RADIOApril 13, 2022

EXPLAINED: Our 8.5% inflation actually is MUCH HIGHER

America’s inflation just hit 8.5% — the highest it’s risen since 1981. At least…that’s what the media, the Biden administration, and the Federal Reserve SAYS. But if you calculate inflation the same way economists and politicians did in the 1980s (which the website ShadowStats has already done), our rate today is closer to 17.15 PERCENT! Carol Roth, financial expert and author of ‘The War On Small Business’ joins Glenn to explain the TRUE state of our current economy…

Transcript

Below is a rush transcript that may contain errors

GLENN: Carol Roth, the author of the war on small business. She calls herself a recovering investment banker. She is somebody who is trying to look out for the little guy and can explain what's happening to the little guy in normal terms, which is my biggest frustration, when you watch anything that knows anything about the economy. Carol, welcome.

CAROL: Thanks, Glenn. I have some bad news. I'm sort of processing it right now. But I don't think we're going to save the 16 cents on our Fourth of July barbecue this year. It's sort of becoming very clear to me. And I'm just trying to process it all.

GLENN: Wow. Wow. Believe me, I think that's going to be trending on Twitter, on July 4th, on how much everyone is spending. Let me start here. 8.5 percent.

CAROL: Yes.

GLENN: In 1980, the highest -- the highest inflation rate was 14.6. And we had 20 percent mortgage rates. 2022, according to Shadow Stats, which is calculating the way we calculated inflation in 1980, our inflation rate is 17.1 percent. And our -- our mortgage -- I mean, our lending rates are now .5 percent to the banks. That seems a little crazy.

CAROL: Yeah. It seems like a little bit of a mismatch of policy. Obviously, a lot to unpack here. But this is why people are so angry with the Federal Reserve. They have been on the forefront of causing this issue. By artificially suppressing interest rates. And printing trillions of dollars that has in part caused this inflation. And then, you know, they were buying securities putting them on their balance sheet, part of what suppresses interest rates, up until last month. Then all of a sudden, they got the wake-up call. Going, oh, boy. Inflation is pretty high. Even though it's been trending at incredible levels for well over a year. And, you know, now all of a sudden, we have to do something. And they're still not doing it fast enough. But the rub on all of us. It's very hard for them to do anything, without putting us into a recession. So they're caught between a rock and a hard place.

GLENN: Yeah. I remember saying this, kind of at a place where there are no good options, and they're out of bullets.

CAROL: Right.

GLENN: All right. Let's go back to the stats of 8.5 percent. This is so misleading, because they'll say it's the highest in 40 years. Meaning, it was worse under Jimmy Carter. But I contend, it's not worse in the 1970s and '80s. It's worse now by far. Because we're at the beginning of this.

Can you explain shadow stats, and what you understand? Is this incredible, for you to say, let me look, and calculate it the way you used to?

CAROL: Sure. So to be fair, I've looked at shadow status. I have not gone through. It would take lots of modeling power. To go back and replicate it. But basically what they've done, they've said, there have been a lot of shifts here, both in the '80s and '90s, in terms of the way government calculates inflation, and this should be of no surprise to anyone. They want to keep the headline inflation number down. Because it means --

GLENN: Also. Also, though -- also, though -- isn't Social Security increases based on CPI?

CAROL: You just read my mind. This is exactly where I was going with this. No. This is good. We're always simpatico on these things, Glenn. So the reason why they want to keep the headline number down is because it allows them to print more money, it keeps you from panicking. But like you said, there are a lot of things. The numbers of inflation, feed into, like you said, Social Security and other programs that have cost of living adjustments. So this is another way for the government to continue to cheat. So what Shadow Stats has done is they said, well, let's go back to the best approximation we can make of what happened before the '90s boundaries. Before the '80s changes and let's calculate it. And if they look at the rate, it's about double of what is being reported. And you can just look at some of the key categories. Things like rent and hotels and what not. On what they are reporting. And go, yeah. That makes sense you and I can go to the grocery store. We can try to shelter and feed our families. And try to get gas. You understand that it's not just 8.5 percent inflation. So this is trying to give you the apples to apples comparison. And by my estimation, it seems it's in the ballpark.

GLENN: Yeah. Which is 17.1 inflation rate this month. In 1980, it was 14.6. That was the top of it. Are we top of this?

CAROL: Well, that's a great question. Today, we got a number. There are different measures of inflation. The CPI is sort of a consumer survey, one that's used. Today we got something called the producer pricing index. A member of wholesale inflation.

GLENN: So this shows us what may be come our way. Because these are the raw materials it takes to make things that we eventually buy?

CAROL: Yes. This is the inflation and the inputs to the goods and services. And it is a lagging indicator. Because you obviously have to have that inflation number. Know what that is. But they haven't gone into that finished price, that has gone to the consumer. What the consumer is paying as. So this ends up meaning, what we're seeing today, is going to impact, what we're going to see going forward. Obviously, the gas prices are moving around. So it's going to be a different headline versus looking at core inflation, which strips out food and energy prices. But given the fact that at the producer level, today we got a number that is the highest level on record, Glenn. The highest level. 11.2 percent, at the wholesale level. That's 11.2 percent increase, which, again, is probably understated, that is going to flow through goods and services, that we're going to see in the coming months.

GLENN: That's the current -- did they ever change this calculation ever?

CAROL: Of course, they changed the name of the whole index. We're going to have a new name. We're going to brand it. It's going to be great. So, of course, it will change.

GLENN: This is the highest number, even with all the changes. This is the highest number ever recorded?

CAROL: So based on this current index, this is the highest number ever recorded.

GLENN: Holy cow.

CAROL: Yeah. It was staggering. 11.2 percent.

GLENN: Okay. So why is this -- I would think this is a leading indicator. Because if the prices to produce things are more expensive today, at 11 percent more expensive. That means, it's showing me, when it finally gets a finished product, you're going to be paying at least 11 percent more, right?

CAROL: Yeah. We're saying the same thing in a different way. What I'm saying, it lags, what shows up in the CPI numbers. You have not seen it yet. Because it hasn't hid it yet. So we're both saying the same thing, with just slightly different words here.

GLENN: Got it.

So what -- what -- what -- what can be done here?

CAROL: You know, it's a really good question. Obviously a lot of people are looking to the Federal Reserve, to get us out of this, with monetary policy. The challenges, I don't think they can do that without causing a recession, and major carnage in the economy. Because at this point, all the things that have led to this -- the monetary policy. The fiscal policy. The disruption. In the supply chain. It's created this systemic supply and balances. Monetary policy can quell our demand. It can make us go, oh, we're not going to get a mortgage because it's at 6 percent. Or we're not going to spend as much at the store. But how does it fix the fact that we have 1.8 jobs available for every worker? How does it fix the fact that we have four to 5 million homes, that are underbuilt at this point in time? How does it fix the fact that we have underinvested in energy, and health care infrastructure.

So it's -- you know, the things that they would have to do to make those changes, there's a huge advertise connect. And as I said, I think it would be really ugly for the economy. So, you know, this could -- it will probably at some point, come down on a headline basis. But that's the growth rate. It does not mean that we won't have elevated inflation. And continued pain for a very long time.

GLENN: Correct. So when we look at things like what's happening over in shanghai. Where they shut everything down. And where is that story? China has stranded 30 million truckers. 30 million truckers in China are now stuck at home.

What is this going to mean? This impact. We felt it last time, that China shut down. But we shut down as well. This time, we're not shutting down. What is that impact going to mean to us?

CAROL: Yeah. Well, obviously it's not a good thing. For the companies that are still depending on China. I think internally, China, it's a huge issue. Because they are a net importer of not only energy, but food. And so what does that mean in terms of the potential for some of those people to have pretty substantial food security or starvation. If they don't get things going again. And certainly as we know, the reverberations about all these decisions around the world, could lead to other issues. Social unrest and what not. And we're all connected. And even though we'll be in a better position. It doesn't mean it won't have real impacts. And as we know, any time something has an impact here in America.

Who feels it? Is it the elite? Is it the wealthy? Is it the well-connected? Of course not. They'll find a way to insulate themselves. It's going to be the average American. It's going to be the Main Street business. It's going to be the back bone of this country and this economy that bears the brunt of this.

GLENN: Back with Carol Roth here in just a second. First, let me tell you about our sponsor this half-hour.

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(music)
So there was another story I read today. Global renewable power prices soar on heavy demand. That contract prices for renewables in North America have gone up 28.5 percent, and 27.5 percent in Europe. That's just in the last 12 months.

Gee, why would that be, Carol?

CAROL: Well, this is what's called supply and demand, Glenn.

We have underinvested in all kinds of different economies. It's not just energy. But it's all different kinds of commodity components. Things that are required for decarbonization. And this huge push has led to increased demand. And when you don't have enough supply to meet that demand, what happens, but the prices go up. So you think about something like copper. You know, it's one of the biggest inputs into energy. And so if you're going to have something that is electricity based. You're going to need copper. There are a whole slew of other materials from aluminum and lithium and what not. That are used in these sort of green, friendly products. And again, we have not seen enough investment in order to fulfill these crazy wishes that the folks were pushing decarbonization, wants to fulfill.

GLENN: By the way, you can ask Carol for answers on anything.

You know, I -- I said yesterday, that, you know, I've always felt like I was here to warn what's coming over the horizon. But I also think that it is to empower you. And information is empowering. And to encourage you. And that means, you know, to just keep doing the things that you know are right. Do the next right thing. But also, to give you some answers on some things. So we've put up at GlennBeck.com/questions.

I think that's what it is, right? Is it -- what? Contact. GlennBeck.com/contact. You go there, and you can ask Carol a question, and if she can, she will answer it. Do we have time for one question? Concerning the economy for Carol Roth, we don't feel like we can trust our money to be in big banks. But we also know the dollar stands to lose most of its value. So keeping it in cash is also useless. What is the best course for us to invest and convert our money to, so we'll have something if things change to digital?

CAROL: Okay. So this is the normal caveat. This is not financial advice in legal aspect of it. This is just for your own information and additional research.

Okay. So the first thing I want to make sure is that you take care of your near-term and emergency expenses. Because we do see prices going up. If something goes sideways, you do want to make sure you have enough cash on hand, to be able to handle that. But outside of that, you don't want your cash sitting in the bank, because it's going to lose value. You have to be looking at hard assets. Some of the things to consider is housing. Now, obviously, as we know, the fed is increasing those mortgage rates. So that is going to have some impact on housing in the near-term. But in the long-term, we're underbuilt, four to five plus million homes, depending on who you last from the last decade. Plus, given the prices and what's happened over the last couple of years. We haven't seen that same bump in building. So I think that imbalance is something you want to be thinking about.

Also, having some exposure to tangible commodities. To gold. To silver. To, you know, investments in other commodities. Again, we've seen run-up in those. But if you're thinking as a long-term hedge, against inflation. It's something for you to consider.

GLENN: Please don't. This is just my opinion. Please stay away from paper stuff.

CAROL: Correct. This is physical -- especially on the gold and silver standpoint, you want to actually have the physical gold, yes. Exactly.

And then on the stong side, obviously with the Federal Reserve raising rates. There's going to be some choppiness. Some volatility in the market. If you're not 50, the S&P 500 gives you that broad diversification. If you're looking to pick stocks, you'll look for ones with inelastic demand. That means they're able to raise their prices to customers, and customers will continue to pay that. You're going to want to look at ones with strong balance sheets that can weather whatever is ahead. And probably ones with extra cash to do share buybacks. That is going to help with the earnings per share.

GLENN: Thirty seconds. Give me the last one.

CAROL: Yes. In terms of the central bank currency, that will come down potentially to bartering. If things go sideways. Think of things that will be a valuable barter commodity as well.

GLENN: If that happens, just hold on -- just brace for impact. If that happens. We have a whole bunch of problems. Carol, thank you so much.

CAROL: God bless. Thank you for having me.

GLENN: It's GlennBeck.com/contact. We'll have Carol back to answer some more of those questions.

How Mamdani's Victory & Nigeria's GENOCIDE Are WARNINGS for America | Glenn TV | Ep 466

How did New York City elect Zohran Mamdani as its first Muslim and socialist mayor?! To get the answer, Glenn Beck dives into Mamdani's controversial backers and ties them to a global propaganda campaign run by big players in political Islam. This same propaganda campaign, Glenn exposes, can also explain the rising Islamist-Marxist alliance in America and the ignoring of genocides in Nigeria and Sudan. Plus, Johnnie Moore, president of the Congress of Christian Leaders, reveals how jihadist militias are systematically massacring entire Christian villages in Nigeria and attempting to build a new terror caliphate. And Glenn asks former Navy SEAL and Blackwater founder Erik Prince whether he believes Trump should attack Nigeria if it doesn't stop the slaughter.

How Global Elites are Using YOUR OWN Tax Dollars Against You!

Rep. Chip Roy joins Glenn Beck to expose the hidden network of NGOs, billionaires, and government grants allegedly funding the destruction of America from within. From Soros-backed district attorneys to U.N.-funded immigration pipelines, U.S. tax dollars are being weaponized against Western civilization itself. Rep. Roy breaks down why he has introduced the 'No Tax Exemptions for Terror Act' as he reveals the deep financial web connecting global elites, broken borders, and the slow dismantling of American freedom.

Transcript

Below is a rush transcript that may contain errors

GLENN: Let me go to Chip Roy. Chip is joining us. He is introducing a new bill called the -- what is it called? I love the name of this, Chip. What is the name of this bill?

CHIP: I don't remember what the name of it is. It's to stop CAIR from having tax exempt status, and any terrorist organization.

GLENN: Yeah, the No Tax Exemptions for Terror Act. I love that.

CHIP: That's it.

GLENN: That's the clearest a bill has ever been: The No Tax Exemptions For Terror Act. I love it.

CHIP: Yeah. So we came up with it on Friday when we were filing the bill. And we were going back and forth, and my chief of staff came up with that title, credit to her.

But, look, here's, the thing. Take one minute to pretend that I'm sitting in Glenn Beck's studio on television. And I'm going out and I'm going to do white boards. Okay?

GLENN: Uh-huh.

CHIP: So for your listeners out there, pretend I got that video capability. Imagine if you will, enormous numbers of bubbles of NGOs and all of these nonprofits that are out there under the cloak of things like Catholic charities or Jewish groups or evangelical groups or maybe secular groups.

They're doing all these nice and warm and fuzzy things. They're ail involved with moving people by you our country, right? They're all a part of the 250 organizations at the Center for Immigration Studies said were a part of the mass invasion during the Biden administration.

Now, over here, create a group of bubbles that are all of the groups that are pushing the district attorneys that are radical Marxists. The Soros-funded DAs that are putting criminals on our streets. And there's a whole cadre over there under the Ren Collective that the law enforcement legal defense fund ally. Now over here, on this board, show the bubbles, that...

GLENN: Wait. We lost you! Show the bubbles of, what?

CHIP: That want to see radical Sharia on our streets. Now on top of the board, put the Arabella Group, which are Democrat operatives, with Clinton and with Biden, you know, operatives.

And they're all in organization with, and coordinated with the bubbles above them, which are the funding streams from Bill Gates, from George Soros, from radical billionaires across the country, and taxpayer dollars, money through the United Nations, grand money from the United States, going to all of those NGOs. Remember those first bubbles that I put on the board.

And all of that money is then being coordinated in a war against you and me and freedom and Western civilization.

So, yes, I believe CAIR and every other one of these organizations that are radicalized against Americans ought to be, not just disbanded from their Sebring status, but probably broken up.

And we should go through it and look at the conspiracy that they're involved in and probably violating our laws in Rico violation. But at a minimum, we should take away their tax status, so I introduce legislation to do that as a shot across the bough. And we need to go further than that. I hope that's clear without a video board.

GLENN: Yeah. It is. I have -- made it, as you were doing it, I just -- I just kind of put it together, the way you suggested. All these little bubbles. And you can see. It's pretty bad.

And what's crazy is that we did not assume that our tax dollars were going to any of these places.

I mean, they have gotten so wicked and so smart, the way -- you know, I always knew that Soros and the Tides Foundation. And you suspect that gosh, you have all of this money. And it's all going out the door.

And nobody knows where the money is going. And we focus. When he with find out what the budget is. Wait. You're doing turtle studies on what know.

And nobody is asking, what about the other trillion that are studies that nobody is tracking. That are just going out to these NGOs. We are funding our own demise.

CHIP: A hundred percent. And that's exactly right. I'm glad you said that. Because Republicans, with all due respect with my colleagues, get distracted with shiny objects.

And go say -- and I've done it too. Because it's easy to say. And you go out there, and you say, oh, yeah, I lifted the turtle funding. Or I lifted to this waste. And people are like, oh my gosh. That's terrible. That's, like, $5 million.

The real engine is that flow of money. So that, okay. Dollars that are going, in -- you know, to organizations, that a lot of people view. And because they do some good work. They go to some organization. Take charities or take some evangelical groups or whatever, or some Jewish organizations. You're setting up money. Oh, they're doing good things, and they're helping people.

But then you start -- you feel -- and they're all a part of all of this, and the grants that flow through so that when your top herdsmen or my friends for the Center of Immigration Studies, and you're down at the Darien Gap. And you see that the United Nations money, the United States taxpayer money, grants were going to these organizations to funnel people from around the world, to come up through Mexico and into the United States or be flown by a plane into the United States. And then you wonder why we have so many Somalis and so many Muslim, Sharia adherents, that are dumped into our country. It's heavily because of what we have been funding. It's heavily because of our money that we give to the United Nations.

So we need to stop that. And we need to be -- look, what I have done with the bell is one step of a thousand we need to take. Right? The bill that I did two weeks ago, to say, let's start vetting people for adherents to Sharia law. Let's pass HR2.
Let's do a bill.

I'm going to introduce a bill this week. That says, we should freeze all immigration until we actually have a handle on all the ways it's being abused. Whether it's birthright citizenship, says we have to educate illegal children.

The Sharia adherents in making sure we're not importing people that are hostile to Western civilization. Making sure people aren't on the public dole. These are all things we need to do, Glenn.

And we're not doing it. And we're funding the demise of our own country. It needs to stop.

And Congress needs to back up President Trump with at least as aggressive as an agenda, as he's putting forward. We can't just pass the big, beautiful bill and then pat ourselves on the back and then hope we win the midterms. Let's go back to Congress. Let's pass the stock trading ban. Let's pass HR2 to secure the border.

Let's codify some of the President's executive orders. Let's pass health care freedom and dismantle the stranglehold that insurance companies and hospital corporations have over our health care. Let's go to war for the American people. And then they'll want to go support us at the ballot box.

GLENN: You know, there's this big reject AIPAC thing that is going on right now.

And look, I think, if you're going to do that. Then you've got to do the American Cubans. The Iranian American PAC. There's a ton of these. And I just want them to all play by the same rules.

Whatever those rules are. Everybody plays by the same rules. But, you know, one of the things that we don't look at is you look at AIPAC. And I think it's average, not election years. It's about 60, what? Sixty million. $60 million?

That can't be it. It's got to be billion.
Nothing ever sounds big anymore. But they're spending all this money in the United States.

And everybody says, oh, well, they're just. They're controlling the United States.

It is million. Thirty to 60 million on average, okay?

But if you look at Saudi Arabia, that state money, and they're spending $93 million.

And since 1986, 2.1 billion dollars, on our universities.

And they're not alone!

And nobody is saying anything about that!

And I wonder why. Why? Why?

CHIP: Glenn, I cannot thank you enough for bringing that up. Especially, I'm not going to get into the controversy that last week, and the controversy going on. With the Heritage Foundation and all that stuff.

Look, here's the bottom line. You nailed it, right?

There is a vast, vast amount of money, flowing into the United States, from the Middle East, and to our universities, and into political organizations.

And designed very heavily to advance a march of people who want to upend our way of life. Okay?

GLENN: China is involved in it too! Yeah.

CHIP: 100 percent. The Chi-Coms are 100 percent a part of that. And, by the way, this is why we should be banning, not just Chinese Communist Party ownership of our land. But, frankly, any foreign nationals shouldn't be owning our land.

Like, why are we letting people own Texas and buy Texas? This is one of the things, by the way, that I get a really strong reaction from people on the campaign trail. I talk about the Soros DA. I talk about the border. I talk about Islamification. But then I talk about something else. And it's related to what we're talking about. The corporatification of Texas and of our, you know, great red states.

We are allowing corporations to come in and buy up our homes. Literally!

GLENN: Yeah. Yeah.

CHIP: Buying up our homes. We allow them to buy up our hospitals, prevent doctors from being able to form their own hospitals. We're allowing them to buy up our land. Our cattle.
Our meat packing plants. Some foreign-owned. Some domestic. But it's major corporate, and a lot of it is foreign.

And I don't want to be governed by board rooms in New York City, any more than I want to be governed by the federal government.

I want Texas to own Texas. I want Texans to own Texas. And that's one of the principles things that I want to find out on this attorney general.

GLENN: I tell you, there's this big, beautiful hospital that was built just -- just where my home in Texas was.

And I was so excited. Had this really great hospital, that close.

And after it was built. I think it was like Texas doctor's hospital. And it was all these independent hospitals, who wanted to do a hospital, the way they wanted to do a hospital.

And I walk in. Because I didn't know they had opened.

But we had an emergency. I was like, take him to the emergency room. I think he's open.

Take him to the emergency room. The entire place is empty.

And the reason why is because these corporate hospitals said, if you do anything with that hospital, you're out of our -- of our system.

You won't be having any privileges at our hospital. And they put that hospital out of -- brand-new, beautiful hospital. Doctors wanted their own independence. And the big corporate hospital put them out of business.

It was insane.

CHIP: Yes. This is a major problem. And I know we're covering a lot of topics. But it's all related, Glenn. This is a war against our way of life.

And Republicans better get busy providing alternative solutions. Both calling out the war. So that people know it and see it.

They all feel it. But also then, provide alternatives. Look, I put out five years ago, a 50-page document called the case for health care freedom.

And five years ago, I put the case for health care freedom two years ago. And that document outlines an array of options, where we empower patients, empower doctors, expand the savings account, expand direct primary care.

Give people tools, allow them to be able to control their care. And drive prices down, free up doctors, so you're not having corporate-owned hospitals. And insurance companies making your own decisions.

That's an environment that most American would prefer.

And nobody would be left out. Prices would go down. House sharing ministries can fill the void. Meta share and a lot of other options. And we can have the Shining City on the Hill.

Let's talk about that to the American people. Let's talk about driving housing prices down by eliminating private equity and all of these big corporate ownerships of local dirt in our communities. Allow only individuals to own homes in our dirts and our communities and farms to be locally owned by Texans. We can then have cattle that you grow in Texas, slaughter in Texas, put in stores in Texas, and eat by Texans. That's the way we ought to do things. I'm all for free trade. So are you. So are most of us that log free enterprise. 100 percent.

But I want to make sure that we don't have corporate decision makers with crony capitalist doctors from government that are regulated, telling us how to live. And then wonder why the socialists are on the march and wonder why Mamdani is elected.

Mask off: NYC’s new socialist mayor just declared WAR on capitalism

New York City has elected Zohran Mamdani, a Democratic Socialist, as its next mayor. But even liberals like CNN's Van Jones quickly realized that Mamdani's victory speech was much angrier than the "warm" and "calm" persona he had on the campaign trail. Glenn reviews this sudden shift in character and warns that Mamdani may have just admitted he wants to tear down capitalism...

Transcript

Below is a rush transcript that may contain errors

GLENN: I want to start with the analysis from Van Jones on the Mamdani speech last night. Listen to what he said.

VOICE: I think the Mamdani that we saw on the campaign trail who was a lot more calm, who was a lot warmer, who was a lot more embracing was not present in that speech. And I think that Mamdani is the one you hear from tonight. There are a lot of people trying to figure out, can I get on this train with him or not? Is he going to include me?

Or is he going to be more of a class warrior even in office?

I think he missed a chance tonight, to open up and bring more people into the tent.

I think his tone was sharp. I think he was using the microphone in a way that he was almost yelling. And that's not the Mamdani that we see in TikTok. The great interviews. And stuff like that.

I felt like there was a little bit of a character shift here, where the warm, open embracing guy, close to working with people, was not on stage tonight. There was some other voice on stage.

STU: Huh. Huh.

GLENN: Hmm.

GLENN: It's almost like a mask has come off. What a surprise.

STU: Yeah. Just quick recommendation for anyone in New York. If Mamdani tries to get you on a train, don't go.
(laughter)

STU: It's a terrible idea. Stay away from the train.

GLENN: Very good point, Stu.

I might have even gotten on to that train without even realizing. Very good point. Very good point.

STU: I don't think it's --

GLENN: No. No trains. No trains.

Okay. So here's Mamdani. And this is how angry. Listen to how angry he is when he's talking about Donald Trump. Listen to this.

VOICE: So, Donald Trump, since I know you're watching, I have four words for you: Turn the volume up!
(applauding)

GLENN: Just turn it up on the TV? Because that's something he said.

VOICE: We will hold landlords to account. Because the Donald Trumps of our city have grown far too comfortable, taking advantage of their tenets.
(applauding)

STU: Screaming.

VOICE: We will put an end to the culture of corruption that has allowed billionaires like Trump to evade taxation and exploit tax breaks.

GLENN: Corruption. Change the tax laws.

VOICE: We will stand alongside unions and expand labor protections because we know, just as Donald Trump does, that when working people have ironclad rights, the bosses who seek to extort them, become very small indeed!
(applauding)
New York will remain a city of immigrants, a city built by immigrants --
(applauding)

VOICE: -- worked by immigrants, and as of tonight, led by an immigrant!
(applauding)

GLENN: A very angry immigrant, whose own horror says, he doesn't identify as an American. I mean, I -- can I just spend a minute on this?

Because he's absolutely right.

New York was built by immigrants. America was built by immigrants. I mean, unless you're a Native American, you're an immigrant. Okay. And I made the case, that you might have come from Asia, even if you're an American, you know, native.

You know, go back far enough, you weren't on this continent.

So -- so I agree, all built by immigrants.

But we have a difference now, of immigrants. Listen to this from Teddy Roosevelt. There is no room in this country for hyphenated Americanism. When I refer to hyphenated Americans, I don't refer to naturalized Americans. Some of the best Americans I've ever known were naturalized Americans. Americans born abroad. But a hyphenated American is not an American at all.

This is just as true of a man who puts native before the hyphen. As a man who puts German or Irish or English, or French before the hyphen.
Americanism is a matter of the spirit and the soul.
Our allegiance must be purely to the United States.

We must unsparingly condemn any man who holds any other allegiance. Think about this. Think about this, and what's happening with the Somali communities.

Think about Minnesota. Think about Dearborn. Think about New York. Think about -- think about what's being said about -- and to immigrants, today!

If he is heartily and singly loyal to this republic, then no matter where he's born, he's just as good as an American as anyone else. The one absolute certain way of bringing this nation to ruin, of preventing all possibility of its continuing to be a nation at all, would be to permit it to become a tangle of squabbling nationalities, an intricate knot of German-Americans, Irish-Americans, English-Americans, French-Americans, Scandinavian-Americans, Italian-Americans.

Notice, by the way, he's not attacking people of color. These are all people from Western Europe! So this isn't something new. And it's not about racism. Scandinavian. Yeah. Boy, you must hate white people. Those are the whitest white people on the planet, for the love of Pete.

The American who do not become Americans, and nothing else, are hyphenated Americans. And there ought to be no room for them in this country.

The man who calls himself an American citizen. And shows by his action, he's primarily the citizen in the life of our body politic. He has no place here. And the sooner he returns to the land in which he feels his real heart allegiance, the better it will be for every good American. This is no such thing as a hyphenated American who is a good American. The only man who is a good American is the man who is an American, and nothing else.

I mean, you know, when he said that, in the early 1900s, he was talking about a whole different class of immigrants, race-wise. But it doesn't matter. Hyphenated American race.

If you are an American, you don't see race. People have in the past. And it's been wrong to do it. And you know who really saw that clearer than anyone else?

The progressives! Margaret Sanger, being one of them. The progressive movement!

They're the ones, who wanted to separate races.

For the love of Pete. So he's now angry, and he's -- he's jamming a wedge between Americans and immigrant Americans.

Listen to -- listen to the next cut here.

VOICE: As so often has occurred, the billionaire class has sought to convince those making $30 an hour, that their enemies are those earning $20 an hour.

They want the people to fight --

GLENN: Okay. Stop for a second.

Stu, can you explain that?

Play that again. Explain this sentence to me.

Play it from the top.

VOICE: As has so often occurred, the billionaire class has sought to convince those making $30 an hour. That their enemies are those earning $20 an hour.

GLENN: Stop.

What does that mean? What does that mean?

STU: I mean, the case is that -- I mean, Republicans -- you know, the Republican Party, the evil, rich people.

GLENN: The billionaires.

STU: The billionaires. Are saying -- are trying to convince everybody. That the problem in our country are the poor people.

GLENN: So -- so exactly the opposite of what he's doing.

He's trying to convince the people who are 20-dollar an hour, that the 30 to billionaire class is their problem.

Is their enemy.

STU: Yeah. Very true. You might find --

GLENN: A little bit. A little bit. Go ahead. Play the rest, please.

VOICE: They want the people to fight amongst ourselves, so that we remain distracted from the work of remaking a long broken system!

We refuse to let them dictate the rules of the game anymore!

They can play by the same rules as the rest of us.
(applauding)

GLENN: Yeah. Amen. I'm all for that.

VOICE: Together, we will usher in a generation of change.

And if we embrace this brave new course, rather than fleeing from it, we can respond to oligarchy and authoritarianism with the strength it fears. Not the appeasement it craves.
(applauding)

GLENN: Now, he goes on, the very next sentence, which we didn't grab: After all, if anyone can show a nation betrayed by Donald Trump how to defeat him, it's the city that gave rise to him. If there's any way to terrify a despot, it's by dismantling the very conditions that allowed him to accumulate power. How did Donald Trump accumulate power? How did he do that?

Capitalism. Capitalism. He accumulated power by making money. By creating businesses. By building, you know, New York. A lot of New York was built by Donald Trump. So that's how he accumulated power.

So what he's saying here, you want to talk about the mask coming off -- what he's saying here is when we to now dismantle that system of capitalism, because that's what gave him power.

One last cut, 47, please.

VOICE: After all, if anyone can show a nation betrayed by Donald Trump, how to defeat him, it is the city that gave rise to him!
(applauding)

GLENN: Listen to this.

VOICE: If there's any way to terrify a despot, it's by dismantling the very conditions that allowed him to accumulate power.

STU: They're so obsessed with this guy.

VOICE: This is not only how we stop Trump. It's how we stop the next one.

GLENN: It's amazing. It's going to be interesting to watch New York City over the next four years. Very, very interesting. Because he is -- he's going to be pushed by the left. They are going to demand that he does these things. And he wants to do them. So let's see what he gets done, and how many great changes are coming to that city.

Can America survive if New York falls to Socialism?

New York City is likely to elect either Zohran Mamdani, a communist, or Andrew Cuomo, a failed governor, as mayor. Either way, it could destroy the city. So, how will this affect the rest of America? Former Trump economic advisor Stephen Moore joins Glenn to explain why he believes another mass migration out of New York is coming…

Transcript

Below is a rush transcript that may contain errors

GLENN: Stephen Moore is with us now. Stephen, how much time do you have with me today?

STEPHEN: As much as you want, Glenn. Great to hear your voice. Great to be with you.

I disagree with you on something you just said.

GLENN: Okay. All right. Let's start there.

STEPHEN: You know, I do think -- look, New York has lost two and a half million people on net over the last ten years, to other states. Almost two and a half million people.

Which is, what? Four congressional seats right there.

So there's a mass. The big story in America, Glenn. Right now. And people should go on our website. Vote With Your Feet. And you can see, just click on any two states. You can click on New York. And you can click on Texas. And it will show you the -- where the moving vans are going to and from. And also, how much money they're taking with them because we know the income of these people as well.

So New York has lost two and a half million people. And, by the way, half of those people came from New York City. So if -- did they elect a socialist and they raised the taxes, again, New York City already has the highest taxes in the United States in North America. So if they raise them again, on, quote, the rich, they won't be there any longer. And I'll make another prediction to you, Glenn.

Are you in Texas? Where are you now?
(laughter)

GLENN: It's like a shell game.
I never really know. I just moved last week. I left my business in Texas.

Because I am never going to sever myself from Texas. I left my business in Texas. I promised my wife about 400 years ago, that some take we would live by the beach. So we moved to Florida. Business in Texas.

STEPHEN: You moved from no income tax state. To another no income tax state.

GLENN: Yeah. Are you crazy? I'm not doing anything else?

I would have dug a canal from the Atlantic, all the way to Dallas, if they forced me to move to a tax state. Anyway...

STEPHEN: So anyway, I'm in Dallas today.

GLENN: I know.

STEPHEN: Where are you in Florida?

GLENN: I'm not saying that on the air. But I will tell you that we're going to have dinner, Stephen. When you get back into dinner, Stephen, we'll have dinner.

STEPHEN: So, anyway, now I lost my train of concentration.

GLENN: So we were talking about the people that are moving and the tax base.

STEPHEN: Yeah. So basically, that's why I believe -- look, 1 million is probably a long shot.

But I think you're going to see a lot of wealth move out of New York. Now, here's the thing. You probably are aware of this. But about two months ago, the -- Texas has their own stock exchange. So we had the New York Stock Exchange for 150 years. Now you've got the Texas Stock Exchange, which I believe is in Dallas.

GLENN: I know.

STEPHEN: I believe, if they raise these taxes again, you pay 17 percent income tax in New York City.

GLENN: Jeez.

STEPHEN: Who is going to do that?

GLENN: My gosh.

STEPHEN: After 40 percent federal tax. So people will move. And I'll give you one -- one example.

Do you know Ken Griffin? He's the billionaire who created Citadel.

GLENN: Yeah.

STEPHEN: He's a big guy. Free market guy. And he was the single, biggest charitable giving in the city of Chicago. He gave to the Art Institute. He gave to the homeless shelters. He gave to the food kitchens and the museums and so on.

I mean, he was -- he was by far the biggest donor to all of the charities.

Well, finally, they kept raising, raising taxes in Chicago. And as you probably know, he moved out of Chicago. And he moved to Palm Beach.

Florida. And so then the interesting part of this story is, it put a 50 million-dollar hold in the Illinois budget.

GLENN: Oh, my gosh.

STEPHEN: And all the -- there's a funny story in the Chicago business. That all of a sudden, charities like, why isn't he donating to us anymore?

Why isn't he living there anymore?

So my point is, you chase the evil rich out of your city and your state. You pay a high price for that. By the way, he took several thousand, you know, jobs with him. So when you -- when you hear stoke the rich -- you know, the rich are -- as the old saying goes, "The rich aren't rich because they're stupid."

GLENN: Right.

So let me ask you this, Stephen. Because it used to be that New York was -- I mean, was the capital of the whole world.

STEPHEN: Yeah. Yeah. Financial capital.

GLENN: And because of the stock exchange. How real is the loss of the New York Stock Exchange. As something like the Texas stock exchange?

Is that something that really could actually happen?

STEPHEN: Yeah. It could happen. And look, the truth is that the New York Stock Exchange, even today, isn't anything like it was '60s, '70s, '80s, just like I mentioned I'm from Chicago. Remember the movie Trading Places, they're trading. It doesn't really exist anymore. Because that's all done by computers and electronically. So the trading floors aren't the same as they were. So Wall Street is just a shadow of what it once was. But what I'm saying is, today in America, in Dallas, Texas, there are more financial services jobs than there are in New York City.

GLENN: Oh, my gosh.

STEPHEN: That's amazing!

GLENN: Oh, my gosh.

So --

STEPHEN: It's happening.

GLENN: So how long -- how much more, Stephen, how much more can New York take before it's -- it's no longer the financial capital?

How much more -- how many people have to move?

What has to happen, for it to really understand, wow. We made a huge mistake here?

STEPHEN: You would think they would have gotten that message already.

GLENN: No.

STEPHEN: And one of the things that you first did your show, many, many years ago. You were in New York.

So you're familiar with New York. And when was that? In the '90s when were you --

GLENN: In the 2000 -- 2000s. Mid-2000, you know, 2005. 2010.

STEPHEN: Yeah. Because I remember when Rudy -- this is an important point because I know you have a lot of listeners all over the country in New York and New Jersey. In the New York area.

So when Rudy Giuliani was elected mayor, New York was a mess. And you could see every week, because I was working at the Wall Street Journal at the time. Every week, you could see the improvement in the city. He got rid of the crime. He got rid of the graffiti. He got rid of the drug dealers. He got rid of -- he lowered the taxes. It wasn't complicated, Glenn. I mean, this wasn't rocket surgery.

GLENN: I know.

STEPHEN: This was obvious stuff.

And New York was New York again. And it was booming. And what's sad about this election that's happening today, is if Mamdani wins, they will reverse every single thing that Rudy did. And they will be back in the ditch. How stupid would people be to fall for that!

And part of the problem, Glenn, quite frankly, something you and I have talked about for years. Is our education system. You have 24-year-olds are voting, they think socialism works. Where? Show me. Where?

GLENN: Yeah. So what happens if he is elected? I mean, how -- what does it mean to people who have never gone to New York City?

Is -- is the loss of New York City to a Mamdani, is that going to affect everybody else's life?

STEPHEN: That's a good question. you're there in Florida.

Florida has gained. I really want people to go to this website.

Because it's amazing.

So Florida, under a great, great, great governor, Ron DeSantis. And you had a great governor, Rick Scott, before him. Florida, are you ready? Are you sitting down, Glenn? Florida has imported over the ten-year period, one trillion dollars of income from people coming in from other states. $1 trillion. It's the biggest mass migration ever in the history of this country.

GLENN: Unbelievable.

STEPHEN: And, by the way, people are not just living in New York. What you know other states they're leaving?

California.

GLENN: I think New York is moving to Florida, and California is moving to Texas.

STEPHEN: Moving to Texas, exactly.

And so you're just bleeding these blue states. That's why I don't get it.

So the thing that worries me. I was thinking about this, a lot over the past couple of days. If these states vote the wrong way, the only way that New York even survives, fiscally is with another massive federal bailout.

GLENN: Bailout. I know.

STEPHEN: How are you they going to pay their bills?

GLENN: They're not. They're not. And, you know, that's -- this is what I've said for a long time.

You know, the Constitution is not a suicide PAC. And California and New York and Chicago are going to eventually need giant bailouts.

And why should I pay for that know. I didn't live in those places. I didn't live there for a reason.

STEPHEN: Right.

GLENN: Right. That's taxation without representation.

I don't want to bail them out.

It was -- it's their fault, they did this. I've always wanted to live in California.

I never have, because it was insane. I knew that it was not going to work. So why do I have to pay for it?

STEPHEN: Exactly. Bingo. And incidentally, you're right. You can understand why people might leave New York for Florida. You know, in Florida, it's beautiful weather. In Florida, and rains a lot. And probably in New York. But how do you screw up California?

I mean, California is one of the probably most idyllic places in the planet. And people are living. This is the first time in 250 years people have been -- more people are leaving California than going to California. That's never happened before!

STU: That's unbelievable. Unbelievable.

STEPHEN: Yeah.

GLENN: Okay. So can you spend some time with me --

STEPHEN: Can I make one more point about this?

GLENN: Yeah.

STEPHEN: The governor of California is now the lead candidate to run on the Democratic ticket for president: Gavin Newsom. The guy who is -- what's he going to run on? "I'll do for America what I did for California?"

GLENN: Yes.

And so many people will buy into it!

I mean, I don't know what's wrong. It's so frustrating, because you try to apply logic. And you're like, but none of this makes sense! None of it. What are you doing?

I would love to be able to sit down and have a conversation, but none of this makes sense.