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July 26, 2022 - Sean Hannity Show
33:38
Demand for Help is High - July 26th, Hour 1

The economy is falling considerably and groups are begging for help more now than ever. Sean has the latest economic numbers!See omnystudio.com/listener for privacy information.

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If the technical definition is two quarters of contraction, you're saying that's not a recession?
That's not to take no that's not the technical definition.
In terms of the technical definition, it's not a recession.
The technical definition considers a much broader spectrum of data points.
What is exactly the White House's definition of a recession?
Again, we don't we don't def I'm not gonna define it from here.
But I don't think we're going to uh God will think we're gonna see recession.
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America.
Day number 346.
And day 359, since Joey, your president promised that uh he wouldn't abandon Americans, green card holders, our Afghan allies, and billions of dollars and in the most sophisticated military weaponry technology in the world, but here we are coming up on the one-year mark, and everybody pretty much has turned the page except for us and obviously the families.
They're scared to death about their family members.
Um we played a lot yesterday.
The administration is panicked.
They are in a full on panic.
Uh the Atlanta Fed is predicting a contraction in the second quarter, meaning negative growth of the economy of 1.6%.
So they're trying to get ahead of this, and they keep it's not the technical definition of a recession.
It it's every definition of a recession.
Recession is defined as two consecutive quarters of economic growth.
Quarter number one, we were minus 1.6%.
Quarter number two, if the Atlanta Fed is right, means we'll be in negative territory again.
Is it 1.6, 1.5, maybe 1.0, I don't know.
But the bottom line is it is by anybody's rational definition, a recession.
And but they're all going out there.
So it's not the technical definition, not the technical definition.
Joe, uh Biden this week.
We're not going to see a recession.
They're just lying to us.
Here's one interesting is as we get into the real impact of all of this.
I want you to understand one thing that the Epic Times is the only other place that I know is that has talked about it.
We've discussed it in the past.
All right, so they inherited 1.4% consumer price index.
Oh, and I forgot to mention consumer confidence came out today.
You know, is is now uh, you know, at a three-month low again.
How can anyone have any confidence in the economy?
Record high gas prices, you know, 41-year high of inflation.
Joe Biden said, oh, that we've we've hit the worst of it.
That was back in December.
It at seven percent.
Now it's 9.1%.
It's inflation is only transitory.
I mean, they keep moving the bar left, right, and sideways.
Steve Moore, who'll join us later.
You know what?
We have to redefine everything.
Now we're just gonna redefine what a recession is because their economic and energy policies have failed so miserably.
Just like, oh, now we're going to redefine what's peaceful.
What do you mean what's peaceful?
How do we define war?
Well, it might just be a minor incursion.
What's a minor incursion?
Define a minor incursion.
What's the definition of a woman?
We have to now debate what is a woman now.
Can actually asking questions in Congress.
Can men get pregnant?
Okay.
Maybe I didn't learn that in my biology classes.
Maybe someday they can, as of now, according to my knowledge, no.
What's the definition of border security?
Because Mayorcus keeps saying the border's very secure.
No, it's not.
What is transitory mean?
Well, that could mean over a period of years, because that's what transitories become.
You know, government never spends your money.
They invest your money.
This is all investment.
We're investing in our future.
You know, just like, you know, we're transitioning into an energy form that doesn't exist at the capacity that could run our economy at a cost point that would be doable, viable for anybody.
We're 20.
When we talk about transitioning away from fossil fuels, you're talking about decades before they can ever achieve this insanity.
You know, I'm going to eliminate our our addiction to fossil fuels.
Joe Biden, look me in the eye.
I'm going to eliminate it.
Well, he didn't say he said eliminated.
He just meant eliminate it domestically.
Because he has no problem doing business with Russia.
Last year they imported 684 million barrels of oil, a million barrels of oil from Iran.
We haven't done that since the 90s.
Nobody saw it until we picked it up somewhere.
Now he's willing to do deals with, let's see, Iran, another dumb, stupid, idiotic deal that's only going to embolden empower and make them rich.
He's already made Russia rich.
Now he's going to make Venezuela rich again and pull them out of the economic doom and gloom they've they've put themselves in.
So much for collectivism, socialism, authoritarianism doesn't quite work, does it?
Now he's going to make Saudi Arabia even richer.
OPEC nations even richer.
You know, there's a story out today.
Russia announced, and you would think we would have learned from the mistakes of NATO allies and Western Europe.
Because they all made the mistake.
They gave in to environmentalists.
Now we discovered through reporting and read numerous reports that environmental activist groups in Germany were funded by Russia and by Putin.
Why?
So that they would mothball, which they did, their coal-fired plant for their electric grid, and then they would do exactly what America's about to do and what America's doing.
And that would be end their own independence on energy and rely on Vladimir Putin.
They were making Russia rich again.
Billions of dollars in energy deals with Germany.
Now, now Germany pissed off Russia because they've helped out Ukraine after the invading of an invasion of a sovereign country by Putin.
Anyway, so Russia's, you know, uh Russia said Monday that they would further reduce their natural gas flow.
In other words, they're shutting off the spigot through Nord Stream 1, that pipeline to Europe to 20% of capacity.
They had already cut it down to 40% capacity.
And the Russian state-owned company tweeted they're going to reduce the daily uh output of Nord Stream 1's pipeline to Germany to 33 million cubic meters as of Wednesday.
As of tomorrow, the head of Germany's network regulator confirmed the reduction.
So they basically have now cut in half the nom the Nord Stream 1 was announced, but they had already cut it to six by 60% in mid-June.
So they're only at 40% of what they had been prior to Russia's invasion of Ukraine.
Now, what's the lesson you should learn there?
Don't rely on hostile regimes for the lifeblood of your economy.
We have hundreds of years worth Of oil, gas, and coal available in this country.
We are an energy rich country.
We shouldn't rely on Russia, Iran, Venezuela, Saudi Arabia, or OPEC.
It's in our best national security interest to remain energy independent.
It'll reduce, it'll create high-paying career jobs for millions of Americans.
We could be so filthy rich we wouldn't have to worry about the inflation that Biden's causing.
Because we could sell all our extra natural gas, we can produce it at it at a level we've never done before and send it over to our allies in Western Europe.
We'll make a fortune.
We will make well this cut we'll be we could cut taxes to next to nothing.
But of course, nobody's smart enough to do that.
That's not gonna happen.
We're just gonna make the same mistakes that Western Europe made.
Anyway, but if we used just as a matter of fact, and the Epic Times is the only other place that has pointed this out.
Now, we've been pointing out if you're an individual, Biden's inflation is costing you $3,400 a year.
We've also discovered if you drive a car to and from work, on average you're paying about another two grand a year because they've doubled the gas prices.
Well, gas prices have come down.
It's still double what we were paying.
Anyway, so they inherited a CPI consumer price index of 1.4%, the measurement of inflation.
Now where it's 9.1%.
Um what's fascinating about this, and Trump actually made this point when he gave his speech over the weekend in Arizona, Friday night in Arizona, that if we used the inflation calculations the way we calculated it in the 1980s, we'd be over 17%.
In other words, when calculated according to the same methodology that the U.S. government used in the 1980s, inflation would be at a 75-year high of 17.3%.
So they're correct about that.
You know, Trump also said he believes the country's facing a much bigger problem than a recession.
Americans now face a combination of high inflation, slow growth that's known as stagflation, and they better brace for even far worse consequences.
You know, what bothers me, and anybody, any of you out there that have kids, you know exactly what I'm talking about.
Every kid is going to do stupid stuff.
My kids would do a lot of stupid stuff when they're young, right?
All right, when they do something stupid, all right.
Hey, did you just didn't I tell you not to eat that cookie?
I I didn't hear you.
Okay, whatever.
Don't lie to me.
Because you're not going to get in trouble usually for what you did.
You're gonna get in trouble when you start lying to me.
Then it starts pissing me off.
I used to say to my kids all the time, you're insulting my intelligence.
You're not good at it.
They're not just not as street-wise as I was.
I don't know.
Anyway, but their efforts to now spin away and lie about the bad state of this economy.
I mean, it's breathtaking to watch this.
You know, the Bureau of Economic Analysis, you know, that when we get the GDP numbers in the second quarter, if the Atlanta Fed's right, we're going to contract 1.6%, just like in the first quarter, they're trying to say that technically doesn't constitute a recession, even though it's the standard interpretation and definition of a recession.
Well, they're saying the technical definition of a recession is not too negative quarters of growth, insisted Biden's economist Brian Deese on Monday, citing the National Bureau of Economic Research's broader characterization, quote, a significant decline in economic activity that is spread across the economy and that lasts more than a few months.
No, that's not the definition.
Treasury Secretary Janet Yellen got the talking points, Joe Biden got the talking points.
Every Democrat now has the talking points.
Later we'll play in the program NYU economists.
Now, Noriel Rubini, and some people call him Dr. Doom, but he was right in 2008 in his prediction of the financial collapse that happened.
And he says anyone even expecting merely a shallow downturn is delusional.
A play is cut coming up in a little bit later.
And he's saying prices have declined an average of 60 cents on gasoline.
Okay, that's from their $5.25 high.
Okay, but you're still paying twice what you were paying when Donald Trump was president and when Joe Biden first became president.
You know, so the bull Never stops.
Last month, you know, Biden called the U.S. economy the fastest growing in the world.
They just make this atom shift up.
They're full of it.
None of which is true.
You know, we're now living in this bizarre world where up is down and down is up and white is black and black is white, et cetera, et cetera.
We are in a recession.
Corrine Jean-Pierre sounded idiotic.
You know, and by the way, just ridiculed for claiming economic indicators don't show a recession or even a pre-recession.
Oh, there's an economic genius for you.
I'm to I believe Rubini's right.
Any prediction for a mild recession or a soft landing, as they call it, is delusional.
And just look at all of it.
You know, there's so many anecdotal instances for that.
I'll go into it with you.
Now, I've been predicting, and I stand by my prediction, and I'll go into more detail in this hour about my prediction.
Democrats claim they care about working men and women.
Who's getting clovered the most?
Poor people, middle class people, people on fixed income, the elderly.
You know, is here's the story.
I read the story about a flushing meadows, Corona Park, Queens, New York guy.
I I grew up with either good humor ice cream trucks or Mr. Softy ice cream trucks, which was soft serve, if you like that.
And, you know, and they talked about this guy, guy's name's Jamie Cabalza's name.
He would always have a line of customers, you know, milkshakes, vanilla, soft serve, strawberries.
Um my favorite was a vanilla walnut sundae with wet walnuts, extra wet walnuts, and chocolate syrup.
I don't know.
I'm I don't have the sweet tooth I used to have, I'll tell you that.
Anyway, he, you know, some kids would get the sponge bob square pants, you know, uh popsicles, whatever you call these things, whatever.
But now he says the crowds are becoming rarer because all across and vendors across the country are now having to charge a lot more because it costs a lot more.
They gotta run their freezers and they run them on fuel.
And so the high price of fuel is feeding their inflation.
You know, you might not think about the guy that serves ice cream, the ice cream man.
Ice cream, I'd hear that either the music or the the guy ringing the the ice cream truck bell on the good humor truck as a kid.
I couldn't be happier.
Dad, please, dad, please, please.
My father loved good humor toasted almonds, so usually odds were pretty high because he wanted one, we'd get one.
Anyway, but owning an ice cream truck would be a pretty lucrative proposition for these guys.
They work hard, and it's a seasonal job for a lot of people, but the diesel that powers the trucks is over seven bucks a gallon.
Vanilla ice cream now costs 13 bucks a gallon.
Uh 25-pound box of sprinkles now goes for 60, double what it used to cost a year ago.
So people are looking at the they they can't even keep up.
Now, who's thinking about the ice cream truck driver?
The guy the guys that we love growing up.
When they came, happiness came with them.
Holding them accountable.
Sean gets the answers, no one else does.
America deserves to know the truth about Congress.
All right, 25 to the top of the hour.
So we're getting three days now in a row of bad economic news, consumer confidence down today.
Um, but that's just the obvious one.
Now we'll get the Fed announcement tomorrow.
And we're not, we expect, I don't know, 75 basis points, three-quarter of an interest rate increase.
Um, so we'll see what happens, and and it should get pretty interesting.
Uh, but it's none of this is good for anybody in the economy.
Unemployment is going to rise as a predictable result of that.
And it's it's it's this is going to be a long haul.
This is not gonna be a soft landing, as they say.
You know, I I mentioned this guy, the people that sell ice cream, you know, ice cream truck.
How many people, Linda?
Do you have an ice cream truck come by your house?
You might even where you live, you might even still have them.
Do you have them?
Yeah, we do.
We got Mr. Softy.
Yeah.
I mean, and they play that music that sticks in your head.
I hate the music.
I prefer the bells on the good humor truck.
There's a guy I know in my town, he has an old good humor truck.
I want to buy it from the guy.
Just I don't know why.
I just love it.
It made me happy.
Is that your next one?
But Dad, please, Dad, please.
I could see you doing that.
Are you kidding?
I was unrelenting.
Just to shove me up.
No, I mean having your own ice cream truck and going around selling ice cream.
No, I didn't actually I would just give it away.
I'd love that.
That'd be fun.
Probably people would think I'm crazy.
But it brought me happiness.
It brings everybody happiness.
Ice cream's awesome.
But look at what's happened.
The Wall Street Journal has a piece out today, and maybe maybe many of you don't care about.
It says the headline is the upper middle class is getting squeezed.
So we know the poor are getting crushed.
High gas prices alone are crushing them.
And people are making decisions, changing their eating habits.
We've gone over all of this because of Biden's inflation.
They cannot afford it.
Credit card debt is going through the roof.
Remember the repo man we used to hear so much about over the years.
Yeah, repo is back.
Meaning they're repossessing cars at unprecedented rates.
Like rates we haven't seen in a long, long time.
And those are just some of the headlines today.
I'll go through them all for you.
So the upper middle class is getting squeezed.
They're getting killed.
They have money in their 401k.
If they have money in the stock market, that's getting killed.
They invested in crypto, that's getting killed.
If if you know, many now, if you're in the banking industry, the investment sector, there's gonna be a lot of layoffs probably coming down the line.
You can see that happening.
There's a report in the hill today.
Half of older Americans cannot afford essential expenses because of these policies.
This is all self-induced.
So much of this could be solved and resolved if they would just snap out of their indoctrination into their climate alarmist cult.
They need to be deprogrammed.
Because fine, I'm all for I'm an all of the above energy guy.
Come up with cheaper, cleaner energy.
I'm in.
Count me in.
I want to save as much money as I possibly can.
If we could produce so much energy that we can provide all of Western Europe or Europe's needs and get them so they're not relying on Vladimir Putin anymore.
That's that that's what has a double whammy effect.
We bankrupt Putin.
He won't be able, I guess he'll sell his energy to India and China, but at least he won't be holding our allies hostage, their economies hostage, which is what he's doing now.
Rising inflation coupled with higher cost of living have put strange strains on many American purse strings.
Estimate University of Massachusetts, Boston, Elder Index Detail, the toll cost of the cost of eight of aging on the nation's elderly residents.
They don't have the option of going back to work, many of them.
More than half of older women who live alone are classified as poor under the federal poverty standards or have insufficient incomes to pay for essential expenses.
Forty-five percent of men share the same financial situation.
Well, what are we gonna do?
We're gonna put 85-year-olds back in the workplace.
That's unrealistic.
It's not gonna happen.
Now, by the way, if you can find a new car, you're paying way above MSRP.
There's a Fox Business article today.
Used car prices have jumped by an average of $10,000 per vehicle.
Now my lease ran out.
They couldn't get me another car.
So I bought the car.
Okay.
Bought the car.
I'm told I could sell this car and make tens of thousands of dollars.
My my sensei, my Mixed martial artist teacher, you know, he's a motorhead.
He has motorcycles, he has cars, he loves everything.
And he's a total motor.
You know, you can sell that, make this much money.
I'm like, I need a car.
I got to drive here and there and everywhere.
Walmart yesterday put out more alarm bells for the U.S. economy.
They're the world's biggest retailer.
Their stores are a beacon of low prices, kind of like Costco, Target, you know, and corporate culture, famously, you know, they they penny pinch, although they do pay their employees much better than they are ever given credit for.
If anyone was to thrive in the current economic environment, it would have been a big box retailer like Walmart, but yet they warned yesterday on profit for a second time in just over two months.
And as they say it's an ominous sign for the whole consumer sector and the broader U.S. economy, and especially with rising interest rates, a 75 basis point, three quarter point rate hike or full rate of point rate hike.
You know, that that investors are looking for guidance.
Where do they go?
Demand for food banks is surging.
Saw this article today.
Food prices hitting both poor New Yorkers and food pantries that support them.
St. Louis food pantries squeezed between inflation and need as new clients arrive in droves.
I get a I get an update fairly regularly from a friend of mine that helps out at the food pantry in my town.
And I tell him anytime they're they're short, they need something, give me a call, I'll be glad to donate.
And I'm getting more calls than usual because demand has gone up that dramatically.
Local Milwaukee food banks are facing a shortage of food and surging demand.
If you live in Milwaukee, maybe you can help some people out there.
Illinois Valley food pantries, we're starting to feel the hurt.
Vegas food banks experiencing heightened demand amid inflation spikes.
Local Indiana food banks are facing challenges of inflation.
Second Harvest Food Bank in Ohio is suffering amid rising inflation.
I mean, it's happening everywhere.
The economy we are in, Wall Street Journal had a good piece out today.
Their editorial board that the economic mess that we are in.
And now we're about to get another rate hike from the Fed chair.
And he's already getting criticism for the recession that we'll probably find out we're in on Thursday, and the central bank is barely tight in policy, and they're going to find out if Powell had the fortitude to make up the Fed's great inflationary mistakes make up for their great inflationary mistake, which was they were telling everybody it's transitory.
Um, and I don't think I think the time they wasted is is awful.
Used car prices way up, and the repo man is back.
I saw this on Yahoo Finance today.
Another pandemic for pandemic fallout.
Used car prices way up, the repo man is back.
You know, they talk about a guy, a healthcare worker, Cleveland Wishop, landed at Baltimore, Washington International last fall, expecting to retrieve his car and drive home from long-term parking.
Never crossed his mind that he had fallen into one of the economic traps stemming from the pandemic.
His blue Camaro had vanished, the dealer that sold it to him, and you know, the 2010 car, I guess he bought it used a year earlier.
They seized it after he fell just 19 days behind making his August payment.
He says, I was pissed, he said.
In times past, auto dealers, lenders would were a lot slower to retake cars when borrowers fell behind.
Finding and repossessing vehicles was often difficult, occasionally even risky.
But now the the dealerships, they're not waiting because they have such a demand for their cars and they can sell it for a much higher rate.
Housing market chills as mortgage rates and prices scare buyers.
That's the next big shooter drop.
By the way, I saw this in Canada.
This took this grabbed my attention.
A meeting of federal provincial ministers wrapped up on Friday with several uh provinces saying they're disappointed because they're pushing ahead.
You know, baby Trudeau is pushing ahead on fertilizer reduction as provinces and farmers are like dying.
We've had farmers calling this program the price of fertilizer is twice what it used to be.
That's how bad this is.
And it gets worse.
I have more information for you.
Census survey finds 50% of American adults are now having trouble covering just basic uh expenses every month.
Data from the Census Bureau's household pulse survey show 150 million American adults reporting difficulty paying for usual household expenses in the last seven days.
Other signs that are emerging that inflation is altering shopping habits.
A day after Walmart had warned their investors its profit would shrink as rising prices are forcing shoppers to make fewer purchases at their stores.
Anyway, the consumer goods giant whose product line retailer shelves reinforced the message.
On Tuesday, the maker of Dove Soap, Ben and Jerry's ice cream, Hellman's Mayonnaise said they raised price units 11% higher than in the same quarter last year.
Well, nearly half of all Americans, this is CMBC falling deeper in debt as inflation continues to boost costs.
Consumer confidence, I mentioned this earlier, fell to a 60-month low on worries about inflation and the economy.
Well, that's that's that's not even going to be the worst news of the week.
And tomorrow we're going to find out what the Federal Reserve does.
Anyway, from Bloomberg, it points out growth is already slowing in response to the Fed's repeated interest rate increases, housing market is softening, technology companies are curbing hiring, employment claims are edging up, but with inflation proving persistent at a four-decade high, a growing number of analysts say it will take a recession, markedly higher joblessness to ease the price pressures significantly.
Bloomberg survey of economists this month put the probability, you know, up another whopping 17.5% higher than they put it in the month before.
General Motors is now curtailing hiring plans as profits have plunged 40%.
Their net profit tumbled 40% in the second quarter, hurt by a loss in China supply chain troubles.
You know, they're having a lot of problems with these computer chip shortages.
And by the way, you know, they've had a provision in the bill to punish China, but Democrats don't want to do that.
China may drop the dime on the Biden family syndicate.
You can't have that.
By the way, the price of crude oil again yesterday following Joe Biden's failure to get a deal to boost production out of OPEC and Saudi Arabia.
Anyway, U.S. West Texas intermediate August crude oil futures.
It rose to 102 a barrel of oil on Monday, an increase of 4.67%.
Rent crude futures rose to 105 dollars a barrel.
In other words, gas prices, whatever short-term band-aid fix they put in place, it's just it's never going to work.
Yahoo Finance again, difficulty paying bills, tops, pandemic high, and U.S. Census Survey.
And they gave the areas where it's the highest.
And it's pretty remarkable.
Dallas Fort Worth, Houston, Riverside, San Bernardino, Miami.
You know, these are people, households having trouble paying for usual expenses.
Detroit, Atlanta, Phoenix, LA, Chicago, New York, New Jersey, Jersey City, Pennsylvania, Philly, Camden, Wilmington, Seattle, Tacoma, Bellevue, Boston, Cambridge, Newton, Massachusetts, Washington, Arlington, Alexandria, Virginia, D.C., San Francisco, Oakland, Berkeley County, California.
That's all because of Joe's economic and energy policies.
You know, this is all predictable.
New climate regulations threaten Canada's food supply.
Canada's government has set a goal to cut emissions from synthetic fertilizer use by 30% by 2030 without first consulting the provinces on what is achievable or attainable.
They're just, you know, government mandate.
So just like Western Europe has given into environmental radicals and climate alarmist cultists, so has the U.S. and now so has Canada.
The U.S. is about to make the Exact same mistake Western Europe made.
And we're going to rely on hostile regimes run by hostile actors.
Russia now has cut 80% of the natural gas flow into countries like Germany and other European countries, and is now selling their energy to India and China and helping Iran out in any way that they can.
Grain prices are up, are up.
Russia has slashed the gas supply.
Biden feels the Biden officials feel that China may make a move on Taiwan in the next 18 months.
That's kind of obvious.
Just sad because it's all preventable.
Crisis at the border, preventable.
Economic crisis, preventable.
Energy crisis, preventable.
By the way, Biden's hometown of Scranton PA hates them.
They can't even stand them anymore.
He claims it's his hometown.
Climate hysterics vowed to shut down DC if Biden doesn't declare a climate emergency.
I would expect he'll give in to the pressure.
That's pretty predictable, also.
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