OFFICIALS ARE TRYING TO REDEFINE
RECESSION?
>> NO, WERE NOT REDEFINING
RECESSION.
>> Shannon: THE U.S. ECONOMY
SHRANK PER SECOND READ WHAT
ABOUT THE WHITE HOUSE HAS THAT
DOES NOT EQUATE TO THE U.S.
BEING IN A RECESSION.
TO MAKE DOWN THE LATEST ECONOMIC
DATA AND WHAT IT MEANS FOR YOUR
WALLET, LET’S BEEN INTERNET
PANEL.
DEMOCRATIC STRATEGIST AND FORMER
NEW YORK STATE SENATOR DAVID
COLUCCI AND STEVEN MACKINTOSH
AND HERITAGE PRESENTATION
COVERED ROBERT.
WELCOMES ALL OF YOUR.
>> WERE TO BE.
>> THANK YOU, SHANNON.
>> THANKS.
>> Shannon: I WANT TO PLAY A
LITTLE BIT OF SAND FROM MEMBERS
OF THE ADMINISTRATION SAYING
THIS IS WHAT THE AMERICAN PEOPLE
HAVE BEEN CRYING OUT FOR.
NEW SPENDING TO MEET THE MOMENT.
>> THE AGREEMENT REACHED
YESTERDAY BETWEEN LEADER SCHUMER
OF NEW YORK AND SENATOR MANCHIN
IS A MAJOR STEP FORWARD IN OUR
FIGHT AGAINST INFLATION.
>> Shannon: DESERTING THE
AMERICAN PEOPLE HAVE BEEN CRYING
OUT FOR, HAVE BEEN DEMANDING.
>> Shannon: A CASE OF DAVID
MCINTOSH, THIS IS WHAT THEY
THINK PEOPLE HAVE BEEN ASKING
FOR IS MORE SPENDING TO HELP
REIN IN INFLATION.
EXPLAIN.
>> WRONG, WRONG, WRONG.
WHAT THE AMERICAN PEOPLE WANT
GOVERNMENT TO DO IN WASHINGTON
IS STOP THE SPENDING SPREE AND
THEY CERTAINLY DON’T WANT TO
PILE ON HIGHER TAXES IN THE
MIDDLE OF A RECESSION THAT WAS
JUST MADE OFFICIAL TODAY.
THIS BILL WILL COMPOUND THE
PROBLEM THAT PRESIDENT BIDEN HAS
FOISTED ON THE AMERICAN PEOPLE,
WHETHER PAYING MORE FOR
GROCERIES, PAY MORE FOR GAS, PAY
MORE TO LIFE, AND NOW THEY’RE
GOING TO BE TRIED AND THAT THE
ECONOMY WILL SHRINK AND THEY
COULD LOSE THEIR JOBS.
IT’S A TERRIBLE BILL AND A
TERRIBLE WAY TO TRY TO CONTINUE
ALL OF THE BAD POLICIES OF
JOE BIDEN.
STEPHENS OF THE ADMINISTRATION
ACKNOWLEDGES WHAT TYPE A PLACE.
NUMEROUS MEMBERS, INCLUDING THE
PRESIDENT, SAID THEY KNOW THAT
THINGS ARE BAD BUT THEY WILL NOT
CALL THIS A RECESSION BECAUSE
THIS IS NOT THAT THE TECHNICAL
DEFINITION BUT HERE’S A NEW
POLL.
THIS IS ONE OF THE INADEQUATE AS
YOU THINK THE ECONOMY IS IN
RECESSION OR NOT?
64% SAY YES, THEY BELIEVE THAT
IT IS.
CAVERN, WHEN IT COMES DOWN TO IT
AND WOULD BE POLITE TO THE POLLS
WITHIN A MATTER OF MONTHS, THEIR
PERCEPTION ABOUT THEIR OWN
ABILITY TO PUT FOOD IN THE ON TH
AND GAS IN THE CAR IS GOING TO
MATTER A GREAT DEAL.
>> IT GOING TO BE HUGE VEHICLE
THIS ADMINISTRATION NOT ONLY
WANT TO REDEFINE RECESSION, BUT
IT HAS REDEFINED INFLATION, TO
REDEFINE VACCINE.
THEY’VE EVEN REDEFINE THE WORD
WOMAN, AND THE AVERAGE AMERICAN,
TO YOUR POINT, WHEN THEY SEE
THAT AND THEY SEE THE
INSENSITIVITY TO THE REALITY OF
THE GROCERY BILLS BEING SO
EXPENSIVE TO THE POINT THAT THEY
WERE TO CHANGE THEIR BEHAVIOR,
IT IS GOING TO HAVE POLITICAL
CONSEQUENCES AND I THINK THE
NEWS OF THE LAST 24 HOURS ABOUT
THE MANCHIN-SCHUMER BILL REALLY
ENDANGERS AN INCREASED NUMBER OF
DEMOCRAT SEATS IN THE SENATE.
THAT HAPPENS, WE WOULD BE VERY
HAPPY BECAUSE WE GET MORE
CONSERVATIVE POLICY, BUT
UNFORTUNATELY, WHAT THAT MEANS
THAT A LOT OF AMERICANS, TENS OF
MILLIONS OF AMERICANS ARE
FEELING THAT IN THE POCKET BOOKS
AND AT THE DINNER TABLE >> GIVEN
THAT THE REALITY THAT FOLKS
TELL, IN OUR MOST RECENT
POLLING, FOX SHOWED US THAT
PEOPLE TALK ABOUT THE HARDSHIPS
THAT COME UPON THEM AND WHAT
THEY THINK MOVING FORWARD A
MAJORITY OF THEM SAID, TELLING
OUR POLLSTERS THAT THEY THINK
THINGS WILL BE EVEN WORSE I HEAR
FROM.
THAT THE PERCEPTION TO CALL
"THE WALL STREET JOURNAL"
EDITORIAL BOARD TONIGHT AS THE
SPEAKER MR. BIDEN INHERITED A
GROWING ECONOMY PRIMED TO ROAR
BACK FROM THE PANDEMIC AND IN
BARELY A YEAR AND HALF, HE IS
DRAGGED AMERICA BACK TO THE
1970s BECAUSE THIS IS WHAT THE
POLICYMAKERS -- EASY MONEY IS
WHAT.
DAVID COLUCCI.
>> WELL, THERE IS SO MUCH WORK
WILL ON.
THIS IS A GLOBAL ISSUE.
WHEN WE LOOK AT INFLATION, WE
CAN LOOK AT INDIA AND
NEW ZEALAND, THE EUROPEAN UNION,
ALL EXPERIENCING HIGHER RATES OF
INFLATION THAN THE
UNITED STATES.
WHAT IS PRESIDENT BIDEN DOING?
HE IS RESPONDING.
IS WORKING WITH CONGRESS TO DO
WHAT HE CAN TO GET LEGISLATION
PASSED TO HELP REVEAL AMERICAN
PEOPLE.
YES, YOU TALKED TO PEOPLE.
THEY ARE CONCERNED ABOUT RISING
PRICES.
THEY ARE WORRIED.
BUT THE REALITY IS THAT THE
DEFINITION OF A RECESSION HAS
NOT BEEN MET.
OF COURSE, WE CAN GET POLITICAL
ABOUT IT.
THERE ARE REASONS WHY
REPUBLICANS WANT TO DEFINE AND
SAY THERE IS A RECESSION.
THE END OF DAYS.
ET AL. JOE BIDEN FOR.
THE REALITY IS THAT THERE’S MANY
MORE ECONOMIC FACTORS THAT WE
HAVE TO LOOK AT BEFORE A
RECESSION IS ACTUALLY TURNED.
THE NATIONAL BUREAU OF ECONOMIC
RESEARCH HAS A JUDGMENT CALL,
NOT A FORMULA, TO ACTUALLY
DECIDE IF THERE WAS A RECESSION
OR NOT.
THE CHAIRMAN OF THE FEDERAL
RESERVE SAYING THE SAME THING.
YES, THERE IS THE DECLINE THAT
WE’VE SEEN FOR THE SECOND
STRAIGHT QUARTER, BUT THERE ARE
OTHER FACTORS LIKE AN EXTREMELY
TIGHT LABOR MARKET.
RONALD REAGAN SAID IT FAMOUSLY
SAID A RECESSION IS WHEN YOUR
NEIGHBOR LOSES THEIR JOB,
DEPRESSION IS WHEN YOU LOSE YOUR
JOB.
WELL, THE NUMBERS FROM THE LABOR
MARKET ARE JUST NOT ADDING UP TO
HAVE A RECESSION.
>> THEY CONTINUE TO JUST LIE TO
THE AMERICAN PEOPLE.
THEY WERE OKAY, DAVID MCINTOSH.
>> I’M SAYING THEY CONTINUE
TO --
THANK YOU.
THEY CONTINUE TO JUST PILE LIE
AFTER LIE ON THE AMERICAN
PEOPLE.
NOW, WE DON’T HAVE ENVISIONED
THE GO A COMMON VISION IS EPIC
AND MORE, WE DON’T HAVE A
RECESSION BECAUSE THE FACTS SHOW
THEY HAVE A RECESSION, THE
PRESIDENT ADMITTED TODAY IS THAT
HE THINKS THE DECLINE IN AMERICA
IS THE RIGHT TRACK.
THAT WAS THE MOST STARTLING
OUTRAGEOUS QUOTE THAT I’VE HEARD
FROM THIS PRESIDENT, THAT HE
THINKS IT’S OKAY TO BE IN
RECESSION, TO HAVE A DECLINE IN
THE GDP AND THEN THAT PUTS US ON
THE RIGHT TRACK, WE’VE GOT AN AD
THAT IS GOING OUT RIGHT NOW,
STARTED TODAY IN KEY SENATE
DISTRICTS AND STATES THAT POINT
OUT IN THE AMERICAN PEOPLE THE
TRUTH, AND THAT’S WHAT’S GOING
TO CONTINUE BETWEEN NOW AND THE
ELECTION, AND THEN, WASHINGTON
WILL HAVE TO WAKE UP TO THE FACT
THAT THE AMERICAN PEOPLE ARE NOT
GOING TO BE FOOLED BY GLIB
REPLIES COMING OUT OF THIS
ADMINISTRATION.
>> Shannon: THEY DO CONTINUE
TO TELL US IN POLLING ACROSS THE
BOARD THAT THE ECONOMY IS THE
NUMBER ONE CONCERN, SO THAT’S
GOT TO SHOP AT THE POLLS.
KEVIN, WHAT WE DO SOMETHING ELSE
FROM "THE WALL STREET JOURNAL"
BOARD TONIGHT, TALKING ABOUT THE
DEAL THAT MANCHIN IS MADE WITH
YOU MY.
IT SAYS THE SENATE G.O.P. GOT
PLAYED.
REPUBLICANS OF COURSE I HAD SOME
$1.28 TRILLION IN NEW,
NONDEFENSE SPENDING WAS ON OUR
STAND HELPLESSLY BY THE
DEMOCRATS PASS ANOTHER
$433 BILLION IN SPENDING.
WHAT THE G.O.P.’S ROLE,
RESPONSIBILITY AND WHERE WE ARE
RIGHT NOW?
TAKEOVER COMMISSION, YOU KNOW ME
WELL ENOUGH AND YOU KNOW MY
HERITAGE WELL ENOUGH TO KNOW
THAT ALTHOUGH WE ARE
CONSERVATIVE, WERE ALWAYS GOING
TO CALL THE BALLS AND STRIKES.
SENATE REPUBLICANS TO GET IT.
I CAN ONLY ASSUME THAT THEY
OPERATED IN GOOD FAITH.
I WOULD ASSUME THAT.
THE PROBLEM IS THAT EARLIER THIS
WEEK, THEY SIGNED ON TO THAT
MONSTROSITY OF A ONE QUARTER OF
A TRILLION DOLLAR CHIPS BILL,
PURPORTEDLY TO BE TOUGHER WITH
CHINA, THAT IS ONLY GOING TO
LEAVE THE CONSTRUCTION OF MORE
CHIP FACTORIES IN CHINA WITH OUR
TAXPAYERS MONEY.
HAD THEY NOT SIGNED ON TO THAT,
THEY WOULDN’T EVEN BE IN THIS
RIDICULOUS SITUATION OF HAVING
BEEN PLAYED BY MANCHIN AND
TUMOR.
THIS IS REALLY THE POINT.
I JUST KNOW SPENDING TIME -- AS
MUCH TIME OUTSIDE EASY AS I CAN,
BEING AN AVID GUY FROM A
WORKING-CLASS FAMILY THAT WHEN
THE AVERAGE AMERICAN SEES THIS
NONSENSE IN WASHINGTON, THIS IS
WHAT BURNS THEM UP ABOUT
BUSINESS AS USUAL, AND THE
REALLY CUTE KIND OF ACADEMIC
REDEFINITIONS OF RECESSION TO
THE POINT THAT WE HAVE NEVER
HEARD IN OUR CAREERS WILL MADDEN
THEM ON THE GO-TO THE POLLS AND
WHILE I MAY REJOICE IN THE
OUTCOME OF THAT WHICH WILL LEAD
TO CONSERVATIVE REFORM OF ALL OF
THESE PROBLEMS, UNFORTUNATELY,
BECAUSE MY FAMILY LIVED IN THE
1980s DURING THAT RECESSION,
IT’S REALLY HARD FOR FAMILIES TO
MAKE ENDS MEET RIGHT NOW AND FOR
OUR FELLOW AMERICANS, WE REALLY
DO NEED TO LOOK AT THE POLITICS
AND THE POLITICAL GAMES AND
ENCOURAGE OUR SENATORS,
ESPECIALLY THE CONSERVATIVES, TO
BE COURAGEOUS THIS WEEK ON
BEHALF OF THE AVERAGE AMERICAN.
THEY WON WELL, NONE OF US ON
THIS PANEL CAN MILITANTS ARE
CHEQUE-BOOKS AT ALL THE WAY THEY
WERE WASHINGTON, AND BOTH
PARTIES HAVE DONE A LOT OF
SPENDING OF MONEY.
WE’RE GOING TO WATCH AND SEE HOW
THIS ALL PLAYS ARE.
DAVID, DAVID, AND KEVIN.