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RADIOAugust 01, 2022

Financial expert: Democrats are ruining economy 'ON PURPOSE’

Carol Roth, former investment banker and author of ‘The War On Small Business,’ joins Glenn to answer his latest questions regarding the economy: Are we in a recession, despite what the White House claims? At what point do the Fed’s interest rate hikes become dangerous? And how are we expected to bring down inflation when interest rates continue to climb? Plus, Roth explains why she believes Democrats' desire to spend millions more to fight climate change shows they don't care about our current economy: 'They're doing this on PURPOSE.'

Transcript

Below is a rush transcript that may contain errors

GLENN: Oh, man. There have been so many things that have been going on this week. I wanted to bring Carol Roth on. She was the author of the war on small business. She is a former investment banker. And she speaks the language of the common man. And she cares more about Main Street than Wall Street. She's here to try to help me make sense of what happened this week. Hi, Carol. How are you?

CAROL: Hey, Glenn. Great to be with you. Happy Friday.

GLENN: Thank you. Happy Friday to you. Okay. So I have several things to ask you. Let's see if we can tick these out for a minute. And if you can add things beyond this, I would love to hear it. We're two quarters now. Two quarters of contraction. They're trying to say, that that's -- that's not a recession. That is a recession. Correct?

CAROL: Glenn, I told you and your listeners about this months ago, I predicted this is what's going to happen. Because the group that is charged with officially declaring recessions. The National Bureau of Economic Research, or NBER, gives themselves latitude intentionally, of course, they're going to. They can't have political spin. They can't extract a fee, if we can just all look at the data, and go, oh, obviously, this is a recession. Despite all of that, we all in the financial media, in the economic predicting realm. Everybody colloquially agrees, that two quarters of economic contraction is recession. Because if you have something that doesn't have a definition, people can't understand it. There's no way to create any policy around it. You can't just have something that completely has no definition.

GLENN: Correct, correct.

CAROL: So, yes. There is latitude. And that is why I predicted, given that latitude that they would do exactly what they're doing now.

GLENN: So the other thing that happened this week. So we had the announcement, we're in a recession. Increased the rate 75 basis points. So we're up to 22.5, or 2.5, right?

CAROL: Yeah. And --

GLENN: At what point, does this become a stall of the engine?

Do we have any idea at what point it starts to get dangerous, or are we already there?

CAROL: So if you believe the sort of economic theory that, you know, 2 percentish is the neutral rate that -- if everything expands, that 2 percent, and the fed fund rate. 2 percent is their target neutral rate, then we're just around neutral right now. And it shouldn't be that much of a concern. Frankly, we had an artificially depressed set of fed funds rates for a variety of reasons. And so bringing that to a normalized level isn't that bad. To get down the inflation, that they have caused, they probably need to bring it up, a little bit more.

GLENN: Yeah. But I do think, that if we start seeing something that has, what we fancy people call a four handle on it. Where it's 4 percent or higher. Get out of the three range. Then that's why you're going to start seeing people freaking out. And having a major impact on the economy.

GLENN: But is -- I'm old enough to remember Volcker. And we had 18, 19 percent interest rates. And that was just from the inflation that we -- that we had Jimmy Carter. That was nothing like this inflation. How are we expected to bring inflation down, with two, four, five, 10 percent inflation? Or, I mean, 10 percent interest rates.

CAROL: Well, here's the reality, that the fed's tools aren't going to fix some of the issues. I mean, we have a supply and demand imbalance. So unless the fed can stop printing money. And printing oil, and printing food. They're not going to fix those areas. The only thing they can do is completely jam up the economy so bad, that we're in a massive recession, and everybody is reporting their money. And that's how those supply and demand metrics are coming together. And they're really focused on the demand side, not the supply side. What we need to be focused on is how do we get more supply in these areas, so that we balance that out from the supply side, not the demand side.

GLENN: It's a Rudyard world. A poem that came a few years ago. And the line that came to mind, we had plenty of money, but nothing our money could buy. So help me out. We're fighting inflation. We can't do it really effectively, like Volcker did. Because it would just choke us to death. And then Manchin comes in. And we change Build Back Better, into something called the Inflation Reduction Act. How can you spend an additional $700 billion and reduce inflation?

GLENN: I -- yeah. This is like -- I might get a little agro here. This is making me so angry. Because western going to throw a parade for Joe Manchin. He was the one that stopped build back broke. He was the one that saved us from even more inflation. Taking inflation to hyperinflation. Now, when we're all really happy about them keeping praise upon him. He is backtracking. And so they're like, we're going to go spend a bunch of money, to spend inflation. But the reality, Chuck Schumer came out and he said it, this is green new deal-lite. This is about spending new money on their climate hopes. Instead of fighting inflation. He put it out there, in a tweet on Twitter that I responded to. They're saying the quiet part out loud. They don't care. This is what they're trying to do.

And this is why we have, Glenn, I'm calling it, The Great Resettion. So a Recession -- the Great Recession was from the financial crisis. This is from your wonderful book. The Great Reset. This is The Great Resettion. This is intentional, they're doing this to us, on purpose.

GLENN: Yeah. Yeah. It is incredible, that even John Kerry came out and said, we have to do this. We're going to have to spend billions. If not trillions of dollars on this. And that in the end, will be anti-inflationary. And it's like, that doesn't make any sense. That's worse than common correspond math.

CAROL: And they've been wrong on everything.

GLENN: Everything.

CAROL: These are the people that told us, there's no inflation. They told us the way to fix crime was defund the police. They were wrong on covid. They've been wrong on everything, including the energy transition, that's affecting us not only here. But in Europe. And now all of a sudden, we're saying, oh, you're going to do this by spending more money? I mean, it is just -- basically, Congress is just theater and money laundering at this point.

GLENN: So correct me if I'm wrong, historically speaking. Volcker, when he made the tough decision. He made the tough decision, to hurt the American economy, to save the dollar. And to save the world's reserve currency. And so he had some credibility. I have been worried, ever since TARP, that the world is going to despise us. Because we have -- we have destroyed the currency. Which is destroying the economies of everyone in the world. So we can not suffer. That's what we've been doing. When I heard Joe Biden say yesterday, well, inflation, but, you know, there's inflation all over the world. I thought, yes. Because they hold our dollar.

Are we not causing the inflation in Germany and every place else? Are we not the root of that problem?

CAROL: I think the central bankers in Europe and Japan and some other areas, can share some of the credit. But here's the amazing thing. And you're so spot-on about Volcker. You know, back when we really were this world reserve currency, and we had somebody like Volcker who was trying to do the right thing. We had a dilemma. We talked about this before. Where you have to make a decision. Do you make decisions based on keeping the world currency stable for the -- the world, or do you make decisions based on what's right for the United States? Incredibly, we have done neither. We have destroyed the value of the dollar.

GLENN: Yeah.

CAROL: And the purchasing power here in the US. And we also created a horrible situation for everybody around the world. So nobody is happy. And so, yes. We're having an inflationary issue across the world. And now, because of all these other central banks and the strong dollar, we also have a potential debt issue, in the emerging markets. Because all of not only their commodities, but their debt is dollar denominated.

GLENN: Last -- last thing I have on my list, is we had some inflation numbers today.

But it's not the CPI. The Consumer Price Index, which is at 9.1, I think. It's something else. And I think it is -- shoot. I had it written down.

CAROL: The PC?

STU: The employer cost.

GLENN: Yeah. Employer cost index is what that was. What is that one?

CAROL: So this is a subcomponent, that's not really one of the core ways that they look at inflation. It's more of an indicator that's stuck in the middle of other indicators.

But the ones that we're most focused on are the CPI, which is sort of the one that the headline. The consumers focused on. The one that the fed is most focused on is the PCE. Which is the personal consumption expenditures. And that's a different read. And, no surprise, that's much lower.

GLENN: And hang on. Hang on just a second.

That's the one that they're raising the interest rates, and doing all these things, to discourage us from buying things. Right? They need us to slow down the velocity of money. Correct?

CAROL: I don't know what they're doing. Because they're trying to get us to, quote, unquote, like you said, slow down the velocity of money. Slow down spending. Cool demands. But the government is out spending money to everybody in the world, and spending more. So I honestly have no idea what they're doing. But, yes. Theoretically, that's what they're doing. But the PCE number is what the fed is going to be focused on. It is many percentage points lower than the CPI. So as that comes down, you know, in tandem, you're not going to need to see the CPI at three or four, for them to feel like what they're going to do. And this is the crazy thing. The Wall Street Journal. Every month, they go out and they interview economists. More than half the economists think that by the end of next year, that the fed is going to be cutting rates again.

GLENN: I know. I read that --

CAROL: So this is --

GLENN: I thought that's insane.

CAROL: It is. This is all a game. And they think that they know what they're doing. But the reality of what they're doing, is they're creating these boom and bust cycles, that benefit the wealthy and well-connected. That wash out the average connector. And transfer wealth from Main Street to Wall Street. This is all they're doing. And we have to stop them.

GLENN: Right. It is amazing. I look at this chip thing, that they spent what, another $250 billion on it. That is corporate welfare. So that is taking our tax dollars and giving it to these giant corporations. I saw that, and I thought, all they're right now, is impoverishing the little person. The person on Main Street. Paying the taxes. They're making it so we don't have any purchasing power. We can't -- we can't go anywhere. Because of the gas. We can't do anything. We'll start to lose our houses. We'll start to default on our loans and our cars. They'll be fine with it. And the government is now saying, I'm your consumer. So you businesses, you do what I say. Because I'm going to be buying. Isn't that what's happening?

CAROL: Absolutely. It's the barbelling of the classes. You're going to have the complete hollowing out of the middle class and the working class. And we've seen this throughout history before. You know, at the late stages of empires, this is what happens. Where you get that wealth, that's concentrated. In fewer and fewer hands. And then you have everybody else is poor. And nobody else is in the middle. And that's exactly with my reaction. When I saw this. Not to see, that we don't need to compete with China. But these are very wealthy companies.

GLENN: But you lessen the red tape. You just lessen the red tape.

CAROL: Thank you. Thank you. Yes. Because they're just giving more corporate welfare. And, by the way, the Elizabeth Warrens in the world, who stand up, and say, bad corporations, they're all going along with this. It's bizarro world.

GLENN: Carol, thank you so much. I really appreciate all your work on this. And keeping us informed. You can follow her on Twitter. Carol J. -- Carol J.S. Roth. Or you can go to CarolRoth.com, and she's a writer, and working on a new book, that I'm very excited about. You should announce that at some point. But she's also -- she also writes for TheBlaze.com. And is a frequent guest on this program. Thank you so much, Carol. I appreciate it.

CAROL: Have a wonderful week, Glenn.

Glenn reacts to FBI raid of Trump home: A ‘MASSIVE MOVE'

If you are NOT for the destruction of America, Glenn says, then you better pay attention to our federal government’s HUGE accumulation of power. The FBI raid on Donald Trump’s home in Mar-a-Lago late Monday was a ‘MASSIVE MOVE,’ with implications that stretch far beyond simple dislike for the former president. So what IS the far-left’s endgame? What are they hoping to accomplish, and will they stop at NOTHING to destroy President Trump? In this clip, Glenn reacts to the FBI raid and gives his thoughts on those questions plus more…

Transcript

Below is a rush transcript that may contain errors

GLENN: Does anybody have any credibility anymore? If you actually -- if you were actually celebrating, what is happening with Donald Trump, you have no idea how much this changes things. If you are not for the destruction of America, you better pay attention quickly. This is a massive move. And who has credibility on it? Nobody is going to believe Donald Trump. But nobody the left. So you're not going to change any minds there. Do you think the right will believe the New York Times? MSNBC? NBC? CBS? You think we're going to believe the New York Times? The people who have been carrying water for the Biden crimes? The Clinton crimes? And I'm not talking about the stupid death list. I'm talking about a server, and having her own State Department people go into a skiff, which is the top secret room. It's completely sealed off. Going in, getting documents. Cutting off top secret. And then emailing them to her, on her private server. And nothing?

And now you're going to try to convince me. This has nothing to do with January 6th. Okay. What does TV to do with? Well, it's a national archives thing. He has papers that should be in the History Department. Excuse me. What?

He has top secret papers. We have pictures. Coincidentally, they came out yesterday, right around the time of the raid, you know, of him flushing stuff down the toilet. We don't know what it was. But somebody who was nameless, took pictures of his toilets when he was traveling. And, you know, he was smart enough to rip him off, so we don't know what they said. But do -- (cut out).

We had somebody with him with a camera on their phone. And they went in right after him, hey, light a match Mr. President, click. Good thing for us, huh? That's ridiculous!

The bank servers, he's pinging a bank. Untrue. Carter Page is a Russian spy. Untrue. Donald Trump is a Russian spy. Does he look like a Russian spy? Untrue. Collusion with Russia. Untrue. Ukraine, the perfect phone call. Not true. Not true. Wasn't a perfect phone call. Was not impeachable. The pee tape dossier. None of that was true. Here's why they can't have him as president of the United States, okay?

They can't have him as president of the United States, because we are headed towards a completely new, all redesigned, non-capitalist, nonconstitutional great reset. And all of the West is involved in it. And New York Times, don't call me a conspiracy theory, because you just wrote a story about me and people like me trying to stop ESG, which you said didn't exist. So you have no credibility.

This is not just about their hatred for Donald Trump. This is about the elites. Now, I've got to tell you, I don't -- I don't like the Secret Service. And I've said this since Bush was in office. I think there's a problem in the Secret Service. I think it's poorly run. I'm a guy who has paid about a million dollars for my family's security every year for the last 15 years. Oh, Glenn Beck must be rolling in the dough. No, not after the security costs. I would rather have my family safe, than any service in the Secret Service because they rely on money. That's it. They'll solve it with money. We'll just get more guys.

Donald Trump should hire his own security. Donald Trump should hire his own security. Because I'm sorry, whether it's through stupidity, or it's part of the government. I don't know. If you're on the Secret Service detail of Donald Trump, God bless you. I watched you guys at CPAC. I watched you more than I watched anything else. I saw your eyes. I watched you. And there are those on his team, that whether you like him or not, are doing your job. And I thank you for that. But if they can't get this guy by hook or by crook, to go in, and be a part of the new jail system. For political opponents, they will kill him.

They cannot have him be president. Because he is America first. Not only that, you do this to this guy, oh, gee. You've gone after my family, you've gone after me. You lied about me. I have the evidence. All I have to do is bring it out. Because it's all on videotape on some dumb son's phone. Do you really think a new Justice Department, that's not even political, but just clear, that hold nothing back, Hillary Clinton and her Clinton Initiative, do you think the Clinton Initiative, that there's no impropriety going on there? Do you really think that Adam Schiff, who's lied -- there's nothing there? Nothing for Hunter? Nothing for Joe Biden, you know, in China. Nothing. No, there's nothing there. BlackRock, the collusion with the banks. Everything that they're doing now, right now, you don't think that a Justice Department, that is hell-bent on cleaning and settling scores could settle scores pretty damn quickly? I hope we don't get there. Because this has to be about reasoned justice. But look at what they've just caused. What is their endgame? What is the endgame? You make him into a martyr? By throwing him into jail or killing him? You make him a martyr. So you make him stronger. That doesn't make sense. Why would you want that? Well, we just want him out of the -- you think Ron DeSantis isn't going to be the immediate front runner, and that Ron DeSantis would be easier to beat in your book? Are you that stupid? Wait. You take out Donald Trump, and then the heir apparent, Ron DeSantis runs, and for some reason, you think that all the Trump supporters wouldn't go, yeah. Hmm. What is your endgame? The only one that makes sense to me, is stop him at any cost. And lunatics will take to the streets, and then we'll have our evidence that they're more dangerous than anyone could possibly imagine. Please, pray for your country. I would -- I would love -- I don't expect to hear from any. But I would love to hear from a Democrat today. Alan Dershowitz has the balls to come on. Wait 'til you hear what he has to say. Is there a single Democrat within the sound of my voice, single one, that doesn't -- that sees this?

Where are the FBI agents? Where are the freaking FBI agents, who don't see what's coming? Stu, look up the things. Eighty-seven thousand IRS agents, coupled with what they already have. That's about 170. That's almost the size of our National Guard. You feel comfortable with that, Democrats? You don't think there's a possibility -- not this guy, because he's so perfect. He's made your life so good. I mean, everything he's done is sunshine and lollipops. Do you really think that there's no possibility, that someone, even Donald Trump might come in at some point and weaponize the IRS? Is there anybody -- is there a single Democrat, call me, I would love to hear from you. 888-727-BECK. Is there one -- because, look, I voted for the guy, but this is too far. This is too much? Anybody, who says, if you would have done that to Hillary Clinton, I would have gone ape? Fascist. I see what you guys have been worried about -- 888-727-BECK

‘LOOK OUT’: Signs we’re facing a dangerous, NEW America

Texans better ‘wake up,’ Glenn says. Because the state — and many American conservatives outside of it — are NOT moving fast enough to keep up with our rapidly changing America. Glenn explains why believes a new ‘season’ is on the horizon for our nation, and he describes the one thing President Biden could do to ‘polish us off.’ But, it’s not all bad news. In this clip, Glenn also explains why he’s hopeful for a new class of politicians to enter Washington, D.C…

Transcript

Below is a rush transcript that may contain errors

GLENN: I have Ron DeSantis on this week on Thursday, for the podcast.

STU: Hmm. That should be interesting. And I think he's the only out there, running in the right direction at the right speed. I think -- I think Florida is one of the only ones that may survive.

I mean, everybody else.

PAT: Uh-huh.

GLENN: Even Texas, which is pretty good, is not nearly moving fast enough.

PAT: It doesn't feel like we're on the same trajectory as Florida right now. It seems like they're protecting their freedoms a lot more passionately than -- than we are in Texas.

GLENN: Yeah.

PAT: I mean, there's no doubt that Governor Abbott has made some missteps over the last couple of years.

GLENN: He doesn't suck though.

PAT: He doesn't suck. But people are pissed at him.

GLENN: Because they expect Ron DeSantis.

PAT: Yes.

STU: Nothing better for Governor Abbott, than to be potentially running against potential Governor O'Rourke though.

GLENN: Oh, yeah. I know. Seriously, I think Abbott would be a great governor, really in any other state.

STU: Right.

GLENN: But Texas is like, wait a minute. What. Wait.

STU: We don't like to be outdone.

GLENN: We don't like to be outdone. And if he were in any other state, we would count him as one of the best governors in the country. And he is. But if you live in Texas, it doesn't feel that way. And Texans, you better wake up. Because you really do want to go out and vote, otherwise, you get Beto.

PAT: Yeah. Uh-huh.

STU: It's interesting with DeSantis in particular. From a political standpoint, he's -- he's always in the middle of the right issues.

GLENN: With the right thing, taking the right stand.

STU: Right. And, usually, like at the right level too. He's not just saying -- you might -- it might be satisfying to conservative talk radio listeners, if you come out and you attack all these listeners. And you do all these things that are really, really hard-core. But he has a way of balancing, talking to his base. By doing things that are legal. That are sensible.

GLENN: That are going through the House and the Senate.

STU: That are going through the House and they Senate.

GLENN: He's passing laws. He's not just doing it executive fiat.

STU: It's not just big symbolic gestures. It's been a pretty interesting approach. I remember when he kind of emerged as one of the top candidates, as potential presidential nominee in in 2024. It was early. It was like early -- you know, early pandemic. He was one of the first governors to sort of open things up. And at least get a lot of attention for it. Even though, Kristi Noem pointed out, never closed down. But he's been able to maintain that. And continue building on it. Where a bunch of other governors from that era, were sort of the darlings of conservatives for a while and faded. He's been able to stay right there.

GLENN: Right. Because he continues. That's what I mean. He's on the right track, at the right speed. He's taking all of it on. It's like, I really appreciate the states that are taking on ESG. But when of them are taking on just the E. Well, that leaves the -- the people of your state at risk. It's the S and the G, as well. That are problems.

And DeSantis is doing these things. At the top of the hour, I'm going to tell you, what he did. Vanity Fair just came out with a hysterical article, about how authoritarian Rick DeSantis is.

STU: Can you imagine how bad Ron must be? If Rick is bad, imagine how Ron will be? You'll never get that name right.

Okay. It's not like you're President Ronald Trump. You have just DeSantis.

GLENN: I know. Just DeSantis. Just DeSantis. So, anyway, this is hysterical. He just put in a civics requirements. And wait until you hear the way Vanity Fair is talking about it.

I mean, 1619 Project will come to mind, several times. But it's crazy, because they are defending incorrect history. Their defense is, Thomas Jefferson was raping their slaves. Oh, if I hear that one more time.

PAT: Oh, jeez.

GLENN: That's not true. It was not true.

In fact, dig up that information we had on Thomas Jefferson a couple of weeks ago. Just so we can -- just so we can remind people at the top of the hour. But, you know, I -- I felt something, oh, probably. Probably about eight months ago. I felt the seasons change. And that was spiritual advice to me. Almost 15 years ago. And somebody said to me. Glenn, I said -- when am I going to know? And they said, watch the trees. When the seasons change, you will know.

And I -- I didn't know if I would know that. And I had a real feeling about eight months ago, seasons are changing. And we're in it deeper now. And getting closer to real problems.

This summer within the last eight or nine weeks, I felt them change again. And I think, I could be wrong. But I think that is this climate bill. I think this is the beginning of an entirely new kind of America. And when it is all implemented, look out.

The only other thing that I think they could do to make things -- to really polish us off. Is emergency orders. And if he goes for emergency orders, and declares a national emergency with the weather, we're going to be -- we're going to be cooked. But I was at CPAC. And I saw some of the candidates, that are coming up. And if we can get these candidates in, they're serious. They're serious candidates. I don't know about the ones around you. But the nation has a few people that are willing to go to Washington. Lives, fortunes, and sacred honor. And save the republic. And save the Constitution. What are you saving it from? People who are trying to destroy the Constitution. Read it.

How the ‘Inflation Reduction Act’ targets FARMERS…and YOU.

The Senate passed a 740 BILLION DOLLAR package over the weekend, with Vice President Kamala Harris giving Democrats the last vote they needed. The bill is called the ‘Inflation Reduction Act of 2022,’ but Glenn explains why it likely will do the EXACT opposite. And not only could it hurt your wallet, but it may hurt your food, too. Glenn details parts of the bill that target American farmers and the farming industry, all in the name of climate change. The ramifications — many of which are already happening in Europe — could be HUGE: ‘This is really, very dangerous.’

Transcript

Below is a rush transcript that may contain errors

GLENN: If we don't collapse the size of this government soon, it will become an oppressor. Yesterday -- or, over the weekend, the Senate passed the 740 billion-dollar climate or health care reconciliation package. Now, just remember, $700 billion was the size of the -- DARPA, Obama.

STU: Yeah. First Obama stimulus package.

GLENN: Stimulus. And we all had a cow, that it was 700 billion dollars. We thought that was outrageous. This is 740 billion, just on climate and, quote, health care.

But is it? Let me give you some -- let me give you some information on this. It passed, the bill includes $370 billion in green energy. Subsidies. Now, do you remember how well the green energy subsidies happened last time, when Obama was in? Aren't we just making money, hand over fist, with all of those great investments, that we had under Obama?

STU: I'm a billionaire, because of my investment in Solyndra. It's worked out so well.

GLENN: Is that because of inflation? Because I think that went out of business. Now, here's the key to this bill: $80 billion -- now, remember, 370. This is the biggest thing ever. This is -- this has got to be done. Because we're all going to do to die in a fiery flood. 370 billion, and 80 billion is for the IRS. Now, I want you to listen to what they say, and you'll read it over and over again. It's the Internal Revenue Service, for enforcement. Now, enforcement. Do we have that many greedy billionaires that just aren't paying their taxes. I would like to know.

Do we have that many billionaires that don't have enough money for really good attorneys, to read the law. That you're going to need 80,000 new IRS agents. That doesn't seem to compute at all, does it?

Now, by the way, they're saying that it's going to reduce inflation. It's not going to reduce inflation. If it does, and this is the honest-to-God truth, it may reduce inflation. Why?

Because it's going to hurt you so badly, that you won't be able to buy things. Remember, too much money chasing too far goods. So if you can't make the goods, you've got to reduce the money chasing it. That means, they've got to slow you down, at the store. And that is exactly what this bill will do. But because the government is going to be spending so much more money, I don't think it's going to reduce inflation at all. In fact, I think it's going to make inflation worse. But your -- your life is going to become much more tough. Now, I want to give you some more perspective on this. First of all, the American people. Just see how out of touch the American people -- the -- Washington is. Compared to the American people.

Just 12 percent of the new economist you.gov poll. Twelve percent of people think this will actually reduce inflation. The other time, three times as many, 6 percent. Believe it will actually increase inflation. Twenty-three percent believe they don't think the bill will move inflation either way.

And only 29 percent say, they are unsure. Now, this bill is climate and inflation reduction. You don't believe that it's actually going to reduce inflation. They don't ask if you think if it would actually help the green movement. And protect the earth. But they did ask this: Do you -- do you believe it will lower inflation? Average respondent? 51 percent, no. But do you support the bill?

31 percent said, they strongly or somewhat oppose the bill. The rest agreed with it. So who is confused here? You don't believe in it, but you support it.

Now, I'm not talking about you personally. But I'm talking about the American people. How is that possible?

That is because we still believe, that our government, somehow or another, there's still enough people believe that our government or your personal guy in Congress or in the Senate is doing the right thing.

I don't know how this is working. It -- well, I do. They didn't ask another question, in that poll. Do you actually know what's in it?

I can guarantee you, most people don't know what's in it. But let me give you a couple of things. And let's start with the big one.

The inflation reduction act, will give the IRS $80 billion, in additional funding. So you know, that's a 600 percent increase of their budget. 600 percent.

They will hire as many as 87,000 additional employees for enforcement. The increase would more than double the size of the IRS work. Which currently has 78,661 full-time staffers. So they have 78,000, they're adding an additional 87,000. To give you some perspective, the Pentagon. You know how many people work at the Pentagon? You know a huge building that goes on and on and on. Pentagon. World's largest military. The Pentagon houses 27,000 employees.

27,000!

We're talking over 160,000 IRS agents. The State Department employs 77,243. The FBI has 35,000 people. The customs and Border Patrol employs 19,536 Border Patrol agents. This will make the IRS bigger than all of those agencies, combined.

Now are you for this act? It's a little too late. But are you now for this act?

This is going to be staggering. And here's where it really will impact you. In the bill, in fact, I want to -- page -- page 529, of the Inflation Reduction Act. It will pay -- pay farmers to not farm. They want -- they want to restore the soil. So the measures will include plowing your soil less. Implementing climate-friendly crop rotation techniques. And planting cover crops, that do not yield any food.

There's 20 billion dollars available, September 30th now. To diminish the climate impact from farms. They are going to start paying farmers, not to farm. And then you'll be fine. They're also going to now, hmm. I would like to say encourage you. But what they're going to do to the farmers is tell them, exactly how they can farm. They're going to tell them now, just like they are over in Europe, where the farmers are going out of business and on the streets, protesting. They are now going to tell them, that they have to adopt more climate friendly provisions. They are going to regulate what you can feed your cow. They're going to -- they're going to also tell you what you can grow. How you grow it. What you can use as fertilizer. And the fertilizer that we're all used to. You know, the one that grows one-third more than the old fertilizer. You're not going to be able to use that. Now, we're entering a global food crisis.

Farmers all around the world are going in on this nonsense. It's not working. All around the world. And we've just implemented it, and we're hiring 87,000 new IRS agents, to make sure you comply.

Well, this doesn't have anything to do with the taxes. Oh, yeah. It does. Because you will be getting subsidies. Oh, yes. It does. Because you'll have an ESG score, if you're a farmer.

This is going to devastate our farms. Have you ever noticed, that whenever communists take over, the first thing they do, is kill usually everybody who disagrees with them.

They take out anybody who is ever successful at something. Look at the difference between GM and Elon Musk. Look at the difference between what he's building, and what all these other guys had been building. But all these other guys had been building. The guy is building a spaceship to Mars. The guy has transformed the automobile. And yet, he's on the outs. They're coming after him. I can guarantee you, some of those 87,000 IRS agents are just going to work on Elon Musk and his companies. So they first come after anybody who is a capitalist. Anybody who disagrees with them. Anyone who can do anything. They get rid of them, if they can't co-opt them. Then they go after the farmers. And then when there's a problem with the farmers, they then kill the farmers. Or take their land away. And say, you're not doing it right. Well, because farmers have farmed for generations. They know the things that they have to do. It's not like farmers don't know to rest their land. Or to change their crops. Of course, they know that.

They're farmers. Now we have eggheads coming in. And it happens every time communists take control. That's why people end up eating the zoo animals, and then their dogs.

This is really very dangerous. Oh, by the way, in Europe, they're already to the next phase. The first phase was saying, the climate has to be controlled. And we have to control it through the farmers. The farmers then start to collapse. The farmers then start to take to the streets. And say, this is insanity. Well, the next phase is because no one knows where their food comes from. Or how to grow it. The next phase is already happening. The anti-farm sentiment is growing now in Europe. You watch. The farmers are going to get a really bad name. And the farmers are going to be blamed for the food shortages. You watch. I guarantee it. It's already happening in Europe. So now people are taking to the streets, and saying, it's these farmers that are at fault. This story, repeats itself, over and over again, until human beings learn the lesson.

The question is, America: Will we learn the lesson this time?

It's amazing, because on some of these things, we're behind. We have the results from Europe. And we're still doing it.