RADIOJune 10, 2022

The ONE good thing about America’s SOARING inflation

Inflation and gas prices continue to skyrocket in America, thanks to several factors — from nonstop money printing and ESG, to reckless practices at the Fed and energy policies. Diana Furchtgott-Roth, Former Chief Economist at the U.S. Department of Labor, joins Glenn to discuss what’s next for the U.S. economy. She explains why high prices likely will continue through the summer, but she also shares the ONE good thing about our current economic situation: ‘This is a self-inflicted wound,' she says. 'This is a problem that’s fixable.’

Transcript

Below is a rush transcript that may contain errors

GLENN: This is the Glenn Beck Program. Boy, we're seeing some real problems. I read an article authored by a bunch of Yahoo experts. They were all ones who were saying, oh, inflation is transitory. It's nothing to worry about. Now they're coming out, yeah. We were wrong before. But we're right this time. This is the worse it's going to get. You know, by the new year, we'll be rolling. I don't buy that for a second. And here's why: All of the things that are being done right now, are going to be adding to inflation. And shortages. Right now, there are 16 states, just at the beginning of the week. What was it, ten? There are now 16 states that are paying $5 a gallon for gasoline. Maine is 5.02. Massachusetts, 5.02. Idaho, just over 5.00. New Jersey over 5.00. Pennsylvania, Ohio, over 5.00. Arizona, 5.18. Michigan, 5.21. Indiana, 5.23. Alaska, 5.46. Illinois -- can I ask you, is there a reason Michigan, you're paying 5.21, when Alaska is paying 5.46?

Illinois, 5.53. Washington State, 5.48. Oregon, 5.48. Hawaii! Hawaii is paying 5.49. And Nevada is paying 5.56 a gallon. And then California, coming in at number one, at $6.39 a gallon. Now, what is causing this?, by the way, several other states are on the verge. Utah, gas is 4.98. Vermont, 4.99. So those will be added. We added, I think, 26 cents this week. Twenty-six cents in the last seven days. And it's not going to stop. Because of ESG. Because of everything that this government is doing to stop funding oil research and petroleum companies.

Do we have Diana on yet, Sarah? Okay. She is this -- Diana, I want to get her name right. Furchtgott-Roth. There's a name that clearly you change, or if you're marrying into that, you're like no. Uh-uh. Anyway, Diana is an adjunct professor of economics at George Washington University. She has been the chief economist at the U.S. Department of Labor, chief of staff, the president's council of economic advisers. Deputy executive secretary for domestic policy. She also served under Reagan, Bush, and the second Bush. She's kind of an expert. And I really, really want to talk to her about two different kinds of inflation. The inflation that is caused because we printed so much money. And then the inflation that is not going to go away, in my opinion. And that is the inflation on food and gas. And things like that. Because we are moving into a new green economy. And it's going to cost us a fortune. A fortune. By the way, did you ever pay -- did you ever -- did you vote for that? Because I didn't vote for that. I thought we were voting for someone that would just take us back to normal. And be sane. I don't think we've gotten that. Maybe it's -- you know, maybe it's just me. Diana, are you there?

DIANA: Yes, I'm here.

GLENN: Hi, welcome. It's an honor to have you on the program. To answer their hillbilly questions from a guy like me. I would -- I would like to ask you about inflation. But two different kinds of inflation. The inflation that comes from money printing. But then -- is there not inflation that is coming because of ESG and our energy policies. What's happening with the food crisis. And everything else. Those are two different reasons, we're feeling this price crunch, correct?

DIANA: That is correct. Yes. Yes. But with the fed monetizing and accommodating these supply pressures. Then it means that inflation is higher. So you see that in the EU, for example, they have had the same upward pressures on energy. But their inflation rate is low. Same with Switzerland, for example, because their central banks have behaved in a different way.

GLENN: So why is Germany in so much trouble? I'm seeing Germany, their inflation is the highest, since I think 1950, or something like that. Why is Germany different? Do you know?

DIANA: Right. Well, they -- they -- Germany is having particularly high problems with -- with its energy prices. The two -- the two work together, of course. They work together -- of course, if you have higher prices. Then they do affect -- if you have higher prices then, of course, they do affect what the Federal Reserve is doing.

GLENN: So, but the Federal Reserve. Even if the Federal Reserve could correct all the mistakes that we've made, it is the -- the problem with our gas and energy, is that we are hell-bent now, with this administration, on destroying all fossil fuels. So there's no funding through ESG. And so that's not going to go away. These prices are relatively where they're going to be forever. I mean, they go up. But it's not going back down to $2 a gallon. With these -- with this administration. Do you agree with that?

DIANA: Yes. Unless this administration changes its mind. Then, yes, it's not going to go down. Yes, exactly. Exactly.

GLENN: Okay. So it feels as though the American people are being impoverished. You know, I don't know where you stand on the Great Reset. But it bothers me when someone says, hey, in eight years, you'll own nothing, and you'll be happy. It feels like we're being impoverished. And at the same time, they just came out with, you know, a new safety net, for retirees. It seems as though the government is starting to just gobble up everything. And starting to provide everything. Do you know much about secure 2.0?

DIANA: I know that secure 2.0 is not necessary. The assumption is that low income workers don't even have any way of saving for retirement. But we have IRAs. You can put $6,000 a year, in an IRA. The vast majority of people do not use that amount of tax deferred savings. And you can have it automatically come out of your bank account, every month. So there are no -- there are -- there are tax deferred retirement programs, for low-income people. That is why IRAs got put in. So it's not fair to make employees have the burden of that. On the --

GLENN: Okay. So then what are they doing with this new retirement -- with this new retirement plan? What is this? What is their goal?

DIANA: The goal is to require employers to provide 401(k) plans for all their workers. Which up to now, has been optional.

GLENN: What's that going to do to us? What is it going to do to businesses?

DIANA: Well, it's going to raise the cost of businesses. Because you have to hire someone to do it. Say you work in a hardware store, and you have a lot of low-income workers, working as cashiers or helping people find goods in the hardware store. So you might have to provide a 401(k) plan for these individuals. So you're going to have to call up, a benefits manager. And you probably don't even have a benefits manager. You probably give them payroll every month. Now you're faced with setting up a 401(k) for them. Even for larger, sophisticated officials. Or consulting firms. Often, they don't have a 401(k). Or a startup. They don't have a 401(k). It's difficult to do. So it places an additional burden on small businesses. That is not necessary, because if these individual cashiers in the hardware store, wanted to put $6,000 in an IRA, they would be able to do that. If they wanted that bank to transfer $500 a month, that would be auto enrollment into the 401(k) program. They can do that. So it's just a matter of the federal government getting involved, where it doesn't really need to.

GLENN: This is incredible. I mean, you worked in the Reagan administration. It feels like what we're suggesting. And we're not even close to it on the fed level. But if the fed did what the fed do in 1980, 1981, '2. And started raising to 19 percent. And we had all of this Biden red tape, that he's adding, you would stop the heart of this nation. Would you not? Economically speaking?

JAMES: Really, you -- you really would. You would definitely send an economy into a recession, and you would cause major damage, especially to the low income workers, that President Biden purportedly represents.

GLENN: So as you're looking at things, and you know what the situation is now, where it's all being done administratively. That's not really even going to go through Congress. He'll just do it administratively. How long can we take this beating, before we really start to see everything just go haywire?

DIANA: It's not a question of how long. I mean, the longer it goes, the worse people are going to be asked. But the wonderful thing about the United States. And I speak as an immigrant from the United Kingdom. Is that the pendulum does swing back. And there's an opportunity to do that in November. There's an opportunity. And the polls say, that the House and Senate will be Republican. So that will be an opportunity for oversight hearings. There will an opportunity in 2024. So I think, the damage is in the United States is always limited. Because people have the choice of voting in another party. And when times get bad, they do that.

GLENN: I -- I -- from your mouth to God's ears. I was reading an article today, about -- I think it was at the New York Times. Yeah. I think it was New York Times. All of these experts that had said, inflation is transitory. And now they're saying, okay. We were wrong about that.

However, we're at the top of the inflation ladder, and it's going to start coming down. And 2023 will be great. It will come back down. One was actually saying, it will be back down to 1.2 percent inflation rate. Who do we listen to? Who -- is there anybody out there, that we can trust?

And what is going to happen with the inflation rate, best guess?

DIANA: It's certainly going to be 8 percent, I would say. Certainly through the summer. With high energy prices, affecting people's use of air conditioners. Some people saying, there will be blackouts. High gas prices are going to be pervasive throughout the summer. But the important thing to know is that this is a self-inflicted wound. America has the largest oil and natural gas reserves in the world. We could be encouraging fossil fuel production. Encouraging pipelines. And we're not doing that. This is a problem that's fixable. And that's the sunny side of this. This is something that we can fix, with another administration. With another Congress.

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The SECRET every young man NEEDS to hear

The world has a plentiful, seemingly endless supply of angry boys. What it's lacking is real MEN. Glenn Beck shares the secret that our young men must learn if they truly want to protect and perfect our country.

Transcript

Below is a rush transcript that may contain errors

GLENN: There's a difference between a revival and an awakening. We are in a revival right now, but that doesn't necessarily lead to anything. Except, oh, I have to re-learn those principles. But that doesn't mean you apply them in your life. Okay?

That's an awakening. There's been two great awakenings in American history. One brought us the American Revolution. The second one brought us the Civil War and the freedom of slaves.

We have the possibility of going into a third great awakening. That's the only thing that will save us. If you don't know the difference between a revival and an awakening. Let me give you the negative print of a godly awakening. Our kids right now, they don't have any purpose. They don't have any meaning.

They look at everything, and it doesn't -- it's not real. None of it is real. It's money. It's fame.

It's -- you know, it's ever changing truths and definitions. And they have no purpose in their life. Okay?

So they're looking for that. Because man has to have purpose in his life. Man has to search for meaning.

So they're searching for meaning. And they found a group of people that actually mean something. And they're willing to die for it. And it's ISIS.

And so they're like, at least these people believe in something. They believe it. And they're willing to die for it. I'm going to stand with them. And they put that twisted understanding into action. That's the -- that is -- that's an awakening. It's just an awakening to the dark side. And that one is already happening. It has to happen on the good side. And let me speak directly to young men: Look, you are inheriting a very loud, angry, cynical and worst of all spiritually starving and malnourished society. And you are being sold a future of cheap pleasures and hollow heroes and screens with blue light that just rob you of your strength, one distracted second after another.

And in the middle of all that noise, may I just give you one piece of instruction. If there is anything virtuous, lovely, of good report or praise-worthy, seek those things.

Don't admire them. Don't nod at them. Seek them!

Hunt them. Chase them. Build your life around those things. A man who will do that. A boy. A young man who will do that, will become different. Noticeably different.

He will stop letting the culture feed him garbage. He stops applauding the trivial. He stops laughing at the obscene or cheering for the cruel.

He will become a curator of -- of real, lasting beauty in an age that has forgotten what beauty even looks like.

When other men are chasing down or holding up cynicism, this man holds up hope!

When everyone around him is chasing dopamine, he chooses discipline. When others will blame their circumstance, he'll take responsibility for his own action. When the world worships the shallow, he goes and searches for the deep!

You want to know what the secret of becoming strong is, or becoming trusted, or becoming the kind of man that your future wife, your future children, your future nation can depend on?

Here it is!

You become what you seek. If you seek trash, you become trash. If you seek virtue, you become a man of virtue. You seek excellence, and your life will begin to shine, not loudly, but steadily. Like the steel glow of a blade being forged.

That's who you'll be.

The world has a plentiful, seemingly never-ending supply of angry boys. We don't need any more addicted boys.

We don't need any more distracted boys. The world needs men. Whole men. Clear-eyed men.

Men whose souls are anchored to something higher than the algorithms, trying to own them!

Build a life worthy of admiration. Forget about the applause. Fill your mind with words that make you wiser. Fill your days with work, hard work, that makes you stronger. Fill your home with beauty that lifts every soul who walks into it.

Have your home a place where people walk in and go, man, I say so great here. I just love it here. I don't know what it is about your house. I just love it. It's the spirit that's there! Because you built it! You protect it.

Protect your integrity like a watchman on the wall. Don't lie. Don't cheat. Don't steal. And when you fail, and you will, stand back up again.

Because a man who seeks the virtuous, is not a man who never fails. He just -- he just becomes a man who refuses to stay on the ground.

If you seek things that are lovely and pure, trustworthy, praiseworthy, you'll become a kind of man this age almost never produces. A man whose very existence is a rebuke to the darkness.

That's your calling. That's why you were born.

Not to be lost. Not to play video games. Not to give up. Not to say, there's no hope. Not to end up in the trash bin of human history because you've -- you've taken so many drugs, you can't stand up straight anymore.

You're not destined to be alone.

You were destined for great things. You are destined to find an amazing woman!

Believe me. I didn't think I would ever find an amazing woman. Because I didn't think I was worth it. I didn't think I was worth it.

And until I started understanding how God works. That, yeah. I'm not worth any of the stuff that I have.

When you realize, it's all a gift. It's all a gift. And even if you work your brains out, you may not ever get all the things that you want. But you're going to have everything you need. Once you realize, carefully selecting friends makes a difference. My mother used to always say, show me your friends. I will show you your future.

It's true. Be careful who you select as friends. Watch your language. Watch what you're putting into your brain and what's coming out of your mouth. Because the brain is so amazing. It's being turned to mush. Did you know that there is a new study that just came out. I have to tell you about it next week, maybe.

New study going out. It is -- it's AI. And it has access to social media, and they have found that the AI -- the AI that is scrolling through social media all day, just to keep updated on everything that's going on in social media. It's getting brain mush. It's actually becoming dumber. It's become less effective!

It's a machine. What do you think this, flesh and blood, this thing is going to do?

We say life is meaningless. And life is the only thing that has any value. And yet, we spend all of our time, on things like social media. And that has absolutely no value.

But we think that's life.

I'm not that smart. I've just lived a long time. And I've made so many mistakes.

And I decided at one point, I'm going to stop saying, it's somebody else's fault. I'm going to start saying. Maybe -- what did I do to create that?

What did I do to attract that?

Why does this thing keep happening to me?

Why is it that I always find myself involved with these same kind of people?

Because, Glenn, dummy, it's you!

What you think, it's like -- it's like think of yourself as a -- as a beacon. It's just -- you're a beacon. Your GPS pin, that is constantly saying, here I am. Here I am. Here I am.

Except, it's transmitting more than just your location. It's -- it's transmitting what you're looking for, who you are. And it's attracting other dropped pins to you. It's saying, "I like this. I think this way. I believe these things. I am afraid of these things."

Whatever it is, you're thinking. It's constantly putting that out.

And saying, here I am. Is there anything else like that?

Anything else that can reinforce that? Anything else that can live like this?

Because that's me. Here I am. Here I am. Here I am.

That's why you keep finding yourself in exactly the same situations. Nothing will change, if nothing changes!

And the only thing that you can change, is you!

Seek the things, that have virtue.

Seek the things, that have beauty in music, in -- in art, in life, in architecture, in clothing! Whatever it is. Look for real, lasting beauty and value.

Find the things that are true! Truly true.

Universally true. Find the things that uplift. Seek those things!

And you will change your life and your world!