its confidence and initially the fed had predicted 3 rate cuts and for 2024 again. but the fad was to see inflation lower to 2 percent before they make any more cap of reducing rates too soon or too much could result in a reversal of the progress we've seen on inflation and ultimately require even tighter policy to get inflation back to 2 percent without those. 8 mortgage rates or at record highs and getting a loan can feel almost impossible. developers are holding new construction. well, business and apartment buildings stand empty. meanwhile, food, groceries, gas, rent, and every other day to day items continue to skyrocket. making only a new home and even having children fill out of reach for some, making the american dream even more out of reach. meanwhile, there's a legal immigrants are given. luxury condos, credit cards for centrals and free education. our public school system without paying taxes, subsidies like washington d. c. are now allowing those illegally in the country to vote in elections. well,

let's discuss to joining us now. our political commentator and radio host, garland nixon and tax attorney and chairman of the americans for, for our taxation. steve hayes, thank you so much for joining the welcome to the show today. i wanna start with you, steve, on this one because inflation continues to be a big problem in the us. do you think it's fair to blame all of it? i'm president biden. a lot of it, not all of it i, i heard the congress somewhat accountable as well. because even though there is been removed by many republican members and not very many, but the freedom cox is primarily to reduce spending, there really hasn't been any appetite to bring spending down. and then you see that things are being passed through congress to continuation yes, it's less than the president would have liked, but it's still there. but i think you have to look at this great increase in spending federal spending in the debt as a large reason. and you've got people paying on an average $12000.00

a year or more. they're having to finance things than they were 4 years ago. you've got prices up in a lot of items, hundreds of items buy over 50 percent. some of the price is a didn't go up. there are fewer of the same do or, or it goes in the package and there were before shrink. you know, what do i say? right? yeah. so what you got is a situation where i think a lot of it's coming from the top from the president, but i think we have to spread the blame he fully around because you've got a lot of people who are participating in what i believe is going to be your race to the, the cliff and over the clip. well, that's the thing, darling. do you think a lot of people actually realize this is happening, or we can say inflation sir, do you think they're actually noticing it? because it's just a few pennies here. a few pities here, where do you think people realize that inflation is really taking a large impact, like you said, $10.00 to $14000.00 annually out of their normal household budget?

absolutely, because you know, a month, friends and neighbors, that is the, the, that is the most significant issue that i hear, discuss the cost of things, the price of common goods that they need as you know, household goods of fuel, etc. so i think that that is a, it is significant to people. i think that what we're seeing is with abiding administration and administration that focuses everything on their crazy world hid gemini plan to, you know, contain china rush or whoever. and that part of what we're looking at is backlash from that, whether fuel prices, whether there's issues with china, rather than focusing on how they can make life better for the american people. they're just spending money on the weapons taking actions that are detrimental to prices at home. so you would obviously advocate for more policies here in the united states central a bit. is that kind of a pipe dream? do you actually say, democrats or republicans actually putting money back into the american economy?

when it's so much easier to spend at abroad? what would the fact of the matter is if we're honest, they have completely abandoned the american economy, the ruling elite, or at this point have, i mean, politically, ideologically, or not a line with their constituents in particular, i would say more. so the democratic party then the republican party as a whole and, and the, and the element of the republican party that is aligned with abiding administration . they have no focus whatsoever on the needs of the american people. and i think there's going to be some significant prices to pay for that's gone next november. well that's the thing. stay where the worry off we are in a watching your and as you talked about, the latest budget bill as up to more than one trillion dollars being added to the us debt. it's been passed by congress. do you think us congress actually knows or even cares about the inflation issue besides just a campaign? speech r r, i will tell you what i believe in girl. and mentioned this is the elite, you know, this, the payments are not famous, but yeah, for most perhaps recipes and poll showing that i'll be a lease which he defined,

i believe, is making over 850000 from one of 8 universities living in the metropolitan center, they routinely. yeah. in the poll, like 60 some odd percent, it's a politically active ones. it's okay to cheat on the election. and the reason behind this is because they know better than we do. they're the ones that are revising people because people like you, people like garland people like me. we're just not smart enough because if we were smart enough, we wouldn't question anything they do because it's all being done for us. so i think it grows actually right. the big problem, and it's not even talked about which is funny, but a lot of the people in biasing members of congress are advocates of what's called modern monetary theory. under modern monetary theory, which actually was helped in the early 19 hundreds, data sets don't matter. as long as you spend money for infrastructure and things

and taxes are only used to control inflation. so you've got a lot of these the leads and they're advising members that are telling them don't worry about the dish. it's ok. don't worry about it. but you see the interest rates going up to finance the data says you see a huge shift down in the number of foreign countries that are willing to bet on the us by buying long term debt. we're becoming a situation where the bed is forcing all of us individuals to compete with government bonds for finance. and, you know, obviously government pots are kind of be in a much better rate because they're supposedly guaranteed what they think it's. dave just brought my my next part of is because what role is the fed playing and everything that's going on right now in house, in helping to give us remedies to actually tampered down inflation. we'll see the problem is the fed only has one tool, you know, it has 11 tool for very,

very complicated problem. it can raise and lower interest was in your printer. that's why you all they are. yeah. unfortunately, print about it. they don't even need that anymore. they just need a keyboard. you just put a, you know, put a, a period and lots of zeros behind it. but i think what we're looking at also is what the government is spending on. you know, if the government actually, let's say they build, they put money in the infrastructure schools, things like that. at least you'll get a multiplier effect. you get a better educated workforce. you know, you get right that you can transport uh, equipment with that a railroad. but when you only spend it on military, like they do one on know, is the largest or the american about exactly what the problem is. when you make military products you can store, or you can blow them up, they are a, they are inherently inflationary. so even the spinning they are doing though, they're claiming that it's going to create jobs, it is inherently inflationary. and might i add, if it were going to create jobs which visit the jobs, wouldn't be in the future because the military does still complex,

does not have the ability to produce the things that they're purchasing a meeting in the immediacy. so the money goes into their accounts and they say, i will get to this stuff in a couple of years. meanwhile, will keep this money and buy back our own stocks or something like that. well, once again, it's just circling back to itself, steve, that's the problem. with all of this, it's like if you're the new, the elite that we were talking about, they are living in a whole different world that i think what most people are having to do. so therefore, do they have a real clue that this is going and do you actually the fed so that they were gonna actually cut $3.00 and $3.00 times this to your now they're saying they're not using a rate cut of the federal funds would actually help or hurt inflation, considering where we're at today. i think it would have a limited effect, very limited effect if it depends on the truck. but i think one of the big problems that's confused the fed. but i think it's fairly simple. is that the reason why we haven't had it in place in which they were all predicting, you know, why it is because consumer spending has been so high. you've got record record

credit card. yeah. you've got record delinquencies, you're running out of that stimulus. i mean, if people stop buying things, you're going to see a large moves and turn in inflation because companies will lay people off. or you will have other people having harder time borrowing money to become more productive, which they are now. because that's the only way they can compete is becoming more productive. a care finances now because of the rates. so you've got a really tutoring situation. i don't know if it's gonna hit between now and november. but i think the credit card spending speaking. who do i, that's been a primary. yes it is. and you're very card and that way. but indeed the credit card does occur. how much can be fed? there's not like a red line in the credit card. companies are kind of people off. there's now so many great government programs that you don't work for this credit card will help you get this. other one is data part of the issue and have we seen this before and

histories? well, what you're saying underlines a structural problem in our economy. the structural prop problem is we the industrialized and we financial lives. so now the money is made off of complex financial tools that are invented on wall street. it's made off with our economy, runs off the debt, not off of people going into uh to work making something. so the question is always been, how long can we can keep building debt? and my dad, we have a real estate commercial real estate bomb. we're sitting right here in washington dc. there are empty buildings all around. this thing is waiting to blow. and when that does, of course, you know, the government is going to bail out all of those people because it doesn't bill out the little guys. only the rich people in fact, maybe that's why they're so happy uncomfortable and protecting the by the administrator going to protect each other. okay, i want to take a break because when we come back, we're going to look at why america and other more developed countries are continuing to see this inflection grow. well,

it seems the emerging countries seem to have a better handle on the issue. the on the russian states never as one of the most sense community best to him then i'll send, send up the keys 195 and speed the one else holes. question about this, even though we will ben in the european union, the kremlin media mission, the state on russia to day and split the ortiz full neck, even our video agency, roughly all the band on youtube. the question,

did you say stephen twist, which is the the 1st time in history and meantime country's culture has been cancelled the very modern weapons cancel culture. many they ask one of the associated miles to the truck. it just means setting the mind to either put put clothes. the phrase now particularly refers to counseling russian culture. and yet the worst it could be up, see what was the zip code where you might as to what's available to this chart. if so, of that goal was almost the list of rich, the one of them in some way, blood rushes created the past 1500 years. there's no question, partially condemned,

reviled and rejected to sit alone and use that to put somebody at the middle of the panel. there's a lot, i don't know because i don't know all the time. i guess it a little some of the list. joining total condemnation, gross daily, and now includes just asking you to call skate and assess the coverage that i need to. yeah, that was quick enough, but yeah, she, it was a few things that would be the w w 0. you should get it should. so with the generalized scam, i don't only neil m dot gov, i the that i need this dive yet. give us the use the connection where image

starlight pressed. ok grants and to show us where give sit pushing when you come or sure. absolutely. we have people that are coming up for all of the sales rep are gave me around in the that the matters are name with frontier that wouldn't be able to log in to visit with dukes or conditional closures. tours their performance or just shoot both of these things from home show you as i know on the 3rd or september sister i was in dear layoff courtney church that we are well in their power tools or what have you or she of or who has no money orders, those are here for the former in june gate to their mom or so for yeah,

quarter santori does your or the welcome back. i want to continue this discussion on the current economic state of america and the impact it will have on biden's bid for a 2nd term and bringing out because we have comedy or steve gill along side. political commentator and host radio has carlon dixon and tax attorney and chairman of americans preferred taxation. steve hayes, welcome to the party, steve gill. you know what i want to go with something garland was talk around the last segment, real estate inflation in real estate, and the fed saying that they're not going to cut that they're not looking to cut it cut and give it another to cut this year. what problem is it right now? do you think how much of an impact does it have? the fact that our buildings are empty, per real estate is storing. but who is by?

well, 1st of all, our goal instructed right is a ticking time bomb, you know, in cold except people how people haven't come back. and companies have move forward with less people which means less space to fail. dollar desire to have a lot more of those big office buildings and downtowns and a lot of people are, are working remote. you've also seen the impact uh, in post cobra's and of, of the by nomics of inflation. the small businesses, they're in the strict shopping centers in suburban and rural america. they're closing their doors. even big box retailers are closing their door. so it's, it's a commercial real estate problem. it's an office real estate problem. and as you mentioned with high interest rates, it's, it's having a big impact on people trying to buy a home or, or even pay rent. it is ever pointed out in the last segment, the people making these decisions in washington. they're not driving cars and seeing, you know, gas prices bumps back up above $4.00 a gallon when it was a $1.85, they're using the metro. they're not a family having to go to soccer practice and fill up a couple times

a week. and our installation numbers are artificially low because they're not counting food and fuel. the people in washington saying that the prices aren't bad, they're not shopping for groceries. does anybody have joined shopping? you're getting half a car for what they used to get a full cards. they're paying more for bread and eggs and everything else. and yet they're telling us inflation isn't really a problem. we just saw g d p numbers come in a full point, less than what they expected, receive inflation numbers, which again, they're artificially holding down. be lower, even though they told us 1st there was no inflation then then that they had controlled it. now that the same weight is gonna have to deal with great. another number certificate we can't trust to be accurate, manipulate it again. i'm wondering if there's any numbers that come out of the politics these days that we can. that being said, vitamins surgeon came out as a guest, what inflation is slowing here in the united states. but it doesn't seem, prices are going down, isn't that a good sign that what the white house is feeding isn't the truth. yeah, and it's the, i think we're at

a point now where the people on the street are basically trusting what they see. you know, the time over what they used to be tightly the times when the government could say, you know, okay, well this is good or this is bad and people go along with it are far behind us. the trust in the government is, is, is gone. and so i don't hear people saying, well, the government said this or that i hear people say let us was 99, sit now it's 299. they are looking at solid things because they have to buy and they've got $3.00 kids in a mini van that they've got to put food and gas in. and so they're going by what they see here and see a want to day to day basis. they know how much money they're making and they know what's left if anything, after they get the fact i would argue that it makes people angry. when the government tells them everything's okay. and they know that that they're hurting. they know they're being had. okay. in a way that's almost good news. can i do like the fact that people are paying attention? not necessarily taking the government's words straight forward, they say, but steven, you know, if the inflation is usually felt most by the middle and lower class,

can americans continue to keep up with this rising pace when it comes to cost of goods? at what point do we see that red line of enough is enough? i think for starting to see of them. this incredible increase in credit card debt. you're talking about, as i said in the last segment, you can see in a lot more defaults, you're going to see people unable to even start making the minimum payments at this point. and when that happens, you have it down there. part of behind is the psychology i better by today because it's got to be a lot more in 6 months. okay. we're thinking like the why am our republic, you know, when money was devaluing every day, but it's going to come to an end because i like government, they can't a trip more money to pay their bills. well, as it comes either out of your income, they have to reduce something else. you know, gardens, there's taking them to soccer practice. some of those things are going to be cut back because they only have so many choices. and that's going to happen here,

like i talk about the policy of washington is usually being made by people who haven't had a job since high school when they were babies setting or more lines in the private sector. these are people is garlan pointed down. and steve pointed out, who's been largely protected, or did they get paid during cobit with nobody else? oh, yes. how are they getting paid regardless? yes for oh, they don't care. so vacation, probably going to get paid. well, that's the thing that needs to be for making some decisions and they're going to get paid. but there's also the impact that's going on around the world. and steve, i know how garland feels about this. we, we just give us a little taste of his opinion. i gotta ask you, what do you feel like the impact does of, from america and as rising cost me a place that we're having on other countries. it doesn't seem to be reducing the amount of aid us is given to other countries all day. not the only thing that's

producing is here at home. well it and sadly we're borrowing billions and billions from china and then spending that money on stuff we buy from china. we're borrowing it from them and then giving them back the money. when i was working for the, for the us government, us trade representative's office, we were working on that. the expanding trade draft caribbean basin in south and central america. and those countries would say very clearly when the us sneezes we catch pneumonia. and so when the us economy has, has a problem, the rest of the world suffers and suffers dramatically. and there are huge red flagged warnings that the, during the next several months things were going to get much worse, rather than better as our inflation numbers go up. as we continue to stand, as steven pointed out money, we don't have putting it on the, on the credit card. american people are keeping pace with what they need to buy by putting it on the credit card. and they're paying 18 to 15 percent interest rate on that money. there is a, a huge crisis coming there and gas prices are going to go up,

divided ministration is talking about releasing what level we have left in our strategic petroleum reserve to try and buy some lower gas prices as we headed into september and october. yeah, that made marginally move, the price is down like they did last election year. but the reality is those prices will remain high and on like everything else, people drive around the town. basically those gas prices on every corner. they know the difference in a bug, davy, $5.00 and $4.00. 09. and they're a big size on every corner that divides administration. can i? well, it's interesting because i feel like post the pandemic, a see brought up, you know, cove in the smaller countries. we're actually better at guess, financing and, and that's the point out. we make stupid decisions here in the country all the time about it. you know, they make better decisions than the united states to the u. k. did france, does this mean that they have handled an economic they can handle that economic crisis just because they're so small? well, and i think part of it is it, they're, they're, they're working to get out from under the us umbrella, which has been,

which has been economically predatory, which has been the ion math, etc. go into their countries, leave them in giant dead holes. and they're working to get out from under that debt . so i think that's one of the things that's working on their behalf. i do think that tony blinking is in china right now and there's another disaster divided ministration. they're always doing something crazy. he's going to go there and create the chinese, and that was, you know, by sanctioning their banks or something. something will happen in return that will hurt the american people. the thing you remember about that when we talk about that, there's one thing to remember. we talk about owing debt, but there are people who the, who finance, but the people who we owe the debt to. those are the people that are financing defined administration. so they're thrilled with this debt for all of the anger that the working class talks about with that the people who are financing the politicians don't want to see a change because that's, that's how they eat. i'm not savvy, won't take care of that. you know, stephen, do you believe in america based on what we're doing right now is on a crash course for recession?

and when do you think we could see that actually physically occurring in the united states, and i think they're going to keep stimulating the economy through the election in every way they can. i mean, we're looking at, i mean, it was predicted it would be by now earlier in that i don't know that the only reason that i think the credible increase in credit card spending is self concept that i think sometime in the 1st quarter of next year, we're going to see you're a pretty heavy cut back. you know, a lot of things in this economy. i mean, steve pointed out as the g d p is down. but you know, it's hard to predict because of when you get free money, you delay the inevitable. and that's what they're doing. you're giving free money. you're getting benefits or adding programs and just vs. but i think that, you know, very go around, has got to stop. okay. i think it's going to be in the 1st quarter of next year. so the steve, gail, i gotta give you the last 4 on the she mentioned that they're going to release what

little they have left our oil reserves to try to bring the gas prices down close to the election. is there anything else that will give us a fake sense of stability and calmness in regards to the economic situation? united states that we can expect to happen in the next 9 months? i think for the most part, everything is already baked and you're not going to see a dramatic reduction in, in oil prices, gas prices, inflation g d b is not going to go up dramatically and, and is gone and mentioned, we're over it with a anthony blankets threatening china and their banking industry for us doing for them doing business with russia. we're threatening india that if they keep buying russian oil, we're going to put sanctions on them. will drive up gas prices. everything divided those ration is doing is making things worse. and just by an example, g d, p in russia is about 2.6. ours is $1.00, there inflation is about 7 hours, just re out real terms about the same and that's with them having to face sanctions

. we're destroying the world economy. in addition to our own, and it's going to get worse rather than better. and stevens right, the real, she was going to drop right after the electric. we're going to pay the price for the state means i'm trying to cover up a bad bike. nomics actually is, well, there's more common sense means focusing on this page say then down the street at pennsylvania, 1600 pennsylvania avenue. i wanna thank you so much for joining our panel. garland next, and steve gill and steve hayes, i think it is foolish to say the economy cannot be predicted. granted, a crisis can always have an effect. but in modern times, the responsible action would be to be prepared rather than soley reactionary. if we have learned anything over the past few years, when it seems we have overcome one crisis, there's going to be another one just around the corner. the difference is if a politician uses the crisis at the moment for their own benefit, printing and releasing at large amounts of money with little accountability to the public. might when you vote in the short term, but creates an economic mess,

which sadly is felt longer by the people and it presents terminal i've got now here's into spinning your $360.00 view for watching the the,

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the celebrations in gaza as her last says, it's agreed to a cease fire put forward by egypt and guitar, well as rallies and tel aviv go to the streets to urge the government to bring the hostages home. the chinese president continued this 1st diplomatic tour of europe in 5 years and set off for serbia as both countries mark 25 years since nato's bombardment. of the chinese embassy in former yugoslavia, all goal is the same with us that would be using society crating or treat. we do not even have weapons to attack russian territory. and the italian foreign minister says the weapon supplied the cab are not intended to strike russian territory. adding that, sending it to the country's troops to crane is out of the hi.