Cruz Crushes During CNBC Interview on Economy

In an interview on CNBC'S Squawkbox, a panel grilled Ted Cruz on the state of the economy. Cruz answered each question succinctly, showing a deep understanding of how the economy works --- and what it will take to get back on track.

The interview also displayed a stark difference between the two Republican candidates leading the field.

"Honestly, everybody is playing this except for Ted Cruz, and it is the victimhood card," Glenn said Tuesday on The Glenn Beck Program. "Donald Trump is saying we're a victim of China. . . where Ted Cruz is saying, 'I'm going to get the government and the tax burden out of the way for the American people because the American people can do this.'"

The Squawkbox panel asked Cruz detailed questions, demanding explanations and specifics --- and Cruz delivered every single time.

"The fed has, for those with assets, has driven up stock prices, driven up assets values, but that's not built on anything real. It's not built on an increase in the intrinsic value of those assets. It's just based on playing games with money, which means a crash will be coming," Cruz said. "It's far better, if you want to drive up the economy and jobs, it's far better to reduce the burdens on small businesses, where you're creating a whole lot more jobs and we're producing more. That's actually growth. I want asset values to go up because there's more production because it's actually worth more."

While some of the candidates whine about corruption and a rigged system or apologize for America, recommending a European style of government, there is one candidate who believes in the American people. That candidate is Ted Cruz.

Co-host Stu Burguiere also had a tip for journalists interviewing Donald Trump.

"End a lot of questions with, 'Can you explain this?' and see what [Trump] comes up with. Because he can't explain any of it because he doesn't know. He'll go back to China and everything else. Hold him to it. Make him explain those specifics. That would be really helpful," Stu said.

Below is a rush transcript of this segment, it might contain errors:

GLENN:  There was an interview -- there was an interview with Ted Cruz on CNBC, where he was talking about, you know, the -- the basis points in Germany and the VIX and stuff that most people don't even know.

Can you explain some of these things?  Can you explain what's happening to the economy, what's happening to the global economy and how to fix it?

PAT:  The VIX.  Yeah, you rub it on your chest when your nose is all stuffy and --

GLENN:  Does anybody know what that is?  Yeah, volatility.  Okay.  Good.  It's the spread of volatility and what the market thinks.

PAT:  You're telling me it's not a vapor rub?

STU:  Well, it's also a vapor rub.

GLENN:  Yes, yes.

STU:  You're both right.

GLENN:  You're both right.  Yes.  Okay.  Thank you so much for that, Stu.

So let's listen to some of these answers from Ted Cruz because it goes to the credibility of who can handle the economy without nationalizing the banks?  Who understands what's coming and how to fix it?

TED:  The problem with using monetary policy, it's a very ineffective way to juice the system because you create bubbles.  So you're right:  The fed has, for those with assets, has driven up stock prices, driven up assets values.  But that's not built on anything real.  It's not built on an increase in the intrinsic value of those assets.  It's just based on playing games with money, which means a crash will be coming.  It's far better, if you want to drive up the economy and jobs, it's far better to reduce the burdens on small businesses, where you're creating a whole lot more jobs and we're producing more.  That's actually growth.  I want asset values to go up because there's more production because it's actually worth more.

PAT:  Now, you tell me that Donald Trump could have had that conversation.  There's no possible way.  All he would have said was, "We're losing to everybody.  We're losing to Mexico.  We're losing to China.  We're losing to Taiwan.  We're losing to Japan.  We're losing to everybody."  That's all he would have said.

GLENN:  Because, honestly, everybody is playing this except for Ted Cruz.  And it is the -- the victimhood card.

PAT:  Uh-huh.

GLENN:  Donald Trump is saying we're a victim of -- of China.  And, really, of ourselves because we have bad negotiating tactics against China.  And I'll make China, I'll make Mexico pay.  Where Ted Cruz is saying, "I'm going to get the government and the tax burden out of the way for the American people because the American people can do this.  They've just been told they didn't build this.  They've been told that, you know, they have to do their patriotic duty and pay higher taxes.  They're not victims here.  They just need to get the government under control, and they're going to be able to do it."

And I think that's -- that is the biggest difference.  Who is a victim?  And who says, "Yes, we can.  We're going to do this.  We can do this?"

PAT:  He also shows that he understands how the system works.  He understands what makes the economy run, the inner workings of it, what the fed has to do with it.  He knows all that stuff.  And he proves it again with this.

JOE:  Growth around the world.  Economic growth --

TED:  Yep.  Yep.

JOE:  -- almost cures all ills.  It cures the sentiment that we have right now, the feeling that people aren't getting ahead.  Helps you pay down deficit.  Helps everything.

TED:  Yes.

JOE:  But we're in a weird world right now.  I checked for you this morning, the German tenure (phonetic) is at 15 basis points.  Japan, there are negative interest rates.  So it's not just the anemic recovery in this country, it's a global phenomenon that we've really never seen the likes of, and I don't know how to explain it.  I wonder if you know how to explain the cause and the cure.

TED:  Well, Joe, you're preaching to the choir.  And I wish that more of the presidential candidates would focus on growth.  Because you're right, growth is foundational.  My number one priority as president will be economic growth.  Every other problem we've got, whether it's unemployment, whether it's the debt and the deficit, whether it is strengthening and preserving Social Security or Medicare or whether it is rebuilding our military and keeping us safe, you got to have growth to make it work.

And we have been trapped in stagnation for the last seven years.  And if we don't turn that around, nothing else gets fixed.  And it's driven by a number of factors.  You know, historically since World War II, our economy has grown on average about 3.3 percent a year.  And yet from 2008 to today, it's averaged only 1.2 percent a year.

If we stay at this level of stagnant growth, one in 2 percent GDP growth, these problems are not solvable.  And that's why we need an economic agenda.  My economic agenda is focused very directly on growth.  Because if you get back to historic levels, 3, 4, 5 percent growth, suddenly the federal budget numbers turn around dramatically.  It is by far the biggest factor impacting the federal money.

GLENN:  You know, here's the amazing thing, I spent -- last week I spent seven hours with him.  And we were at my house and in between tapings of stuff they were cutting, we talked about this.  And for the first time, I was overcome with security that, we're going to make it.  We're going to make it.  He is so rooted in the facts of how an economy works, that he was like, "Glenn, I'm telling you, we have $19 trillion in debt, but we have a 17-trillion-dollar economy."

Do you know what the rate of growth was under Ronald Reagan?

PAT:  Yeah, it was -- I think we talked about this the other day.  It was like seven.

GLENN:  7 percent.

PAT:  7 percent.

GLENN:  He's like, "If we can just get us up to 5 percent, it changes everything.  You don't have to worry about it.  You have the money to pay that debt down."  He said, "The problem is, we're at this growth of 1 percent."  And he said, "We've got to stop that."  And the way to do that is to get rid of regulation and to change tax policy.  And here he is on his tax policy.

TED:  My tax plan is simple, it is a simple flat tax.  For a typical family of four, first $36,000 you earn, you pay nothing.  Zero income tax, zero payroll tax, nothing.  Above $36,000, each marginal dollar, you pay a simple flat tax of 10 percent.  No longer is a hedge fund billionaire paying a lower effective tax rate than his secretary.  Everyone pays the exact same.

Another difference, by the way, no longer do you have any differential rates between ordinary income and dividends or cap gains.  Short-term and long-term cap gains, it doesn't matter.  Everything is 10 percent, which means people actually allocate capital based on where it's efficient, rather than what the tax laws say because the tax laws are neutral to everything.

And then on the business side, on the business side, we abolish the corporate tax.  As you know, we have the most punitive corporate income tax of any developed country in the world.  We abolish the Obama taxes.  We abolish the payroll taxes, which are the single biggest tax most working Americans pay.  And we abolish the death tax, which is a tremendously unfair and punitive tax on farmers, on ranchers, on small businesses.  And we replace all of those with a simple 16 percent business flat tax.  And the effect is an incredible catalyst for job creation and wages going up and bringing jobs back to America.  That's my priority:  High-priced jobs coming back to America, wages going up for everyone.

GLENN:  Okay.  He goes into the tax plan.  Now, why will this actually work?  Listen to this.  726.

PAT:  Yeah.  Okay.

TED:  The problem is the history of the fed has not been very good in terms of being smarter than the market and I think trying to guess what's happening in the market.  I think we're far better having a rules-based monetary policy, ideally with some tie to gold so that you just have stable dollars.  So that you know that when you're investing a dollar today, you know that the dollar is going to keep a consistent worth, rather than fluctuate wildly.

VOICE:  I guess my point -- and then back to Joe's point about the growth stagnation around the globe.  What explains that?

TED:  Well, some of it is, many countries in the globe have followed the pattern of the United States of hammering small businesses with taxes and regulation, and you end up with a spiral.  That gives an incredible --

JOE:  They might have led the way, Senator.  I don't know if they followed us.

TED:  You're right.  You're right.

JOE:  Europe, you know, they invented structural --

TED:  Well, now Bernie Sanders tells us how wonderful Sweden is.

VOICE:  Don't get me -- we've been talking about that today, the -- the notion that there's big sum of money and greedy corporations and greedy rich people pull out of that.  They don't generate any of that wealth or any of that growth or any of those jobs or any of those tax receipts.  All they do is take.

But 51 percent of the country in polls is buying into that.  What have we done wrong?

TED:  So, Joe, you're telling me, you don't believe it when Hillary Clinton said, "Don't let anybody tell you businesses create jobs?"

JOE:  No.  That's another one.  Or, "You didn't build this."  I don't believe that one either.

TED:  The catalyst of our economy is small businesses.  Two-thirds of all new jobs come from small businesses.

GLENN:  Two-thirds.

TED:  If you want to have the stagnation we have, it's very simple, you do what we've done the last seven years, you slam small businesses with crushing taxes.  You know, yesterday I was in Buffalo, New York.

GLENN:  Now, listen to this.

TED:  I met with Charlie, the butcher.  He's got seven restaurants.  By the way, an incredible sandwich, the Beef on Weck, I highly recommend it.

And I remember visiting with Charlie, great example of a small business man.  And he was talking about the effect of a $15 minimum wage here in New York State.

And he said, "Listen, I've got seven restaurants."  He said, "I'd like to have 20."  He said, "I could have 20, but I can't afford at this rate."

How many jobs are you talking about, if you added another 13 jobs?  He said, "It would be about 160 jobs."  And this was a conversation I had with him, just talking to him.  That's being replicated in small businesses all across the country.  So if I'm president, my priorities will be lifting the tax burdens and lifting the regulatory burden so that small businesses, we can go from those seven Charlie the butcher shops to 20.

GLENN:  If my tax burden went from 40 percent to 16 percent, how many jobs would we create?

PAT:  Hundreds probably.

GLENN:  Hundreds of jobs.

PAT:  Hundreds.

GLENN:  Hundreds of jobs.  And we're all the same.  Anybody who owns a small business, we're all the same.  We are being -- if they cut regulations, now, not necessarily in this business, but I know just from HR, we've got three people, I think, working in HR.  What are their jobs?  Their jobs are to keep us compliant.

If we just reduce the regulation that -- that eat up so much of a small business' time and so many of our resources just keeping us in compliance with the federal government, how many jobs would we create?  Who has a compliance officer in a small business just to keep you compliant with the laws for Obamacare?

How many jobs are being eaten by the federal government?

See, they say -- Barack Obama says, "The federal government creates jobs."  And that's because, if you go to Washington, they are creating jobs.  These places are getting bigger and bigger and bigger.  And they're all federal jobs.  What do those federal workers do?  They create paperwork for people like us.  They create situations where you need somebody to stay in compliance.  That's the problem.

And nobody else is really talking about these things.

PAT:  How do you -- if you're an economic person at CNBC and you know this stuff pretty well, like they obviously do, how do you not say, "Wow.  That's our guy --

GLENN:  I don't know.

PAT:  -- that's our guy?"

GLENN:  I posted this.  This is 41 minutes of his interview.  And I have never heard a politician talk like this.  Never.  This guy smoked MSNBC -- or, CNBC.  There was nothing they could bring up on the economy that he couldn't answer.  Remember, they started with, "Can you explain this?"  And then she followed with, "Okay.  But tell us, how is this happening with Europe?"  And he answered the question.

I mean --

STU:  Yeah.  By the way, quick tip for journalists interviewing Donald Trump:  End a lot of questions with "can you explain this" and see what he comes up with.  Because he can't explain any of it because he doesn't know -- he'll go back to China and everything else.  Hold him to it.  Make him explain those specifics.  That would be really helpful.

GLENN:  Right.  Right.

STU:  By the way, you're talking about regulation, Glenn.  The average US firm, the annual cost burden for regulation is $233,000.

GLENN:  How many jobs do you create with an extra 233,000?

PAT:  50,000 a piece.  Four.

STU:  Yeah.  Four or five jobs.

GLENN:  The average place.  The average place in America.

STU:  And that's --

GLENN:  Would have money for four extra jobs and some money left over.

STU:  And, by the way, that's just federal regulation.  The total cost nationally, $2.08 trillion.  Trillion.

GLENN:  And that is just burnt money.  That is $2 trillion that is just burnt.  There's nothing -- there's nothing being created with that $2 trillion.  Nothing being created of any value.  Anything that you can take and turn into something, there's nothing that you can turn and sell to somebody else.  That's $2 trillion of burnt money.

STU:  And just to go off on manufacture specifically, because everybody talks about them, the average cost for manufacturers, just compliance, is $19,564 per employee.  $19,000 per employee.  But that hits different for the size of your firm:  A big employer, it's $13,000, it costs.  For a small manufacturer, small businesses, as you were just talking about, two-thirds of all --

GLENN:  All jobs in recessions are created by small businesses.

STU:  13,000 for big employers.  35,000 per employee for small businesses.

GLENN:  So you want to raise -- you want to raise -- you are working in the manufacturing industry, you go ahead and say, "I want -- I want Ted Cruz as president because he's going to cut all of the regulations or a lot of the regulations.  They go from $35,000 a year just to keep that employee in compliance.  And they cut it down to $10,000 a year.  What do you say those -- those jobs and those employees get a 10,000-dollar raise?"  And the rest of it is used to create new jobs, to grow their business, or to be able to reward the people that are -- are -- took the risk in the first place.

Featured Image: Screenshot of Squawkbox

A big question Glenn Beck has always had about “The Amazing Do-Over” is: How do you get the most powerful and wealthy nation that has ever existed to accept, “You will own nothing … and be happy”? A foundational principle of this country from its very inception has been land ownership. We worked hard, were fiscally responsible, and stayed away from high debt, but the progressive era began to erode all of that.

The Clinton Global Initiative recently gathered the ruling class to tell the plebes how to run their finances and called anyone who dared challenge their ideas “climate change deniers.” Glenn argues we are dangerously far down the “Road to Serfdom” and exposes the progressive playbook to keep us in line. It’s a 600-year-old medieval model that’s been the plan all along.

We’re already feeling economic pain, and yet they’re playing “Game of Thrones” with our lives. Turning us into serfs is their ultimate goal. How do they finish the complete restructuring of the American financial system and our way of life?

On Wednesday night's "Glenn TV," Glenn connects it all on the chalkboard and details the solution to fighting back against the ruling elites.

Watch the full episode below:

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These days, it seems like everything is about politics, and comedy has been one of the biggest targets. Many comedians are walking on eggshells, but stand-up comedian and "Saturday Night Live" alum Jim Breuer isn't one of them.

Breuer joined Glenn on the latest episode of "The Glenn Beck Podcast" to talk about why he’d rather be funny than fearful and what inspired his hilarious comedy special, “Somebody Had to Say It," which has garnered almost 1.5 million views as of this writing.

Breuer made it clear that he does not consider himself to be political. "I'm not. I'm 100% not [political]," he told Glenn, before explaining how people started calling him political when he dared to ask questions about a certain shot that we're not allowed to mention, let alone question.

"When did medicine become political?" Breuer asked.

"What kind of price have you paid for being called political?" Glenn asked Breuer.

"To be dead honest with you, once COVID really kicked in, and ... once you realize we're not going to be here, that we're on borrowed time, and I do have God in my life ... you come to terms with reality on a deeper level. And when COVID kicked in, I said, 'You know what? All bets are off.' I already knew I wasn't in control. But now, not only am I not in control from the natural order of life, but now the puppet masters ... are in control," Breuer answered.

"It made me realize I don't have time to worry about what people think of me. I know where I'm at in life. I know where I'm at spiritually. I know where I'm at with my family," he added.

"That's tremendous power," Glenn said. "But it spooks the hell out of people."

"But it shouldn't!" Breuer exclaimed. "I'm excited that other people get this ... but they're stuck. We ain't got time for stuck. To me, this is the time of, 'You gotta rise.' For years and years and years, you allow fear to control your life. Fear of dying. Fear I might get sick ... everything's based out of fear. It's time for the fearless."

Breuer also revealed his secret for dealing with tough times, and he’s seen his share. But he also said he's seen miracles, including the incredible (and hilariously told) story of how he found faith, how God saved his marriage, and why one family friend was convinced his wife belonged to a cult.



Watch the full episode of "The Glenn Beck Podcast" below:

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COO of vegan food giant Beyond Meat arrested for CHOMPING man's nose

Photo by Joe Raedle/Getty Images

A top executive at Beyond Meat, a plant-based food company, was arrested for reportedly biting a man’s nose in a parking garage near Razorback Stadium in Fayetteville, Arkansas, over the weekend.

Chief Operating Officer Doug Ramsey faces charges of terroristic threatening and third-degree battery after allegedly chomping down on a man's face and "ripping the flesh on the tip of the nose" during an altercation following the University of Arkansas football team’s victory over Missouri State.

According to reports, Ramsey was attempting to leave the parking garage in his Ford Bronco when a Subaru “inched his way” in front of him and made contact with his front passenger’s side tire. Ramsey allegedly “punched through the back windshield of the Subaru” before attacking the Subaru driver with both fists and teeth.

Ramsey “pulled [the Subaru driver] in close and started punching his body,” then “bit the owner’s nose, ripping the flesh on the tip of the nose,” according to reports.

The irony of a vegan food executive trying to make a meal of a human being's face was not missed by those jokesters on Twitter.

BlazeTV host Stu Burguiere is a vegetarian and also just happens to be the executive producer of the Glenn Beck radio program. Glenn joined "Stu Does America" to do a taste test of the plant-based "McPlant" burger, a Beyond Meat product, to see how it fares against the competition. In case you missed it, this was without a doubt the most ridiculous (but hilarious) plant-based food review so far.

Watch the video clip below. Can't watch? Download the podcast here.

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To enjoy more of Stu's lethal wit, wisdom, and mockery, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution, and live the American dream.

The stock market recently had its worst day since the early days of the pandemic and, just like in September 2008, many investors fear a dangerous chain reaction is starting on Wall Street. But that's just a small part of the bigger picture. The housing market is also taking a historic hit, grocery prices are out of control, energy prices are skyrocketing across Europe, and America is close behind.

On the radio program, Glenn Beck compared this year's stock market trends with what happened before the 2008 crash, detailed Europe’s bleak energy outlook, and explained why he believes they’re heading for economic "hell."

"Europe is about to go through hell," Glenn said. "A nightmare is about to hit. But, please, fear not. The heavens are engaged. Are you engaged with the heavens? You are not going to convince God to be on your side. We must be on his side. Realign everything in your life, now, so you can be on his side, and together we will weather all of these storms."

Watch the video clip below to hear more from Glenn. Can't watch? Download the podcast here.


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To enjoy more of Glenn’s masterful storytelling, thought-provoking analysis, and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution, and live the American dream.