RADIOMay 07, 2024

Is the Economy About to Return to 1970s-Era Stagflation?

After April’s dismal jobs report released, some experts started wondering whether America has entered a period of stagflation. But what does that mean? And should we trust the data? Financial expert Carol Roth joins Glenn to break it all down. Plus, she reviews “one of the most painful” videos she has ever watched, featuring Biden economic adviser Jared Bernstein trying his hardest to explain why the Federal Reserve’s never-ending money printing is fine.

Transcript

Below is a rush transcript that may contain errors

GLENN: Carol Roth, the author of the book, you will own nothing. The former investment banker. Carol, yes -- or last Friday, I think it was. The jobs report came out. It was much lower than expected.

And I started seeing things like Bank of America saying, we're in stagflation now.

Are we? And if so, what is it?

And what does it mean?

CAROL: Well, let's talk about some of these data points, Glenn. And then we can go into stagflation. First, we've seen a couple of bad data points. And as we've talked about before. The data is garbage. So we're doing the best we can, what it is they're telling us, without any sense of the actual reality behind us.

We saw before the jobs report, that the first quarter GDP was down, about a percent lower than expectations. Down to 1.6 percent on an annualized basis.

Then we get the April jobs report. And that is also down. It's the slowest job gain. That we've seen in -- I think about six months.

Again, if you believe the data. And what that first is telling me, is that all of this money, that the government has spent to basically window dress the economy. To avoid the double-digit recession.

Remember, we did have a recession. Two quarters of negative growth back in '22. Then we popped out of it. Then we expected that it would employ it down. The government ran these massive deficits, about two times the historical average, on a debt to GDP basis.

That we would normally see. And they tried to prop up the economy. So it wouldn't show we were in a recession. At a very expensive cost, by the way. Normally, when you have an expanding economy, you would see a shrinking deficit. They have did you not opposite.

They ran a big deficit, to try to create this appearance. And with an interest rate. Financing that deficit. You know, at the largest point in 15 years.

GLENN: Right.

CAROL: So we know we are not getting a good return now, on this window dressing. And it is not creating these amazing outcomes for the economy.

You know, on the GDP front. On the jobs front.

Which again, could turn around. It's one set of at that time points. Would shift.

Stagflation is something that I talk to you about. I have been talking about for years. As a very possible outcome here.

And it's very much what it sounds like. It's when the economy stagnates. When you have a low growth number. But at the same time, you have inflation.

So you have sort of the worst of all worlds. You're not making gains of productivity.

You're not making, you know, gains in wages and things like that.

The economy is just hanging out. But you get this long-term sticking inflation.

Which again, we said was very likely, because the government continued to spend at these massive levels.

And they were working against what the fed was trying to do, to break down inflation.

So they are actually at this point, a likely cause of long-term inflation.

Because we have to continue to finance these massive deficits.

And so that's the reality of this sticky situation.

When you hear somebody, like JPMorgan's Jamie Dimon saying, I'm worried that the economy is going to look more like the 1970s, than anything else, this is something that they experience. Experience at that period of time. And he is seeing those parallels. Although, we're in a much worse fiscal situation from a fiscal foundation standpoint, than we were strangely enough in the 1970s.

GLENN: Because of our deficit and debt.

CAROL: Correct.

GLENN: Yes.

So this means that jobs, everything just is the same. It doesn't get better. It could get worse. But it doesn't generally get better for the individual. And prices continue to go up. Right?

That's what --

CAROL: Correct. You're not seeing your growth in wages. You're not seeing massive growth in companies.

The economy just sort of putters along.

You know, you're not seeing the massive layoffs. Or things you might see. With a recession.

Things are just kind of going along.

But not really growing at all.

You're not seeing the light at the end of the tunnel. But at the same time, we're encountering that bond, going sticking inflation, that we know destroys purchasing power and is really born, particularly by the middle and working class.

GLENN: All right.

So Carol, I don't want to spend a lot of time on this. Because I have a couple of other things.

But you said, at the beginning of your conversation. You said, if you believe the numbers.

I don't believe the numbers.

CAROL: Correct.

GLENN: But the only reason you change and fudge numbers is not to stop them from looking so good. But stop them from looking so bad.

And the reason why I don't believe them. Is it's just too many times, where they've been adjusted. And there's always adjustments, but not like it's been in the last year or so.

And there's just contradictory information. If you're somebody who is listening now, and, you know, you don't -- you don't necessarily have that. You don't think that, you know, the administration would go that far, and fake numbers.

What leads you to say, if you believe these numbers?

CAROL: Well, like you said, there have been a lot of anomalies in the numbers. And, you know, if you -- you can kind of go back even further. You know, we've changed the method of calculation, of these numbers. At the governmental level, many times since the 1980s. One of the things you have to remember, for something like let's say inflation.

Inflation feeds into things like cost of living adjustments. The amount they have to increase Social Security payments by. So there is an actual reason why it is, that they would want to suppress those numbers.

Another piece of data which I think is very important. Is that entities and individuals no longer want to participate in government surveys.

So we have seen an absolute massive decline in the participation of the data that is being collected by the government.

Which means, when they don't have people in businesses, responding, there are more biases in the data, because it's a smaller subset of people who want to do it.

And it means they have to want to run it through their own adjustments. And seasonal adjustments. In the model.

And it's garbage in. Garbage out. You put bad data in, you'll get bad data out.

There are a lot of things. This isn't just the, hey. The numbers are adjusted massively. And we're seeing the numbers over and over again. Speaking to the bad data. There are some real structural issues as to why many of us think the data sort of isn't worth anything.

GLENN: By the way, we're talking to J.D. Vance in 15 minutes. Right now, we're with Carol Rother. I want to bring up something that is one of the most terrifying things I've ever seen. It's an interview where they're trying to make the case for modern monetary theory. Which is not modern. It's a very old theory. You can just print money, and no big deal. Nothing bad will happen.

And they talked to Joe Biden's economic adviser.

Now, I -- if you would, explain who Jared Bernstein is.

He is -- he is the chair of the council of economic advisers for Joe Biden.

But he's not just some schlub, right?

CAROL: Well, I mean, I will not opine on that. But what I will tell you, is that he's very powerful economically. This is Joe Biden's right-hand adviser who has been, by the way, since the Obama administration, he was Biden's adviser.

And this is the guy who analyzes and interprets economic developments.

He comes up with economic policies. He puts that forth to the president. He's been entrenched in think tanks. He's been a contributor to CBS. He writes op-eds. He was a chief economist, in economic adviser. You know, previously.

This guy is like from the left and far left standpoint. One of the people, who they hang their hat on, to be the economic adviser. And I don't know.

Are you going to play the clip.

It's one of the most painful things I've watched in my life.

GLENN: I want to get your comment on it. And I want to set up. This is a real player in the economy.

This is someone our government depends on.

Listen to him try to explain our deficit, and what's happening with our money. Listen.

VOICE: The US government can't go bankrupt, because we can print our own money.

VOICE: It obviously begs the question: Why exactly are we borrowing a currency that we print ourselves? I'm waiting for someone to stand up, and say, why do we borrow our own currency in the first place?

VOICE: Like you said, they print the dollar. So why does the government even borrow?

VOICE: Well, the -- so the -- I mean, again, some of this stuff gets -- some of the language that the -- some of the language and concepts are just confusing. I mean, the government definitely prints money.

And it definitely lends that money, which is why the government definitely prints money. And then it lends that money, by -- by selling bonds. Is that what they do?

GLENN: No. No.

VOICE: They -- they -- yeah. They -- they sell bonds. Yeah. They sell bonds. Right. Since they sell bonds.

People buy the bonds. And lend them the money.

GLENN: No.

VOICE: So a lot of times. A lot of times. The language and the concepts can be kind of unnecessarily confusing. But there is no question, that the government prints money. And then it uses that money to -- so, yeah.

I guess I'm just -- I can't really talk.

I don't get it. I don't know what they're talking about.

Because it's like, the government clearly prints money. It does it all the time.

And it clearly borrows. Otherwise, you wouldn't be having this conversation.

So I don't think there's anything confusing there.

GLENN: Oh, my God. This is -- would you feel --

STU: Wow.

GLENN: If that was your captain, and you got on to a plane, and he said, hey. We're going to be traveling at 40,000 -- 4,000 -- I can't -- how does this work again? Would you get on that plane?

CAROL: Okay. So I'm going to be generous here first, Glenn.

And then I'm going to be not so generous. The first generous thing I will say is that we've all been in the media for a very long time, you longer than me. And we've all had days, that are somewhat like this. Where we know something really well. And we just can't get it.

So I will -- it could be today for me.

There have been a few times. When I made absolutely no sense, on something I know very well.

So it does happen. That can said. Now that I've been generous.

This is sort of the chief architect of the US economy at this point. Going through a discussion about MMT. I call it magic money tree. I've heard that somewhere along the line. I thought that was great.

And their main thesis. Oh, you got the checkbook. You can just write checks. The question he asked. Which anyone who lives in Zimbabwe would probably know the answer to. Why can't the government just print as much money as it wants.

We all know it's highly inflationary. And we've been living through that for the past few years. That's the very short answer. Of course, there's nuance to this. Of course, there's wonkiness that we can go in and explain the Treasury and the Fed. Just very simple.

So it begs the question to me. Does he not know the answer? Or does he very much know the answer, but he doesn't feel like he could admit it.

And hasn't done the prep. Which, again, these are politicians. Politician mouthpieces. They could just talk around us. Which they do all the time.

I think the answer is that they are just entirely decoupled from reality. So they don't care.

They don't care what it is, Glenn. Money is something very discreet. Money has three definitions. It's a unit of account. It's a median of exchange. It's the value.

At the end of the day, putting it together, what is it? It's a proxy for productivity.

It's an estimation of the labor that you have. Because it used to be. If you were a farmer. You had apples. Somebody who was a doctor at doctor services. You would have to figure out that exchange. Now this creates something that is seamless. So it stands for something.

GLENN: Stands -- time is money.

CAROL: It is. It is your output. So if you don't have an increase in economic activity. An increase in productivity. And you put more dollars in the system. What are you doing?

You're putting in more sort of proxies for productivity. They're chasing the same amount of goods and services. It means that those goods and services have been inflated and valued. Because each one of those proxies are worthless. If you go to Congress. And you ask them, to give you that definition of money. That I just gave you.

Anyone who knows anything about economics. I guarantee you 99 percent of the people couldn't tell you that. And the people on the left do not care. Because it doesn't serve their purpose.

They don't care that this is a proxy of what you have worked hard for.

They want to inflate that away for their own power purpose.

So it is very inconvenient for them to understand reality.

And that's why he can't explain this.

GLENN: I think he knows what it is. But can't explain.

Because he doesn't. He doesn't want to take a position on it.

Because I think they're all in bed with MMT. So he can't -- he doesn't want to say, I am in bed with MMT. Because it's insanity. But I think he also extent can know how to bridge that gap. There's a huge gap between reality and insanity.

CAROL: There is.

GLENN: And I think that's what it is. He just doesn't want to be seen crossing that bridge. Because there's no sane reason to do it.

CAROL: No. And the fact of the matter is, you had all these MMT people, selling this fantasy. And up until a few years ago, there were a lot of people who bought into the fantasy. Although, many of us said no. This is something that stands for reality.

You can't just make it up. Just because you have a checkbook. You can't write unlimited amounts of checks. It doesn't work that way. We have now lived through the worst inflationary period in 40-plus years. And these MMT people have not gotten enough shame. They should be walked through the street and we should go, shame, shame, shame.

Because it's their BS they've been selling into the government, into schools, that has allowed this to occur. And has allowed this decoupling from reality. Because they want to believe in unicorns that, you know, fart rainbows.

Canada FORCED this hospice center to EUTHANIZE its patients?!

Canada is forcing its Medical Assistance in Dying program, which offers euthanasia as a “medical treatment” option, on hospice centers. Delta Hospice Society executive director Angelina Ireland joins Glenn Beck to give the horrific details of how far the government went to try and get her to bend the knee: “I call it a culling. It’s a Canadian cull.”

Transcript

Below is a rush transcript that may contain errors

GLENN: Let me take you to Canada for just a second.

And I want to -- this is a story that happened a while ago. But I want to just show you the dangers of public/private partnerships.

You're hearing this all the time. And every time, Joe Biden would say, public will she private partnership. It was all the Green New Deal and everything else.

I kept saying, that is fascism. That is exactly the deal that Mussolini and Hitler made. That's the difference between Communism and fascism.

They let you do your own thing. But you're a partner with the government. And as long as you abide by all of their rules, you're fine!

But the minute you disagree, you don't have a say. They'll throw you out on the street, so fast, your head will spin.

And that's exactly what happened to a hospice center. The Delta Hospice Society.

I have the -- the executive director on. Angelina Ireland.

And I asked her to come on today, to tell us the story of what happened, to her hospice facility.

Angelina, thank you for joining me.

ANGELINA: Hello, again. Thank you so much for having me today.

GLENN: You bet. You bet.

So you -- the hospice society is a public/private partnership with Canada.

You guys raised $8.5 million to build this property. And you negotiated a 25 or 35 million-dollar lease for the property. Right?

Tell me about this.

ANGELINA: Right. So we're a private society. So a 34-year organization.

Palliative care is basically, you take care of people, when they're chronically ill or terminally ill. You take care of them well.

So we fundraised over a couple -- a few years ago, $8 million to open a hospice and a palliative care support center next door. And so we raised that money.

We got a 35-year land lease with the public health authority. We built two buildings. A ten-bed hospice, a 7500 square foot supportive care center, where we did our counseling, all the supportive programs.

And then the service agreement was for operating costs. So every year, they give us $1.4 million, and we built those buildings. We opened them, and we operated our program, at the hospice for ten years.

Everything went fine, until this thing they called, the state euthanasia program called MAID. Right?

GLENN: Maid.

ANGELINA: And then the province basically came to us and said, you will have to start providing euthanasia. You will have to start killing your patients in the hospice. Because you're getting -- you're getting public money, right?

We said, absolutely not. We absolutely will not.

At which point, you're exactly right.

The fascism kicked in. I just call it stone cold communism.

And said, you're not getting any money, if you don't start killing your patients.

So then they cancelled that service agreement.

Which means, that's fine.

Look, we don't need your money. We'll be fine without your money.

Which apparently is the wrong answer.
(laughter)

GLENN: Yeah.

ANGELINA: Then they went after the lease. And we had 25 years left on that land lease, and they cancelled it.

And now, these incidentals like the buildings on them, they just consider those to be some kind of an old shack or fence, and they expropriated. So at the end of the day, they evicted, the organization from our buildings. They expropriated those assets, which were valued at eight and a half million dollars. Kicked us out, and took -- took our stuff.

And then they -- they started to operate our hospice, and they put in the euthanasia.

GLENN: Unbelievable.

They give no money for the buildings. I mean, it was their land, right? That's kind of the public/private partnership. You're taking money from them to run it, but you said to them, we don't need it.

But also, that was -- was that not federal land, that you were on? Or some sort of medical kind of preparedness of Canada.

JASON: It was. Well, it was.

Which is considered to be -- well, it was belonged to the health authority, but it was a registered lease. The titled office with 25 years left.

GLENN: Right. Right.

ANGELINA: So we had a right to be there. And of course to continue on for another 25 years.

But, of course, no, they didn't allow it.

GLENN: So when you went to the court. What did the court say?

ANGELINA: Well, you see, we didn't that get far. Because we went to three very, very prominent lawyers. And they told us straight-up.

You're not going to win.

You understand this, people?

You might walk in with one lawyer. They're going to walk in with 15 lawyers, all funded by the taxpayer.

GLENN: The government. Yeah.

ANGELINA: And you may win the first round. But you will not win -- they will tie it up. And it's called lawfare. They advised us again and again and again, to just move on. Take our punches. Take the licking from the government, and move on.

The important thing for us, was to hold on to our organization.

Because then the euthanasia after this, came for us. To try to take everything.

And we still have assets. But we did lose our bricks and mortar in the moment.

GLENN: That is crazy.

You know, I have described what's happening all around the world. With the -- with the extreme left.

With Islamists.

Not Muslims.

Islamists.

What is happening with the Communists and the fascists, is a death cult. It all seems to revolve around death. They take glee in death.

And Canada is shockingly, in many ways, leading the way on this with MAID.

You don't even know how many people are killed now with MAID a year, do you?

ANGELINA: No. We don't. We do not. I call it a culling. It's a Canadian cull. They're killing the sick people, the mentally ill, the disabled. Veterans. Homeless. The poor.

And then they're going after the children. But we do not know the numbers, exactly. I mean, the government is admitting to 60,000. There's absolutely no way it's 60,000.

I think they forgot a zero.

It's widespread. It's now considered a health care option.

When the doctor comes to a sick and vulnerable patient and saying, how would you just like to die? It's gotten completely out of hand.

It's truly a national horror for Canadians. For certainly people of faith in my country.

Pro-life for my country.

That we have no control over this.

We have no access to authentic true numbers, information.

And this whole consortium, that I call empire MAID has taken over the health care system.

GLENN: What is the -- what's the goal of this?

Do you think?

What's really behind it?

ANGELINA: Certainly. You know, so they want to talk about -- they -- they have captured the moral high ground on this, right?

If you want to be compassionate. You will have to start to kill people.

That's the only way to be compassionate. That's the only way to provide human rights.

So that very potent message, they've been able to roll it to a narrative, which is incredibly horrid.

The word is like -- it aches me. It's overwhelming.

GLENN: Yeah. Right.

ANGELINA: But why? Our public health care system, which is what happens when any government goes completely public. We have no private available.

It is illegal. It's bankrupt. We have --

GLENN: Hold on just a second. I want Americans to hear this.

Private health care, being a doctor and providing private health care is illegal in Canada.

ANGELINA: Yes, it is. The only thing you can do is to have cosmetic things done privately. That's it. You want a boob job, a nose job. You can go ahead, get a doctor and pay for that.

Everything else, it must be administered through the state, period. It has to go up to the Supreme Court of Canada. So this is undisputable.

Private health care is illegal.

GLENN: You know, I look at -- we're -- you have several states that are now trying to pass much of this.

And they are in the laws, that are being passed.

It is -- it is -- it's a requirement not to put assisted suicide down on the death.

So you have cancer.

But you didn't die of cancer.

You had cancer.

You have depression. And the doctors said, well, you can kill yourself over that.

It does not say, assisted suicide.

It is going to be illegal to put that on the death certificates.

It just has to say, depression.

Cancer.

Whatever it is.

That they helped you kill yourself over, that's -- that's what the cause of death is.

So you'll never, ever be able to count it!

You'll never be able to track it!

It is just evil, evil what's happening.

ANGELINA: It's true.

And how many people will be killed by the state? That is going to be the question. You will never know, that you are giving far too much power to the state.

Unaccountable.

Unquestionable.

GLENN: Are you -- are you shocked at the -- because I am here in America.

I mean, we just -- New York just voted for an Islamist who is saying, you know, he is for Hamas.

He is also a communist.

And they just elected him, or, you know, chose him as the Democratic candidate.

And nobody really seems to care!

When it comes to death all over, when you're seeing these things happen, I am shocked by my own citizens! Do you feel that way in Canada?

ANGELINA: Well, I personally am not shocked.

Because I know that the only thing that the socialists and the Communists ever do well, was kill people.

This should not come as a shock to anyone.

The -- the short sightedness unfortunately of a people. Is that they tend to get rewarded in the short term.

They give them stuff, money. Benefits.

It's only crops.

Ultimately, it will -- at the literal demise to allow, this kind of philosophy, political ideology.

To come into your country. Somewhere are you hopeful for the future, Angelina?

ANGELINA: You know, I love my country. To be honest with you, I am not. I am not.

We have seen in my country, an overwhelming immigration. That has come in. Talking about millions of people in a very short time.

That has literally destroyed our infrastructure, brought the health care system, to its knees.

A lot of people in my country, don't even have a family doctor.

They can't find a family doctor. They have to wait for months, upon years for the simplest of procedures.

And it isn't getting any better. So, you know, I pray because, of course, I am a person of faith. And I'm an apologetic Christian.

This is, again, very unpopular in my country.

But, you know, only God will be able to help us.

At this point.

GLENN: Thank you for ending it that way. Angelina, I appreciate it. Thank you for standing up and being vocal, and letting people of the world know that light still does exist, even though the darkness is growing.

Darker, faster. Thank you, Angelina. Appreciate it.

From Canada.

Did the Swamp RUIN the Big Beautiful Bill?

The Senate just sent the “Big Beautiful Bill” back to the House. But Rep. Chip Roy joins Glenn Beck with a warning: This isn’t the same bill President Trump proposed! The Swamp has made sure to cut back on its reforms. But are Trump’s tax cuts too important to fail?

Transcript

Below is a rush transcript that may contain errors

GLENN: Chip Roy is with us from the great state of Texas.

Chip is a congressman, and welcome to the program. How are you, Chip?

CHIP: Well, Glenn, I'm -- you know, I'm continuing to work through, and trying to deliver the American people. But it's getting hard.

I'm with you. I'm tired of this bill right now.

GLENN: Yeah, you're living the dream, brother.

You are just living -- who doesn't want your job?

My gosh, what's -- what -- a glorious. Glorious, fun-filled life you must live.

CHIP: Yeah, there's -- there's been -- no, no, no.

GLENN: So tell me.

Tell me, is this thing gotten better or worse?

CHIP: Unfortunately, Glenn. I believe it's gotten worse.

Now, we've not seen the final product of the Senate. We don't have the tax. We've got to review it.

I try to be level-headed during these things. I had enormously strong and good friends in the administration, who in good faith, want to see this pass. Just as you do. Just as I do, just as the American people do.

They want to see a move forward in legislation to make tax cuts permanent. To deliver on the border funding that we need. You know, Steven Miller is a long-time friend. I've known him 25 years.

Russ Voit is a long-time friend. I've known him for 25 years. We've been working together in the trenches for as long as I can remember. We all want to deliver.

The problem is, the swamp is going to swamp.

And right now, we have a bill, that in my estimation, violates the house framework.

But more importantly, would add significantly to the deficits. Now, we have differing views.

GLENN: More. More than it did. More than it did, right?

CHIP: Quite a bit, in my view.

And look, there is going to be a debate about this. About tax cuts. And revenues. And all the stuff.

And I get it. Baseline. CBO. All these different things. I'm just telling you, Glenn, as objectively as I can, I look at the math, and I look at how you factor in economic growth, which I'm doing. Factor in revenues. And expenditures.

And what we're doing, on mandatory spending.

Which is not enough.

The fact that we're only repealing half of the green new scam, if we're lucky.

The fact that we're continuing to allow Medicaid. To go to illegals. Because of some arcane center rules.

The fact that we're continuing to allow Obamacare subsidies to fund transgender surgeries.

The fact that we're going to -- in my estimation, have probably a couple of trillion of deficit spending in the first four years.

Which means, you will have more interest.

Which means, it's going to stack up, all to get savings, in five years.

That's not what you and I signed up for.

Now, I'm looking at this, trying to say, okay.

The president wants tax cuts. So does I.

The president wants borders, so do I.

I think the president wants us to repeal the entire Green New scam. I think the president wants us to get good reforms. Be careful.

Like handle Medicaid appropriately, and all of that, for our American citizens that depend on it.

But we haven't delivered. Because the Senate has a bunch of people in it, who don't want to deliver, and they are hiding behind the parliamentarian, and they're delivering the product that I didn't come to Washington, to sign up for, Glenn.

GLENN: All right. So let me ask you this. They're hiding behind the parliamentarian.

Is that -- I mean, they -- they say, there was a change in the bill, because of the Medicare paid to the illegals. And the parliamentarian said you have to keep it in there. Some arcane rule or whatever.

Couldn't the Senate Republicans just ignore that?

Is it fair -- what?

CHIP: They could overrule the parliamentarian. They could make a change, if they wanted to do so.

GLENN: Right.

CHIP: Now, some of these things take 60 votes. If they want to address this, they can address it.

But the real issue here is that behind the closed doors, what you know, is that there are senators, who don't want to make the reforms.

Don't want to make the changes. They're making their own policy choices. Based on what they want.

Right? You've got Lisa Murkowski right now. Instead of wanting to reform Medicaid, she wants to get a special carve-out for additional spending, for people in Alaska.

You've got, you know, Tillis. You've got others. They want us to go the wrong direction, when it comes to Medicaid reform.

And, Glenn. I've got to be honest. How many times have you and I been on the phone over the last decade, talking about shutdowns by discretionary spending. Like every two years.

GLENN: Oh, I know.

CHIP: Countless times. Every time we have one of those fights. The people of this town say, Chip, you need to shut up because the real problem is mandatory spending. Medicare, Social Security, and Medicaid.

It's not fighting over all this stuff. You're wasting all our time.

I didn't think it was a waste of our time.

I didn't think we should be funding weaponized government.

I didn't think we should continue to jack up spending for the alphabet soup of regulations in America.

But I said, okay. Guys, here we are.

We are going to do this reconciliation package. We will reform Medicaid, right? We ended up fighting like cats and dogs to get the reforms, the work requirements we got out of the House. It was good. Not great.

The Senate, now they're working through it. And they are fighting every inch. And it got actually a little better in certain respects, thank to Rick Scott.

He's been fighting hard. Mike Lee, Ron Johnson. We've got a little bit more of what's called provider taxes. But overall, we're not meeting the moment.

We're not getting enough Medicaid reform.

We're getting watered down, somewhat on illegals. How about missed taxes, Glenn?

We passed a measure in the House, to tax money going from America, so people going here illegally back to their own country.

The Senate -- it's crazy!

GLENN: Why? Why? Why?

CHIP: Because they don't like the policies, Glenn. Because here's the thing, there are bankers. Banks. Who came here and said, guys, this would be really hard on us.

If we had to enforce this policy.

Money flowing from our banks and institutions.

Mexico.

And Columbia.

And places. We really need a carve out, so the banks won't be taxed by this, and then they will go.

It would be way too burdensome on the people who come here and they're working hard, and they want to spend money on their families. But you and I both have a heart for what people face. And want to say, hey, I get it. You've got an honest person here, who is following the law, who came here illegally. They want to send money back home to their country. They can still do that. They can still find a way to do that, but we're taxing. Instead of saying, no, we're not going to do it.

But the biggest thing at the end of the day. Deficits go up, and I didn't sign up for deficits to go up.

GLENN: So you're not going to vote for them?

You're not voting for this.

CHIP: I can't. I cannot vote for this as it's currently structured. If we can come to some agreement.

And, Glenn, this is important.

The president rightly wants us to find a way to get a bill up. I get that. And I want to deliver. For six months, I've been busting my butt.

I voted for a bill that came out of the house, that I didn't like. It wasn't good enough. But I thought it was an important step.

I worked to come up with a budget framework with Jerry Harrington and others, to figure out, how to get this done and get it out of the House.

I think we made progress. We did get Medicaid reforms that are good. We did get some tightening down on the green new scam, and others didn't want to do it.

But we are now fighting a Senate that's watering down important stuff.

And importantly, the way they tax to spend policies. Overall, I can't look at this any way objectively, without telling my voters, the people that sent me to Washington to represent them. That the deficits will go up.

Now, last point, the president and the administration will say, look, guys, don't worry about that. We'll make it up with tariffs, and we will pay higher economic growth. Well, two things.

Number one, on the economic growth front, we assumed growth in our bill, Glenn.

We assumed 2.6 percent growth.

Now, you might say, well, gosh, we need three or four. Yeah, but we have to do a ten-year budget. 2.6 percent growth is a lot higher than what we've been experiencing the last two decades on average.

We picked a sweet spot of 2.6 percent growth. It is true, that if we have 4 percent growth for a decade, we will have much more of it.

I hope that's true. You hope that's true.

And if it is true, then great. It's gravy, that will give us money to buy down the debt. And save money. And get the deficits down further.

But I can't budget to two and a half percent. Sitting at 2 percent growth

It would be irresponsible.

GLENN: So I'm with you, Chip. I'm with you. And I've said this for a long time -- the Republicans are going to lose. They are going to lose, and they're going to lose because you're just not delivering for the American people, what you promised you would.

Donald Trump seems to be.

You know, at least he is trying.

He's doing a lot of the things he promised he would do.

I don't see that happening with the Republicans.

And so, you know, I don't know what -- what the midterm is going to look like.

But I will tell you this. He has to have that tax cut passed.

He's got to have it.

If we don't get that tax cut. Everything the Republicans have been trying to do. Or the Republican voters have wanted.

It's over. It's over.

Because the economy will spiral out of control without that tax cut. Agree or disagree?

CHIP: So I agree we must deliver on the tax cut. And I believe we will. When push comes to shove, there's no way we will get to December, and not provide an extension of tax cuts, that were so important in 2017.

Now, I'll remind everybody, the corporate rates were made permanent already.

Right?

What we're talking about dealing with is the expiration of certain personal tax issues. Marginal rate. But also child tax credit. Also standard deduction, et cetera. Now, I'm not sure.

I've got different views, on different ones of those policies.

Overall, we want to ensure, this stays in the pockets of the American people.

We have to deliver on that.

I will tell you this, if we don't address the inflation tax.

If we don't address the extent to which people are fleeing the American bond markets.

Because we are so irresponsible.

Then we're going to be doing a disservice to our kids and grandkids who can't afford a house.

They can't afford a house because the mortgage rates are too high.

GLENN: They can't afford it now, Chip.

They can't afford it now.

CHIP: So I think what we need to do, is I'm prepared to go back to the drawing board today. I want to go home tomorrow, or the next day.
Let's just get busy. We've been working on it.

Let's tighten down some of the spending.
Let's tweak what we've been doing and get the tax policy done. Get it set. Let's go back to the House bill, for example, that we passed.

It was a good, solid bill.

And get the Senate to adopt it, and pass it.

Or make some modest changes. But we have to get rid of some of these ridiculous things. Like Medicaid for illegal aliens, like pork that's going to Alaska.

Like specific giveaways.

And, you know, get rid of those things.

Go back to the House bill.

Make sure the inflation act is getting terminated.

Deliver on the tax cuts. Deliver on the border.

Deliver for the president.

I'm prepared to do that. But I will not swallow a crappy bill because the Senate tries to jam me with it.

GLENN: I have to tell you, I don't know how it's unpopular to say, no. We're not giving illegals any Medicare.

We're not.

Do you remember -- who was it, when we were in Congress. Barack Obama talked about Obamacare. He said, you lie!

Joe Wilson, wasn't it?

And everybody had a cow. Well, look at what we're doing. Look at what we're doing.

Look at what we're giving illegals.

The answer is no.

No, no, no, no. And I don't understand how that is not so simple.

I don't understand any Republican that doesn't understand, the green new deal, no! No!

USAID. No!

DOGE. Cut it. Why can't they see what -- I mean -- there is -- I mean to tell you, Chip. I don't mean to take this out on you. You're one of the good guys. You're trying to do this.

We're in between a rock and a hard place.

The president has to have what the president needs. To get the economy going.

We wait until January. You're right on top of the midterms.

You have -- the president is not turning this economy around, fast enough.

Because he can't get anyone in Congress to do Jack crap on anything!

You need to cut the freaking spending. And the waste. And the garbage.

And I tell you, I am with Elon Musk 100 percent.

100 percent.

You are one of these weasel Republicans, who don't -- who just go along, and just be like, you know what, we're going to have another five or $6 trillion to our debt.

I'm done. I'm done.

And Elon has said, I will -- if it's the last thing I do. I will make sure that none of these people get reelected. That's not going to be good.

That's not going to be good. For the republic.

Let alone, the Republican parties.

But, you know what, I've had enough. I've had enough.

And I think the American people have too.

CHIP: Well, Glenn, I will tell you this, July 4th is obviously Friday, Independence Day. Two hundred forty-nine years ago, and we already celebrated. We celebrate their courage. We celebrate Lexington and Concord.

We celebrate all the things -- we celebrate the men that stormed the beaches in Normandy.

And we celebrate all of the great courage that our men in women in uniform have done to fight in this country. How can I say, no, sorry, I'll have to vote for this bill, because there will be some political pressure.

When I regale the boys at the Alamo, sitting there, taking bullets. Knowing they were going to die.

But ran into a wall of bullets in Normandy.

Look, we have to deliver.

We have no choice. We all agree on that.

I'm sure I'm going to get labeled, you know, a -- any number of things.

That I'm not delivering on the president's agenda, that I'm jamming up a bill. Look, and I get it.

And I won't get defensive about it. The president wants this bill. And he is right to want this bill.

The Congress has to deliver a bill worth sending them. And I'm prepared to stay here, until we do.

But I won't vote for a bill, because I'm told I have to. Because a bunch of losers who are swamp creatures, who want pork and giveaways. Who don't have the cojones to stand up and deliver for the American people. And to actually reduce spending, and not hide behind parliamentaries. Not hide behind tax cuts.

They want to hide behind a tax cut, to tell me at the border, to tell me, you have to vote for this bill. Don't worry about this spending.

No, kiss my ass.

I will stand up and fight for the border and the tax cuts and the spending cuts. We've got to do it!

STU: It was very reminiscent of Daniel Boone there for just a second. Or I'm sorry. Not -- Davey Crockett, not Daniel Boone.

So thank you for that. Chip, God bless. Have a great holiday. Stand -- stand firm in what you believe in.

And just keep the fight. I appreciate the attitude that you have towards the president.

Give the president what he needs. Fight for the president, what he's asking for.

But you got to fight the swamp at the same time. Have to. Have to. Thank you, Chip. Appreciate it.

THE GLENN BECK PODCAST

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Watch Glenn Beck's FULL Interview with Brandon Darby HERE