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April 11, 2024 - Sean Hannity Show
30:47
Proof of Failing Economy - April 10th, Hour 3
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This is an iHeart Podcast.
Coming up next, our final news roundup and information overload hour.
All right, news round up information overload hour.
We'll get to your calls this half hour.
Toll free, it's 800-941 Sean.
So Joe Biden meeting with the Prime Minister of Japan today, holding a joint presser.
And in spite of the horrific economic inflation news that came out yet again today, Joe Biden is living in La La Land.
No one no wonder why poor David Axelrod can't handle it anymore and thinks that it's the dumbest thing, dumbest political move he's ever seen, and that is Joe Biden telling people uh something that they all know is not true.
He's been blasting Biden's attempts to a tout a strong U.S. economy, and he says it drives him crazy when he does it because everybody knows it's not true.
We're living in a a real we're living in reality.
He's living in an alternate universe.
Listen.
Well, I do stand by my prediction that before the year is out to be a rate cut.
This may delay it a month or so.
I'm not sure of that.
I don't we don't know what the Fed is going to do for certain.
But look, we have dramatically reduced inflation from nine percent down to close to three percent.
We're in a situation where we're a better situation than we were when we took office where we inflation was skyrocketing.
And we have a plan to deal with it.
Whereas the opposition, my opposition talks about two things.
They just want to cut taxes for the wealthy and uh raise taxes on other people.
And so I think there they have no plan.
Our plan is one I think is still sustainable.
That's just a big lie.
Cut taxes for the wealthy, eliminate Social Security, take away Medicare, you know, all the lies that we always get in pretty much every election year.
This now is Biden's inflation numbers now, the third month in a row, year over year.
We are up a whopping 3.5% in terms of the consumer price index or consumer prices.
That means, yeah, from a year ago, you're paying another three and a half percent on top of the thirty-nine percent uh increase that we've experienced over the last four years.
So what he's saying is just outright lying.
So the numbers have been rising for the third month in a row, and maybe somebody ought to tell Joey that, yeah, the next opportunity would be June uh to see a rate cut from the Fed, and I don't think that's gonna happen.
That would only then leave September in terms of a possible rate cut uh before the the presidential election in in 2024.
But most economists, and we've been quoting Jamin Jamie Dimon quite a bit on this program, uh, they are saying that it looks like things are gonna are are not getting better.
They expect interest rates will go up.
Inflation already has gone up.
Uh it is another month of of hot price gains, higher than quota expected.
So you got inflation back up, you know, month after month, year over year, and energy prices simultaneously are surging.
That's not good for the American consumer.
Uh the Dow took a tumble upon the news uh that in fact it came in higher in terms of the the numbers that came out today, inflation rising three and a half percent higher than last year.
Uh they took a pretty big hit right out of the right out of the gate when uh when the stock market opened today.
Not that that is the most important barometer to me, because for many people it doesn't even mean a thing.
And even the big job numbers that they were they were, you know, heralding last week.
Now that we actually do a deeper dive into it, Zero Hedge has done it, Axios has done it, we have done it.
And what do we learn?
Most of the jobs ended up being part-time and for illegal immigrants.
Whoopsie Daisy, not American citizens.
Anyway, so there's that huge catch in their quote jobs report, which I've inevitably inevitably will be revised downward anyway, because we've proven that point again and again and again.
And this idea that well, that they their plan is to give tax cuts to the rich and tax poor people.
No, the people that have been impacted the most by Joe's economic policies have been poor and middle class Americans.
Rich people now are just scared to death that that things are getting so bad they may one day have to take a pass instead of moving to a low tax states like Tennessee, Florida, Texas, and etc.
Now they're getting second passports according to CNBC.com.
Anyway, E.J. Antoni is with us, a public finance economist at the Heritage Foundation.
Uh, sir, great to have you back.
Thank you for joining us.
And uh, you know, is there anything I'm getting wrong here in my analysis?
Sean, this is absolutely spot on.
I think you're right, and I just want to emphasize as a monetary scientist how incredibly not just frustrating it is to listen to Biden pressure the Fed into trying to cut rates when we still have inflation much too high.
But I mean, this is absolutely appalling.
How dare he try to do that?
I mean, he's just flat out lying to us.
I mean, listen, I I feel, and it's just my gut, just my instinct.
I think the stock market's headed for a major correction.
I can't predict you can never you you can never time the the market.
If you try to do it, it's never gonna work.
Uh I understand that, but I've never had a strong appetite for the stock market.
I think the American people often are the last to know what the trends really are.
I think the people on the ground tend to have a big advantage.
Maybe that's just the s suspicious part of me.
I've always believed more in bricks and mortar as a better investment, at least for my personal peace of mind.
However, recently, I have taken all of my retirement accounts, whatever I have, and I have moved every penny of it out of the stock market and put them in one or two year treasuries that are yielding what five point one or two percent.
And I've you know, my close friends that ask me, I tell them what to do.
I don't tell my audience what to do.
I tell them what I'm doing.
Uh they have to make their own decisions and talk to their own advisors, but that that's that for me, I'll I'll take five percent every day rather than risk it, you know, a major hit at the stock market or a third percent, you know, a thirty-three percent drop or worse.
Well, Sean, one of the big things we have to remember whenever we're talking about investing in the stock market, because it is so volatile, it's a roller coaster.
And who gets hurt when they ride a roller coaster?
The people who try to get off in the middle.
And that's why what what you're talking about when when the little guy tries to time it, he typically times it wrong and ends up really losing a lot of money and really getting hurt on that roller coaster ride.
So if you're gonna be in the market, you gotta be in it for the long haul.
Otherwise, you're always gonna end up making that mistake, or at least chances are you're gonna end up making that mistake.
But you know, look, I I hear you on on wanting the this flight to safety.
A lot of people are moving into treasuries.
A lot of people are are moving into gold, which has been setting record highs almost on a daily basis recently.
And it all goes back to the fact that there is not a lot of confidence in this economy because there's not a lot of confidence in the man at the helm.
Well, I think then that's the point, and I don't think he's gonna change it.
Now he's been talking about the f the Fed is now because of rising inflation and consumer price index and wholesale prices, etc.
Every indication is is that inflation is hot.
Uh, you heard the comments of Jamie Dimond, uh JP Morgan Chase, and and he's saying inflation he expects to continue to rise and interest rates he expects to continue to rise.
Uh Biden had been hoping for a rate cut and a soft landing.
There's not many economists that I know that think we're gonna get the soft landing or maybe even any rate cuts.
Uh Joe seems to think it might be next month, but that won't be decided, correct me if I'm wrong, until June.
And if the inflation continues to rise, that will guarantee that no cut is going to occur.
Maybe an increase could occur, and then the only other opportunity before the election would be September.
Is that correct?
Right, Sean.
And and in terms of what the Fed should be doing, I mean, look, inflation stalled out at over three percent months ago.
It's not as if this is a a one-time blip on an otherwise perfect downward traject trajectory.
We have not been trending towards two percent.
Period.
And if you look at the monthly inflation data and you go again, month by month, and you look at how much prices have been increasing in real time, it was clear that we were never trending towards two percent.
So the idea that somehow we could be talking about rate cuts right now, and it's absolute nonsense.
If anything, rate hikes should still be on the table, again, because we're not getting inflation down.
Well, and that's and and that's the only way that it's gonna happen.
And if they make this the mistake and and pass chairs of the the Fed have made this mistake.
If they go too early in terms of rate cuts, then inflation usually begins to soar uh even higher than what it's doing right now.
But a three and a half percent increase from last year, this month, and and three point two percent increase from last year, year over year, uh last month.
I mean, that that that's showing us that the economy's not inflation is not under control, that things are getting worse.
The American people understand it.
I think that's why David Axelot is so frustrated because he knows darn well that the sixty percent of Americans, and you know them that a living paycheck to paycheck, uh, and many people having to put bare necessities on credit cards uh and people tapping into their pensions at very very high rate of per and percentages of Americans are doing that.
None of this is is indicative of an economy that is healing or growing or changing, or inflation is is now under control, just the opposite.
Sean, it's absolutely right.
And so much of this can be traced back to failed public policy.
Look, when the government is going to spend and and rack up these multi-trillion dollar annual deficits, the treasury is having to increase their auction sizes.
In other words, they're having to sell more and more of those treasury securities at higher and higher rates.
They they had a uh an auction earlier today for ten year treasuries.
It was horrific.
I mean, absolutely terrible.
By the way, I think it was four point four, four point four nine seven percent of I'm not mistaken.
I think I think it ended up breaking four point five actually by by the time they they sold the last of them off in the auction.
I mean, these are terrible numbers.
The cost to to service it's terrible numbers for the government.
It's it's actually I'll take five percent in this economic environment every day of the week.
It's and that it that's now a matter of well, I guess it's a strategy of wealth preservation first, isn't it?
Well, it is, Sean, and that five percent sounds really good at first, but here's the problem.
Where is the government getting the money to pay all of the interest on the debt?
It's over a trillion dollars a year.
That money is essentially still being created, which means it's still fueling inflation.
And so this is where you can get into that very dangerous debt spiral where the government is printing money to pay for the money that it previously printed and borrowed on.
And so the fact that we're still paying more and more and more every day to service the debt means that we're gonna continue to have hotter and hotter inflation.
In other words, the money you get repaid for letting the treasury borrow that money, the money you get repaid is going to be worth less maybe than what you actually originally lent them.
All right, quick break more on the economy with EJ and Tony, who is with us.
800 nine four one Sean is on number.
We'll get to your calls, your comments coming up straight ahead as we continue.
We continue with EJ and Tony talking about the horrific uh inflation numbers that came out today, up three and a half percent year over year from last year, uh following last month's three point two percent year over year increase.
Okay, this is your world.
You live in this this economic uh information world where you're being inundated with data every second, every minute, every hour of every day.
Okay, let's talk to the the average person in this audience that is not immersed in that world, but yet wants to navigate through these tough economic times.
What do you suggest that they do?
Uh for example, do you think I made the right choice pulling my money out of my retirement accounts, the the part of that money that was in the stock market, expecting that uh correction is inevitable and putting it in one or two year treasuries five point one or two percent?
Was that the right move?
What do you tell people that are struggling to make ends meet on a monthly basis?
The only two things I can think of is spending less and and also bringing in more income somehow, some way, and I think most people are overworked at this point.
I'm not sure if that's a possibility for many people.
Sean, Sean, you're right.
I think that's a very good formula.
You need to get your expenses down and you need to bring in more income because you are being taxed more.
That's what inflation is.
It is a hidden tax.
This is the equivalent of the government uh increasing taxes annually by a trillion dollars or more.
That's what's happening with these high inflation rates.
And so how how do people get by in that circumstance?
Like you said, you need to essentially cut back your expenses because the government's a gonna spend for you, basically, and you need to increase your income.
From an investment standpoint, I think you need to let history be your guide.
You need to look back at periods like the late 1970s, even the early 1980s, when you had stagnant economic growth, but also very fast price increases, and you need to see okay, what did what did best during those times because chances are it's what's gonna do best today.
Let me ask you, so are you uh I'm thinking more and more as I read every day that stagflation is a reality.
Do you believe that?
And can you quickly explain it to the audience?
I I do think it's a reality, and in a nutshell, what it is is it's the combination of these continuously high rates of inflation, prices keep going up and up, with economic growth getting lower and lower.
And so the government, as that continues to grow, the private sector continues to shrink.
It's a very deadly economic formula.
One that appears to be headed our way, doesn't it?
That's sad.
Uh anyway, EJ and Tony, we always appreciate you being with us, my friend.
800 941 Sean, if you want to be a part of the program.
I uh we'll show this tonight on Hannity.
If uh if you miss this, it's it's a pretty incredible moment.
So President Trump is in my old stomping grounds from the early to mid nineties, which was Atlanta before I went up from Atlanta to start on Fox News when it first went on the air.
Uh I loved I lived in Roswell, Georgia, but I loved Atlanta and uh great city, great people.
And anyway, so while the president was there, although I would have told them to stop at the varsity.
Now my team laughs because every single city and town that I go to, I have a place that I like to go to eat.
What do you have?
And I I'm not saying that it's the healthiest food at the varsity.
But their chili dogs, their onion rings are just beyond.
If I land anywhere near the varsity in Atlanta, I am going straight to the varsity.
Have I take Linda have you ever been to the varsity with us?
I actually where's that?
Yeah, but you're never any fun whenever we go out to eat because you'd like, no, I'll I'll I'll wait in the car.
No, I'm not sure.
First of all, I'm good.
I don't first of all I have my disgusting puke green shake.
You guys not crap, it's delicious.
Nothing like that.
Well, only only on special occasions when I'm like visiting friends in Atlanta.
It is not cra it is delicious.
All right, let me let me retract that statement, because I don't want to make anybody think that I think it's crap.
When I say crap, I mean like I can't even.
The fact is no, stop backtracking.
You think it's crap.
Well, I think it's crap from fried food.
That's correct.
Okay, and you drink these disgusting puke green and and putrid orange shakes that are repulsive.
It is the actually switched, I switched a little bit.
I'm I'm doing um I'm drinking uh oh, what is it called?
Chiobani protein drinks.
So they're a little bit less gross.
I think it's a twenty grams of protein a bottle.
I t I take my eating very seriously.
Um I'm mostly keto friendly, very high in protein, but occasionally I like to splurge.
And if I'm passing the varsity, and you should, and you should like chick-five.
I I love Chick-fil-A.
It's the only fast food that I eat, but I don't eat it that much.
But the kids love it.
And I love that Trump was there.
I love it.
I can't believe that you actually relent and let poor Liam have some real real chicken and French fries.
Well, you know why?
Because I go in, they give you like the little pamphlets in my local one.
About five people from my church work at our local one.
You know, you're going, How you doing today?
You know, all the good things.
Yeah, but I can't believe it.
They they still fry some of their food.
I hate to tell you, it's not air fried chicken, and it's not air fried chicken nuggets like you make at home and air fried French fries like you make at home.
It's not definitely isn't, but it tastes good.
I'm the one that turned Liam on to the real world.
And and Liam, you know, he he loves the fact that I I turned them on to McDonald's French fries.
He does he love those fries.
I will have to admit he loves all of the fries.
I know.
Uh-huh.
And you once swore to me, no, he really loves my air-fried friends fries better.
He does.
Well, he'll take it.
Oh, yes, it is, because he told me on this radio program that he prefers McDonald's fries over your fries.
No, that's not true.
No, it fake news.
It is a hundred percent true.
That's not.
Anyway, President Trump was in Atlanta, stopped by Chick-fil-A.
And uh uh predominantly African American crowd, and they love Donald Trump.
He was buying shakes and and stuff for the crowd.
Listen.
You see here.
Oh, I'm here to meet you, Mr. President.
Thank you very much.
Yes, and we've also knocked doors for you in the past or your past reelection bid, and when you ran the first time.
Yeah.
I was interding for the G A G O P at that time.
Oh, yeah.
Doing a lot for your tax credit reform bill and everything like that.
We can hear those colleges.
Sure did, sure did.
My better than Bobby B. This is so many this is more house.
This is more what the media tells you, Mr. Trump.
We support you.
Okay, four PF.
We've been four PM.
Come here, let me give you a lot of things.
Thank you, Speaker.
That's really nice.
The black colleges, universities, they're taken care of now.
And she understands it.
A lot of people don't understand it.
Biden did nothing for them, and I think I did everything.
Anyway, and I thought that was just pretty cool.
The president bought stuff for everybody in the restaurant.
It was just a great moment.
You know what's great about this moment?
Can I just say one thing?
I just need to comment on this.
First of all, I watched it in real time.
You know, he gets he gets to Atlanta, he gets off, you know, his his plane, he's talking to the people, he's signing hats, he's doing all the things.
Then he gets to Chick-fil-A, gives a quick statement, takes tons of questions from the reporters, answers them, you know, with a fully coherent sentence, you know, all the right punctuations and grammars, and everything's working great, right?
It's so nice to hear somebody speak like that when you're used to hearing Biden try to like talk for like 10 seconds.
And then totally impromptu, he's got like, you know, this moment with these people, and he's like, hey, you want milkshakes, you want chicken?
And they just start talking to him.
We love you.
It's this is all nonsense.
We think you're awesome.
Like, it's not scripted, it's not fake.
You know, they love him.
And you'll never see this footage on the mainstream media.
They're not gonna show it because they are scared to death of that.
I'll show that video on Hannity tonight in honor of you.
How is that?
That's perfect.
It's like a French ride.
Yeah, I I give and I give and I give.
All right, Joe in LJ, Georgia saw this in real time today.
Uh Joe, how are you?
Glad you called, sir.
Sean, doing great.
Great show as always.
And I just want to say that I bought some Trump stock.
I believe so much in Donald John Trump's that I bought some stock, and I think he's gonna be elected, and I think your great radio and television show will contribute to a landslide victory for Donald Trump.
And I appreciate all you do for the taxpayer, and let's get Trump elected.
Well, we have just 208 days to go.
It's it's gonna it's gonna flash right before our eyes, and I'm praying for the future of our country because everything is on the line.
That's why Joe Biden is so desperate.
Anyway, Joe, we love you, man.
Appreciate it.
Carl in Texas, the free state of Texas.
What's up, Carl?
Glad you called, sir.
Hey, Sean.
Wanted to talk to you for just a second about term limits.
Um it's always been my understanding that the Founding Fathers intended to have citizen politicians that came to Washington, served the people that elected them, then they went back to their family and farms.
Uh at that point, no amount of time was determined.
There weren't term limits.
But you surprised me a little bit last week when you said you hadn't previously uh favored term limits, but now you do.
It's it's been a number of years since that position evolved into where whatever where I am now.
I say it's a bad idea, but whose time has come.
That's how I say it.
And it's a bad idea because I would prefer an informed electorate that would throw these these jackasses out when they did a bad job, and that the election process would take care of that.
Unfortunately, once people get in a position, and this has been my observation over the years, uh, where they're called congressman, senator, governor, etc.
It kind of gets to their head.
I by the way, I've seen it happen on radio and TV host too, so nobody I guess is immune from from a massive egos.
And I don't know, and then maybe they went there with the best of intentions but a lot of them change now if they were only there for four or six years maybe they wouldn't be wasting all their time on on thinking about their own power struggle and re-election maybe they would go and serve the people that they pledged to serve and then you're right then go back home and pick up their lives where they left it I think that might be a better idea right yeah and it might be another way to drain the swamp if they're not
it's easier to drain a swamp that's only a foot deep through term limits than fifty feet deep by somebody that's been there 30, 40, 50 years.
Yeah.
No you raised great points.
Carl we love our friends in Texas buddy.
God bless you man.
God bless Texas.
Chris in Maryland next Sean Hannity show Chris how are you?
Glad you checked in thank you sir yeah I wanted to be a part of the program.
Hey what's on your mind yes sir um hey I was just gonna say that um I don't think that uh we need to be tucking tail and running because of the decision in Arizona I mean that's exactly what Trump said and he said basically to let the states decide you're gonna have some states that are gonna be very uh liberal with this like New York and other states are gonna be very conservative so let it be what it is.
I mean, why do we got to I hear a lot of conservatives are there saying this needs to not stand.
That's a ridiculous argument.
Kind of like every time they have a chance to do something with the border, the chamber of commerce comes in and puts a kibosh on that.
Same deal.
Well, here's what I think Republicans ought to do.
And what you're talking about, and we hit on it earlier, is the Arizona Supreme Court ruling that the 160 year old near total abortion ban is still on the books in the state and it's still enforceable.
And a lot of observations of people is, oh, this this could be a game changer politically and it would help the Democrats.
My advice is very simple.
The Republicans have a majority out there in both houses.
And both chambers.
And what they need to do is change the law immediately.
They don't have big majorities.
And I know there are going to be some some Arizona state legislators that maybe feel that it goes against their principle or or or maybe that their constituents will be angry and.
and I I don't care.
That what they need to do is go on offense and that would be forcing the Democratic governor Hobbs to sign a bill that says no late term abortions no abortions based on gender or race and find a point of of viability restriction be it first trimester or like Dobbs 15 weeks and that would undermine the narrative that is being set.
If it comes down and it's going to be a total ban on and total restrictions on abortion on demand they will lose the House and they Donald Trump will be at a in a big way responsible for losing this uh will be very likely to lose that state it becomes that much harder.
Let me let me just add one thing and this might surprise a lot of people I learned this from Arizona Attorney General Burnovich and you know Barry Goldwater's wife started the first planned parenthood clinic out in Arizona and he he rems talking to Barry Goldwater about it.
And you know it's it look that this in my view has to be done.
Republicans in Arizona listen very closely to your friend Sean Hannity.
Get your Adam shift together and get the job done.
Pass a bill that is in keeping with the values of the people of your state this 1864 enforceable law is not in keeping with the the sentiment in the people of Arizona and otherwise you will be blamed and you will all lose your jobs and that means all lose a chance to do anything that would be good for the country and for your state.
That's my humble unsolicited advice okay anyway appreciate the call 800 nine four one Sean if you want to be a part of the program uh let's say hi to Greg is in Maryland.
Greg, hi, how are you?
Glad you called sir.
Sean Hannity as you know you are the the great American and our generation's Ronald Reagan Well all right I I I think you're overstating it a little bit.
You know what I am?
I'm a grateful former dishwasher, house painter that gets to do the job I love every day, and and it's all because of you.
And we work hard at it to do the best job we can do on radio and TV.
And I I'm grateful.
Thank you.
Well, I'm going to get right to it for you today.
Um, number one, I've, you know, obviously everything that's going on.
Um, you know, last time I think we spoke about maybe trying to win Maryland.
Um, I ended up being inspired, and I called David Bobsey two times, and I was able to get him on the cell phone, and he confirmed direct from Donald Trump himself that you know we're we're obviously gonna fight hard in Maryland, but yes, the the climate's tough here.
Uh definitely fighting like crazy for Pennsylvania and Virginia.
I've got strong ties in Virginia and close to Pennsylvania, so I'm still kind of optimistic we can get a Tannity uh Hannity Town Hall, maybe in Pennsylvania, and possibly even get Governor Yuncan involved in Virginia.
Let's let's let's go for it.
Let's win these two states.
And let me deal with Maryland.
I'll I'll do the uh yeoman's work of trying to.
Listen, if we pull off Maryland, that would shock me.
Uh, I think Virginia is a very hard state for Donald Trump to win, especially because of the population growth in Northern Virginia, mostly bureaucrats working uh for government.
Uh, they probably don't want Trump.
And I would think that, you know, Pennsylvania is always, always, always a hard state for a Republican to win.
It just is.
Anyway, appreciate the call, my friend.
800-941-Shawn is our number.
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All right, that's gonna wrap things up for today.
Hannity tonight, set your DVR, 9 Eastern on the Fox News Channel, Senator Ted Cruz, Jim Jordan, Tommy Larren, Mark Penn, Dr. Ronnie Jackson, Brian Brenberg, and David Asman on the horrific economic news today of Biden and all the news you'll never get from the media mob.
Fox News, set your D VR, 9 Eastern, Hannity.
We'll see you tonight, back here tomorrow with only 207 days to go till election day.
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