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July 15, 2022 - Sean Hannity Show
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Austan Goolsbee - July 14th, hour 2
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So another record high in terms of inflation, 9.1% CPI.
You know, if you go through history, though, it gets very interesting because Joe Biden inherited a CPI of 1.4% from President Donald Trump.
And if you remember Jerome Powell saying in March, these one-time increases in prices are likely to have only transitory effects on inflation.
Then it leaped up to 4.2% in April, then 5% in May, and then 5.4% in June.
Inflation was up above 7% before Putin ever invaded Ukraine.
And it's 8.5, 8.3, 8.6%, and now a record 8.1%.
And the news out today is that inflation measured by producer wholesale prices ticked up to a smoking 11.3% for June.
And this number, by the way, is near the highest ever recorded.
But don't worry, they've got a handle on it.
I don't think so.
Anyway, let me give you Biden administration echoing the talking points that the report is backward looking.
It didn't account for the fact that gas prices are only double what they were when we came into office.
They're not at their high at $5 a gallon.
Now we're down 30 cents a gallon.
Listen.
You know, a couple points on today's report, as you just said.
The first is, you know, it's backward looking and it doesn't reflect what we've seen over the last 30 days, which is a significant decline in gas prices down about 40 cents.
As you noted in the piece, these data are somewhat backward looking.
They represent the month of June.
And I think the way this data works, as you know well, is that it's for the previous month.
But it is important to note that these numbers do not fully reflect the recent drop in gas prices.
All right, joining us now, our friend Austin Goolsby, professor at Chicago's Booth School of Economics, former chairman of the Council of Economic Advisors.
You know, I'm going to actually do something that I never thought I'd do.
I'm going to praise one of your fellow Obama economists.
And that guy's name happens to be Lawrence Summers, because Lawrence Summers has been saying all along that everybody's wrong.
And he pointed out just yesterday that the scorching hot June inflation report increased the likelihood that the Fed inadvertently pushed the U.S. economy into a deep recession as they try to combat consumer prices.
And Summers says, I think it's unlikely, very unlikely, that we see inflation come down to a target range without a significant economic downturn.
Now, to date, he's not been wrong on Biden's economy.
Do you disagree with your colleague?
Sean, I thought you were going to say that you were going to praise me, but I'm still waiting for that praise.
Look, I don't know if I had a good breakfast or what, but I found several of the things you said I did agree with.
I think if you look at the business.
By the way, if people just knew the history.
For our friend Austin to utter those words, it's killing him.
Trust me, he might have a heart attack today.
By the end of this day, he may not make it.
By the way, we loved you.
I want you to know that.
Enjoy your place in paradise with Jesus, and we'll meet back again one day.
I think it's a mistake for the administration to go out with the line, look, this is from last month, and we know the price of gasoline came down since this reading.
I think that's a mistake because the war is still going.
What if in two months the war gets worse and the price of gasoline goes up even more?
Well, Biden said it could go on in perpetuity in an interview he gave to an Israeli reporter before he sang happy birthday to her.
And by the way, let me tell you something.
He has created a quagmire by not providing Ukraine the fighter jets they initially requested and by giving them the munitions to beat Putin.
They fought this thing to a standstill.
Sean, I'm going to have to defer to your expertise on military matters and geopolitics.
I focus only on the economy.
The thing I will say is I agree with you that this is not, it definitely hasn't been as temporary as the administration or the private sector thought it was going to be.
And I think you will also agree we're seeing the highest inflation rate in 40 years all around the world.
It suggests is not a U.S.-based U.S. policy.
We're seeing higher inflation rates in other countries as well.
I'll concede that point, but the highest is ours.
The worst is ours.
The U.K. just announced two days ago 9.1, same as ours.
Okay, but up to heretofore, it has been the U.S. leading the world with the highest inflation numbers of all the Western countries that you're going to mention.
And by the way, they're dealing with a far worse problem.
That hasn't been true.
So let me give you a thought, because I'm blaming this on Biden and the Democratic Party's adherence to the climate alarmist religious cultism they've bought into.
If he wants to reduce inflation and the cost of goods at every store we go to, why doesn't he go back to the policies that he inherited, that we were energy independent, a net exporter of energy, and just face the reality that renewables, the technology that they are counting on, doesn't exist at the levels that we need to be economically competitive.
Why won't he do that one thing?
This is what you told me the last time I was here.
And I went and looked it up.
We reestablished energy independence this year.
We have become a supporter of energy.
What drugs are you doing?
You have oil production that's the second highest ever in the history of the United States.
They have put a stronghold.
I don't understand your argument.
Because all of these restrictions that are put in place and the arguments are so ridiculous that the administration makes about 9,000 permits given.
They took away the ANWAR possibility.
They put more restrictions on natural gas production.
They put restrictions on federal lands and exploration there.
They put restrictions on domestic production.
And they stopped the Keystone XL pipeline that would be giving us 900,000 barrels of Canadian oil a day.
It'd be finished by now, but he stopped it.
We're energy independent.
No, we're not.
No, we're not.
We are.
We are.
Then why is he kissing the ass of the Saudis right now?
Why is he begging the Saudis today?
Why is he begging OPEC?
Why is he doing this Iranian deal?
Why is he sending emissaries to Venezuela?
Because we don't have enough here.
Oil is a world market.
So what happens in the U.S. does not stay in the U.S.
And so you need the world production of oil to match.
You can't, on one hand, say you want a more aggressive military posture to Russia and then simultaneously complain about exactly what happens when you're talking about the market.
Tell me what liberal publications.
Every economist, every economist that I have read acknowledges the obvious that Joe Biden's economic policies, he pumped way too much money into the economy with feel-goodism, if you will, and, quote, relief funds that weren't used for COVID relief.
And the second thing he did was put all of these restrictions on the energy sector in our country.
And now he's begging countries that hate us to increase their production because we're not producing enough energy on our own.
And in spite of what you were told or what you're reading or what you're saying, it is absolutely false.
We have now reduced our capacity for energy, gas, and coal because of these environmental restrictions that Joe Biden has put in place one after another.
Bribing the Keystone Pipeline, drilling in Anwar, etc.
Those are long-term.
Drilling on federal lands, new leases on federal lands.
Those are not all of this.
Those are not.
And go just go look at the experts.
They consistently say those are not why the price of oil worldwide is high right now.
Yes, it is.
And our production is the second highest ever.
You're making these things up out of thin air.
We have artificially, he's artificially reduced the world supply.
Okay, if we're so energy independent, then why are gas prices so high?
And why is he kissing the ass of the crown prince that he called a murderer in the nation that he called a pariah nation, Saudi Arabia?
Why is he sending emissaries to Venezuela to deal with that murdering dictator thug?
Why is he kissing the ass of mullahs in Iran and begging them to do a deal when all they do is threaten to wipe the U.S. and Israel off the map?
Why would we make them rich?
And as in World War II, when Winston Churchill, when asked, why are you making a deal with the Soviet Union, he says, because Hitler's worse.
If you're going to fight a war with Russia and that's going to remove 3 to 5 million barrels a day from world oil production, you've got to get more oil.
And the U.S. is already maxing out worth at the second highest point.
No, we're not maxed out.
I've been talking to oil executives.
They have 300,000 barrels a day.
They have bureaucratic restrictions handcuffing any exploration endeavors they'd otherwise be involved in.
The reason that we had low gas prices under Donald Trump is he did the exact opposite.
He removed all of the bureaucratic red tape and told them to produce the hell out of energy.
We have hundreds and hundreds of years of natural gas, coal, and oil reserves available.
We should never import a single barrel of oil from any of these countries.
Is our production average under Biden higher than the production of the business?
You're lying.
It just is not true what you're saying.
It is absolutely false because you're not talking about making it up.
I'm looking at a chart.
Have you spoken to Harold Hamm?
Have you spoken to anybody in the energy gas sector?
Have you talked to these CEOs and listened to them?
Because I have.
I don't know them.
I'm sorry.
So I'll introduce you.
You need to bring them into your classroom because you're brainwashing and indoctrinating your students.
I'm looking at the numbers, Sean.
I need you to just look at the numbers.
Okay, I'm looking at the numbers.
Where are you getting your numbers?
What liberal publication are you reading from?
The New York Times?
Where do you get your information from?
Energy Information Administration.
That's the official statistics.
You mean Jennifer Granholm?
With no energy experience, you're listening to her?
I would say that I'm going to bet you dinner, but you still owe me dinner from the last bag.
Oh, my gosh.
It's not even, I don't even want to go to dinner with you after this debate.
All right, quick break with Austin Goolsby.
I'm sure he has tenure or else he wouldn't be on this program of the Booth School of Economics, professor at the Chicago Booth School of Economics on the other side.
Your call's 800-941, Sean, as we continue.
All right, more with Austin Goolsby as we discuss Joe Biden's disastrous economy.
You know, look, the reality is you can make all the excuses you want, but you know what?
Under Donald Trump, gas was around two bucks a gallon, a little over two bucks a gallon, and now it's near five bucks a gallon.
And you know what?
You know who caused this?
Joe Biden caused this, and the radical New Green Deal, socialist, Democrat, climate alarmist cult caused this.
And you won't recognize that simple truth, so I can't really have a discussion with you.
But why is it happening in other countries if the U.S. caused it?
Because you're right in the one sense when you said it's a worldwide commodity, and the United States artificially dramatically reduced the world supply.
Sean, we're at the second highest production level that we're going to be able to do.
And now Vladimir Putin has turned off the spigot to Germany and other European countries.
I agree with that.
Because he stupidly, they stupidly went into business with a hostile actor.
The exact mistake that Joe is making with the Saudis, OPEC, Venezuela, and Iran.
Now we're going to be going into business with another group of hostile actors.
How dumb is that?
Look, is that dumb?
That's not my area.
But I agree that Western Europe's dependence on Russia put that and we told them, don't sign up to do this because you're going to be dependent on the US.
Will you concede that Joe Biden is making a mistake if he imports one barrel of oil from Iran, from OPEC, from Saudi Arabia or Venezuela?
Well, it's not to import to the United States.
I'm asking you, would you agree it's a mistake for America to make oil deals with these countries with hostile actors?
No, no.
I would need to do it.
So you'll do a deal with the devil.
I'm not willing to do a deal with the people.
You would need to know the context.
There are a lot of devils in the world, and figuring out which devil is worse, Vladimir Putin or some other devil, that's a harder question.
All right, I got to let you go.
Anyway, my blood pressure's through the roof.
I can't believe you indoctrinate kids.
I will talk to you soon.
God, help us.
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All right, 25 to the top of the hour, 800-941.
Sean, you want to be a part of the program?
Another embarrassing moment.
Joey getting confused abroad talking about Putin's war with Ukraine.
Listen.
So how long is this going to last?
How long is this onslaught going to last?
His onslaught.
When we're there, it takes whatever time it takes.
We cannot let him prevail.
It can take months.
It can take years.
It could.
And you think the war can take years to 10?
No, you said that.
It could, okay?
It could.
No, it could.
He's such a cranky curmudgeon.
Hey, Jack.
Hey, Jack.
You people are alike, Jack.
You know, what are you, you a junkie?
You a junkie?
What is wrong with this guy?
I cannot believe we're stuck with this for two and a half years.
Oh, my gosh.
That drives me nuts.
All right.
Anyway, 800-941, Sean, our number, Robin, in the great state, free state of Florida.
Robin, how are you?
Glad you called.
Thank you, Sean, for having me on your show.
I just want to know that you have all of our support, our whole family, all my friends.
And thank you for having, you know, the nerve to speak the truth, even though some people are going to hear it.
And what I was calling about today was, you know, Barack Obama had the nerve to try to berate that poor Ronnie Jackson who was on your show last night about his comment about Joe's cognitive problem.
Everybody, first of all, knows the truth of it.
It's not some big secret.
I mean, the whole world knows that he's not right.
And, you know, who is Barack Obama to monitor people's comments?
You know something?
What Ronnie Jackson did was speak the obvious truth.
You know, at this point, at this late point in the game, even the New York Times is acknowledging it.
It just took them, you know, what, two and a half years to catch up to me, which, you know, is typically the case.
But putting all that aside, like, for example, now all of a sudden they're recognizing that Hunter Biden's laptop looks real because it looks like there's a grand jury that may very likely indict Hunter Biden.
So they can't stand by their stupid statement that they had no evidence, no facts for.
Oh, it looks like Russian disinformation.
So they could impact the 2020 election.
Now we have 2016.
We got a dirty dossier.
We got false allegations of Alpha Bank and servers in the Trump Tower that nobody knew about.
All this crap, all these lies, all these conspiracy theories.
Ronnie Jackson just spoke the obvious.
Now everybody knows it.
Now the question should be brought back to Barack Obama.
Do you think Joe Biden is in a state of cognitive decline?
Do you think he's strong enough and mentally fit enough to do the job as president?
You were once president.
It's the hardest job in the world, in my view.
Are you up to that job?
And let's hear Obama's answer because Ronnie Jackson told the truth.
And Barack Obama didn't want to hear the truth.
He probably still doesn't want to hear the truth, but he knows damn well in his heart that it's all true.
Exactly.
They're just all Democratics, Democratic Party, the whole party is just trying to cover all of this up.
They stole the election.
They had no plan.
And now they're winging it.
And he's getting worse.
And they didn't plan on this.
And that's the biggest problem.
And it's scaring me and my family and my friends to death because it's putting our country in such a vulnerable state.
Just frightening.
Not just our country, but the world.
The world is watching this.
And you could see China wants to fill the void.
Russia wants to fill the void.
You know, this unholy alliance of China, Iran, and Russia.
These are scary times, Robin.
Hang in there.
It's going to be rough waters for a while.
And it's not going to get better anytime soon.
Elections matter.
It all starts in November.
Hopefully we take the House and Senate, but it's going to be up to every one of us.
I'm deputizing everybody listening to this program and everyone else that you can go deputize to make sure that we fix this.
We cannot stop this unless we get a new government in place.
And that means the House, the Senate, and the White House.
Otherwise, we're stuck with this insanity.
Thank you, Robin.
Diana is next in Missouri.
Diana, how are you?
Glad you called.
Hi, Sean.
Thank you for having me on your show.
I was listening to you the other day talking about how you think it's wrong that nobody should be giving out information, personal information on the internet on people.
And it was in regards to the Supreme Court justices.
Seldom do I ever disagree with you, but I do disagree in this only because we are moving at such a fast pace of attacks upon conservatives or anybody who has a different opinion than the left and where they're wanting to take our nation.
And I think it's time for us to fight fire with fire.
And I'm not saying be violent, but I'm saying those people who are offering rewards and all of that for disinformation to cause this loss of freedoms to our Supreme Court justices should have to suffer the same loss.
They should have to watch over their shoulder.
Let me ask you a serious question, Diana.
Do you really want me to do to liberal leftist Supreme Court justices or liberal politicians?
You want me to give out their home addresses, tell people to protest in front of their homes, harass them, harass and intimidate them and their families.
Would you really want me to do that?
Not you.
I'm saying.
You want other people to do it.
Do not use your platform to do that.
No.
But I'm going to take it a step further.
Do you really want conservatives to act this way?
And I'll tell you why.
Look, I've had my fair share of confrontations.
You're saying, do you really want Republicans?
What we're seeing with the conservatives is we have had decades of weak politicians representing conservatives.
They talk the big talk, you get them into office, and then it's like, oh, well, we have other stuff that's more important to do.
And it's like, no, we put you in office to stand against this, to fight for our liberties.
And I'm not condoning violence.
But by the way, we're singing from the same hymnal.
I say that so often.
I mean, I can quote myself saying it in my sleep.
I say it so much.
You're right on that point, which is why these midterm elections, electing the right people is very imperative.
But let's stay focused on the point you're making.
Do we really, as conservatives, do we want to send people?
We get big crowds of people, there's always going to be a few bad apples in that crowd.
That's what I've learned over the many, many years I've been doing this.
And if something happens, you know, isn't there a level of accountability?
Because I'm going to tell you something.
If something happens to one of these Supreme Court justices.
That's the issue that I think.
Okay, you're right on that point.
And the law supports your point, which is USC 18 U.S.C. 1507, which prohibits, and I've read the law numerous times on this show, that prohibits intimidating, harassing Supreme Court justices, officers of the court, jurists, et cetera, in their homes or where they happen to do their business.
And I think it's extraordinarily dangerous.
I think you're creating an atmosphere where the likelihood that somebody can get severely injured or killed by doing something like this.
It's not in my heart as a person to do that.
Now, in terms of fighting for the things that we believe in as conservatives, we've got to convince people that we're right, that our policies work.
Donald Trump fought hard, implemented the conservative agenda that I promised everybody he would implement.
And we did great as a country.
What happened to the Trump supporters?
They were attacked.
I think we're in for more of that.
If we do see a new red wave in November, you're going to see more attacks on conservatives than what we had when Trump was elected.
You're describing, I've lived through these moments.
My family has lived through these moments.
I know exactly what this is like.
And I make so many decisions in my life only to protect the people that I love and not put people, friends of mine, family members of mine, in a position where people that don't like me have an opportunity to get to me.
I understand that, but we're at a point in this nation that I think when you're dealing with the bully, you know it.
I think every child growing up has dealt with a bully one time or another in their life.
What stopped the bully?
Well, the answer would be to follow the law.
The answer to me is not giving out the addresses of elected officials as much as we don't like them.
I don't know.
Look, to me, I've got to follow my conscience on this, my heart, my soul.
And we're setting ourselves up for a disaster.
They're setting themselves up for a disaster.
We already were able to stop an assassination plot against one Supreme Court justice.
So that ought to be a wake-up call for this to politicize Department of Justice under Merrick Garland.
Why he is not enforcing these laws, I don't know.
And why Joe Biden is saying, I want them to continue, and why Jen Saki said they support it, why Pete Buddha judges out there saying they should expect these kind of protests.
It's freedom of speech.
Yeah, it's freedom of speech, but you know what?
There's also a certain level of human decency.
If I go into a restaurant, and by the way, these moments have happened to me, and I see people that are public figures on the left.
Usually I say hello.
And sometimes, just to mess with them a little bit, I'll send over a drink.
And they'll be like, Hannity just sent me a drink.
Whatever.
I'm not the person that is, you know, there's a time and a place for everything.
And I just think putting families at risk and, you know, putting neighborhoods in harm's way like this is reckless.
It's irresponsible.
And if they continue to encourage this, I don't think it's going to end well.
And I would never want to be a part of that myself.
Does that make sense?
That's exactly what I'm saying.
It's going to continue until there's going to be an uprising of the people who are tired of the lawlessness, who are tired of having our freedoms threatened to be taken away from us by silencing us, making us live in fear.
That's where we're at in this nation.
That's my point of this call.
And it's like, I understand what you're saying, but where do you draw the line?
When is enough, enough that we take a stand and stop and try to save this nation?
We're all hands on deck.
Listen, the only thing I can tell you is, Diana, and I do appreciate your call, but we're all hands on deck.
And the single best thing we can do is be prepared for November.
And that means ready and concerned enough to realize the downward trajectory of this democratic climate alarmist cult and what they've done to the country and what they're doing to the world on top of it.
We don't have to suffer this way.
I've said it many times.
All these problems were preventable and they're all fixable.
Quick break right back to the phones, 800-941-Sean, if you want to be a part of the program as we roll along.
All right, back to our busy phones.
All right, Cameron, Pennsylvania.
We only have about a minute and a half, Cameron.
Hi, Sean.
This is Cameron.
Like I said, I just wanted to ask you, so obviously I'm a high school student, as you may have heard.
And I want to ask, what is your best advice for a young student, like a college student, or even high school for that matter?
Like, what's your best advice on them feeling isolated or like not out of the ordinary because of their beliefs?
So I think the hardest thing, how old are you?
17, 16.
How old are you?
17.
Okay.
So look, the hardest thing for any kid your age to do is to stand apart from the crowd.
But it's also the single best thing that you'll do for your life and your future.
And being your true authentic self, regardless of what other people think about you, over the course of your life, I promise you, you will draw people like-minded to you and develop lifelong friendships because of it.
Just because at this young age, maybe it's not hip to be a conservative and so on and so forth.
Just be true to who you are.
And you don't have to talk politics with people that are just going to argue with you, don't like you, or disagree with you, or not want anything to do with you.
I've told my kids this many times.
If I cared too much about what other people think, I care what my audience thinks because I do the show for you.
I do this.
I do my TV show for you.
But if I care too much about other people and what they thought of me and whether they may not like me because I say something they don't like, I don't care.
I'm way past that point in my life.
I don't give an atom shif what people think about me.
But it's important to me that I be my authentic and true self to the best of my ability.
And if you can do that at this young age in your life, you're way ahead of your peers.
Okay?
So stand tall, stand strong.
You know, don't buckle, don't cower, and you'll see.
It'll draw dividends down the road that you can't even imagine today.
Yeah, and I'm in my high school as young Republicans club, so I'll definitely be staying there until I graduate.
Absolutely.
All right.
Good luck, my friend.
Stay in touch with us.
Let us know how it works out.
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