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The Ingraham Angle

believe the rhodes scholarship went to him. it is an irresponsible move to deplete our reserves. it's a self-inflicted economic blow to the nation. we are not experiencing an emergency beyond our control, biden did it to us. so all their spending, the needless $1.9 trillion in covid relief last year passed, by the way, with zero republican support, the damaging covid protocols, the controls the put in place that continue to keep our economy all bollix up, and the refusal -- all of it puts an economic strain on families. not so veiled swipe at the white house use of putin price hikes to explain away high energy costs, joe manchin exploded today in a written statement saying it is a disservice to the american people to act as if inflation is a new phenomenon. hard-earned wages and financial savings are disappearing faster every month if prices continue

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The Ingraham Angle

ukraine while doing every thing that we can to protect consumers here at home. >> laura: jake tapper wasn't believing that, you could see his face. this is a total lie. once they plan to sanction russian oil, they needed to immediately open up more federal land for drilling, issuing more drilling permits, green light keystone, et cetera. generally they needed to flood the market with american oil and gas. that would have not only help consumers here and tamped down inflation, it would have driven the price of oil down globally, and that would have hurt putin, but no, no, couldn't do that. they would have offended the brainiacs. just pray that someday you'll be able to afford an electric vehicle, people, and it will be okay. short of that, our secretary transportation is pretty much out of ideas. >> there's no quick or magic fix. this owes a lot of politics around gas prices. we are focused on what's actually going to bring the relief. so the president authorized the release of the reserves. that's going to help. >> laura: oh, my god, i can't

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The Ingraham Angle

>> deeply troubling to the white house, the u.s. inflation rate is nowhere close to a record with nearly 15% inflation in the early 1980s along with soaring unemployment. today a low unemployment rate of 3.6% and a strong demand for workers offers optimism about the prospect for a stronger economy ahead. >> laura: optimism? what is he reading? he forgets his basic economics, he never learned it. when stuff gets expensive, as it is, consumers pull back, as they are, and businesses start laying off. it's inevitable. indeed, over the weekend larry summers veered back toward the r word. >> when we had inflation above , essentially always since world war ii, that's been followed by a recession. >> laura: in fact, to avoid inflation, he said the fed would have to be extraordinarily skillful and lucky and that they have a very, very difficult job ahead of them.

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The Ingraham Angle

away. >> president biden: we also know that as our economy has come roaring back, we see some price increases. some folks have raised worries that this could be a sign of persistent inflation, but that's not our view. our experts believe in the data shows that most of the price increases we've seen were expected and expected to be temporary. >> laura: temporary buried and then they told their minions in the press the claim inflation was all just a bunch of conservative spin. >> the talking points on the right and especially among the trump right that there's this biden inflation situation happening in the country. >> right wing parties scaremongering about inflation and wages going up too high. >> laura: the angle protected the inflation bomb over a year ago. that's what they were talking about, i guess. and indeed it's really, really bad and even the left was finally forced to drop its inflation denial, reporters are still trying to leave biden wiggle room.

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The Ingraham Angle

which is the all-time high. okay, well, actually if you take this months inflation number and annualize it, just pretend it's this month for the rest of the year, then you get 14% inflation. so the 8.5% of people are talking about, that's backward looking, including a whole big chunk of last year when there wasn't much inflation, but it's accelerating and the fed is way behind the curve. i talked today to my colleague, michael, one of the great monetary historians, sort of the current version of milton friedman and i set my look at the data is that inflation doesn't start to go down and less interest rates are higher than the inflation rate. and michael confirmed yes, that's his view with literature too, basically interest rates right now -- we are not going to inflation the control as interest rates go up six, seven, 8%, and the fed is not going to act that aggressively, so inflation is really out of control and that's going to make real incomes decline and toss us into a recession. the final thing i want to add though is this idea that gas prices putin's fault.

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The Ingraham Angle

larry is being charitable there. these people are neither skillful nor lucky, they are totally incompetent. and i know this is going to be written off as just another right-wing spin, but the angle believes that this inflation spiral biden created could mean the end of the democratic party for a generation. remember after jimmy carter, it took democrats 12 years to shake off the carter hangover and win the presidency again. so you would think that the democrats would see today's news as a sign that it is time to pivot, to moderate, to learn. but you'd be wrong. >> president biden: i'm doing everything within my power by executive order to bring down the price. we've already made progress. since march, inflation data was collected, your family budget and your ability to fill up your tank, none of it should hinge on whether a dictator declares war and commits a half a world away. to help deal with the putin

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The Ingraham Angle

happening is prices are going up faster than your income and so therefore your real income is going down. national income is what gdp is one national income declines two quarters in a row, that's a recession, and right now everybody's incomes in real terms are declining and we are very, very close if not already in a recession. >> laura: so this idea as jeff of cnn said that while things are optimistic for us because we have low unemployment, that makes no sense even what's happening -- you could already see consumers beginning to pull back on spending. >> right. you could see that even in the release today, the used car prices finally are 40% up relative to last year but they declined a lot. and that's where the core inflation number, which takes out putin energy, was a little bit of a positive surprise. of course the only thing the white house was pointing to. but the fact is that inflation is really out of control. i heard when you were playing that clip, nowhere near 15%,

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The Ingraham Angle

here and that started with the covid locked down. get used to having not as much freedom, get used to not being able to get in your car and drive as far as you want, whenever you want. i think a lot of this felt like conditioning to a lot of people who were watching this take place because we knew it wouldn't work as a medical intervention and as we can see, the lockdowns didn't work. just finally though, kevin, on this build back better plan, which biden is still touting, i want you to react to this because he said this today. watch. >> president biden: i called on congress to move immediately to lower the cost of utility goes, prescription drug bills and more, the most impactful way congress can address inflation right now. i'm doing everything within my power by executive order to bring down the price to address the putin price hike. we've already made progress. since march, when inflation data was corrected. >> laura: it sound a lot like price control. >> yeah. you know, these guys just don't

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The Ingraham Angle

every single person on his economic team should be fired. in fact, anyone who advised the president that inflation was transitory should resign or be terminated. this means treasury secretary janet yellen, bye-bye, granholm, never should have been there in the first boys, mayor pete of transportation, he can bike away. almost all of his economic advisors should go to should start with ryan. and on what basis should jerome powell be nominated fed chair by the way? 's failure to respond quicker to obvious inflation concerns should mean he steps aside. the list of these staff failures is really long, take up a whole hour, but there has to be accountability. we don't want to hear anything more about the first woman this, the first that, we need the best and the brightest. whatever your skin color, whatever your background, not the first and the dimmest. the last time we saw such

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The Ingraham Angle

have a clue. basically build back better is printing more money and mailing it to people, and if you could say your mailing it to people to help them pay their utility bill or to help them pay for hamburger, but your mailing checks to people with phony money, and that makes inflation worse. and this is very, very serious. and again, i go into this. inflation like this can destroy a country because all of a sudden people say hey, i don't want to lend money for that country because i have no idea what the dollar is going to be worth a year from now. and so the fed has to act way more aggressively than they have and republicans need to basically stop build back better and anything else that biden may propose. >> laura: we got to roll. we've roll but i should say they should beg larry summers and steve and maybe you if you would do it, come back and help save our country. that's what they should do, but they're not going to do that. kevin, thank you. wise president trumps choice to endorse dr. oz upsetting summer republicans? we will it's plain to get

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