The bias of the media is absolutely out of control. Hello, everyone, this is Trish Regan. Welcome to this week’s edition of American Consequences With Trish Regan. And I wrote to you, the other day, in our e-mail, on americanconsequences.com if you want to see it, about my challenges with the mainstream media, and about, specifically, what is actually happening with Big Tech right now, because this is a big concern of mine. You know, it used to be that you could say what you thought, and you would have a certain responsibility, of course, for that. But you used to be able to pretty much, you know, say what you thought, and write what you thought.
And that has changed dramatically, really, just in the last several years, when you think about it, in the last decade. Social media has had such a massive impact, a mostly, in my view, negative impact, on society. It’s good in some ways in that information is more readily available, but that’s assuming that you can get the information. That’s assuming that the Big Tech companies are going to allow you, right? To see it, to hear it, to read it. And you know, between Big Tech and Big Media, we’re increasingly looking at a scenario where, I don’t know, It kind of feels a little like North Korea to me, sometimes. [Laughs]
I think about the story I did for, you remember, on EMPs, and the threat of an EMP. Don’t forget, we had the attack on Colonial Pipeline, recently, which shut down nearly half of the supply of natural gas that could go to the entire East Coast. I mean, everybody from Texas to New Jersey was affected by this, and that was kind of a big deal. That was Russian hackers believed to have ties to Putin’s regime, that were involved in that – at least, that’s what our intelligence department is telling us. And so, if you think about their ability to really mess with us, we’ve got to think long and hard about our infrastructure, etc. I brought this to everyone’s attention, you could read the piece, you can read the piece on americanconsequences.com, the threat of an EMP attack is very, very real.
I actually had Dr. Peter Pry, who is the head of the EMP task force, on the program just a couple of weeks ago, speaking about this. The fear, of course, is that an attack would actually destroy most of this country, 90% of the American population would be dead within a year. So when we talk about things like infrastructure spending, I care about infrastructure spending so long as we’re spending it in the right places. I mean, they talk about all the social stuff, they want to reengineer how we think about infrastructure spending for 2021. And my point is, you know what? You can talk about all the fancy, you know, social programs you want, you can talk about retrofitting affordable housing and elderly care and childcare. But if we don’t have the basics, if we don’t have a reinforced grid, then we’re sitting ducks.
And the Colonial Pipeline, to me, was one big, giant wake-up call. So I made this point… I read from Dr. Peter Pry’s report, on my Facebook page, my Trish Regan Facebook page, and do you know that within 12 minutes of me doing that, Facebook shut it down? They said that it could not be distributed, it could not be monetized, because this was not appropriate content. Now, there was nothing political about it, nothing – in fact, if anything, I was pretty negative on every administration for the last 30 years, for not doing a darn thing to update our grid. But for whatever reason, Facebook just decided that this was content that couldn’t be consumed.
Well, what is a journalist to do in this environment? Sometimes I feel like I’m pounding the table, and they work very hard to do what’s called shadow ban… shadow ban and make sure that that content doesn’t get out. Now, I’m a free market gal, so in a free market, that should be OK, right? We should say, “Well, you know, you can go somewhere else and put that content elsewhere.” And I do, I have it on American Consequences, I have it on trishintel.com every single day, my own website, and it’s all there, but it’s harder for people to find it, let’s face it, right? Rather than just, you know, on Facebook and Twitter.
And so, I question whether these companies have just gotten too darn big, right? They’ve gotten bigger and bigger and bigger and bigger, and as a result of getting so big, they kind of control the space. And so you can say, “Sure, you know, I’ll go put it here, there, and everywhere,” but the entire audience, the whole town in the town square is on just a couple of platforms. Which is why I fundamentally think we have reached the point where they have saturated the market so much that the individual is getting lost, the individual consumer. In this case, the reader, the listener, the viewer, the American public that wants to see all this stuff can’t see it.
I remember I’ve done so much reporting on Venezuela, and of course, you know, I look at Venezuela and just see it as the perfect example of how you can really screw up in two decades’ time, and ruin an economy. Which is exactly what the Chavez – now-Maduro – regime has done via their socialist efforts there in Venezuela. But I remember, in a lot of my reporting there, people would tell me how difficult it was for them to access some of my reports… well, like, all of my reports. And I said, “Well, what do you mean?” and I didn’t quite understand, and they said, because it’s on Facebook, it’s on Twitter, but they block that, and they block certain content providers there in Venezuela.
And you know, I was trying to digest that, I thought how horrible it was, really, at the time, imagine that, like, a society that can’t actually access information. And now fast-forward to 2021, here I am trying to get news out to you, and it’s not easy. It’s not easy. Because, you know, there is a shadow banning effort underway. And granted, I understand that they don’t like conservatives, they want to shadow ban a lot of conservative material. That’s not good, because that leads to a whole host of other problems. I mean, we need to protect… we need to protect our First Amendment, and that’s what I’m here. I am doing it every single day and I’m never going to stop, because this has brought something very real, something very new, very disturbing to my attention.
We are not North Korea yet, and Big Tech does not control the world yet, but we need this administration to actually take action. We need this administration to look at the monopoly that some of these companies have become. Now, again, back to the role of the consumer and how they’re affected in all of this. I mean, people have said Amazon. For example, “Amazon can’t be a monopoly because, look, the consumer gets lower prices as a result of Amazon.” Yes and no. I mean, the problem is, certainly, from a seller’s standpoint, don’t forget, those sellers are still Americans, they’re still consumers, and those sellers are constantly being undercut in that market.
Amazon has just gotten so big, in other words, it’s kind of controlling the world, now. And Facebook, and Twitter – Twitter, by the way, which, you know, I’m sort of amazed, in some ways, it’s still around – I always thought that Twitter had Donald Trump to thank for actually putting them on the map. Because Twitter was like a nothing stock and kind of a nothing company, kind of going nowhere fast, and then all of a sudden, you had Donald Trump running for president, and then became president, and it was, like, you needed a Twitter account just to figure out what was going on every day in politics. And so, that really helped Twitter to explode in a massive way.
Parler is back online now, the app is back, and it’s trying to – it’s trying to compete with that space, but it’s hard, again, because, you know, it’s a competitive environment in which some folks have really taken over. And while I welcome competition, we need more of it, right? We need more competition among more players because we can’t have one, two, three, four of these mediums totally controlling everything. I mean, it’s, like, you know, back in the old telephone days with Mabel, we need the antitrust department to come in and break these companies up.
You know, I’m so excited to have on the show, today, a very, very dear friend of mind. You know him, of course, from American Consequences, he’s our executive editor there, and he’s also a fantastic radio and television host. And I’m so excited for him because he just got a really, really, really big gig. You all know Rush Limbaugh, of course. Rush really stood for the embodiment of the American Dream, and really looked out for American working people, so that they would have their chance at success and their chance to pursue, really, pursue the American Dream. Well, Buck Sexton, Buck Sexton is going to be joining us on the program, and he is following in Rush’s footsteps.
He’s actually taken over Rush’s timeslot, and you can hear him every day. When you used to listen to Rush, now you get to listen to Buck Sexton. So I’m so thrilled to be having him on the program. Anyway, so I’m really excited Buck’s going to be coming up. But one other thing I wanted to address before we got to that is, have you been watching the price of oil? I have been predicting $75 to $100 oil by summer. I expect that we’re going to see gas prices between $4 and $5 a gallon. This isn’t pretty. It’s not going to be good. You know why? Because all of this effectively acts as a tax on the consumer.
I’ve been very concerned about inflation. If you’ve been reading my writings in americanconsequences.com, you know this, you know this. If you’re reading the e-mails, make sure you sign up to get them. But you know this because I have been talking about my fear of these rising prices thanks to a lousy monetary and fiscal policy. And I mean lousy. I mean, could you get any more lousy. Between Joe Biden offering all these stimulus checks – you know, at one point we needed them. I’d say the first round of stimulus checks, those I was all for because the economy got shut down, people were caught flatfooted, they needed something to tide them over.
By the second round, you know, I’m starting to ask questions. But by the third round – [laughs] I know he would love to have more rounds if he could, but by the third round I thought, “OK, now this is getting a little bit ridiculous.” Especially when you factor in the unemployment benefits, which, I’m sorry, I’m sorry, but when you’re offering so much in the way of unemployment, you know, why bother going to work? I mean, why bother washing dishes, when you can make $600 a week, between, you know, federal and state unemployment checks? I don’t mean to be harsh, I do believe the government should be there to help people when they’re down.
But we also need to recognize, at some point, the whole economy needs to reopen, people need to go back to work. And so, what you’ve actually seen in the data, the jobless claims data – it comes out every Thursday, of course, and in some of the overall unemployment data which comes out once a month – you have seen that, actually, red states that have taken away the federal benefits, what do you know, suddenly people are going back to work. [Laughs] You know, you have to think about the overall consequences on the economy when you don’t have enough workers – when people want to stay home and they don’t want to go to work. Because, you know, people are normal, they respond to incentives, and right now, Uncle Joe is making it really attractive to stay home on the couch.
Well, when you don’t have workers, it makes it that much harder for small businesses to succeed, and small businesses are the backbone of this economy. And don’t ever forget that. We need small businesses to really keep this whole economic engine going. And so, again, a lot of the conservative states have said, “OK, we need to do something about this, and what we’re going to do is we’re going to take away those federal unemployment benefits earlier than September.” That’s when they’re supposed to expire. And so, sure enough, in the red states, people are going back to work.
Look, I always say it’s not rocket science. It’s actually pretty simple. And people are logical people. Americans are hardworking tremendous individuals. But you can’t set up a scenario effectively for failure. And that’s what the federal government has actually done. But again, I’m so excited, because Buck is going to talk all about this today.
I’m so excited to have him on the program because there’s so much that, you know, you think from a media standpoint, even, that we need to talk about, certainly from an economic standpoint, but back to the media for a second. You heard my experience with being shadow banned. Think about what just went on for the whole last year… we were not allowed to talk about whether this coronavirus had been created in a lab, in Wuhan. Absolutely off-limits. If you posted anything on it, you’d go through exactly what I went through on my EMP thing, with Facebook immediately taking you down, suppressing your post, suppressing all of your posts while they’re at it, and you would be demonetized, penalized, etc.
This is a problem, because how can we get at the truth if you’re not allowed to talk about it? If you’re painted as some kind of crazy conspiracy theorist just because you want to know what really happened. Well, somebody who always wants to know what really happened is joining us, my good friend Buck Sexton, executive editor at American Consequences, the brand-new host of the Clay Travis and Buck Sexton show, airing – premiering, I should say – on June 21, from 12 noon to 3 p.m. Everywhere that you used to be able to listen to Rush, you’re now going to be able to listen to Buck Sexton. He joins me now.
Buck Sexton: Thanks so much, Trish. Appreciate it.
Trish Regan: Well, this is exciting stuff. You know, so just the viewer knows, I’ve been talking about you the whole show, but anyway, you know, Buck Sexton, of course, from American Consequences, you probably read all his wonderful pieces, there. Buck Sexton is going to be taking over for the great Rush Limbaugh. The Clay Travis Buck Sexton show is going to be premiering June 21, on Premier Networks, by the way, 12 noon to 3 p.m. Eastern, every day. It’s a big, big deal timeslot.
Buck, what did Rush really mean to you, symbolize to you? I know you’ve told me that you used to listen to him when you were younger, and I know you filled in for him a whole bunch as he was ailing in his later years. And now, of course, you’re going to be taking over the timeslot. What does that mean?
Buck Sexton: Well, Rush was the general, in a sense, of our conservative media movement. I mean, every day, when he would do his show for those three hours, particularly the first opening monologue that Rush would do, that set the tone for a lot of the conservative agenda, at least in the media sense, for the rest of the day. So, it’s hard to overstate how much of an influence Rush had on the thinking of people like me and so many others who work in politics and come from a conservative perspective. And I just felt like it was the greatest opportunity of my career to even fill in for him. And so then to add to that, now to – look, I have to always say this, I have to be very clear, I mean, there’s no taking over for Rush, there’s no such thing as replacing Rush.
I mean, it’s an absurd idea, really, that anybody could replace Rush. I am going into a timeslot that was part of what was formerly a timeslot held by Rush’s 600 affiliates, and even that is such a great honor that I don’t even really always know how to put it into words. So, to talk about Rush Limbaugh is to talk about somebody who not only changed the direction of political conversation in this country, in my view, dramatically, for the better, over a course of decades. But also who inspired whole generations of future conservative leadership and media and just our whole movement. So, it’s an amazing honor, and I’m just very excited to get going on June 21.
Trish Regan: We’re really excited for you, and you’re right, I mean, they’re not shoes that anyone can fill, but certainly, I mean, in terms of your thought process, and I know how you think about things, certainly, in terms of your background and your intellect, I think you’re really going to be able to give a voice to the movement, that is so needed right now. And speaking of that, we’ve been talking a lot on this show about how there’s an effort to shadow ban, how sort of Big Tech, Big Media really suppresses a lot of stories that need to be discussed. And I used, for example, my recent shadow-banning experience with my story on the threat of an EMP attack on our grid, which is very real and to me not even political.
It should be just something that we’re talking about, especially as we look at infrastructure. But the other thing, Buck, is the fact that, over the last year, you were not allowed to talk about the virus, the coronavirus, having been created in the Wuhan lab. That was off-limits. And now all of a sudden, everybody’s doing a 180, and now suddenly it can be talked about. I find this incredibly disturbing, because, as a journalist, I want answers, and sometimes you have to be asking the questions that nobody wants to hear asked, to get those answers. What’s your take on the story and where we are and where we’re heading?
Buck Sexton: We have had the greatest suppression of freedom in America, in the last 18 months or so, or 15 months, let’s say, whatever the actual start of the pandemic would be. But the last, roughly, year and a half has been the greatest suppression of basic American freedoms, freedom of speech, freedom of worship, freedom of association we’ve ever seen. Certainly in my lifetime, it dwarfs anything that we’ve suffered, in terms of our government response to 9/11. I’m not talking about the 9/11 attacks themselves, but in terms of what the government did afterward, domestically, the kinds of measures that were enacted here were, first of all, they were panic maneuvers.
They insisted they weren’t panic maneuvers. The government was lying to us about it, at various points all along. And there was a forgetfulness, and that’s a gentle way of saying it, about how it’s exactly four times of duress and moments of great national anxiety that we have a constitution, that we have these individual liberties that are supposed to be protected. It’s not a suggestion, it’s not a – when things are good, this is what we do, but when things get bad, we forget all about it. And that is largely what we did. On specifically, Trish, to your point about Wuhan, coronavirus, and the way that the story was suppressed by the media, there were multiple factors there.
One of the biggest ones, and I think everybody should remember this, is that anything that Trump was for, the media was against. Anything that Trump said was true, the media said was untrue. Because undermining him was more important, during a pandemic, than getting it right. And I think everyone should remember that about what I call the corporate media – and I agree with those who say we should no longer call them mainstream – where the corporate media is on so much of this. And I would just add to this, on masks, and also other various Fauci lockdown measures, I was suspended, attacked, undermined in a variety of ways, by the social media giants, for saying things that now are all true.
I was fact-checked, Trish, officially, by PolitiFact, and Facebook took action against my account for saying that outdoor masking is not supported by the science. Guess what [laughs], it’s not. So, this is where we should all recognize there’s a huge need for accountability and for making sure that this never happens again.
Trish Regan: Well, I mean, wouldn’t that mean breaking up these Big Tech giants? Wouldn’t that mean sort of decentralizing some of these big, big corporate media? I mean, and by the way, and bringing it back to the program that you do, mean, think about, Rush Limbaugh was really part of that, you know, when Regan got rid of all the rules, you know, sort of governing, “You have to have this, you have to have that,” in media, and really said, “Look, we’re going to embrace our First Amendment,” Rush was really one of the first people to get out there on the forefront of that. And really push the envelope in terms of making sure that people did hear all sides, did hear the other side.
How do we make sure that we do that again? Does it mean, you know, the DOJ comes up and says, “OK, this is an antitrust violation. Facebook, [laughs] you’ve got over a billion users. We need more people, more players, in this space”?
Buck Sexton: Yeah, I mean, if I had my way, I don’t just want to break up Big Tech, I want to crush their bones and salt the earth with them. I mean, I think Big Tech has become a serious threat to liberty and to the kind of free societies that we want to live in. And the scary part is, they think they’re – they still think they’re the good guys. I mean, we have, now, essentially, the digital book-burners who think that they’re the defenders of free speech, which is truly terrifying. And yes, I think that using antitrust law and every tool at the GOP’s disposal, and this is honestly one of my major criticisms of Trump, and I know people still kind of don’t want to hear criticisms of Trump.
But I criticize him, Trish, as you know, the way that a coach at halftime, you know, is criticizing his team, like, I want things to be better, the next time. I want, going forward, us to get it the right way. And if it is Trump who runs again, or if it’s Ron DeSantis or somebody else who holds the GOP mantle, I don’t want tweets about Big Tech – because, first of all, think about that for a second [laughs], relying on their platforms to get out the message about them is probably not a good idea. I want action. And I think that that’s going to mean antitrust law, I think it’s going to mean creating competitors in the space.
And I think that conservatives are also increasingly embracing the reality that the joke of, “Oh, you know, just build your own Internet,” well, we’re not going to build their own Internet, but we are going to have to build our own soup-to-nuts, top-to-bottom, integrated communication and dissemination platforms that they don’t have to be as big as Facebook. Those people don’t understand. They just have to be big enough that it creates problems for these tech giants and makes them think twice. Because right now, they don’t think twice, because what? You know, Trish, you and I both know, what do we do? You’re kicked off Facebook, where do you go?
Well, if you were kicked off Facebook and you still have 30% or 40% of your reach to your audience, then, all of a sudden, people start to say, “Hm, well, hold on a second,” you know, now there’s competition in the marketplace. Now Facebook may not be perfect, but they won’t be the draconian Leftist lunatics that they’ve been during the lockdown.
Trish Regan: No, it’s such a good point. By the way, everyone, we are talking to Buck Sexton. Make sure you follow him right now on Twitter, @bucksexton. He is the soon-to-be host of the Clay Travis and Buck Sexton show, which is going to be airing on radios all over radio stations all over the nation, from 12 noon Eastern to 3 p.m., beginning on June 21. He’s the executive editor of American Consequences. Please go to americanconsequences.com, where you can read Buck’s writing and mine. And listen, you’re right, I mean, you’re absolutely right, if you have that extra 30%, I mean, our friend Seb Gorka recently went through this with YouTube, they kicked him off for good. But he’s on Rumble, at least.
So, and Peter Thiel recently making a big investment in Rumble, so maybe Rumble can hopefully give YouTube a run for its money. But I say that – I say this as a capitalist who believes monopolies never fundamentally work because you need that competition in the marketplace. And I say this as someone who believes so wholeheartedly in our First Amendment so that the message can get out. But I wonder, I wonder, Buck, in this environment, if they’re saying to themselves, I mean, your Big Tech, right? “Oh, we need to kind of play along, get along with this administration. If we’re going to get along with this administration, then we kind of need to suppress conservatives, because this is what they want.
“And if we give them what they want – ” meaning, you know, suppressing the conservatives – “then we don’t have to worry about getting broken up”? I mean, is it sort of like one, you know, hand strokes the other?
Buck Sexton: Well, I mean, this is what I mean by we don’t have to – people keep saying, “You’re never going to be able to beat Facebook or create a new Facebook.” We just have to create alternatives, right? I mean, that’s – and you see the history of liberal dominance, Leftist dominance of our traditional news media, for example, you know, they’ve had to adapt and had to change a lot of their business model, over time, because with the Internet and with other platforms, people do have options. And so, that means that they at least have to be aware of it. Now, that’s also led to a kind of balkanization in media where you have, you know, far-Left, sort of far-Left, Left, Center, little bit on the Right, not very much.
But I do think that even having – like, right now, everybody listening should understand, right now, Big Tech’s attitude toward people like Trish and me and anyone else who’s on the Right, who has a platform, who has a voice is, “You do what we say and you play by the rules that we establish at whim,” I mean, it’s not even really rules, it’s just “what we feel like.” “Or what? What are you going to do about it?” And it used to be, “Oh, we suppressed conservatives by accident, we didn’t mean to, it’s not – ” Now they’re saying, “Oh, no, we suppress conservatives, and what are you going to do about it?”
And that’s a very big change in at least the public attitude and persona of these tech companies. And I think it just shows you that they went from feeling like they needed to at least keep this, “Oh, we’re free speech,” platforms thing going, to being straight-up, “We are Left-wing order. We might as well be a part of the DNC, so, you better, you know, shape up on some of this stuff.” Now, I know they do allow conservatives to reach their audience on some issues, it’s not on everything. But on critical issues like lockdowns, like the election, things involving Donald Trump, they have taken a side. And I think everyone needs to understand that that’s what they’ve done.
Trish Regan: Yeah, no, for sure. So, that leads me to, tech aside, Big Tech aside, what do conservatives need to do, as they gear up for ’22, as they gear up for ’24, in order to basically prevent the country from going down a full-on socialist Venezuelan-style path?
Buck Sexton: Well, Trish, I don’t know if I can – I don’t know if my strategy, you know, in 60 seconds, here, will really get it done. But I think, look Ron DeSantis is showing us that it’s about results. He understands the media fight, he knows what the Left is all about, he slaps around, verbally, journalists every bit as much as Donald Trump used to, perhaps even more effectively sometimes, because he’s even more focused in on what he’s trying to say and what the messaging may be. But we need people at the state level, places like Texas, Florida, and some others, but those states obviously because of their population, their economic impact, the ones that really get the most attention.
We need Republican governance to be the alternative to Democrat governance. We need people to see what’s going on in places like Florida and Texas and say – or even Tennessee, although I wish the governor there would get his stuff together a little bit more – and say, “Oh, so, it can be better. We can actually have more freedom, less taxes, more efficient government, lower crime rates, etc.” That’s what has to happen going into the midterms, and then I think if we build on that, you’ll have a very different outcome in the next presidential election. But it’s going to be a fight. I mean, you know, we lost some ground here, obviously, in 2020, and I’m concerned that people are going to start to feel a little bit apathetic because we don’t yet have a – we don’t have, yet, a Trump figure, whether it’s Trump himself or someone like him, to rally around. But DeSantis is a different model, so to speak, and I think it’s one that can be very effective for Republicans because it is based on results.
Trish Regan: Well, I mean, for sure, it should be a Harvard Business School case study, California versus Florida, [laughs] what to do, what not to do. Listen, Buck, we’re so excited for you. Thank you so much for joining us today. Buck Sexton, follow him on Twitter, @bucksexton. And make sure you tune in to Premiere Networks. They’ve got the Clay Travis and Buck Sexton show premiering June 21, 12 noon Eastern to 3 p.m. every day. Buck, we look forward to talking with you some more, and of course you can catch all his writings on americanconsequences.com. Thank you, sir.
Buck Sexton: Thanks so much, Trish.
Trish Regan: I want to pick up right there where Buck left off, because the future of the GOP really and truly is at stake. But it’s more than the GOP, it’s more than politics, to me, at this point. You know, I grew up in “live free or die” country, and, boy, does that motto take on new significance in light of everything that we’ve been going through in the last year and a half. But to me, this is more than politics. This is really and truly the future of this nation. It’s the future of our economy, and it’s the future of the American Dream. Because if we continue on the path that they would like to see us on, that the Left right now would like to see us on, it’s not America. It’s not freedom.
It’s high taxes. It’s big government. It’s a nanny state. And look, you can go right around the world, they’ve tried that plenty of times, from the former USSR, communist Cambodia, to, you know, Venezuela, to Cuba, you take your pick, it never works out. It never ends well. Capitalism has lifted more people out of poverty than any other system in the world, and it is what has made us the strongest, greatest, most productive nation on earth. But they want to abandon all of that.
I mean, they’re not even shy about it. Ilhan Omar’s daughter, I think, has, you know, capitalism and some choice words next to it on her Twitter page. [Laughs] They are not shy about it, whether it be the Squad members, whether it be even President Biden, who didn’t campaign like this. Think about it, remember, he was just supposed to be the nice guy, right? Like, kind of Uncle Joe, wasn’t going to bother you with anything, was just kind of going to keep the steady path forward.
Well, that steady path forward was actually a terrific path, our economy was exploding, we were doing the best we had ever done, collecting the most in the way of tax receipts ever, prior to the pandemic. And so, we were full steam ahead. People want to get back to that. But you’re not going to get back to it when you’re talking about taxing everyone. And that’s exactly what they’re talking about, whether it’s raising individual income taxes, whether it’s taxing currencies, bitcoin, whether it’s taxing businesses with higher capital gains taxes, whether it’s putting in a global tax, I mean, that’s their other move… a 15% global tax all around the world. This is crazy talk.
And you’re not going to move ahead as an economy, you’re not going to be able to ensure the American Dream for every single person that’s born here in this great country, if this is the path you’re going to follow. And that’s the path they want. I mean, think about it, after his – well, it’s not quite called the State of the Union, it’s the joint address to Congress – remember, he gave that big speech, his first full speech to Congress, President Biden did. And who did he make a beeline for, immediately after finishing the speech? Bernie Sanders. You see, the “Bernie Sanders” wing of the party has taken over.
I’m hopeful they’re not going to get through what they want to get through. I’m hopeful that they’re not going to see the light of day on taxes. I think it would be a huge – I’m hopeful they’re not going to see the light of day on some of this infrastructure nonsense. I mean, I’m all for updating roads and bridges, and certainly all for reinforcing our grid and updating that. But some of this other stuff out there, whether it be childcare, whether it be elderly care, you know, that doesn’t really, in my view anyway, classify – and they’re very lovely noble programs, don’t get me wrong, but it’s not infrastructure, right? So, we have to think long and hard about what we can afford, what we need, and what we want, right? [laughs] Like one of those conversations.
Because we’re 28 trillion and change in the hole. I mean, the number’s probably even higher than that, at this point. We don’t have this kind of money. And we’re already seeing the effect on the U.S. dollar, with the U.S. dollar being depreciated and the cost of everything going up, right? Inflation, inflation, inflation. Who would’ve thought lumber costs would be up 300%. Heck, the cost of chicken is higher, the cost of all food, the cost of all raw materials. Oil, as I’ve predicted, likely going to between 75 and 100 bucks a barrel, this summer. All of these prices are going to go up as the economy reopens.
As the economy reopens, as the Fed floods the system with money, and Joe Biden simultaneously does his part, we’re going to have increasingly a weaker dollar. And so, you run the risk of a 1970s-style economy all over again. Get out the bell-bottoms [laughs], get your ’70s records that you want to play, because – and the disco ball, don’t forget – because it’s really going to feel like the 1970s all over again. We run the risk of stagflation, where you don’t have much economic growth but you get a lot of inflation. And the problem is it’s so darn preventable.
Again, go to americanconsequences.com, where you can get all this information. I write every single week for them. Make sure you look at the e-mails, subscribe to the e-mails, and subscribe to this podcast. I’ll see you right back here next week.
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