The Glenn Beck Program: Best of the Program | Guests: Peter St. Ange & Tina Descovich | 11/12/24

Hosted by Glenn Beck and Stu Burguiere, this episode of "The Glenn Beck Program" delves into the intricacies of American economic policies, focusing primarily on taxation and tariffs. Featuring insights from Peter St. Ange of the Heritage Foundation, the discussion explores former President Donald Trump's proposals and their potential impact on the U.S. economy.

1. Introduction to Economic Policies

The episode opens with Glenn Beck expressing optimism about the current political climate, particularly regarding the potential return of a conservative administration. He mentions the importance of effective real estate agents in an improving housing market, emphasizing the need for professionalism and integrity in the industry.

Glenn Beck [00:00]:
"I think it's safe to at least hope that the housing market is going to continue to improve now that the big, mean orange bigot is going to be back in office."

Stu Burguiere joins the conversation, expressing excitement about potential governmental changes, notably the possible shutdown of the Department of Education.

2. Trump's Education Policy Overhaul

The discussion shifts to former President Donald Trump's plans to overhaul higher education. A pre-recorded segment features Trump's detailed proposal to reform college accreditation and eliminate perceived leftist influences within educational institutions.

Donald Trump [03:08]:
"Cut tuition costs at colleges and universities have been exploding... Our secret weapon will be the college accreditation system."

Key points from Trump's policy include:

• Accreditation Reform: Firing accreditors perceived as biased towards Marxist ideologies and replacing them with ones that uphold American traditions and free speech.
• Cost Management: Eliminating wasteful administrative positions to reduce expenses.
• Diversity and Inclusion: Removing bureaucrats focused on equity, diversity, and inclusion.
• Educational Standards: Implementing entrance and exit exams to ensure academic integrity and value.
• Legal Actions: Directing the Department of Justice to pursue cases against schools engaging in unlawful racial discrimination.

3. Analysis and Skepticism

Glenn and Stu analyze Trump's proposals, weighing optimism against historical precedents.

Glenn Beck [05:08]:
"These are not campaign promises. These are... Here's what we're doing right now."

Stu Burguiere [07:20]:
"I think it's interesting because Trump, when he puts his mind to it, he can accomplish anything."

However, skepticism arises concerning the feasibility of dismantling the Department of Education, a move not realized by Reagan despite similar intentions.

Glenn Beck [12:52]:
"And he's planning, like maybe Donald Trump has done here. I mean, this is what this man was known for for multiple decades, and still it was hard to do."

Stu points out the complexities of executing such sweeping reforms, especially with potential internal resistance within the Republican Party.

4. Transition to Tariff Talk

The conversation transitions to the topic of tariffs, introducing Peter St. Ange from the Heritage Foundation to provide expert insights.

Glenn Beck [19:45]:
"Sexy, Sexy Tariff Talk coming up."

Peter St. Ange discusses the economic rationale behind tariffs, particularly focusing on Trump's stance against income tax and his advocacy for tariffs as a tool to bolster the American economy.

5. Interview with Peter St. Ange: Tariffs and Income Tax

Peter St. Ange [21:50]:
"Abolishing the entire income tax is absolutely rock fuel for the economy."

Key highlights from the interview include:

Abolishing Income Tax

• Economic Boost: Elimination of income tax could lead to a significant increase in take-home pay for American families, estimated at an additional $30,000 annually.
• Historical Comparison: Reference to the 1800s economic boom when the federal government relied solely on tariffs, leading to substantial industrial growth.

Implementation of Tariffs

• Targeted Tariffs: Focus on imposing high tariffs on China (60%) and moderate tariffs (10-20%) on other nations to protect American industries.
• Economic Impact: Tariffs would effectively act as a sales tax on imported goods, potentially increasing domestic production by making American goods more competitive.

Potential Outcomes

• China's Response: China's historical response to tariffs involved subsidizing exporters to maintain market share. If repeated, China might bear the brunt of the tariffs.
• Domestic Benefits: Lower production costs in the U.S. could lead to job creation and higher wages as companies re-shore manufacturing.
• Fiscal Implications: Tariffs would serve as a significant revenue source in the absence of income tax, potentially stabilizing government finances.

Peter St. Ange [27:06]:
"The median American take home is about 58,000. You go from taking home 58 to taking home 88. Right. That is a massive difference."

6. Critical Perspectives and Feasibility

Despite the promising projections, both hosts express reservations about the practicality of implementing these policies.

Stu Burguiere [30:37]:
"Right. So he would need Congress to play ball on the income tax. And Congress is very tight... There's a ton of rhinos over there."

Challenges identified include:

• Legislative Hurdles: Securing bipartisan support in Congress for abolishing or significantly reducing income tax.
• Economic Risks: Dependence on tariffs as a primary revenue source may be unsustainable if domestic manufacturing absorbs foreign competition.
• Budget Cuts: Substantial reductions in federal spending required to balance the budget without income tax revenues.

7. Final Thoughts and Future Outlook

Glenn and Stu conclude the discussion by weighing the potential economic transformations against the significant challenges of policy implementation. They emphasize the importance of understanding the balance between taxation, tariffs, and federal spending to achieve a sustainable and prosperous economy.

Glenn Beck [36:37]:
"You go from taking home 58 to taking home 88 in take home pay."

Stu Burguiere [42:52]:
"There's no one offering a 15% corporate tax. Nobody."

The episode wraps up with reflections on historical economic strategies, such as those employed during Calvin Coolidge's presidency, highlighting the difficulty and necessity of making bold fiscal reforms.

8. Key Takeaways

• Tax Reform and Economic Growth: The proposal to abolish or reduce income tax aims to significantly increase American take-home pay, potentially stimulating consumer spending and economic growth.

• Strategic Use of Tariffs: Implementing targeted tariffs, especially on China, is seen as a means to protect and revive American manufacturing, although it carries dependencies and risks.

• Legislative Challenges: Achieving these economic reforms requires overcoming substantial political obstacles, particularly within Congress, where bipartisan support is unlikely.

• Historical Context: Past attempts at similar reforms provide both inspiration and cautionary tales about the complexities of fundamentally altering the nation's fiscal policies.

Notable Quotes:

• Glenn Beck [00:00]:
  "I think it's safe to at least hope that the housing market is going to continue to improve now that the big, mean orange bigot is going to be back in office."

• Donald Trump [03:08]:
  "Our secret weapon will be the college accreditation system."

• Peter St. Ange [21:50]:
  "Abolishing the entire income tax is absolutely rock fuel for the economy."

• Peter St. Ange [27:06]:
  "You go from taking home 58 to taking home 88. Right. That is a massive difference."

• Stu Burguiere [30:37]:
  "There's a ton of rhinos over there."

Conclusion

This episode of "The Glenn Beck Program" provides a comprehensive exploration of potential tax and tariff reforms proposed by Donald Trump, highlighting both the promising economic benefits and the significant challenges inherent in such transformative policies. Through expert insights and robust discussion, listeners gain a nuanced understanding of how these proposals could reshape the American economy and the legislative hurdles that must be navigated to realize them.