Transcript
Ben Shapiro (0:00)
Limu Emu and Doug.
Ben Shapiro (clip or voiceover) (0:03)
Here we have the Limu Emu in its natural habitat, helping people customize their car insurance and save hundreds with Liberty Mutual. Fascinating. It's accompanied by his natural ally, Doug.
Ben Shapiro (0:17)
Uh, Limu is that guy with the binoculars watching us.
Ben Shapiro (clip or voiceover) (0:20)
Cut the camera.
Ben Shapiro (0:21)
They see us. Only pay for what you need@libertymutual.com Liberty Liberty Liberty Liberty Savings vary unwritten by Liberty Mutual Insurance Company and affiliates Excludes Massachusetts. Want a secret to free holiday gifts? TikTok Slash and Free makes it real. Share a link, slash the price to 0 free item, free shipping. Download and open TikTok Search slash free tap to join and start slashing now. President Trump delivers a primetime address on affordability. But did it make a dent? Plus heritage Americans or Creedal Americans? It's a debate breaking out on the right First. In exactly one week on Christmas Day, episodes one and two of the Pendragon cycle, Rise of the Merlin begin streaming for Daily Wire Plus All Access members. Here's the truth. No one else was ever gonna make this. No one was gonna bring this legend to life with the scale and conviction it deserves. It's huge and it's demanding and it's risky. But we built this company to do big, demanding, risky things. And now we're doing the same thing with entertainment. Christmas Day, All Access members see episodes one and two before anyone else. It's a hell of a deal. We're talking like a month early because on January 22, the seven part epic launches for all of our members. So if you wanna see one what the fuss is all about, you need to become an All Access member. Like right now. The moment Rise of the Merlin hits your screen, you're going to understand exactly why we went this big. Become a Daily Wire plus member right now during our Christmas sale. Get 40% off new annual memberships@dailywire.com subscribe. Well, President Trump last night attempted a reset of the first year of his presidency. Not really a reset in the sense that he's not actually sort of redoing his policy, but a narrative reset. An attempt to seize the narrative away from a left which keeps saying the word affordability. After the victory of Zoran Mandani in that New York mayoral election, he's trying to seize back the narrative and last night he successfully did that. In one sense and unsuccessfully. In another sense, yes, Americans are now talking about affordability. Yes, the President of the United States did address that head on in the speech. No, it wasn't an amazing performance. And all those things can be true at Once. So first, you sort of have to set the scene. The President has been experiencing historically low approval ratings. The President obviously is looking forward to the midterm elections. And Republicans are not in amazing shape in the midterm elections. They're down on the generic congressional ballot by a significant amount at this point. If the elections were held today, high likelihood that Republicans would lose somewhere in the neighborhood of 20 seats. With that said, the President is attempting to convince Americans that things are getting better. And he happens to be right on that he happens to be correct that the economy is indeed improving in market in obvious ways. And so last night, he announced that he was going to be doing a nationwide address, a national address. Now, that is a kind of throwback. The reality is the President can now speak to the entire nation whenever he pleases. He could go live on the White House page anytime he wants. We no longer exist. In the era of three networks in which the President declares a national address, all three networks go to him, and then everybody in America watches it. So the ratings on these sorts of addresses just are not what they used to be. If the President wishes to get attention, he's a master at it. He doesn't have to do a national address. And so when someone does a national address, people sort of expect that there will be something groundbreaking happening. And there were some outlandish predictions by podcasters who are generally inaccurate in the information they provide their audiences. Those predictions were taken quite seriously by many people in the online space. Predictions that Trump was calling a national address in order to announce that we're invading Venezuela or something. But that's not what happened. The President instead did a national address about the state of the economy. And there were some very good things that he did here. I think it was great that he showed charts. It was sort of a Reagan esque move. President Reagan used to do this back in the 80s. He would do a national address and he would take out actual charts and try to educate the American people about what was happening. And President Trump did that last night. So, for example, he showed Joe Biden's price increases and Trump's price decreases in a wide variety of areas, ranging from Hotel rates up 37.4% under Joe Biden, down 5.1% under Donald Trump, to propane rates 24.9% up under Biden, down 4.2% under Trump. Gasoline up nearly 31% under Joe Biden, down 7% under Trump. Sporting events up nearly 50% under Joe Biden, down almost 10% under Trump. Those are all good Things to show the American people. Now, there is one problem with that, which is that when you look at a chart like that, you think that the baseline price, the baseline price has gone down from where it was before Joe Biden. But that's not true. If the price rises 40% under Joe Biden and then comes down 10% under Donald Trump, well, it's still way higher than it was before Joe Biden took office. And that's the embedded part of the economy that President Trump is not really going to be able to wipe away. Years of inflation cannot be wiped away absent some sort of economic downturn. But the President is right to point out wage increases, real wage increases under his tenure, wage decreases under Joe Biden. The private sector wage growth averaged $1,048 since he returned to the White House versus losses of almost $3,000 under Joe Biden. The President showed the new yearly mortgage cost increase under Joe Biden up almost $15,000 versus Trump's new yearly mortgage cost decrease down almost $3,000. And when he points out Obamacare, he says it's not the Republicans fault, it's the Democrats fault. It's the Unaffordable Care Act. And that, of course, is true as well. So one of the questions is why Americans aren't feeling it. This has been the big question. We've been asking it here on the program for a while. Why do Americans not seem to be feeling it? So I think there are a few reasons. One, obviously, is that Americans expectations of what's going to happen with the amounts they pay is that it's going to actively go markedly down, not just from where it was last year, but from where it was three or four years ago. Because if you radically inflate prices and then you decrease them marginally, people are still going to feel pretty pressed. So that's number one. Number two, many of the items the President is citing as having dropped in price are not the items that Americans most commonly buy. The number one complaint you will hear from Americans right now about pricing is in the grocery markets. Supermarkets is where people feel pressed. If you're going and you are shopping for a family of four for a week of food, you're now paying, in some cases, 30, 40% more than you were just three or four years ago. And if the places that you most often shop are the places where you feel the most inflation and the most unaffordability, that's what's going to stick in your mind. So, yes, mortgage rates might be down, but how many people are actually taking out a new mortgage this year in the United States, the answer is not all that many. So I asked our friends, our sponsors over at Comet, a project of perplexity what are the items Americans shop for most frequently? Because this is a great way of trying to determine how Americans are feeling. If the thing you buy most frequently is up in price, you are going to feel pressed. If the thing you buy once every 20 years is down in price, you're not going to feel that quite as much. Because your last comp wasn't last year, your last comp was probably 10 years ago or 15 or 20 years ago. If your last mortgage was taken out at 2.5% under the George W. Bush administration and your new mortgage is being taken out at 5.75% under the Trump administration, you're going to feel like things are more expensive even though the mortgage rates are down from where they were a year or two ago. So asking Comment what are the items Americans shop for most frequently? Americans most frequently shop for everyday staples like groceries, basic household supplies, personal care items, and clothing, both in store and online. Not coincidentally, those are the areas where you have seen an elevation in prices with groceries and particularly with clothing. When you take a look at mortgages, the question is because the President cited mortgage rates coming down, which is true, what percentage of Americans take out a mortgage every year? There's no official statistic for what percentage of Americans take out a mortgage each year, according to our friends over at Comet, but available data imply that only a small single digit share of adults do so in a typical year. Using recent mortgage origination counts and population figures, a reasonable ballpark is roughly 22 to 3% of the US population every year. So if you're citing as an example of costs going down, mortgage rates going down, only a small percentage of Americans are actually going to feel that in the moment. And even the ones who are feeling it are not comparing the mortgage rates they could have gotten last year to this year. They're comparing many of them, the mortgage rate that they took out 10 years ago to the one they're getting this year. And it's higher this year than it was 10 years ago. That's why Americans are feeling pressed. With that said, it is good for the President to get specific. I've been urging the President to get specific. I think it's very good that he did, truly. And again, the delivery is another question. I don't think it was his best delivery last night, but I've been saying for a while that affordability is a weasel word affordability is vague. Affordability is a feeling. You can't go around to people and ask them are things affordable? And expect them to say yes. Virtually no one who is not quite wealthy and doesn't think about costs thinks of things as affordable. For most of my life, everything felt unaffordable. And then at a certain point we achieved a certain level of income where everything felt affordable. But you kind of have to move way up in the income ladder in order for things to feel affordable. Generally speaking, where you're not really thinking about it. Because when you think about whether things are affordable or not, what you mean is, am I thinking about the price of the thing that I am buying? Are there certain areas of your life where you're not thinking about the price of the thing that you're buying? Affordability is a feeling, it is not a statistical fact. So the President trying to drill down and get into the stats, which is sort of counterintuitive. He doesn't like to do this too much. I think it's actually quite good. We'll get to more on this in a moment. 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