Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
All right, let's continue now as promised. You know, we're
there are fears of a recession, and Wall Street obviously
amplified that yesterday when they sold off nearly nine hundred
off of the Dow. And today they're looking a little
bit better with futures a little bit brighter. But there
are still concerns that the tariffs and the trade war,
along with some of the other issues, could lead to recession.
But Lindsey Graham, Senator from South Carolina, is talking about recession,
(00:22):
not recession. E J Antoni is an economist who make
sense of that for us. EJ.
Speaker 2 (00:26):
Good morning, Good morning, Thank you for having me here.
Speaker 1 (00:30):
Good to have you. So. Lindsey Graham wrote an op
ed in which he praises Elon Musk's doge works, said
that the you know, the full scale of what they're
doing is remarkable and it's a fantastic He applauds the efforts.
He said, it's time to call for recision. That's different
than recession. What is it?
Speaker 2 (00:47):
Well, I mean, essentially, what we're talking about here is
what the Treasury Secretary calls a reprivatization of the economy.
We're going to claw back from government all of the
areas of the economy that it is over taken over
the last four years under the Biden administration, instead of resources,
instead of products and services being used up by the
(01:08):
unproductive public sector. We want all those things back in
the hands of the private sector. We want people to
have more income and wealth, not government bureaucrats.
Speaker 1 (01:18):
Yeah, and that's certainly a wise thing. You know, we're
looking at some pretty heavy obstacles in front of us,
are we not, EJ. Tell me your thoughts on getting
a continuing Resolution passed and what happens if it does
not pass. Democrats seem to be kind of entrenched here
and they want to let the Republicans suffer, and they
certainly wouldn't mind having government shut down if deportations and
(01:39):
dosing was shut down at the same time.
Speaker 2 (01:43):
Well, it's not so much, I think just that they
want Republicans to suffer. They want the American people to suffer,
because then if the American people are suffering, they're hoping
that the American people are going to blame Republicans, when
in fact they should obviously be blaming the people who
are stopping all of these reforms, who are stopping the
Continuing Resolution etc. This is a I think an old
(02:07):
part of the Democrat playbook where they try to hold
different people hostage in order to get their agenda through.
In this case, they're going to hold government workers hostage.
They're going to try to hold social Security checks hostage,
you name it, all the typical things that they say
are at risk in a government shutdown.
Speaker 1 (02:25):
Yeah, and clearly you know they don't have any concern
for the American people in that regard, which is why
they're willing to let that happen. And they also don't
seem to care if there is a massive tax increase
on all American taxpayers, because that's what will happen if
the Trump tax cuts are not extended or made permanent
in a budget resolution. Obviously, the House has passed a
(02:46):
budget resolution. I don't know that the Senate sees it
the same way. But how important is it for those
tax cuts to be extended so we don't have a
massive hike?
Speaker 2 (02:55):
Oof can't emphasize this enough, how important it is they
get extended on And I'm so glad you brought up
the fact that it would be a massive tax CYC
about a four trillion dollar tax sych in fact, on
the American middle class. It's amazing how the Democrats have
gotten away with this talking point. They keep repeating how
the Trump tax cut really was. The Trump tax reform
(03:16):
was somehow a giveaway to millionaires and billionaires. It was
a giveaway to the American middle class. It was giving
them back their hard earned money. In fact, the only
cohort that paid more under the Trump tax reform were
high income earners in high tax states like New York
or New Jersey, Illinois, California, because they closed a bunch
of the tax loopholes that allowed those high income earners
(03:40):
in high tax states to have very large, in fact
unlimited in some cases, tax deductions. So if you allow
this tax reform to expire, not only will the American
middle class pay about four trillion dollars more in taxes,
but again, those high income earners in those high tax
blue states are actually going to get a windfall tax break.
Speaker 1 (04:01):
Yeah, that's important, and I'm glad to hear you phrase
it that way. It is it's tax reform more than
it is tax cuts. Last thing for you, because we're
short on time, I just give me your thoughts on
the terraffs. Is this the right time for the I
happen to agree, by the way, with President Trump on
the reason for tariffs. And I don't like the fact
that other countries are putting all these duties on things
that we export there and we don't get to do
the same thing back. But is it the right time
(04:23):
given where we are with the economy.
Speaker 2 (04:26):
Well, I think it is. And let's not forget there
are a lot of different reasons for putting these tariffs
in place, right. It's not just a matter of rebalancing trade.
It's not just a matter of trying to close the
border and control fentanyl inflows. It's not just a matter
of raising additional revenue.
Speaker 1 (04:43):
You know.
Speaker 2 (04:44):
All those things are true, but there are yet more
considerations at play here. So instead of a multifaceted approach
to a single problem, this is a single issue teriff
that's being used to address a multitude of problems, and
we have to think of it that way.
Speaker 1 (05:00):
I think that's exactly correct, and hopefully the uh uh,
you know, wiser people in Washington will indeed see it
that way and uh and get us through one might
be short term pain for very long term gain, uh
ej Antoni Economists breaking the law down for us EJ.
Thank you so much for the time. We appreciate that well.
Speaker 2 (05:16):
Thank you for having me
All right, let's continue now as promised. You know, we're
there are fears of a recession, and Wall Street obviously
amplified that yesterday when they sold off nearly nine hundred
off of the Dow. And today they're looking a little
bit better with futures a little bit brighter. But there
are still concerns that the tariffs and the trade war,
along with some of the other issues, could lead to recession.
But Lindsey Graham, Senator from South Carolina, is talking about recession,
(00:22):
not recession. E J Antoni is an economist who make
sense of that for us. EJ.
Speaker 2 (00:26):
Good morning, Good morning, Thank you for having me here.
Speaker 1 (00:30):
Good to have you. So. Lindsey Graham wrote an op
ed in which he praises Elon Musk's doge works, said
that the you know, the full scale of what they're
doing is remarkable and it's a fantastic He applauds the efforts.
He said, it's time to call for recision. That's different
than recession. What is it?
Speaker 2 (00:47):
Well, I mean, essentially, what we're talking about here is
what the Treasury Secretary calls a reprivatization of the economy.
We're going to claw back from government all of the
areas of the economy that it is over taken over
the last four years under the Biden administration, instead of resources,
instead of products and services being used up by the
(01:08):
unproductive public sector. We want all those things back in
the hands of the private sector. We want people to
have more income and wealth, not government bureaucrats.
Speaker 1 (01:18):
Yeah, and that's certainly a wise thing. You know, we're
looking at some pretty heavy obstacles in front of us,
are we not, EJ. Tell me your thoughts on getting
a continuing Resolution passed and what happens if it does
not pass. Democrats seem to be kind of entrenched here
and they want to let the Republicans suffer, and they
certainly wouldn't mind having government shut down if deportations and
(01:39):
dosing was shut down at the same time.
Speaker 2 (01:43):
Well, it's not so much, I think just that they
want Republicans to suffer. They want the American people to suffer,
because then if the American people are suffering, they're hoping
that the American people are going to blame Republicans, when
in fact they should obviously be blaming the people who
are stopping all of these reforms, who are stopping the
Continuing Resolution etc. This is a I think an old
(02:07):
part of the Democrat playbook where they try to hold
different people hostage in order to get their agenda through.
In this case, they're going to hold government workers hostage.
They're going to try to hold social Security checks hostage,
you name it, all the typical things that they say
are at risk in a government shutdown.
Speaker 1 (02:25):
Yeah, and clearly you know they don't have any concern
for the American people in that regard, which is why
they're willing to let that happen. And they also don't
seem to care if there is a massive tax increase
on all American taxpayers, because that's what will happen if
the Trump tax cuts are not extended or made permanent
in a budget resolution. Obviously, the House has passed a
(02:46):
budget resolution. I don't know that the Senate sees it
the same way. But how important is it for those
tax cuts to be extended so we don't have a
massive hike?
Speaker 2 (02:55):
Oof can't emphasize this enough, how important it is they
get extended on And I'm so glad you brought up
the fact that it would be a massive tax CYC
about a four trillion dollar tax sych in fact, on
the American middle class. It's amazing how the Democrats have
gotten away with this talking point. They keep repeating how
the Trump tax cut really was. The Trump tax reform
(03:16):
was somehow a giveaway to millionaires and billionaires. It was
a giveaway to the American middle class. It was giving
them back their hard earned money. In fact, the only
cohort that paid more under the Trump tax reform were
high income earners in high tax states like New York
or New Jersey, Illinois, California, because they closed a bunch
of the tax loopholes that allowed those high income earners
(03:40):
in high tax states to have very large, in fact
unlimited in some cases, tax deductions. So if you allow
this tax reform to expire, not only will the American
middle class pay about four trillion dollars more in taxes,
but again, those high income earners in those high tax
blue states are actually going to get a windfall tax break.
Speaker 1 (04:01):
Yeah, that's important, and I'm glad to hear you phrase
it that way. It is it's tax reform more than
it is tax cuts. Last thing for you, because we're
short on time, I just give me your thoughts on
the terraffs. Is this the right time for the I
happen to agree, by the way, with President Trump on
the reason for tariffs. And I don't like the fact
that other countries are putting all these duties on things
that we export there and we don't get to do
the same thing back. But is it the right time
(04:23):
given where we are with the economy.
Speaker 2 (04:26):
Well, I think it is. And let's not forget there
are a lot of different reasons for putting these tariffs
in place, right. It's not just a matter of rebalancing trade.
It's not just a matter of trying to close the
border and control fentanyl inflows. It's not just a matter
of raising additional revenue.
Speaker 1 (04:43):
You know.
Speaker 2 (04:44):
All those things are true, but there are yet more
considerations at play here. So instead of a multifaceted approach
to a single problem, this is a single issue teriff
that's being used to address a multitude of problems, and
we have to think of it that way.
Speaker 1 (05:00):
I think that's exactly correct, and hopefully the uh uh,
you know, wiser people in Washington will indeed see it
that way and uh and get us through one might
be short term pain for very long term gain, uh
ej Antoni Economists breaking the law down for us EJ.
Thank you so much for the time. We appreciate that well.
Speaker 2 (05:16):
Thank you for having me
Popular Podcasts
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
The Clay Travis and Buck Sexton Show
The Clay Travis and Buck Sexton Show. Clay Travis and Buck Sexton tackle the biggest stories in news, politics and current events with intelligence and humor. From the border crisis, to the madness of cancel culture and far-left missteps, Clay and Buck guide listeners through the latest headlines and hot topics with fun and entertaining conversations and opinions.