BUCK: The economic situation — not gonna lie to you — is gonna be getting rough. Got some rough stuff ahead of us. Not good. But Biden just —

CLAY: Not good.

BUCK: Yes, not good, and Biden is angry at you for thinking it’s not awesome. This is what we’ve gone to now: Biden’s going full, “Get off my lawn, you, ’cause the economy’s great!” Not so much. He was in Philly today speaking at AFL-CIO convention. Philly, by the way, another story going on in Philadelphia we can touch on later — and we will — is that there’s an effort afoot to remove Larry Krasner now, the district attorney there.

CLAY: All these guys are gonna get removed.

BUCK: One after another. They need to all fall like dominoes. And honestly, they’re gonna replace them with Democrats. They’re not gonna replace them with Republicans. But at least replace them with Democrats who are not completely out of their minds and are trying to legalize crime, which is effectively what progressive prosecutors have done. We’ll talk about that in a little bit. The big thing today is just…

Yesterday when we were on air talking with you across the country, there was, I think, the recognition that this economy — the inflation number, everything that we’ve seen — hasn’t even hit its most painful economically speaking, its most painful part, that there’s more coming and that the Biden administration has no answers, no way of turning this stuff around, obviously. In fact, they deny that they got us into the mess in the first place.

The Fed is expected to raise the rates tomorrow by 75 basis points, maybe. It might be 50 basis points. It’s either 0.75 or 0.5, depending, but I think it will be a 75 basis-point rate increase. That’s the biggest rate increase we will have seen out of the Fed since I think 1994, certainly almost — well, it’s going on basically — 30 years, and that’s because they realize inflation is not under control.

It’s likely to get worse, and the price index for producers… This is something else that everyone needs to be very aware of: Wholesale prices rose; producer prices have risen, considerably, which means that there’s going to be more price increases for consumers — you — on the way. Think gas, milk, all that’s expensive now? Just wait. It’s gonna get worse. Meanwhile, Joe Biden wants you to know it’s great, doing a bang-up job.

BIDEN: You know how they talk about, “Biden wants to spend more on school and guess what? He’s gonna create a deficit.” (whispering) Ladies and gentlemen, this year by the end of the fiscal year we will have cut the federal deficit by another $1.6 trillion. (yelling) In one year! One year! (screaming) So they come to and talk about big spenders, let ’em know! Almost $2 trillion!

BIDEN, screaming: “I don’t wanna hear any more of these lies about reckless spending!” pic.twitter.com/EGY1R21E64

— RNC Research (@RNCResearch) June 14, 2022

BUCK: We’re not almost done.

BIDEN: In deficit reduction! I don’t want to hear any more of these lies about reckless spending. We’re changing people’s lives. And because of the fact this year we’re gonna be (slurring) the biggest drop in deficit in the history of the United States of America!

CLAY: You can’t… I mean, first of all —

BUCK: It’s crazy, Clay.

CLAY: I mean, listening to that makes my brain hurt because it’s so dumb. The reason why the spending is dropping is because we spent $1.9 trillion that was unnecessary on covid relief as soon as he got into office, and then we also spent — by the way, with only Democrat support so far as I remember — and then I think we made a bad decision — and Buck, you and I said that we didn’t think it was a very good decision — when we spent an additional whatever it was, $1.2 trillion on infrastructure.

The reason why the amount the federal government is spending is declining is because Joe Biden’s Build Back Better $5 trillion that he wanted to spend was rejected by all Republicans as well as Joe Manchin and Kyrsten Sinema. So he’s bragging now about the fact that his policies all failed to such an extent that finally people in the United States government, Republicans, said, “You can’t stop spending money like a drunken sailor,” and that’s why the deficit has come down because we spent so outrageously in his first year in office.

BUCK: There’s dishonesty in every major talking points that this White House is using right now, because they’re desperate. There’s the dishonesty in the, “We’ve created eight million jobs.” Comparing where we are economically to where we were in the absolute depths of the covid lockdown is a BS metric, and everybody knows it. He didn’t “create” eight million jobs. The government just ceased enforcing the cessation of millions of jobs. And beyond that, Clay, to your point about the spending, we might have some sailors listening, so I don’t want to say “drunken sailors” because, you know, why are the sailors drunk, you know?

CLAY: I’m not even blaming a sailor.

BUCK: I have some Marine buddies. They can kick back.

CLAY: Look, if I’d been out to sea for all the time and I couldn’t spend my money otherwise, I wouldn’t blame a drunken sailor for spending it like crazy. But I don’t want the president doing it.

BUCK: Imagine if you had a friend who was running into debt every month $10,000 on their credit card. “I’m running up a $10,000 balance month after month, month after month,” and then they come to you and say, “What are you talking about? I’m not overspending. This month I only went $5,000 over,” and so you say, “Well, yeah, buddy, but you’re a hundred thousand dollars in the debt, that’s not exactly something to celebrate. That is what Joe Biden is doing.” He’s the guy who’s saying, “Well, I only overspent by half of what I did last month or last year,” and acting like he’s some kind of a hero.

CLAY: It’s actually such a great analogy because if you had a friend who was spending money like that and then that friend bragged, “Hey, I’ve cut my spending more than you have,” you’re like, “Yeah, but I’ve been in my budget the whole time. That’s not really something to brag about.” That’s what Biden is trying to do.

BUCK: It’s exactly right. He’s just trying to create these frameworks where it’s not a disaster. And if you want to get a sense as to how delusional it can get, this White House — and I’m just gonna say it — they’re delusional. This is now a widespread thing, because it’s just like mask policy, Clay, which I love to double down on now because people are still going, “I’m not done with yet! I’m double masking.”

They’d rather continue to live in the fantasy than accept that they were fools, that they weren’t as wise, they weren’t as intelligent as they thought they were — and that’s true, I think, of a lot of Democrat Biden voters. It is obvious this guy is a joke and a disaster. We all see it everyone listening to it knows even the Democrats listening to us know and yet the White House has to come up with something, so what do they do? Live in an alternate universe.

BREAK TRANSCRIPT

BUCK: The Biden economy. He’s got a big revelation today for all of you out there. If you’re wondering what is responsible for what’s going on, it depends on the day. Sometimes they try, Biden himself will try, “The economy’s actually doing really well, you just don’t know it!” Eight million jobs they created, blabbedy blah, and then they realize no one’s buying that so then they try something else. Biden also said in Philadelphia today at his speech to the AFL-CIO that you know who’s really to blame for this…?

BIDEN: I grew up in a household not far from here in Claymont and Wilmington, where the price of a gallon of gasoline went up (slurring) was a conversation that came up at the dinner table. It mattered! It mattered to my working family. It mattered when the price of food went up opposite. (shouting) The problem is (dramatic) Republicans in Congress are doing everything they can to stop my plans to bring down the costs of — on ordinary families.

Biden: “The problem [with inflation] is Republicans in Congress are doing everything they can to stop my plans to bring down the costs on ordinary families.” pic.twitter.com/SLRjTEYnhj

— Greg Price (@greg_price11) June 14, 2022

BUCK: It’s the Republicans in Congress who are responsible for the economy, ’cause, you see, Clay, it’s not that Biden spent too much money. It’s that he hasn’t spent enough money to bring down costs for everybody! I mean this. I am not kidding. Joe Biden would fail intro high school economics, not even college-level 101. He would fail your pre-econ course that you would take, that I took when I was a freshman in high school. He has no understanding of anything — and also I hate this (impression), “Oh, you know, here I am at the table talking to the, folks, about the workingman and all that…” He’s been giving the same malarkey speech for 40 years.

CLAY: He really has, and it’s really getting weirder and weirder because — and you make fun of this, too, because his inflection points of when he decides to say something loud and when he decides to say something quiet seem totally not connected to anything, right? (laughs) Even the words that he’s inflecting it feels like he’s been told, “You can’t speak in the same tone so you need to have voice inflection,” and then he just randomly says, “SO YOU … know.”

It’s like, what is he doing? It’s so weird, and everything he’s saying is so transparently false. It’s a form of desperation, Buck. It’s like closing time at the bar and Joe Biden’s trying to pick up whoever’s left at the bar, and that’s basically his base now, because it is… I don’t even know. Is there even anyone at this point who is an actual Joe Biden supporter? I don’t mean a Democrat ’cause there are Democrats who will say, “Okay, well, he’s still better than Trump,” right? That’s what they’re left with.

BUCK: There are a lot of neurotic, irrational people in the country, Clay. So I think the answer is there are still people that believe the January 6th stuff, who believe it.

CLAY: I don’t even think those people think Biden is doing a good job. It is just not as bad as Trump would have been.

BUCK: Oh, so you’re saying excited about Biden? No one’s excited about Joe Biden.

CLAY: I don’t think there’s actually any Biden supporters now. It’s just people who are willing to stay committed to Democrat dogma, but there’s nothing you can point to and think, “Oh, this guy’s got things in working order. He’s doing a good job.”