The 47 Morning Update with Ben Ferguson Episode: Bidenomics Makes Home Ownership Unaffordable, Chinese Nationals Invade Our Southern Border & RFK Jr. Identifies Biden as the Biggest Threat to Democracy Release Date: April 3, 2024

In this compelling episode of The 47 Morning Update, host Ben Ferguson engages in a deep and insightful conversation with Senator Ted Cruz. Together, they dissect pressing issues affecting America today, including the ramifications of Bidenomics on homeownership, the surge of Chinese nationals crossing the southern border, and Robert F. Kennedy Jr.'s provocative stance on President Biden's threat to democracy. Below is a detailed summary of their discussion, enriched with notable quotes and timestamps for reference.

1. Bidenomics and the Rising Cost of Homeownership

Economic Strain on Americans: The episode opens with Senator Ted Cruz addressing alarming economic statistics that reveal a significant decrease in Americans' ability to afford median-priced homes under the Biden administration's economic policies, dubbed "Bidenomics."

• Senator Cruz (00:20):

  "The reality of bidenomics is coming home to roost for a lot of people. And the latest stats are showing that more than half of Americans are no longer in a position to afford a median priced home. It is stunning and it is imposing real harms on real Americans."

Impact on Different Demographics: Cruz elaborates on how Bidenomics disproportionately affects seniors on fixed incomes and young couples aspiring to purchase their first homes. The surge in home prices and interest rates has created an insurmountable barrier for many.

• Senator Cruz (03:14):

  "Young people, many young people, look, people in their 20s, even people in their 30s, have never known inflation. They've never known what it was because we've been living in a little bit of a holiday from history where inflation hasn't existed."

Median Salary vs. Home Prices: Cruz explains the difference between mean and median home prices, emphasizing that the median price has risen sharply, making homeownership unattainable for many without significant salary increases.

• Senator Cruz (05:50):

  "The median priced home is now significantly above the median salary. And that is meaning for many Americans, homeownership, particularly if you don't have a home already, is being priced out of reach by Joe Biden."

2. The Rental Market and Inflation Challenges

Rising Rents: Ben Ferguson highlights that alongside soaring home prices, rents have also increased by nearly 21% since President Biden took office, compounding the financial strain on Americans.

• Ben Ferguson (06:44):

  "CNN Host: The average home buyer needs to make over $110,000 to afford the average home... Even though the housing market may be pricing people out, people shouldn't be too quick to think that renting is the solution. Since President Biden took office, rents are up nearly 21%."

Senator Cruz on Economic Policies: Cruz underscores how inflation and government spending under Biden have eroded purchasing power, making both homeownership and renting increasingly unaffordable.

• Senator Cruz (07:13):

  "46% is a stunning number because Joe Biden has been president barely a little bit over three years. Three years and three months to have home prices go up 46%. That is a massive impact on people trying to purchase a home."

3. Political Shifts: Democrats as the Party of the Rich

Changing Party Dynamics: Cruz argues that the traditional political alignment has shifted, with Democrats now representing the interests of the wealthy rather than the working class.

• Senator Cruz (08:35):

  "One of the most important political shifts. It used to be conventional wisdom that Republicans are the party of the rich and Democrats of the party of the poor and working class that's been turned on its head."

Impact on Working Americans: He criticizes the Democratic Party for abandoning blue-collar workers, highlighting policies that benefit the wealthy while neglecting essential working-class jobs.

• Senator Cruz (09:00):

  "Democrats are the hedge fund party that is the Democrats today... They are abandoning steel workers, truck drivers, cops, firefighters, teachers, waiters, waitresses, working men and women."

4. Southern Border Crisis: Surge of Chinese Nationals

Data Overview: The discussion shifts to national security, focusing on the unprecedented increase in Chinese nationals attempting to cross the U.S. southern border illegally under the Biden administration.

• Senator Cruz (20:07):

  "Fiscal year 2021, do you know how many Chinese nationals were arrested crossing the border illegally? 342."

Exponential Growth: Cruz presents a startling escalation in numbers, from 342 arrests in FY2021 to an anticipated 44,000 by FY2024, marking a 6,300% increase.

• Senator Cruz (26:49):

  "Biden administration... are sending 50,000 of their nationals to invade that country. That is an invasion and it's a military invasion."

National Security Concerns: They delve into the potential threats posed by these individuals, including espionage and terrorism, emphasizing the lack of effective measures by the current administration to halt this influx.

• Senator Cruz (27:15):

  "I think we have the greatest risk of a major terrorist attack right now that we have had at any point since September 11, 2001."

5. RFK Jr. on Biden as a Threat to Democracy

Unexpected Interview Outcome: Senator Cruz recounts an interview between RFK Jr. and CNN, where RFK Jr. unexpectedly identified President Biden as a more significant threat to democracy than former President Trump.

• Senator Cruz (31:18):

  "RFK did not play along and listen to this exchange because CNN was astonished at what RFK had to say."

RFK Jr.'s Arguments: RFK Jr. criticized Biden for using federal agencies to censor political speech and for denying Secret Service protection to political opponents for partisan reasons.

• RFK Jr. (32:01):

  "I can make the argument President Biden is a much worse threat to democracy... President Biden is the first candidate in history that has used the federal agencies to censor political speech."

Cruz's Agreement: Cruz wholeheartedly agrees with RFK Jr.'s assessment, contrasting Biden's alleged authoritarian actions with Trump's record during his presidency.

• Senator Cruz (34:10):

  "Joe Biden and the Democrats are perfectly happy to use government power and big tech to censor you... They want to use force to silence you."

6. Conclusion and Final Thoughts

Economic and Security Crises: Ben Ferguson and Senator Cruz conclude by reiterating the intertwined crises of economic hardship due to Bidenomics and the national security threats from the border influx.

• Ben Ferguson (40:08):

  "Don't forget Senator Cruz and I do the show Monday, Wednesday and Fridays. And on those in between days, you can also grab my podcast, the Ben Ferguson Podcast."

Call to Action: Ferguson encourages listeners to stay informed and engaged by subscribing to the podcast and following for more updates on these critical issues.

Notable Quotes:

• Senator Ted Cruz (00:20):

  "More than half of Americans are no longer in a position to afford a median priced home. It is stunning and it is imposing real harms on real Americans."

• Senator Ted Cruz (03:14):

  "Young people... have never known inflation... they're discovering that the home they used to be able to get at a 2.5% interest rate, now they can get half as much home at a 7% interest rate."

• Senator Ted Cruz (08:35):

  "I think the most significant political shift of the last decade is today Democrats are the party of the rich."

• Senator Ted Cruz (20:07):

  "Fiscal year 2021... 342 Chinese nationals... fiscal year 2024... 44,000... a 6,300% increase."

• Senator Ted Cruz (27:15):

  "I think we have the greatest risk of a major terrorist attack right now that we have had at any point since September 11, 2001."

• Senator Ted Cruz (34:10):

  "Joe Biden and the Democrats are perfectly happy to use government power and big tech to censor you... They want to use force to silence you."

Conclusion: This episode of The 47 Morning Update delivers a potent critique of the Biden administration's policies, highlighting significant economic challenges and national security concerns. Through a candid dialogue with Senator Ted Cruz, Ben Ferguson provides listeners with a thorough analysis of how current policies are impacting everyday Americans and the broader implications for democracy and national safety.