♪.
LARRY: I’M STICKING WITH THIS,
SAVE AMERICA, KILL THE BUDGET.
KILL THE BILL AND ALL THAT GOES
IN IT.
JOINING ME NOW LOUISIANA SENATOR
JOHN KENNEDY WHO IS A MEMBER OF
THE BUDGET COMMITTEE.
SENATOR KENNEDY, WELCOME YOU TO
THE SHOW.
BEGIN WITH THIS TRIP TILL TAX
PERSONAL INCOME, CAPITAL GAINS,
NOW THE WEALTH TAX, IF YOU
TRIPLE TAX INNOVATION AND
TECHNOLOGY, YOU WILL GET LESS
INVESTMENT, LESS INNOVATION,
LESS WEALTH, THAT CAN’T BE GOOD
FOR THE ECONOMY AND THAT IS
WHERE THE BIDEN BUDGET SEEMS TO
BE GOING.
>> I THINK THAT IS AN ACCURATE
ASSESSMENT, LARRY.
I STARTED LOOKING AT HIS
PROPOSED BUDGET AND AS BEST I
CAN TELL PRESIDENT BIDEN
RECOMMENDS THAT WE DO ALL THE
THINGS THAT DIDN’T WORK THE
FIRST TIME.
WE KNOW AFTER 14 MONTHS WHAT
PRESIDENT BIDEN STANDS FOR.
HE STANDS FOR BIGGER GOVERNMENT,
HIGHER TAXES, MORE SPENDING,
MORE DEBT, OPEN BORDERS,
ABORTION, AND A WEAKER MILITARY
AND ALL OF THAT IS IN HIS
BUDGET.
INCLUDING TAX INCREASES AS YOU
POINTED OUT AND I WOULD SUGGEST
THAT ANYONE WHO HAS A SCINTILLA
OF DESIRE TO SEE THE FEDERAL
GOVERNMENT BECOME MORE FISCALLY
RESPONSIBLE, THIS BUDGET TO THEM
LOOKS LIKE, LOOKS LIKE SOMEBODY
KNOCKED OVER A URINE SAMPLE.
THE ONLY WAY I KNOW TO IMPROVE
THIS THING IS WITH A SHREDDER.
LARRY: YEAH, THROW IT OUT.
YOU KNOW, WHAT SIR?
DEFICIT SPENDING EACH AND EVERY
YEAR.
BY THE WAY THE DEFICIT BOTTOMS
NEXT YEAR BECAUSE THE PANDEMIC
SPENDING SLOWS DOWN, ENDS, MOST
OF IT.
BUT THEN IT GOES BACK UP IF YOU
LOOK AT THE ACTUAL 10-YEAR
NUMBERS.
THEY HAVE DEFICIT SPENDING WHICH
I THOUGHT WAS THE ROOT CAUSE OF
INFLATION, DEFICIT SPENDING
FORCES THE FED TO PRINT MORE
MONEY.
THAT GIVES US THE INFLATION
RATE.
I DON’T SEE THAT SCENARIO
CHANGING ONE BIT?
>> NOT UNDER THIS BUDGET.
A COUPLE OF POINTS, OUR REVENUES
AS A FEDERAL GOVERNMENT HAVE
NEVER BEEN HIGHER YET PRESIDENT
BIDEN WANTS TO RAISE TAXES EVEN
MORE.
I WOULD SUGGEST TO HIM THAT WE
NEED TO STOP ASKING WHO NEEDS TO
PAY MORE MONEY TO THE GOVERNMENT
AND START ASKING WHAT THE HELL
HAPPENED TO THE MONEY THAT WE
ALREADY HAVE?
NUMBER TWO, HIS BUDGET WILL CARE
SEEN ON THE THE ON -- KEROSENE
ON FIRE OF INFLATION.
IF YOU WANT TO PAY 20 BUCKS FOR
A HONEY BUN, VOTE FOR THIS
BUDGET BECAUSE IT WILL SEND
INFLATION HIGHER.
POINT THREE, LARRY, THERE IS NO
EFFORT, NONE, ZERO, ZILCH, NADA,
TO TRY TO REDUCE SPENDING THERE
IS NO EFFORT TO TRY TO REDUCE
THE $17 BILLION WE SPEND EVERY
YEAR ON FOOD STAMPS FOR
ABLE-BODIED PEOPLE WITHOUT
CHILDREN.
WE SPEND $40 BILLION ON
MEDICAID.
THERE IS NO EFFORT IN THIS
BUDGET TO TRY TO REDUCE
PERSONNEL COSTS.
JUST MORE TAX, MORE SPEND, MORE
REGULATE.
I DON’T THINK, I DON’T THINK THE
REPUBLICANS WILL GO FOR IT.
I DON’T KNOW ABOUT THE
DEMOCRATS.
LARRY: YOU KNOW, YOU LOOK AT THE
STATES, SENATOR, THE STATES ARE
AWASH IN REVENUES FOR A NUMBER
OF REASONS.
SOME OF THESE STATES, WELL OVER
HALF THE STATES ARE USING
SURPLUS REVENUES TO CUT TAXES
AND HAND MONEY BACK TO THE
PEOPLE WHO EARNED IT IN THE
FIRST PLACE.
IT IS A DIRECT OPPOSITE OF WHAT
BIDEN IS DOING.
>> WELL THAT’S THE DIFFERENCE
TODAY BETWEEN REPUBLICANS AND
DEMOCRATS.
DEMOCRATS LED OF COURSE BY
PRESIDENT BIDEN BELIEVE THAT THE
FEDERAL GOVERNMENT CAN SPEND
MONEY YOU EARN BETTER THAN YOU
CAN AND THEY BELIEVE THAT THE
FEDERAL GOVERNMENT MADE AMERICA
GREAT.
MOST REPUBLICANS DON’T BELIEVE
THAT.
THEY BELIEVE PEOPLE CAN SPEND
THEIR MONEY BETTER THAN
GOVERNMENT AND THAT THE REASON
THAT AMERICA IS THE MOST
POWERFUL COUNTRY, MOST WONDERFUL
COUNTRY IN ALL OF HUMAN HISTORY
IS BECAUSE OF ORDINARY PEOPLE
DOING EXTRAORDINARY THINGS.
THAT IS REALLY THE DIFFERENCE
TODAY BETWEEN DEMOCRATS AND
REPUBLICANS.
LARRY: SEEMS TO ME GOP SHOULD BE
FOR GROWTH.
THE DEMOCRATS ARE FOR
REDISTRIBUTION.
GOP SHOULD BE FOR GROWTH.
I MEAN I DON’T THINK THIS IS A
GROWTH BUDGET.
I DON’T SEE A SCINTILLA OF
GROWTH IN THIS BUDGET.
>> NO.
IF YOU WANT GROWTH THE FIRST
THING WE OUGHT TO DO IS MAKE THE
TAX CUTS IN THE TAX CUTS AND
JOBS ACT THAT YOU HELPED CRAFT
PERMANENT.
LARRY: UH-HUH.
>> THAT IS THE FIRST THING WE
OUGHT TO DO.
NUMBER TWO, WE OUGHT TO
RECOGNIZE THAT THE REASON THAT
WE HAVE 8% AND CLIMBING
INFLATION IS BECAUSE THE FEDERAL
GOVERNMENT IS SPENDING WAY TOO
MUCH MONEY.
NOW THERE IS SOME THINGS WE NEED
TO SPEND MORE MONEY ON.
THE DEFENSE, FOR EXAMPLE.
BUT PRESIDENT BIDEN IS
RECOMMENDING BASICALLY IN HIS
BUDGET A CUT FOR DEFENSE
SPENDING IF YOU FACTOR IN
INFLATION BUT HE WANTS TO
INCREASE SOCIAL SPENDING BY 14%.
I MEAN THAT’S WHY IT IS JUST,
I’M NOT GOING TO VOTE FOR THIS.
I CAN TELL YOU.
LARRY: YES, SIR.
BEFORE WE LOSE YOU, SENATOR
KENNEDY, I WANT TO GO BACK TO
YOUR OP-ED PIECE AND YOU HAVE A
BILL WITH MY DEAR FRIEND FRENCH
HILL WHICH WOULD MAKE ANY
CAPITAL ALLOCATIONS TO THE IMF,
SO-CALLED SPECIAL DRAWING
RIGHTS, I KNOW IT’S A BIT
TECHNICAL FOR MANY VIEWERS BUT
IT IS VERY IMPORTANT, THE
TREASURY PUT IN 650 BILLION.
THEY DIDN’T NEED CONGRESSIONAL
VOTE FOR IT.
THEY JUST DID IT.
AND.
>> YEAH.
LARRY: AS YOU POINT OUT IN YOUR
OP-ED RUSSIA GETS $19 BILLION OF
THIS ADDITIONAL, I WILL CALL IT
ADDITIONAL CAPITAL CERTIFICATES,
JUST TO OVERSIMPLIFY.
THEY CAN USE THAT, $19 BILLION.
THEY CAN USE IT FOR COLLATERAL.
EXCHANGE IT FOR OTHER COUNTRIES.
WHAT IS UP WITH THAT?
IS THE IMF WITH US OR AGAINST
US?
WHY ARE WE HANDING RUSSIA ALL
THIS MONEY AND WHY ISN’T THE
TREASURY DEPARTMENT DOING
ANYTHING ABOUT IT?
>> AS YOU KNOW, LARRY, THE
INTERNATIONAL MONETARY FUND IS
LIKE A WORLD BANK.
EVERYONE PUTS IN MONEY TO HELP
COUNTRIES DOWN ON THEIR LUCK.
THE AMERICAN TAXPAYER PUTS IN
THE MOST MONEY.
THE IMF ISSUE WHAT IS SPECIAL
DRAWING RIGHTS.
THAT IS GIFT CARD TO ALL MEMBERS
OF THE BANK THEY CAN TRADE IN
FOR CASH AND IN MOST CASES U.S.
DOLLARS.
I ASKED SECRETARY YELLEN NOT TO
DO THIS.
SHE KNEW RUSSIA WAS RIGHT ON THE
BORDER OF UKRAINE.
SHE DID IT ANYWAY AND THROUGH
HER EFFORTS WE BASICALLY GAVE
PRESIDENT PUTIN $17 BILLION
CASH.
WE GAVE IRAN FIVE BILLION
DOLLARS CASH AND WE GAVE CHINA
$40 BILLION CASH.
WE HAD TO BORROW MONEY TO DO IT.
I MEAN WE’RE GOING BACKWARDS
HERE.
LARRY: WELL, I HOPE YOU PUT AN
END TO IT.
I HOPE THIS BILL PASSES.
THEY SHOULD AT LEAST GO THROUGH
CONGRESSIONAL APPROPRIATION.
I KNOW IT IS NOT FASHIONABLE.
THEY WANT TO MAKE AN IRAN PEACE
TREATY NOT GO THROUGH CONGRESS
EITHER, GO THROUGH THE SENATE.
AT SOME POINT WE SHOULD STOP
GIVING MONEY AWAY TO RUSSIA,
IRAN, CHINA, SO ON.
I GIVE YOU THE LAST WORD,
SENATOR KENNEDY.
>> HERE WE ARE ON THE ONE HAND
SANCTIONING RUSSIA AND TRYING TO
BRING IT TO ITS KNEES
ECONOMICALLY AND ON THE OTHER
HAND OUR DEPARTMENT OF TREASURY
THROUGH THE IMF IS GIVING PUTIN
$17 BILLION CASH.
NOW YOU KNOW I KNOW LIFE IS FULL
OF CONTRADICTIONS BUT WHERE I
COME FROM THAT IS CALLED
STUPIDITY.
LARRY: YES, SIR, YOU GOT ME.
YOU GOT ME, SENATOR KENNEDY.
I AM FORCED TO AGREE WITH YOU,
100%.
I HOPE YOU GET THAT BILL
THROUGH.
SENATOR KENNEDY YOU HAVE GOT TO
STOP THE BUDGET TOO.
IT IS YOUR RESPONSIBILITY.
>> WE WILL.
WE WILL.
LARRY: WE’LL LEAVE IT THERE.
THANK YOU FOR COMING ON THE