Transcripts. Bannon’s War Room. Dave Brat Walks Through Bleak Economic Future Created By Joe Biden. January 5, 2024.
Topic. Economy. Guest Dave Brat. January 5, 2024.
Transcripts on Bannon’s War Room. Dave Brat Walks Through Bleak Economic Future Created By Joe Biden
January 8, 2024.
Steve Bannon
Brat, you saw these two things, Reason Magazine has done a really good job of saying, okay, we from the beginning of the NFL to essentially Christmas to New Year's, we added a trillion dollars. And hey, don't think it's going to stop. They're saying essentially by Saint Patty's Day or sometime shortly thereafter, before March Madness, you're going to have another trillion dollars, face amount.
It's clearly out of control. And then you see the flip side of that, on the Jobs Report about the invasion. There's nobody born in the United States of America we would call a native-born citizen that are getting any jobs, right and that's their program working. They're trying to drive down wages.
What they're doing is debasing your currency and they're debasing your citizenship. Just keep those two in your mind, they don't want you to ever make that connection. They're debasing your currency and debasing their currency. They therefore can debase your citizenship, and they're doing that with this invasion, and then the forever wars. Dave, Brett.
Dave Brat
Yeah, that's right. And it's hard being a Presbyterian economists. Last time I got a little too serious with all those multiplier analysis. And so I just, I want to show the people and the War Room that I do have a pulse and so on the populist front, this fits in exactly with what you just got done saying we got a new friend on the War Room.
And if Denver wants to put up the first chart, which is a nice picture, Cardi B has tweeted, “We're going through a recession. Merry Christmas and elsewhere, Cardi B, outraged over inflation and housing costs us, “how are people surviving? Even I'm looking, I can't find anything. My family, I take care of them. But how do normal people survive? Yes. And in quotes, Cardi B, All these promises are being made but living is unbearable”, she added in the video. So, all that just to show you know I try to have a life and a pulse and these young people keep me young but.
Back to the charts, let's take a look at chart 2:
and I'll just zoom through a few stats that buttress the points you were just making. Last week on war room. I said, take a look at the real statistic that matters and that's real hourly wages, right? You can hide stuff in personal income and only the other statistics, but on this chart on chart #2, that brown line is now going down your real hourly wages are going down. It's also noticeable that under the last Trump administration and this is not politics, politics for my own just economics, real wages for high school graduates went up. They kept going up underneath the Trump inertia and the economy and what we put in place institutionally. And now for the past year or so, real wages falling. That's what people care about.
Then stats that you were just saying. full-time workers plunge 1.5 million in one month. We've lost 1.5 million full-time workers in a month. Part time workers soared 750,000, the highest on record, part time workers. Multiple job holders hit all time high 9 million multiple job holders so they can pay for meals for their kids. And you know, how is this happening? Why is this happening? Because of the debt and all that. We'll get into that in a second.
But 25% of all the job gains that you see in these job reports, reporting all these job gains? Well, I just. I just told you what's happening to the American people, but 25% of the job gains are coming from the government sector whose productivity is 0 to negative. And so that's why CBO has growth rates at 1 1/2% for the next 20 years because we're shoving everything to government to get to juice the economy right now. So you went over all the stats, right?
We borrowed a trillion dollars since September, since you started watching NFL football games in the fall. We borrowed a trillion more in that short period of time. The cost of that is $2 billion a day in interest payments. Every day, we're throwing money out the window, paying interest on the debt $2 billion a day and CEO just to go back to forecasting land for a minute, CBO didn't project this level of debt until 2029. It's 2024. I got a couple more charts, but I hear the music coming on in.
Steve Bannon
I want to go through all of them because you're seeing the lost decades in front of you, 1 1/2%. Growth, the American economy doesn't work for the citizens. Back in a moment. Brat in your analysis or in the CBOE, they didn't project this level of face amount of debt until what 2029 it was the end of the decade.
Dave Brat
Right, right. That's right.
Steve Bannon
That that tells you everything you need to know doesn't, sir.
Dave Brat
Yeah, no you know, their models are good, but they'll they will never even back when I was in Congress, they would never ring the alarm bells and really do their job. And it what's most striking is where is the economics profession right now? they all know this, right. Growth is going to be 1 1/2. For the next 20 years, the debt's going to be $50 trillion in 10 years. In interest payments, right? They're already a trillion a year. And what's the cost of that? Right. Economics is all about opportunity cost.
Steve Bannon
Hold it, hang on. You just fell into the trap. You just fell right into the trap. It's not $50 trillion in 10 years, it's going to before you know it. We just added $2.6 trillion..
Unless we win and when I say we win this show and it starts with shutting down the government over this border. Unless we win. Even pre Trump, unless we win now, and I say now, starting the evening of the 19th of January, that $50 trillion. It’s $2.6 trillion since June.
Dave Brat
Right.
Steve Bannon
Yeah. Yeah, it's a. It's a trillion dollars every 90 days. That's not going to stop. No one can show me any set of math, any set of math that shows that, the happy talk cuts in the out years is all happy talk. They're still trying to, they're they're up there 24/7, they're not thinking about the border security. They're not thinking about where the cuts are going to come from. You know what?
They're all spending their time up there. They're all spending their time on how they get to $60 billion dollars to Ukraine, how they have an unfunded supplemental, how they tuck something in. This is where and I'm saying this hey, I'm the biggest proponent of massive cuts on discretionary spending, and that would include defense. The rest of the world's going to start picking up their slack.
Why is it the United States Navy's in the Red Sea protecting the Suez Canal? Where's the Royal Navy? Where's the Spanish Navy? Where's all the NATO navies? Where is India? And he's sent in a couple of patrol boats over. But it's not what we're doing. We had two carrier battle groups, 2 carrier battle groups there, as of a couple of days ago, before the Gerald R Ford went home. Why is it always the United States? Why?
You know why? Because our leaders want it that way. But it can't continue on so the $50 trillion stop. It's not going to be in a decade. You do the math, it's going to be it's going to be by mid by 26 or 27. Or 28. It's going to be much further than in the 30s. Because we're now out of control and nobody has the guts or the political will to tell the American people well, hey, guess what we have to do some massive changes here, right? We have to do some massive changes. It can't go on like this. We can't support this out of control America Empire that the elites and remember at the same time, why is it happening, say Steve?
Well, how can it continue happening? Because they're making more money than they ever made in their life. The concentration of wealth in this country is now absolutely, totally out of control. If the revolutionary generation came back here, they would say, are you crazy? We fought a revolution for this? We put our sacred honor. our property, we could have been hung and we fought it so that you guys were allowed to have a concentration of wealth that's 10 times worse than the British Crown. The British crown, what they fight for?
It's not just simply no taxation without representation, is they didn't want to be tied to a worthless landed aristocracy coupled with that worthless landed aristocracy, giving the entrepreneur class monopoly charters like the East India Company. The guys like John Hancock and Sam Mavis, those guys a couple of brothers who would know how to smuggle something through customs and made me not pay the customs tax on it, are you following me here? Said “we don't want to be a part of that system. We'd rather take a gamble. We'd rather roll the dice on our own system.” And we've done it 10 times worse. You have nothing but finance capitalism, Wall Street and Silicon Valley, control Washington, DC with their money and their lobbyists. And quite frankly, they're smart. The guys on Wall Street and Silicon Valley are extraordinarily smart. I didn’t say they're good people, they’re smart.
The people in the nation’s capital and Brat, please don't take this the wrong way, are not exactly in the top quartile of brains. You see bird brain, Nikki Haley. She is a bird brain. She is yammering on. It's just the same neoliberal Neo con nonsense that got us that got us in this mess in the 1st place. Just yammering on. That's what you got as your political leaders. Right now, they're talking about. Ohh, we have to have a discretionary spending social cuts. Well, how you going to cut that from..how are we gonna make the case that you're going to cut that from American citizens when you're talking about putting $60 billion into Ukraine?
And I got Ben Harnwell on deck to sit there and go the number one issue in Ukraine is the toxicity of getting recruits to go into the charter house and die because guess what, they've woken up to the fact that it's the poor. This is the Guardian and the Times of London and the New York Times. This is not coming from a Gateway Pundit, okay. This is from those papers have been pushing this. They're sitting there going, hey, I finally realize that it's a poor man's war. The poor people are dying in droves and the wealthy just take sucking money out of the country as fast as they can. Same problem. It's got to stop, Dave Brat.
Dave Brat
Yeah, that $50 trillion marker, you know, that's 2 trillion a year for the next 10 get you to the 50. So, add another trillion. That's another ten on top of 50. So, say $60 trillion. The main point I'm making here is a marker kind of like that press conference the other day on raise your hand if you're not willing to shut down the border invasion.
I want the entire economics profession today to be called on the carpet, raise your hand and print something, write something about 60 trillion in debt in 10 years and what that does to your economy. If I hear one more person from the Biden administration or Congress, Republicans, anybody come out and say, the underlying economy is doing great right now. I mean, they don't know what you just said. They don't know what they are talking about.
The economy is awful. The only thing that's good is gigantic government spending and Federal Reserve incompetence and malfeasance. And on top of that, you got a global well, in our case, a reserve currency coming your way and the Fed is doing pilot tests on that. What could go wrong? And so, I got one more chart on inflation I can do in 30 seconds.
Next chart, Denver. Chart three.
You know when the Fed started talking things up about rate cuts, right, the policy is still high, right? The interest, you know, rate still 5 the federal funds rates 5. But they started talking up a good game to get the stock market to keep going up and that's the you know the old put, the old Greenspan Put to keep the economy going to favor the politicians they like. I thought it was just talk. I think it is just talk. And this chart right here shows one reason why.
As supply chains we're making kind of a recovery toward the right of that graph. You can see supply chains and when the when the line goes down supply chains are healing, but recently you'll see that supply chains are out of whack again. And the deliveries are not on time, right. And so that chart right there shows you manufacturers unfilled orders: they're not getting their orders shipped on time and at the far right of that graph, we got a real problem.
And so that of course is inflationary. The Fed is the source of all inflation.
But this is not a good marker when you have this unfilled orders in the manufacturing sector and supply chain chaos, and we're just starting, right. No one's reporting in the mainstream media on shipping and the economic implications over in Iran. And it it no one's reporting on the implications of the Chinese economic implosion right now, it's huge.
Steve Bannon
The Big Shadow bank just went bankrupt today and put some charts up on GETTR about the about the cargo, the numbers in the cargo exploding cause of the Suez Canal now. We got to bounce Dave Brat. I want to thank you for bringing Cardi B into the conversation. Cardi B's got more sense than the National Economic Council. She's talked truth to power right there. Truth to power. Where do people go and get your stuff, Brat?
Dave Brat
Right. Yeah, Brat Economics. All the charts are there. Come visit Liberty University. I love meeting the parents and the young scholars, and I'm out around the country visiting with everybody. So just hit Brat economics and study the charts. Young lings get going.
Steve Bannon
Thank you, brother, appreciate it.
END