Episode Transcript
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Speaker 1 (00:00):
Welcome to the Jonathan and Kelly Show.
Speaker 2 (00:04):
Jonathan Rush And you want me to sit in my
seat and stand idly by and allow this.
Speaker 1 (00:09):
Craziness to happen, Kelly Nash.
Speaker 2 (00:12):
You could come after me if you want, but you.
Speaker 3 (00:14):
Elected me to stand up.
Speaker 2 (00:16):
You elected me to continue fighting on and I will.
Speaker 1 (00:20):
Fight on and Kelly Show.
Speaker 3 (00:23):
Oh that was at the beginning of the week when
she was feeling all of it.
Speaker 4 (00:26):
Brother, Yeah, she's uh, she's I mean, she's clearly insane.
Speaker 3 (00:31):
And then by the end of the week.
Speaker 4 (00:32):
Yeah, Thursday night they had somebody at a town hall
that she was having. Some guy got up on the
mic and was just screaming, you're gonna have to apologize
to Donald Trump for wasting millions of dollars in the
state of New York for a witch trial, and uh,
how does it know that you're going to go to
jail for more mortgage fraud. You're going to prison, tish
And they started to march them out, and some of
(00:54):
the people at the at the hall were clapping, So
she was a little bit rattled to see how many
people in the state of New York are.
Speaker 3 (00:59):
Pro No one's above karma. Hey, this is Jonathan Roussier's
Kelly Nash, Happy Saturday. Now, this week we had an
opportunity to speak with US Congressman Ralph Norman. You're gonna
hear from him in just a second. Also, at the
beginning of last week is when we first saw the
new jobs numbers come out with a federal report. But
you know that doesn't mean anything until we talked to
(01:21):
doctor Joey von Nessen about South Kak.
Speaker 4 (01:23):
Yeah, we want to find out how does that apply
to what's going on in the Midlands, what's going on
around the state of South Carolina. Of course, in the
segment three we get swamp talk, and there's always a
ton to talk about in the swamp.
Speaker 3 (01:35):
That'll becoming up as well. And we do have news.
We were anticipating as if I were watching a chimney
over the Vatican, waiting to hear what's going to happen
with our budget from the General Assembly.
Speaker 4 (01:47):
Yeah, not much news, smoke signals. Not a whole lot
going on there, although they're patting themselves on the back.
Speaker 3 (01:52):
We'll talk about that coming up in segment two. We'll
begin here, Kelly Nash, Welcome on the phone. Our US
Congress fifth district Representative Congressman Ralph Norman, Good.
Speaker 5 (02:02):
Morning, Good morning, glad to be with you.
Speaker 3 (02:04):
We're a little bit behind schedule, as Donald Trump would
insist on making sure we get the big beautiful bill passed. Well.
Speaker 5 (02:10):
The good news is the House voted out a conservative
budget with actual cuts at one point five tree and
minimum and then two tree and aspiration on which I
think we will reach the committee's a meeting. Everything's pretty
well been sapped. The energy has been sapped from everything
else with the committee's meeting, which is the way it
should be, and trying to get it out before the
(02:31):
moral Day, and hopefully we can do that. We're struggling,
as you would expect, with trying to make cuts. Every
dollar in Washington is an advocate for it. So we're
trying to urge the committees to do what we all
voted on, which hopefully we will do a.
Speaker 4 (02:47):
Lot of I don't know conservatives will say. People are
saying that the folks in your position, the Congress has
done a very poor job of getting bills for to
Donald Trump to sign and his first hundred days I
believe he is since they've been keeping track of the
first hundred days since basically FDR. He has signed the
(03:10):
fewest amount of bills. And so these executive orders, while
they're great and they're being fought in the courts, a
lot of people want to see Congress just take the
lead and get some law changes that line up with
the president. And since you have the majority, it seems
like that is a doable thing. What are your thoughts
on that?
Speaker 5 (03:26):
Well, it is, but you know, if you look at
the last hundred days, executive orders were the quickest way
to get this country back on track. You got to remember,
Joe Biden let this country off the rails. It was
misguided in so many different areas, and none more than
the financial crisis. At this country's end, thirty seven tree
in in Counting is not sustainable. And bear in mind
(03:49):
that doesn't include the Highway Trust Fund, social Security, Medicare, Medicaid,
all of those that are running dry. So our situation
is with executative orders, which we're going to have to
put into law. All the cuts that and all the
things that he has brought before us through executive orders
were it's like an emergency shock treatment for a pool.
(04:12):
You've got to do it to maintain this country in
sustainable financially, and that's what he has done. But now
you will see bills come forward, like the Recision Package,
like what the Dose Commission has done to eliminate some
agencies and regulations as we move forward. But it just
takes time. Up here, nothing happens like in a private business.
(04:34):
You can do. But I'm excited about what he has done.
He's had the courage to do that with executive orders
and like no one else. So we're on the right track.
Now we've got to bring it home, which hopefully we
will do.
Speaker 3 (04:46):
You know, one of the things we discussed with you
the last time, but we had an opportunity to have
you on the program, was about doze in their efforts.
And remember we talked about Elon must bragging on the
trail that he is going to cut up trillion dollars
in waste abuse and misspent moneys. I asked you, could
we reach that point? You thought he would go higher?
Speaker 5 (05:03):
Well, what does has done? He's done it. What he's
done is and he started with USAID identifying tax dollars
that unfortunately have been spent, and he could easily reach
anywhere from a tree in the over. I mean, when
you have people on social Security that at one hundred
and twenty years old, but getting a Social Security check. No,
when you have money going to Bill Walls in other countries. No,
(05:27):
when you have money that you think would have gone
to a humanitarian project, go to Stacey Abrams and Georgia. No,
you put a stop to that. And you will see
US codify and vote on each one of these things
that Elon has found. But he just beginning, not just
the USAID, social Security, Medicaid, Medicare, he said, doesn't find
(05:47):
the fraud and the waste. And it's an eye opener
for the American people. And nobody's done it better than
Elon Musk, who has got the bandwidth and the brains
to do it. Politicians couldn't do it.
Speaker 4 (05:59):
You are part of a movement. You and Chip Roy
have put together something here where you're talking about the
nineteen sixty five mission when medicaid was launched. It's really
way off course now and I couldn't believe it when
I read it. The Congressional Budget Office now projects that
(06:19):
from twenty twenty five to twenty thirty four, so over
the next nine years, Medicaid spending will be one point
two trillion dollars higher than it had been forecasted back
in twenty twenty one. So over the last four years,
the Medicaid, I mean, that is an unbelievable sum of money,
and you're saying that the vast majority of this has
(06:41):
nothing to do with helping the people it's designed to help.
Speaker 3 (06:44):
Get this.
Speaker 5 (06:45):
First of all, like you mentioned, this is an agency
that's been in existence over sixty years. It was intentionally
put in place to help the disable, the single mom's infants.
It was not intended to able bodied working Americans to
go on this. And now you've got right at twenty
four and a half million able bodied adults on Medicaid.
(07:07):
How does that make sense? And in South Carolina you've
got I think it's one point one million as of
June of twenty four that were on Medicaid. It's a
big deal. It's a eight point nine billion dollar price
tag just South Carolina alone. For the country, it's approaching
eight hundred and ninety b And long story short, if
you're healthy, if you're able to work, you shouldn't be
(07:29):
on Medicaid. That's where it's gotten all track. And the
media is going to put out that we're cutting Medicaid,
and we're cutting Social Security, which we can't do in
reconciliation anyway. But now we're going to make some changes.
Speaker 3 (07:43):
With that.
Speaker 5 (07:44):
If you're illegal, should you get a paycheck from the
United States government?
Speaker 3 (07:48):
No?
Speaker 5 (07:49):
And it's common sense, But common sense is so common
in DC, and it's a fight. I will tell you
that a lot of people will use this as leverage
not to do anything. As a getting a ninety percent
match from the federal government it started off fifty to
sixty percent. Thy getting a ninety percent match. Illegals and
a lot of again able bodied workers who shouldn't be
(08:12):
on the system anyway.
Speaker 3 (08:13):
You're saying one in five South Carolinians are collecting medicaid.
Speaker 4 (08:17):
Correct, And you point out here that of the people
receiving medicaid, now this is nationwide, This is not just
in South Carolina. The Medicaid now serves more individuals who
are above the poverty line than below it.
Speaker 5 (08:31):
Correct, You've got nationwide twenty four and a half million
able bodied people who are on Medicaid. That's more than
an entire state of Florida.
Speaker 3 (08:39):
Well, you can tell by the way that the Democrats
are positioning this there were a lot of people who
are collecting medicaid, but I didn't realize it was one
in five South Carolinians. But when Democrats get out of
the trail start talking about Republicans are going to cut medicaid,
you're talking to twenty percent of the people just in
our state who are actually receiving a check that they
want to protect.
Speaker 5 (08:56):
You know, not all of it is. You know, you'd
have to we through the ones that you know, again
are above the poverty line. And I think and so
you've got to verify. And we just haven't had that.
And that's the great part about what Trump's doing with
his executive orders. Yes it's temporary, but he's got the
courage to do it, and he's doing it in every
(09:18):
level from not just the financial end. He's doing it
on the military, he's doing it on deportations, so many
other things that he's delivering on exactly what he said.
For those who really need it, who are disabled, who
have got a disability, we won't increase their likelihood of
getting the check, because that's what it was intended to do,
(09:39):
not illegals and not able bodied workers. It's not that difficult.
But now prying the money away and This started under
the bomb administration. They did it with illegals and they
raised the payment system to ninety percent in South Carolina,
and I was in the legislature then. That did not
expand it, but a lot of states did, California being
(09:59):
the world worst and we got a correct hunter.
Speaker 4 (10:02):
Congressman Ralph Norman. Any thoughts on the darryl Isa legislation
that was Mike Johnson was talking about on Tuesday, the
No Rogue Rulings Act of twenty twenty five.
Speaker 5 (10:12):
Yeah, what he's doing is trying to reign in judges
who are putting injunctions on President Trump from deportation basically,
you know, overruling seventy seven million people that voted on him.
What the ISO built does is get to you have
to have more of a group consensus before you can
a judge can just do this. Now. The great thing
(10:32):
about Trump, he's ignored it. Anyway, if you're an illegal,
you don't have due due process if that end of story,
and the is of bill just codifies it and is
a good first start. Should it be stricter? I think
they're they're we need to get rid of them anyway,
But should it be stricter? Probably, but that's what we
(10:52):
could get past. And Daryl's done a good job of
putting this into a built that I think will pass.
Speaker 3 (10:58):
All right, Now, that interview was at ad only because
of the time restraints of this program. You can hear
the entire interview. Where are Congressman on our podcast?
Speaker 4 (11:06):
Yep? Look for the rash Thought podcast on the iHeartRadio app.
Speaker 3 (11:09):
All right, starting, you're starting to count those savings dollars
in the state of South Carolina's tax don't start counting yet.
We'll get into what happened with the General Assembly. Is
they were wrapping up the session. Well they're not really
wrapped up, are they. We'll talk about it next.
Speaker 1 (11:22):
The Jonathan and Kelly Show. Jonathan Rush, as.
Speaker 6 (11:26):
You know from real estate, there are some places that
are never for sale. Having met with the owners of
Canada over the course of the campaign last several months,
it's not for sale.
Speaker 3 (11:37):
Won't be for sale ever.
Speaker 1 (11:38):
Kelly Nash. But never say never, never said ever. Jonathan
and Kelly Show.
Speaker 3 (11:42):
It's not for sale. Kelly already talked to the owners
of Canada.
Speaker 4 (11:46):
Never say never.
Speaker 3 (11:47):
Is Canada kind of like the Green Bay Packers? Is
it like a mutual thing? You got to buy into
I don't know how.
Speaker 4 (11:53):
That works, don't. I don't understand either, do we. I mean,
I guess I understand what he's trying to imply there,
Like we're the owners of the United States, but.
Speaker 3 (12:02):
They found the Canadian pride. They're not going to let
it go. You're not going to be a fifty first
state of the United States of America.
Speaker 4 (12:09):
The greatest political comeback in history, maybe even greater than mine.
Speaker 3 (12:11):
Set it's beneath America too. Joe Biden's already preached to
you about that.
Speaker 4 (12:15):
We'll get to some of that beneath us.
Speaker 3 (12:16):
To what Canada beneath America to be talking about taking
back the Panama Canal and taking over Greenland.
Speaker 4 (12:24):
Oh, I thought he was implying that the Canadians were
beneath us, the dirtys.
Speaker 3 (12:29):
In he said words. I don't know if I interpreted
him correctly. I don't have a Biden to English translation
in front of me. No. On the General Assembly side
here in South Carolina, the twenty twenty five legislative session
came to a close. Do we have a budget? No,
not until probably first of July, well June thirtieth. They'll
(12:50):
be coming back to finish that. But what were they
able to finish? Did we get a liquor liability lawsuit reform?
Speaker 4 (12:55):
Well, that was the agreement on tort reform. Was one
of the five most important things they were going to
do this year. No, sir, didn't get that done.
Speaker 3 (13:03):
Well, let's just go through. Well, I'll tell you what
I like Davy Hyatt's response here when they asked about
the session in general, the strongest that's ever been in
my twenty one years.
Speaker 4 (13:13):
Well, he's talking about the caucus.
Speaker 3 (13:14):
That's right.
Speaker 4 (13:15):
Yeah, the strongest we've ever had, and we had lively debates.
Speaker 5 (13:18):
Overall.
Speaker 3 (13:19):
I think it was very successful. We did have lively debates,
and that's what it's all about, making sure that the
debates are lively because people are constantly tuning in on
YouTube over there to check out the Senate floor.
Speaker 4 (13:29):
I was gonna say, Davy, if it's all about lively debates,
you can get yourself an x account and have plenty
of those. That's not what this is about. It, especially
when you have a super majority at this point, y'all
got to get in a row, understand what conservative principles are,
and then vote accordingly.
Speaker 3 (13:46):
Well, at the beginning, of the session. Senate Majority Leader
Shane mass You tot Republicans report. Republicans have five main priorities.
Implementation of the new private school choice of BOUCHA program.
Speaker 4 (13:56):
They didn't really do that. They've passed something that they're
calling school choice. But the House had the school choice
Shane Massey beat it to death and wouldn't allow it
to go forward untill they compromised on a fake school choice.
Speaker 3 (14:06):
Bill organized retail theft penalty's first pitch during the COVID
nineteen pandemic.
Speaker 4 (14:12):
I don't even know if they passed that.
Speaker 3 (14:14):
I don't think so. Accelerated reduction in the state's top
income rate six percent of the agreement, and tort reform,
passage of sweeping energy permitting. Well packages, let's just.
Speaker 4 (14:24):
Take we did not get the income tax rate and
we did not get an agreement on tort reform.
Speaker 3 (14:29):
What about the sweeping energy permitting reform.
Speaker 4 (14:32):
I believe they did get that one. Yes, that was
on the last day of the session.
Speaker 3 (14:37):
But overall, he said, it's been very successful or to
the shame mess.
Speaker 4 (14:40):
I mean, look, you passed forty five pieces of legislation,
which is half of what you did last year, and
last year wasn't even considered a very productive year. And
again the first time that in our lifetimes that we
can recall, there's a super majority on both bodies, So
the Senate and the House republ Plicans should be having
(15:01):
their way smooth sailing. And yet we don't know who's
in charge over there, because it's clearly not you two guys.
It's not Davy Hyatt and it's not Shane Massey because
it's running amuck and they're fighting amongst each others. And
I don't know how to fix it, to be honest
with you, Jonathan, I just know it needs to be fixed.
You're not going to get this opportunity again.
Speaker 3 (15:20):
The most interesting thing in the article was the posting
couriers reviewing the fact that now we can paint the
Republicans according to rumors, and he said, he said conversations,
they're racist, they're anti Semitic, and they're homophobic.
Speaker 4 (15:33):
Yeah, it's based on nothing other than I don't even
know who started that. Again, I couldn't even remember who
started it against mccravy. But mccravy said I never said it,
nor is there any proof that I've ever said anything
like any So there's that.
Speaker 3 (15:45):
Well, we know at some point they're going to come
back and get the budget done prior to June thirtieth,
because it's got to go into effect bud July first.
Speaker 4 (15:52):
I like the fact that Todd Rutherford and Jermaine Johnson
want to not only not vote on these other bills,
they want to have a cent sure of mccravy based
off innuendo. So they're demanding that. I can't believe we're
going to vote on budgets. Why would we vote on
budgets when we've got a guy over here who's a
call accused of using the N word once.
Speaker 3 (16:13):
Just the seriousness of the charts. Do you have any
credible information? No, but it's been said, he said, she's
said they did they have any words? Did he have
any words about the budget? That would be great? All right, Well,
we'll set to see how that pans out. Before we
had to put a lock on the cash register here
on July the first, and it'll be coming up, I
(16:33):
guess under cover of the night. We'll read about it.
After they came into town one night, voted on it,
left went back home.
Speaker 4 (16:39):
Well, and because as we joked earlier in the week,
there's no more reporters left, so we won't even find
out about it. It's like it's like being alive in
the Revolutionary War. We'll get it when we get it.
We'll find out when we find out.
Speaker 3 (16:52):
Let's get into some swamp talk next.
Speaker 1 (16:54):
Jonathan and Kelly show Jah, your.
Speaker 3 (16:58):
Secretary of State says, everyone who's here, citizens and non citizens,
deserved to process. Do you agree, mister, I don't know.
Speaker 1 (17:04):
I'm not a lawyer, Kelly Nash, Well, the Fifth Amendment,
it might say that, but if you're talking about that,
then we'd have to have a million or two million
or three million trials.
Speaker 4 (17:14):
I was elected to get him the hell out of here.
Speaker 3 (17:17):
Jonathan and Kelly show As described the next day on MSNBC.
That is Kristen Welker bringing the heat and the headline.
They must have watched a different interview because it seemed
like Trump was able to handle pretty much all the questions,
including that one. I'm not a lawyer. Look, I don't know.
Speaker 4 (17:33):
Well, he's not precise with his words. Unlike Ronald Reagan,
who was the great commune indicator. I wish that Donald
Trump was better at his communication skills because he does
open himself up to these attacks where so you don't
know if you have to follow the constitution.
Speaker 3 (17:48):
That's not No.
Speaker 4 (17:49):
What I was saying was I didn't know if there
was anyway.
Speaker 3 (17:52):
He speaks in phrases, and on top of that, it's
like watching Fox News. You get breaking news on top
of breaking news. Before he can get his phrase out,
he's had another phrase he wants to share with you.
And because of that, although he says he does the weave,
because of that, you end up with the availability of
exactly what they wanted. They wanted to be able to say.
Kristen Welker brought the heat and the headlines, and the
headline is according to MSNBC and then picked up by
(18:14):
everybody else. Is that Donald Trump says he does not
have to follow the constitution.
Speaker 4 (18:19):
Or he doesn't know, or he doesn't know. Yeah, I'm
not a lawyer. I don't know that might say that
in there. I don't know what it says in there. No,
But the reality of it is, is that why that's
why you have an attorney general. When you're the CEO
or the president or what in a big powerful position,
you don't have to know how every single thing works
in that system. You just need to know that when
(18:42):
I am presented with challenges, I have the right people
in place. They can come to me and we can
talk it out. But if you're talking about the details,
that's up to the department heads.
Speaker 3 (18:52):
And again with the inability for Donald Trump to be
able to give you information as MSNBC and other, CNN
was very upset the other day because he came out
say I'm sure he was upset that the announcement of
the pope, or at least the election of the Pope,
have been finalized because the white smoke started billowing out
while we're about to announce the tariff deal with the UK.
And then at the end of that conversation they wanted
(19:13):
to point out very quickly that deal hasn't even been
finalized yet. So in fact, Donald Trump hasn't even brought
you a tariff deal.
Speaker 4 (19:19):
Okay. I would push back on that and say, you've
got a signature in regards to the framework of the deal.
If you're talking about the actual minutia of a trade deal,
you're probably looking at eighteen months. So I mean, if
you want to be factually correct, I guess you can
say yes, in essence, we don't know what the tariff
prices is going to be on straws, and we don't
(19:40):
know what the tariff price is going to be on
bicycle tires or whatever. But we know in principle what
the overall framework will look like, and it will take
a year or more to work that out to this
finalized specifics. But again, honestly, the media was not going
to cover that. They're not going to make that seem
like it's a big deal. Whenever I saw anybody talking
(20:01):
about it, it's sort of a big deal UK, the UK,
even a big deal. I don't know.
Speaker 3 (20:06):
Well, Scott Bessett's going to have his hands full, and
I know the other day you might have thought he
had his hands full with Maxine Waters. She was hard
pressing on her questions for South Carolina's own Who is
in Switzerland today meeting with the Chinese? Now, are we
going to walk out of there with an agreement? No,
he's already told you up front. We're just helping to
lower the temperature right now so we can actually come
to the table with the persons who actually do the
(20:28):
negotiating and the finalization of the deal, so we can
get a signature.
Speaker 4 (20:32):
I did appreciate that. Scott Bessant basically implied that Maxine
Waters was hammered in the Bahamas on New Year's Eve
because she said, this is our first time meeting and
he's like, no, we met at a party in the
Bahamas on New Year's Eve.
Speaker 1 (20:47):
We did.
Speaker 4 (20:48):
And then he's like, yeah, you did the electric slide
much better than I did. And if you don't remember that,
oh my gosh.
Speaker 3 (20:57):
I know a lot of people listen to this program
probably have seen some of the better clips of that
with Cash Betel as well and some other Christinam did
a great job the other day. So we have all
that information that's been celebrated by a lot of people. Well,
we just found out as we record this on Friday
for Saturday broadcasts, are some of the other reasons. Kelly's
just started reading a laundry list of reasons to celebrate
with our economy.
Speaker 4 (21:18):
Well, and here's the interesting thing. This report is coming
to us from NBC. But I will pull off the
NBC and make it c NBC because I've not seen
this on NBC or MSNBC. Only CNBC is reporting. You
know that MSNBC knows this information. They're just not going
to tell you about it. Same with NBC News, Makata.
Speaker 3 (21:40):
In the spin room, they're rewriting it.
Speaker 4 (21:42):
Deflation is happening in America. So deflation is rare when
the prices actually go down. When Joe Biden talked about
inflation and it was going the other way, what he
meant was prices that went from ten dollars to twelve
dollars stopped growing at a twenty percent thing and it
(22:02):
only grew by you know, fifty percent or whatever, or
excuse me, twenty percent would be ten percent. So then
it went up to thirteen dollars. They cut inflation in half,
see what I did. But these are actual deflation numbers.
So if you look at like and they've got a
laundry list here, but like, I'll tell you, I don't
know who needs to buy dishes right now, but they're
down since Donald Trump took office ten point eight percent.
(22:26):
Televisions are nine percent cheaper. If you need a car
truck rental, that's eight point seven percent. If you need
to buy a sports vehicle seven percent cheaper. Major appliances
are down six percent. Computers are down five point four,
Airline tickets five point two. The big number I think overall,
because Donald Trump has made a huge deal out of
talking about energy. Is the number one cost for everybody sure,
(22:51):
down ten point three percent since he's taken office. According
to CNBC, A lot of food prices are down. If
you want to look at fish and seafood and potato
and lunch meets and all that, it's all down. This
is amazingly great news for America right now, especially as
we're trying to put pressure on China and redo the
(23:11):
global trade system, signing deals and having lowering prices at
the same time. This is a great combo. The one
thing it would make it better is if we could
have gotten the interest rates reduced, but the Fed says.
Speaker 3 (23:23):
No, Yeah, you're not going to get that inn it
time soon. You're right. The great commonality of all the
cost increases has come with not just the inflow across
the southern border and the anticipated costs for what these
persons who were here I legally will continue to drain
out of the fab budget. But for the everyday American,
how much is energy cost? It translates into a cost
(23:44):
of everything that we buy.
Speaker 4 (23:46):
Yeah, energy, because like you said, even if I don't
have a car, but.
Speaker 3 (23:49):
The drugs still had to drive the eggs to the grocery.
Speaker 4 (23:52):
Yes, and that's why you're seeing I think in a
lot of these instances the things are dropping because energy
costs are down ten percent. I saw an interesting interview
with the new Secretary of Transportation and he was talking
about back in the mid terms of twenty twenty two
that we didn't understand the real damage that Biden was
(24:13):
doing to the reserves. Talking about the oil reserves, he
said he actually drained more than half of the oil
reserves for the nation and never replenished them. And he's like, so,
but that was never reported, and so he said they
reported it as like an eighth and he's like, it
was ten times as much as was reported. So we
(24:33):
when we've inherited right now, he said, we're looking at
literally having to put something like nine hundred billion dollars
back into what he did to try to lower gas
prices to win the election in the midterms. Nine hundred
billion dollars is what he spent to win a midterm election.
Speaker 3 (24:51):
And on top of that, the other insult injury was
is that not only manipulating the markets here, but when
he wanted to and remember, we sold a lot of
that oil to China, and that was pre to the
inflation numbers that he wanted to bring down to the
gas pumps in order to get the midterm elections.
Speaker 4 (25:05):
I mean, Joe Biden policies were sheer insanity. But on
top of all that, as you would like to say,
adding insult to injury, was we had all of that
gas if we would have only pumped it.
Speaker 3 (25:16):
Yeah, the oil that was. And by the way, we
saw Donald Trump do the same thing once he did
in his first term. What he's doing now bring the
cost down to the point where we can actually fill
up our reserves without having to spend all of that
money because you now get it cheaper in the world market.
Speaker 4 (25:31):
And that's why speaking of lowering costs for people who
are wondering, why is it such a big deal that
we keep talking about dropping the interest rates, Donald Trump
put everything in place to hit all the requirements. Now,
what the FED is claiming is that it's still uncertain
what the market's going to do, and he's right. I mean,
I'm not saying that the FED is wrong about that
(25:52):
there is uncertainty. What Donald Trump is saying, you can
always go back up and what he's saying wink, wink, nod, nod,
But he can't come out and say it is drop
him for a week, drop the interest rates for a week,
so I can refinance this national debt and save ten
trillion dollars or so for the United States. But he
won't do it.
Speaker 3 (26:12):
The god send overall is that this is why you
wanted to send a bullet to the Chinese shop. Because
when we start talking about it even gets a little awkward,
given away have four years of Trump prior. But when
John Doffy starts talking about we haven't spent any money
on infrastructure for air traffic control towers in the.
Speaker 4 (26:27):
Light, but didn't they say that we spent like forty
billion dollars forty two that was supposed to be spent
mayor Pete when he was talking about what a loving
couple he was was he bought all this equipment and
tried to interface it with the stuff that was outdated,
and actually made the problem so bad with the money
that he spent on it that now we've got to
rip the whole system out and start over again.
Speaker 3 (26:47):
That's exactly what you have to do. And much like
a lot of the initiatives under Trump because Washington has
been so ineffective in servicing the American people, Republicans and Democrats.
This is why it's a godsend that Donald Trump's in
the Ovil office. He's beholding the no one and he's
going to go out there and make sure that we
shake it up and spend the money the right way.
Thus Sean Duffy and Elon Musk in particular, no matter
(27:10):
how much you oppose it, Maxine Waters and making sure
that no one gets to the person l information. I
think you meant to say personal information, but I'm not
your staff writer. Maybe they mispuilled it, maybe you said
it right. But this is why it's so interesting and
welcome relief to have Elon Musk in with his doz.
Speaker 4 (27:28):
Ye Scott Bessen. There's no such thing as a dose employee.
There are employees of the Treasury.
Speaker 2 (27:33):
Now I've got to go back and watch it. I
put together my YouTube top five. At any point I
could just go laugh when I'm feeling down.
Speaker 3 (27:46):
Let's go see vaccine. And now that you mentioned some
of the good news for the economy with the news
coming out this week, let's go back to last week.
That's when the latest jobs numbers came out. I want
to talk to doctor Joey von Nessit about what it
means for the state of South Carolina.
Speaker 1 (27:59):
Next, Jonathan and Kelly Show.
Speaker 4 (28:02):
Jan when can I, a former impeachment manager, expect the
FBI at my door?
Speaker 3 (28:08):
Ma'am?
Speaker 5 (28:08):
You want to know who was targeted by a weaponized FBI?
Speaker 1 (28:11):
Me, Kelly Nash, let me move on.
Speaker 5 (28:13):
Well, you should read the book and you should give
that book to every one of your constituents.
Speaker 3 (28:17):
And Kelly Show, when would the Democrats finally give up
on questioning any of the appointees, any of the persons
that they want to bring to oversight.
Speaker 4 (28:26):
I feel like Donald Trump only hires assassins now for
his captain, like Scott Besson, who's like the sweet He's
an assassin.
Speaker 3 (28:35):
Kick all the Capitol police. We're got an assault, we
got a verbal assault going on here.
Speaker 4 (28:39):
What Cashpitel did this week? I mean when he was
going with Patty Murray from Washington yesterday, I should say
on Thursday, I was waiting for the ringman from Rocky
throw in the tolls just getting killed.
Speaker 3 (28:53):
Oh, one week could go today? Well, actually, since we
record this on Friday for Saturday, broadcast. We could go today.
Last Friday, they released the federal jobs numbers, and whenever
we get an opportunity to get a national report, we
always go to one man in particular for all the answers,
Doctor Joey von Nesson, from the dollar More School of Business.
That's right, I said, Darla, I'm a Southerner dollar More
(29:17):
School of Business. It actually should be the dollar dollar
More School of Business.
Speaker 4 (29:23):
Well, she had a falling out with us, so perhaps
now they will change it to your percentage of your desires.
Speaker 3 (29:30):
We have an opportunity to speak with him and when
played this back. This has been edited for this program.
Kelly Nash, Welcome on the phone, Doctor Joey von Nesson.
Speaker 1 (29:38):
Good morning, doctor, good morning.
Speaker 3 (29:41):
Well, I know, like most economists, you spent the weekend
pouring over the numbers from the jobs report that came
out on Friday. Your wife must have been exceptionally happy
to know. It's a crazy Saturday night. Hey, let's talk
about what it means for South Carolina with that report
that came out Friday.
Speaker 7 (29:57):
Well, there's several important facts about the report. Number one,
it was a very good report. So one hundred and
seventy seven thousand jobs nationally, which is really right in
the sweet spot where we want to be. So that's
the good news, and it reflects a resilient economy and
a resilient labor market going into April, given all the
uncertainty and the back and forth on trade policy. But
(30:17):
we also see some what I would call yellow flags,
nothing too negative, but something that we need to keep
our eye on. And that is the fact that we've
seen a pullback in growth in leisure and hospitality in
South Carolina, travel and going out to eat, and then
trade people are simply buying less overall. And then if
we combine that with the fact that we've seen also
(30:40):
an increase in initial unemployment insurance claims, those are all
yellow flags that suggest we are seeing a slow down overall.
But it's fairly mild to this point. So just some
things we need to keep our eye on as we
move into the summer months.
Speaker 4 (30:55):
Doctor von Nesson on the phone with us from the
University of South Carolina, and you're a much bigger brain
when it comes to the economy than Jonathan and I
will ever be. But one of my understandings, and perhaps
you can correct me if I'm wrong. One of the
goals of the Trump administration is to address not only
the federal debt, but actually even consumer debt in the
(31:16):
sense that the economy, our GDP is based way out
of proportion on the amount of money that Americans are spending,
and we cannot sustain that level of spending due to
in debt. Most Americans have a ton of credit card debt,
so on and so forth. It's unsustainable. So could it
(31:36):
not be interpreted that less spending is actually a good
thing at this point, even though it does hurt things
like going out to dinner.
Speaker 7 (31:45):
Well, I think one of the elements here is that
the Trump administration is looking to unsure more manufacturing and
generate more manufacturing production in the US. And part of
that is also due to concerns that we are too
reliant on spending with other countries, especially when we're purchasing
materials and supplies that are related to national security, right,
(32:09):
So we don't necessarily want to be too dependent on
foreign nations as opposed to producing our own materials and
supplies for security related activities. So there are a number
of different goals there, and I think that's certainly something
that's important to address. And yes, It's true that when
you impose tariffs that does raise the cost of goods
(32:29):
that they apply to, and that's part of the transition
process and the risk challenge with tariffs, which is why
they are so controversial, is because there are costs and benefits,
but the costs typically show up first and the benefits
come down the road. So when you have that type
of lag, that creates challenges. And so when you impose
a tariff, you do see those costs rise immediately, but
(32:53):
the benefits in terms of more on shoring, more development
of manufacturing within the US that takes months or even
years to be implemented in terms of new facilities being
built out and operated. So there's just a real difference
there between when we see the costs and the benefits,
and so that creates some temporary disruptions as well that
you allude to.
Speaker 3 (33:11):
One of the things that we're hearing is that our
ports across the country on both coast will be hurt
by this tariff war with China in particular. Do we
see any of that already impacting our South Carolina ports
like Charleston. Yes.
Speaker 7 (33:24):
It's hard to get a good sense of that data
locally because we've seen a surge really an import activity,
because a lot of companies are looking to get ahead
of these terraffs. In other words, they're importing and stocking
up on their inventories before prices rise. So it's hard
to get a sense in the data of what that
looks like. However, if we look at new orders coming
in from China, those have been down significantly. We've seen
(33:48):
estimates ranging from twenty to thirty percent, particularly on the
West Coast ports, because the tariffs so far have disproportionately
focused on the trade relationships between the US and China
as opposed to other regions around the world, and many
of the Chinese goods come in through through West coastports,
so they've been more affected so far. But yes, that's
(34:08):
definitely a concern, and we'll get more data as we
move into the summer months and get a better feel
for what that means, and especially whether the decline in
activity is a temporary blip or is it something that's
going to continue into the second half of the year.
Speaker 4 (34:21):
One of the things that also happened on Friday, which
I don't know that it got much publicity outside of
right wing media, is that the was the ninth consecutive
day of what we would call a winning streak on
the S and P. Five hundred and at the end
of the business day on Friday, all of the losses
(34:42):
in the stock market had been erased since quote unquote
Liberation Day, we had all heard that, you know, your
four oh one k has been destroyed, it's all gone.
Donald Trump's an idiot, it's blah blah blah. And yet
it's the second longest win streak this century. The last
one would have been I think two thousand and four,
where they had ten days in a row, and then
(35:05):
you get the great jobs report on Friday, one hundred
and seventy seven thousand jobs. On top of that, they
cut another nine thousand federal jobs from that. It seems
to me maybe I'm just a little rosy, you know
cheeks here, I got the glasses on. Am I drinking
the kool aid? Or things going better than it would
(35:26):
appear if I was to just watch media reports.
Speaker 7 (35:29):
Well, I think with respect to the stop market, I
think it's very hard to draw any conclusions from short
term fluctuations. Because stop market can go up and down
on a regular basis. It tends to go up over time,
but I think short run fluctuations are happening all the time.
I don't be too much into any short run trends there,
but I think more generally, what we've seen this year
(35:51):
is a correlation of the market to tariffs. And when
we saw a lot of the back and forth, we
saw a pullback in the stop market. And once we
saw more certainty and we had this ninety day pause,
we saw recovery. And the reason is that investors businesses
really dislike uncertainty, and I think that is the driver
of the back and forth on the market. When businesses
(36:13):
are uncertain about what their cost structure is going to
look like, what the market environment is going to be,
then they tend to pause investment decisions and just go
into a wait and see approach. That affects the market.
And so as we've seen the back and forth on
tariff policy and we see a movement more towards negotiations
and away from the kind of the high level of
(36:33):
tariffs that we saw implemented initially, then the stock market
recovers there once we get more confidence that this is
more of a negotiating strategy that these high tariffs initially
implemented are not likely to be long lasting. Then you
see restoration in market activity, and so I think that's
what we're seeing. It's a back and forth that corresponds
to the back and forth on tariff policy itself.
Speaker 4 (36:54):
You mentioned that unemployment insurance is paying out more now
employment rate was I think four point two to four
point two, and so why do you think that we're
seeing more people getting unemployment benefits?
Speaker 7 (37:09):
That corresponds the timing of the data. So what are
the challenges that we are facing right now? Is that
we are going through a very rapid change several in
our economy. But all the data that we have, at
least for the most part, are backwards looking. So when
we get an employment report as we did on Friday,
that is typically reflecting data or the economy from two
(37:33):
to three weeks ago, so it basically goes through mid April.
But if we're looking forward and we want to look
at leading indicators where we headed next, initial unemployment insurance
claims are one of the best leading indicators we have
because those data come out on a weekly basis instead
of a monthly basis, and initial claims give us an
(37:54):
indication of how many people are being laid off from
their job, because if you were laid off from your
job in South Carolina, I know you can file for
unemployment insurance and it doesn't mean that you're going to
necessarily qualify, but you can apply for it. And so
we can actually track the number of people who are
applying for unemployment for the first time, so it gives
us a gauge of how many people are being laid
(38:16):
off at any given time. And so that's what we've
seen kick up. We don't know we don't know why
and in terms of which businesses are laying workers off
or whether it refers to any particular within any industry
or in manufacturing, but we've just seen it go up
(38:37):
for a couple of weeks above what we've seen in
the last few years. And so the question is is
that a blip or is that going to continue into
the summer months, because it suggests that that employment activity
or the labor market activities pulled back a bit. And
that's why I say it's a yellow flag because it's up.
It's not up significantly, but it is higher than anything
(38:58):
that we've seen in the last couple of So it's
just something to keep our eye on and again. The
reason it's such a good metric is because it is
very much forward looking compared to the unemployment reports, which
are typically backwards looking, and we have to look at
both when we're trying to get an assessment of where
the labor market is and also where it's headed.
Speaker 3 (39:16):
All right, Kelly and assad does it for the day.
Speaker 4 (39:19):
All right, let's start the weekend.
Speaker 3 (39:20):
Let's get into it. Who the game couch lose to
this weekend? Oh? Did I say that out loud?
Speaker 4 (39:25):
Auburn and happy mothers?
Speaker 3 (39:26):
Then stop at dude, here's the thought.
Speaker 1 (39:33):
Bye bye.
Speaker 4 (39:34):
All right, that's it for me, o, God, everybody.
Speaker 1 (39:40):
The Jonathan and Kelly Show wvoc
Welcome to the Jonathan and Kelly Show.
Speaker 2 (00:04):
Jonathan Rush And you want me to sit in my
seat and stand idly by and allow this.
Speaker 1 (00:09):
Craziness to happen, Kelly Nash.
Speaker 2 (00:12):
You could come after me if you want, but you.
Speaker 3 (00:14):
Elected me to stand up.
Speaker 2 (00:16):
You elected me to continue fighting on and I will.
Speaker 1 (00:20):
Fight on and Kelly Show.
Speaker 3 (00:23):
Oh that was at the beginning of the week when
she was feeling all of it.
Speaker 4 (00:26):
Brother, Yeah, she's uh, she's I mean, she's clearly insane.
Speaker 3 (00:31):
And then by the end of the week.
Speaker 4 (00:32):
Yeah, Thursday night they had somebody at a town hall
that she was having. Some guy got up on the
mic and was just screaming, you're gonna have to apologize
to Donald Trump for wasting millions of dollars in the
state of New York for a witch trial, and uh,
how does it know that you're going to go to
jail for more mortgage fraud. You're going to prison, tish
And they started to march them out, and some of
(00:54):
the people at the at the hall were clapping, So
she was a little bit rattled to see how many
people in the state of New York are.
Speaker 3 (00:59):
Pro No one's above karma. Hey, this is Jonathan Roussier's
Kelly Nash, Happy Saturday. Now, this week we had an
opportunity to speak with US Congressman Ralph Norman. You're gonna
hear from him in just a second. Also, at the
beginning of last week is when we first saw the
new jobs numbers come out with a federal report. But
you know that doesn't mean anything until we talked to
(01:21):
doctor Joey von Nessen about South Kak.
Speaker 4 (01:23):
Yeah, we want to find out how does that apply
to what's going on in the Midlands, what's going on
around the state of South Carolina. Of course, in the
segment three we get swamp talk, and there's always a
ton to talk about in the swamp.
Speaker 3 (01:35):
That'll becoming up as well. And we do have news.
We were anticipating as if I were watching a chimney
over the Vatican, waiting to hear what's going to happen
with our budget from the General Assembly.
Speaker 4 (01:47):
Yeah, not much news, smoke signals. Not a whole lot
going on there, although they're patting themselves on the back.
Speaker 3 (01:52):
We'll talk about that coming up in segment two. We'll
begin here, Kelly Nash, Welcome on the phone. Our US
Congress fifth district Representative Congressman Ralph Norman, Good.
Speaker 5 (02:02):
Morning, Good morning, glad to be with you.
Speaker 3 (02:04):
We're a little bit behind schedule, as Donald Trump would
insist on making sure we get the big beautiful bill passed. Well.
Speaker 5 (02:10):
The good news is the House voted out a conservative
budget with actual cuts at one point five tree and
minimum and then two tree and aspiration on which I
think we will reach the committee's a meeting. Everything's pretty
well been sapped. The energy has been sapped from everything
else with the committee's meeting, which is the way it
should be, and trying to get it out before the
(02:31):
moral Day, and hopefully we can do that. We're struggling,
as you would expect, with trying to make cuts. Every
dollar in Washington is an advocate for it. So we're
trying to urge the committees to do what we all
voted on, which hopefully we will do a.
Speaker 4 (02:47):
Lot of I don't know conservatives will say. People are
saying that the folks in your position, the Congress has
done a very poor job of getting bills for to
Donald Trump to sign and his first hundred days I
believe he is since they've been keeping track of the
first hundred days since basically FDR. He has signed the
(03:10):
fewest amount of bills. And so these executive orders, while
they're great and they're being fought in the courts, a
lot of people want to see Congress just take the
lead and get some law changes that line up with
the president. And since you have the majority, it seems
like that is a doable thing. What are your thoughts
on that?
Speaker 5 (03:26):
Well, it is, but you know, if you look at
the last hundred days, executive orders were the quickest way
to get this country back on track. You got to remember,
Joe Biden let this country off the rails. It was
misguided in so many different areas, and none more than
the financial crisis. At this country's end, thirty seven tree
in in Counting is not sustainable. And bear in mind
(03:49):
that doesn't include the Highway Trust Fund, social Security, Medicare, Medicaid,
all of those that are running dry. So our situation
is with executative orders, which we're going to have to
put into law. All the cuts that and all the
things that he has brought before us through executive orders
were it's like an emergency shock treatment for a pool.
(04:12):
You've got to do it to maintain this country in
sustainable financially, and that's what he has done. But now
you will see bills come forward, like the Recision Package,
like what the Dose Commission has done to eliminate some
agencies and regulations as we move forward. But it just
takes time. Up here, nothing happens like in a private business.
(04:34):
You can do. But I'm excited about what he has done.
He's had the courage to do that with executive orders
and like no one else. So we're on the right track.
Now we've got to bring it home, which hopefully we
will do.
Speaker 3 (04:46):
You know, one of the things we discussed with you
the last time, but we had an opportunity to have
you on the program, was about doze in their efforts.
And remember we talked about Elon must bragging on the
trail that he is going to cut up trillion dollars
in waste abuse and misspent moneys. I asked you, could
we reach that point? You thought he would go higher?
Speaker 5 (05:03):
Well, what does has done? He's done it. What he's
done is and he started with USAID identifying tax dollars
that unfortunately have been spent, and he could easily reach
anywhere from a tree in the over. I mean, when
you have people on social Security that at one hundred
and twenty years old, but getting a Social Security check. No,
when you have money going to Bill Walls in other countries. No,
(05:27):
when you have money that you think would have gone
to a humanitarian project, go to Stacey Abrams and Georgia. No,
you put a stop to that. And you will see
US codify and vote on each one of these things
that Elon has found. But he just beginning, not just
the USAID, social Security, Medicaid, Medicare, he said, doesn't find
(05:47):
the fraud and the waste. And it's an eye opener
for the American people. And nobody's done it better than
Elon Musk, who has got the bandwidth and the brains
to do it. Politicians couldn't do it.
Speaker 4 (05:59):
You are part of a movement. You and Chip Roy
have put together something here where you're talking about the
nineteen sixty five mission when medicaid was launched. It's really
way off course now and I couldn't believe it when
I read it. The Congressional Budget Office now projects that
(06:19):
from twenty twenty five to twenty thirty four, so over
the next nine years, Medicaid spending will be one point
two trillion dollars higher than it had been forecasted back
in twenty twenty one. So over the last four years,
the Medicaid, I mean, that is an unbelievable sum of money,
and you're saying that the vast majority of this has
(06:41):
nothing to do with helping the people it's designed to help.
Speaker 3 (06:44):
Get this.
Speaker 5 (06:45):
First of all, like you mentioned, this is an agency
that's been in existence over sixty years. It was intentionally
put in place to help the disable, the single mom's infants.
It was not intended to able bodied working Americans to
go on this. And now you've got right at twenty
four and a half million able bodied adults on Medicaid.
(07:07):
How does that make sense? And in South Carolina you've
got I think it's one point one million as of
June of twenty four that were on Medicaid. It's a
big deal. It's a eight point nine billion dollar price
tag just South Carolina alone. For the country, it's approaching
eight hundred and ninety b And long story short, if
you're healthy, if you're able to work, you shouldn't be
(07:29):
on Medicaid. That's where it's gotten all track. And the
media is going to put out that we're cutting Medicaid,
and we're cutting Social Security, which we can't do in
reconciliation anyway. But now we're going to make some changes.
Speaker 3 (07:43):
With that.
Speaker 5 (07:44):
If you're illegal, should you get a paycheck from the
United States government?
Speaker 3 (07:48):
No?
Speaker 5 (07:49):
And it's common sense, But common sense is so common
in DC, and it's a fight. I will tell you
that a lot of people will use this as leverage
not to do anything. As a getting a ninety percent
match from the federal government it started off fifty to
sixty percent. Thy getting a ninety percent match. Illegals and
a lot of again able bodied workers who shouldn't be
(08:12):
on the system anyway.
Speaker 3 (08:13):
You're saying one in five South Carolinians are collecting medicaid.
Speaker 4 (08:17):
Correct, And you point out here that of the people
receiving medicaid, now this is nationwide, This is not just
in South Carolina. The Medicaid now serves more individuals who
are above the poverty line than below it.
Speaker 5 (08:31):
Correct, You've got nationwide twenty four and a half million
able bodied people who are on Medicaid. That's more than
an entire state of Florida.
Speaker 3 (08:39):
Well, you can tell by the way that the Democrats
are positioning this there were a lot of people who
are collecting medicaid, but I didn't realize it was one
in five South Carolinians. But when Democrats get out of
the trail start talking about Republicans are going to cut medicaid,
you're talking to twenty percent of the people just in
our state who are actually receiving a check that they
want to protect.
Speaker 5 (08:56):
You know, not all of it is. You know, you'd
have to we through the ones that you know, again
are above the poverty line. And I think and so
you've got to verify. And we just haven't had that.
And that's the great part about what Trump's doing with
his executive orders. Yes it's temporary, but he's got the
courage to do it, and he's doing it in every
(09:18):
level from not just the financial end. He's doing it
on the military, he's doing it on deportations, so many
other things that he's delivering on exactly what he said.
For those who really need it, who are disabled, who
have got a disability, we won't increase their likelihood of
getting the check, because that's what it was intended to do,
(09:39):
not illegals and not able bodied workers. It's not that difficult.
But now prying the money away and This started under
the bomb administration. They did it with illegals and they
raised the payment system to ninety percent in South Carolina,
and I was in the legislature then. That did not
expand it, but a lot of states did, California being
(09:59):
the world worst and we got a correct hunter.
Speaker 4 (10:02):
Congressman Ralph Norman. Any thoughts on the darryl Isa legislation
that was Mike Johnson was talking about on Tuesday, the
No Rogue Rulings Act of twenty twenty five.
Speaker 5 (10:12):
Yeah, what he's doing is trying to reign in judges
who are putting injunctions on President Trump from deportation basically,
you know, overruling seventy seven million people that voted on him.
What the ISO built does is get to you have
to have more of a group consensus before you can
a judge can just do this. Now. The great thing
(10:32):
about Trump, he's ignored it. Anyway, if you're an illegal,
you don't have due due process if that end of story,
and the is of bill just codifies it and is
a good first start. Should it be stricter? I think
they're they're we need to get rid of them anyway,
But should it be stricter? Probably, but that's what we
(10:52):
could get past. And Daryl's done a good job of
putting this into a built that I think will pass.
Speaker 3 (10:58):
All right, Now, that interview was at ad only because
of the time restraints of this program. You can hear
the entire interview. Where are Congressman on our podcast?
Speaker 4 (11:06):
Yep? Look for the rash Thought podcast on the iHeartRadio app.
Speaker 3 (11:09):
All right, starting, you're starting to count those savings dollars
in the state of South Carolina's tax don't start counting yet.
We'll get into what happened with the General Assembly. Is
they were wrapping up the session. Well they're not really
wrapped up, are they. We'll talk about it next.
Speaker 1 (11:22):
The Jonathan and Kelly Show. Jonathan Rush, as.
Speaker 6 (11:26):
You know from real estate, there are some places that
are never for sale. Having met with the owners of
Canada over the course of the campaign last several months,
it's not for sale.
Speaker 3 (11:37):
Won't be for sale ever.
Speaker 1 (11:38):
Kelly Nash. But never say never, never said ever. Jonathan
and Kelly Show.
Speaker 3 (11:42):
It's not for sale. Kelly already talked to the owners
of Canada.
Speaker 4 (11:46):
Never say never.
Speaker 3 (11:47):
Is Canada kind of like the Green Bay Packers? Is
it like a mutual thing? You got to buy into
I don't know how.
Speaker 4 (11:53):
That works, don't. I don't understand either, do we. I mean,
I guess I understand what he's trying to imply there,
Like we're the owners of the United States, but.
Speaker 3 (12:02):
They found the Canadian pride. They're not going to let
it go. You're not going to be a fifty first
state of the United States of America.
Speaker 4 (12:09):
The greatest political comeback in history, maybe even greater than mine.
Speaker 3 (12:11):
Set it's beneath America too. Joe Biden's already preached to
you about that.
Speaker 4 (12:15):
We'll get to some of that beneath us.
Speaker 3 (12:16):
To what Canada beneath America to be talking about taking
back the Panama Canal and taking over Greenland.
Speaker 4 (12:24):
Oh, I thought he was implying that the Canadians were
beneath us, the dirtys.
Speaker 3 (12:29):
In he said words. I don't know if I interpreted
him correctly. I don't have a Biden to English translation
in front of me. No. On the General Assembly side
here in South Carolina, the twenty twenty five legislative session
came to a close. Do we have a budget? No,
not until probably first of July, well June thirtieth. They'll
(12:50):
be coming back to finish that. But what were they
able to finish? Did we get a liquor liability lawsuit reform?
Speaker 4 (12:55):
Well, that was the agreement on tort reform. Was one
of the five most important things they were going to
do this year. No, sir, didn't get that done.
Speaker 3 (13:03):
Well, let's just go through. Well, I'll tell you what
I like Davy Hyatt's response here when they asked about
the session in general, the strongest that's ever been in
my twenty one years.
Speaker 4 (13:13):
Well, he's talking about the caucus.
Speaker 3 (13:14):
That's right.
Speaker 4 (13:15):
Yeah, the strongest we've ever had, and we had lively debates.
Speaker 5 (13:18):
Overall.
Speaker 3 (13:19):
I think it was very successful. We did have lively debates,
and that's what it's all about, making sure that the
debates are lively because people are constantly tuning in on
YouTube over there to check out the Senate floor.
Speaker 4 (13:29):
I was gonna say, Davy, if it's all about lively debates,
you can get yourself an x account and have plenty
of those. That's not what this is about. It, especially
when you have a super majority at this point, y'all
got to get in a row, understand what conservative principles are,
and then vote accordingly.
Speaker 3 (13:46):
Well, at the beginning, of the session. Senate Majority Leader
Shane mass You tot Republicans report. Republicans have five main priorities.
Implementation of the new private school choice of BOUCHA program.
Speaker 4 (13:56):
They didn't really do that. They've passed something that they're
calling school choice. But the House had the school choice
Shane Massey beat it to death and wouldn't allow it
to go forward untill they compromised on a fake school choice.
Speaker 3 (14:06):
Bill organized retail theft penalty's first pitch during the COVID
nineteen pandemic.
Speaker 4 (14:12):
I don't even know if they passed that.
Speaker 3 (14:14):
I don't think so. Accelerated reduction in the state's top
income rate six percent of the agreement, and tort reform,
passage of sweeping energy permitting. Well packages, let's just.
Speaker 4 (14:24):
Take we did not get the income tax rate and
we did not get an agreement on tort reform.
Speaker 3 (14:29):
What about the sweeping energy permitting reform.
Speaker 4 (14:32):
I believe they did get that one. Yes, that was
on the last day of the session.
Speaker 3 (14:37):
But overall, he said, it's been very successful or to
the shame mess.
Speaker 4 (14:40):
I mean, look, you passed forty five pieces of legislation,
which is half of what you did last year, and
last year wasn't even considered a very productive year. And
again the first time that in our lifetimes that we
can recall, there's a super majority on both bodies, So
the Senate and the House republ Plicans should be having
(15:01):
their way smooth sailing. And yet we don't know who's
in charge over there, because it's clearly not you two guys.
It's not Davy Hyatt and it's not Shane Massey because
it's running amuck and they're fighting amongst each others. And
I don't know how to fix it, to be honest
with you, Jonathan, I just know it needs to be fixed.
You're not going to get this opportunity again.
Speaker 3 (15:20):
The most interesting thing in the article was the posting
couriers reviewing the fact that now we can paint the
Republicans according to rumors, and he said, he said conversations,
they're racist, they're anti Semitic, and they're homophobic.
Speaker 4 (15:33):
Yeah, it's based on nothing other than I don't even
know who started that. Again, I couldn't even remember who
started it against mccravy. But mccravy said I never said it,
nor is there any proof that I've ever said anything
like any So there's that.
Speaker 3 (15:45):
Well, we know at some point they're going to come
back and get the budget done prior to June thirtieth,
because it's got to go into effect bud July first.
Speaker 4 (15:52):
I like the fact that Todd Rutherford and Jermaine Johnson
want to not only not vote on these other bills,
they want to have a cent sure of mccravy based
off innuendo. So they're demanding that. I can't believe we're
going to vote on budgets. Why would we vote on
budgets when we've got a guy over here who's a
call accused of using the N word once.
Speaker 3 (16:13):
Just the seriousness of the charts. Do you have any
credible information? No, but it's been said, he said, she's
said they did they have any words? Did he have
any words about the budget? That would be great? All right, Well,
we'll set to see how that pans out. Before we
had to put a lock on the cash register here
on July the first, and it'll be coming up, I
(16:33):
guess under cover of the night. We'll read about it.
After they came into town one night, voted on it,
left went back home.
Speaker 4 (16:39):
Well, and because as we joked earlier in the week,
there's no more reporters left, so we won't even find
out about it. It's like it's like being alive in
the Revolutionary War. We'll get it when we get it.
We'll find out when we find out.
Speaker 3 (16:52):
Let's get into some swamp talk next.
Speaker 1 (16:54):
Jonathan and Kelly show Jah, your.
Speaker 3 (16:58):
Secretary of State says, everyone who's here, citizens and non citizens,
deserved to process. Do you agree, mister, I don't know.
Speaker 1 (17:04):
I'm not a lawyer, Kelly Nash, Well, the Fifth Amendment,
it might say that, but if you're talking about that,
then we'd have to have a million or two million
or three million trials.
Speaker 4 (17:14):
I was elected to get him the hell out of here.
Speaker 3 (17:17):
Jonathan and Kelly show As described the next day on MSNBC.
That is Kristen Welker bringing the heat and the headline.
They must have watched a different interview because it seemed
like Trump was able to handle pretty much all the questions,
including that one. I'm not a lawyer. Look, I don't know.
Speaker 4 (17:33):
Well, he's not precise with his words. Unlike Ronald Reagan,
who was the great commune indicator. I wish that Donald
Trump was better at his communication skills because he does
open himself up to these attacks where so you don't
know if you have to follow the constitution.
Speaker 3 (17:48):
That's not No.
Speaker 4 (17:49):
What I was saying was I didn't know if there
was anyway.
Speaker 3 (17:52):
He speaks in phrases, and on top of that, it's
like watching Fox News. You get breaking news on top
of breaking news. Before he can get his phrase out,
he's had another phrase he wants to share with you.
And because of that, although he says he does the weave,
because of that, you end up with the availability of
exactly what they wanted. They wanted to be able to say.
Kristen Welker brought the heat and the headlines, and the
headline is according to MSNBC and then picked up by
(18:14):
everybody else. Is that Donald Trump says he does not
have to follow the constitution.
Speaker 4 (18:19):
Or he doesn't know, or he doesn't know. Yeah, I'm
not a lawyer. I don't know that might say that
in there. I don't know what it says in there. No,
But the reality of it is, is that why that's
why you have an attorney general. When you're the CEO
or the president or what in a big powerful position,
you don't have to know how every single thing works
in that system. You just need to know that when
(18:42):
I am presented with challenges, I have the right people
in place. They can come to me and we can
talk it out. But if you're talking about the details,
that's up to the department heads.
Speaker 3 (18:52):
And again with the inability for Donald Trump to be
able to give you information as MSNBC and other, CNN
was very upset the other day because he came out
say I'm sure he was upset that the announcement of
the pope, or at least the election of the Pope,
have been finalized because the white smoke started billowing out
while we're about to announce the tariff deal with the UK.
And then at the end of that conversation they wanted
(19:13):
to point out very quickly that deal hasn't even been
finalized yet. So in fact, Donald Trump hasn't even brought
you a tariff deal.
Speaker 4 (19:19):
Okay. I would push back on that and say, you've
got a signature in regards to the framework of the deal.
If you're talking about the actual minutia of a trade deal,
you're probably looking at eighteen months. So I mean, if
you want to be factually correct, I guess you can
say yes, in essence, we don't know what the tariff
prices is going to be on straws, and we don't
(19:40):
know what the tariff price is going to be on
bicycle tires or whatever. But we know in principle what
the overall framework will look like, and it will take
a year or more to work that out to this
finalized specifics. But again, honestly, the media was not going
to cover that. They're not going to make that seem
like it's a big deal. Whenever I saw anybody talking
(20:01):
about it, it's sort of a big deal UK, the UK,
even a big deal. I don't know.
Speaker 3 (20:06):
Well, Scott Bessett's going to have his hands full, and
I know the other day you might have thought he
had his hands full with Maxine Waters. She was hard
pressing on her questions for South Carolina's own Who is
in Switzerland today meeting with the Chinese? Now, are we
going to walk out of there with an agreement? No,
he's already told you up front. We're just helping to
lower the temperature right now so we can actually come
to the table with the persons who actually do the
(20:28):
negotiating and the finalization of the deal, so we can
get a signature.
Speaker 4 (20:32):
I did appreciate that. Scott Bessant basically implied that Maxine
Waters was hammered in the Bahamas on New Year's Eve
because she said, this is our first time meeting and
he's like, no, we met at a party in the
Bahamas on New Year's Eve.
Speaker 1 (20:47):
We did.
Speaker 4 (20:48):
And then he's like, yeah, you did the electric slide
much better than I did. And if you don't remember that,
oh my gosh.
Speaker 3 (20:57):
I know a lot of people listen to this program
probably have seen some of the better clips of that
with Cash Betel as well and some other Christinam did
a great job the other day. So we have all
that information that's been celebrated by a lot of people. Well,
we just found out as we record this on Friday
for Saturday broadcasts, are some of the other reasons. Kelly's
just started reading a laundry list of reasons to celebrate
with our economy.
Speaker 4 (21:18):
Well, and here's the interesting thing. This report is coming
to us from NBC. But I will pull off the
NBC and make it c NBC because I've not seen
this on NBC or MSNBC. Only CNBC is reporting. You
know that MSNBC knows this information. They're just not going
to tell you about it. Same with NBC News, Makata.
Speaker 3 (21:40):
In the spin room, they're rewriting it.
Speaker 4 (21:42):
Deflation is happening in America. So deflation is rare when
the prices actually go down. When Joe Biden talked about
inflation and it was going the other way, what he
meant was prices that went from ten dollars to twelve
dollars stopped growing at a twenty percent thing and it
(22:02):
only grew by you know, fifty percent or whatever, or
excuse me, twenty percent would be ten percent. So then
it went up to thirteen dollars. They cut inflation in half,
see what I did. But these are actual deflation numbers.
So if you look at like and they've got a
laundry list here, but like, I'll tell you, I don't
know who needs to buy dishes right now, but they're
down since Donald Trump took office ten point eight percent.
(22:26):
Televisions are nine percent cheaper. If you need a car
truck rental, that's eight point seven percent. If you need
to buy a sports vehicle seven percent cheaper. Major appliances
are down six percent. Computers are down five point four,
Airline tickets five point two. The big number I think overall,
because Donald Trump has made a huge deal out of
talking about energy. Is the number one cost for everybody sure,
(22:51):
down ten point three percent since he's taken office. According
to CNBC, A lot of food prices are down. If
you want to look at fish and seafood and potato
and lunch meets and all that, it's all down. This
is amazingly great news for America right now, especially as
we're trying to put pressure on China and redo the
(23:11):
global trade system, signing deals and having lowering prices at
the same time. This is a great combo. The one
thing it would make it better is if we could
have gotten the interest rates reduced, but the Fed says.
Speaker 3 (23:23):
No, Yeah, you're not going to get that inn it
time soon. You're right. The great commonality of all the
cost increases has come with not just the inflow across
the southern border and the anticipated costs for what these
persons who were here I legally will continue to drain
out of the fab budget. But for the everyday American,
how much is energy cost? It translates into a cost
(23:44):
of everything that we buy.
Speaker 4 (23:46):
Yeah, energy, because like you said, even if I don't
have a car, but.
Speaker 3 (23:49):
The drugs still had to drive the eggs to the grocery.
Speaker 4 (23:52):
Yes, and that's why you're seeing I think in a
lot of these instances the things are dropping because energy
costs are down ten percent. I saw an interesting interview
with the new Secretary of Transportation and he was talking
about back in the mid terms of twenty twenty two
that we didn't understand the real damage that Biden was
(24:13):
doing to the reserves. Talking about the oil reserves, he
said he actually drained more than half of the oil
reserves for the nation and never replenished them. And he's like, so,
but that was never reported, and so he said they
reported it as like an eighth and he's like, it
was ten times as much as was reported. So we
(24:33):
when we've inherited right now, he said, we're looking at
literally having to put something like nine hundred billion dollars
back into what he did to try to lower gas
prices to win the election in the midterms. Nine hundred
billion dollars is what he spent to win a midterm election.
Speaker 3 (24:51):
And on top of that, the other insult injury was
is that not only manipulating the markets here, but when
he wanted to and remember, we sold a lot of
that oil to China, and that was pre to the
inflation numbers that he wanted to bring down to the
gas pumps in order to get the midterm elections.
Speaker 4 (25:05):
I mean, Joe Biden policies were sheer insanity. But on
top of all that, as you would like to say,
adding insult to injury, was we had all of that
gas if we would have only pumped it.
Speaker 3 (25:16):
Yeah, the oil that was. And by the way, we
saw Donald Trump do the same thing once he did
in his first term. What he's doing now bring the
cost down to the point where we can actually fill
up our reserves without having to spend all of that
money because you now get it cheaper in the world market.
Speaker 4 (25:31):
And that's why speaking of lowering costs for people who
are wondering, why is it such a big deal that
we keep talking about dropping the interest rates, Donald Trump
put everything in place to hit all the requirements. Now,
what the FED is claiming is that it's still uncertain
what the market's going to do, and he's right. I mean,
I'm not saying that the FED is wrong about that
(25:52):
there is uncertainty. What Donald Trump is saying, you can
always go back up and what he's saying wink, wink, nod, nod,
But he can't come out and say it is drop
him for a week, drop the interest rates for a week,
so I can refinance this national debt and save ten
trillion dollars or so for the United States. But he
won't do it.
Speaker 3 (26:12):
The god send overall is that this is why you
wanted to send a bullet to the Chinese shop. Because
when we start talking about it even gets a little awkward,
given away have four years of Trump prior. But when
John Doffy starts talking about we haven't spent any money
on infrastructure for air traffic control towers in the.
Speaker 4 (26:27):
Light, but didn't they say that we spent like forty
billion dollars forty two that was supposed to be spent
mayor Pete when he was talking about what a loving
couple he was was he bought all this equipment and
tried to interface it with the stuff that was outdated,
and actually made the problem so bad with the money
that he spent on it that now we've got to
rip the whole system out and start over again.
Speaker 3 (26:47):
That's exactly what you have to do. And much like
a lot of the initiatives under Trump because Washington has
been so ineffective in servicing the American people, Republicans and Democrats.
This is why it's a godsend that Donald Trump's in
the Ovil office. He's beholding the no one and he's
going to go out there and make sure that we
shake it up and spend the money the right way.
Thus Sean Duffy and Elon Musk in particular, no matter
(27:10):
how much you oppose it, Maxine Waters and making sure
that no one gets to the person l information. I
think you meant to say personal information, but I'm not
your staff writer. Maybe they mispuilled it, maybe you said
it right. But this is why it's so interesting and
welcome relief to have Elon Musk in with his doz.
Speaker 4 (27:28):
Ye Scott Bessen. There's no such thing as a dose employee.
There are employees of the Treasury.
Speaker 2 (27:33):
Now I've got to go back and watch it. I
put together my YouTube top five. At any point I
could just go laugh when I'm feeling down.
Speaker 3 (27:46):
Let's go see vaccine. And now that you mentioned some
of the good news for the economy with the news
coming out this week, let's go back to last week.
That's when the latest jobs numbers came out. I want
to talk to doctor Joey von Nessit about what it
means for the state of South Carolina.
Speaker 1 (27:59):
Next, Jonathan and Kelly Show.
Speaker 4 (28:02):
Jan when can I, a former impeachment manager, expect the
FBI at my door?
Speaker 3 (28:08):
Ma'am?
Speaker 5 (28:08):
You want to know who was targeted by a weaponized FBI?
Speaker 1 (28:11):
Me, Kelly Nash, let me move on.
Speaker 5 (28:13):
Well, you should read the book and you should give
that book to every one of your constituents.
Speaker 3 (28:17):
And Kelly Show, when would the Democrats finally give up
on questioning any of the appointees, any of the persons
that they want to bring to oversight.
Speaker 4 (28:26):
I feel like Donald Trump only hires assassins now for
his captain, like Scott Besson, who's like the sweet He's
an assassin.
Speaker 3 (28:35):
Kick all the Capitol police. We're got an assault, we
got a verbal assault going on here.
Speaker 4 (28:39):
What Cashpitel did this week? I mean when he was
going with Patty Murray from Washington yesterday, I should say
on Thursday, I was waiting for the ringman from Rocky
throw in the tolls just getting killed.
Speaker 3 (28:53):
Oh, one week could go today? Well, actually, since we
record this on Friday for Saturday, broadcast. We could go today.
Last Friday, they released the federal jobs numbers, and whenever
we get an opportunity to get a national report, we
always go to one man in particular for all the answers,
Doctor Joey von Nesson, from the dollar More School of Business.
That's right, I said, Darla, I'm a Southerner dollar More
(29:17):
School of Business. It actually should be the dollar dollar
More School of Business.
Speaker 4 (29:23):
Well, she had a falling out with us, so perhaps
now they will change it to your percentage of your desires.
Speaker 3 (29:30):
We have an opportunity to speak with him and when
played this back. This has been edited for this program.
Kelly Nash, Welcome on the phone, Doctor Joey von Nesson.
Speaker 1 (29:38):
Good morning, doctor, good morning.
Speaker 3 (29:41):
Well, I know, like most economists, you spent the weekend
pouring over the numbers from the jobs report that came
out on Friday. Your wife must have been exceptionally happy
to know. It's a crazy Saturday night. Hey, let's talk
about what it means for South Carolina with that report
that came out Friday.
Speaker 7 (29:57):
Well, there's several important facts about the report. Number one,
it was a very good report. So one hundred and
seventy seven thousand jobs nationally, which is really right in
the sweet spot where we want to be. So that's
the good news, and it reflects a resilient economy and
a resilient labor market going into April, given all the
uncertainty and the back and forth on trade policy. But
(30:17):
we also see some what I would call yellow flags,
nothing too negative, but something that we need to keep
our eye on. And that is the fact that we've
seen a pullback in growth in leisure and hospitality in
South Carolina, travel and going out to eat, and then
trade people are simply buying less overall. And then if
we combine that with the fact that we've seen also
(30:40):
an increase in initial unemployment insurance claims, those are all
yellow flags that suggest we are seeing a slow down overall.
But it's fairly mild to this point. So just some
things we need to keep our eye on as we
move into the summer months.
Speaker 4 (30:55):
Doctor von Nesson on the phone with us from the
University of South Carolina, and you're a much bigger brain
when it comes to the economy than Jonathan and I
will ever be. But one of my understandings, and perhaps
you can correct me if I'm wrong. One of the
goals of the Trump administration is to address not only
the federal debt, but actually even consumer debt in the
(31:16):
sense that the economy, our GDP is based way out
of proportion on the amount of money that Americans are spending,
and we cannot sustain that level of spending due to
in debt. Most Americans have a ton of credit card debt,
so on and so forth. It's unsustainable. So could it
(31:36):
not be interpreted that less spending is actually a good
thing at this point, even though it does hurt things
like going out to dinner.
Speaker 7 (31:45):
Well, I think one of the elements here is that
the Trump administration is looking to unsure more manufacturing and
generate more manufacturing production in the US. And part of
that is also due to concerns that we are too
reliant on spending with other countries, especially when we're purchasing
materials and supplies that are related to national security, right,
(32:09):
So we don't necessarily want to be too dependent on
foreign nations as opposed to producing our own materials and
supplies for security related activities. So there are a number
of different goals there, and I think that's certainly something
that's important to address. And yes, It's true that when
you impose tariffs that does raise the cost of goods
(32:29):
that they apply to, and that's part of the transition
process and the risk challenge with tariffs, which is why
they are so controversial, is because there are costs and benefits,
but the costs typically show up first and the benefits
come down the road. So when you have that type
of lag, that creates challenges. And so when you impose
a tariff, you do see those costs rise immediately, but
(32:53):
the benefits in terms of more on shoring, more development
of manufacturing within the US that takes months or even
years to be implemented in terms of new facilities being
built out and operated. So there's just a real difference
there between when we see the costs and the benefits,
and so that creates some temporary disruptions as well that
you allude to.
Speaker 3 (33:11):
One of the things that we're hearing is that our
ports across the country on both coast will be hurt
by this tariff war with China in particular. Do we
see any of that already impacting our South Carolina ports
like Charleston. Yes.
Speaker 7 (33:24):
It's hard to get a good sense of that data
locally because we've seen a surge really an import activity,
because a lot of companies are looking to get ahead
of these terraffs. In other words, they're importing and stocking
up on their inventories before prices rise. So it's hard
to get a sense in the data of what that
looks like. However, if we look at new orders coming
in from China, those have been down significantly. We've seen
(33:48):
estimates ranging from twenty to thirty percent, particularly on the
West Coast ports, because the tariffs so far have disproportionately
focused on the trade relationships between the US and China
as opposed to other regions around the world, and many
of the Chinese goods come in through through West coastports,
so they've been more affected so far. But yes, that's
(34:08):
definitely a concern, and we'll get more data as we
move into the summer months and get a better feel
for what that means, and especially whether the decline in
activity is a temporary blip or is it something that's
going to continue into the second half of the year.
Speaker 4 (34:21):
One of the things that also happened on Friday, which
I don't know that it got much publicity outside of
right wing media, is that the was the ninth consecutive
day of what we would call a winning streak on
the S and P. Five hundred and at the end
of the business day on Friday, all of the losses
(34:42):
in the stock market had been erased since quote unquote
Liberation Day, we had all heard that, you know, your
four oh one k has been destroyed, it's all gone.
Donald Trump's an idiot, it's blah blah blah. And yet
it's the second longest win streak this century. The last
one would have been I think two thousand and four,
where they had ten days in a row, and then
(35:05):
you get the great jobs report on Friday, one hundred
and seventy seven thousand jobs. On top of that, they
cut another nine thousand federal jobs from that. It seems
to me maybe I'm just a little rosy, you know
cheeks here, I got the glasses on. Am I drinking
the kool aid? Or things going better than it would
(35:26):
appear if I was to just watch media reports.
Speaker 7 (35:29):
Well, I think with respect to the stop market, I
think it's very hard to draw any conclusions from short
term fluctuations. Because stop market can go up and down
on a regular basis. It tends to go up over time,
but I think short run fluctuations are happening all the time.
I don't be too much into any short run trends there,
but I think more generally, what we've seen this year
(35:51):
is a correlation of the market to tariffs. And when
we saw a lot of the back and forth, we
saw a pullback in the stop market. And once we
saw more certainty and we had this ninety day pause,
we saw recovery. And the reason is that investors businesses
really dislike uncertainty, and I think that is the driver
of the back and forth on the market. When businesses
(36:13):
are uncertain about what their cost structure is going to
look like, what the market environment is going to be,
then they tend to pause investment decisions and just go
into a wait and see approach. That affects the market.
And so as we've seen the back and forth on
tariff policy and we see a movement more towards negotiations
and away from the kind of the high level of
(36:33):
tariffs that we saw implemented initially, then the stock market
recovers there once we get more confidence that this is
more of a negotiating strategy that these high tariffs initially
implemented are not likely to be long lasting. Then you
see restoration in market activity, and so I think that's
what we're seeing. It's a back and forth that corresponds
to the back and forth on tariff policy itself.
Speaker 4 (36:54):
You mentioned that unemployment insurance is paying out more now
employment rate was I think four point two to four
point two, and so why do you think that we're
seeing more people getting unemployment benefits?
Speaker 7 (37:09):
That corresponds the timing of the data. So what are
the challenges that we are facing right now? Is that
we are going through a very rapid change several in
our economy. But all the data that we have, at
least for the most part, are backwards looking. So when
we get an employment report as we did on Friday,
that is typically reflecting data or the economy from two
(37:33):
to three weeks ago, so it basically goes through mid April.
But if we're looking forward and we want to look
at leading indicators where we headed next, initial unemployment insurance
claims are one of the best leading indicators we have
because those data come out on a weekly basis instead
of a monthly basis, and initial claims give us an
(37:54):
indication of how many people are being laid off from
their job, because if you were laid off from your
job in South Carolina, I know you can file for
unemployment insurance and it doesn't mean that you're going to
necessarily qualify, but you can apply for it. And so
we can actually track the number of people who are
applying for unemployment for the first time, so it gives
us a gauge of how many people are being laid
(38:16):
off at any given time. And so that's what we've
seen kick up. We don't know we don't know why
and in terms of which businesses are laying workers off
or whether it refers to any particular within any industry
or in manufacturing, but we've just seen it go up
(38:37):
for a couple of weeks above what we've seen in
the last few years. And so the question is is
that a blip or is that going to continue into
the summer months, because it suggests that that employment activity
or the labor market activities pulled back a bit. And
that's why I say it's a yellow flag because it's up.
It's not up significantly, but it is higher than anything
(38:58):
that we've seen in the last couple of So it's
just something to keep our eye on and again. The
reason it's such a good metric is because it is
very much forward looking compared to the unemployment reports, which
are typically backwards looking, and we have to look at
both when we're trying to get an assessment of where
the labor market is and also where it's headed.
Speaker 3 (39:16):
All right, Kelly and assad does it for the day.
Speaker 4 (39:19):
All right, let's start the weekend.
Speaker 3 (39:20):
Let's get into it. Who the game couch lose to
this weekend? Oh? Did I say that out loud?
Speaker 4 (39:25):
Auburn and happy mothers?
Speaker 3 (39:26):
Then stop at dude, here's the thought.
Speaker 1 (39:33):
Bye bye.
Speaker 4 (39:34):
All right, that's it for me, o, God, everybody.
Speaker 1 (39:40):
The Jonathan and Kelly Show wvoc
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