>> THE FACT IS THAT MY MESSAGE TO CONGRESS IS THIS: THIS IS THE STRONGEST BILL YOU CAN PASS TO LOWER INFLATION, CUT THE DEFICIT, REDUCE HEALTH CARE COSTS, TACKLE THE CLIMATE CRISIS AND PROMOTE ENERGY SECURITY. ALL THE TIME WHILE REDUCING THE BURDENS FACING WORKING CLASS CAN AND MIDDLE CLASS FAMILIES. SO PASS IT. PASS PA IT FOR THE AMERICAN PEOPLE. PASS IT FOR AMERICA. ANNE SEAN WELP, JOE BIDEN IS EATING HIS WORDS BECAUSE THE PRESIDENT IS NOW ADMITTING HE MISNAMED THE INFLATION REDUCTION ACT SAYING YESTERDAY, I WISH I HADN'T CALLED IT THAT. IT HAS LESS TO DO WITH REDUCING INFLATION THAN IT DOES PROVIDING FOR ALTERNATIVES THAT GENERATE ECONOMIC GROWTH. SO WE'RE NOW IN A SITUATION WHERE IF YOU TAKE A LOOK AT WHAT WE'RE DOING IN THE INFLATION REDUCTION ACT, WE'RE LITERALLY REDUCING THE COST OF PEOPLE BEING ABLE TO MEET THEIR BASIC NEEDS. EVEN WHEN THERE IS INFLATION, THERE IS A WAY THE PROVIDE BREATHING ROOM, END QUOTE. LET'S BRING IN KEVIN HASSETT, FORMER CHAIR OF THE COUNCIL OF ECONOMIC ADVISERS AND AUTHOR OF "THE DRIFT: STOP AMERICA'S SLIDE INTO SOCIALISM." KEVIN, GOOD TO SEE YOU. SO IT'S INTERESTING, WE HAVE -- [LAUGHTER] WE HAVE JOE BIDEN LYING TO THE AMERICAN PEOPLE THAT WE'RE GOING TO PASS THIS MASSIVE BILL TO REDUCE INFLATION WHICH YOU AND I HAVE TALKED ABOUT DOESN'T REDUCE INFLATION AT ALL, BUT NOW HE SAYS, YEAH, NO, IT'S NOT ABOUT INFLATION, IT'S ACTUALLY REALLY ABOUT A GREEN NEW DEAL. >> WELL, FIRST, I'VE GOT TO SAY THAT I, YOU KNOW, HAVE A LITTLE BIT MORE RESPECT FOR THE PRESIDENT TODAY BECAUSE WITH HE'S ADMITTED THAT HE WAS RADICALLY WRONG, AND A LOT OF TIMES POLITICIANS JUST WON'T DO THAT. IT'S PROBABLY A MOMENT OF WEAKNESS. BUT THE THING THAT I THINK WHAT THIS EXPOSES MORE THAN ANYTHING IS THE LACK OF ANY PROCESS AT THE WHITE HOUSE. SO BASICALLY THERE'S SOME SVENGALI, YOU KNOW, MANAGING THE WHITE HOUSE AND DECIDING EVERYTHING, AND THEY DON'T GO THROUGH THE NORMAL PROCESS BECAUSE THEY HAVE, YOU KNOW, SOME ECONOMISTS OVER THERE IN THE WHITE HOUSE, AND THEY HAVE SOMETHING CALLED THE STAFF SECRETARY PROCESS WHERE IF THE PRESIDENT SAYS SOMETHING, IT HAS TO BE APPROVED BY EXPERTS. SO CALLING IT THE INFLATION IF REDUCTION ACT IS RIDICULOUS. EVEN IF YOU LOOK AT HOW HE'S DESCRIBING IT NOW, THEY'RE GIVING MONEY TO PEOPLE. >> DRIVES UP DEMAND, WHICH DRIVES UP INFLATION. IT'S JUST THAT THE PRESS DOESN'T SCRUTINIZE THEM AT ALL. SEAN: IT WOULDN'T HAVE BEEN CALLED THAT BECAUSE MOST PEOPLE WOULDN'T HAVE VOTED FOR A BILL BY SOME OTHER NAME BECAUSE INFLATION WAS SKY HIGH AT THAT POINT, AND TO HAVE A BILL SPENDING MONEY TO REDUCE INFLATION, THAT'S ACTUALLY SOMETHING THAT THE AMERICAN PEOPLE COULD GET BEHIND EVEN THOUGH THAT WASN'T WHAT THE BILL WAS GOING TO DO. IT WAS BASICALLY A BAIT AND SWITCH ON THE AMERICAN PEOPLE. TELL YOU I'M GOING TO DO ONE THING, BUT I'M GOING TO DO SOMETHING COMPLETELY OPPOSITE. >> YOU'RE RIGHT. AND, IN FACT, THE ONE INFLATION REDUCTION ACT THAT WE'VE HAD IS BASICALLY SPEAKER McCARTHY'S DEAL OVER THE DEBT LIMIT WHERE WE CUT SPENDING A COUPLE TRILLION. THAT'S ABSOLUTELY 100% IN INFLATION REDUCTION ACT, EVERYONE LEARNS THAT IN FRESHMAN MACROECONOMICS, AND IT'S OBVIOUS AND IT'S TRUE. AND SO, YEAH, I THINK THE NAME IS REALLY UNFORTUNATE. IT'S ONE OF THE WORST NAMES, I THINK, THAT I'VE EVER SEEN ECONOMICALLY BECAUSE IT'S JUST, THEY GOT EVERYTHING BACKWARDS. THEY GOT THE SIGN WRONG. AND SO I THINK -- [LAUGHTER] AT LEAST, YOU KNOW, THERE'S ONE THING IN IN THAT HE'S ADMITTING THAT WAS WRONG. SEAN: WELL, IT WAS WRONG AND HAD NOTHING TO DO WITH REDUCING INFLATION. I WANT TO PIVOT WITH YOU BECAUSE SO MANY VOTERS RIGHT NOW WILL TELL YOU THAT THEY'RE WORSE OFF TODAY THAN THEY WERE FIVE YEARS AGO. BIDENOMICS ACTUALLY DOESN'T WORK. IT'S NOT MAKING PEOPLE'S LIVES BETTER. THERE'S A DEBATE COMING UP IN A COUPLE WEEKS HERE ON FOX NEWS. THIS ISEN A -- IS AN ISSUE THAT IS AT THE TOP OF VOTERS' MINDS. HOUR THE GOP CANDIDATES BE TALKING ABOUT THE ECONOMY, JOE BIDEN, SPENDING? HOW SHOULD THEY BE ADDRESSING THIS ON THE TEENAGE AT THAT DEBATE? >> RIGHT -- ON THE STAGE. >> I WOULD START TALKING ABOUT INFLATION, AND THE WAY I WOULD TALK ABOUT INFLATION, I WOULD SAY THAT, BASICALLY, PRICES ARE ABOUT 20 HIGHER NOW THAN THEY WERE WHEN BIDEN TOOK OFFICE. AND SO WHAT THAT MEANS IS IF YOU SPEND $50,000 AER YEAR ON YOUR FAMILY, THAT YOU'VE GOT TO SPEND $10,000 MORE PER YEAR. AND THAT'S A LOT OF MONEY. AND UNLESS YOUR INCOME WENT UP BY $10,000, YOU'RE WORSE OFF UNDER JOE BIDEN. AND THEN THE SECOND THING WE'VE HAD A DEBT DOWNGRADE, AND IT'S BECAUSE BIDEN IS SPENDING LIKE CRAZY. IT'S AS IF HE HANDED THE NATION'S CREDIT CARD TO HUNTER, AND HUNTER'S GONE ON A BENDER. [LAUGHTER] RIGHT NOW YOU LOOK AT THE CBO, AND THEY'RE SAYING THAT WE'RE GOING TO BE WORSE THAN GERMANY IN JUST A FEW YEARS. SO YOU WOULD TALK A LOT ABOUT THE FACT THAT THE CREDIT RATING WENT DOWN BECAUSE BASICALLY, IF THE U.S.' CREDIT RATING WENT DOWN, THAT MEANS YOURS WENT DOWN TOO, SEAN, RIGHT? YOU'RE AN AMERICAN, YOU EARN MONEY IN DOLLARS. PEOPLE WHO ARE GOING TO LEND MONEY TO YOU FROM AROUND THE WORLD ARE MORE WARY OF YOU BECAUSE OF WHAT JOE BIDEN'S DONE. SEAN: ON THAT POINT, YOU WROTE A PIECE ON INVESTORS LOSING CONFIDENCE IN THE U.S. DOLLAR AS THE WORLD RESERVE CURRENCY. TELL US ABOUT THE PIECE. >> YEAH. SO IT'S IN NATIONAL REVIEW, IT'S IN THE NEXT ISSUE, AND YOU CAN ALSO FIND IT ONLINE. THE POINT OF THE PIECE IS THAT IF YOU LOOK AT JUST THE CURRENT RAH TRAJECTORY OF SPENDING, THEN THE U.S. IS ON A COLLISION PATH WITH DEFAULT. AND AND WHAT USUALLY HAPPENS -- AND I DID A LOT OF HISTORICAL RESEARCH FOR THIS ARTICLE, GOING ALL THE WAY BACK TO DYE KNEE SIS OF SYRACUSE WHO BASICALLY, PENALTY OF DEATH, HAD EVERYONE HAND THEIR COINS ON, AND HE CHANGED 1s TO 2s AND SO ON AND PAID HIS DEBT BACK WITH THE INFLATED CURRENCY. IF YOU LOOK AT WHAT'S GOING ON, ESPECIALLY IF THE DEMOCRATS ARE IN CONTROL, THE ONLY WAY OUT. THEY'RE NOT GOING TO BE ABLE TO REDUCE SPENDING A LOT, RIGHT? I MEAN, THERE'S JUST NOTHING -- THEY'RE PROBABLY NOT GOING TO ABSOLUTELY DEFAULT, SO THEY'RE GOING TO PRINT MONEY AND INFLATE THE DEBT AWAY. AND THE FED IS HELPING HEM DO THAT, AND IF IT'S THE REASON WHY EVEN THOUGH THERE WAS SORT OF A TAME INFLATION NUMBER THIS WEEK, YOU SHOULDN'T BELIEVE IT IN THE LONG RUN. THIS IS GOING TO HOOK LIKE THE '70s. INFLATION GOES UP, INFLATION GOES DOWN, INFLATI GOES UP AGAIN, AND WE'RE ABOUT TO SEE IT UP AGAIN, I THINK, IN AUGUST. BUT THE REASON IS THAT UNTIL YOU FIX THE PROBLEM OF RUNAWAY FISCAL SPENDING, THEN INFLATION'S TILL GOING TO BE LURKING IN THE BACKGROUND AND WAITING TO BITE US. SEAN: WE'RE $32 TRILLION IN DEBT, WE HAVE SO MANY UNFUNDED LIABILITIES, UNFUNDED PROMISES TO SO MANY AMERICAN, I THINK IN 10 YEARS WE'RE GOING TO BE AT $42 TRILLION IN DEBT. THE FED HAS RESERVED OF $9 TRILLION THEY'VE CREATED OVER THE LAST, WHAT, 12 YEARS. THAT'S WHY I HAVE TAKEN A PORTION OF MY PORTFOLIO AND HAVE BITCOIN, ETHERIUM AND GOLD, WHICH IS A WAY TO HEDGE AGAINST WHAT THE FED IS DOING. AND, BY THE I WAY, THE DEMOCRATS ARE DOING WITH ALL THE SPENDING. QUICK, YOUR TAKE. AM I CRAZY IN. >> AND THAT'S, LIKE, THE FINAL CONCLUSION OF MY PIECE. YEAH, THAT GOLD AND BITCOIN ARE THE WAY TO PROTECT YOUR MONEY RIGHT NOW. SEAN: SEE, I'M TAKING YOUR ADVICE EVEN BEFORE YOU GAVE IT, KEVIN HASSETT. TH
