Real median household income just had its worst decline since 2010 — and the true numbers are much worse than the government is suggesting. But instead of curbing spending to fix inflation, the Biden administration wants Congress to continue spending at its current levels to avoid a government shutdown. And some in the media are branding the House Freedom Caucus and other conservative groups as "extremists" and "terrorists" for demanding LESS spending. Glenn defines "extremist" and "terrorist" and explains why continuing this reckless government spending (which added $2 TRILLION to our national debt) will only hurt American families MORE.
Below is a rush transcript that may contain errors
GLENN: Stu, define the word extreme. What does it say?
STU: Extreme. Reaching a high or the highest degree, furthest from the center or a given point.
There you go.
GLENN: All right. Give me extremist.
A person who holds extreme or fanatical, political, or religious views. Especially one who resorts to or advocates an extreme reaction.
GLENN: Okay. Hang on. Extreme, political, or religious views.
STU: Uh-huh. Especially one who resorts to or advocates extreme action.
GLENN: They have any examples of that?
I would like to know what an extreme action is. Is that terrorist?
Look up the word 'terrorist.'
STU: Terrorist: a person who uses unlawful violence and intimidation, especially against civilians in the pursuit of political aims.
GLENN: Unlawful violence.
STU: Or? And intimidation, is the way they phrase it. especially against civilians.
In the pursuit of political aims.
Here's why I want to bring these up.
And I just -- I want you to remember, if you believe this, I do. Words matter.
If you can change people's words and their language, you can change everything.
That's why they have replaced so much of our language, and we all are just saying. First, let me give you the lay of the land.
What you're facing.
The last time America saw a drop in household income. As large as we did in this last year, Barack Obama was president.
The change, according to the Census Bureau, the change in real median household income, it fell 2.3 percent.
That's the worst decline since 2010.
That means, what you actually are bringing home.
You know, they say, oh, jobs. We're creating all new great union jobs.
And pay is going up. But what you're actually taking home, is down by 2.3.
And that's before taxes.
If you calculate the taxes. And the subsidies, hand it out.
So not only what they take, but what they give.
Household income fell 8.8 percent.
Real median earnings, of all workers, which includes part-time and full-time workers. Declined 2.2.
Median workers of those who worked full-time fell 1.3.
Now, they're wondering why Biden's numbers are so low.
Like, it's -- like it's, I don't know.
Like, it's a Cheshire cat, whose stripes are only appearing in a tree once in a while.
It's really easy.
People are getting poorer. Because inflation is eating away at your income.
Family household income fell even more than the median. Dropping 2.9 percent.
Older Americans saw an income decline of 2.1, worse than the 1.4 decline for people under 65. So families and the elder have suffered the most.
Native born incomes. You're born here in the United States. You fell 2.5 percent.
But if you weren't born here in the United States, you edged up .2 percent.
Region that was hit hardest. What a surprise. The Midwest.
Incomes fell by a stunning 4.7 percent.
In the northeast, median households fell 3.8.
In the West 3.2. And in the south, income trickled down to buy -- I'm sorry. By .1 percent.
Why is that?
Why is that?
Why is the South doing so well?
Weather? Maybe taxes.
Governments kind of doing what's right for the people. Maybe.
Not so crazy. All the time.
Now I want to talk you to about extremists.
I want to talk you to about extreme extremists.
The House Freedom Caucus and conservative groups held a press conference Tuesday, appointing opposing any deal to continue government spending, at its current levels, hurries before the House reconvened after a week long reassess. To tackle the task of keeping the government open. Past September 30th.
The White House, eager to stave off a shutdown.
Has proposed a clean extension of the current spending levels.
So you know, the spending levels, that we're spending right now, this year, we were supposed to be a trillion dollars over what we had.
So we were going to add a trillion dollars to the debt.
But somehow or another, we spent an additional trillion dollars.
So we are $2 trillion, adding to the debt. That's the current spending.
Do you find that reasonable?
Let me take you back. Why is your income going down?
Why are these things happening?
Why is it that you're looking at the grocery store. And you're saying. You're looking at the price of eggs. And milk.
And you're saying, what the -- now, gas, you can kind of understand. Because that goes up and down.
But all of the stuff in the grocery store.
How come the paper towels and the toilet paper are smaller? I mean, they're even cutting them now so they're not as wide.
So it's not as big. But it's also not as wide. How come that's going down. And yet, the price is going up.
How come I'm getting less for my dollars packaging. I'm not giving the same product I had.
And I'm paying more money.
Because your that are isn't worth as much.
That's why. When people talk about. You're going to understand hyperinflation.
At some point, you're going to understand hyperinflation. And we don't want to learn that lesson.
That's what Venezuela went through. And nobody wants to talk about this.
Nobody wants to think about it. Oh, I know there's somebody in their car right now. Going, I don't want to think about that.
You must think about this.
Because if you don't, it's guaranteed to happen.
What causes that?
Out of control spending.
So the White House doesn't want a shutdown. But they'll just continue, with a clean -- a clean bill. Exact same spending levels.
Well, with the addition of $40,000 in Ukrainian aid. Some disaster relief. Some border funding.
You know, but other than that, it will be clean.
So you're $2 trillion in debt more this year.
And we're another 2 trillion next year.
All in four years.
I'm sorry. All in two years.
The more money they spend, the higher the inflation. The less your dollar is worth.
Now, in story after story, the Republicans who are standing up and saying, no more. We cannot continue this.
We're not going to have a gun held to our head.
We have time right now, to work out a budget.
But that's not what's happening.
The budget is being made behind closed doors.
And then what do those leaders, McConnell, Schumer, McCarthy. Jeffries. What do those leaders do?
Those leaders, who think they know better than everyone else, that you elected, you sent them to Congress.
They get the blame.
But are they to blame on this?
Because they don't have a choice.
Now, they're called terrorists. They're called extremists.
And an extremist, is the furthest from the center.
How many people do you know, that are actually fighting for in budget, to actually -- you know, pencil put to paper. And work this out?
How many people do you know, that are saying, pass it in the middle of the night, and no one read it?
Do you know anybody. Left or right. Do you know anyone?
Because I don't.
Do you know anybody who says, we can continue -- besides the current administration.
We can spend like it's -- it's raining money.
Just keep spending the bomb trillion dollars a year. It should be $3 trillion a year.
Do you know anyone that thinks our current level of spending is good?
I don't. Do you?
If you do feel that way, I want to hear how you got there. I really do.
I'm not going to make you feel stupid or anything else.
I just want to know, how you got to that thinking.
And it would be refreshing to hear. Because I don't meet those people.
I don't know who those people are. I think those people are the ones furthest from the center.
And then, what do they do?
Well, they try to intimidate people.
They are currently telling our congresspeople, you elected to do this job.
Those four people are telling the 431 exactly what they have to do. You have to pass this right now.
This is coming, in two weeks.
You have to pass this right now. We've already worked it out. No amendments. No reading it.
Just pass it right now.
Or you're going to get the blame for the government shutting down.
Now, you're on the road, you're going some place important.
You love your car. You got to get to the place.
But your car starts to overheat.
And your car blows a tire. Two tires.
Now, you could keep going. But you could blow the engine.
And you'll destroy the rims. So you won't have a lot left, when you get there.
Nobody wants to stop the car. Nobody wants to wait for the tow truck.
Nobody -- everybody wants to go to wherever it was, you were going.
Everybody. But who is the unreasonable one?
The one that says, I don't see any -- I don't see any problem. Keep going. Keep going.
Or the rest of the family, who is like, no. We're not going to have anything left, Dad.
I mean -- I mean, as much as I would like a new car, can we afford a new car?
No. Then maybe we should stop. Even the kids know. Stop.
Stop the car. This is dangerous. And it's going to put us in a very bad situation. And if we do it, we may never be able to make another trip.
Who is the extremist here?
I don't want to shut down the government. But, quite honestly, if you want to save America, it is better for them to do absolutely nothing. Than put us another $2 trillion, in debt!
Remember, if I pay you, what was it? A dollar a second. That's $31 million, by the end of the year.
And it only takes you to get to a trillion dollars. If I pay you for every second of every day, of every year, it only takes you 32 billion years. No, million years. 32 million years.
32 million years.
Okay. Don't -- I'm thinking, that maybe we shouldn't spend that money. Because I don't know how we'll ever earn that money.
And I would like something left for my children.