Daniel Horowitz (14:29)

Well, I'm doing all right, Glenn, but it's deja vu once again.

Glenn Beck (14:33)

Yeah. So first of all, is there any bright side to what is happening with the budget?

Daniel Horowitz (14:43)

Well, I mean, I guess they're planning on cutting a few hundred billion. So it's better than nothing. Although it should be pointed out that Republicans are going to spend another few hundred billion that I think we all say we want the military, immigration enforcement, and then, you know, 4.5 trillion to extend the tax cuts. There's another 2 trillion to enact Trump's new proposed tax cuts, which, you know, I think we shouldn't treat as spending. But do remember in the short term, we do have to print more money to deal with the deficit. And I think this is the overall problem that Republicans always get themselves into. When Democrats are in power, we all sound the same, oh, it's terrible. Biden, inflation, look what they're doing. But then when Republicans get in, we're not on the same page. And they don't understand the mutual exclusivity of their arguments. This is literally Obamacare 2.0. They hated Obamacare, except they loved the aspects of it that made it expensive. So same thing here. Everyone hates inflation, except they don't want to actually reform or cut anything that's driving it. And right now we're at a point where we cannot achieve our parents standard of living. Right now. It is that bad. According to BLS, we're spending family of four is about $15,000 more a year than pre Covid. Remember, the average family got about $11,000 in stimulus checks. That sounded nice, but they're now paying 15,000 more every single year. Oh, and I forgot to tell you that over the next 10 years there will be 89 trillion in spending, 22 trillion in deficits. And that assumes that there won't be a recession. 2.8% sustained growth, no wars and no disasters. So that's what we're facing now.

Glenn Beck (16:38)

That's unsustainable. I mean, here's what, here's what nobody is talking about. First of all, the, the spending will lead to more inflation. We have got to get the spending under control. We also have to cut the regulation. We have to cut taxes and make them better than any place else. In the, in the world, we have to get serious or we are at a, at the, the doorstep of the funeral home. We're already there. We're walking towards the casket. You cannot keep funding our debt. No one wants our debt anymore. And so interest rates on the debt are already at a trillion dollars a year. If we don't change our course, it'll be 1.52 trillion, 3 trillion a year. And then it's an out of control death spiral.

Daniel Horowitz (17:39)

No, Exactly. And people forget at the very time where we have record Treasuries to offload on the market, the new ones, but also a third of our existing debt is rolling over at higher rates. Precisely at that time, there's decreased demand, central banks are buying up gold. China and Japan are moving away from our Treasuries So we could set the federal funds rate to zero, all we want. But at the end of the day, the Treasuries, the yields are moving in the opposite direction. So I think Republicans have a golden opportunity. Unlike a generation ago where people didn't see the pain. It was a futuristic thing and let's face it, no one cares about their kids and grandkids even though they say they do. But this is a now problem. And I think Republicans have failed to communicate and complete their sentences that what is causing the current and future inflation are these very programs. So when they say, oh well, I don't want to cause any pain to my district, the pain of the cost of living is greater than the amount of subsidies they're getting in welfare, they got to be honest. But I'll tell you Glenn, this notion that there is this free pot of trillions of so called waste, fraud and abuse divorced from significantly devolving, reforming or cutting major programs is simply not true. We're lying to ourselves and we're setting us up for failure.

Glenn Beck (19:12)

Well, that's, I mean, the one hope that I have because I, you know, I'm seeing the cuts and we're not anywhere close to a trillion and we should be cutting about $2 trillion at bare minimum. We should be cutting $2 trillion from the budget and not over 10 years, over this year, or just not going to make it. The one thing that I do have hope for is that maybe we're going to start really shutting down agencies, which is not going to cut $2 trillion, but it will make, it will begin to make significant impacts toward a trillion and 2 trillion. We've, we've found all of the DEI stuff. We're not going to find, you know, half a trillion dollars in that. We're just not sure. And we're not going to find, you know, you know, things like usaid. We're not going to find those everywhere. I was a little disappointed in the statement from the Pentagon yesterday that we're not going to make cuts, we're going to reinvest. We have to make cuts in everything. Everything. There cannot be a sacred cow.

Daniel Horowitz (20:26)

No. And especially if you want to fulfill the president's promise to kind of wall off Social Security and Medicare, you could do that. But then you really, really have to go aggressive on education, housing, transportation. It should all be state and local function. And then obviously Medicaid and food stamps. Trump's message, if I were him, would be, look, we're going to get rid of the foreign, foreign labor that's driving down wages, get the four and a half million Americans that are out of the labor force working age, come back, join our economy, lower regs, lower taxes, but we are going to ease off welfare. There is no shortcut to that message. You need wholesale health care reform. The way we approach health care, See the ways fraud and abuse in Medicare and Medicaid is not a bug, but a feature. It's the third party grisking. Yes, this, you know, the middleman. We got to cut out the middleman. But if you want to maintain the current structure, the notion that you could have painless, just, you know, condoms in Gaza, causing inflation, that's. That's not it. Those are policy problems. Foreign aid is a policy problem. Illegal immigration is a policy problem that does have a fiscal cost, but that's not fundamentally where the money is. And I think some people are being very dishonest and they're setting themselves up for failure. Hence, when Republicans come to actually craft a budget, we can't even get them on board for 1.5 trillion in cuts over 10 years.

Glenn Beck (22:01)

You know, Donald Trump asked yesterday, I believe it was for a balanced budget. He said, I want a balanced budget. And this is so far away from a balanced budget. I wish he would go. I wish he would start pushing the political nuclear buttons on members of Congress. He has the clout right now. He has, he has the nation's attention and he has the attention of the GOP. They know the Mitch McConnells in the world have no power left. It's all gone to Donald Trump. Now is the time to start saying, congress, I'm going to explain to the American people that you can't find these cuts. You have to find these cuts now. He needs to be step up to the table and be the Donald Trump that he's being everywhere else. Why isn't he?

Daniel Horowitz (22:57)

You know, this, to me, was the one black hole that we saw in the first administration where he'll signal in the executive branch. And not just signal, but starting to implement this vision that we're talking about. The cuts, the federal workforce reflect this sort of vision. Yes, but then what he needs to do is then connect the dots to Legislative affairs and make it clear that. That this is the budget. I want to come up beside it. And then he's got to threaten primaries against those guys, not the Freedom Caucus guys, because what winds up happening is the opposite. He kind of leaves it to Congress. Well, if you leave it to them, you know, the bad guy.

Glenn Beck (23:39)

Yep.

Daniel Horowitz (23:39)

Yeah. So then they come to him and say, oh, I got a deal. And then the Freedom Caucus box at it and he yells at them. That's got to change, because otherwise they're about to fund so many of the things that he started to cut.

Glenn Beck (23:53)

Which is why, I mean, we cannot, we won't survive if he doesn't. And the time to do it is right now. Push Congress up against a wall. Because the minute he leaves, in three and a half years, three years, and, you know, 11 months, the minute he leaves and if we lose to somebody who is not the same mindset, all this stuff is over. It's just reversed. And the country cannot take these swings this far back and forth.

Daniel Horowitz (24:29)

No, absolutely not. And part of the reason why we are where we are is because Republicans always had pay go. They always said they have offsets, but what they would do is when they're in power, they would backload the savings and front load the increased deficit spending, or, you know, whether it's tax cuts or whatever, and then Democrats inevitably come in, erase that with interest, and you're. You're left with the bad and not the good. So, I mean, this is why you either have to front load the cuts or at least front load structural reforms or devolution to the state.

Glenn Beck (25:00)

Yes.

Daniel Horowitz (25:01)

In a way that makes it harder for Democrats to claw back. One quick idea I'd love to pitch is, you know, Trump doesn't want to deal with the debt ceiling. One way to deal with that is devolve it to the states. And Congress passed a law that, okay, we're going to increase the debt ceiling now, but the next time you need two thirds of the state legislatures to.

Glenn Beck (25:21)

Do it, they'll never do it.

Daniel Horowitz (25:22)

So that would bring the fight to the grassroots in the red states and finally make US make those decisions. Yes, Democrats could come in and claw that back, but once you give that to the states, it's a lot harder to do. We need enduring victories this time.

Podcast Announcer (25:38)

You're listening to the Best of the Glenn Beck Podcast. Hear more of this interview and others with the full show podcast available wherever you get podcasts.

Glenn Beck (25:47)

Hey, I've got good news for you. It's Friday. Welcome. Glad you're here. Did you hear the economic adviser to Trump, Kevin Hassett, on tariffs and tariffs replacing the income tax. Listen to this. Cut 10.

Podcast Announcer (26:04)

President Trump has spoken about replacing income tax with tariff revenue, especially with all this waste, fraud, and abuse that we're seeing.

Daniel Horowitz (26:11)

Cut.

Glenn Beck (26:11)

Is that a possibility?

Kevin Hassett (26:13)

Absolutely. And in fact, if you think about the China tariff revenue that we're estimating is coming in from the 10% that we just added, plus the de minimis thing that it's between 500 billion and a trillion dollars over 10 years is our estimate. And that's something that is outside of the reductions that markets are seeing through the negotiations up on the Hill. And so we expect that the tariff revenue is actually going to make it much easier for Republicans to pass a bill. And that was the President's plan all along.

Glenn Beck (26:43)

Okay. All right. Okay. Help him pass a bill. That's okay. Good. That's good. But abolishing the IRS and the income tax, that was the real question here. And I know Trump is talking about it. He wants to abolish the irs. And let's just. Do we have the. Do we have the porn music? Because that is. No, no, please, come on.

Podcast Announcer (27:03)

Don't find.

Glenn Beck (27:04)

That is.

Podcast Announcer (27:04)

Why didn't you delete it Friday?

Glenn Beck (27:06)

Yeah, baby.

Podcast Announcer (27:07)

Why didn't you delete this? Sir, You're a bad person. You're a bad person, and people are judging you for what you have done.

Glenn Beck (27:13)

I'm taking that big, long knife. You want this to the irs, baby? Yeah.

Podcast Announcer (27:21)

This is Sarah's fault. This isn't even. Glenn. I don't even hold Glenn responsible for this.

Glenn Beck (27:24)

All right, stop. I mean, that's conservative porn, man. Getting rid of the irs, that would be. It would be unbelievable. Um, however, let's. Let's keep things in perspective here. The tariffs, I mean, I'd like to see the actual numbers on the tariffs. And look, if. If he could abolish the IRS and cover our spending with tariffs and not go to World War Man. You strap me to the outside of a musk rocket, okay? And. And I'll scream all the way up. I was wrong. I'll do that. Okay? And I'd happily do that for my children.

Podcast Announcer (28:11)

It might be worth passing the policy just to see it honestly.

Glenn Beck (28:15)

Right. And if that would happen for my children again, it would be worth it. But I just don't think that we are. We're there. It is a great thing to shoot for, but I want to see. I want to see a trillion dollars from Doge. I mean, an actual trillion dollars from Doge. Before I begin to say anything, we are. What is the new budget that some of them are talking about is like $4 trillion over.

Podcast Announcer (28:46)

I think it's three.

Glenn Beck (28:46)

Yeah, three. Okay. So you have to cut. You cannot have $3 trillion in borrowing. You just can't do it.

Podcast Announcer (28:56)

That used to be wartime, catastrophic economic collapse type of stuff.

Glenn Beck (29:01)

And now fiction novels. Right.

Podcast Announcer (29:03)

And now we're just there all the time. I will say this, and you know this about me. I'm about as anti tariff as anybody.

Glenn Beck (29:10)

Yes, Right.

Podcast Announcer (29:11)

Like, I am, you know, I know Scott Lincecum, if you know him. I'm basically Scott on tariffs. I'm against them. I don't like taxes.

Glenn Beck (29:18)

He doesn't even like terraces.

Podcast Announcer (29:20)

No, No. I don't like terrorists. I don't like. I don't even like Paris.

Glenn Beck (29:22)

No, he doesn't like anything.

Podcast Announcer (29:24)

I rhyme. Tariffs. I don't like.

Glenn Beck (29:25)

He doesn't like it.

Podcast Announcer (29:26)

However, I've been relatively muted in my criticism of these tariffs. And what he just said is part of the reason why these tariffs, which come along with these tariffs and economic projection of revenue. Right. As he said, like, oh, we're gonna bring in $500 billion in the next. Now is that really gonna happen? I don't know. What tends to happen if you have a long term tariff is that companies that don't want to deal with that tariff move to other places and there are cheaper places than China to make these goods and they wind up getting shipped in from a different country. And you're chasing the tariffs. There's all sor with those projections. However, what you need in a reconciliation bill to pass a reconciliation bill is a balanced budget on the bill and actually lowering the deficit.

Glenn Beck (30:15)

Yes.

Podcast Announcer (30:16)

So if he can put in that bill and have economic projections that help that bill get across the finish line, what we might see is actual legitimate tax cuts, sort of based on, I would say, a gimmicky approach, but one that may very well be needed, especially when you don't get the scoring that you want. So I do think that is part of the strategy here and why he's launched those so early without even at times giving these countries a chance to talk.

Glenn Beck (30:44)

Right.

Podcast Announcer (30:44)

Like, he's kind of fired these things out there really quickly, and he just admitted it. But my suspicion the entire time was part of this is going to be scoring for this reconciliation bill that's right around the corner.

Glenn Beck (30:56)

Yes.

Podcast Announcer (30:57)

Which needs to get done relatively quickly. So I do think that's part of it. And I understand that strategy.

Glenn Beck (31:01)

Part of it. I wish the Republicans had the cojones, which I think is French for marbles, to. To actually stand up and cut the spending and the income tax and the capital gains tax and the business tax. 15. 15, 15. If you have.

Podcast Announcer (31:27)

That's higher than zero I'm hearing. I don't know why.

Glenn Beck (31:29)

I know, because. No, no, no.

Podcast Announcer (31:31)

I'd like it to be zero.

Glenn Beck (31:32)

I would love it. No, no, no. Again, do I have to play?

Podcast Announcer (31:35)

No.

Glenn Beck (31:36)

Getting to zero. I mean.

Podcast Announcer (31:37)

No, they don't.

Glenn Beck (31:38)

I am all.

Podcast Announcer (31:38)

You have control with the music.

Glenn Beck (31:40)

You're impressed. Get to zero.

Podcast Announcer (31:44)

Very disturbing.

Glenn Beck (31:45)

So even Tanya is vomiting right now. She's like, okay, anyway, so I'd like to get to zero. But imagine if we had 15% corporate rates, 15% income tax, 15% capital gains tax. That is a huge. A massive cut, by the way. No matter how high the taxes are, you always, always. It returns about 17% back to the. The treasury of GDP.

Podcast Announcer (32:22)

Yeah, yeah.

Glenn Beck (32:22)

So you get 17%. No matter if you have, you know, 25% or 95%, it's always a return of about 17%. 17 to 19%. So you know why we don't have a flat tax of just 17% when you're talking about 15% for everybody and it's just locked in. It's just 15%. When that happens, your money stays with you. Your money stays with people investing. You are not punished for investing in things through capital gains. 15%. Okay. I still think that's absolutely unreasonable. That one should be zero. I've already paid taxes on that money once. You're gonna double tax me now? No, but if that's what we have to do to get movement that would spur on the economy. What I'm not seeing enough of, and I know it is happening, and I know the president knows this has to happen faster, and it has to happen within the first hundred days, is massive cuts in regulation, massive cuts in. In taxes, and massive cuts in spending. If we can get that trifecta, we save the nation for our children. It will be tough, but it won't be tough. You know, the thing about the tariffs that we. We fail to look at is if we have tariffs, and let's say they're 25% tariffs. Whatever they're inflicting on us, we inflict on them. Okay? But we say if you build it here, however, you're only going to pay a 15% income tax, which they can't get anywhere else. You won't get a 15% income tax for a corporation anywhere else in the world. They will begin to return jobs here. So we not only get the boost of people having more money to reinvest, you also have those foreign countries because of the tariffs, saying, let's just build it in America because we're going to make more money building it in America than we would in Europe or anyplace else. Just build it in America. That actually builds a country for the future.

Podcast Announcer (34:45)

And this is why that policy is better than trying to tariff your way into the same solution. Because if you lower the rates, companies come because they want to come here, because they have lower rates and getting the benefits of being in America. Obviously, you can find some really low rates in countries you don't want to necessarily be in.

Glenn Beck (35:01)

Yes.

Podcast Announcer (35:01)

But to come to America, you get that rates, you bring the companies here. So that's one of the goals. Right. And then in addition, you get that tax revenue here, right?

Glenn Beck (35:10)

Yes.

Podcast Announcer (35:11)

The issue with tariffs is you get one or the other. If your policy to bring people here succeeds, you lose the revenue from the tariffs.

Glenn Beck (35:18)

Correct.

Podcast Announcer (35:19)

If you keep the tariffs high and get that revenue, they don't come back here.

Glenn Beck (35:23)

Correct.

Podcast Announcer (35:23)

So that is why that policy gets both.

Glenn Beck (35:26)

Right. It, it's, it's like taxing tobacco out of business and putting all of those taxes to health care. Right. Well, if it works, you won't have any money for health care. You know what I mean? And so if the tariffs work, you won't have a lot of tariffs because people will bring their. But it's a win win, because if you lower the income tax, they bring their companies here. You don't have that tariff blocking, but you're taking 15% and, and 15% from all of the workers in these corporations as well. That's the win. And that's what Trump, I believe, is trying to do.

Podcast Announcer (36:07)

I mean, he said before that he would like all tariffs to be zero, even though he says also he really likes tariffs. I think he. What they accomplish, not necessarily raising taxes on people. He doesn't like doing that, obviously, but he does like the idea of fairness. And that's why the reciprocal tariffs, I think, really work for him where he can say Look, I'm not trying to tax you guys out. I don't want my people to pay more for stuff. What I want though, is it to be fair. And that is something that's hard to argue with.

Glenn Beck (36:36)

It's hard to argue with. Hard to argue with.

Podcast Announcer (36:39)

Again, you can, but still. Oh, they will. But it's a sensible thing because it also incentivizes them to lower theirs. I think we can. We are the number two exporter in the world outside of China. We are the number two. We were number one for a long time. We're now number two. But it's not like we don't sell products to the rest of the world. There's no reason we should be penalized and there's no reason we should be penalized in a higher level than the people that are importing stuff to here.

Glenn Beck (37:08)

All right?

Podcast Announcer (37:08)

You know, that's the only reason why.

Glenn Beck (37:09)

Is because our politicians have convinced our, our nation and its people that, you know, we have it too good. We have it too good. We got to give other people a shot. Well, yeah, I don't have a problem with that. You know, you fix your country and you make it so business wants to come there, that's healthy. Let's do that. That's fine. But I'm not going to destroy our country so somebody else can get ahead. That doesn't make any sense. I just want fair. That's all I want. Whatever you're charging us, we charge you. That's totally fair.

Podcast Announcer (37:45)

Understandable. Instinct.

Glenn Beck (37:46)

Yep.

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