ARE WORKING ON IT.
AND THAT’S MY RIFF.
ALL RIGHT JOINING ME NOW, GREAT
AMERICA SURE ON SET IN PERSON,
SENATOR PAT TOO MANICALLY OF
PENNSYLVANIA.
SENATOR, WELCOME.
>> LARRY, THANKS FOR HAVING ME.
LARRY: I WANT TO GET TO SOME
VERY SPECIFIC ITEMS BUT THE
AMERICAN FIRST POLICY INSTITUTE,
AND LOOK, I WOULD SAY
CONSERVATIVE SCHOLARS
EVERYWHERE, IT’S TIME TO PRESENT
A NEW AGENDA.
WE NEED A REGIME CHANGE ON
SECURITY, ON THE ECONOMY, ON OUR
CULTURE.
THAT IS ONE OF THE LESSONS, THAT
IS ONE OF THE ISSUES, THAT IS
OUR RESEARCH, THAT IS WHAT WE’RE
TRYING TO DO.
WHAT YOU THINK, ARE WE TOO
EARLY, TOO LATE, CAN THIS BE
TURNED AROUND?
>> NO, ABSOLUTELY.
ONE OF THE LESSONS I LEARNED
BEING IN THIS TOWN KIND OF A
LONG TIME NOW, LARRY IS, THE
BATTLE IS NEVER OVER.
TOUGH WIN AGAIN AND AGAIN.
THINK ABOUT WHAT WE JUST DID,
RIGHT?
WE WENT THROUGH A BIG
EXPERIMENT, OKAY, LET’S TRY
DRAMATIC TAX REFORM, LOWER
MARGINAL RATES, WE’LL SIMPLIFY,
WE WON’T PUNISH COMPANIES FOR
BEING SUCCESSFUL.
WE’LL ROLL BACK REGULATION
DRAMATIC CRIMINAL.
WE’LL ENCOURAGE ENERGY
PRODUCTION.
WE’LL SEE WHAT HAPPENS.
WELL, WHAT WE GOT WAS THE BEST
ECONOMY OF MY LIFETIME.
INDISPUTABLE.
LARRY: YOU WERE INSTRUMENTAL IN
THE TAX CUTS.
I KNOW YOU’RE MODEST BUT YOU
WERE INSTRUMENTAL IN THE TAX
CUTS.
>> DELIGHTED TO PLAY A ROLE IN
THE SENATE AS YOU PLAYED IN THE
ADMINISTRATION.
WE WORKED TOGETHER, WE GOT THE
BIGGEST TAX REFORM IN 30 YEARS.
EASILY, MAYBE BIGGER THAN THE
PREVIOUS ONE.
THE POINT I’M MAKING, TELL ME
WHAT WAS WRONG WITH THE RESULTS?
WHAT IS WRONG WITH RECORD LOW
UNEMPLOYMENT, RECORD ACT TELL
RATING WAGE GAINS WITH LOW
INFLATION, ASSET PRICES STRONG,
THE ECONOMY BOOMING, WAGE GAP
NARROWING?
ALL THOSE WERE HAPPENING.
THE DEMOCRATS LOOKED AT THAT WE
HAVE CAN’T LET THAT GO ON.
WE CAN’T HAVE THAT THEY HAVE
BEEN TRYING SINCE BIDEN BECAME
PRESIDENT TO TAX US INTO
RECESSION.
NOW THEY HAVEN’T BEEN ABLE TO
RAISE TAXES THANK GOODNESS, ONE
OR TWO DEMOCRATS HAVE HELD OUT
BUT THE DAMAGE THEY’RE DOING ON
THE REGULATORY FRONT, ON THE
ENERGY FRONT, I’M SO GLAD YOU
MENTIONED THE SUPREME COURT
BECAUSE YOU KNOW WHAT THE MEDIA
COVERAGE COMPLETELY IGNORES IS
THE FACT THAT WE CONSERVATIVES
DON’T ASK THE SUPREME COURT TO
GIVE US THE POLICY OUT COME WE
WANT.
THAT IS THE JOB OF POLICYMAKERS.
WHAT WE ASK THEM TO DO, RESPECT
THE LAW AND THE CONSTITUTION.
THAT IS WHAT THESE GUYS ARE
DOING.
THAT, I AGREE WITH YOU, VERY,
VERY BULLISH.
LARRY: MONUMENTAL CHANGE.
>> LET’S BE HONEST THE DEMOCRAT
STRATEGY TO HAVE THE
ADMINISTRATIVE STATE ACCOMPLISH
WHAT THEY CAN’T DO
LEGISLATIVELY.
THIS SUPREME COURT IS SAYING
ACTUALLY THE EXECUTIVE BRANCH
CAN ONLY DO WHAT THE LAW
PERMITS.
THAT IS A BIG GAME-CHANGER.
LARRY: STEVE FORBES, OUR GREAT
FRIEND STEVE FORBES, ALMOST ON
DAY ONE WITH THE BIDENS CALLED
THIS MODERN SOCIALISM THROUGH
THE REGULATORY STATE AS THEY TRY
TO JAM DOWN OUR THROATS THIS
CRAZY CLIMATE ACTIVISM FOR
EXAMPLE.
>> BY THE WAY I HAVE A HARD TIME
GETTING LECTURED BY THEM ABOUT
THE IMPORTANCE OF PRESERVING OUR
DEMOCRACY WHEN ALL THESE THINGS
THEY ARE TRYING TO DO IS
UNDEMOCRATIC.
HAVE FINANCIAL REGULATORS DESIGN
CLIMATE POLICY.
HAVE THE COURT DELIVER LIBERAL
POLICIES THEY CAN’T ENACT
THROUGH LEGISLATION.
THAT IS SO UNELECTED, HAVE
UNELECTED PARTS OF OUR
GOVERNMENT.
LARRY: WE’RE NOT PERFECT.
WE’RE BUILDING A WHOLE COALITION
HERE.
BY THE WAY, SENATOR McCONNELL,
WHO I THINK WAS INSTRUMENTAL IN
GETTING CONSERVATIVE JUDGES --
>> ABSOLUTELY.
LARRY: HE WILL COME ON THE SHOW.
WE’LL TALK ABOUT THAT.
I THINK IMPACT OF THESE
DECISIONS AND THIS NEW COURT IS
VAST, MON YOU MEN A.M. AND GOOD.
>> VERY, VERY GOOD AND ENDURING,
PAT TOOMEY, LET’S SORT OF LOOK
AT A FEW ISSUES THOUGH THAT MAY
NOT BE SO GOOD.
ONE I KNOW YOU’RE OPPOSED TO
THIS CHIPS PLUS OR WHATEVER IT
IS CALLED USICA, $250 BILLION.
WHAT IS HAPPENING HERE?
>> YEAH.
WELL, I THINK YOU UNDERSTAND
THIS VERY WELL, LARRY.
THERE IS THIS CONCERN THAT CHINA
IS GOING TO DISPLACE AMERICA AND
BASICALLY ALL THINGS.
AS IT HAPPENS CHINA DOES NOT
DOMINATE ADVANCED CHIP
MANUFACTURING.
WE HAVE MUCH BETTER TECHNOLOGY
ABOUT HOW TO MAKE CHIPS BUT, AND
WE HAVE A VERY MATURE INDUSTRY
THAT IS ALSO VERY PROFITABLE AND
THAT IS EXPANDING IN THE UNITED
STATES.
THERE ARE FOUR BIG FAB PROJECTS
ALREADY UNDERWAY, BUT, WE’VE GOT
FOLKS THAT DECIDED THE WAY YOU
BEAT THE CHINESE IS TO EMULATE
THE CHINESE AND HAVE A BIG DOSE
OF CENTRAL PLANNING, HAVE
TAXPAYERS ALLOCATE CAPITAL TO
THIS PROFITABLE, EXISTING
INDUSTRY.
I THINK IT IS A BIG MISTAKE.
IT PASSED THE KEY PROCEDURAL
VOTE TODAY, HOWEVER.
SO IT IS GOING TO PASS.
LARRY: I KNOW.
I’M GOING TO HAVE TO ACCEPT THE
OUTCOME.
I DON’T LIKE IT LIKE YOU.
I WOULD HAVE RATHER SEEN TAX
CUTS EXTENDING 100% DEPRECIATION
LAWS.
>> ABSOLUTELY.
LARRY: R&D CREDITS TO BE
DEDUCTED, THOSE SORTS OF THINGS.
>> BY THE WAY I THINK WE’RE
HEADING TOWARDS A GLUT OF CHIPS.
THAT IS WHERE WE’RE GOING TO BE.
A YEAR FROM NOW WE’LL HEAR
COMPANIES CRYING TO US WE CAN’T
MAKE MONEY BECAUSE CHIP PRICES
ARE SO LOW.
LARRY: I GUESS THERE WILL BE
SOME KIND OF RECONCILIATION
BILL.
IN THAT BILL DRUG PRICE CONTROLS
AND MORE OBAMACARE SUBSIDIES AND
LORD KNOWS WHAT.
WHAT DO YOU THINK?
>> YEAH, SO THAT IS THE WAY IT
LOOKS.
LOOKS LIKE THAT COULD BE ON THE
FLOOR AS EARLY AS NEXT WEEK.
LOOKS LIKE THOSE ARE TWO BIG
ELEMENTS, RIGHT?
DEMOCRATS KEPT EXPANDING
SUBSIDIES FOR MIDDLE AND EVEN
UPPER INCOME PEOPLE TO BUY
OBAMACARE WHICH IS RIDICULOUS,
BUT THOSE SUBSIDIES ARE GOING TO
EXPIRE BY THE DESIGN OF THE
DEMOCRATS OWN BILLS.
SO THEY DESPERATELY WANT TO
EXTEND IT SO THAT PEOPLE DON’T
LOSE THAT SUBSIDY GOING INTO AN
ELECTION.
THE WAY THEY DECIDED TO PAY FOR
ALL OF THIS IS TO IMPOSE PRICE
CONTROLS ON THE MOST ARGUABLY
INNOVATIVE --
LARRY: REALLY?
>> SUCH AN IMPORTANT INDUSTRY WE
DOMINATE.
LARRY: THESE ARE THE COMPANIES,
BY THE WAY, WHO DEVELOPED
VACCINES IN SIX MONTHS.
>> TOTALLY.
LARRY: "OPERATION WARP SPEED."
>> NO OTHER COUNTRY WAS ABLE TO
DO IT.
LARRY: NOBODY COULD HAVE DONE
IT.
CUTTING RED TAPE, WORKING WITH
THEM.
IF THEY MAKE A BUCK WE LET THEM
MAKE A BUCK.
SIX MONTHS WHAT PEOPLE THOUGHT
COULD TAKE FIVE TO 10 YEARS.
THEY WILL BE PUNISHED IF I GET
THIS RIGHT?
>> THINK ABOUT THE APPROACH THE
ADMINISTRATION IS TAKING.
ENERGY PRICES ARE GONE THROUGH
THE ROOF, EVERYBODY KNOWS.
SO THE ADMINISTRATION RESPONSE,
CURTAIL THE PRODUCTION OF
ENERGY, RIGHT?
CURTAIL THE SUPPLY OF ENERGY.
MEANWHILE PRESCRIPTION DRUG
PRICES HAVE BEEN RISING AT A
SMALL FRACTION OF CPI OVERALL.
SO LET’S IMPOSE PRICE CONTROLS.
IT MAKES NO SENSE, LARRY.
LARRY: SENATOR, TOOMEY, LAST
ONE, IT IS A QUIXOTIC EFFORT,
AMERICAN POLICY INSTITUTE,
RUSSELL VOUGHT, STEVE MOORE, MY
BROTHER, GREAT ECONOMIST, BROOKE
ROLLINS, WE’RE TRYING TO COME UP
WITH A BALANCED BUDGET PLAN AND
YOU’RE AN EXPERT IN THIS AREA.
FIRST I WANT TO ASK YOU, IS IT
POSSIBLE?
SHOULD WE BE TALKING ABOUT A
BALANCED BUDGET?
SECOND OF ALL, PAT, I THINK ONE
OF THE KEYS, THERE IS A GROWTH
COMPONENT, WE’LL LOWER TAXES AND
REGULATION.
>> RIGHT.
LARRY: BUT THE PROLIFERATION OF
NON-ENTITLEMENTS,
NON-SOCIAL SECURITY,
NON-MEDICARE, FOOD STAMPS
WELFARE, HOUSING SUBSIDIES.
THEY HAVE TO BE CUT.
THEY ALL SHOULD HAVE WORK
REQUIREMENTS, DO YOU AGREE WITH
THAT.
>> THEY SHOULD ALL HAVE WORK
REQUIREMENTS.
ASTOUNDING THE AMOUNT OF MONEY
THE DEMOCRATS HAVE THROWN AT
THESE THINGS.
CHALLENGE YOU COME UP WITH A
SINGLE WELFARE PROGRAM THAT ANY
DEMOCRAT SENATOR WILL CUT.
THREW ENORMOUS MONEY OF DURING
COVID.
TURNS OUT STATE AND LOCAL
GOVERNMENTS WERE COLLECTING
RECORD AMOUNTS OF REVENUE.
THEY GOT ALL THIS MONEY.
NOW THEY WANT TO GIVE THEM MORE.
THIS CAN’T GO ON.
LARRY: WITHOUT THE CLINTON
GINGRICH WORK REQUIREMENT.
>> RIGHT.
LARRY: THERE IS A GREAT STUDY,
WE’LL RUN OUT OF TIME.
THEY’RE ALL YELLING AT ME, BUT
ALLYSA FINLEY OF
"WALL STREET JOURNAL" WROTE UP A
HARVARD STUDY THAT BASICALLY
SHOWED FEDERAL WELFARE RELATED
ASSISTANCE WITHOUT WORKFARE
MAKES PEOPLE UNHAPPY.
THEY HAVE LOW MORE PRACTICAL.
>> SURE.
LARRY: THEY HAVE BAD
SELF-ESTEEM.
>> YEAH.
LARRY: THIS IS STUFF THAT ARTHUR
BROOKS FROM AEI DID MANY YEARS
AGO.
COMING RIGHT AROUND AGAIN.
HARVARD, MY GOODNESS GRACIOUS.
THERE IS NO, THERE IS NO, THERE
IS NO, THERE IS NO PARADISE
HERE.
THIS IS LIKE A WELFARE PARADISE.
PEOPLE DON’T WANT IT.
IT HADN’T WORK.
>> THEY TALKED ABOUT THE DIGNITY
OF WORK BUT SHOW THEIR CONTEMPT
FOR WORK WHEN THEY DON’T HAVE A
WORK REQUIREMENT.
EARNED SUCCESS IS THE WAY PEOPLE
ACHIEVE HAPPINESS.
A WORK REQUIREMENT IS A VERY
CONSTRUCTIVE ELEMENT OF THAT.
LARRY: SO WE HAVE WORK TO DO.
THE CAVALRY IS COMING.
>> THE CAVALRY IS COMING.
LARRY: WHICH HAVE WORK TO DO.
>> WE DO.
>> WE’LL KEEP IN TOUCH, CLOSE