By now, most Americans know the Democrats’ ‘Inflation Reduction Act’ bill will not ACTUALLY reduce inflation or miraculously end climate change. But you may not be aware of several, specific clauses — HIDDEN deep inside the bill’s 700+ pages — that exist simply to benefit the Democrat Party (like huge payouts to special interest groups that helped Joe Biden win the White House, for example). Economist Stephen Moore, Co-founder of the Committee to Unleash Prosperity, joins Glenn to detail what he found hidden inside this HUGE bill…
Below is a rush transcript that may contain errors\
GLENN: Stephen, tell me what you found, that was hidden in this bill.
STEPHEN: Well, how much time you have, Glenn?
This is something like 800 pages. But I don't even kind of know where to start. But the --
GLENN: Can we start with this: Did you find on page, like, 683.
We found the EPA is now authorized, has the money and the teeth to create their own ESG framework for farmers. Did you see that?
STEPHEN: Yeah. Yeah.
I did, and I'll give you another one, that I think is outrageous. We found that, for example, they have $3 billion for something called environmental justice grants. You heard about that. Now, I'll tell you what that is. It's just a payoff to all the liberal special interest groups. All the -- you know, the groups that made Joe Biden's -- this is graft. This is graft. It's basically paying the people who elected Biden money. And the whole bill is graft. All it does is give money to all the groups that gave Joe Biden money. And I'll give you an example of that.
They have 87,000 new IRS agents. Twenty to $30 billion more they're going to spend in doubling the size of the IRS.
Do you know the IRS employees have a PAC, a Political Action Committee.
Do you know where -- which party, 99 percent of that money goes to?
STEPHEN: The Democrats. Then let's get this right. The Democrats will have $40 billion to the IRS to hire 87,000 more agents.
Those 87,000 more agents are going to give money to the Political Action Committee of the employees, and the employees will give the money back to the -- to the -- to the Democrats, who -- who -- who gave the money in the first place. This is like a third world country we're turning into.
GLENN: I know. I know.
You know, it really bothers me as well, Stephen, that they've made it a pull of government action, to sign up new voters. And register new voters. So every agency is now doing it. And with the flood of money, that is coming into these agencies. You know, I don't know what's real and what's not anymore. Because we don't -- nobody is following it.
STEPHEN: Yeah. So you asked me about some other read crazy stuff in this bill. They wanted to give all this money for the electric battery industry, so everybody could go out and buy electric cars. By the way, if you have a car that runs on gasoline.
You might want to hold on to that. Because I'm not making this up. My prediction within 5 to 10 years, they're going to abolish any new cars that are gas powered.
GLENN: Oh, yeah. Absolutely.
STEPHEN: They're going to make -- you're not going to have any choice. You're going to have to buy an electric vehicle, whether you want to or not. And, by the way, do you know what percentage of new car sales, in the last three months were electric vehicles? What percentage. 5 percent.
So 95 percent of the people, want and are buying, are not electric vehicles. I don't have anything against electric vengeance. But I don't want the government telling me, I have to buy one.
GLENN: Right. And I also would like to see the plan. I've talked to energy people, and they're like, you put the entire fleet on electricity. We're out. We're out. Okay. Hang on. Hang on. Stephen Moore is with us. We're going to continue our conversation here in just a second. Stand by for more.
If -- if we have time, to get to this, with Stephen, I would love to talk to him, and hear his thoughts on the new economic system. That the brick condition. Or countries are putting together. China, Russia, all of them. Brazil. And they are challenging the U.S. dollar. It is coming. You know, I know you might have money in the bank. But if the currency continues to deflate. I don't care if you're Warren Buffett. If your currency. If you have it all in dollars. As it inflates. And we have a challenge. And our reserve currency status goes away. It's paper. That's all it is.
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STU: BlazeTV.com/Glenn. The promo code is Glenn. We're back with more of where your trillions of dollars are going, next.
(OUT AT 10:28AM)
GLENN: All right. We're talking to Stephen Moore, who has gone through the inflation reduction act. Which, can we stop with this?
If it's named the, oh, sweet little puppy did you guys want to give you a hug act, you know it's riddled with bad things. Okay?
Let's go to Stephen Moore, who has been going through this, and you found a few things that maybe we should have paid attention to, or at least read before we signed the bill and voted for it.
STEPHEN: By the way, let me just confess, I tried to make it through the whole bill. It's something like 800 pages.
STEPHEN: So I'm not all the way through it. But I want to make a point here. Glenn, seriously, how many members of Congress do you think read this bill?
GLENN: None. Yeah.
STEPHEN: Zero. They had no idea what's in it. It's some way to run a country, isn't it? Where you're taxing and spending $700 billion more money, and none of them have any idea what's in the bill.
GLENN: I talked to members of Congress and the Senate, all the time. And they tell me. There are only four people, that run the place up there.
And it's McCarthy, Pelosi, Schumer, and McConnell. And they get together, and they make all of it. And they say, this is what you're doing. And they put it out, and you don't even get a chance to read it.
STEPHEN: It's worse than that, Glenn. Because the truth is that McCarthy, McConnell, Pelosi. They don't even know what is in this bill. In other words, they didn't write the bill. This is written by some 24-year-old, you know, graduate of, you know, Wesleyan college, who is a left-winger. How do you think this stuff gets in the bill?
GLENN: Well, I would like to know which organizations actually did the bulk of work on it. Because like, the health care bill you remember. I mean, it was not written by anybody actually in the government. When they --
GLENN: If God forbid, they actually pass regulation on these social media companies, it will all be written by them. It will be.
STEPHEN: Yeah. Yeah. These lobbyists virtually are writing the bills. That's how bad it is.
No. You asked me, what some other stuff in here, that's outrageous. So this is more kind of humorous. So they had this bill -- you know, the bill. It's giving all this money for electric batteries and Tesla. And all the electric cars. But the problem is, of course, that guess where those batteries are made.
STEPHEN: China. So then they realize, whoops, we have a problem here. This is a big subsidy program to China. So then they realized, okay. We'll not let you get the subsidies if they were made in China. Then they found that 85 percent of the cars aren't eligible --
GLENN: Right. I think it was the auto industry.
They knew about this. It's weird. The American people didn't know about it. But the auto industry knew about it, and they were like, whoa, whoa, whoa, you can't do that.
STEPHEN: So without China, we have these cars. Right? And, look, it's lunacy.
We have more coal. We have more oil. More gas, than any other country in the world. You know, and natural gas, by the way, is reducing pollution levels.
And so this bill constricts the amount of energy we can -- and don't believe for one minute, this line that this is going to increase our -- you know, our production of oil, gas, and coal. Do you think any of those permits are ever going to get permitted?
STEPHEN: Zero. I mean, the Democrats have already said that.
GLENN: Can you take that on, in any way that relates to this bill, if you can.
You know, people actually believe that it's the oil companies, that aren't doing it. And, you know, we've already talked about ESG, and how that funding has dried up for exploration.
But the government -- is this bill actually opening anything, or is it -- is it designed to hurt the oil and gas industry?
STEPHEN: Well, I mean, just asking the question, answers it, right? This is a president, the one promise that he made, that he's kept, is that remember, when he said, we're having this debate against Trump. I mean to close down the oil and gas industry. And that's exactly what he is doing.
We have a new study out, by my friend Casey mull the ban, who is one of the top economists in the country. University of Chicago. We estimated we would be producing 3 million more barrels a day. A day, if Trump were still president. And we have the laws in place, that we did then. And think about that.
One hundred million -- $100 a barrel. Math is pretty easy here, Glenn. One hundred dollars, times 300. Three million.
That's 300 million dollars a day. A day, the country is losing. Because these lunatics, energy policy.
That's over 100 billion dollars a year, this is costing us.
And I'm sorry, folks. Anyone who actually believes for one minute, that you can run a 23 trillion-dollar economy, that makes cars and steel and manufacture products. And construction products. And the technology industry.
You're going to run that on windmills? It is -- it is -- it is so preposterous.
GLENN: Here's the thing. The reason why we really change the world, and also had that moment in America, after the war. Was because, we had three things. We had -- we had all of the riches of the earth, in -- in here. And we were using them.
We had cheap energy. Not just energy. But cheap energy.
GLENN: And we had educated cheaper labor. Well, the unions got rid of the labor. The education got rid of the other half. The brain power of labor.
STEPHEN: Yep. Yep.
GLENN: We no longer have cheap energy. In fact, we'll have no energy. And we will not take any mineral out of the ground. You got nothing left.
STEPHEN: And, by the way, if -- and you're exactly right about that. We have more mineral resources. This country was incredibly endowed by God with amazing resources. No other country in the world has --
GLENN: White Christian nationalism.
STEPHEN: Yeah. It's like -- it's like there's a 60 trillion-dollar treasury chest, under this country. And the left is saying, don't. Don't dig it up. Don't dig it up.
And -- and that's insanity. And, by the way, how are you going to -- here's the other thing. These people are so stupid. Or else mendacious. How are you going to get the batteries, and all of the -- the -- the solar panels, and the wind turbines, if you don't have these pretty sure metals?
GLENN: Flying monkeys.
STEPHEN: I mean -- really. I mean, my mind is spinning. I want to pull my hair out of the stupidity of these policies. And I'm going to warn people. We are going to have brownouts and blackouts around this country in the next two or three years. If these insane energy policies go forward. No doubt about it, in my mind.
GLENN: I think you're going to see people start to freeze to death in America. In possibly this winter. Just because they won't be able to afford the energy prices.
STEPHEN: And, by the way, just so people don't think you're exaggerating. Did you see the story of what happened in Spain this week?
GLENN: No. Oh, about 80 degrees.
STEPHEN: Yeah. They want to set -- they want to make it illegal, in Spain, because they have a heat wave going on in Europe. To set the temperature of your air conditioner, at less than 80 degrees. 80 degrees.
And, by the way, if we have the same on energy. On electricity, how are we going to power all these electric vehicles?
GLENN: Yeah. So let me ask you this, Stephen. With what we did with Russia. Could we have avoided -- if -- if Trump were still in, and none of this with Russia would have happened. But if this exact situation was happening. But we kept the same energy policies, as Trump had. Would we -- would Europe be in the trouble that it's in today?
STEPHEN: No. But Europe deserves a lot of the blame for itself. It was Donald Trump, remember, a few years ago. Who waved his finger at -- by the way, one of the most overrated people in the last 100 years, is Angela Merkel. She destroyed Germany. She was TIME magazine's person of the year, five years ago.
And Germany is a complete mess right now, and talk about worshiping false gods. And so you're right. Europe fell into this trap of saying, oh, we're going to go with green energy. And then we'll get our natural gas from Russia.
Russia now -- just as Trump predicted. The -- the western Europeans are now dependent on Russia. And Putin for energy. We should be -- we should be exporting our massive amounts of -- of natural gas. To Europe. They should be dependent on the United States. Not Russia. But that's a decision they made. But now we can't export it. Because we can't produce it here in America right now.
GLENN: I'll tell you, what's really frightening and immoral. Besides all of the out of control government that we're having right now. That we're not living our own laws, Constitution, that the American people are being called terrorists now. Beyond all that. The -- the most immoral thing I have seen our country do since the civil rights era, is -- is clampdown on our farmers. Tell our farmers not to grow. Tell our farmers exactly how they need to farm. Take await fertilizer, which will cut our crop yield about 30 percent. Plus, all of the things that we're doing with energy, right now.
The people that will freeze to death, and starve. All around the world. Because the United States is taking this path, all of the people, that we could save from death, starvation, heat, cold, all of that. It is immoral! Because we're the ones that always come in and rescue people. The world has no one to rescue -- rescue them from this. No one.
GABRIEL: It is immoral. It is immoral. And they add to that. For our State Department. And John Kerry, who is the second dumbest person on the planet. To go around to these Third World countries where they don't -- where they literally don't have, you know, electric power. And the women have to still, you know, go a mile. And carry the jugs of water. You know, back to their village. Then we go to these -- and our State Department is saying, don't build coal plants here. They don't have electric power. They don't have clean water.
You should be worrying about climate change. I mean, climate change is something that people, country clubs in America, who make million dollar salaries worry about.
People in Third World countries, who live day to day in deprivation. You want to help people around the world. Let's get them clean water and secure forms of energy. That will move people out of -- and we're not doing that.
GLENN: I'll tell you, Stephen, I think these guys are Malthusian.
GLENN: Every death that happens, reduces what they believe is the surplus population.
And -- and helps also, you know, clean the air. You know, we would be much better off, if we didn't have all these people.
And it's an unspoken thing, for -- for most.
But there are those who actually speak those words. And it is -- it's evil, what is happening. It's just evil. Stephen, thank you so much for all your work. And I don't know why we don't have you on more. I really enjoy talking to you. Good talking to you.
STEPHEN: Good talking with you, Glenn.
GLENN: You bet. Buh-bye.