American Consequences

You've reached your click limit.

You're approaching your click limit.

Subscribe to American Consequences to keep reading completely FREE, and get access to exclusive articles and our monthly magazine.

Please provide a valid email address.

Goodbye America, Hello Socialism!

Episode #28  |  March 24th, 2021
Listen Now

In This Episode:

The $1.9 trillion really was just a down payment! Biden and Kamala are now crisscrossing the country to pitch America on even more stimulus and more tax hikes. This is a massive wealth grab from Washington designed to redistribute America’s capital and expand the welfare state. The U.S. still has the world’s best economy, but we’re in danger of losing it all. Economist Stephen Moore, co-founder of the Committee to Unleash Prosperity, returns to discuss the dangers of all the proposed tax legislation from Democrats and the inevitable ‘free money’ hangover Americans will be experiencing next year. For more from Trish Regan follow her on Twitter @Trish_Regan & visit AmericanConsequences.com.

Guests:

Stephen Moore

Stephen Moore co-founded and served as president of the Club for Growth from 1999 to 2004. Moore is a former member of the Wall Street Journal editorial board. He worked at the Heritage Foundation during the period from 1983 to 1987 and again since 2014. Moore advised Herman Cain's 2012 presidential campaign and Donald Trump's 2016 presidential campaign. Moore advocates tax cuts and other supply-side policies. Moore's columns have appeared in outlets such as the Wall Street Journal, The Washington Times, The Weekly Standard and National Review. Along with Larry Kudlow, Moore advised the Trump administration during the writing and passage of the Tax Cuts and Jobs Act.

Transcript:

Trish Regan:               Hello, socialism. We’ve got the Biden administration, Kamala Harris and Joe Biden, out there crisscrossing the country because they want to sell you on the idea that $1.9 trillion just wasn’t enough: “We need more, lots more. Give me more, give me more, give me more,” right?

Hello, everyone. I am Trish Regan. You’re listening to American Consequences With Trish Regan, where we want to hold our lawmakers accountable because you know what?

This economy is still the greatest economy on Earth, and we need to ensure that it will be a great economy for our livelihoods in the future, for our children’s futures, and for our grandchildren’s futures, right? Let’s not throw it all out the window.

And yet with these proposals that they’re talking about, that’s effectively what they’re going to do. They want a big, giant wealth grab. They want to take from anybody who’s producing. They want that money, and they want to redistribute it.

Look, there’s a word for that. It’s called socialism. You know what? Socialism works. I’d argue it never fundamentally fully works because it prevents people from really achieving all of their goals and aspirations. And so, socialism to me really doesn’t go hand-in-hand with freedom. Freedom and capitalism are all part of the same thing.

Look, you can have capitalism with communism, as you do in China, and yet it’s not full capitalism in that economy. Even China, as much as they’re doing, they’re not realizing their full potential because of it. Do you know how many people in China are trying to stash money here in the United States because they know it’s safe here, safe from the government that could otherwise get it in China?

You will never have a full, fair system unless you embrace capitalism with political freedom. Right now, they want something very different. They want socialism, a socialism that’s increasingly creeping towards communism, with all their rules and regulation and cancel culture, with all their attempts to tear down our history.

And this is a dangerous place for our country to be in because we are very, very much at risk of losing our future, and we’re losing it to the socialist communists that want to take us over, and they’re right here in the United States of America.

Anyway, I’m so excited to have on the program today somebody who really is a champion for freedom and capitalism and has pushed for this his entire career. We have none other than economist Stephen Moore. Stephen Moore is at the Committee To Unleash Prosperity.

They have tremendous e-mails. Make sure you get them because I get them every day. Sometimes they come out twice a day. I love them because they really pinpoint the biggest economic issues and the things that are going to threaten your freedom. So the Committee To Unleash Prosperity e-mails every day.

You can follow him on Twitter, @StephenMoore. He is formerly of the Wall Street Journal, also was often a contributor on my show over the years, and I’m glad to have him here with us today. Economist Stephen Moore joining me now.

Good to see – I was going to say, “Good to see you,” but good to talk to you. I’m not seeing you, unfortunately. Soon, hopefully.

 

Stephen Moore:          Yeah, I can’t wait till we can get back to full normal where I can see you more often than talk to you. But I’m doing well. Thank you for mentioning our daily Hotline. Just go to the Committee To Unleash Prosperity’s website, and you can get that for free every morning.

I’m like you. I’m very nervous about the direction of our country now. The Democrats in Congress seem to be flexing their muscle. So much for unity, right? It’s basically using a steamroller to roll over the other party.

They’re passing all of this stuff without a single Republican vote, and I’m very concerned about what we’re doing to our nation’s finances and medium- and long-term impact to our great free-market system.

 

Trish Regan:               So let’s break this down because the $1.9 trillion, that’s done and over. We’ll see if it all gets spent. The last time we actually didn’t even spend all the money. We can talk about inflationary concerns related to that in a second, Steve.

But one of the things that causes me concern is that they’re out there crisscrossing the country to try and get more money, and there are predictions of $2 trillion to $4 trillion in addition. Don’t forget President Biden did tell us this was just a down payment. The $1.9 trillion was just a down payment.

Now they’re talking about raising taxes, as you warned, and I warned that they would, on everything from corporations to individuals to even cap gains. All those people making money in the stock market, good luck if those cap gains go up because that’s going to really I think because people to think twice about even investing their money and rolling the dice and taking chances.

So what about this legislation that’s being talked about and proposed now, the changes that they would like to see in the way of higher taxes?

 

Stephen Moore:          As you know, I worked on the Trump tax bill, which did the opposite. We cut tax rates out on small businesses, on American corporations, because we want America to be No. 1 in the world. We cut taxes on investment so that we could get more factories and more machinery and equipment and other kinds of tools that we use to make the American economy more competitive.

And it worked like a charm. We cut those tax rates, and we’ve got $1 trillion of money from the rest of the world that came into the United States and created jobs and businesses here. Remember the repatriation where we allowed money to come back to the United States at a 10% tax rate, and it was like a magnet.

It was amazing. We had the lowest unemployment rate in 50 years. We had the lowest poverty rate ever in the history of the United States. We had big wage gains. It worked like a charm. Liberals love to talk about science. Well, we did an experiment, a scientific experiment, and it worked, and they want to reverse it.

Look, as my friend Art Laffer would say, if you twist the dials of the economy in the right direction, you’re going to get good results. If you twist them back the other way, you’re going to get the opposite result.

So I do think we’re going to do real damage to our economy if we pass those higher tax rates. What you’re going to do is see the money leaving the United States. It’s going to go to Germany, and it’s going to go to Japan, and it’s going to go to China and our rivals. So I think this is a tax plan, to put it simply, that would put America last, not put America first.

 

Trish Regan:               I agree with you. But a lot of people say, “But wait a second. If you’re going to get GDP that’s 8% and if you’re going to get people’s savings rate up and possibly even real wages up, some of the inflation is going to creep in,” although I wouldn’t mind seeing a little bit of growth in real wages.

How do you counter that? Is it sort of like, yeah, but is it real when you get that much growth in a sudden amount of time because you’ve just pushed all this money into the system and then you turn around and you tax it back?

Is it kind of dare I say Ponzi scheme by the U.S. government? It’s like, “OK, we’ll print money, and we’ll take some from over here.” It’s a Robinhood scheme, too, right? “We’re going to take from so-and-so to pay so-and-so.” But is any of it actually going to be real, fundamental growth that will be lasting and that will put us on a good trajectory?

 

Stephen Moore:          No, it’s not. And here’s what’s happening in my opinion with the economy. First of all, we do have an incredible stimulus out there for the economy, and that stimulus is called Operation Warp Speed. It’s the vaccine, and once we get those vaccines out there by the end of April or early May, virtually everyone who wants the vaccine will have it.

And that’s huge, huge, for the economy. Thank you, Donald J. Trump. That means we’re going to get businesses reopened, schools reopened, churches reopened, restaurants reopened, and you’re going to get a normal to normalcy. That’s what we’ve all been hoping and praying for now for over a year.

Look, I agree with Goldman Sachs. I think the second half of this year is going to be a blockbuster. I think we’re going to have great growth. If Trump would have been reelected, I think we would have had 10% growth in the second half of the year.

So that’s the overriding factor here, and that’s why we’re so opposed to this $1.9 trillion. We didn’t get a penny of that, not one penny. We just needed to get the vaccine out there and get people back to work.

And so the second half of the year is looking really good to me. I don’t know if we’re going to get 8%, but I think we’ll get 5%, 6%, 7%. That’s going to feel really good.

The problem is then you’ve kind of caught up because this is a catchup period from all the GDP that was lost in the last year. I worry about where we are about a year from now, Trish.

Look, I’m different than you. Sometimes I go out. You never do this, but sometimes my wife and I will go out to a Mexican restaurant, and we’ll have a few too many margaritas. And it feels so good. It feels so good. You have the time of your life, and you’re dancing around on the tables and having a great time. And then what happens the next morning? You can barely get out of bed, right?

And that’s sort of the analogy of this economy. We’re going to push all this free money in, and everybody’s going to have a great time with all the free money and the economy’s going to do well. But then you’re going to have a hangover effect, don’t you think, where you’re going to have to start paying the piper for it, because there is no such thing as free money.

You have to pay bills. You have to pay your debts. It would be wonderful if economics were so simple that all we had to do was print money and everybody could get rich, but of course, Mexico tried that. Argentina tried it. Venezuela tried it. Zimbabwe tried it. It didn’t work.

 

Trish Regan:               All the countries that we don’t want to be have tried that. But look, OK, so we’re at $28 trillion. At some point, these numbers feel to people I think kind of irrelevant, right? You can’t even grasp what $28 trillion even is.

But it’s a lot of money, right? And it’s the most debt we’ve ever owed. We’re now running at a debt-to-GDP ratio that’s higher than we actually make every year, and that’s expected to grow even worse in the coming years.

I guess you can operate with these massive debt and deficit levels as long as interest rates are low. But, Steve, what happens when that interest rate – has the Fed figured out just how to massage that and manage this enough through all their QE experimentation that we don’t have to worry about much, much higher rates, or should we be concerned?

I’ve been watching the Treasury market, and yields have crept up. We’ve seen 1.6% on the 10-year. But in general, they should be higher given what’s going on.

 

Stephen Moore:          Look, we’ve been blessed for now a decade with very low interest rates, and that’s been great, and very low inflation. That’s been a wonderful thing. You want inflation, you want the dollar to be stable, and you want prices to be stable. That’s a hallmark of a productive economy.

But now, do I worry about more inflation? I do. I don’t think we’re going to have runaway inflation like we had in the ’70s, but Milton Friedman taught us 50 years ago that inflation is just too many dollars chasing too few goods, right?

So if you continue to produce more and more money and you don’t have a corresponding increase in the output of goods and services, then prices go up. You mentioned earlier, yeah, gas prices went up. I paid over $3 a gallon on Friday, and just four months ago I spent $2.50, less than $2.50. So that’s a pretty big increase in a short amount of time.

 

Trish Regan:               Food and energy are definitely going up, and those are things that people use, food and energy.

 

Stephen Moore:          Yeah. And you know that I like to look at commodity prices, looking at the price of everything from cotton to copper to silver to oil and gas. Look what’s happened to commodity prices, because they’re a lead indicator of where prices are going, and commodity prices have been on a pretty steady rise.

Now I’m not trying to stop Armageddon here, right? Again, I don’t think we’re going to see double-digit inflation or anything like that. But I do think you could see inflation go up in the 3% to 4% range, and of course, then interest rates go up.

That’s a scary thing because as the interest rates go up, then we’re just paying more and more of our taxes not for goods and services, not for hospitals and roads and bridges and national defense, but just to pay the interest on the debt. By the way, as you know, China owns $2 trillion of our debt. So we’re basically going to be paying more and more and more of our money to China.

 

Trish Regan:               Yeah, that’s where it really starts to break down and it gets pretty complicated. People don’t necessarily understand what the hangover effect is, but I think your description of the dancing on the tables with the margaritas is a good one because at some point one would have to think that that does happen unless we become stricter about paying this off.

In the meantime, they’re talking about everything from a wealth tax, which by the way I’m pretty sure is unconstitutional, right? Didn’t we actually have to pass an amendment to get the income tax through in 1916?

So the idea of the wealth tax, I don’t know where that one’s coming from. I guess you could just stack the courts and pack the courts and hope that you get more of your people elected and do something as crazy as a wealth tax.

But that’s being discussed. In fact, Janet Yellen said recently on ABC’s This Week with George Stephanopoulos that that’s something that they would be looking at. Corporate taxes, as we said, very much on the table. I think that that they’ve made that clear. They’ve telegraphed that all along that they would raise taxes from 21% to 28%.

By the way, I should have mentioned that in your introduction because you’re such an accomplished guy, but one of the greatest accomplishments really was your hand in helping to get this economy back on track between 2016 and 2019. I leave off 2020 only because COVID happened, and that was something that nobody could have ever anticipated.

But the actual policy that you put in place with your team there at the Trump administration and the president, of course, really great and really helped I think get this economy humming in a way that we had not seen in almost a decade, Steve.

But now they’re basically going to reverse all of that, as you articulated. What happens then? Do we become have and have-nots? Because I would have to think that they want to tax everybody above $400,000. Let me tell you, there’s a big difference between if you make $400,000 versus if you make $1 billion.

There’s a big difference, and there’s a big, long way in between there, and a lot of people making $400,000, especially if they’re say living in New York City or in Los Angeles or San Francisco. $400,000 isn’t the same as if they were living in the middle of Nebraska.

So will this wind up penalizing people that maybe they wouldn’t have intentionally wanted to penalize?

 

Stephen Moore:          Well, it’s the evil 1%, the top 1%, that Democrats want to tax. The problem is if you look at what those people in the top 1% do for a living, the vast majority of them, they own, operate, or invest in small businesses. That’s what they do, and that’s where the jobs come from.

So somebody’s going to have to explain to me how we’re going to get more jobs by taxing the very small businesses that create the jobs in the first place. As my old boss, Dick Armey used to say, liberals love jobs, but they hate employers. You can’t have one without the other.

I want our small businesses to do as well as possible. I think the fact that we have $5 trillion companies in the United States is awesome. I want 10. I want 20. I want everybody to get rich. You and I, we want a rising tide that lifts all boats.

As my friend Art Laffer always says, what we want is an economic system that tries to make the poor richer, not the rich poorer. And I think sometimes the liberals get that upside-down. I do worry that you’re going to have very negative effects on our economy anyway.

They want to raise the income and payroll tax rate to like 50% on people who make over $400,000 because they want to go after the billionaires. Do you think that Mark Zuckerberg or Jeff Bezos or Warren Buffett are ever going to pay a 50% tax rate?

Come on, of course they’re not. They’re going to find loopholes. They’re going to shelter their money. They’re going to have tax accountants. They’re going to have tax lawyers and figure out how to avoid paying those taxes. We know that. The people who get really hit are the small-business men and women. They’re the ones who are going to get clobbered.

 

Trish Regan:               I get it, and I think that that has a trickle-down effect, to your point, on jobs that really has an effect on the middle class. If you combine that with the capital gains tax that they want to institute for anybody I believe making over $1 million, now all the people that are really pushing money into the markets and, by the way, helping to finance new businesses and entrepreneurship, well, now they’re going to get dinged with an income tax rate.

So theoretically that could be, what, you’re paying 50% instead of a cap gains rate. How are you going to get more new investments and new companies? Isn’t this what has made America historically so great?

 

Stephen Moore:          I want to mention one other one. You’re right on all of those points, but you left out one, which I think is maybe the most obscene tax of all, which is this death tax that they want to impose.

They want to have a new 40% tax on inherited wealth of even – I think they want to lower the threshold to $3.5 million, which isn’t that much. You spend your whole lifetime building up a business or building up a ranch or a farm, $3.5 million is not that much for a lifetime, right?

The whole American Dream is you’re able to pass that family business on to your children and your grandchildren. You’re going to have a situation now where people are literally going to have to sell the farm to pay the taxes. I just find that so offensive.

If you’ve spent your whole life, Trish, building up a business – like someone like my father. He wasn’t rich, but he built up a pretty successful business. He spent his whole life doing that. He paid his income taxes, the sales taxes, the gas taxes, the payroll, all the different taxes. And then when he dies, they take 40% away from him? I just find that offensive.

 

Trish Regan:               Yeah, and it is a double taxation effectively. You’ve already paid the taxes on that.

 

Stephen Moore:          They tax it when they earn it, then the capital gains, then the dividends. And if they die with the business – and the whole history of America is building up family businesses. That’s the heartbeat of America, right? And they’re going after that.

 

Trish Regan:               So they hate business. They hate employers, to your point earlier. They hate people with money. They want the government to have all the money.

And yet you look at – again I’ll go back to the tax policy that you guys put in place. You lowered taxes, and guess what? We saw record receipts, record revenue of taxes, after having lowered those tax percentages that you were taking.

So in other words, it’s the sweet spot, right? Art Laffer, to mention him again, he has demonstrated this well as he once did on a napkin with his Laffer curve. But you really have to have the sweet spot because you want maximum revenue, right?

In order to get that, you can’t be too onerous because people are going to find workarounds, ways around. Nobody sets out not wanting to pay their taxes. But if the government is now going to take such an extreme amount of your money, then you’re right. I think Jeff Bezos and Mark Zuckerberg will figure out pretty quick how they can manage that.

 

Stephen Moore:          Well, that’s right. By the way, when we did our tax cut, remember at the time under Trump, “Oh, tax cuts for the rich. It’s only going to go to rich people.”

And then what we found according to the IRS data is the rich actually ended up paying more taxes because they grew their businesses. They hired more workers. They expanded and they made more money. When people make more money, they have to pay more taxes.

What I am worried about is we’re going to do the opposite. We’re going to shrink the economy, and then it gets to be like a bunch of piranhas in a tank. They start going after each other. We want growth. John F. Kennedy, he said, “A rising tide lifts all boats.”

Show me something that’s pro-economic growth that Biden wants to do, seriously. And I’m just asking that rhetorically. But somebody’s got to explain to me how raising taxes, giving massive increases in welfare benefits for not working, all of the debt, how is that going to help America? It seems so alien to me.

 

Trish Regan:               Speaking of that word, “alien,” which we’re not allowed to use anymore, but we have undocumented migrants, about 11 million or so, in the U.S. already. There’s talk of finding them a path to citizenship, and right now it looks like the Biden administration is really dealing with a full-on crisis. Don’t call it a crisis, though. They’re not calling it a crisis. But they’ve got a serious problem at the border.

I wonder if it’s a naïveté. It’s probably actually very deliberate because I think if you really wanted to be Machiavellian about it, you could say, “OK, well, let’s bring everyone here. Let’s give them just enough to get by,” which will feel fantastic, because they’re living in H-E-L-L down there in Honduras and Mexico and other places.

You give them just enough. Oh, and then you provide them with the path to citizenship, and the Democrats will then rule the world forever. And so maybe that’s the endgame.

But in the meantime, you’ve got a country that’s got to support this mass migration, and it’s quite evident that we can’t, right? As much as the media wanted to make the Trump administration and him into the bad guy and say, “He’s doing this, that, or the other,” separating kids from their parents, once you say, Steve, “Hey, you know what, we’re not going to turn any kid away,” once you telegraph that, well, what do you suddenly have showing up at your border but you have children, unaccompanied children, because parents say, “Well, we heard that you’re not going to turn them away.”

And so they send them. It’s the law of unintended consequences, right? They’re trying to be humane, and yet in some ways, they’re less humane because it’s causing these kids to be sent alone to our border. Then you get here, and we’ve got no place to put you and no program in place to deal with this.

 

Stephen Moore:          It’s been a real setback. Look, there’s nobody who’s more pro-immigration than I am. I think immigrants are such valuable contributors to our economy, the hard work and the know-how. And as Larry Kudlow would say, the “brainiacs” we bring into this country.

So my view is when people want to come here and work and contribute, that’s great for America. But you have to come in legally in an orderly way. Our country needs to have a border. We need to be able to regulate who can come in and can’t come in.

Some of them haven’t even been tested for the virus, for goodness’ sake. So we’re importing the virus back into our country.

And so it’s bad because we do need immigration reform. We do need a lot of the talent around the world, and it’s what makes America great. But I don’t understand what the liberals don’t understand about “illegal.” You can’t come into the country illegally.

 

Trish Regan:               Why not create just a better system and say, “Listen, if you can come here and you can take care of yourself.” And by the way, if you’re a child, look, that’s where it gets, I understand, complicated and difficult. You don’t want to turn away a child. But there’s got to be some kind of communication out there that we would rather have a family than just an unaccompanied child.

I don’t know, I think it’s a total mess. The problem is they’ve tied themselves in knots, right? It’s like Cuomo and the sexual harassment stuff. To be all out there against Kavanaugh, and then when the tables turn – the tables will turn, and that’s fundamentally what’s so wrong with all of this cancel culture. Those in glass houses, as they say. Everybody’s pointing the finger at this one or that one.

They were saying that it was so inhumane to turn these people away at the border, and now we’ve got a situation where they’re going to have to be inhumane because they have no system to deal with this. But they don’t want to get criticized for it, just as Cuomo and others don’t want to be criticized for the very things that they’ve criticized others for.

Isn’t this fundamentally part of the problem, that the Democrats have wanted it all their way – it’s their way or the highway – but the same standards don’t really apply to them, whether it be on the immigration issue or Andrew Cuomo, for that matter?

 

Stephen Moore:          Well, it is interesting to me that just nine months ago Andrew Cuomo was seen by the Left: “Oh my God, he’s the greatest. He should be the president of the United States. He’s such a superstar.”

And of course Cuomo – and by the way, I’m not nearly as disturbed by these sexual misconduct allegations – I mean, I’m disturbed by them, but much more disturbing is the 1,000 people who died in nursing homes, 1,000. That’s a lot of deaths due to incompetence by the Cuomo administration. Meanwhile, you’ve got Newsom in California who’s under recall because of his incompetence.

See, this is the thing, Trish. America is a great country in part because we have 50 states and you have 50 experiments in democracy. Florida is amazing. You’ve got a great governor in Ron DeSantis. He’s not growing the government. He is basically letting the economy open in a safe way. The beaches are open. The schools are open. The stores are open. People are getting out and about. They don’t have a high unemployment rate like these other states do.

Why don’t we let the states lead the way? By the way, what’s one of the things that’s special about Florida, as you know, Trish, no income tax. Guess what? When you have low taxes, guess what? You get more business. You get more people. You get more jobs. Why don’t we make America more look like Florida? And they want to make America look more like New York, which is a disaster right now.

 

Trish Regan:               It’s so obvious, right? New York is just – it really is, and Cuomo is the poster child for everything that could have gone wrong. You’ve got a socialist mayor, for goodness’ sake, in New York City. By the way, he’s piling on, too, because – he’s probably enjoying it because Cuomo’s been so hard on him. But de Blasio is now saying Cuomo needs to resign.

The problem in New York is, to your point, incompetence. His incompetence really to me, it almost feels criminal because the idea, Steve, that you would send people with COVID-19 into nursing homes to recover well into us knowing everything that we knew, this was still going on mid-April, right?

They’re sending people with COVID-19 in to recover in nursing homes, and we were well aware of how vulnerable the elderly were. And yet those deaths, that’s on his team’s shoulders. They’ve got blood on their hands as far as I’m concerned because of incompetence.

But it’s not just that kind of incompetence. It’s also people have lost their livelihoods and their businesses because of his team’s incompetence. Think of all the businesses that relocated, as we were talking about, to Florida. It’s great. It’s great for Florida, I think Florida and Texas and, by the way, New Hampshire, which just got rid of its capital gains tax, too.

So now no sales tax, no income tax, no capital gains tax. It’s a pretty nice place to be. They’ve just got to lower the business taxes there, too, and they’ll be all set.

But Texas and Florida really are the poster children of how it can and should be done, and I think we should hold all of our states to higher levels. Why is one team of people subsidizing another?

 

Stephen Moore:          I couldn’t agree more. By the way, don’t forget Tennessee. Three of the fastest-growing cities in America – Chattanooga, Knoxville, and Nashville – are all in Tennessee, and that’s also a state with no income tax.

So it’s important that we learn the lessons of what works and what doesn’t work. We’re now at the one-year anniversary of lockdowns, and I find it so unconscionable that here we are a year later. We’ve learned hopefully a lot from what’s happened in the last year, and we still have, what, 20 states that still don’t have their schools open, for goodness’ sake. You still have 22 states that have not fully opened their businesses.

Lockdowns were a complete catastrophe. They did not reduce death rates. They did not reduce the infection rates. And yet we still have people like Fauci and people like Joe Biden – what a joke when he said, “Oh, maybe you can get together with your family for the Fourth of July.” Don’t tell anybody about this, and not least the president, but Mr. President, our family got together at the last 4th of July.

 

Trish Regan:               And then Kristi Noem is trying to have the fireworks at Mount  Rushmore, and the Biden administration is trying to block them. This is a little weird. This is a little weird, right? You want to have fireworks at Mount Rushmore and Biden’s going to say no?

 

Stephen Moore:          It’s because liberals like power. They like to tell you what you can and can’t do. I’m kind of a libertarian. I want the government to leave me alone. If I’m not hurting you or not hurting your property, let me live my own life. Live free and die – or die, as they would say in New Hampshire. And you’re from New Hampshire, right?

 

Trish Regan:               Yeah, born and raised… born and raised in the good state of New Hampshire. Now it’s an important and powerful expression that I learned very young, Steve. Look, it’s gotten weird, though, right? In this environment post-January 6, you’re not even supposed to say, “Live free or die,” because that means that you’re some kind of warrior, and you want to overthrow the government.

They have manipulated the circumstances, and I don’t even want to get into that because what happened on January 6 was truly, truly, truly, truly awful, and I was horrified by all of it. But at the same time, I don’t want to see people’s freedom of speech being stepped all over, which is the consequence of this, right?

And yet simultaneously you look at the – there’s a real culture war effectively going on where anything and everything goes at the Grammys or whatever with Black Lives Matter. You can be really hateful in terms of that kind of speech and what you think of the government, and at one point it was the Trump administration. You can say as much hate and spout as much hate as you want on that side, but the same standard doesn’t apply.

And what I would just like to see is us get back to being a courteous society where we respect others and we give people their space and distance and you talk about libertarianism and those values. Everybody needs to just do their part to be a responsible member of a community, which is the union, the overall United States of America.

 

Stephen Moore:          Well, it’s all about freedom and opportunity, and we’ve given up a lot of those freedoms over the last year. I think the one last warning I would give to your listeners is Reagan once said something that was so wise, and we should all remember that as the government’s giving us all this free money and free this and free that, free childcare, free health care, free burial services. Everything’s going to be free.

And Reagan once said, “A government that’s big enough to give you everything you want is also big enough to take everything you’ve got.” And that’s what we should always remember.

 

Trish Regan:               There’s some responsibility for every individual, and the government – I get it. It needs to be there to help people to help themselves as well. Reagan was a great president. What do you think he’d think of today?

 

Stephen Moore:          Well, I think he and Milt Friedman would be rolling in their graves if they could see what’s happening. We’re giving up our freedoms, folks. We’re surrendering our freedoms.

Look at that bill that passed the House that’s going to require tens of millions of workers across America against their will to join a union and to pay union dues. Now I don’t have anything against unions, but the idea that you should be forced by government to join a union, that’s not America. We should be free to choose, right, free to choose whether we want to join a union or not.

 

Trish Regan:               Any predictions for where we’re going to be in another year? I would assume we’re economically going to be in a much better position. Things will be opened up. We do have to worry about I think this great power grab and taxation grab. But are we going to be in a much better place come 2022 than we feel like in 2021?

 

Stephen Moore:          We’ve been through so much over the last year. People are going to feel better about being – businesses opened and more of their freedoms restored. But I am worried about what I talked about, the hangover effect of these debts, this massive spending, and the massive increase in the welfare state.

I think there’s going to be a price to be paid. You know that. You know there is. Everyone listening to this show knows there’s no such as free money. Debts have to be repaid. And we’re digging ourselves into a deep hole right now, we really are.

 

Trish Regan:               So I encourage you all to go to the Committee To Unleash Prosperity, to their website, and I encourage you to follow Steve Moore on Twitter, @StephenMoore. Keep listening to this podcast, and check out his show, because he comes on here from time to time, and check out his show on Newsmax as well as on WABC Radio. We thank you, as always, Steve.

 

Stephen Moore:          Well, thank you, Trish. You’re a national asset, and we need more people who think like you and I do. I think most Americans get this. I think that in the end, we don’t have socialism in our DNA. There will be a revolt against this massive increase in government, don’t you think?

 

Trish Regan:               I absolutely think. I think come 2022 there’s going to be a revolt. I think the country’s there. I’m sorry, when you start canceling Dr. Seuss –

 

Stephen Moore:          We’re talking about a people revolt.

 

Trish Regan:               You lose America when you start canceling Dr. Seuss and you start talking about things like a wealth tax. It’s just so against everything that we believe in and what we’ve stood for. Thank you again, Steve. I appreciate it.

 

Stephen Moore:          Take care.

 

Trish Regan:               I want to thank you all for listening because this is really an important time. There is a lot at stake, and there will be consequences to all of these actions that we’re seeing out of our federal government.

It may feel good right now, but what is it going to look like in another year or two years or three years? More importantly, what is it going to look like 10 years from now? This is not a sustainable path we are on. And so you need to think about how you plan for yourself and for your future.

I want to thank you again for listening. We will be back next week with you. In the meantime, you can catch my writing on americanconsequences.com as well of course my daily podcast, Trish Intel, the Trish Intel show, and trishintel.com, where you see a lot of stories as well that are relevant to you and your money at this moment in time.

And tell your friends. Spread the word. I am here, and I’m not going anywhere because you know what, this is too important a time, and I refuse to be silenced. So welcome to the program. Make sure you sign up and download to hear more, and I’ll see you again tomorrow and next week.

 

Announcer:                 Thank you for listening to this episode of American Consequences. Want more Trish? Read her weekly articles Thursdays in our magazine at americanconsequences.com, and subscribe for free to get all of our daily articles and the monthly magazine.

We’d love to hear from you, too. Send Trish a note, [email protected]

This broadcast is for entertainment purposes only and should not be considered personalized investment advice. Trading stocks and all other financial instruments involves risk. You should not make any investment decision based solely on what you hear.

Trish Regan’s American Consequences is produced by Stansberry Research and American Consequences, and is copyrighted by the Stansberry Radio Network.

 

[End of Audio]

 

Read Full
Hide Full
15
30
{{ episode.title }}
Episode #{{ episode.episodeNumber }}
/

Close