Obama-era economic adviser forcefully speaking out against Biden spending plan

OF A MASKED GUNMAN AND HIS INTENDED VICTIM. WE'LL SHOW YOU HOW IT ALL WENT DOWN. WE BEGIN WITH THE GROWING PINCH MANY CONSUMERS ARE FEELING AS THEY BUY GAS AND GROCERIES AMID NEW WARNINGS ABOUT INFLATION WORRIES AND THE DOW'S WORKWEEK -- WORST WEEK IN MONTHS. KEVIN CORKE ON ALL OF THIS. GOOD EVENING, KEVIN. >> LARRY SUMMERS, GUY THAT YOU AND I BOTH KNOW IS A FORMER TOP ECONOMIC ADVISOR IN THE TURTLE OBAMA ADMINISTRATION AND HE'S QUITE FORCEFULLY SPOKEN OUT AGAINST BIDEN'S SPENDING PLANS THIS BEING THE "LEAST RESPONSIBLE ECONOMIC POLICY HE IS SEEN IN 40 YEARS." THE REASON IN HIS OPINION, CALAMITOUS LEHIGH INFLATION AND THE CONCERN IS GOD SO REAL AT THE WHITE HOUSE THAT THEY'VE CREATED TASK FORCE. STOCKS UNDER LOWER TODAY THE DOW AND S&P 500 POSTING THEIR WORST WEEKLY PERFORMANCES IN MONTHS. AFTER COMMENTS FROM FED OFFICIAL JAMES BULLARD THAT THE U.S. CENTRAL BANK JUST MIGHT RAISE INTEREST RATES AND THAT SPOOKED INVESTORS. FEDERAL RESERVE CHAIR JEROME HOME INTERNED A RECENT SURGE IN PRICES IS LIKELY TRANSITORY. MORE ON THE INCREASE MAY BE HIGHER AND MORE PERSISTENT THAN EXPECTED. >> I AM SUPPORTIVE OF THIS INFLATION IN LINE WITH THE FEDS TARGETS AND INTEREST RATES AT SLIGHTLY HIGHER LEVELS THAT WOULD GIVE THE FED THE ABILITY TO USE MONETARY POLICY TO ADDRESS WEAKNESS IN THE ECONOMY. >> YES, VIRGINIA, THERE IS INFLATION. TO HEAR THE FEDS TELL IT, IT'S GOING TO LAST FOR A WHILE IF ONLY TEMPORARILY. WITH MOST ECONOMISTS PREDICTING MODEST INFLATION FROM ANYWHERE BETWEEN TWO PRESENT A 5% IN THE COMING MONTHS. IT'S A DOWNER FOR CONSUMERS WHO HAVE ALREADY SEEN INFLATION PUSH UP PRICES FOR EVERYTHING FROM USED CARS AND GAS TO WASHERS AND DRYERS AND EVEN AIRFARE. LEAVING SOME 71% THE LATEST MONMOUTH SURVEY CONCERNED ABOUT WHITE HOUSE POLICIES DRIVING UP INFLATION. AND WE'VE BEEN HERE BEFORE. SEE THIS QUOTE ABOUT HOW INFLATION THREATENS TO DEVOUR THEIR PAYCHECKS OF HARDWORKING AMERICANS? WITH AMERICANS PAY MORE FOR EVERYTHING FROM GASOLINE AND GROCERIES? THAT WAS FROM NANCY PELOSI BACK IN 2008, WARNING LAWMAKERS ABOUT THE DANGERS OF RAMPANT INFLATION. FAST-FORWARD TO 2021 AND YOU CAN SEE WHY REPUBLICANS FEEL POISED TO TAKE ADVANTAGE. >> AS THIS STARTS TO HURT THE AMERICAN PEOPLE AND THEIR WALLETS, IS GOING TO BE TROUBLESOME FOR THE ADMINISTRATION AND ESPECIALLY FOR DEMOCRATS IN THE HOUSE WHEN THEY TRY TO GET REELECTED. >> CERTAINLY THAT'S THE PREVAILING WISDOM ON CAPITOL HILL. HOWEVER, POLITICAL EXPERTS NOTE THAT BETTING THAT INFLATION WILL SWAY LARGE CHUNKS OF THE ELECTORATE FRANKLY HASN'T ALWAYS PANNED OUT. YOU'LL RECALL IN 2008 WHEN THE G.O.P. WAS TALKING ABOUT CONCERNS IN INFLATION AND THAT WAS AFTER THE FINANCIAL CRISIS, IN THE 2010 MIDTERMS, YES THERE WAS A BIG G.O.P. SURGE. HOWEVER THAT HINGED A LOT MORE ON FEDERAL SPENDING ON HEALTH CARE, NOT SO MUCH ON INFLATION. WHEN YOU LINK RISING GAS PRICES AND THINGS LIKE CARS BECOMING MORE EXPENSIVE AND APPLIANCES BECOMING MORE EXPENSIVE, THAT'S WHEN INFLATION CAN REALLY SOUR THE MOOD, AND THAT IN TURN IMPACTS LIFE AT THE BALLOT BOX. >> Shannon: IT DOES, IT'S ALWAYS ABOUT THE ECONOMY, STUPID, AS THEY SAY. NOT REFERRING TO THE BRILLIANT KEVIN CORKE. KEVIN, LIVE A NEW HOLIDAY OFFICIALLY ON THE BOOKS, JUNETEENTH. WHAT A JOYOUS, WONDERFUL THING THAT WE PROBABLY SHOULD HAVE BEEN CELEBRITY FOR A LONG TIME. NOW THAT IT ADDS INTO THE MIX, THIS MEANS FEDERAL EMPLOYEES ARE GETTING 44 PAID DAYS OFF A YEAR. I'M NOT GREAT AT MATH BUT THAT'S ABOUT NINE FULL WEEKS OF PAID TIME OFF. WE ALL HAVE FAMILY AND FRIENDS LIVING THE D.C. AREA, A LOT OF FEDERAL WORKERS. OR DO YOU MAKE OF THAT? ARE WE GOING TO HAVE A START GIVING BACK FROM HOLIDAYS? >> I HAVE TO ADMIT IT SURPRISED ME WHEN I LEARNED THAT NUMBER. I THOUGHT THAT'S GOT TO BE QUITE A JOLT TO THE TAXPAYER PER SPRINGS. TO PUT IT IN PERSPECTIVE, THERE'S ABOUT 2.1 MILLION CIVILIAN FEDERAL EMPLOYEES, 1.3 ACTIVE-DUTY MILITARY PERSONNEL AND MORE THAN A HALF A MILLION POSTAL SERVICE EMPLOYEES. BEFORE THE NEW HOLIDAY THEY ALREADY RECEIVED PAY FOR TEN FEDERAL HOLIDAYS, 13 SICK DAYS AND 20 VACATION DAYS ON AVERAGE PER YEAR. ACCORDING TO THE AUDITORS THAT OpenTheBooks.com, THE ESTIMATE THOSE BENEFITS COST TAXPAYERS ABOUT $22.6 BILLION ANNUALLY. THEN THROW IN THE JUNETEENTH HOLIDAY, THAT WILL ADD TO THE TOTAL. IF DEMOCRATS GET THEIR WAY, THIS WON'T BE THE ONLY HOLIDAY THAT THEY WILL BE ADDING TO THE FEDERAL DOLE. THEY ALSO WOULD LIKE TO ADD AN ELECTION DAY HOLIDAY. THAT WOULD MEAN FEDERAL EMPLOYEES WOULD GET ANOTHER DAY, PAID DAY OFF EVERY COUPLE YEARS. I GUESS YOU CAN SAY THIS THE GIFT THAT KEEPS ON GIVING. WE'RE NOT SURE THAT WILL HAPPEN BUT THE DEMOCRATS ON CAPITOL HILL WOULD LIKE TO SEE THAT. >> Shannon: THEY WOULD. FEDERAL WORKERS, WHEN YOU TAKE THESE GOVERNMENT JOBS ARE TAKING A LESSER SALARY THAT YOU CAN GET IN THE PRIVATE SECTOR. EVERYONE WHO GETS THESE FEDERAL JOBS SAYS THE BENEFITS PACKAGE IS A HUGE PART OF IT. I FEEL LIKE SOME OF THESE HOLIDAYS ARE GOING TO HAVE TO START LOBBYING TO STAY ON THE SCHEDULE IF WE KEEP ADDING. WE'VE GOT TO MAKE DECISIONS. THANK YOU TOLLIVER FEDERAL WORKERS AND FRIENDS AND NEIGHBORS HEAR THE D.C. AREA.

Channel: Fox News

Views: 100,067

Keywords: Biden budget, budget, larry summers, obama, obama era, barack obama, vice president, breaking news, joe biden, kamala harris, us economy, fox news @ night, kevin corke, fox news larry summers, summers, obama larry summers, shannon bream, money, economy, massive spending, fox news massive spending, spending spree, economics, biden economics, trump, fox news kevin corke, fnc, fox news, fox news channel, fox news media, fox news network, fox news at night

Id: sicBojx-meY

Length: 5min 48sec (348 seconds)

Published: Sat Jun 19 2021