November 20, 2025 • 9 mins
The inflation rate is slowing, but prices remain high. Is former President Biden the main cause of high inflation in recent years? Why do blue states have the highest prices in the country?
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Episode Transcript
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Speaker 1 (00:00):
The Marks Them own show on sevent WOI.
Speaker 2 (00:05):
Well, Steve Bore, the great columnist, best selling author. Make
sure you get his book, The Trump Economic Miracle, and
of course you see him all over television, and make
sure you go to his website. The greatest Economists put
this together. It's Unleash prosperity dot com. Sign up for
the daily briefing. It's the best news and the analysis.
It's free. It'll come right to your email every day.
Just go sign up for the hotline. Go to Unleash
(00:28):
Prosperity dot com. Unleash Prosperity dot com. Steve Moore, how you.
Speaker 1 (00:33):
Doing, Hey, Mark, I'm doing well. We got a pretty
good job this morning. I was surprised. I was on
with Maria this morning. I'm Marie Bodoroma and that jobs
report came out and my jaw just dropped. It was
a lot better than expected. We had over one hundred
thousand jobs and that was about twice as many as
we're expected, and so that was good. And the wages
(00:54):
were up for workers, which is really important. And so
you know all the doom and I don't know where
it's coming from.
Speaker 2 (01:01):
Well, I don't know what you were saying I was
watching Morning Joe, and apparently we have inflation raging. It's
out of control.
Speaker 1 (01:08):
And you know, we have a report that we just
came out with at ut least prosperity, and it's in
our hotline today that eighty seven and a half percent
of the inflation that people are complaining about, eighty seven
and a half percent of it happened. I guess under
what president?
Speaker 2 (01:25):
That's too easy a question, Joe Biden.
Speaker 1 (01:30):
I mean, so if people are angry about prices, as
they should be, it's because inflation went through the roof
when Biden was president. And Trump is right about this.
He said, look, I inherited this mess. I didn't create it.
Speaker 2 (01:40):
We didn't have.
Speaker 1 (01:41):
Any inflation under Trump's first term. Then Biden comes in,
and you know, prices go up by twenty two percent,
and now people are still angry about it and they're
blaming Trump. And you know, Trump said he's brought the
inflation rate down. Now, prices are not falling, but the
inflation rate is falling a lot.
Speaker 2 (01:57):
Uh, explain the difference prices are not but the inflation.
Speaker 1 (02:00):
Yeah, so that people get confused about that. So the
inflation rate is how is the rate of increase in prices. Yeah,
and the you know, the price level is you know,
the level prices, so you know, to bring prices down,
you'd actually have to have you know, negative inflation, you
have disinflation. We haven't had disinflation under Trump, but we
have had a much lower rate of increase. So the
(02:21):
average rate of inflation under Biden was about five percent
per year, and so far under Trump it's this this term,
it's been about a little under three percent. So that's
a big difference. And by the way, and Trump's first term,
the average inflation rate was two percent.
Speaker 2 (02:37):
Yeah, you always said, I guess I would ask you
this all the time. If you guys, if Trump takes office,
how long before we can fix it? You said, at
least a year, year and a half. There's nothing the
president could have done in the first six months. It
would have been any different. We would have brought it
down anymore, is there?
Speaker 1 (02:56):
Well, you know, first of all, we don't want we
don't want negative inflation. We want we don't want you know,
prices falling because that's actually bad for the economy. You want.
What you want in a good economy is stable prices,
so that you know, the dollar can buy today where
it can buy tomorrow, it could buy yesterday. And so
what Trump is giving us is stable somewhat stable prices,
not exactly.
Speaker 2 (03:16):
And Biden let it.
Speaker 1 (03:17):
Biden had the biggest inflation since Jimmy Carter.
Speaker 2 (03:22):
Wow, yeah, hit nine percent at one point. Yep. When
they yellow scream about tariffs. If you put tariffs on
these companies, it's going to cause a big pricing. Isn't
raising corporate tax basically the same thing as a tariff.
Wouldn't that have the same exact effect?
Speaker 1 (03:38):
Good point?
Speaker 2 (03:39):
You know.
Speaker 1 (03:39):
So it is true that if you have a tariff
on something like coffee beans, like we did on the
Brazilian and Colombian coffee beans, that the price of coffee
may go up a little bit, and it did, But
that by the same logic, if you reduce the taxes
on companies, that reduces inflation. So most of what Biden
Trump has done. You look at the tax cut, you
(04:01):
look at the reduction and the regulatory cost on businesses,
if you look at what's happening with it, If you
look at the gas, well, you live there in New York,
so you're probably paying you know, three to four dollars
a gallon there, but most parts of the country are
now paying about two to eighty nine a gallon, And
it was as highest five dollars a gallon under Trump,
I mean under Biden.
Speaker 2 (04:22):
So if you mont Donnie, you said, I'm gonna do
something about this affordability crisis. I'm going to increase taxes
on the corporations. That has got to be the worst
logic I've ever heard. Wouldn't that just the.
Speaker 1 (04:31):
Opposite exactly because if you tax the companies, that's why
terrorists raise inflation, because you put those costs all get
passed on to the consumer. And by that same logic,
if you're going to have a higher business tax and
more regulation and all these new costs on businesses, guess
who's going to pay for that? The consumer will.
Speaker 2 (04:50):
Yeah, you've studied this. If there is an affordability crisis,
and you look around the country where it is, it's
located in the blue cities, isn't it.
Speaker 1 (05:00):
It's amazing? Yes, exactly right. So if you look at
the five states with the highest cost of living where
inflation is most out of control, it's New York, New Jersey, Connecticut, California,
and Massachusetts. Oh, in Illinois. So there's six states with
and then if you look at the southern states there's
almost you know, those have much much lower, you know, costs.
(05:20):
So if you want a lower cost of living and
you're worried about affordability, you might want to move to
a red state. Hey, look, I know most people won't.
But my point is, what you don't want to do
what you wanted. If you're like out there advocating for policies,
you don't want to advocate the policies the Blue states
have put into effect because those are the kind of
(05:43):
policies that raise prices. When you raise taxes, you raise prices.
Speaker 2 (05:48):
Yeah, so guy like mom Donnie seems to be a
very smart guy, seems to be a very bright guy.
So how could he not know that every time you
try these tactics, the socialist stuff always always always backfires.
Does he just not know that? Or does he know
it and doesn't care? You know?
Speaker 1 (06:08):
It is the strangest thing, what you're describing is that
some otherwise smart people. I was in California this week
Without Laugher, the godfather of the Laugher Curve, and we
were in southern California. We were talking about you know,
the Laugher curve and that you know, when you attached
to get too high, you reduce the output of goods
(06:28):
and services. You people move away, et cetera, et cetera.
And we had all the evidence and people were looking
at us like, well, then why do we have castes
so high? You're in California. I'm like, yeah, now you're
getting it. You know. So the idea that you're going
to raise tacks on rich people and give all this
other stuff away for free in New York, that's the
Montominie you know, formula that is going to lead to
(06:51):
you know, as you know, it'll lead to a lot
of wealthy people leaving the city, and it will lead
to higher costs and post on everyone else. So affordability
is going to go down. It won't go up. And
by the way, things will be free. It's just that
when you go to the grocery store, there won't be
a lot of It'll be like the old Soviet Union.
You know, Brett Brett is really cheap here. It's just
we don't have any.
Speaker 2 (07:11):
Uh Steve Moore here. See we're getting stumpy with this question.
Can you name anything, any business, any enterprise where it
got cheaper when the government took it over.
Speaker 1 (07:20):
Exactly. You know that this is this is a great
point you're making, Mark, which is that if you look
at the things that are really exploding costs, two of
the biggest items are tuition for college and high schools
and uh and of course healthcare. You know, healthcare is exploding.
We just got our statement we're going to see a
thirteen percent increase in our premiums next year. Now, gee, whiz,
(07:41):
who runs the who runs the schools and who runs
the healthcare system? Oh? Yeah, the government does.
Speaker 2 (07:47):
So if you're trying to get the price down, you
have to get your costs down in the supermarket business,
who would you trust more? Are John Katzmatidi's or the
government to run it at a good point? Yeah, exactly.
Speaker 1 (07:58):
And it's it is interesting because you know, when you
have competition, you know, prices fall, that's you know, that's
the beauty of the free market system. But when government
takes over an industry, you notice they create amopoly. You know,
I reasont we hate monopolies except wait, we don't like
we like monopolies when the government runs them. But these
helped their costs. I mean, they're unbelievable. I mean people
(08:18):
I've had friends call me say the next year there
that their premiums are going to go twenty percent. And
I'm confused by that mark because it just seems like
yesterday Barack Obama sold us on the Affordable Care Act.
Speaker 2 (08:30):
Yeah, it's affordable. You need a subsidy, but it's affordable. Well,
great stuff. Everybody gets Steve Moore's book, The Trump Economic Miracle.
You'll learn a lot from that book. And this hotline
you put out every day. How long does that take?
That is the best briefing every day. Yeah.
Speaker 1 (08:46):
And by the way, you know we were talking about
inflation that you know that doesn't go up in price
at all because it's free.
Speaker 2 (08:52):
Yeah. Absolutely, See, that's how you run something. It's free.
Speaker 1 (08:56):
Some good things in life for free. Just go to
unleash prosperity dot com and and we will send it
to your for free at five mornings a week.
Speaker 2 (09:03):
You get it every morning in your email. You'll sound
so smart Unleash prosperity dot com. Steve Moore, thanks for
being with us.
Speaker 1 (09:10):
Thanks Mark, I have a great day, Take.
Speaker 2 (09:11):
Care, take care. Hey, don't forget Buck and Clay. What
a great show they do every day at noon and
three o'clock. You got the most listen to radio show
in America. Sean Hannity, got Jesse Kelly at six. And
we love this new Jimmy Fayler show. People love it.
It's on every night nine to midnight, and he'll be
with us in the next hour. We'll talk to Jimmy
Fayla coming up on seven to ten. WR
The Marks Them own show on sevent WOI.
Speaker 2 (00:05):
Well, Steve Bore, the great columnist, best selling author. Make
sure you get his book, The Trump Economic Miracle, and
of course you see him all over television, and make
sure you go to his website. The greatest Economists put
this together. It's Unleash prosperity dot com. Sign up for
the daily briefing. It's the best news and the analysis.
It's free. It'll come right to your email every day.
Just go sign up for the hotline. Go to Unleash
(00:28):
Prosperity dot com. Unleash Prosperity dot com. Steve Moore, how you.
Speaker 1 (00:33):
Doing, Hey, Mark, I'm doing well. We got a pretty
good job this morning. I was surprised. I was on
with Maria this morning. I'm Marie Bodoroma and that jobs
report came out and my jaw just dropped. It was
a lot better than expected. We had over one hundred
thousand jobs and that was about twice as many as
we're expected, and so that was good. And the wages
(00:54):
were up for workers, which is really important. And so
you know all the doom and I don't know where
it's coming from.
Speaker 2 (01:01):
Well, I don't know what you were saying I was
watching Morning Joe, and apparently we have inflation raging. It's
out of control.
Speaker 1 (01:08):
And you know, we have a report that we just
came out with at ut least prosperity, and it's in
our hotline today that eighty seven and a half percent
of the inflation that people are complaining about, eighty seven
and a half percent of it happened. I guess under
what president?
Speaker 2 (01:25):
That's too easy a question, Joe Biden.
Speaker 1 (01:30):
I mean, so if people are angry about prices, as
they should be, it's because inflation went through the roof
when Biden was president. And Trump is right about this.
He said, look, I inherited this mess. I didn't create it.
Speaker 2 (01:40):
We didn't have.
Speaker 1 (01:41):
Any inflation under Trump's first term. Then Biden comes in,
and you know, prices go up by twenty two percent,
and now people are still angry about it and they're
blaming Trump. And you know, Trump said he's brought the
inflation rate down. Now, prices are not falling, but the
inflation rate is falling a lot.
Speaker 2 (01:57):
Uh, explain the difference prices are not but the inflation.
Speaker 1 (02:00):
Yeah, so that people get confused about that. So the
inflation rate is how is the rate of increase in prices. Yeah,
and the you know, the price level is you know,
the level prices, so you know, to bring prices down,
you'd actually have to have you know, negative inflation, you
have disinflation. We haven't had disinflation under Trump, but we
have had a much lower rate of increase. So the
(02:21):
average rate of inflation under Biden was about five percent
per year, and so far under Trump it's this this term,
it's been about a little under three percent. So that's
a big difference. And by the way, and Trump's first term,
the average inflation rate was two percent.
Speaker 2 (02:37):
Yeah, you always said, I guess I would ask you
this all the time. If you guys, if Trump takes office,
how long before we can fix it? You said, at
least a year, year and a half. There's nothing the
president could have done in the first six months. It
would have been any different. We would have brought it
down anymore, is there?
Speaker 1 (02:56):
Well, you know, first of all, we don't want we
don't want negative inflation. We want we don't want you know,
prices falling because that's actually bad for the economy. You want.
What you want in a good economy is stable prices,
so that you know, the dollar can buy today where
it can buy tomorrow, it could buy yesterday. And so
what Trump is giving us is stable somewhat stable prices,
not exactly.
Speaker 2 (03:16):
And Biden let it.
Speaker 1 (03:17):
Biden had the biggest inflation since Jimmy Carter.
Speaker 2 (03:22):
Wow, yeah, hit nine percent at one point. Yep. When
they yellow scream about tariffs. If you put tariffs on
these companies, it's going to cause a big pricing. Isn't
raising corporate tax basically the same thing as a tariff.
Wouldn't that have the same exact effect?
Speaker 1 (03:38):
Good point?
Speaker 2 (03:39):
You know.
Speaker 1 (03:39):
So it is true that if you have a tariff
on something like coffee beans, like we did on the
Brazilian and Colombian coffee beans, that the price of coffee
may go up a little bit, and it did, But
that by the same logic, if you reduce the taxes
on companies, that reduces inflation. So most of what Biden
Trump has done. You look at the tax cut, you
(04:01):
look at the reduction and the regulatory cost on businesses,
if you look at what's happening with it, If you
look at the gas, well, you live there in New York,
so you're probably paying you know, three to four dollars
a gallon there, but most parts of the country are
now paying about two to eighty nine a gallon, And
it was as highest five dollars a gallon under Trump,
I mean under Biden.
Speaker 2 (04:22):
So if you mont Donnie, you said, I'm gonna do
something about this affordability crisis. I'm going to increase taxes
on the corporations. That has got to be the worst
logic I've ever heard. Wouldn't that just the.
Speaker 1 (04:31):
Opposite exactly because if you tax the companies, that's why
terrorists raise inflation, because you put those costs all get
passed on to the consumer. And by that same logic,
if you're going to have a higher business tax and
more regulation and all these new costs on businesses, guess
who's going to pay for that? The consumer will.
Speaker 2 (04:50):
Yeah, you've studied this. If there is an affordability crisis,
and you look around the country where it is, it's
located in the blue cities, isn't it.
Speaker 1 (05:00):
It's amazing? Yes, exactly right. So if you look at
the five states with the highest cost of living where
inflation is most out of control, it's New York, New Jersey, Connecticut, California,
and Massachusetts. Oh, in Illinois. So there's six states with
and then if you look at the southern states there's
almost you know, those have much much lower, you know, costs.
(05:20):
So if you want a lower cost of living and
you're worried about affordability, you might want to move to
a red state. Hey, look, I know most people won't.
But my point is, what you don't want to do
what you wanted. If you're like out there advocating for policies,
you don't want to advocate the policies the Blue states
have put into effect because those are the kind of
(05:43):
policies that raise prices. When you raise taxes, you raise prices.
Speaker 2 (05:48):
Yeah, so guy like mom Donnie seems to be a
very smart guy, seems to be a very bright guy.
So how could he not know that every time you
try these tactics, the socialist stuff always always always backfires.
Does he just not know that? Or does he know
it and doesn't care? You know?
Speaker 1 (06:08):
It is the strangest thing, what you're describing is that
some otherwise smart people. I was in California this week
Without Laugher, the godfather of the Laugher Curve, and we
were in southern California. We were talking about you know,
the Laugher curve and that you know, when you attached
to get too high, you reduce the output of goods
(06:28):
and services. You people move away, et cetera, et cetera.
And we had all the evidence and people were looking
at us like, well, then why do we have castes
so high? You're in California. I'm like, yeah, now you're
getting it. You know. So the idea that you're going
to raise tacks on rich people and give all this
other stuff away for free in New York, that's the
Montominie you know, formula that is going to lead to
(06:51):
you know, as you know, it'll lead to a lot
of wealthy people leaving the city, and it will lead
to higher costs and post on everyone else. So affordability
is going to go down. It won't go up. And
by the way, things will be free. It's just that
when you go to the grocery store, there won't be
a lot of It'll be like the old Soviet Union.
You know, Brett Brett is really cheap here. It's just
we don't have any.
Speaker 2 (07:11):
Uh Steve Moore here. See we're getting stumpy with this question.
Can you name anything, any business, any enterprise where it
got cheaper when the government took it over.
Speaker 1 (07:20):
Exactly. You know that this is this is a great
point you're making, Mark, which is that if you look
at the things that are really exploding costs, two of
the biggest items are tuition for college and high schools
and uh and of course healthcare. You know, healthcare is exploding.
We just got our statement we're going to see a
thirteen percent increase in our premiums next year. Now, gee, whiz,
(07:41):
who runs the who runs the schools and who runs
the healthcare system? Oh? Yeah, the government does.
Speaker 2 (07:47):
So if you're trying to get the price down, you
have to get your costs down in the supermarket business,
who would you trust more? Are John Katzmatidi's or the
government to run it at a good point? Yeah, exactly.
Speaker 1 (07:58):
And it's it is interesting because you know, when you
have competition, you know, prices fall, that's you know, that's
the beauty of the free market system. But when government
takes over an industry, you notice they create amopoly. You know,
I reasont we hate monopolies except wait, we don't like
we like monopolies when the government runs them. But these
helped their costs. I mean, they're unbelievable. I mean people
(08:18):
I've had friends call me say the next year there
that their premiums are going to go twenty percent. And
I'm confused by that mark because it just seems like
yesterday Barack Obama sold us on the Affordable Care Act.
Speaker 2 (08:30):
Yeah, it's affordable. You need a subsidy, but it's affordable. Well,
great stuff. Everybody gets Steve Moore's book, The Trump Economic Miracle.
You'll learn a lot from that book. And this hotline
you put out every day. How long does that take?
That is the best briefing every day. Yeah.
Speaker 1 (08:46):
And by the way, you know we were talking about
inflation that you know that doesn't go up in price
at all because it's free.
Speaker 2 (08:52):
Yeah. Absolutely, See, that's how you run something. It's free.
Speaker 1 (08:56):
Some good things in life for free. Just go to
unleash prosperity dot com and and we will send it
to your for free at five mornings a week.
Speaker 2 (09:03):
You get it every morning in your email. You'll sound
so smart Unleash prosperity dot com. Steve Moore, thanks for
being with us.
Speaker 1 (09:10):
Thanks Mark, I have a great day, Take.
Speaker 2 (09:11):
Care, take care. Hey, don't forget Buck and Clay. What
a great show they do every day at noon and
three o'clock. You got the most listen to radio show
in America. Sean Hannity, got Jesse Kelly at six. And
we love this new Jimmy Fayler show. People love it.
It's on every night nine to midnight, and he'll be
with us in the next hour. We'll talk to Jimmy
Fayla coming up on seven to ten. WR
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