PUSHBACK AS WE SHOULD BE GIVING
THEM OVERALL.
>> Brian: UNBELIEVABLE.
THANKS, JACQUI WHAT YOU ARE
TALKING ABOUT.
>> Steve: TO YOUR QUESTION
KRISTEN WELKER AND OTHERS
YESTERDAY ASKED ABOUT WHY ARE
THEY MOVING THE GOAL POST?
WHY AREN’T THEY CALLING IT A
RECESSION.
>> Brian: SO WHAT JACQUI SAID
THE "NEW YORK TIMES" WROTE U.S.
ECONOMY SHOWS ANOTHER DECLINE
FANNING RECESSION FEARS.
CNN, U.S. ECONOMY CONTRACTS
AGAIN.
FUELING RECESSION FEARS.
>> Ainsley: RECESSION FEARS.
>> Brian: WE ARE IN A RECESSION
JUST SAY HOW CONFIDENT YOU ARE
TO COME OUT OF IT POSITIVE.
WHEN YOU HAVE TELL PEOPLE WHAT
THEY ARE EXPERIENCE SOMETHING
NOT REAL, THEY DON’T BELIEVE
WHAT YOU SAY NEXT.
THAT’S THE ISSUE THAT IS THE
COVER OF THE "NEW YORK POST"
TODAY.
>> Ainsley: IT IS THE LITERAL
DEFINITION OF RECESSION.
>> Steve: THAT’S RIGHT RECESSION
IS A NOUN.
PLURAL NOUN RECESSIONS.
ECONOMIC DECLINE WHICH TRADE AND
INDUSTRIAL ACTIVITY ARE REDUCED,
SOUNDS ABOUT RIGHT, GENERALLY
DEFINED BY A FALLEN G.D.P. AND
TWO SUCCESSIVE QUARTERS, SOUNDS
ABOUT RIGHT, THE COUNTRY IS IN
THE DEPTH OF A RECESSION.
THAT’S HOW YOU WOULD USE IT.
>> Ainsley: DID THAT HAPPEN?
QUARTER ONE WE DROPPED 1.6%.
QUARTER 2.9 %.
ALMOST 1%.
LITERAL DEFINITION OF RECESSION
IS IF YOU HAVE TWO BACK-TO-BACK
WITH A DROPPING G.D.P. WE ARE IN
RECESSION.
WITH IF YOU GO BY THE DEFINITION
THEY ARE TRYING TO CHANGE THAT.
>> Steve: JOE BIDEN SAID A
COUPLE OF TIMES YESTERDAY THIS
IS A DIFFERENT TIME BECAUSE YOU
LOOK AT, SURE, TWO G.D.P. NUMBER
IS DOWN BUT WE HAVE SUCH GOOD
EMPLOYMENT NUMBERS.
HE SAID THE UNEMPLOYMENT RATE
WAS 3.5%.
BUT WHAT HE DOESN’T.
>> Ainsley: WE CAME OUT OF COVID
PEOPLE ARE HIRING AGAIN.
STEVE: WHAT HE DOES NOT COUNT
THE LABOR PARTICIPATION RATE,
MILLIONS OF AMERICANS STOPPED
LOOKING AND THEY DON’T COUNT IN
THAT NUMBER.
>> Ainsley: CHARLES PAYNE SAID
THAT’S THE NUMBER TO LOOK AT.
>> Steve: EXACTLY.
THAT’S WHY PEOPLE ARE HAVING
HARVARD TIME FINDING PEOPLE TO
WORK BECAUSE PEOPLE HAVE DROPPED
OUT OF THE LABOR MARKETS.
FOR WHATEVER REASON THEY ARE NOT
THERE THAT’S WHY THE NUMBER IS
LOW.
AND THAT IS THE HOOK THAT THE
PRESIDENT IS HAPPENING HIS HAT
ON.
IT’S NOT A RECESSION BECAUSE OF
THE LOW UNEMPLOYMENT.
I JUST EXPLAINED WHY WE HAVE LOW
UNEMPLOYMENT.
PEOPLE HAVE STOPPED LOOKING.
>> Ainsley: AND HOW DO YOU FEEL?
DO YOU FEEL LIKE YOU ARE IN A
RECESSION?
I GUARANTEE THE MAJORITY OF
AMERICANS IF THEY HAVE GOTTEN A
PAY RAISE THIS YEAR, IT’S NOT
ABOVE THE AMOUNT OF INFLATION.
INFLATION IS 9.1%.
YOU ARE ACTUALLY LOSING MONEY.
YOU ARE BAYING AN EXTRA TAX ON
EVERYTHING THAT YOU BUY BECAUSE
WE ARE IN AN INFLATION.
>> Brian: CAN’T GLOSS OVER WHAT
HAPPENED YESTERDAY.
OVER THE LAST 48 HOURS WE PASSED
OVER $48 BILLION IN SPENDING,
YOU CHIPS BILL, JOE MANCHIN AND
CHUCK SCHUMER SNEAK ATTACK
BASICALLY FOCUSED ON CLIMATE
CHANGE.
LET ME ASK YOU, IF YOU ARE
DEALING WITH INFLATION IF YOU
ARE HAVING TROUBLE MAKING ENDS
MEET.
IF YOU ARE ONE OF THE 60%, 70%
LIVING PAYCHECK TO PAYCHECK
SUDDENLY FIND YOURSELF IN
DEFICIT, DO YOU CARE ABOUT THE
SOLAR PANELS THAT ARE NOW GOING
TO BE TAX INCENTIVES ON SOLAR
PANELS.
ARE THERE GOING TO BE TURBINES
FOR WIND MILLS?
CHINA IS LAUGHING AT US.
THIS IS SOMETHING SAYING YOUR
HOUSE MAY BE ON FIRE BUT YOUR
HAIR LOOKS GOOD.
DON’T EMPHASIZE THAT.
WE HAVE A HUGE PROBLEM AND I’M
PRETTY SURE IN EVERY POLL I SEE,
THE MOST I SEE IN TERMS OF
PRIORITIES FOR THE AVERAGE
AMERICAN CLIMATE CHANGE IS
AROUND 2%.
EVERYBODY IS TALKING ABOUT
INFLATION.
AND ACCORDING TO THE "NEW YORK
TIMES."
MOST ECONOMISTS.
THE TREASURY DEPARTMENT HASN’T
EVEN LOOKED AT ALL THIS SPENDING
AND SEE HOW IT AFFECTS
INFLATION.
THE NUMBER ONE CONCERN OF YOURS.
AND THEY SAY IT WILL HAVE
LITTLE -- THEN WE HAD JASON
FUHRMAN SAYING LITTLE AFFECT
MAYBE GET INFLATION DOWN A
LITTLE.
HOW CAN YOU AS PRESIDENT OF THE
UNITED STATES NOT ACKNOWLEDGE
RECESSION AND NOT GO AFTER
INFLATION AND SIT THERE WITH A
STRAIGHT FACE AND SAY I’M
ADDRESSING CLIMATE CHANGE AND
THEN STORM OUT THERE WITH YOUR
SENIOR SHUFFLE.
>> Ainsley: THINK ABOUT THE
PEOPLE THIS EFFECTS THE MOST.
PEOPLE ON A FIXED INCOME.
THE OLDER PEOPLE.
AND THEY ARE IN THE -- YOU KNOW,
SECOND HALF OF THEIR LIFE, IF
NOT LATER THAN THAT, THEY ARE
NOT SO WORRIED ABOUT WHAT IS
GOING TO HAPPEN TO OUR WORLD IN,
YOU KNOW, 20, 40, 50, 60 YEARS
OR 100 YEARS.
THEY ARE MORE WORRIED ABOUT
RETIREMENT.
THEIR FIXED INCOME.
THEY CAN’T AFFORD TO PUT GAS IN
THEIR CAR OR BUY THAT EXTRA MEAT
AT THE GROCERY STORE.
THEY HAVE TO GO DO ALL THEIR
GROCERIES ONE DAY PER WEEK.
WE HAVE HEARD THAT TIME AND TIME
AGAIN FROM PEOPLE AT THE DINERS
BECAUSE THEY CAN’T AFFORD THE
GAS TO KEEP GOING BACK OUT EVERY
SINGLE DAY.
>> Steve: DEMOCRATS CALL IT THE
INFLATION REDUCTION ACT.
>> Ainsley: THAT’S A JOKE.
>> Brian: BARNUM NAMED THAT.
>> Steve: HERE’S THE THING.
JOE BIDEN SAID IT’S GOING TO
REDUCE INFLATION BECAUSE MY
ADVISERS TOLD ME THAT OF COURSE
THESE ARE THE SAME ADVISERS THAT
GOT US TO THE POINT WE ARE AT.
REALLY SHOULD BE CALLED NOT THE
INFLATION RESURRECTION ACT BUT
THE MIDTERM LOSS REDUCTION ACT
BECAUSE CLEARLY THE DEMOCRATS --
THE DEMOCRATS ARE LOVING THIS
BECAUSE AINSLEY, TO YOUR POINT
ABOUT OLDER AMERICANS.
THEY LIKE THE IDEA OF LOWER
PRICES ON PRESCRIPTION DRUGS.
>> Ainsley: CORRECT, YEAH.
WE ALL LIKE THAT.
>> Steve: DEFICIT REDUCTION.
SO THE DEMOCRATS LOOK AT THIS AS
A WIN BEFORE THE NOVEMBER
ELECTIONS AND FOR THEM, THIS IS
A GOOD THING.
WE ARE NOW TALKING ABOUT THAT
RATHER THAN INFLATION WE ARE
TALKING ABOUT OH, LOOK, JOE
BIDEN AND THOSE DEMOCRATS DID.
MY INSULIN COSTS LESS.
YOU BIG WIN ON WASHINGTON.
JOE BIDEN SUDDENLY AFTER A BAD