No one could dismantle America faster than the Biden administration. And it becomes even worse when President Biden tries to outright LIE about how he’s doing it. On Friday, Joe Biden said the U.S. economy is ‘on the move,’ touting the jobs he’s created and the deficits he’s lowered. WHAT?! Is he living in an alternate universe? Glenn and Stu break down these BLATANT LIES, giving you the FACTS to how this far-left federal government is destroying our economy and our oil & gas industries…
Below is a rush transcript that may contain errors
GLENN: Okay. So Biden said a couple of things. One, we all know the right way to build something is build an economy from the bottom up. You know, I don't think we all know that. I certainly don't know that. I've never worked for a poor man. They are generally not the ones hiring. As we have pointed out earlier this week. But he says, things are great. What is the new unemployment number?
STU: 3.6 percent.
GLENN: Wow. That is incredible. 3.6 percent.
STU: It's quite low.
GLENN: Yeah. It's almost like unemployment. When you're getting into the threes. You're headed towards unemployment. Where there's just no one else available for the jobs. Now, if I listen to Joe Biden, things are going so well. New jobs are being created. He's created, what was it? 7.5 million new jobs?
STU: Oh, all creating them.
GLENN: In the last year alone. Can I ask I a question? I haven't seen any of these new jobs, I haven't seen the new job creation. I live in Texas. And I do see the empty stores and restaurants and things that used to be there. And maybe there's a few new stores, but I'm not seeing them.
Now, I'm in Texas, that just has been on the ropes. There's no new job creation here at all.
GLENN: Wait a minute. So let me ask you this: Did we lose that many people? I mean, it must have been millions. The media, I know, is lying to us. But did we lose tens of millions of Americans, in covid?
STU: No. We did not -- not that many. A lot. But not that many.
GLENN: Okay. So why is there a help wanted sign in almost every store, restaurant, everywhere?
STU: It's because of Joe Biden's raging economy.
GLENN: But these were the same jobs that were filled by people, just two years ago, and now they can't fill them. Did they all go someplace? Did they die? Or are they all working in this mystic mountain, you know, machinery, this -- this great corporation in the sky, that I haven't seen or heard from?
STU: Hmm. It may be that. Maybe that's why. And maybe because that's such a jarring scenario, that's the reason. They can't seem to recognize all of this bounty that they have. People are not recognizing the economic brilliance, of Joe Biden. And all the things he's brought to them.
GLENN: Well, I mean, he did stand in front of the American people, just about 15 minutes ago, and say, look, here's the thing. People have more money in their pocket, than they did a year ago.
STU: I mean, it's technically probably true. Because the money has inflated so much. That they need extra dollars to do anything. It's a fascinating thing. You know, because we were talking about this with Michael Malice a few minutes ago. It's good to go on offense. Republicans don't go on offense a lot. But it's not the only answer. You shouldn't be on offense, when you have absolutely no argument. And Joe Biden has absolutely no argument.
GLENN: Oh, I won't hear that. He just pointed out that he cut the deficit.
STU: Oh, this one was really frustrating.
GLENN: No. Listen. Not the debt. The deficit. He cut the deficit last year, in 2021, last year, by 350 billion. This year, he's cutting it by $1.3 trillion. That's the biggest reduction in deficit in our whole history.
STU: Think of what -- this disingenuous doesn't cover it. Think of what a pathetic lie that is. First of all, he's comparing this to a year, where all of the businesses were closed. And millions of people were fired, because there's nowhere to work. So, yeah. Tax revenues work pretty far down. We also spent multiple trillions of dollars, on a pandemic.
GLENN: Only 5.6. Only 5.6.
STU: It's much more than that. But still, okay. 5.6 trillion on the front. We recover the fed stuff I guess another time?
But still, $5.6 trillion+ on covid, just added on top.
He reduces it by $350 billion, from that number, which is terrible. But it's a terrible job. And he just -- just by showing up to work, you should have been able to do a trillion dollars off that budget. It was supposed to be a once in a lifetime pandemic, and you basically repeated it in year two, when everyone wanted to go back, and you kept telling them not to.
Then this year, he's taking credit for $1.3 trillion in -- in budget -- in deficit reduction. When that number is, first of all, not impressive. Considering what he's comparing it to. But secondly, it only exists because his plan, Build Back Better, didn't pass. If it did pass, he wouldn't have saved $1.3 trillion off of the budget. It's only because of his failure, that he can claim the success. That is his argument to the American people today.
GLENN: So this is a little like, your house is on fire. And it's burning down. And the fire department comes. And starts putting it out. And you're like, dude, it is still out of control. And the five or six department saying. I just reduced the temperature of your house by 400 degrees. And you're like, but it was 1400. It's still 1,000 degrees! In the house.
I mean --
STU: No. And not to mention, the fact that even before the pandemic, the -- the deficits were too high. So he's taking it -- a worst case, monumental, once in a century, terrible number. Reducing it slightly. Then bragging about it, while the American people, identify correctly, as one of the biggest challenges we have, is inflation. And what is his answer? He's talking about spending more money. And then telling you, it's going to fix inflation. He's talking about releasing millions of barrels from the strategic oil reserve, which will do nothing. It's not going to help the problem. If anything, it puts it, at higher risk, in a time of potential world war, which is -- so it's a terrible idea.
But if you really wanted to knock a few cents off of the gas prices for a short time, your job would not be to release oil from the strategic oil reserve. You could no change out the tax. The federal tax of 18 cents. And get it to go down 18 cents in a day. Now, should I you do that? There's economic arguments against it. But at least there would be a straight line through some sort of sane, coherent thought process, to change the gas prices in the short-term.
Whether that should be his goal or not -- I mean, I want that tax to go away for other reasons. And it should stay gone away forever. And so should the state taxes. But this was -- this makes absolutely no sense.
GLENN: Oh, boy. You haven't listened to the president. Look, he said.
STU: He said, come on, man?
GLENN: This is a moment of consequence and peril for the world. And pain at the pump for American families.
GLENN: It's also the moment of patriotism. I want to acknowledge those companies that have already announced that they're increasing immediate production. They're investing money to produce more oil, and also clean technologies, we need to reduce our dependence on oil in the future. They're investing money, really? Because no bank is giving them money to invest. No bank is giving them money to pump more oil right now. Because that is a reputational risk, to the banks. Don't believe me? Ask the oil companies, that are not under the thumb of their new, wildly progressive environmentalist cabinet members. Or their board members. Like Exxon. No bank is giving these people any money. So they say, they have everything they need. These oil companies. Everything.
STU: Of course.
GLENN: Literally nothing. Nothing. Nothing, I'm quoting, is standing in their way. And they've indicated, they will be producing an extra 1 million barrels of oil per day, probably starting as early as this fall. Now, that's progress. Is it? Is that the best we can do?
STU: No. That is not the best we can do. But some companies have been pretty blunt. They don't want to increase supply. Because Putin's price hike, means higher profits for them.
STU: Right. Because they wouldn't want more to sell, in a market that's higher. That makes a lot of sense. These greedy guys are stupid.
GLENN: One CEO even acknowledged that they don't care if the price of a barrel of oil goes to $200 a barrel.
You know who says that? People who are environmentalists. They want it to go to $200 a barrel, so you can't afford gasoline, and then you will cry out, for the magical electric car, that will not be ready, because we don't have the energy capability, for everybody to plug their car into the wall!
STU: Or the nickel, we never to make the batteries.
GLENN: Oh, no. We're getting the nickel.
STU: Oh, we're --
GLENN: We're getting it, because he just took over the industry. Another War Powers Act. Can America wake up to the fascism? Another War Powers Act, he just enacted yesterday to take over the nickel industry. So he can force these companies, to go get more nickel.
Oh, my gosh.
STU: And, of course, when government runs industries like that, it always works out really well.
GLENN: It always works out. Yeah. Look at Cuba. I mean, do we need to say? Look at how well all of these policies worked in Venezuela for their oil industry.
STU: Really, really well. By the way, too. It was Steven Colbert the other day, making a joke, about how he doesn't care if it goes to 15. Fifteen dollars a gallon. He has a Tesla.
GLENN: Uh-huh. You know what, there's somebody else that talks specifically about this. Now, it's a conspiracy theory. She doesn't have any power whatsoever, to actually get people to do something.
Here's cut three. Nancy Pelosi.
NANCY: But we cannot allow the fossil fuel industry to use this as an excuse to reverse everything that we're doing to save the planet. One of the things that I think that the president may say. I don't have this as a fact, is that we will use the defense production act, to speed up diversification, so that we're not so dependent.
GLENN: More power. More power.
NANCY: On oil.
STU: Wait. She doesn't have it as a fact. The president might say. Then she looks down at a piece of paper and reads the words, Defense Production Act. What do you mean she doesn't have it as an act?
GLENN: Jeez. So she is saying, but the good news is, we cannot let these oil companies use this as an excuse, to go back and producing more oil. Did you hear what she's saying there?
STU: Oh, yeah.
GLENN: They can't use this as an excuse. Meanwhile, he's saying, they don't want to do it, because they're making so much money. Which one is it, guys?
STU: Nothing makes sense.
GLENN: But both of them, stay calm. Are invoking the War Powers Act. Oh, and one other thing. The president announced yesterday. And he repeated it again, in his speech. We are now going to be releasing one million barrels of oil, from our strategic reserve every day, until some time in the fall. 1 million -- do you know what the strategic oil reserve is for?
The name kind of gives it away. It's strategic. It's in case the United States has to go to war, because we learned you're lesson in World War II. He should know it. I mean, you know, I think Biden was 47, when we fought that war. It -- we learned our lesson. We have to have oil. We must have oil. Or we're not going to be able to -- we're not going to be able to fly our planes. Or sail our ships. Aircraft carriers won't work. Tanks won't work. Jeeps won't work. Nothing works, without oil!
So if we had to fight a war, we wanted to make sure, that we had enough oil, for that war! He's taking that down almost 40 percent! If we had it filled to the rim, we're left just with this tan. Not the last one. Just this tap, is going to take us to 60 percent of oil reserves. Okay? 60 percent. We probably have lost another 10 percent of our oil reserves, from the last one he just did. We're sitting at 50 to 60 percent of our oil. Assuming we started full. We're sitting on half of the strategic reserves. And they're seriously still talking about a nuclear war. What the almost used the word wrong for broadcast. Is wrong with these people! No, I know what's wrong with them. What's wrong with the American people? What is wrong? Are we this stupid? Are they going to get away with releasing our oil reserve? Everybody who is barely making it. Barely making it. If you want to save the country, you should still be saying, no. No. No. No, on that much oil, being -- it's the largest release in the history of our country. Good God, I could not dismantle this country faster. If I had all the experts in the world, and they all hated America, I could not dismantle this country faster. Than this administration is doing it. And, by the way, mark my words, soon they're going to have the final solution for America. They will tell us, let's -- we have to do these really crazy emergency things. We have to do it. But it's the only way to survive.
Yeah. America, their solution, will not actually be an economic shower. Don't go into that room.