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Aug. 18, 2022 - The Ben Shapiro Show

45:49

The Inflation Reduction Act That Doesn’t Reduce Inflation | Ep. 1558

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	The Federal Reserve announces that inflation will remain high as Democrats and the media chair the so-called Inflation Reduction Act.
	Bill Gates brags about how he got the bill across the finish line.
	And Liz Cheney launches her bid to take down Donald Trump.
	I'm Ben Shapiro.
	This is the Ben Shapiro Show.
	Today's show is sponsored by ExpressVPN.
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	We'll get to all the news in just one moment, including the Inflation Reduction Act.
	Get ready for it, guys.
	It doesn't actually reduce inflation.
	I know, you're shocked.
	Speaking of which, you know, if the Inflation Reduction Act isn't going to reduce inflation, and inflation is going to continue, Maybe you should take some of your money out of the American dollar and put it into a place that has been inflation proof for literally all the time.
	That would be into gold and silver.
	During the 2007 recession, Washington Mutual, Lehman Brothers, Chrysler, multiple blue chip stocks went down to zero overnight. Could that happen again?
	If so, how confident are you your Well, throughout history, gold has always been your best hedge against inflation.
	Smart Americans diversify.
	They at least want some of your gold.
	I'm not saying like take all of your stocks and liquidate them and buy just stockpiles of gold.
	I'm saying you need to diversify into gold at least a little bit because I have.
	Smart Americans do this to protect themselves from downturns in the market due to global instability or the falling dollar.
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	Well, it seems that the Democratic attempt to pass a boondoggle bill filled with a bunch of green garbage and then call it the Inflation Reduction Act and then get a bunch of people to vote for it, that's not going to work so well because as it turns out, it's not actually reducing inflation.
	And it just goes to the point of how stupid our politics is.
	You just take a bag of crap and you label it gold and then you throw it out there.
	And if you're on the left wing, the media will just say, oh, well, it must be gold.
	I mean, it says right on this bag that what's in this bag is gold.
	And you're like, wait, hold on.
	That really looks and smells like like crap.
	Like, no, no, no.
	It's gold.
	It says right on the bag.
	It's gold.
	And so I'm telling you, this is an inflation reduction act.
	Even if there is no evidence, it's going to actually reduce inflation.
	And then later, when you open up, you're like, wait, it's it is in fact a bag of crap.
	Like we always knew it was a bag of crap.
	And let me tell you, that bag of crap is going to be so helpful to you.
	You have no idea how that crap is going to help.
	That's exactly how they pitched the inflation reduction act.
	And now what is actually in it, according to the Federal Reserve, Ready for it?
	Ready for it?
	Inflation is going to remain uncomfortably high.
	But wait!
	I was told that all of this spending was going to bring down inflation.
	I was told this by the doddering fool in the White House and all of his lackey sycophants in the media.
	I was told that if we followed Joe Biden's plans to the utmost, inflation would come down.
	And in fact, everything would be fine.
	And now I'm being told by the Federal Reserve that it's not going to happen?
	Why, it's almost as if we were lied to.
	No, no, they would never do that.
	They're so honest.
	But yes, in fact, they lied to you.
	According to the New York Times, Federal Reserve officials viewed their efforts to tame inflation as beginning to have an effect, according to the minutes of their meeting in July.
	But they also remain committed to further raising interest rates as prices stay too high for comfort.
	Fed policymakers in recent months have become increasingly aggressive in their efforts to curb inflation, which this spring hit a four decade high.
	In June, the central bank raised its benchmark interest rate three quarters of a percentage point, the largest increase since 1994.
	They followed that up with another equally large rate increase last month.
	It is in your certainty the Fed will raise rates again when central bank officials next meet September 20th to 21st.
	The question is by how much?
	Another three point quarter.
	Three quarter point increase would be a strong indication that policymakers are determined not to relax their efforts until they see clear evidence that inflation has slowed.
	A half-point increase would suggest the Fed believes it can ease up, if only slightly.
	Further rate hikes are clearly in the cards, says Michael Gapin, chief U.S.
	economist for Bank of America.
	Another strong jobs report, he said, could lead to another three-quarter point increase.
	If that doesn't happen, a smaller increase is more likely.
	So instead of them attempting to kill inflation outright, they're now going to attempt to balance.
	So if there are job losses, if the economy starts to slow, they're going to still go up on the interest rates, but they're not going to go up as much as they normally would.
	Now, Mohamed El-Erian of Allianz, he suggested that this sort of tapping on the brakes approach from the Federal Reserve is unlikely to succeed.
	They're just not that good at this.
	The notion that they can magically tailor their rate increases to prevent recession, but also to quash inflation seems pie in the sky, especially after they blew this so badly that we ended up with a four decade high in inflation.
	But apparently that is what the Federal Reserve is now going to try to do.
	They're going to try to tailor their response to the possibility there might be too many jobs lost and so what we're going to do is we're going to gradually raise the interest rates.
	The truth is what you actually need to do is shock the interest rates and then shock the inflation market.
	What you do is you raise the interest rates actually rather dramatically and then what you get is a very quick a quick quash of the economy and then it swings back into normalcy. That's actually what you need to do is what Paul Volcker did. He radically raised the interest rates when he had a serious inflation rate and it took about a year and then things started to get a lot better and they stayed a lot better for approximately 20 years. You could see something like that again if the Federal Reserve had a little bit more intestinal fortitude, but they don't unfortunately.
	And so they're just going to keep tapping on those brakes, hoping to avoid the worst consequences of their own malfeasance over the course of the last several years.
	Minutes from the Fed's July meeting, which were released Wednesday, suggest the decision will depend on economic data released in the coming weeks, including reports on inflation and jobs.
	The minute said, quote, participants concurred that the pace of policy rate increases and the extent of future policy tightening would depend on the implications of incoming information for the economic outlook and risks to that outlook.
	Policymakers continue to express concern about rapid price increases.
	They say, quote, Wait, but I was told by Joe Biden that inflation pressures are subsiding and that everything is all better.
	After all, we passed an Inflation Reduction Act.
	It's called the Inflation Reduction Act, guys.
	It says right in the act that it's an Inflation Reduction Act.
	According to the Federal Reserve, however, they judged inflation, the policymakers, would respond to monetary policy tightening and the associated moderation in economic activity with a delay and would likely stay uncomfortably high for some time.
	So, all that talk about how it's going to go down before the midterms?
	No.
	Nope, it's going to be uncomfortably high for some time.
	As a result, Fed officials said they remain committed to moving up to a restrictive stance of policy, meaning raising rates high enough that they meaningfully slow the economy.
	In speeches and interviews after the meeting, Fed officials pushed back against the idea of a Fed pivot in inflation.
	In an interview with the New York Times this month, Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, said he was surprised by markets interpretation and the policymakers were still a long way from winning their fight against inflation.
	Seth Carpenter, chief economist at Morgan Stanley, said the minutes were pretty two-handed, neither committing to another supersized rate increase nor ruling one out.
	Which again, does not give the markets the quietude they require in order to solidify investment or to tell you to get out of the market.
	And so what you have right now is the market kind of in a holding pattern, trying to read the physiognomies of the members of the Federal Reserve.
	And we're now doing tea leaf reading over at the Federal Reserve.
	We got the tariff cards out and we're supposed to try and Realize what exactly they're going to do with the economy.
	The economy was never supposed to work this way.
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	According to the Wall Street Journal, Federal Reserve officials agreed at their monetary policy meeting last month they needed to keep raising those interest rates enough to counter inflation.
	That signaled greater caution with the pace of coming increases.
	The first concern, which the Minutes described as significant, is they might need to raise rates more than currently anticipated if price pressures have spread more broadly throughout the economy.
	Which, by the way, they kind of have, because the 0% month-on-month inflation increase that Joe Biden was bragging about was entirely due to the lowering of energy prices.
	The lowering of energy prices is entirely due, in turn, to lack of demand for the energy.
	It's not due to increased supply, it's due to lack of demand.
	So the economy is slowing.
	And so you're starting to see that in the energy prices, but the rest of the economy's inflation remains like red hot.
	If you have an overall inflation rate that is the same month over month, but the energy prices are way down, what that means is that in other areas of the economy, the inflation rate actually went up over the course of the last month, which is precisely what you see when you look at the stats.
	Officials for the first time acknowledged they might also raise borrowing costs more than needed, causing unwarranted economic weakness because of the delay between when borrowing costs go up and when that is reflected in economic activity.
	The minute said, quote, participants judged that as the stance of monetary policy tightened further, it would likely become appropriate at some point to slow the pace of policy rate increases while assessing the effects of cumulative policy adjustments on economic activity and inflation.
	Again, the stock market continues to kind of hang around.
	It's not clear that anybody kind of knows which way things are going.
	According to The Wall Street Journal.
	The Dow and S&P 500 rose after the minutes were released.
	They later retreated to the downbeat tone set earlier in the day after pre-market earnings reports from major retailers, including Target.
	So the markets are in a state of turmoil, and shocker, it turns out that that Inflation Reduction Act has done nothing to quell the market worries.
	It has done nothing to actually bring down inflation.
	And everybody knows this.
	Because again, the game of politics is slap a name on a bill, the media repeat it if you are a Democrat, and if a Republican Governor, for example, pushes a bill and the media just make up a name for it and they go with that.
	So the Inflation Reduction Act is what the media will continue to call an act that has nothing to do with inflation reduction.
	But the bill in Florida that is meant to prevent the sexual indoctrination of young children will be called until the end of time.
	They don't say gay bill by the media because, again, the media are a Democrat interest group.
	End of story.
	There is no gap between the media, the mainstream legacy media and the Democratic Party.
	They are one and the same.
	They are the PR wing for the Democratic Party.
	Well, in reality, of course, this isn't going to bring down inflation.
	So all the talk about, look, Joe Biden, wow, he's he's wearing his aviators gang.
	He's back.
	Joe Biden, cool Joe.
	He's back.
	And now he's going to be surging in the polls.
	I see literally no evidence of this.
	I'm wondering if anybody has any evidence that they'd like to present that this is, in fact, the case.
	The spread on his approval rating remains negative 16 percent, according to RealClearPolitics.
	According to the latest Reuters-Ipsos poll, which came out just a couple of days ago after this bill was passed, His approval rating remains at 38%.
	He has not exceeded 44% in any poll for the last year, maybe?
	His ratings stink.
	And the attempt to make fetch happen here, to suggest that Joe Biden is now on the upswing.
	Based on what?
	Again, the American people, Joe Biden may think it's a priority to expend hundreds of billions of dollars on green nonsense.
	But the rest of the American people don't actually think that way.
	So it's so funny to watch Democrats pat themselves on the back for passing a bill that is not going to meaningfully affect the lives of Americans in any positive way.
	And then say, well, at least we got something.
	Yes, but the thing you got done is not the thing we wanted you to get done.
	Economist Jeffrey Sachs says, listen, everyone knows this doesn't bring down inflation.
	Democrats probably got this bill passed because in part they called it the Inflation Reduction Act.
	Is that just a marketing tool or will it have an impact on prices coming down?
	Completely marketing tool.
	That was a title that seemed to work better than build back better.
	And so they went with that.
	But the inflation we're experiencing now is not addressed at all in this legislation.
	There are perhaps some cost containments down the road in a few years on some drug prices, which will be helpful.
	But basically, this isn't about inflation reduction.
	That's marketing.
	Yeah, it is entirely marketing.
	By the way, Jeffrey Sachs is certainly not a wildly right-wing economist.
	He's well known as a sort of Keynesian economist.
	Doesn't matter.
	Even he recognizes that this bill is not bringing down inflation.
	So I'm wondering where is the big political win for Joe Biden in all of this?
	Joe Manchin, who sold himself out in order to do this Inflation Reduction Act because he thinks that if he brings home the bacon for West Virginia in the form of some increased pipeline building in West Virginia, This will overrule the fact that he worked with Joe Biden to expend hundreds of billions of dollars in an inflationary cycle.
	He says, well, we never said it would bring down prices right away.
	It's literally called the Inflation Reduction Act.
	If you pass an act with that name, people don't assume you mean in 30 years.
	They assume you mean right now because inflation is happening right now.
	Here's Joe Manchin trying to justify why he backed this thing.
	It's misleading to call this the Inflation Reduction Act for Americans when it's not going to make their grocery bill cheaper.
	It's not going to make everyday goods cheaper for them.
	Why would it?
	Why would it?
	Well, immediately it's not.
	We've never seen anything happen immediately.
	Like today, it's turned the switch on and off.
	Oh, well, I mean, when we said inflation reduction, we meant like, you know, eventually, like at some point in the future that I can't name and that I don't actually know.
	Brian Deese, the White House Council of Economic Advisors has, he says, listen, we actually don't know if inflation is going to come down.
	So then what are you calling it?
	The inflation?
	Like you are all lying.
	And listen, I understand politicians lie.
	I understand White House's lie.
	I understand when they press bills forward.
	The names very often have very little to do with the contents of the bill.
	But the media also know that and the fact that for literally months, they were going with Inflation Reduction Act on this thing.
	And they're just going right.
	Well, I mean, if Republicans vote against it, obviously they want inflation to continue.
	It's just it's such obvious propagandistic nonsense.
	Here's Brian Deese.
	I know a lot of people who look at this bill and say, you know what, it's a climate bill, or it's a tax bill, or it's all sorts of things, but maybe not an inflation reduction bill.
	Or maybe at the margin it's up or down a little bit, but that's not really the purpose.
	Do you think that's fair?
	Let's talk about in practice what this bill will do.
	It will lower health care premiums for 13 million Americans, starting here in just a couple of months.
	It will make everyday items that people need to upgrade their homes or to commute to work, make them more affordable by providing tax credits and rebates to them.
	It will lower the cost of prescription drug prices to end consumers, but also to the federal government.
	And it will lower the federal deficit.
	Those are the things that this bill will do.
	So it will not lower inflation is what you're saying.
	Brian D is just another expert who doesn't know what he's talking about.
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	So what exactly is the bill going to do?
	According to the Wall Street Journal, new climate and tech bills expand the role of government in private markets.
	Nothing says lowering inflation quite like making the government in charge of larger swaths of the economy.
	If there's one thing we know, it's that government is amazing at quashing inflation by creating 40-year highs in inflation.
	through government interventionism.
	Probably we need more of that, which is exactly what this bill does.
	When two bills advanced through Congress in recent weeks, the Biden administration has now grown the federal government's imprint on major sectors of the United States economy, including semiconductors, energy and health, and further buried the idea once widely held in Washington that private markets should be left alone without government involvement, according to the Wall Street Journal.
	The shift grew out of two decades of economic crises, rising national populism, a deepening economic rivalry with China, and concerns about the long-run effects of climate change.
	Adam Smith's invisible hand has been replaced by a muscular arm in which Washington uses tax credits, tax rebates, loans, loan guarantees, regulations, tariffs, spending programs, and other tools to nudge a market-driven economy that has proven far more turbulent and uneven than many people expected it to become even a quarter century ago.
	Now, my favorite line here from the Wall Street Journal is the idea that the government has not become increasingly interventionist over the course of the last 20 years.
	Now, basically, we were free marketeers up until the last five minutes.
	Uh, no.
	Over the course of my entire life, the government has gotten significantly less free.
	Barack Obama worked very hard to put more regulations in place.
	Donald Trump deregulated, but he also massively increased spending.
	The same thing has happened under Joe Biden, except massive regulation increases, massive tax increases, massive spending increases, all of them.
	So the idea that the market quote-unquote breakdowns that have been happening are the result of the markets, that is not true.
	The subprime mortgage crisis was the result of bad incentivization by the federal government, promoting subprime mortgages to minority homebuyers who could not afford those mortgages.
	And then the private markets responded by cross-collateralizing all of that stuff, chopping it up, turning into credit default swaps, and then infecting the entire economy with the government promise.
	And then when things went south, you ended up with bailouts.
	That was because of government incentivization.
	The same thing is true when it comes to the last economic downturn.
	The last economic downturn was almost entirely created not by COVID itself, but by government response to COVID.
	And now the new economic downturn, the massive inflationary cycle that we are in, that is entirely the result of government pouring trillions of dollars into an economy where most people, particularly young healthy people, should have been back at work within one month of COVID.
	Because young, healthy people were not dying of COVID in mass numbers.
	But the government decided to take a blunderbuss approach to COVID, and thus destroyed the economy, and destroyed the economy not just for the period when we had mandatory shutdowns, but also for the post-shutdown period in which they continued to blow money into the economy.
	So this notion from the Wall Street Journal that only now is the muscular arm of government, no, no, no, you understand.
	That is a gradual process that's been happening Pretty much on pace since the 2000s.
	Since George W. Bush.
	That has been happening.
	George W. Bush radically increased spending over the course of his term.
	The last, quote-unquote, fiscally conservative candidate who was president of the United States, shockingly, was Bill Clinton in his second term, after blowing it in his first term.
	According to Douglas Holtz-Eakin, a Republican economist and former director of the CBO, quote, we're going to have bad growth.
	He said the national drift away from unfettered markets has affected both political parties, including his own.
	The case for small government in the 1980s and 90s was advanced in academia by Milton Friedman, taken up by Ronald Reagan and the Republican Party, eventually embraced by many middle-of-the-road Democrats, including Bill Clinton.
	Three economic crises in the past quarter century shook views about leaving markets alone.
	The bursting of the tech bubble in 2000.
	By the way, we got over the 2000 market crash in about six months.
	It was already over by the time George W. Bush took office, basically.
	A housing crisis in 2007.
	Which, again, was created by the government in the first place and then exacerbated by more government spending, leading to the slowest economic recovery in American history under Barack Obama.
	And the COVID-19 shock in 2020.
	Again, government caused.
	The government bailed out airlines, carmakers, banks, and millions of small businesses with loans and emergency funding and increased oversight of banks.
	In the case of COVID, the Trump administration also funded a pharmaceutical industry race to develop new vaccines.
	Yes, but that was like the only market intervention that made any sense, considering the government actually had an interest in ensuring that there was a lot of money available for experimentational vaccines from the vaccine makers like Pfizer.
	According to the Wall Street Journal, however, without those interventions, the crises might have been worse.
	They also placed the government in the foreground of U.S.
	economic affairs.
	Without government intervention, the crises might not have happened at all.
	There wouldn't have been a 2007-2008 crisis if it were not for government intervention in the economy.
	There certainly would not be an inflationary crisis right now if it had not been for government intervention into the economy.
	And so what exactly are these bills doing?
	They're making things worse.
	Democrats are embracing the use of tax code to advance their economic agenda.
	The new health and climate law includes $161 billion worth of credits for private sector investment in non-carbon electricity sources like solar and wind.
	$36 billion in credits for electric cars.
	$37 billion in credits for manufacturing plants that run on green energy sources.
	Get ready for Solyndra times one million.
	Those breaks were worth $729.5 billion in 1996, adjusted for inflation, according to the Government Accountability Office.
	Last year, they surpassed $1.4 trillion.
	The number of individual breaks had grown from 121 to 165.
	So basically, you are now subsidizing, through tax breaks, a bunch of green energy boondoggles.
	President Biden's two new signature programs add $351 billion in tax expenditures over the next decade, according to Kent Smithers, director of the Penn Wharton Budget Model, which tracks the impact of budget decisions.
	Jason Furman, former chair of the White House Council of Economic Advisors under Obama, said, quote, The Biden and Trump era is one of a government that wants to play a much bigger role in what is produced, where it is produced, how it is produced, and with what labor it is produced. The regulatory state has grown as well. The federal government wrote 701 economically significant rules from 1981 through 2000, according to George Washington University Regulatory Study Center.
	That increased to 1,170 between 2001 and 2021.
	New rulemaking tumbled in Trump's first year as president, then grew every year and hit an annual record in 2020, according to the center.
	So the government continues to involve itself more deeply in the economy.
	And then, of course, when things fail, then they blame the private sector.
	Now, hilariously, the actual goal of this bill, which is to, quote-unquote, reduce global warming and start us up on green energy, it's not even going to do that, because the government sucks at nearly everything.
	They call it the Inflation Reduction Act, it's not reducing inflation.
	But at least it's a transformative climate bill, right?
	I mean, at least it's going to change the way we approach energy.
	I mean, that's the pitch.
	You saw the media shift to that pitch as soon as the Inflation Reduction Act passed.
	They immediately started saying, well, yeah, it won't actually do anything about inflation, but it's going to make sure that we don't have floods in 100 years.
	Well, as it turns out, it's not even going to do anything remotely like that.
	Even the Associated Press is now sort of admitting this.
	Well, they said that it was going to reduce inflation, this Inflation Reduction Act.
	It turns out it doesn't even reduce global warming, even though it's a climate change act.
	They just keep lying to you.
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	According to the Associated Press, massive incentives for clean energy in the U.S.
	law signed Tuesday by Joe Biden should reduce future global warming, not a lot, but not insignificantly either, according to a climate scientist who led an independent analysis of the package.
	Even with nearly $375 billion in tax credits and other financial enticements for renewable energy in the law, the United States still isn't doing its share to help the world stay within another few tenths of a degree of warming, according to a new analysis by Climate Action Tracker.
	This is the biggest thing to happen to the U.S.
	on climate policy, said Bill Hare, Australia-based director of climate analytics.
	When you think back over the last decades, not wanting to be impolite, there's a lot of talk but not much action.
	This is action.
	Not as much as Europe, and Americans still spew twice as much heat-trapping gas per person as Europeans, Hare said.
	Before the law, Climate Action Tracker calculated that if every other nation made efforts similar to those of the U.S., it would lead to a world with catastrophic warming, 5.4 to 7.2 degrees.
	That's 3 to 4 degrees Celsius above pre-industrial times.
	Now, in the best case scenario, which Hare said is reasonable and likely, U.S.
	actions, if mimicked, would lead to only 3.6 degrees, 2 degrees Celsius of warming.
	If things don't work out quite as optimistically as Hare thinks, it would be 5.4 degrees, 3 degrees Celsius of warming, according to the analysis.
	Even that best case scenario falls short of the overarching, internationally accepted goal of limiting warming to 2.7 degrees warming, 1.5 degrees Celsius since pre-industrial times.
	Also, by the way, that study assumes that all the other nations are going to do what the United States is going to do, which is not going to happen.
	China is not interested in it.
	India is not interested in it.
	If you're a developing nation, why would you mimic Joe Biden's climate plans?
	And if you're a nation that is in direct competition with the United States, why would you do that?
	This is the part that nobody seems to be able to explain.
	They'll be, well, the U.S.
	will lead the world and we'll send John Kerry out on his jet to explain to Zambia.
	Why they need to lower their emissions!
	And nobody ever explains why Zambia would then listen to John Kerry.
	And why would China do that?
	It turns out that when it comes to the world of foreign policy, there are a lot of nations in competition with us for that number one slot.
	They would like to claw away at America's ability to lead the planet.
	Energy policy is a fantastic way to do that.
	Let the West, let Europeans and the United States limit their own economic growth.
	China's going to sit there and just pick up the pieces.
	They are more than happy to do that.
	And so all of these assumptions, what if the rest of the world did what we do?
	I'm sorry, Kantian ethics don't apply in foreign policy.
	There's no categorical imperative in foreign policy where you say, well, if I'm really good, probably that guy will also be really good.
	Now, that's not the way any of this crap works.
	So what does it actually mean in terms of, let's say that Biden does exactly what he wants, right?
	He achieves all of his goals, but the other nations are not on board, right?
	That's actually what you want to know.
	Because that's the impact of the climate bill in the country you can control, namely the United States.
	So what exactly would happen?
	According to Bjorn Lomborg, the new Climate Act is absolutely unnoticeable in impact.
	It changes the impact of the climate in terms of global warming from, you ready for this?
	this 0.0009 degrees Fahrenheit to 0.028 degrees Fahrenheit in 2100.
	So $369 billion, $369 billion spent to reduce global warming by a tiny infinitesimal fraction of a degree that is actually undetectable.
	Bye.
	It's going to change, I kid you not, the impact of global warming from the baseline of 4.8875 degrees Fahrenheit to 4.8595 degrees Fahrenheit.
	Amazing.
	I mean, wow.
	Wow.
	Don't you feel good about that?
	Don't you feel like we're spending money and wrecking the economy for good reason?
	That reduction estimate comes from the Rhodium Group's new reduction estimate.
	By the way, that $369 billion only goes to 2030.
	Just solid stuff here.
	Basically, absolutely unnoticeable.
	So they're not even describing what it's going to be achieved, because if they did, then they would notice that nothing is actually being achieved.
	They just keep saying that it's going to reduce emissions, but they don't explain how exactly that's going to happen.
	So it's not going to reduce global warming.
	It's not going to reduce inflation.
	It's just going to spend a crap load of money and make people like Bill Gates feel really good.
	And isn't that the important thing?
	Isn't that really the thing that you needed to know?
	So apparently Bill Gates is now out there bragging about how he lobbied to save this climate tax bill that was just signed.
	According to Bloomberg.com, Bill Gates is very excited about how he got this thing passed because you know what we need?
	We need the world's richest people cramming down on the rest of humanity worse living standards so that they can feel really good about themselves by fractionally lowering climate change over the course of the next hundred years so infinitesimally that you can't even measure it.
	That's it.
	At least Bill Gates feels really good about himself.
	I mean, while he's divorced and banging around, at least he feels really solid about him.
	So that's the, that is the most important thing.
	Here's Bill Gates.
	You know, maintaining that dialogue, including in the last month where, you know, people felt like, okay, we tried, we're done.
	It failed.
	And, you know, because I believed it was a unique opportunity, my trying to bridge the communication gap and encourage people to make one more effort.
	Uh, you know, by, because of the relationship we built up over time, you know, we were able to talk even at a time when he felt people weren't listening, you know, and, uh, you know, I wouldn't have wanted to be in his position.
	Well, I mean, so it was Bill Gates calling up Joe Manchin, just showing once again, Joe Manchin really answerable to the people of his state, actually answerable to a Seattle based Multi-billionaire.
	One of the richest people on earth.
	Those are the people that you really need sounding off.
	The elites and their inability to understand why most Americans despise them.
	This is the problem.
	They live in a different moral universe.
	They live in a different economic universe.
	And then they decide that they are going to apply rules that don't really hurt them to everyone else.
	It doesn't matter to Bill Gates whether you pay more for energy.
	After all, Bill Gates is super duper wealthy.
	What does he care?
	It's the same crap you get from members of the Biden administration when they're asked about energy prices.
	Like, well, you could just buy an electric vehicle.
	Well, can people really do that?
	Is that just a thing people can do?
	Bill Gates going to Joe Manchin and making policy based on his concerns about climate change over the course of the next hundred years.
	Bill Gates is not going to be the one who has to pay the piper for any of this stuff.
	Bill Gates is busy buying all the farmland in the middle of the country to apparently not grow meat because he doesn't like people eating meat because of global warming or some such.
	None of this is a shock, by the way.
	Bill Gates was calling this the most important piece of climate legislation in American history in an op-ed with the New York Times.
	Just a couple of weeks ago.
	He said it represents our best chance to build an energy future that is cleaner, cheaper and more secure.
	We can't afford to miss it.
	Oh, can't we?
	We can't afford to miss that bill that is going to marginally lower temperature in the best case scenario.
	He said through new and expanded tax credits and a long term approach, this bill would ensure that critical climate solutions have sustained support to develop into new industries.
	He was pushing incentives that would transform the parts of the economy that are, quote-unquote, hardest to decarbonize, such as manufacturing, a prerequisite for attaining net zero emissions.
	The measures will provide affordable, abundant, clean energy to Americans, the billionaire said.
	Also, it would catalyze a new era of American innovation.
	And of course, he and his corporate buddies have decided that they are basically going to cram this down on everybody up to and including all the stockholders in their companies, right?
	This is why you have the ESG movement, the environmental social governance movement, pushing forward very hard and very fast in favor of decarbonization at the expense of the people who actually Have their stocks in the pension fund, right?
	All those people are going to see their stocks absolutely wrecked by this bad policy.
	You're going to see your gas prices go up.
	You're going to see your business become less efficient.
	And then when there's another economic crash, because we've overspent and overregulated, we're going to be told that it was the free market that failed.
	So obviously what we need is more government interventionism, all because of Bill Gates, right?
	That's the thing that we really need.
	We need to understand that Bill Gates is the, he's the greatest among us, obviously.
	He's the most moral person among us.
	I mean, yeah, not in his personal life, but but he's super duper wonderful.
	And the reason he's really wonderful is because he's really rich.
	One of the most amazing things about the left is that they despise rich people, except when they are treating rich people who mimic left wing slogans as the greatest people who should run the earth.
	Bill Gates was bad when he was making Microsoft.
	He's only good when he is taking the power that he earned through making Microsoft and then he is applying it to left-wing causes.
	At that point, he becomes a wonderful, good, decent human being because the capitalistic system is exploitative.
	But the person who exploited that system the best now gets to use his power to wreck everybody else and pull up the ladder behind him.
	That's the thing that they are looking for the most.
	And the fact that Bill Gates is the driving force behind this thing should give everyone significant pause about what exactly this thing is going to do for normal Americans.
	I don't think Bill Gates has ever met a normal American, at least not for the last several decades.
	Bill Gates has no clue what the price of a gallon of milk is.
	He hasn't gone shopping for himself in probably 40 years.
	And that's what this is all about for Bill Gates.
	With President Biden's signature, this legislation would jumpstart and support clean energy industries that could create millions of jobs, many in communities that have been built by fossil fuels.
	Remember those shovel-ready jobs that Barack Obama was going to create, and then they never materialized?
	There were no green jobs.
	Remember that?
	In fact, says Bill Gates, many of the most promising technologies in the clean energy economy will require similar skills and expertise possessed by today's coal, oil, and gas workers.
	This will help ensure a fair tra- Oh, so it's not even learned to code anymore.
	It's learned to solar panel.
	You've been working on pipelines in North Dakota?
	Well, get ready to make some solar panels, gang.
	Bill Gates says, quote, The country has an opportunity to set an example by offering a vision of what's possible and then by making it happen.
	It's all so vague.
	It's all so pie in the sky.
	When you read about this stuff, it's the same thing as reading about Al Gore's chakras.
	It's all essential oils garbage.
	Explain how this thing is going to lower, like really, lower the temperature over the course of the next hundred years without reference to, well, you know, global leadership will miasmatically start mirroring all of our favorite policies.
	And then China will be nice and we will have converted them to the green environmentalism that we so desire.
	And millions of jobs will be created out of the rectum of Bill Gates.
	It'll just magically.
	Explain the relationship between A and B.
	Because otherwise, I don't believe you.
	I just believe that you are labeling the bag of crap gold.
	Because so far, that seems to be all that you guys are capable of doing.
	Oh, Bill Gates is apparently now controlling our politics, but here's the thing.
	You don't want your employees controlling your business, right?
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	Check them out at ZipRecruiter.com slash DailyWire.
	Alrighty, folks.
	My book club, Ben Shapiro's book club.
	Yes, it's named after me because it's mine.
	It's back tonight for a brand new episode, 8 p.m.
	Eastern on DailyWirePlus.com.
	This month's book is one of my very favorites, East of Eden by John Steinbeck.
	It is a just beautiful book.
	It is an easy read, not a hard read.
	It's all about America and Cain and Abel and deep human problems.
	Steinbeck considered it his masterwork.
	It definitely is.
	You have to be an All Access member to join in on the fun.
	So head on over to dailywireplus.com.
	Become a member today.
	Join us tonight at 8 p.m.
	Eastern as we discuss East of Eden.
	I will see you there.
	Meanwhile, the political world continues to be abuzz over Donald Trump and how to stop him.
	The Democrats, it is amazing.
	The Democrats seem to say that stopping Donald Trump is their top priority, and then they're doing everything they can possibly do to make him President of the United States again.
	So, for example, they will say things like, well, Ron DeSantis is just as bad as Trump.
	Well, here's the thing.
	If Trump is a unique threat to the Republic, then you can't just say that Ron DeSantis is the same as Trump, because then he's not a unique threat to the Republic.
	I mean, you did the same thing to Mitt Romney.
	You did the same thing to John McCain.
	You also cannot promote the idea that all Republicans who back Trump are evil, so come over to our side and be our friend.
	That's what James Carville has been doing.
	This is a tactic unlikely to work, which makes me think that it's actually just cynical.
	I mean, Carville is a cynical politics guy, so that would make sense.
	Is the idea here to basically push Republicans to nominate Trump because Democrats think he is the most beatable?
	In other words, are they being insincere?
	I would not doubt it.
	Here's James Carville explaining that the Democrats are just silly, but Republicans are fully evil.
	Way to bring down the temperature here, gang.
	What can people who would be Democrats of your ilk, of your worldview, what can they do about those people who you consider idiots, essentially?
	Make fun of them.
	And let me say, when they say, James, we have our crazies, but look, you have your crazies, you know, and it's, you know, what pronoun you have of veganism or something.
	The problem is, is people who believe in that are just silly.
	All right?
	People that believe that the election was stolen and have a right to storm the Capitol, which is a substantial number of people in the Republican Party, are evil.
	Our people are kind of silly.
	Racism is evil.
	Misogyny is evil.
	I'm sorry.
	You are a racist misogynist if you disagree with James Carville.
	There is no evil on the Democratic side of the aisle.
	Mutilating young children in the name of gender ideology is not evil.
	Rioting in the streets.
	Most damaging riots in American history in 2020 based on the lie that the police are systemically racist.
	That's not evil.
	That's just silly.
	Defund the police is not evil.
	It's just silly, even if hundreds more black Americans get killed every year thanks to defund the police.
	No, what is truly evil is if you have questions about the 2020 election.
	And all Republicans, as we all know, they are all in the boat of the people who stormed the Capitol.
	Again, this is the Democratic pitch.
	And it seems almost directly designed to radicalize Republicans.
	That's what it seems designed to do.
	It's not designed to find common ground, obviously.
	This is how you end up with General Michael Hayden.
	You want to undermine the credibility of America's intelligence apparatus?
	Keep putting people like Michael Hayden in charge of these things.
	It's truly amazing.
	I'm not in favor of defunding the FBI, because I think the FBI is actually a useful institution.
	However, if I were going to be in favor of defunding the FBI, I couldn't be any more in favor of that case than the people who are actually saying that the FBI is a credible institution.
	Those people are making an overt case for why you should defund the FBI, because they're the least credible people on planet Earth.
	It's amazing.
	It's like if Michael Jackson started up a children's health fund, and then he was like, my children's health fund is so credible, you should give money to it.
	Well, it's coming from you, so no.
	General Michael Hayden.
	So Edward Luce is a left-wing columnist.
	He is the associate editor of the Financial Times and author of The Retreat of Western Liberalism.
	And he wrote, quote, I've covered extremism and violent ideologies around the world over my career.
	Have never come across a political force more nihilistic, dangerous, and contemptible than today's Republicans.
	Nothing close.
	Never!
	No political force more nihilistic, dangerous, and contemptible than Republicans in the United States today.
	So, not the communists, who subjected tens of millions of people to death.
	Not the Chinese tyrants today.
	Not the Russians, who are invading Ukraine.
	Not the Taliban.
	Nobody!
	So, who agrees with this?
	Michael Hayden.
	He says, quote, I agree, and I was the CIA director.
	Man, these people are determined to undermine their own credibility.
	And then they wonder why people just dismiss them when they make complaints about Donald Trump?
	Well, probably the best thing they can do is take deeply unpopular figures who side with the left in their attempt to lump all Republicans together with the January 6th rioters and trot them out again.
	And I don't know, honestly, whether to attribute to the Democrats and the media and to people like Liz Cheney stupidity or malice.
	For Liz Cheney, when she says things like, I'm going to leave the charge against Trump, Does she think she's going to be successful?
	Or does she think she's more likely to actually promote Trump?
	Because realistically speaking, that's what's going to happen.
	I mean, this is what all the poll data shows.
	Liz Cheney's approval rating inside the Republican Party is 14% today.
	And she's like, I will lead the charge.
	Okay, are you more likely to drive support for Trump?
	Understand, as I've said before, we live in the most reactionary time I've seen in my political lifetime.
	A time in which if the left says something is bad, the right will immediately say it's good.
	And if the right says something is good, the left will immediately say it's bad.
	If Donald Trump decides that he is going to shower poor children with Christmas gifts, the left decides this is inherently evil and he must be a tool of the Russians.
	And if the left decides that some conservative congressperson or Republican congressperson who is a nutcase is a nutcase, the right immediately goes, this is the most rational person I've ever seen.
	This person is probably president.
	After all, left hates him.
	That reactionary nature to American politics, everyone knows that's what's happening.
	And so either people are steering directly into it because they're stupid or they're doing it because they're cynical.
	You know, I always try to attribute to stupidity that which I cannot attribute to malice, but at this point it's so obvious it's hard not to attribute it to malicious intent, at least by people on the Democratic side of the aisle.
	And trotting out Peter Strzok to talk about the integrity of the FBI is not going to drive up support for the FBI.
	Merrick Garland coming out and saying, oh, you should really trust the DOJ and the FBI, that ain't gonna do it.
	And Liz Cheney attacking Donald Trump, that ain't gonna do it either.
	So Liz Cheney is now launching a super PAC called The Great Task.
	I mean, I guess she has to have something to do now that she's no longer in Congress.
	But she wants to, I guess, Stop Trump from being president.
	She's done an amazing job so far of making Trump the likeliest nominee.
	If you had asked me like three months ago, who's the likeliest nominee for president on the Republican side of the aisle?
	The data said Trump, but I thought that he was losing momentum, frankly.
	I thought he was losing momentum because he was distracted with January 6th and he was jabbering about it all the time and it was annoying and we were all concentrating on inflation and foreign policy and China and Afghanistan and Russia and Joe Biden being the worst president of my lifetime.
	We were all focused on that and Donald Trump was like over here yelling about Georgia voting machines or something.
	And so it seemed like he was losing a lot of momentum.
	And then, Liz Cheney, the Democrats, the FBI, the DOJ, they decided to make Donald Trump front and center again.
	And so somehow Liz Cheney thinks doubling down on this is going to stop Donald Trump.
	I gotta say, watching people in the media, in the Democratic Party, try to catch Donald Trump, it's like watching a Roadrunner cartoon.
	It's like Wile E. Coyote getting out his ACME rocket.
	And Donald Trump's like, meep meep!
	And he's just like, zooming down the road.
	And there is Liz Cheney, Wile E. Coyote, she's like, I will paint a tunnel on this rock and the roadrunner will run directly into the rock.
	And then, of course, Donald Trump's like, meep meep, and he just goes right through the tunnel.
	And Liz Cheney's like, well, if he can go through the tunnel, I can too.
	Right?
	That's all we... Politics is so stupid.
	It's so stupid.
	So Liz Cheney, as Wile E. Coyote, she's over the cliff, but she's in that moment where she hasn't looked down yet.
	There's always that moment in the Roadrunner cartoons where Wile E. Coyote is like hovering over the abyss and then he looks down and... So that's Liz Cheney right now.
	Here she is talking about how she is going to be massively successful stopping that dire, terrible Donald Trump.
	I think we have a tremendous amount of work to do.
	And certainly, I am absolutely going to continue this battle.
	I think it's the most important thing I've ever been involved in.
	And I think it's certainly the most important thing, challenge that our nation has faced in recent history, and maybe since the Civil War.
	Maybe since the Civil War.
	Well, note to Liz Cheney, you are not Abraham Lincoln.
	You are not going to fend off what is coming next.
	And in fact, again, Donald Trump is the thing nobody seems to understand in both the media and in politics.
	Donald Trump is basically Doomsday from the DC comics.
	The more energy you shoot at him, the more he just absorbs it and grows.
	That's all he is.
	And so they keep throwing stuff at him and he's just, what if this time, maybe another super PAC will do it.
	Maybe if we just yell at him a lot.
	What if we get Michael Hayden out there saying that it's like the Taliban or something?
	Geniuses.
	Geniuses.
	Alrighty, guys.
	The rest of the show is continuing now.
	We have much, much more, including the CDC deciding that it's time for a massive reorganization.
	Really, really important.
	Plus, the West going soft on radical Islam, of course.
	But, you're not gonna get that right now unless you are a member.

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