EXPLAINED: Our 8.5% inflation actually is MUCH HIGHER

America’s inflation just hit 8.5% — the highest it’s risen since 1981. At least…that’s what the media, the Biden administration, and the Federal Reserve SAYS. But if you calculate inflation the same way economists and politicians did in the 1980s (which the website ShadowStats has already done), our rate today is closer to 17.15 PERCENT! Carol Roth, financial expert and author of ‘The War On Small Business’ joins Glenn to explain the TRUE state of our current economy…


Below is a rush transcript that may contain errors

GLENN: Carol Roth, the author of the war on small business. She calls herself a recovering investment banker. She is somebody who is trying to look out for the little guy and can explain what's happening to the little guy in normal terms, which is my biggest frustration, when you watch anything that knows anything about the economy. Carol, welcome.

CAROL: Thanks, Glenn. I have some bad news. I'm sort of processing it right now. But I don't think we're going to save the 16 cents on our Fourth of July barbecue this year. It's sort of becoming very clear to me. And I'm just trying to process it all.

GLENN: Wow. Wow. Believe me, I think that's going to be trending on Twitter, on July 4th, on how much everyone is spending. Let me start here. 8.5 percent.


GLENN: In 1980, the highest -- the highest inflation rate was 14.6. And we had 20 percent mortgage rates. 2022, according to Shadow Stats, which is calculating the way we calculated inflation in 1980, our inflation rate is 17.1 percent. And our -- our mortgage -- I mean, our lending rates are now .5 percent to the banks. That seems a little crazy.

CAROL: Yeah. It seems like a little bit of a mismatch of policy. Obviously, a lot to unpack here. But this is why people are so angry with the Federal Reserve. They have been on the forefront of causing this issue. By artificially suppressing interest rates. And printing trillions of dollars that has in part caused this inflation. And then, you know, they were buying securities putting them on their balance sheet, part of what suppresses interest rates, up until last month. Then all of a sudden, they got the wake-up call. Going, oh, boy. Inflation is pretty high. Even though it's been trending at incredible levels for well over a year. And, you know, now all of a sudden, we have to do something. And they're still not doing it fast enough. But the rub on all of us. It's very hard for them to do anything, without putting us into a recession. So they're caught between a rock and a hard place.

GLENN: Yeah. I remember saying this, kind of at a place where there are no good options, and they're out of bullets.

CAROL: Right.

GLENN: All right. Let's go back to the stats of 8.5 percent. This is so misleading, because they'll say it's the highest in 40 years. Meaning, it was worse under Jimmy Carter. But I contend, it's not worse in the 1970s and '80s. It's worse now by far. Because we're at the beginning of this.

Can you explain shadow stats, and what you understand? Is this incredible, for you to say, let me look, and calculate it the way you used to?

CAROL: Sure. So to be fair, I've looked at shadow status. I have not gone through. It would take lots of modeling power. To go back and replicate it. But basically what they've done, they've said, there have been a lot of shifts here, both in the '80s and '90s, in terms of the way government calculates inflation, and this should be of no surprise to anyone. They want to keep the headline inflation number down. Because it means --

GLENN: Also. Also, though -- also, though -- isn't Social Security increases based on CPI?

CAROL: You just read my mind. This is exactly where I was going with this. No. This is good. We're always simpatico on these things, Glenn. So the reason why they want to keep the headline number down is because it allows them to print more money, it keeps you from panicking. But like you said, there are a lot of things. The numbers of inflation, feed into, like you said, Social Security and other programs that have cost of living adjustments. So this is another way for the government to continue to cheat. So what Shadow Stats has done is they said, well, let's go back to the best approximation we can make of what happened before the '90s boundaries. Before the '80s changes and let's calculate it. And if they look at the rate, it's about double of what is being reported. And you can just look at some of the key categories. Things like rent and hotels and what not. On what they are reporting. And go, yeah. That makes sense you and I can go to the grocery store. We can try to shelter and feed our families. And try to get gas. You understand that it's not just 8.5 percent inflation. So this is trying to give you the apples to apples comparison. And by my estimation, it seems it's in the ballpark.

GLENN: Yeah. Which is 17.1 inflation rate this month. In 1980, it was 14.6. That was the top of it. Are we top of this?

CAROL: Well, that's a great question. Today, we got a number. There are different measures of inflation. The CPI is sort of a consumer survey, one that's used. Today we got something called the producer pricing index. A member of wholesale inflation.

GLENN: So this shows us what may be come our way. Because these are the raw materials it takes to make things that we eventually buy?

CAROL: Yes. This is the inflation and the inputs to the goods and services. And it is a lagging indicator. Because you obviously have to have that inflation number. Know what that is. But they haven't gone into that finished price, that has gone to the consumer. What the consumer is paying as. So this ends up meaning, what we're seeing today, is going to impact, what we're going to see going forward. Obviously, the gas prices are moving around. So it's going to be a different headline versus looking at core inflation, which strips out food and energy prices. But given the fact that at the producer level, today we got a number that is the highest level on record, Glenn. The highest level. 11.2 percent, at the wholesale level. That's 11.2 percent increase, which, again, is probably understated, that is going to flow through goods and services, that we're going to see in the coming months.

GLENN: That's the current -- did they ever change this calculation ever?

CAROL: Of course, they changed the name of the whole index. We're going to have a new name. We're going to brand it. It's going to be great. So, of course, it will change.

GLENN: This is the highest number, even with all the changes. This is the highest number ever recorded?

CAROL: So based on this current index, this is the highest number ever recorded.

GLENN: Holy cow.

CAROL: Yeah. It was staggering. 11.2 percent.

GLENN: Okay. So why is this -- I would think this is a leading indicator. Because if the prices to produce things are more expensive today, at 11 percent more expensive. That means, it's showing me, when it finally gets a finished product, you're going to be paying at least 11 percent more, right?

CAROL: Yeah. We're saying the same thing in a different way. What I'm saying, it lags, what shows up in the CPI numbers. You have not seen it yet. Because it hasn't hid it yet. So we're both saying the same thing, with just slightly different words here.

GLENN: Got it.

So what -- what -- what -- what can be done here?

CAROL: You know, it's a really good question. Obviously a lot of people are looking to the Federal Reserve, to get us out of this, with monetary policy. The challenges, I don't think they can do that without causing a recession, and major carnage in the economy. Because at this point, all the things that have led to this -- the monetary policy. The fiscal policy. The disruption. In the supply chain. It's created this systemic supply and balances. Monetary policy can quell our demand. It can make us go, oh, we're not going to get a mortgage because it's at 6 percent. Or we're not going to spend as much at the store. But how does it fix the fact that we have 1.8 jobs available for every worker? How does it fix the fact that we have four to 5 million homes, that are underbuilt at this point in time? How does it fix the fact that we have underinvested in energy, and health care infrastructure.

So it's -- you know, the things that they would have to do to make those changes, there's a huge advertise connect. And as I said, I think it would be really ugly for the economy. So, you know, this could -- it will probably at some point, come down on a headline basis. But that's the growth rate. It does not mean that we won't have elevated inflation. And continued pain for a very long time.

GLENN: Correct. So when we look at things like what's happening over in shanghai. Where they shut everything down. And where is that story? China has stranded 30 million truckers. 30 million truckers in China are now stuck at home.

What is this going to mean? This impact. We felt it last time, that China shut down. But we shut down as well. This time, we're not shutting down. What is that impact going to mean to us?

CAROL: Yeah. Well, obviously it's not a good thing. For the companies that are still depending on China. I think internally, China, it's a huge issue. Because they are a net importer of not only energy, but food. And so what does that mean in terms of the potential for some of those people to have pretty substantial food security or starvation. If they don't get things going again. And certainly as we know, the reverberations about all these decisions around the world, could lead to other issues. Social unrest and what not. And we're all connected. And even though we'll be in a better position. It doesn't mean it won't have real impacts. And as we know, any time something has an impact here in America.

Who feels it? Is it the elite? Is it the wealthy? Is it the well-connected? Of course not. They'll find a way to insulate themselves. It's going to be the average American. It's going to be the Main Street business. It's going to be the back bone of this country and this economy that bears the brunt of this.

GLENN: Back with Carol Roth here in just a second. First, let me tell you about our sponsor this half-hour.

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This company takes a portion of their proceeds, and they give it to support things like free speech. The sanctity of life, liberty. Patriot Mobile. They have plans to fit any budget. And their 100 percent US-based customer support team provides amazing coverage. As we talk to Dave Rubin yesterday, on the podcast. He said, Glenn, we have to have a parallel economy. We have to get away from these corporations. This is the easiest one you can do. Do it now.

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So there was another story I read today. Global renewable power prices soar on heavy demand. That contract prices for renewables in North America have gone up 28.5 percent, and 27.5 percent in Europe. That's just in the last 12 months.

Gee, why would that be, Carol?

CAROL: Well, this is what's called supply and demand, Glenn.

We have underinvested in all kinds of different economies. It's not just energy. But it's all different kinds of commodity components. Things that are required for decarbonization. And this huge push has led to increased demand. And when you don't have enough supply to meet that demand, what happens, but the prices go up. So you think about something like copper. You know, it's one of the biggest inputs into energy. And so if you're going to have something that is electricity based. You're going to need copper. There are a whole slew of other materials from aluminum and lithium and what not. That are used in these sort of green, friendly products. And again, we have not seen enough investment in order to fulfill these crazy wishes that the folks were pushing decarbonization, wants to fulfill.

GLENN: By the way, you can ask Carol for answers on anything.

You know, I -- I said yesterday, that, you know, I've always felt like I was here to warn what's coming over the horizon. But I also think that it is to empower you. And information is empowering. And to encourage you. And that means, you know, to just keep doing the things that you know are right. Do the next right thing. But also, to give you some answers on some things. So we've put up at

I think that's what it is, right? Is it -- what? Contact. You go there, and you can ask Carol a question, and if she can, she will answer it. Do we have time for one question? Concerning the economy for Carol Roth, we don't feel like we can trust our money to be in big banks. But we also know the dollar stands to lose most of its value. So keeping it in cash is also useless. What is the best course for us to invest and convert our money to, so we'll have something if things change to digital?

CAROL: Okay. So this is the normal caveat. This is not financial advice in legal aspect of it. This is just for your own information and additional research.

Okay. So the first thing I want to make sure is that you take care of your near-term and emergency expenses. Because we do see prices going up. If something goes sideways, you do want to make sure you have enough cash on hand, to be able to handle that. But outside of that, you don't want your cash sitting in the bank, because it's going to lose value. You have to be looking at hard assets. Some of the things to consider is housing. Now, obviously, as we know, the fed is increasing those mortgage rates. So that is going to have some impact on housing in the near-term. But in the long-term, we're underbuilt, four to five plus million homes, depending on who you last from the last decade. Plus, given the prices and what's happened over the last couple of years. We haven't seen that same bump in building. So I think that imbalance is something you want to be thinking about.

Also, having some exposure to tangible commodities. To gold. To silver. To, you know, investments in other commodities. Again, we've seen run-up in those. But if you're thinking as a long-term hedge, against inflation. It's something for you to consider.

GLENN: Please don't. This is just my opinion. Please stay away from paper stuff.

CAROL: Correct. This is physical -- especially on the gold and silver standpoint, you want to actually have the physical gold, yes. Exactly.

And then on the stong side, obviously with the Federal Reserve raising rates. There's going to be some choppiness. Some volatility in the market. If you're not 50, the S&P 500 gives you that broad diversification. If you're looking to pick stocks, you'll look for ones with inelastic demand. That means they're able to raise their prices to customers, and customers will continue to pay that. You're going to want to look at ones with strong balance sheets that can weather whatever is ahead. And probably ones with extra cash to do share buybacks. That is going to help with the earnings per share.

GLENN: Thirty seconds. Give me the last one.

CAROL: Yes. In terms of the central bank currency, that will come down potentially to bartering. If things go sideways. Think of things that will be a valuable barter commodity as well.

GLENN: If that happens, just hold on -- just brace for impact. If that happens. We have a whole bunch of problems. Carol, thank you so much.

CAROL: God bless. Thank you for having me.

GLENN: It's We'll have Carol back to answer some more of those questions.


Debunking Outrageous LIES from the New Hulu Series, ‘The 1619 Project’ | Ep 247

Remember this quote from George Orwell’s “1984”? “Who controls the past controls the future. Who controls the present controls the past.” The Left is trying to erase the truth of our past to control our lives NOW.

For example, did you know there was also a white, European slave trade? That Thomas Jefferson intended to get rid of slavery during America’s founding? That only two colonies voted against including the abolition of slavery in the Declaration of Independence? Glenn sets the record straight on some of the history forgotten by "The 1619 Project" — a “project” that evolved from “journalism” by Nikole Hannah-Jones of the New York Times into curriculum for school districts in all fifty states and into a documentary series airing on Hulu.

"The 1619 Project's" premise is that America was founded and built on slavery alone and continues to suffer because of this ultra-racist foundation. It dovetails perfectly with the critical race theory blanketing America’s education system, for which Florida Governor Ron DeSantis is being raked over the coals this week after blocking a high school Advanced Placement course on African-American studies.

"The 1619 Project" is a political agenda dressed up as history and gets so many historical facts absolutely WRONG. Glenn takes you into the American Journey Experience vault to reveal artifacts from one of the largest private collections of pilgrim and Jamestown history. He’s joined by Elijah O’Neal, the head of the education department at the American Journey Experience, who brings the evidence to debunk the LIES about America being pumped out in the news, in our classrooms, and now in our living rooms.


Biden sends Ukraine TANKS. Does he WANT war with Russia?

Why would President Biden send U.S. tanks to Ukraine? Tanks are an offensive tool, not a defensive one, and this latest move from Biden (and Europe) will only bring us one step closer to World War 3 with Russia. In this clip, Glenn explains why this decision makes NO SENSE...unless there’s a reason Biden and the far-left may actually WANT to engage in war. And as we face the ‘inevitable’ fall of the West, Glenn explains, there is one, big reason why several global superpowers may want world conflict to cover their tracks…


How a HORRIFIC COVID mask dispute in Canada led to this woman's DEATH

Denise Warriner is on a mission to find justice for her sister’s awful, 2020 death. Recently released CCTV footage shows 43-year-old Stephanie Warriner sitting in a wheelchair in a Canadian hospital. Warriner, who suffered from COPD, lowered her COVID mask because she was struggling to breathe. A horrific confrontation then occurred between Warriner and several hospital security guards. The men then move her seemingly lifeless body to another area of the hospital. She died two weeks later. Denise, who for THREE YEARS has been urging Canadian officials to try those responsible for her sister’s passing, joins Glenn to detail her efforts and the lack of action from Canada she’s seen as a result. Plus, she explains how YOU can get involved…

The back story

Prior to Denise's on-air interview, Glenn's producer contacted Ontario Premier Doug Ford, Ontario Attorney General Doug Downey, and University Health Network CEO Dr. Kevin Smith. She inquired what was being done regarding Stephanie's death, including the security guard who dragged Stephanie down the hospital hallway, and the security guard who altered the security cameras to avoid capturing the confrontation.

Their responses were disappointing, to say the least. Premier Ford's office did not respond. The University Health Network, the hospital chain where Stephanie's death occurred, simply wrote:

UHN will not comment on a court's decision nor on matters of individual employment or discipline.

The response indicates that the hospital network won't do anything proactive regarding the staff responsible for Stephanie's death.

Screenshot of email correspondence between Glenn's producer and UHNCourtesy Glenn Beck staff

The office of Ontario's Attorney General, Doug Downey essentially "wiped their hands" of any responsibility regarding Stephanie's death.

Screenshot of email correspondence between Glenn's producer and Attorney General Doug Downey's officeCourtesy Glenn Beck staff

As Glenn said, the response is simply from a "weasel" who wants to avert any responsibility from his office.

Though these offices attempt to divert responsibility, Glenn puts it simply: Stephanie Warriner was "killed for improper mask wear..." in a hospital, where she should have received treatment for her underlying condition. Instead, she was pinned against the wall, dragged through the hallway, and died.

We have to hold these parties responsible.

Graphic showing contact information of Doug Ford, Doug Downey, Dr. Kevin Smith, and Justice Sean Dunphy.Glenn Beck / Staff, International Insolvency Institute, Legislative Assembly of Ontario, University Health Network


Glenn: Far-left is RUINING COMEDY

The far-left ruins nearly everything is touches. Thankfully, as proven in a recently released statement from M&Ms, large corporations are beginning to learn that consumers are tired of their woke policies. But there’s still one, major component of society that’s at risk of succumbing to the far-left’s cold, evil touch: Comedy. In this clip, Glenn explains how the left is RUINING comedy because it makes you happy and they HATE that you can enjoy life with them…


Below is a rush transcript that may contain errors

GLENN: I want to talk to you a little bit about the loss of meaning. This is one reason, I just when we such high suicidal rates now. Is because nothing is true. Nothing means anything.


Nothing. Nothing.

And the things that are given meaning, are ridiculous. Okay?

Like, for instance, race. It's ridiculous. Why are we arguing about race?

Race doesn't make a difference. Nothing. Nothing.

It's the -- the merit inside of each of us. It is what you do with your life.

Everything that is given power today, is meaningless. And it's all part of that woke culture.

Last year, and I can't -- I can't take this. And I'm going to be going to address this once. Last year, the M&M spokescandies. There's no such thing as a spokes candy.

Got a refreshed look to reflect today's society. I don't know about you.

But as I'm getting ready to watch a movie, and I see the M&M guys strapped to that rocket, about to go off, all I'm thinking is, can we stop with this stupid commercial?

I've got my box of M&Ms. I want to watch the movie. I don't ever really fear for their life. But maybe that's me. Yesterday, the M&M brand continues, quote, to evolve, to reflect a more dynamic progressive world, that we live in.

Now, our lives were destroyed by, you know, the women -- you know, the womanly green M&M. And our life has been made much richer, when she became nonbinary. I don't know about you. Yesterday, the M&M Mars company made a statement announcing an indefinite pause on their spokes candies. Because they realize that even a candied shoe can be polarizing. Which is the last thing that M&Ms wanted, because they were just trying to bring people together. Really?

So their new spokesperson is Maya Rudolph, who spent three years on Saturday Night Live. You can find her funny or not find her funny. You know, whatever. The company says, they chose her, because they want to make things fun again. And she's still inclusive. Really?

Because here's the problem. You could have Jesus. But the minute Jesus comes down and your candy company says, say these lines, and they're woke lines, you know, a lot of people will be turned off by that. So you really stopped being inclusive. Name one figure that is inclusive right now, that's not polarizing to at least half the country.


The reason why, because you have to play the game. If you're going to work for these companies, you have to have the right words, acronyms, slogans, you know, race.

This is inherently noninclusive. But I digress. So they're making this statement. And what a surprise. Right before the Super Bowl. And companies are learning, go woke. Go broke.

We're tired of companies trying to do more, than what we're asking them to do. When it comes to M&Ms. Here's what I want you to do: Make a yummy chocolate candy.

I don't even care if it melts in my hand. Because I got past that lie of yours, when I was seven. They do melt in my hand.

But they're yummy. You and your stupid spokes candy make no difference in my life, or the life of anyone in the world.

Your candy might. But the spokes candy doesn't.

No one ever, anywhere, in all of time, will say, you know, I was a once a little girl who thought I couldn't make it. But then that candy company put their yellow M&M, in comfortable sling back shoes, instead of the go-go boots. And I realized, I can do it. I am important.

It's not going to happen.

Now, go woke, go broke. Also applies to comedy.

The new woke Velma, people are surprised this is a disaster. I didn't even have to watch it. I could have told you, it was a disaster.

This is the HBO Scooby-Doo spin-off, which do not even include Scooby-Doo. Shaggy has been replaced by a black man named Norville. Fred is the only white character. So he's evil. He's a privileged misogynist. Who can't dress or feed himself.

Velma is a black Asian. And Daphne is half Asian and half white. And they're both bisexual. Obviously, there's more than one lesbian kissing scene.

Another scene features teenage boys kissing. And there's plenty examples of doinks. Sexualizing children.

So what happens when you let woke bullies take control of what should be considered funny?

See, they do what they always do. They don't write comedy. Because they don't believe comedy is funny.

They believe comedy -- you're not supposed to laugh. You're supposed to clap angrily. Yes! Finally!

They're making out. Yes. That's what their comedy is.

Now, I'm not against satire. Laughter is the test of truth. A joke is playful judgment.

It conceals the ugliness of the world. And it uncovers the ugliness of the world.

And leftists. Boy, they are not a group winning many beauty contests lately.

This is literally the subplot of one of the Velma episodes. Now, weird thing is that even the left, doesn't like the Velma show.

They don't like it. They got making out lesbians, and the white guys -- they don't like it. The telegraph called it the most hated TV series on TV.

It has four episodes out. Velma is already -- already the worst rated TV show in IMDB history. Its audience score is six.

But as always, the left isn't taking responsibility for their bad behavior. A review in Forbes said that Velma is so bad, in fact, that it's spawning conspiracy theories, that creator Mindy Kaling, made what is essentially a parody of what the right-wing thinks left comedy is really like.

What? What a stupid plan that would be. It's a common tactic, if a woke comedy fails, which it always does. They blame us. Conspiracy theorist.

The left loves to whine about the dangers of right-wing humor. I don't know if you saw this. But the European Union just released an 18-page report. The European Union. That's a government body, by the way.

An 18-page report, on how right-wing comedy is a weapon.

Now, if a conservative, or a comedian just accidentally stumbles on a conservative joke, even by accident. Wait a minute. I didn't mean that.

No. I voted for Obama.

The left immediately destroys that person. And that joke, he meant that literally. He meant that.

When -- when he was drawing Yosemite Sam, and he was shooting. He meant that all people are like Yosemite Sam, and they should kill all people that are not like Yosemite Sam. What are you talking about?

The gist of their right-wing comedy argument is conservatives shouldn't be allowed to make jokes.

Because their humor is actually a complex. And when they say complex, they mean a mental illness. Literally, it's a mental illness.

And all they're doing is calling for violence. Ironically, a Pew study from 2020 proves kind of the opposite. I'm quoting.

White liberals disproportionately suffer from mental illness. Let me tell you, it's not even a competition. Masks? That has become a mental illness. There is -- there is no reason to wear a mask. That -- that fraud has been exposed long ago. Why are you still wearing a mask?

You have a mental illness at this point. They claim that conservatism is incompatible with political humor. And that liberalism suits it quite nicely. They say conservatism supports institutions. Which is ridiculous. Because at this point, the leftists are the institutions.

You know, they're at a drunk, at a karaoke bar. I can sing.

I'm so much better than you can sing.

I mean, they think they are capable of humor, because as the author about the book of right-wing comedy wrote, liberals are inherently free thinking. So here's what all of this is really all about.

Liberals don't like the fact that you can laugh. You know, what they hated about Ronald Reagan the most? He was happy.

He was funny. He was normal. They hated that.

Hated that. He makes jokes.

Oh, my gosh. They hate -- you can have fun, without them. That you can be successful, without them.

They hate what makes you happy. They hate what gives you meaning in life.

They hate what would give them meaning in life.

They really hate that we can laugh about ourselves.

They don't do a lot of laughing. I don't know if you've known that. I don't think I've seen many of them really laugh. I've seen them, ha, ha, ha, that's right. You stick it to them. I have seen that a lot.

Lorne Michaels, the creator of Saturday Night Live. He said in an interview, the reason why SNL tends to roast conservatives more than liberals, is, quote Republicans are easier than Democrats.

Democrats tend to take it personally. Republicans think it's funny.

There is nothing funnier, to me, than someone wrecking me.

You'll hear that a lot on the show. I pay these guys a lot of money. If it bothered me, it would stop, would it not stop, Stu?

STU: Oh, yeah. I built my career, on making fun of you.

GLENN: Exactly right. And who encourages it more than anybody else?

STU: You do.

GLENN: Exactly right. If you can't laugh at yourself, then what -- who are you?

Who do you think you are? The M&M Mars company?

With their dopey spokes candy? That's important.

That's really important. You know, so we're going to give them a message of hope and inspiration and fun.

See, conservatives think that their sincerity on their spokes candy, is funny.

They don't get the joke