Glenn Beck (13:30)

You know, Glenn, I just found out that we've only been in this administration for a month and a half. Ish.

Carol Roth (13:36)

Yeah.

Glenn Beck (13:36)

And I feel like it's been 16 years. I know there's so much going on that I'm just trying to process it out. When someone said, oh, it's only been a month and a half, I went, yeah, my mind was blown.

Carol Roth (13:46)

Yeah, we're, we're 40 days into, around 40 days into this administration. And, and you're looking at this, and I'm, it's breathtaking at what has been done last. Last month we had, I think, 1800 encounters at the borders. A year ago, last February, it was 109,000 encounters. That's how much of an impact he's made on that. We have all these things that he's done, but when it comes to the economy, Congress has to move on some of his things. He hasn't really done anything with the economy, except perhaps for Doge, which you've been warning about on this program for a while now. What's happening.

Glenn Beck (14:34)

Yes. So, you know, we've talked about before that the economic situation is not really what it was presented to be. You know, we heard under Biden and certainly during election season, what a wonderful economy. We had all of these really great statistics on employment and growth. And it's become very clear. Well, it was very clear to all of us before we've talked about it. Something that Secretary of the Treasury Scott Besant talked about in a speech a couple weeks ago is that really the economic foundation is incredibly fragile. And what we've had the Biden administration do, which was exceptionally nefarious, is that they decided that they were going to spend, spend to paper over the weakness of the economy. So if you remember, I think it was back in 2022, we had those two down quarters of GDP, which is a technical recession, which for some reason, by the way, they said was not a recession. I'm sure if Trump had two down quarters they would say it was. But you know, it was, it was, it was kind of d in front of it. It wasn't. And then, you know, we came out of it and then it was pretty clear that we were going to go into this double dip recession. And so what did they do? They decided to increase government spend spending, which is very inefficient spending. And we've been running deficits as a percentage of GDP that are at wartime levels. We're talking 6 to 7% of GDP. The historical average is somewhere around 3 or 3 and a half percent. So about double what you might see on average. When you have a good economy. You would actually expect that to be much lower because you're getting more receipts. And that's what happened. We had more receipts. We were taking in almost $5 trillion US government and they're spending even more. They're spending almost $7 trillion. So that was done to mask the weakness in the economy now that we don't have the ability to continue to kick up even more and more to show growth. The consumer continues to be tapped out from all the Biden era policies and the fact that we have doge which is trying to cut down government spending. We're at a situation where things could get uglier before they get better or they could get uglier and they could take away the political will to make them better. And that's, you know, this delicate dance that we've been talking about, why we need this careful choreography. The craziest thing that's happened over the past several days is that the Atlanta Fed, you know, one of the branches of the Federal Reserve that has a tool that predicts gene GDP for each quarter they went in the last four weeks, okay, four weeks time from predicting that we were going to have almost 4% GDP growth in the first quarter to now negative 3% in the first quarter. That's a 7 percentage point difference in four weeks. Which a just goes to show what a joke. You know, any of this reporting and these tools and this data are think also shows, hey, we've got somebody else at the helm here. So now we don't need to doctor these numbers in a way that seem a bit more friendly. And it's so we potentially could be seeing something ugly, which is something that we've talked about many, many times. And this has been a setup that they knew was Coming. If you go back to the middle of last year, you had a bunch of quote, unquote, Nobel economists that put out a piece that said that Trump was gonna create inflation. He was gon do all these bad things to the economy. And I called it out right then and there and said, this is a setup. They know this is coming no matter what. And so they are setting the groundwork to blame this on Trump. And so, you know, get ready for the talking points. You know, Trump's been, as we said, only in there for six weeks. He hasn't even really had a chance to do anything about the economy. Congress certainly isn't helping, and yet we're already getting the rhetoric that, oh, you know, look what he did to our really great economy.

Carol Roth (18:48)

Correct me if I'm wrong here, Carol, but the Biden administration, while they spent a lot of money, they did it in ways to cover things up, et cetera, et cetera. But that, that big 2021, you know, $1.2 trillion bill, and then the 836 billion for roads and bridges and broadband, and then the 144 in the Inflation Reduction act, it's well over $1 trillion. And it's my understanding that only 17% of that money has been sent spent. So what happens if we don't stop the spending of just the stuff that is already on the books from Biden? Wouldn't that cause our inflation to go through the roof?

Glenn Beck (19:36)

Yeah, it absolutely would cause our inflation to go through the roof because, you know, even with the cash in and cash out that we have, as we said, we're running these wartime level deficits. And by the way, we're financing those at high interest rates, not necessarily in the historical context, but in the context of the last 15 years. And in a way that we have now made the interest expense on our debt, you know, what we're paying for stuff we've already bought, exceed the financing charges, exceed what we're spending on defense. Niall Ferguson has a great sort of maxim, if you will, that basically I'm paraphrasing here. But, you know, nations that spend more on interest versus debt don't, you know, remain great nations for very long. That seems to be pretty obvious, something that everybody can wrap their heads around, that we don't want to be spending all of our money, you know, paying for stuff that we've, quote, unquote, already bought. And we certainly at these levels, cannot afford to do that if we continue to do that. And this kind of goes into another conversation that we've had before Glenn, too, is that central banks around the world, who used to be our friends in support of the US Being the world's reserve currency, used to just buy Treasuries. It's kind of part of the deal here on an ongoing basis. Over the past 11 or so years, they have been net sellers of Treasuries. They've actually replaced that with gold on their balance sheet. So if we don't have central banks that will just buy Treasuries whenever, because that's part of the geopolitical deal, that means you have to find people who are, you know, are looking at the price, they're looking at the price of the Treasuries and basically, you know, at this, at these levels, even though they've come off a little bit, and we can talk about that too, but they're saying, they're overall saying, yeah, we're not going to do that. You know, we need, you know, to have a reprice here. And, you know, when you don't have enough demand, you end up seeing our yields go higher. And to the extent they add up too high, which we were dangerously close to a few weeks ago, that has come off now, you know, but if you hit that, that could end up causing a debt spiral. It could end up causing a mismanagement or, excuse me, not a mismanagement, basically a throwing up, if you will, of the treasury market and have global implications.

Carol Roth (22:00)

So let me just explain this so the average person can understand what you just said. You are, you're wanting to buy a new house and the interest rates are up at 8%. You say, Honey, I don't think we should buy a new house. The interest rate is way too high. And, and somebody says, well, historically, not well, historically, yeah, you might be right, but we're not buying in the 1980s right now. We're buying today with our financial situation. So I don't think we're going to buy the house. That's what a normal person would do and you'd start saving money to buy a house later. That's not what the government is doing. They're saying, let's buy the house at these high interest rates anyway. But when you have poor credit, really good banks are going to say, no, I'm not going to take your loan. That's what she's talking about with the central banks. They're like, I don't want it. I'd rather buy gold because I don't trust that you guys are ever going to get out of debt. And so what happens Loan sharks step in. This is what she's saying about the yield going up. The loan sharks step in and they say, I can make this deal for you. Gonna cost you 12%. Eh? You're like 12%? That's outrageous. You're gonna do it or you're not gonna do it? What do you want? So we're, we're burying ourselves with loan sharks. That's why I believe the President needs to say tonight, Congress must pass a budget. It must have cuts, I'd love him to say, it must have a trillion dollars, bare minimum of cuts to show the rest of the world that we're serious. I don't know why Javier Malay can do these things, but we can't.

Glenn Beck (23:56)

However. Yeah, however, Glenn, if we cut, as we've talked about, we cut a trillion dollars and we just cut it off very carefully and we don't choreograph it like Fred Astaire and Ginger Rogers. And then we don't have that in our gdp, then we have a shrunken economy, we're taking in less receipts, and we actually explode the deficit, which could end up in a debt cell spiral. So yes, needs to do their, their part, but it needs to be done very surgically. And that is the ultimate challenge. That is the mess that the Biden administration left for Trump.

Carol Roth (24:33)

If I were king of the world today and I could go in and say, congress, this is what you're going to do. I would say to them, you're going to cut a trillion dollars plus you're going to pass either a flat tax or 15, 15, 15, what the president has talked about. And you're going to cut 50% of all regulations. Just cut them right now. And you're going to pass the REINS act that would change the dynamics of the economy. Yes. We would have all of that spending go away. Going away from our gdp, from the government. Good. But money would flow into our, our country and jobs would be created and we'd ignite the engine at the same time. That's what has to happen. But that's not going to be the President's fault if it doesn't happen. What do you. What a surprise. It's going to be the lame ass GOP that will screw this up. He's got to get them on path. You're streaming the Best of Glenn Beck.

Glenn Beck (25:32)

To hear more of this interview and others, download the full show podcasts.

C (25:36)

Wherever you get podcasts.

Carol Roth (25:40)

This is the Glenn Beck Program. Taking your phone calls today. Want to know what you want to hear from Donald Trump Today, let's go to North Carolina and Brandon. Hello, Brandon. Hey, Glenn, how you doing? I'm great, how are you? I'm good.

C (25:55)

First time caller, first time getting through.

Carol Roth (25:58)

Good, thank you.

C (26:00)

So you just touched on it. I definitely want to hear Trump talk about the bill that was just proposed.

Carol Roth (26:08)

That every Democrat voted no on.

C (26:12)

I have a, I have a 9.

Carol Roth (26:13)

Year old daughter who plays soccer and.

C (26:17)

The last thing I want is for, you know, the puberty age boys to start integrating.

Carol Roth (26:25)

I mean, what could possibly go wrong? Brandon? Right, right.

C (26:29)

Just run her over, kick her in the face.

Carol Roth (26:31)

Yeah.

C (26:32)

Which could happen with, with girls, but.

Carol Roth (26:35)

It'S a little different. Yeah. There's a boy running down the field. It is. I am shocked that the Democrats are still hold to this, but they did and he is gonna talk about it tonight. Um, and I hope he is hard on Congress, not just on the Democrats, but on the Republicans. They have got to get their crap together and start moving. It's 40 days in, he has moved mountains. So he's done stuff in 40 days that I haven't seen presidents do in an entire term. But he has to have Congress and the Republicans better get their crap together. Thanks for your call. Ron in Missouri. Hello, Ron.

C (27:14)

Hey, Glenn. I would really like to hear less of the always overconfident Donald Trump as the entertainer and the politician and the campaigner and more of a humble leader in the echo of Winston Churchill. I think this moment, our country needs the speech that all he's got to offer us is blood, sweat, toil and tears. And I think that has the real potential to unite people behind him.

Carol Roth (27:47)

Yeah.

C (27:48)

If he's frank that, you know, both parties for really all my lifetime have been digging this hole and it's going to take a lot of work and a lot of sacrifice on all of our parts to get out of this. Not this, you know, pie in the sky. I'm going to fix everything my first day. Golden, golden age of everything talk. I think frank reality and humble call to action would be really helpful.

Carol Roth (28:16)

So can I compromise with you here, Ron? Because I don't mind the president coming in and saying you hired me to stop illegal immigration. We're down to the lowest illegal immigration since I think 1968. We have done that and we're still doing more and we're deporting them. Um, I have made great progress on many things and line them out. But then come to the economy. I gotta be straight with you on the economy. This is going to be tough and I will work my butt off. I will be there every second of the day. You've seen me. I sleep three hours a day. I will give you everything. But I need Congress to do their part on this. But we're in this together. Would you, would you be okay with that compromise where he. Because he's going to be Donald Trump.

C (29:11)

Yeah. No, I don't, I don't disagree with what you're saying there. And more than just on the economy, I think he needs to have that call to action for rooting out corruption. Yes, but I agree he's got to tout what he has done and the steps he is taking. I've got no problem with that. Just people need a realistic view that this isn't going to happen without pain.

Carol Roth (29:31)

Correct? Correct. Ron, thank you very much. I'm glad to know you know that. Philip, Minnesota. Hello, Philip.

C (29:38)

Hey, Glenn. I'd like to see Trump go old school Glenn Beck from the Fox days and just do some straightforward PowerPoints. List out here is everything the Democrat Party and the Biden regime did to get us to this situation. Here's everything I plan to do to counter that. Call Congress out, say, look, I can't make Congress act, but if they fail to act for the American people come midterms, you can ensure that they do by voting them out. Simple as that.

Carol Roth (30:09)

That's very good. Thank you very much, Philip Carl, North Carolina.

C (30:14)

I'd love to hear Donald Trump say something that no president or congressman has ever said, and that is that the people with a capital P, highest office in the land, beautiful remnant, has the responsibility and the duty that's mentioned in the Constitution to enforce our Constitution and that will accomplish at least as much as Donald Trump and any other politician have accomplished.

Carol Roth (30:40)

I agree. I agree. That would be great for him to say. I could see him saying that maybe not tonight, but I could see him saying that. I've heard him say it is up to the people. You know, he can only do so much constitutionally. It is really up to us. You know, that's, that was one of the things I hated on Joe Biden's first speech that he gave eight years ago, the same night he gave it. And remember, everybody was sitting like six feet apart and there were very few people there and they were all wearing masks. And he looked right at Schumer and all the others and said, we've come through this because of you. And he wasn't talking to the American people. He was talking about the people in the room. He was talking about the politicians. And he did that several times. And it it made, I mean, that made the hair stand up on my, my neck because I, I'd never heard a president say it that way before, where, you know, it's up to you. I've heard that a million times when he's talking about the people. But I'd like to hear a president, and I know Donald Trump does believe this, that it is up to you. And, and really everything that's been done is in spite of the people for the most part that are sitting there in Congress or the Senate. Thanks for your call. Let me take one more here. It's Jake and Iowa, actually, I have more time. I'll take a couple. Go ahead, Jake.

C (32:08)

Greetings from Iowa. Glenn. Hey, two things I'd like to see Mr. President say tonight is as far as Doge uncovering this fraud and misuse of funds. I would love for him to say that they're going to prosecute to the fullest extent possible anybody who is caught funneling money. And I'm talking like Allah Elliot Ness, where we use RICO or some, some obscure laws and just punish them because this is the taxpayers money in it. We have to discourage this terrible behavior of the nonprofits and what have you. That's number one. Number two, I would like to hear him say that he's going to lift the Social Security cap right now. It's like at 168,000 or whatever. Once you earn more money than that year, they don't collect social, they don't withhold Social Security from your check. And I don't know why that limit was put in there. Maybe, maybe you have a reason for that.

Carol Roth (33:01)

Yeah. Because you're not getting more than that out. Everybody pays their fair share. If you have to pay up to that, if you make more, why are you taxed so much more? Because this was supposed to be an insurance policy for people just like you. And so, you know, it's. No, it wasn't. But I know what you're saying. Yeah, I know that. I know that that's the outward theory, but that was the outward theory. And quite honestly, as somebody who does hit that cap. Yeah, I don't like it. I mean, I don't, I don't mind paying my fair share. But you know what? I pay a lot in taxes and I pay a lot more than, you know, most people. And I don't and complain about it. It is something that is necessary. I and complain that they have wasted my money. And quite honestly, I am at the point when I see Doge, it makes me want to say F you to the, to the irs. You're not getting another damn dime for me. You're stealing this money. Okay. Because I don't want to contribute to almost anything that you're spending it on. And. No, that's the way I really feel. So, you know, I'm not for higher taxes on anybody. I would say anybody, too. I would love to hear him say, we're repealing the payroll tax.

C (34:30)

Full, full fledged, gone.

Carol Roth (34:31)

I would love that. That would be a great tax. Because to your point, first of all, everybody feels that tax if you have a job. Secondly, you know, when you feel it, it's regressive. Yeah. The only time you ever feel it is when you first start working. Every kid says the same thing. They're taking what? Yeah. Okay. You lose that because you just get used to it. That's why you should repeal the payroll tax. Yep. Because no, you should feel it because there would be a revolution in this country. Absolute revolution. Let me go to Mike. Hello, Mike.

C (35:06)

Hey, how you doing, Glenn?

Carol Roth (35:07)

I'm great.

C (35:09)

I would love to hear Donald Trump say, Russia and the United States are going to engage in another round of nuclear disarmament. And we're going to use some of that savings to, from the deep state to rebuild our highways, our bridges, our electric grid system and do what Eisenhower did.

Carol Roth (35:30)

So I think you're going to actually get some of that. I think Donald Trump does want to have that conversation with, with China and Russia and the rest of the world about reduction of our nukes. He really does not like them. He knows what they really are. And we are going to get our grid rebuilt. It has to happen because of AI. We have to. A new grid. How long will that take? I don't know, but I think that will begin under Donald Trump. One more thing. On the last call, when he says, I, you know, the last call said, I really want to hear the President say, I'm going after these people. The problem with that is there's been two, I think, missteps and they've happened in the last week. There's been two missteps and only two by this presidency. The first one was last week, and I don't believe it was Zelinsky. The first one was with the doj, with Pam Bondi and the release or the non release of Epstein. That was the first time. I thought, oh, wow, maybe they're not serious. Then they came out last night and said, there's a truckload of files that were on its way by that deadline Friday. Okay, well, is that a truckload. Like you ever see, you know, on you watch some, you know, law show and they're like, yeah, they just filled the conference room with boxes of papers just to stall and keep you busy looking in a needle in a haystack. Is that what that is? So he's, he's, because of that misstep last week, they have hurt themselves on being able to say, and we're going to punish the bad guys. The, the, the other misstep is what's happening right now with the tariffs. The economy is going down and we've got real problems. And it's not because of Donald Trump. He's got to focus not on Canada and responding to Canada on tariffs. He should be saying tonight and that should be the only thing that he has to worry about. Congress, stop spending. Give me pass the first budget. This is so amazing. I have to say this and I can't believe it's true. Every time you do say this, pass the first federal budget since 2008. Pass a budget that I can sign and cut your spending, Period. Your data is like gold to hackers. They're selling your passwords, bank details and private messages.

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