THE DEBATE STAGE
WITH ELIZABETH WARREN?
DO YOU REMEMBER THE RED WEDDING
ON GAME OF THRONES?
>> I’M NOT A GAME OF THRONES.
[LAUGHTER]
>> I’M GIVING AN ANALOGY NO ONE
UNDERSTANDS.
>> HOLD IT THERE, JOE.
I WANT TO GIVE SENATOR MANCHIN A
CHANCE TO REACT OUT OF THE STUDY
ON WHARTON.
LET’S HEAR WHAT HE HAD TO SAY
ABOUT FOX NEWS SUNDAY.
>> THERE ARE SOME ANALYSIS
GROUPS, NONPARTISAN GROUPS,
UNIVERSITY OF PENNSYLVANIA,
WHARTON SCHOOL SAYS THE ACT
WOULD VERY SLIGHTLY INCREASE
INFLATION UNTIL 2024.
THEN DECREASE INFLATION AFTER
THAT, BUT IT SAYS ROUGHLY IT’S
INDISTINGUISHABLE FROM ZERO.
AND THEY DON’T THINK IT WILL
HAVE AN IMPACT ON INFLATION.
SO I MEAN, THAT’S A GROUP THAT’S
LOOKING AT THIS.
>> BRET, I RESPECTFULLY DISAGREE
ON THAT, BUT YOU KNOW WHAT?
WE CAN HAVE DIFFERENCES OF
OPINIONS.
>> BOY, THAT’S A GENERIC ANSWER
IF THERE’S EVER BEEN ONE; RIGHT?
>> BUT IT IS SO INTERESTING,
THOUGH, HOW JOE MANCHIN WAS
REALLY A SORT OF A DARLING OF
THE REPUBLICANS AND PEOPLE WHO
ARE MIDDLE OF THE ROAD.
HE’S GOING TO BE OUT IF THIS
THING GETS PASSED; RIGHT?
I KNOW YOU ARE CHOMPING AT THE
BIT TO SAY SOMETHING.
BUT I WANT TO ASK YOU, DO YOU
THINK HE HAS ASPIRATIONS TO BE
PRESIDENT ONE DAY?
>> WELL, IT DOESN’T SEEM LIKE HE
HAS ASPIRATIONS TO GET
RE-ELECTED AS SENATOR OF WEST
VIRGINIA.
>> NO.
>> SOEN ENI DON’T KNOW.
HE’S ALWAYS BEEN SO GOOD ABOUT
PUTTING HIMSELF IN THIS POSITION
WHERE HE HOLDS ALL OF THE LEVERS
AND OBVIOUSLY BRINGS THINGS HOME
TO HIS STATE.
I’M SORRY, YOU CAN’T SPEND
HUNDREDS OF BILLIONS OF DOLLARS
AND NOT INCREASE INFLATION.
ONE OTHER POINT THAT IS
IMPORTANT THAT GETS LOST HERE IS
THE FACT THAT YOU HAVE THE FED
RAISING INTEREST RATES.
WHO PAYS THE BRUNT OF -- IT IS
NOT RICH PEOPLE WHO PAY THE
PRICE WHEN YOU RAISE INTEREST
RATES.
IT IS WORKING AMERICANS, WHO PAY
THAT PRICE.
YOU CAN’T BUY A CAR.
YOU CAN’T BUY A HOUSE.
YOU CAN’T SELL THE HOUSE YOU
HAVE.
WORKING AMERICANS PAY THE
ENTIRE -- OR THE LION’S SHARE OF
THE PRICE.
>> IT’S THE AVERAGE MIDDLE CLASS
FAMILY MAKING $67,000 A YEAR
LIKE WE TALKED ABOUT YESTERDAY.
JOE, ONE MORE POINT?
>> NOBODY WANTS THIS; ALL RIGHT?
BUILD BACK BETTER, CNN RAN A
POLL THAT SAID ONE IN FOUR
PEOPLE SAID THAT BUILD BACK
BETTER WOULD MAKE THEIR LIVES
PERSONALLY BETTER.
94% OF AMERICANS ARE CONCERNED
ABOUT INFLATION.
YOUR IDEA IS TO SPEND -- I KNOW
YOU MENTIONED THAT NUMBER BEFORE
450 BILLION DOLLARS, WHEN YOU
THROW IN THE GIMMICKS, IT IS
REALLY 700 BILLION, RIGHT?
WHEN YOU THROW THAT INTO THE
ECONOMY, OF COURSE INFLATION IS
TO GOING TO GO UP EVEN MORE THAN
IT IS NOW.
WE’RE NEARLY AT 10%.
FINALLY, NO ONE TRUSTS THIS
ADMINISTRATION.
THEY FIRST SAID THAT INFLATION
WAS TEMPORARY, REMEMBER THAT?
THAT WAS ONLY GOING TO BE A
THING LAST SUMMER.
THEN THEY BLAMED PUTIN.
THEN THEY BLAMED EVIL OIL
COMPANIES.
THEN THEY BLAMED MOM AND DAD GAS
STATION OWNERS.
NO ONE BELIEVES THEM WHEN THEY
SAY TRUST US, WE THINK THIS WILL