This is a rush transcript of the Trish Regan Show, September 28, 2021. The following is opinion commentary by Trish Regan. Click to listen and follow along with the transcript below.
This is America last. There’s no other way to describe what this White House is trying to do with your money. And your children’s money and their children’s money, other than to say they are putting us and they are putting our country in last place. Hello, everyone, welcome to the Trish Regan show.
I’m really stunned. I mean, I knew that liberals were not good at math. I knew that they actually prided themselves on not being good at math. You know, you get a bunch of English majors and they wind up in the media somehow. Nobody actually wants to talk about real stuff. No, no, no. Just, you know, philosophy, English, women’s studies, whatever. And somehow now they run in the White House. They run in the media. And it’s really bad for the country.
So bad that the president is now trying to tell Americans, I mean–this is just a flat out lie–That his stimulus bill will cost zero dollars. Yeah, that’s the new talking point coming out of Washington. It’s just nauseating to see because you saw it all over CNN over the weekend. There’s this Washington Post columnist who gets on there and is like, oh, i’t’s going to be zero dollars’ — again, because you got a bunch of people that are just not that smart working in media and working in the government. And now they think we’re not that smart either! And they can just pull the wool over our eyes and somehow we’re going to believe all this fiction, this fiction.
Jen Psaki telling reporters yesterday, it’s not going to cost anything. It’s zero dollars. And then how about this one? This one is really and truly remarkable because what’s most scary is the guy is the head of the Budget Committee, this Democrat. Named Yarmouth. I’m laughing because I’m from New England and anywhere you go, you can get a Yamas sandwich, it’s like a piece of fried haddock on a roll. Anyway, John Yarmuth, that’s how I remember his name. The Democrat in charge of the Budget Committee actually came out and said, wait for it, quote. “We don’t have to balance our checkbooks. We are like the banker in Monopoly, we create the money and everyone else plays the game with it.” End quote.
I kid you not the guy was speaking at a Rotary Club meeting this summer and I’ve got the whole thing on tape. I encourage you to go to Trish Intel Dotcom and check it out. That’s my website, Trish Intel dot com. He said, “we have a sovereign currency. We are not like a business. We don’t have to balance our checkbooks again. We are like the banker in Monopoly.”
I mean, are these people nuts? He goes on and on about how it’s some kind of myth that you can’t print money, he said, “of course, we can print money” and then goes on to tell you that if they wanted, they could give every family in the United States of America a blank check for two hundred thousand dollars so they could buy a house. Then, he kind of stops himself. And he realizes, of course, that would cause home price inflation. And that’s why they don’t do that. But they can certainly spend all this money. He said “we’re not spending our grandkids money. No, no. That’s just that’s conservative rhetoric.”
I’m going to tell you, I find this insulting. I mean, they assume the American public is so stupid. They’re pretty stupid, right? So you’ve got to you’ve got to start with, you know, the premise that nobody’s nobody’s playing with a whole lot of brainpower here, apparently. But then they figure, well, you know what, we’re not that bright and they’re not that bright. So why don’t we just pretend that this isn’t going to cost anything?
Let me just tell you, look, I have been an economic and a business journalist my entire career. I’m pretty well schooled in this stuff. I’m pretty thoughtful about monetary policy, I’m a student of history, I’m well aware of what happened to the United States of America when we abandoned our gold standard back in the 1960s. Think about under Johnson’s “Great Society.” Bill Martin, who was head of the Federal Reserve, had been doing such a good job up until then. Trying to make sure that we peg the US dollar to gold because that’s what we promised the world we would do. Near the end of World War Two, we were the world’s reserve currency and by the way, that’s a pretty great thing to be. I know that you think you’re the monopoly banker, Mr. Yarmuth. But. There’s a responsibility that goes with being the world’s reserve currency. There’s a responsibility that you owe to the people of the United States of America. You don’t want to inflate your currency so much. You know, home prices will go upward if you gave everybody a blank check for two hundred thousand dollars.
Well, that’s exactly what’s happening when you’re printing so much money and shoveling all this money into all these projects, whatever your heart desires, whatever your congressional district desires, you pour all that money in and that reduces the value of the US dollar on the world stage. Again, we saw this in the 60s, in the mid 60s, with Johnson and Bill Martin deciding we’re not going to pay attention to inflation anymore. We’re not going to peg the US dollar to gold anymore. We’re just going to kind of see how this goes. We’re going to focus on these other these other things like employment, some familiar, because that’s exactly what they’re doing today. And so they focused on employment. And the reality, the aftermath of that was by nineteen seventy one. Nixon had no choice but to abandon the gold standard because there was a run on gold. Why? Because everybody’s going, “I think I’m going to cash in my dollars for gold because these know these dollars are not worth anything anymore.” So, yes, they abandoned the gold standard. What has happened ever since?
A total reduction in American standard of living. In fact, you can chart it out, it’s very interesting if you look at the purchasing power of the US dollar in 1972 versus today, it’s worth just 15 percent of what it was in seventy two, which means you have to earn that many more dollars. In order to just survive. Everything is going up in price, and you know what this does, it penalizes the middle class, it penalizes the people that are trying to get a leg up in this world. Sure, it’s fine for the wealthy because guess what? They’re probably smart. They’ve got some gold. They’ve got lots of other assets, real estate, which appreciates, of course, in a time of inflation, they’ve got stock market assets. So that’s all fine. But it’s your middle class. It’s the people on the bottom. For whom a big uptick in gas prices, in food prices, in rent actually matters, so no, Mr. Yarmuth named after that sandwich. I’m just teasing, but I’ll never forget his name because of it. No, you can’t just print money as though you’re the monopoly banker. And, it’s utterly shameful that we have people in such important positions of power. I mean, the guy’s the head of the Budget Committee and he doesn’t believe in budgets. I mean. What’s happened, how have we allowed this?
There’s an interesting new study out from the Texas Public Policy Foundation. That says this three point five dollars billion package would actually reduce gross domestic product, that’s the size of the overall U.S. economy by three point seven trillion, a little more than it costs. We would lose five point three million jobs as a result and we would be four and a half trillion dollars more in debt. Again, the debt that Representative Yarmuth thinks it’s just fine to have that Joe Biden thinks is just fine to have a course. Why? Because they all want to get elected.
So they say, ‘well, let’s just hand this out. We’ll give our money. We can. Right. We’re the monopoly bankers. We’ll just hand out all this money. We’ll get reelected. Who the heck cares if Joe Schmoe actually has to pay more at the gas tank next week or for food for his family?”
Because you know what? Wages are not going up this fast. Again, if you go back historically and you look at what has happened since nineteen seventy one when we went off the gold standard and you compare wages and you compare productivity, you see tremendous productivity gains for companies. And very little in the way of wage gains for earners. In fact, there’s this complete disconnect that never used to exist. And I would argue that one of the reasons you have that there is because of the lack of responsibility, the depreciation in the dollar, the money printing that penalizes workers and rewards those with capital. You’ve heard me talk about the imbalance between the labor capital equation before. This is what’s playing out in real time. And the Democrats.
The irony of it is that these people who pretend that they are caring about the poor in the middle class, they actually don’t because all of their policies are a direct hit to the poor and the middle class in America. It’s truly troubling. I mean, there’s no sense in the individual anymore, no sense of individual responsibility, no sense of what we’re going to leave for our kids, no sense of protecting the future, protecting ourselves. It’s just whatever is expedient in the here and now to get reelected. And that’s really wrong. But that brings me to something that I want to talk about. One of our terrific sponsors on this program, select, quote, Dotcom. Cares about the importance of the individual, as I do. I mean, I talk a lot about taking responsibility, right? You’ve got to take responsibility for yourself. You can’t leave it to Uncle Sam or in this case, Uncle Joe, it’s all on you.
There was a Gallup poll that I talked about the other day. It was pretty amazing because what we saw was that President Biden’s approval rating was the lowest it had ever been if he had ever had a honeymoon period. And I guess he sort of had all those ratings were terrific. But that’s gone like it’s over. I get it right. I mean, you just had Afghanistan. You’ve got tremendous inflation in the economy. And now you see the disaster at the border and people are like, OK, OK, I’ve had it. I think maybe it’s time for for a do over. Very interesting. Other poll, two of them actually, a Harvard Harris poll. And then there was a Rasmussen poll showing Donald Trump ahead. Of Joe Biden, so think about that. That’s pretty remarkable given all that we went through, right. Anyway, people are having a little bit of buyer’s remorse. I mentioned this poll only because it had another layer in there that I wanted to bring up, and that’s on the Supreme Court. The Supreme Court right now is facing increasingly bigger and bigger challenges because the public does not regard the Supreme Court very well, according to the Gallup poll. The Supreme Court only has an approval rating of 40 percent. But that makes sense to me, too. I mean, think about think about what Kavanaugh and the country were put through. Think about what the country went through with all of that. And now think about what some in Washington are pushing for, including the president, the United States, who has put together a Supreme Court commission to study the possibility of adding more justices to the court. You realize what that would do? I mean, it would completely politicize the institution, which is, by the way, at risk for being viewed as too political right now anyway. So this would be a really, really bad thing. I mean, when you talk about a country going down, down, down, down, down and turning into a quasi banana republic, gosh, guys, we’re almost there. (commercial)
I want to turn to a story coming to us today out of California. Just yesterday, Gavin Newsom signed a new bill into law that makes California permanently a voter by mail state. Mm hmm. So every single voter in all of California is to be mailed a mail in ballot. This is known as Assembly Bill 37. It was designed to require county officials to mail a ballot to every active registered voter for every single election. Whether they requested or not, voters can still choose to vote at physical locations if they prefer. But this gives them the opportunity, of course, to mail in a ballot. And it turns out just over 70 percent of eligible Californians voted in twenty twenty, which is actually the highest since nineteen fifty two. But Democrats don’t think that’s enough. And look, it’s not like if you can vote, you should period. Like, I’m not going to argue with that. But what I would argue with. Is that we run the risk, given that they don’t have the right sort of security measures in place of having real security issues, so I want to make sure that if you’re going to say, OK, you can mail in a ballot, there’s something that corresponds with that ballot that verifies your identity. I mean, that’s my biggest concern. I have a problem with mail in ballots and absentee. You know, what I get. And by the way, I would say this: Republicans need to be smarter about playing the ground game. And my feeling is you don’t complain just because the Democrats do a really good job on the ground game and they get out there to every single house and every single apartment and they’re tackling it big time. The Republicans need to do the exact same and they have a huge opportunity. You just look at school boards across the country, people are going nuts. And all these communities as all as CRT stuff is stuffed down everybody’s throats. So there is an opportunity there to have some real ground game and they need to take advantage of that.
But simultaneously, you know what? We are going to play by the rules, rules, rules, rules. And part of those rules should include voter ID. I mean, look, I tweeted this out last night because it shouldn’t be revolutionary for us to ask for ID at the ballot box. I mean, look, Mexico does it. Iceland, Argentina, Hungary, India, Israel, Germany, which has had elections, by the way, Italy, Brazil, Canada, Greece. I mean, lots of countries are doing this. Why aren’t we why aren’t we requiring ID to go along with those mail in ballots or in person? I’d prefer in person just because, again, I like the idea of being able to show your ID simultaneously while you’re casting that ballot. Anyway, Democrats considering this one a big, big win.
Gavin Newsom doing a victory lap out there in California. Look, I don’t know who the heck is going to want to stay in California between the taxes that are just going to get worse and the slowing sagging economy out there in the political environment, really, there’s a lot better places to live. Thanks so much for tuning in. Make sure you get a Trish Intel dot com Trish Intel dot com. Sign up for my daily newsletter. Make sure that you’re getting all your news from us every single day. We cover the economy will cover markets, we cover politics and a little lifestyle and fun stuff, too. Anyway, so good to have you here as always. I’ll be back tomorrow.