SEE WHEN THE PRESENT WILL HAVE
COMMENTS IN THE MOMENT BUT LET’S
WORK IN THIS FOX NEWS ALERT.
HE REPORTS TO ITS RELEASE,
CONSUMER PRICES JUMPING 9.1%
YEAR-OVER-YEAR.
THE BIGGEST GAIN IN 40 YEARS.
HERE TO REACT, FORMER REAGAN
ECONOMIC ADVISOR ART LAFFER.
WE MAY HAVE TO INTERRUPT WHEN
THE PRESIDENT TAKES THE PODIUM.
A LOOK AT THIS NUMBER, IT’S
PRETTY EASY TO UNDERSTAND WHY SO
MANY PEOPLE IN HIS OWN PARTY
DON’T WANT JILL BIDEN TO RUN FOR
REELECTION.
>> THAT’S VERY CLEAR BUT WHAT IS
ALSO CLEAR IS THIS INFLATION
NUMBER IS ACCELERATING.
IT’S NOT TONING DOWN, AS THEY
SAY.
IT’S NOT TOPPING OUT.
NONE OF THAT IS TRUE.
THIS NUMBER IS ACCELERATING.
WHEN YOU LOOK AT THE
CONSTRUCTION OF THIS NUMBER, THE
NUMBER DROPPED OFF 12 MONTHS AGO
WAS A VERY HIGH NUMBER.
THIS NUMBER SHOULD HAVE DROPPED
QUITE SUBSTANTIALLY.
THAT GOES DOWN TO ABOUT 8.2.
BUT INSTEAD WE HAVE AN INFLATION
PROBLEM OF INCREDIBLE
PROPORTIONS, AND THERE’S NO
SLOWING DOWN.
IT IS ACCELERATING.
>> Ainsley: ART, THE AVERAGE
AMERICAN FAMILY, HOW DOES THIS
AFFECT THEM AND WILL HE CONTINUE
TO SEE THOSE NUMBERS GO UP AND
UP?
>> WE WILL CONTINUE TO SEE THESE
NUMBERS GO UP AND UP AND UP.
IT’S ACCELERATING IN THIS THING
IS OUT OF CONTROL.
IT AFFECTS THE EVERYDAY FAMILY
BY GROCERIES, THEIR WAGES ARE
OFTEN FIXED, YOU GOT THE STOCK
MARKET COMING DOWN AND SOME OF
THEM HAVE WEALTH AND CHECKING
ACCOUNTS.
IS IT BEING EATEN AWAY BY THIS
INFLATION AT AN EVER-INCREASING
RATE.
JUST FOR THE RECORD, I’M OLD
ENOUGH THAT I’VE LIVED THROUGH
THAT PERIOD BEFORE.
I WAS WITH REAGAN AND BEFORE
THAT WITH THE NIXON
ADMINISTRATION.
SO I SAW INFLATION FIRST HAND.
THIS IS ABOUT AS BAD AS IT GETS.
COMBINED WITH THE EMPLOYMENT
NUMBERS, WHICH ARE NOT GOOD FOR
THIS ADMINISTRATION, I DON’T SEE
HOW THEY PULL OUT.
>> Brian: YESTERDAY THEY SAY
THE NUMBERS WE ARE GOING TO SEE
OUR OLD BECAUSE GAS PRICES HAVE
DROPPED SINCE.
>> [LAUGHS]
THEY ARE LIKELY CAN HAVE, TWO
WEEKS OLD.
THEY ARE NOT OLD LIKE I AM.
THESE NUMBERS ARE VERY CURRENT.
THEY ARE NUMBERS THAT WE GET
FROM TOMORROW.
SEE THREE HE LEFT BECAUSE HIS
LAST NAME IS LAFFER!
>> Steve: ART, HERE’S THE
PROBLEM.
THE PRESIDENT IS PUTTING ALL OF
HIS EGGS IN ONE BASKET.
THE BASKET IS THE
FEDERAL RESERVE.
HE IS RELYING ON THE
FEDERAL RESERVE BECAUSE THE
INFLATION RATE GOES DOWN TO 2%.
IT’S GOING THE WRONG WAY, SO HE
STOMPED ON THE BRAKES FOR
SECRETIVE POINT LAST TIME.
COULD BE THE SAME NEXT TIME.
THIS IS NOT GOING TO END WELL.
>> IT’S NOT, AND THE FED IS NOT
DOING A GOOD JOB.
THEY ALLOWED IT TO BE FREE AND
CLEAR SO THEY ROSE ON THEIR OWN.
IMAGINE IF THE FED SOLD OFF A
TRILLION DOLLARS OF BONDS.
THE YIELDS WOULD BE 14-15%.
THEY ARE NOT DOING THAT SO THEY
ARE NOT GETTING IT UNDER
CONTROL.
THEY ARE ALLOWING IT TO CONTINUE
TO RISE.
IN THEY HAVE A REAL PROBLEM A
YEAR DOWN THE ROAD.
AND THAT’S SOMETHING I WORRY
ABOUT.
>> Ainsley: DO YOU PREDICT A
RECESSION?
>> IT LOOKS VERY IMMINENT.
WHEN YOU GET SPOT COMMODITY
PRICES DROPPING WHILE THE
INFLATION RATE IS ACCELERATING,
YOU’VE GOT A RECESSION ON YOUR
HANDS.
THE REASON COPPER AND GOLD AND
LUMBER AND ALL THOSE ARE
DROPPING IS BECAUSE THE DEMAND
FOR THEM IS GOING DOWN.
IT’S NOT LIKE RENT AND ALL THESE
OTHER THINGS THAT ARE RISING AT
HIGHER RATES.
WE GOT THE WORST OF ALL POSSIBLE
WORLDS.
THE ONLY HOPE I HAVE IN MY MIND
IS THE NEXT ELECTION.
THE MIDTERM ELECTIONS, IF PEOPLE
DON’T CHOOSE A BETTER PATH, IT’S
THEIR PROBLEM.
>> Brian: IF YOU LOOK IN THE
PAST AND SEE HOW WE GOT OUT OF
IT, YOU GOT US OUT OF IT.
SUPPLY-SIDE ECONOMICS, THE
SUPPLY CHAIN IS BROKEN AND IT
DOESN’T SEEM TO BE SIXTH OR IT’S
HAPHAZARD THE WAY IT’S BEING
FIXED.
IT DOESN’T MEAN THAT YOU CUT
SPENDING, AND INTEREST RATES
BEGIN TO COME DOWN.
SO WHAT DO WE EXPECT NOW?
WHAT KIND OF ACCOMMODATION TO
AMELIORATE THIS?
>> ITS TIGHT MONEY, LETTING
INTEREST RATES RISE TO WHERE
THEY SHED, AND TAX CUTS TO
INCREASE THE SUPPLY OF GOODS AND
SERVICES.
THAT’S THE LADY BROUGHT IT DOWN
IN THE ’80s AND THAT’S THE WAY
IT CAN BE BROUGHT DOWN NOW.
WHEN YOU LOOK AT WHAT SHE MEANT
AND JOE MANCHIN ARE TALKING
ABOUT, IT’S BUILD BACK BETTER
LITE, THE WRONG THING THEY
SHOULD BE DOING.
THEY SHOULD BE TALKING ABOUT
SPENDING.
THAT IS WHAT SHOULD BE DONE TO
BRING IT UNDER CONTROL AND LET
INTEREST RATES SINK TO THEIR OWN
LEVEL.
>> Brian: THEY WANT TO RAISE
THE CORPORATE TAX RATE AGAIN.
>> I KNOW, IT’S CRAZY.
IT’S ONE OF THE MOST SUCCESSFUL
THINGS AND IT HAPPENED IN LAST
HALF-CENTURY AND THEY WANT TO
REVERSE IT.
HOW CRAZY IS THAT?
BELONGED BY THE WAY, ART IS
SPEAKING AT FREEDOM FEST SCREAMING ON
FOX NATION.
THE PRESIDENT IS IN THE
MIDDLE EAST TO BEG SAUDI ARABIA
TO GIVE US MORE OIL.
WE DON’T NEED TO ASK THEM.
WE COULD BE ENERGY INDEPENDENT,
BUT HE DOESN’T WANT TO DO THAT
BECAUSE OF HIS GREEN AGENDA.
>> YEAH, WE WERE ENERGY
INDEPENDENT WHEN TRUMP LEFT
OFFICE.
WE REALLY WERE.
WE ARE IN GOOD SHAPE, AND NOW WE