CLAY: We have not talked a lot about inflation so far today, but it’s not going to surprise you that the Democratic Party who has essentially an entire party now that has never done anything in the world of business doesn’t understand how basic business works. And so I got a couple of Democratic Party all-stars here. Elizabeth Warren says that profit margins are gouging, the oil companies out there are gouging you. Here is cut 16.

Putin’s war is causing gas prices to rise, but this is no excuse for large oil companies to pad their bottom line with war-fueled profits.

Senate Democrats are watching closely — and already working on a windfall profits tax. pic.twitter.com/J5pwkLrgrd

— Elizabeth Warren (@SenWarren) March 8, 2022

CLAY: I mean, the lack, Buck — and I’m gonna play Rashida Tlaib here in a minute. The inability to understand how business works is really the undergirding fatal flaw of all Democratic Party economic analysis. And it used to be that there were at least some Democrats in Congress who were really highly successful businesspeople who had a strong voice, and that’s just vanished, and they turned all into socialists.

So that’s Elizabeth Warren going after oil companies. And then Congresswoman Tlaib came forward and said, it’s not actually inflation that’s going on. That 7.5% inflation that all economic indicators are letting us know exist? That’s not inflation, according to Congresswoman Tlaib. It’s actually just extortion. Listen to this.

Squad Member Rashida Tlaib: “Corporations have the nerve to blame inflation while consolidating their market power and raising the price of essential goods and services while working people foot the bill. For me this is not inflation, it’s extortion.” pic.twitter.com/fmg7srCFkO

— VINnews (@VINNews) March 8, 2022

CLAY: No, it’s inflation.

BUCK: It turns out, circle does not get to square on that one. It’s inflation. Clay, when you have economic illiterates across the top of the U.S. government in very prominent positions — people who have only either made money by either a paycheck courtesy of the taxpayer or essentially selling their access, their Rol-O-Dex, and their name as a result of that — they tend to not really know how this stuff actually works. Jen Psaki and Elizabeth Warren are not people you want in charge of your business or certainly telling your business what it can and can’t do.

CLAY: And this is why inflation is a tax on the poor more so than anybody else in the country, and there’s still a lot of Democrats that don’t understand this. As prices go up for all goods, the amount of profit that you’re gonna make goes down because of your cost increases. So you have to increase costs as well. And that’s why Biden trying to claim, “Oh, well, wages went up,” I think they said, “5.9% or 5.5%,” something along those lines for average workers according to the most recent data.

Yeah, but when inflation is going up 7.5%, that means that the average person has less money in their pocket. And when the Democrat Party actually represented working people, they at least claimed to understand this a little better. When she’s talking about all the super-wealthy people, many of the super-wealthy people on the East and West Coasts in this country actually vote Democratic.

And the people who end up with the biggest difficulty are people who have to spent all of the money that they make on goods and services because they get hit harder by inflation. They don’t have hard physical assets. They don’t own homes. They don’t have land. They don’t have property to offset the overall rise in inflation. So this is a fundamental failure. Thank God.

I gotta give him credit, that Joe Manchin stood up against this, Buck, because without Joe Manchin, think about how bad inflation would be even now? Because Build Back Better, they would have spent trillions of more dollars even than they’ve already spent. It’s crazy to think about how close we were to one of the biggest expansions in the history of the federal government on top of all the covid spending.