The Congressional Budget Office FINALLY has confirmed that President Biden’s economic policies are making today’s inflation WORSE, adding that his 2021 stimulus package 'slowed the recovery of labor force participation' (as reported by the Washington Examiner). But that’s not all…another federal agency now is predicting ‘overwhelming’ food price increases, Glenn says; the USDA expects egg prices to increase by 19-20 PERCENT from today’s levels. ‘We're going to have serious problems,’ Glenn says, ‘because how do you even get to the grocery store if gas is $7 a gallon?’
Below is a rush transcript that may contain errors
GLENN: It's just -- we have a lot to talk about on the economy today. A lot.
That people really need to understand. I have to convince my wife now to take what remaining money I have in the stock market, out in the stock market, while it's up today.
And I -- you know, I just -- there's just a lot going on. Just a lot going on. When it comes to, you know, the economy. And inflation. And I don't think people understand yet. This is just beginning. Just beginning.
You know, Janet Yellen said, oh, you know, whoops. Whoopsie. Got that one wrong. First, I said there was no inflation. Then I said, there was nothing to worry about. Then I said, it's transitory. Then I said, okay. There's some inflation.
And now I said, dear mother of God, what have we done?
STU: Did you see this clip of I think it's -- I should know. Of course, it is Peter Doocy. Because he's the only one who ever asks difficult questions. To the spokes -- White House spokesperson. The new White House spokesperson. Which we should know. It is Pride Month. And this spokesperson happens to be LGBTQ2IA plus.
GLENN: And I.
STU: Et cetera.
GLENN: That is so good.
STU: And it's so important for you to know that. In this particular month of Pride Month. Look, she totally would have been hired if she were not LGBTQA plus.
GLENN: No. I don't think so.
STU: I mean, 100 percent. Definitely, the best person for the job. Independent of her sexuality, and color of her skin. It has nothing to do with that.
It's just -- independently, this is the best person in America, has the mastery of every issue. No. Yeah, sure, she has to look down and read every single answer to every question. But that -- that has nothing to do with it.
It's just individual mastery of this material. That's the reason she has this job.
GLENN: Yeah. Yeah.
STU: And she was asked by Peter Doocy. I know Vladimir Putin is most of this inflation. But is any of it your responsibility?
GLENN: Hang on. Listen to this. Here it is.
VOICE: And you just mention does Putin a few times, for recent inflation. Do you guys think that any part of inflation this year, is because of President Biden's spending plans? Or is it all Putin's fault?
VOICE: Well, what I can say is, we are -- and Ryan just spoke to this. We are at a historic place when it comes to the economy. When it comes to unemployment being the lowest it's been at the present time. When it comes to the president creating more jobs, in his first term, his first year than any other president.
GLENN: Because no one was going to work, everything was closed down.
STU: We told you. You can pause it.
We told you, hey, guys, you're not allowed to go to work.
STU: All of the businesses need to close. And now he's adding jobs like crazy from that. Compared to that era.
STU: Where people were literally not allowed by their employer for work. Where demand was depressed artificially, in a way that we never have seen in world history. But let's take credit for that. After arguing for the closings. Now let's take credit for the eventually openings.
GLENN: Yeah. By the way, so you know, they're back in front of the courts, arguing for the mask mandates to come back. Okay.
So they just announced that yesterday. I don't know if anybody saw this, from the CBO, which is always wrong. Always wrong.
When it comes to spending, then, they're always right, when they're like, dear mother of God, what's happened?
The Congressional Budget Office has just confirmed that President Joe Biden is blame-worthy for the record high inflation that is punishing workers.
Further, this nonpartisan source says that Biden's preferred fix, raising taxes, will only make the economy worse.
The CBO's annual economic outlook adds further force to the arguments against Biden made by other Democrats, such as former president Barack Obama's national economic counsel director Larry Summers. The CBO squarely blames Biden's 2021 covid stimulus package for today's high inflation.
The CBO noticed -- or noted that the stimulus checks were sent to every family, and it significantly boosted demand, causing inflationary pressure on its own. But there's more.
By paying workers not to work, Biden's covid stimulus artificially slowed the recovery of labor force participation.
So, in other words, it's not the jobs he created, it's the jobs he stopped from being created!
This lack of workers strained supply chains, thus providing a second source of upward pressure on prices. The CBO predicts that this Biden-caused inflation will persist into the next year, tempered only by the Federal Reserve's willingness to raise interest rates, and what does that do?
What does raising the interest rate?
It stops you from buying a house. It stops companies from taking out loans. It stops people out -- stopping taking loans to start a new business.
So that's their solution, gang. Biden also wants to make the economic situation worse. This, according to the CBO. By repealing the 2017 tax cuts and jobs act. Speaking of which, the CBO is reporting that former President Donald Trump's signature tax bill had been a boon, to both the economy and the government coffers.
According to the CBO, federal corporate income tax collections in 2017, before the rate cut, came in at 297 billion. By 2021, they had jumped to 372 billion. A 25 percent increase, in taxes being delivered to the IRS, in just four years. Which significantly outpaces inflationary growth.
And amounts to a larger percentage of the overall economy. Tax cuts generated more tax revenue for the IRS.
This is something we've talked about since about 2004!
STU: That's long before that.
GLENN: I mean, this program.
STU: Right. And this happens -- this has happened, by the way, within a few years of every single tax cut. Every single one of them. And what the left will do. And the media will do. Well, if you would have kept the tax rates higher. You would have had more income.
GLENN: No. You wouldn't. You wouldn't.
STU: Right. But our goal is not to fund the government to levels never before seen. That should not be our goal as a society.
Our goal is not to give more money and more power to the government, so we can have less. That is not our goal. The fact that the government is taking in more dollars, than it was a few years ago, before the tax cut. Should show all of this panic, that is constantly out there, about tax cuts, is fraudulent.
This occurs every single time. All the times. This thing happens.
And yet, every time, there's a tax cut. We are told, we're going to run out of money. We're not. We have a spending problem in this country. Not a revenue problem.
And it's funny, Glenn. When they went through covid, we spent multiple trillions of dollars. Because we told everyone they had to be home.
And even with all that spending, there was a belief among a lot of economists, that it wouldn't be this bad. Right? It wasn't until Biden decided to spend 1.9 trillion more dollars after covid, the worst of covid had passed. And people were coming back to work. And demand was already showing. That it was already ramping up. He then after that, decided to spend 1.9 trillion. And another trillion on infrastructure, by the way, which the Republicans are just as much to blame as Biden is for at least that chunk of it. And that is what has really fueled this inflationary period, beyond what might have been expected from a real catastrophe.
GLENN: So here's what I want you to know.
Listen carefully to me, please. To ever can you imagine paying a dollar per egg. Twelve dollars a dozen?
If you can't imagine it, wait a few months. Because this is what is happening.
The USDA is now starting to predict overwhelming price increases.
The highest predicted change in food costs in well over 40 years. The USDA is now warning in their revised May food price outlook, that things are grim.
Here it is: The first wave was December and January. Wave two, March/April inflation. However, there is data now, that there is a third wave. And it is double the prior two waves. The USDA predicts egg prices will increase by 19 to 20 percent from where they are right now. They also say, there will be regions with much higher retail increases than that. Two months ago, USDA had egg inflation at 2.5 or 3.5 year over year.
So they've moved it from the high of 3.5 to a forward outlook of 20.5.
Food at home, grocery store prices, up seven to 8 percent in the monthly review, rehearses the April outlook of a rise to five to 6 percent. So when they say -- when they say prices are going up, prices rose 8.1 percent. And there is no reason to think that the forecast will not rise again. If you look at the prices at the supermarket and what's -- how it's increased in the last six months, the USDA is now saying double that, and that's what you're looking for late this fall.
This is going to -- we're going to have serious problems. Serious problems. Because how do you even get to the grocery store, if gas is $7 a gallon? How do people get from their farm into town, at $7 a gallon? This is all a manufactured crisis. This is all because of what the government is doing. To quote Barack Obama: Your prices will necessarily go up.
STU: I believe the term was skyrocket, Glenn.
GLENN: Thank you. This is a well-laid plan. And I will show you why they're doing it tonight. Because I'll show you, the second wave of control that is just around the corner. And the foundations are already laid. It's already in. So why would you need all of this infrastructure? Why would FEMA need to go from a react to a crisis to a prevent a crisis organization?
Huh. And what does that even mean? And did you vote for it? Did you know it was happening? Tonight, 9:00 p.m. Blaze TV. Get it on Blaze TV on your subscription. You can watch the first part within on YouTube. But we are going to be using what they would deem naughty terms. By the way, did you see that what was the -- one of the social media channels banned me for hate speech. Because I explained what was on the Hunter Biden laptop. Now, that's building deemed hate speech. Get the information while you can.
BlazeTV.com/Glenn. Use Biden inflation. And save 20 percent. On your year of subscription.