BUCK: Janet Yellen, the secretary of the Treasury, spoke about this in the context that she was in Germany yesterday, and she started to use this word, “stagflation.” And I’m telling you, you’re gonna be hearing a lot more of it coming up here.

YELLEN: Certainly, the economic outlook globally is challenging, um, and uncertain, and higher food and energy prices are having stagflationary effects, namely depressing output and spending and raising inflation all around the world.

BUCK: Stagflation — for anybody who just needs a quick reminder — is when you have a high rate of inflation and a slow rate of economic growth. This is really bad, and it also can include a steadily increasing and then durable, high level of unemployment. Now, we don’t have that technically right now, although workforce participation is not very good right now. A lot of people are not actually included in the unemployment rolls. But low growth, high inflation — also known as stagflation or recession inflation — that’s what we are facing right now in America, and they’re also gonna start to use the R-word soon, “recession,” Clay. I think everyone sees it coming.

CLAY: No doubt. And everyone out there who looks at their 401(k), it’s a horror film to look at what the stock market has done basically since Joe Biden came into office. I mean, just think about where we are: 18 months, essentially, into Joe Biden’s administration, the stock market is effectively now flat, meaning we have seen no growth in the overall net worth of people’s retirement accounts, in terms of the last 18 months.

And then if you take into account this eight-plus percent inflation, everybody has lost money. Everybody, no matter what you do, by and large, you are sitting on less money in the stock market, less money in your paycheck, less money because Biden’s economic policies have all failed. And the scary thing is, Buck, if all of his economic policies had actually been implemented, things would be worse because we had a great guest, Charles Gasparino pointing out what many CEOs are now saying, what Elon Musk said — I know he’s not the CEO of Amazon anymore but that —

BUCK: Bezos. Bezos.

CLAY: — if Build Back Better had passed —

BUCK: Bezos.

CLAY: — then we would have ended up with double-digit inflation. That’s what Jeff Bezos is saying, that’s what Charlie’s Gasparino is saying, many other high level business executives are saying. It’s what Elon Musk is saying. This is a failure, and it’s awful, and it would have been even worse approximate Joe Biden had gotten to do what he truly wanted to do?

BUCK: I do think it’s worth pointing out for a moment here, Clay, that while this is all… Just like the bad economic numbers every month in recent months has been a surprise, who could have seen it coming?

CLAY: Always a surprise on the worst side.

BUCK: Oh, my gosh. You mean Biden is not good at this? You mean this administration stinks? What a shock. It wasn’t a shock to everybody. In fact, this was back during the debates in 2020. Trump we already played for folks as a reminder the audio of him saying your gas is gonna go to, I think he said, $6 a gallon.

CLAY: We’re almost there.

BUCK: And California’s already been there, just so… California had $6 a gallon gas recently, and we’re heading in that direction. But if you look at the stock market right now, here is a Trump prediction from back during the debates.

“If he’s elected, the stock market will crash,” Trump said on October 22, 2020.

Turns out Biden has presided over unprecedented growth in the stock market in his first 100 days in office, better than any of his predecessors since the 1950s. Source: https://t.co/4ts92IS36w pic.twitter.com/GYeE3HXbpm

— Brian Tyler Cohen (@briantylercohen) April 26, 2021

BUCK: Trump said in 2020, “If you elect this clown,” he didn’t technically call him a clown but I’m sure he would, “gas prices will be high, stock market will get crushed, the economy will slow down.” All of that is true, all of that is actually happening. And you wonder, why is it that he was able to see this but all the “expert economists” that old man Biden cites, that they couldn’t see this coming? Hmm.

CLAY: It’s even worse than, I think, if we had Trump on today — we need to get him on again some time soon — I think he would agree with us, he knew it was gonna be bad. It’s even worse than he thought. ‘Cause going back to that baby formula shortage, I just can’t… In terms of crystallizing economic policy failures, parents with babies walking into grocery stores and seeing bare shelves where baby formula should be, having to travel when gas prices are so high all over your city and your state.

Buck, when we opened up phone lines about this, we had people call. Grandparents are out trying to buy baby formula for their grandchildren because they’re concerned about whether their own children are gonna be able to find baby formula. If I had told you, “Hey, Joe Biden’s gonna get elected and in the middle of his second year in office, there is going to be a baby formula shortage that is so bad that grandparents and family members of parents are going to be driving around trying to help feed their own children and grandchildren,” I don’t think anybody would have ever even believed that was possible. Yet here we are. It’s just staggering in its level of incompetence that we ever got here. And I don’t know what could come next, Buck, that I would be like, “Oh, there’s no way possible that could happen.” Nobody saw baby formula shortage coming.

BUCK: I’m just hoping at this point Biden doesn’t get us in a war with Russia., ‘cause really, he’s messed up everything else so badly. He’s messed up everything so badly that you just hope, please don’t mess that one up, Joe. I actually, just for the country, for the world, I hope he gets it right.

CLAY: Keep us out of nuclear war, it’s so bad that we’re hoping that Joe Biden doesn’t get us into nuclear war. Unbelievable.