THEY NEED, NOT WHAT THEY WANT.
LYDIA HU LIVE IN YONKERS.
>> John: BRING IN KARL ROVE, IF
YOU WERE TO WRITE A POLITICAL
SCRIPT TO OVERTURN CONGRESS IN
NOVEMBER OF THIS YEAR IN THE
MIDTERMS, COULD YOU WRITE
SOMETHING MORE POWERFUL THAN
WHAT’S ACTUALLY HAPPENING?
>> NO, ABSOLUTELY NOT.
AND LOOK, LET’S PUT THIS BACK IN
CONTEXT A LITTLE BIT.
IN JANUARY OF 2021 WHEN JOE
BIDEN COMES INTO OFFICE,
INFLATION WAS 1.4%, BELOW THE
TARGET SET BY THE FEDERAL
RESERVE.
BY APRIL AFTER THE PASSAGE OF
THE AMERICAN RESCUE PLAN,
$1.9 TRILLION OF ADDITIONAL
SPENDING THAT EVEN DEMOCRATIC
ECONOMISTS WARN MIGHT KICK OFF
INFLATION, IT WAS 4.16.
NEARLY TRIPLED IN THE COURSE OF
FOUR MONTHS.
BY JULY IT WAS 5.3%, BY OCTOBER
5.2, SORT OF MODERATED A LITTLE
BIT BUT STUCK UP THERE HIGHER THAN THE BEGINNING OF THE YEAR.
THAN THE BEGINNING OF THE YEAR.
BY JANUARY, 7.48 POINT, APRIL
8.25, AND THEN 8.52%.
I MARKED APRIL BECAUSE THAT’S
WHEN PRESIDENT BIDEN SAID IT WAS
TRANSITORY, WHEN HE DISMISSED
THE FEARS ABOUT THIS.
AND SINCE THEN IT’S NEARLY
DOUBLED AND SO THE PRESIDENT, WE
JUST HEARD THE CHAIRMAN OF HIS
COUNCIL OF ECONOMIC ADVISORS
SAYS THIS ALL HAPPENED BECAUSE
OF PUTIN.
PUTIN IS, BEFORE PUTIN WE WERE
AT 7.48%.
PUTIN INVADES UKRAINE ON
FEBRUARY 24TH.
ARE THESE PEOPLE THINKING WE ARE
DUMB OR DO THEY REALLY BELIEVE
THIS STUFF?
THE FACTS SPELL SOMETHING
ENTIRELY DIFFERENT AND IT’S
WORSE FOR FOOD IN THE UNITED
STATES, EVEN MORE THAN ENERGY.
AND OUR FOOD PRICES ARE NOT
BEING AFFECTED, WE ARE NOT
AFFECTED THE PAST MONTH OR THE
MONTHS BEFORE BY UKRAINE, THEY
ARE AFFECTED BY THE GENERAL
CONDITION OF INFLATION IN THE
UNITED STATES.
>> John: CLEARLY, KARL,
EVERYTHING IS GOING UP.
LET’S PUT UP THE GAS PRICES,
EVERYBODY DRIVES BY ON A REGULAR
BASIS.
REGULAR GAS AT 4.98 A GALLON,
5.75 FOR DIESEL.
WE JUST GOT A STATEMENT FROM THE
PRESIDENT ON THE RISE OF
INFLATION, HE SAYS TODAY’S
REPORT UNDERSCORES WHY I’VE MADE
FIGHTING INFLATION MY TOP
ECONOMIC PRIORITY.
MY ADMINISTRATION WILL CONTINUE
DO EVERYTHING WE CAN TO LOWER
PRICES FOR THE AMERICAN PEOPLE.
WHAT HE’S DOING, KARL, AIN’T
WORKING.
>> HE’S NOT DOING ANYTHING
SIGNIFICANT TO REDUCE PRICES.
IF YOU WERE IN HIS PLACE A YEAR
AGO, LET’S GET OUT THERE AND
FIND WAIS TO REDUCE COSTS AND
EXPAND SUPPLY OF ENERGY, OF
FOOD, AND REDUCE THE COST FOR
THE ECONOMY AND THEY WILL BE
LOOKING, IF THEY WERE SERIOUS,
OF THINGS TO DO UP AND DOWN THE
ECONOMY IN ORDER TO REDUCE
PRICES AND INCREASE SUPPLY.
THEY HAVE ALREADY MISSED THE
OPPORTUNITY TO DO SO WITH THIS
YEAR’S GROWING SEASON.
THEY NEED TO MAKE THOSE
DECISIONS LAST NOVEMBER,
DECEMBER AND JANUARY BEFORE
PEOPLE STARTED IN THEIR CROPS.
ONE CONCRETE EXAMPLE.
THEY COULD HAVE SAID
CONSERVATION PROGRAMS TO SET
ASIDE LESS PRODUCTIVE FARMLAND
AND COMPENSATE THE FARMERS FOR
NOT GROWING THINGS.
WHAT IF THEY SAID WE WILL ALLOW
YOU TO OPT OUT OF THAT PROGRAM
BRIEFLY FOR A YEAR OR TWO IN
ORDER TO EXPAND THE PRODUCTION
OF THINGS OF GRAINS AND
FOODSTUFFS ON YOUR PROPERTY.
THEY DIDN’T DO THAT.
LET ME GIVE YOU AN ISSUE ON
ENERGY.
I WAS TALKING TO SOME PEOPLE
INVOLVED IN THE REFINERY
BUSINESS.
30% OF OUR GASOLINE AND OUR
DIESEL COMES FROM SMALL
REFINERIES.
NOT TIED INTO EXXON AND THE BIG
BOYS, THESE ARE SMALL, GENERALLY
INDIVIDUAL REFINERIES AND
DIVERSE PARTS OF THE COUNTRY.
THEY HAVE TO GET AN OFFSET, A
CREDIT OFFSET FOR THEIR
OPERATIONS.
THE FEDERAL GOVERNMENT, UNDER
THIS E.P.A., SAID NOT ONLY
EXEMPT YOU, TRADITIONALLY GIVEN
EXCEPTIONS IF THEY CANNOT FIND
THE CREDITS.
NOT ONLY GIVE YOU THE EXEMPTION
FOR FINDING THE CREDITS, WE ARE
GOING TO PENALIZE YOU BY GOING
BACK FOR THE LAST FOUR YEARS AND
HAVE YOU COUGH UP ADDITIONAL
PAYMENTS TO THE FEDERAL
GOVERNMENT.
THAT’S 30% OF OUR DIESEL, 30% OF
GASOLINE AND THE E.P.A. SAYS
LET’S MAKE WHAT YOU ARE DOING
MORE EXPENSIVE TO PAY PAYMENTS
FOR THE LAST FOUR YEARS.
THAT’S NUTTY.
>> John: MAKES YOU WONDER IF
THEY DO WANT TO LOWER GAS PRICES
OR KEEP THEM HIGH AND FORCE THE