Added: Mar 13, 2024
In this podcast episode, Ben Shapiro discusses the current state of the economy under President Joe Biden's administration. Shapiro highlights two major issues facing Biden in the upcoming 2024 election: his cognitive decline and his flawed policy decisions. Shapiro points out a recent incident where Biden froze mid-speech, raising concerns about his mental acuity. Additionally, Shapiro criticizes Biden's economic policies, particularly in light of rising inflation rates.Key takeaways
High inflation rates, currently at 3.2%, exceed the Federal Reserve's target of 2%, potentially leading to negative impacts on the economy.
Biden's proposed budget for fiscal year 2025 includes a significant spending increase of $7.3 trillion, raising concerns about its sustainability and impact on the national debt.
Biden's plan to raise tax revenue by targeting the wealthy and corporations may have negative consequences for economic growth and job creation.
Growing terror threats in Europe, including plots involving extremists posing as refugees, highlight the need for strong security measures to combat terrorism.
Shapiro argues that TikTok poses a national security threat and promotes leftism, advocating for its ban in the United States despite concerns over financial interests.
Inflation Concerns
Shapiro discusses the latest economic news, noting that consumer prices have risen by 3.2% from the previous year, well above the Federal Reserve's target of 2%. He explains that high inflation rates lead to increased interest rates, which can negatively impact the economy. Shapiro criticizes Biden's plan to cut military spending while increasing social welfare programs, arguing that this approach is unsustainable and will further strain the economy.
Biden's Proposed Budget
Shapiro analyzes Biden's proposed budget for fiscal year 2025, which includes a massive spending increase of $7.3 trillion. He points out that this budget would raise taxes on wealthy individuals and corporations while expanding social programs. Shapiro questions the feasibility of Biden's plan to reduce the deficit by $3 trillion over the next decade, especially given the projected increase in national debt.
Military Spending and National Defense
Shapiro highlights Biden's plan to increase military spending by only 1%, which he argues is insufficient given the current global security challenges. He criticizes Biden's decision to prioritize social welfare programs over national defense, warning that cutting military spending could weaken America's position on the world stage. He expresses concern about the long-term implications of reducing defense spending in a volatile international environment.
Shapiro criticizes the Biden Administration for failing to replenish weapons sent to Ukraine and emphasizes the need for adequate funding to ensure military readiness. He also defends the role of NATO in maintaining peace and stability in Europe, debunking misconceptions about the organization and its purpose.
Taxation and Revenue Projections
Shapiro discusses Biden's proposal to raise tax revenue by targeting the wealthy and large corporations. He explains that higher taxes can have negative consequences for economic growth and job creation. Shapiro questions the sustainability of Biden's plan to rely on tax increases to fund his ambitious spending initiatives, pointing out that historical data does not support this approach.
Debt and Interest Payments
Shapiro highlights the growing national debt under Biden's proposed budget, which is projected to reach 102.2% of GDP by 2025. He warns that interest payments on the debt will surpass defense spending, further straining the federal budget. He criticizes Biden's reliance on borrowing to finance his spending priorities, arguing that this approach is unsustainable and will burden future generations with debt.
Political Implications and Reelect Campaign
Shapiro suggests that Biden's budget proposal is unlikely to gain traction in Congress, given its exorbitant spending levels and questionable revenue projections. He argues that Biden's budget serves as a political tool to rally support for his reelection campaign, rather than a realistic plan to address economic challenges. Shapiro criticizes Biden for prioritizing short-term political gains over long-term fiscal responsibility.
Terror Threats in Europe
The podcast also delves into the growing terror threats in Europe, with authorities foiling several plots involving extremists posing as refugees. Shapiro points out that the threats are not only coming from ISIS but also from Iran and its proxies in the Middle East. He emphasizes the need for strong security measures to combat terrorism and protect civilian and military targets in Europe.
Reluctance to Support Israel
Shapiro then delves into the Biden Administration's approach towards Israel and Hamas. He highlights the administration's reluctance to support Israel's actions against Hamas and its attempts to push for a ceasefire. He criticizes the administration for downplaying Hamas's role in the conflict and for suggesting that Israel should not target terrorists. He also points out the administration's efforts to undermine Israeli Prime Minister Benjamin Netanyahu and its support for a potential regime change in Israel.
Banning TikTok in the US
The discussion then shifts to the debate over banning TikTok in the United States. Shapiro argues that TikTok, owned by a Chinese company, poses a national security threat and promotes leftism. He criticizes former President Donald Trump for changing his stance on banning TikTok and suggests that legislators should prioritize national security over financial interests when it comes to this issue.
The Influence of Money in Politics
Shapiro also addresses the influence of money in politics, pointing out how donations from individuals with stakes in TikTok may have influenced lawmakers' positions on the issue. He emphasizes the importance of assessing policies based on their merits rather than who endorses them.
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