tv Washington Journal 07292022 CSPAN July 29, 2022 7:00am-9:01am EDT
on the house budget committee, talks about the economy and the federal reserve's recent decision to raise interest rate. later, georgia democratic representative hank johnson on the january 6 investigation and efforts to expand the supreme court. ♪ host: the washington journal for july 29, the houses in at 9:00 a.m. today, so a two hour program. new gdp figures show the economy retracting for a second straight quarter, a recession, although the biden administration pushed back on that. some say there are troubling economic signs to be seen, and for the next hour, we want to ask you if you are concerned about the current state of the u.s. economy. if you want to let us know what you think, we have divided lines
today. if you make under $30,000, you can call (202)-748-8000. if you make between 30000 and 60,000, (202)-748-8001. if you make over $61,000, you can call us at (202)-748-8002. if you want to text your thoughts on the state of the economy, text as at (202)-748-8003. you can post on facebook and twitter, and you can also call the show on instructor -- follow the show on instagram. 0.2% is how the gross product number fell for the second straight time. it amplifies fear of recession. if you go to "the washington post," similar ratings, recession fears. "usa today," economy shrinks, recession fears rise. if you go to "the washington times," it says gdp drops again,
but by then it denies recession and squeezed american see a different picture. the president made comments on the recently reached a deal between schumer and manchin on climate issues and was asked if or responded to if the u.s. was in a recession. you can see the whole thing on c-span, but here's a portion from yesterday. [video clip] pres. biden: chairman powell and many of the significant banking personnel and economists say we are not in a recession. let me just give you what the facts are in terms of the state of the economy. number one, we have a record job market, record unemployment of 3.6% today. we have created 9 million new jobs so far.
businesses are investing in america at record rates, foreign businesses are investing in america. hundreds of millions of trillions of dollars. $100 billion in semiconductor investments already announced by intel, texas instruments, and samsung. or than 100 billion electric battery businesses, general motors, hyundai, tesla, and more. last week, sk republic of korea corporation announced $22 billion in new investment in semiconductor batteries, chargers and other devices creating 60,000 jobs here in america. this is probably the strongest rebound in american manufacturing in over three decades, creating 613,000, 613,000 manufacturing jobs.
passing the chip field is going to put another 70 -- chip built is going up at $72 billion in tax credits to expand semiconductor production, and the inflation reduction act will add $370 billion in clean energy tax credits and reconciliation, including accelerating domestic production of solar panels, wind turbines, batteries, and critical materials processed. that does not sound like a recession to me. [end video clip] host: that was yesterday at the white house, you can see the whole press conference on c-span.org and c-span now. you may agree with the president or not, but as far as your concerns about the economy, if you make under $30,000, (202)-748-8000. between 31000 and 61,000, (202)-748-8001. (202)-748-8002 if you make over $61,000.
the wall street journal rights under the headline, recession or not. he says to be sure of the second quarter go flying and adjusted gross domestic product was misleading, and they explained the first quarter drop of gdp and employment still growing, but even so, activity has ground to a halt. spending by households and businesses did not grow after averaging 6% and the other quarters. monthly data suggest consumer data is flat or falling, especially on goods and not just the ticket durables. spending on groceries is down over the last six months. inflation has masked the scale of the slowdown. we will hear from you and what you think about the state of the economy. rob in new york, under $30,000, oh ahead. you are first up. good morning. caller: good morning, pedro. you know, our government told everybody to go shut down their
businesses, that put millions out of work, and then these same people go back to work, and the government claims there are new jobs? what a load, pedro. you let biden and his team just go on, all nonsense. host: as far as the new jobs thing, why don't you believe that? caller: why don't i believe it? because i have lived through this pandemic. i watch our government shut everybody down. my wife and i both lost our jobs. this is not like a conspiracy theory, pedro. host: are you currently unemployed, both you and your wife? caller: yes, we decided to retire. we are living off our savings until social security kicks in, so that is the way that goes. host: lee otis from georgia is next up. go ahead. caller: yeah, i'm a little worried. the democrats do a better job
like the republicans of we are not getting any help from the republicans, and we can do it but we need a little help. biden cannot do it all by himself. we need it coming from the republican party, but they have no platform. host: as far as the current state of the economy, how would you see it? caller: i would say it is poor. you cannot blame one party. one party is trying to do everything they can for you and it is getting blocked on the other end. we are supposed to be the united states, and with all this race, divisiveness, and negativity with the republican party and those other things, we need to prove we can be united. host: when it comes to matters of the economy, what would you
say the democratic party is currently doing to help out? caller: i think we got a little more help from kyrsten sinema and manchin. we cannot force things through but if we pass things, maybe the economy would be better. host: in the last couple of days, senator manchin and senator schumer have come to an agreement on something called inflation reduction act of 2022. you heard the president reference it, and when it comes to the details, a bit of a breakdown. when it comes to revenues being raised, they estimate 30 700 $37 billion, and attacks that would raise hundred $13 billion of prescription drug reform that would bring in another $288 billion as far as revenue, and then beefing up irs taxes would add another $124
billion, and that -- something called a kerry investment loophole for wealthier people, $14 million coming from that. when it comes to spending, $433 billion, plan for that. when it comes to climate and energy proposals, that total is 369 billion. 460 billion for the extension of the affordable care act, leading 300 billion from the revenue raised for a total deficit reduction. that was the deal they came to pass the last couple of days, so, it still has yet to be voted on in the house. you can bring that into the mix when you want to talk about matters of the economy. david in california on the line for those under $30,000. we divided the lines differently today. david in riverside, go ahead. caller: how are you? host: find thank you. good to hear caller: -- caller: good to hear. i think the democrats don't seem
to want to tell us the truth. yesterday we had two consecutive quarters of gdp and they told us it was not a recession, and the press secretary told us that, janet yellen, even president biden told us that. how can you tell us something we know is not true. and then the media knows and they say it isn't a recession. we have fears it will turn into a recession, so the democrats the night gender, they deny -- deny gender, marriage between a man and a woman, they use words and weapons of deception. host: as far as matters of the economy, how would you describe the economy as you see it? caller: i think the economy is recovering from the shutdown, and i don't think you could shut down the country over a virus, that did not seem logical to me. host: you are saying the economy is in a recovering state? how would you describe that?
caller: we have more time and all kinds of problems because of the shutdown. people who don't go to church, you don't even see grandma, you don't see anybody, what does that do to a society? have we ever try to shut down a society and study what happened? john hopkins did a study recently and they said it increased crime shedding down the whole country, drug addictions, every kind of violence. you can see crime everywhere. host: let's go to jim in new jersey. go ahead. jim, hello? one more time for jim in new jersey. we will go to alan in scottsdale, arizona. good morning. you are next. caller: good morning, pedro. so, we talk about the scenario
of the economy and the amount of spending going on is ridiculous, but the one thing i want to ask you to do is regarding the cost of climate change and the green new deal, i would like to see if you have nasa come on and we can actually talk to these people because of the amount of new satellites released, especially the one to the sun and mercury. i would like to have a discussion because they can bring a lot to the party, and regarding our climate change, they will also have a new satellite with india to collaborate with india that will be launched this year. host: back to the economy, we are asking people to give us a snapshot of what they are concerned about. how would you answer that? caller: well, i'm a businessman for 35 years, and i'm still
surviving. i think the shutdown of covid has killed the country, but, you know, when you shut down the world, the world shuts down, you cannot gear up and start remanufacturing and getting employees back, so it is a cyclical thing regarding your employees, and the cost of operation, so when you triple the cost of gasoline, that affects everything in the country, and if we are not telling anybody in congress saying drill, baby drill, so that we can increase our supply and decrease the cost of energy across this country in every respect, that is what you have. host: what is your line of business? caller: technology company. i am in the technology company
and mailing industry. host: during the shutdown, use all business dropped, how would you compare it to now? -- you saw business drop, how would you compare it now? caller: the last three months, a lot of people have shutdown from doing direct mail. you never see people at the post office delivering mail like they used to, and the post office has raised rates a couple of pennies because of the cost of gas with 300 30,000 vehicles across the country, what do you expect? there is a dramatic decrease in is this right now in the last three months, that is for sure. host: let's hear from paul and alabama, asking you about your concerns about the economy. we divided the line differently, setting aside a line for those
making between $31,000 and $61,000 roughly, this is paul on that line, go ahead. caller: i noticed they just raised the interest rates again, and they say, you know, supply and demand, and this is the way they want to fight inflation, but i'm not an economist, but it looks to me like when you raise the interest rates, that means interest on my home go up, the interest on my visa card go up or all my charge cards go up. i'm having to deal with less. now -- host: were you talking about the interest rate rise from the federal reserve earlier this week? their plan for that? caller: yes. and they raised their interest
rates twice already, so, now, when they raised their interest rates on my card, the banks are making the money. they are making the money. they are making a killing off of everybody, even when you have a call off. they raised interest rates. the banks are the ones making all the money. it is the same thing with the oil companies. exxon mobil and everybody. you raising the rates on the poor people and the businesses are getting more money. it is the same with j.p. morgan, all these big banks are the ones making billions of dollars. i don't understand how you robbed from the poor and the middle class and give all of this money to the billionaires and you are telling me that that
is how you fight inflation. host: that is paul and alabama. some of the elements of this inflation reduction act that we should do the graphics for earlier, some of the details are being highlighted in the papers today. when it comes to the climate side, and includes $260 billion in clean energy tax credits. these would be extended credits, hydropower, solar, wind, and other sources of renewable energy that would include $80 billion for new rebates for electric vehicles, green energy at home, and more, adding that buyers of new electric vehicles would get a tax credit applied at point-of-sale, and that would apply to vehicles no longer available to existing ev vehicles like tesla and alexa. there is a $300 million payment to reduce deficit overall.
this is the deal you heard between senator manchin and schumer, still being debated about in the senate and perhaps the vote next week on it, as well. you can add that to the mix when you talk about matters of the economy, get where you live and how you are seeing things, talk about the political aspect, (202)-748-8000 for those of you who make under $30,000. (202)-748-8001 if you make between $31,000 and $60,000. (202)-748-8002 if you make over $61,000. this is from hayne, wilmington, north carolina. you are next. caller: good morning. i am saying that the economy is doing very, very poor. host: when you say that, what do you base that on? how did you come to the conclusion? caller: all the prices are up,
and everything is up. and the focus of the government is wrong. the government is focusing on climate change. most people know how to take care of their environment, and i think america has done enough in terms of taking care of the environment -- in terms of climate change. we have done enough. now the rest of the world needs to do their part, and focus on us as people. the government is focusing on things that don't really matter at this time. people are more important than climate change, and here we are as americans. we are in need, prices are going up, and the government is also
focusing on bringing people in illegally. the government is breaking the law, bringing people in, and giving them everything they need, they get. host: as far as what the government should be doing specifically for people, highly need your concerns of the economy, what do you think that should be specifically? caller: just the economy. host: right, but what should the government be doing specifically? caller: stop giving away money to the people who support them. stop buying votes. operate like a first world country. we are operating like a third world country. host: that is hayne in north carolina. "the hill" highlights from that package from senator's mansion and schumer what is known as -- senator manchin and schumer what
is known as k street, they highlight a story saying the climate tax package unveiled stunned big business groups and firms, who have a lot of concessions for corporate clients, with lower health insurance costs, and a host of provisions imposed by powerful industries, the bill would have a 15% minimum tax on businesses, the power to negotiate the cost of certain drugs, close to capital gains tax loophole. the lobby says they are confident it would not become law. senator manchin said he would only support a slimmed-down package that includes tax sites. mitch mcconnell and members of the democratic caucus also. in virginia, dorothy, hello. caller: hello. first, i would like to say i'm
76 years old. i've lived through recessions, i've had a hard life as far as living through recession. i'm retired now, and when i go out to the store, which is only once a week to buy groceries, i see constant lines of people. the cars are driving just as much or more than before the prices of gas went up. people need to learn recession is absolutely caused by people spending money and buying things and products that have gone up. if people would only buy products they can afford that have not raised 2% or 3% over a week, then maybe, just maybe, we would not see this inflation, but people do not know six. they think the president
controls inflation, wind, in fact, it is people who control inflation. big companies will not raise their prices if people refuse to buy products that have gone skyhigh. host: republicans have said that spending proposals by democrats, including the american rescue plan, has added up to what we are seen as inflation. do you accept that line of thinking? caller: no. the people who got money -- except for the big companies, and i don't think they should have gotten bailout money, but to people like myself are retired, we needed that money to live, to eat, to put a roof over our head. that is not what caused it. what has caused it are people who refuse to live within their means. people who have large amounts of money are going to spend it. my granddaughter works at an ice
cream place. she just got out of high school for the summer. they are charging $15 for a pint of vanilla ice cream. i'm sorry. there are lines at the place where you buy ice cream, and they get it that way. there are lines of cars. people buying this expensive ice cream. i mean -- yes, go back home and complain. host: that is our viewer in virginia, one of those people pushing back on the administration's take on whether there is a recession or not. the house minority leader on the floor yesterday. you can see that speech on c-span for about 20 minutes. here's a portion. [video clip] kevin mccarthy: we all know what caused inflation across this country, democrats winning the house. the senate. and the presidency. now you are doubling down on the same failed policies.
was the worst inflation in 40 years not enough? are they trying to see how high they can get it? while forcing the american people to pay the bills for your failures? democrats just cannot help themselves. they simply don't care about consequences, which brings me to this morning's news. the bureau of economic analysis announced the gdp fell by .9 in the second quarter. not sure, mr. speaker, if everyone is lined up to talk about that today. this comes after 1.6 decline in the economy in the first quarter, so half of this year our economy shrink. it is no wonder an overwhelming eight in 10 americans feel the economy is headed in the wrong direction.
and the national federation of independent businesses is a survey of small businesses that found confidence is at its lowest level in 48 years, but i guess that is prudence fault -- that is putin's fault. every week the american people know we are able to buy less with the money we have. every week at the gas pump, we are paying nearly twice as much to fill up our tanks. every month the american people know when they get their pay stubs that they are making less and real wages. and every day the american people understand the simple truth, we cannot afford democrats failed policies. we are certainly paying for them. of course, president biden and speaker pelosi will not admit it. the response to rising prices has been issued dismissals,
denials, distortions, and deceptive. host: how you see the economy, if you are concerned about the economy, donna, in florida, good morning in vero beach. go ahead. caller: thank you for taking my call. i was kind of amused the gentleman couple people back was talking about the interest rate that it has gone up twice. lest we forget the 10%, 12%, 13%, whatever it was in the 1980's for mortgages. if we lived through that -- this little 2%, 3% interest is minuscule in comparison. i think we have forgotten all that. you know. i have not.
i had to pay her mortgage for a while that was that high, but, you know, it worked it out. i'm now retired. i own my home, but i still feel -- host: current gas prices, current food prices, do they concern you at some levels? do you factor those into your day-to-day expenses? how does that work? caller: as a retired person, every week you go shopping. what can we do with that this week? it is like the dollar bill has shrunken down to pennies, you know. it takes many more dollars, but, yet, our young people today who have not experienced what we have gone through in the past want everything, and they want it today. got to have a new house when they get married, got to have new furniture. of course, the lenders are out
there doling out the money because they are collecting 24%, 28%, you know. it is astronomical what these young people are facing, and they don't even realize what happened to them. host: that is done in vero beach, florida. we will hear from another floridian in plantation, florida, paul. caller: good morning. i don't think there is any subject where politicians can word craft and live more than the subject of the economy. the reason for that is because people don't understand the interaction of the larger economy. they understand how it affects them, but they don't understand what would happen and then it affected them.
one of these areas as employment. the democrats have been lying about the employment rate because what actually happened during the biden administration, they have not been creating jobs as they have claimed because just as last month, the total number of people employed equaled what it was before the biden administration took over, and that is the truth. so they think they are doing really great, but the problem with that is during the biden administration, thousands of other people came into the employment arena, so how does unemployment stay low? it is simple, the same thing they did for obama. they reclassify them as no longer looking for work, and that explains why the labor participation rate keeps dropping, so these are these complicated things that are facts.
it angers me that the press lets them get away with all of this because they know better. depressedadministration is lying about the labor figures, and they know they are hiding these people as nonparticipants when really they are unemployed and the unemployment rate should be a lot higher. host: next in medford, hello. caller: good morning, pedro. people blame the democrats for everything now. doesn't anybody forget that the former president did not react to covid at all? they shut this country down. as far as trying to get back on track, the administration is trying to get things straightened out.
[indiscernible] i also believe that former president engaging ukraine and putin is affecting gas prices. i wish people would have a longer memory than what seems to be happening. host: when you hear kevin mccarthy and others talk about spending in the administration, you don't attribute it to now as far as economy, inflation or other things like that? caller: i believe the spending going on right now is affected by the trump administration. that's what i believe. again, i am 72, i remember the reagan administration and i paid high interest on my home. i refinanced and got 7%. i did not have a brand-new home or new cars.
that is part of the economy. everything must be now. that is the idea of working, saving, and trying to slowly build up. everybody wants it now. host: pat is philip. we will continue for the next half-hour. call us and that us know what you think, text as, too, at (202)-748-8003. when it comes to matters of recession, the washington post has a story looking at the eight economists that determine if the u.s. indeed is in a recession. they write that democrats and republicans began arguing over this idea of the recession, but the official pronouncement has come down to a small group of economists elected by the bureau of economic research called the business cycle dating committee, which stubbornly takes its time and tries to wall itself from political interference. the stakes for the group are high, in part because of the
extraordinarily unusual economic additions two years ago after the last recession early in the coronavirus pandemic. the economy contracted in the first quarter of the year, and many state recession is here already with thursday's release, but from president biden down, they are pointing at other indicators. if you go to this national economic bureau research website, they offer a definition of how they see recession. in part it reads like this, "the national bureau of economic research traditional definition of a recession is a significant decline in economic activity spread across the economy and lasts more than a few months. the committee's you is that while each of the three criteria duration and depth needs to be met at some degree, extreme conditions are fielded by one criterion, which may offset weaker indication from another." there is more on their website if you want to check it out for yourself.
you can read how they look at recession. we will ask you about the economy and what you think where you see it. in jamaica, new york, hello. caller: hi. i wanted to start off with the reasons why we are in a recession right now is the fact that companies have received tax breaks and are not giving fair and competitive salaries to workers, and i, myself, and my peers, even though we are employed, we are seeking work because we are trying to have an increase in salary, but every time i search, my salary is much lower than what i'm making right now, and i feel that is a part that i feel is unfair because these companies are getting tax breaks but they are not offering competitive salaries at an appropriate amount. and we are facing increased cost
of living with groceries, and the ratio is off. it is not balanced how it is supposed to be. we have to pay all of our bills, and then we have to ration a small amount to food. i feel as if the quality of life is not good at all right now. host: what kind of work are you looking for? caller: i it is more so i do graphic design and user experience design, and from what i have been seen in that particular field, we are supposed to make anything between like 85 to like 95 k, but as i am trying to look, they are offering 60,000, and my peers at work, they are saying
that right now they are stagnant in their positions like me, so we just are complacent in our position until we can find something offering more because as we are seeing, we own houses, and we are trying to pay our mortgage, and we are also trying to pay our credit. we are paying our loans off, and it is like everything is going up, including the interest rate. it is almost like we are underwater and we are just sinking, like we are having a hard time finding air to breathe. host: that is charisse and. let's hear from cheryl in flint, michigan. caller: hello. how are you? host: fine. thank you. how about yourself? caller: i'm doing peachy. i would like to talk to you about the economy, and i do believe we are in a recession, and i and my husband both are
retired, but i went on disability before i could get enough retirement and get a pension, so we are living from paycheck to paycheck. i am on medicine, which i take 21 pills a day, and a lot of them are not cheap. i had to have cataract surgery done on my eyes and new lens put in, and that was thousands of dollars, but the card is helping some with the cost, but when it comes to food, it is catch-22 because the food is so expensive nowadays and the gas, you cannot go anywhere. when i left out as administrative assistant, i was making 30,000 to $40,000. nowadays they look at jobs that are comparable to what i used to
do back in the late 1990's, and they are asking $13 for an administrative assistant per hour. that is not going to get it. if you take our social security and divided up into the monthly assets between my husband and myself, we only get $2600 a month, and that is not much to live on, and we are not eligible for food stamps because you make too much money. host: go ahead and finish your thought, cheryl. caller: so i am just telling you that a lot of things are backed up, and it started with cargo boats and all of them sitting there, not giving out what we need and everything going there on the shelves.
-- going bare on the shelves. and you look at ukraine, and we feel so bad for them, and were helping them out, but nobody is helping us at home. host: that a cheryl in flint, michigan. to the health aspects with the inflation reduction act you have heard about under the health care and drug section, it would dedicate $64 billion tech standing for three years the affordable care act that kicked in under the 21 american rescue plan. 13 million people got subsidies and would be spread from higher health insurance premiums they would see next year without the extension. this measure also allows medicare to negotiate the cost of prescription drugs with pharmaceutical companies, a longtime goal of any democrats opposed by the drug industry, which says it would stifle innovation. one of the people talking of this package was senator
schumer, the senate majority leader, yesterday, talking about what he says the deal would do for people in the economy, overall. [video clip] >> it has been a momentous 24 hours here and congress. legislative one-two punch to the american people rarely receive. a little while ago, the house voted to approve the largest lowering costs, increasing any affection, investing in science and helping to fix our semiconductor prices. after three long years, it now goes to the president's desk. and last night, senator manchin and i announced an agreement on the reconciliation package. the inflation reduction act that will finally deliver on some of the biggest challenges facing the american people, lowering costs, fighting inflation, fighting climate change, and making health care more affordable in this country.
again, the past 24 hours have been a legislative one-two punch that americans really see, and will benefit them immensely. a bill to supercharge american industry and a bill to fight inflation and marked a turning point in our fight against climate change. you know, for years, decades even, at many in washington have promised to address some of the biggest challenges facing our nation, only to openly fail to deliver. with inflation reduction act of 2020 two, the senate democratic majority will finally take on pharma and lower prescription drug prices. this senate democratic majority will tackle the crime and climate crisis with urgency and vigor. this senate democratic majority will ensure the wealthiest corporations and individuals pay a fair share in taxes. and this democratic majority will reduce the deficit.
by a wide margin, this legislation will be the rudest pro climate legislation congress has never, ever past. this legislation fights the climate crisis with urgency that the situation demands, and puts the u.s. on a path to reduce by roughly 40% emissions by 2030. that is a very strong goal, and this gestation puts us on the path to do it, all the while creating new, good paying jobs near and long-term. this morning, i met with democratic colleagues to discuss this bill and discuss the path to passing it in the next week in the senate. i expect the remaining work with the parliamentarian will be completed in the coming days, and the senate will vote on this
[end video clip] transformative [end video clip] legislation next week. host: we will hear from troy in new york in west avalon. caller: [indiscernible] hi food costs, high rent, high everything. [indiscernible] i don't see how they can give me social security. on youtube, i cannot get a grant for my business. what is up with that? host: idaho falls, idaho. hello. caller: how are you doing,
pedro? good morning. you guys do a fantastic job. i just wanted to bring up something i don't hear a lot about. lately, all this economic news, the natural gas, i mean as the debt goes up and up, inflation becomes more of a probability. that is really what i think is happening in the big payment scheme on an economic basis. we just heard, you know, them talking about the democrats, this monday, and i think our natural gas is up about 30, 30 $3 trillion or something like that? and you put it with recent gdp,
and that is what they look at. the last couple of years, we have been increasing a greater percent of the gas then there is gdp, and you can see those sort of numbers back in world or two, when they went crazy to fund a war. there is a whole lot of unknowns out there. what is going to happen and here they go with another bill on climate change, etc., and i think that's pretty good, but there is a lot of politics talk, and it is 40% of what? methane? co2? we are not that down, america. and [indiscernible] host: your signal is breaking up
a little bit, so we will go to tom in new jersey. hello. caller: hello, this is janet, not tom, but, anyway, i'm concerned. i'm concerned about the economy, and i think most people are, but i think [indiscernible] to direct people's attention to their own problems while losing sight and keeping them from really looking at what the politicians are doing to this country. i know it is a problem because i go to the stores, i see the shelves. they are getting less and less on them and more and more different products you have not seen. you go to some of the stores and you see shelby not only empty but removed from the stores. it is critical, and people are concerned about that, but it is a deliberate attempt to keep people from thinking about what politicians are allowing to happen in this country.
with the chinese buying up our agricultural land into our educational systems, they are pushing this woke agenda on climate change, and i think most people are responsible. they really have responsibility when it comes to the climate. they do care about the environment. they try to recycle, do what they can, grow their own food at home, some of them, especially in our areas, and i do believe the claimants do change, but there were no carbon emissions until the end of the ice age, so i don't know where all this is coming from. host: raymond is next. he's in florida. hello. raymond from seminole, florida. caller: hey, how you doing? host: you're on, go ahead. caller: ok. the main reason i had the concern with the economy was actually, last year, i had a drag down argument with my brother. he is a socialist and believed,
you have to pay everyone $15 an hour, everyone can afford that, every small business, and me and him ran a small business. unfortunately, we went out of business. his name is joe, i said, joe, we could not afford to pay people $15 an hour. we had a good business. how do you expect everyone to pay $15 an hour? i told him as a year ago. what happened was when we paid people to stay out of the workforce and pay them extra on unemployment, gave them $600 a week, aching $3000, we broke the american will, the will to work and be productive. so what has that done? now when you buy a hamburger at mcdonald's, it used to be three dollars, four dollars. now it is six dollars and 6.50 dollars because those people used to get paid at unskilled labor at eight dollars, nine dollars, are now getting $12, 13 dollars and $14. that is simply economics.
they can sit and talk about the pipelines, the fuel, and, yes, that does contribute to it, the war, but the bottom line was they wanted the $15 an hour, and they got it. host: that is raymond in florida. we heard from the senate majority leader chuck schumer. now let's hear from mitch mcconnell, senate minority leader, about issues of the economy, including these proposals by the democratic party on the democratic side. here senator mcconnell from yesterday. [video clip] senator mcconnell: democrats inherited an economy that is primed for a comeback and probably ran it straight into the ground. -- promptly ran it straight into the ground. of course, they don't need statistics to tell them today's democratic party is a walking, talking economic disaster. democrats' ale years are causing working families personal pain on a daily basis. americans know democrats cannot
be trusted. they know every time they fill a gas tank, every time they check out at the supermarket, every time parents stay up late at the kitchen table trying to figure out which bills they can afford to pay. because democrats fed us into inflation. 90 million american households say they are having a hard time meeting expenses. 90 million american households. the average household in this country is having to pay an extra $5,300 and climbing every year, just to tread water. democrats inflation is fueling more than -- stealing more than $5,000 from the average family per year. like the super majority of americans already knew before this morning, it has driven the country into recession. a few years back, our colleagues and senior senator from west
virginia said "i don't think that during a time of recession you mess with any of the taxes or increase any taxes." but, alas, yesterday, democrats announced a plan to do exactly that. the democrats erupt american families with inflation now want to rub their country a second time to a gigantic job killing tax cut. apparently, democratic colleagues don't want to be responsible just for skyrocketing prices alone, they want americans to be faced with skyrocketing prices and higher taxes and fewer jobs. all i the same time. -- all at the same time. [end video clip] host: here's john from california. caller: good morning. i'd like to say that we are in a recession, and if you have a 401(k), you know you are in a recession. for myself, the 10% inflation
prohibits me from getting a 401(k) because i have to spend it on goods. the way i see it is that if they keep inflation high, the people that profit are the corporations, so they want to tax the corporations so they keep inflation high, but what it means is we pay it, not the corporations, and repay all this extra stuff. it comes out of us, out of our savings. it comes out of our 401(k)s, and comes just right out of our pockets and prevents us from getting ahead in the world and keeps the people down. so, obama had $30 barrel loyal, biden needs to have $30 or $40 barrel oil, and that would stop a lot of the problems we have today, but he is not doing it.
that is the solution, lower the energy prices. host: let's hear from jane in virginia, hello. caller: good morning, how are you doing? host: well, thanks. caller: that's good. anybody can see we are in a recession. i mean this is unreal. the government that we have that have had 50 years have created every single problem that we have in this country. there is not an issue that you can touch. i have been out here for 30 years. back when i first started, he got as many miles as he got away with. about four thousand miles a year. then they come in and regulate that. you cannot drive more than 4500 miles a week. so what do you need? more drivers, more trucks, or pollution. -- more pollution. that is how we have the supply chain demand issue. we don't have enough drivers. why? because the government thinks they know better.
every single issue we have in this country goes right back out up there in d.c. it does not matter what it is. look at inflation. they even have a different definition. inflation started and all economic advisers said it is transitory. now we are in a recession. we are not in a recession, i'm not paying $300 a week and groceries. it's my imagination i'm paying $300 a week and groceries. i mean -- we need a change. host: that is james and virginia. let's hear from barbara new jersey, high. caller: hi, how are you? host: fine, thank you. caller: i am going more or less with a question. i read and i heard that fema gives our tax dollars to catholic charities, and they in turn give the money to the
people crossing the border, and they replenish that card every month. is there a way you can find out if that is true or not? host: as far as the matter of the larger economy, how does that factor into that? caller: well, it is my tax dollars, so the economy is so high, they are able to get food, they are able to get clothing, people who are struggling who our american citizens are not. host: barbara new jersey, i would advise you to go to our website as far as refugees and assistance for those coming into our country. we have done segments on those in the past, so they may answer some questions for you. if you go to our website at c-span.org, you are welcome to look that up. by the way, the website and other platforms later today, you will hear from house speaker nancy pelosi.
she probably will be asked about matters of the economy and other things the house is considering. that is scheduled for 10:45 today, and you can watch it on c-span2, c-span now, our app, and the website at c-span.org for speaker pelosi's weekly briefing. and a rare show of bipartisanship on the ballfield, republican lawmakers emerged tori is at the annual congressional baseball game for charity and washington, d.c., after a rain delay. republicans were up four, democrats zero in the fourth inning and then ultimately won, shutting them down 4-0. the lawmakers played it on national park field where the nationals play. they continued the bipartisan tradition with the first game played in 1909. this is held as a fundraiser for local charities in washington, d.c. metro area.let's hear from one more call on this topic of the economy. tammy from from wylie, texas.
good morning. go ahead. sammy? caller: i just want to know why people that are making the lowest money are the ones all of a sudden almost homeless? we cannot collect anything. we worked through the whole pandemic. we have gotten covid a couple of times. we got vaccinated, we got our booster shots, and you just forget about us and let us be homeless? i mean i don't understand. and then the people at my job are bringing all these hispanics in coming across the border because they are related to somebody else, paying them cash, and they don't even give us a regular paycheck, and then they keep changing your schedule to where you can barely make it working two days to three days a week. i don't understand this new government. i don't understand this new world. host: that is tammy, wylie, texas, finishing off this hour
of calls. those who participated, thank you. the house expected to come in at 9:00 today. we will hear from two legislators before this hour is done. first, a representative jason smith, top republican on the budget committee talking about the economy and related issues we have been talking about this hour. later in the program, a same type of discussion with democratic congressman hank johnson of gorgeous. we will also -- hank johnson of georgia, and we will also discuss his plans to change the supreme court. tv every sunday on c-span2 features leading authors talking about their latest nonfiction books. at 8:00 p.m. eastern, journalist glenn greenwald talks about
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"washington journal," continues. host: this is rep. jason smith on the ways and means committee. thank you for joining us. when you saw those gdp numbers yesterday especially when it comes to a recession or not. guest: we are clearly in a recession. any time have two consecutive quarters of negative gdp growth it has been a recession. i know that the white house is trying to redefine a recession, but the american people know. polling even shows two thirds of all americans believe that we are in a recession. the numbers show we are in a recession. real wages have decreased by 5.1% since biden became president.
real wages have declined the last 15 months but the 105 months prior to that, real wages had gone up. americans are feeling the pinch. they are feeling record inflation, it has gone up 13.8 percent since joe biden has taken the oath of office. it is harder to put food on their table and gas has been up 93%. host: you talk about what you relate that to, what do you attribute it to? guest: this administration has nothing to do with trade. they have spent like drunken sailors. the american rescue plan that was passed last march. 2 trillion on spending.
$400 billion paid people not to work. that is why you see help wanted signs across america because that bill spent 400 billion to pay people not to work plus it went towards the have trillion -- one have trillion. 2 million to plant trees, $5 million for a moonshine trail and 250,000 for pickle ball courts in michigan. what americans really get upset with is 783 million for checks to prisoners including the boston marathon bomber. stimulus checks to japanese citizens living in japan. that is why inflation is at 13.8%. host: we saw covid spending
under the previous administration does that contribute to it? guest: in 2021, inflation was at 2.1%. -- 1.7 percent in february of 2021. the american rescue plan was passed in march and inflation started like jet fuel. even larry summers said that if you pass this bill you will see inflation skyrocket. it is not just that 2 trillion spending bill. they passed more than $7.5 trillion in new spending on top of just funding government. for the listeners to understand what $7.5 trillion is, imagine
if you spent $10 million a day since jesus christ was born, you could not even spend $7.5 trillion. the democrats proposal to fix inflation is to spend your way out of inflation. they want this new build back broke bill as i call it. to add hundreds of billions of more dollars to the deficit. you cannot spend your way out of inflation or tax your way out of recession. host: if you want to ask him questions (202) 748-8000 for democrats, (202) 748-8001 for republicans and (202) 748-8002 four independents. $300 billion directed to deficit reduction.
you don't believe that will be the case? guest: the bill is over 700 pages. we are going over it with the house republicans right now. they want to give $80 billion to the irs so that they can look under every rock and leaf of every farmer and small business owner hoping that if they spend 80 billion they can find 200 billion. they don't believe those farmers, though small businesses are paying their fair share of taxes. and they feel if they hire more irs auditors, the last time they propose this tax gap proposal they also wanted to monitor all americans banking accounts. that is not with the american people want. joe biden, chuck schumer and
even secretary yellen has said repeatedly that when you are in a recession, don't mess with the tax code. don't spend more money. but for some reason, they are all retracting on their prior statements. their recipe to fix this economy is to spend hundreds of billions more dollars. host: as far as the irs, do you think everyone who pays their taxes pays as much as they show? guest: you don't need to double the size of the irs. the irs, is the most feared agency. the last thing they want is for it to be doubled to equip them with 80 billion more dollars. is the irs asking for this or is it administration? administration? i have asked those direct questions to the irs
commissioner and i have a lot of concerns. host: what have they said? guest: he said he would get back with me so i am waiting for that response. that was in the last couple of weeks. i would love to see who is asking for this $80 billion? is it the white house or the irs? host: we will start with joe from new orleans on our line for the democrats. joe, thank you for calling. caller: good morning. the republicans always complain that we never have a solution. they never say what republicans are going to do, all they can say is that the democrats don't do a, b and c. you did it with president obama, you are doing it now.
all you do is say no and complain. you conveniently forget that there was a pandemic. there are people who died so therefore there are positions, jobs that are open that are not being filled because there are not people to fill them. you always complain but do nothing when you get an office. when you start off saying that republicans are doing this to relieve the pain of everyday citizens and not help just billionaires and millionaires as you did when president trump was in office then you will have something that is valuable to offer the american people. that was joe from new orleans.
guest: i can give you some solutions. the problem is that democrats control everything in washington dc. they control the white house. when we all vote together we still lose unless democrats support us. the best way to get out of this economy is to stop the reckless spending. we don't need to spend 140 million on luxury hotels or $1.2 million on the golf course. i grew up living in a single wide trailer next to my dad's auto repair shop. my mother worked on the assembly line putting carburetors together. i know what it is like to not be able to put food on your table because that is what my parents struggled with. i know what it is like to not
have running water because my grandparents never had running water until i was in college. i can tell you the policies that will help america and will help working-class americans is to stop the reckless spending that goes to golf courses and country clubs and have substantial tax relief. i was one of the co-authors of the 2017 tax cuts. after that past, we sell real wages amongst the lower 50% of americans increase faster than the 1%. we saw a family of four who makes less than 62,500 have a tax cut of $4500. under the trump administration, we saw a real wages rise 4.9 percent and just a year and a half.
we saw the lowest unemployment rate in 50 years. in fact, a record unemployment rate for african-americans and hispanics. it is because of the policies of free markets, and less spending and less regulation. those are the policies that the republicans are offering. those are the policies that worked under the best economy in a generation. host: this is chuck from georgia on the republican line. caller: good morning. the mansion and schumer deal i know they have money for the green new deal. i wish she would tell the american people how much of that money is going to china. i don't think we have the capability to do solar panels, wind turbines. most of that money is going to go to china. his son was over there in china,
how about that? can you explain that? guest: i think you would have to ask democrats why they would want to send millions of dollars to china. when you look at the green provisions that just came out, the electric vehicle tax credit is included in that. guess what? batteries for electric vehicles are created in china. when you talk about billions of dollars going to china you are exactly right. i simply can't understand why you would want to enrich china. why you would want to create more dependency on china, especially those batteries for electric vehicles. we need to stop hundreds of billions in spending and stop increasing taxes by hundreds of billions of dollars. that is what this proposal does. what we can do to stop inflation is to stop the spending.
we can do a rescission build to bill to pullback that emergency funding. when you are thinking about $24 trillion of public debt right now, which will increase by 2052 to be 130 8 trillion with interest rates going up on the same day another .75 basis points. interest rates have risen the fastest than they have in 40 years. with interest rates rising, our interest expenses are only going to increase. in just a couple of decades, our interest expense will be more than social security, more than medicare, more than all of
discretionary spending and that is not a good recipe for our country. host: a corporate minimum tax would raise billions of dollars. what is wrong with those approaches? guest: there is plenty wrong with that. look to the late 1980's with the minimum tax. it only lasted for two years because it didn't work. it is the wrong recipe for turning this economy around and it is been proven not to work. when you talk about the drug fixing, it is a disaster. we should be investing in innovation, not stopping innovation. if we want new drugs on the market, if we want cures this is
not the right prescription to have cheers. host: a portion of that will let medicare negotiate for drug prices. is there anything wrong with that? guest: we can do that by making it a free market approach. that is why house republicans have came up with an alternative but it goes to a dead wall with nancy pelosi and chuck schumer. we have an alternative to lower drug prices. host: from arkansas on our independent line, this is ken. caller: i have a comment and a question. the comment is you should learn some economics.
as far as the question, the deal was senator manchin also increases the taxes of the richest individuals. think you, goodbye. guest: close to my home state and missouri. i would also encourage every viewer to google recession. if you google recession it will say that a recession is two consecutive quarters of negative gdp growth. why is this administration so bent on redefining terms? if they spent more time addressing real issues that americans are facing rather than redefining a man or a woman or whether they want to redefine what a transition is. this same administration set a few months ago that inflation
was transitory. this administration also followed up that said inflation was a result of proven invading ukraine. before any invasion, inflation was already up 7.5%. they love to distract with things that are baseless. history has proved that based on the last 75 years, anytime you have two consecutive quarters of negative gdp growth, it is a recession. the first quarter in the second quarter were down. host: they are looking at a broader picture. i want to get your response to it. >> our market remains
historically strong. we created more than 9 million jobs since i came to office. our economy created more than one million jobs in the second quarter. this same. of this gdp coverage. the unemployment rate is 3.6 percent. secondly, household and his misses continue to move forward. just this past week, sk group from korea was here to announce 22 billion in the investment of semiconductors and medical devices. 200 billion in clean energy investments since we took office. all powering the strongest rebound in american manufacturing in the past three decades. we expect growth to be slower
than last year but that is consistent with a transition to a steady growth and lower inflation. host: representative smith? guest: i would welcome him to come to west missouri or farmington. the statements that he said don't add up. they have to drive over 30 miles just to go to work. they have to work an hour or two just to pay for their gas in their cars to go to work and come back. they are struggling to put food on their table, close on their back and gas in their cars. you can throw out all of the stock market news, the real gdp growth and real wages is what is affecting the folks i represent. 5.1% their real wages have decreased under joe biden in the last 15 months.
the prior 105 months, their wages had gone up. the people are struggling. inflation is up 130% more in rural areas more than urban areas. five dollar gasoline is not working. you can say what you want to say , but real americans are struggling and i would welcome him to visit real americans. host: charles, on the republican line. caller: it seems like the democrats have a recipe of hatred of trump for january 6 and they want to try to convince people that are retired that inflation has not stolen their
money in their ability to buy goods and services. i am furious when i hear people call in an accused trump. trump narrowed the gap more than any other president in history. joe manchin, the question i have is, does he fear the the k street lobby more than the voters of west virginia to switch over and go with schumer on this bill that is loaded with pork barrel spending? guest: in regards to senator manchin it is hard for me to predict why he would support this legislation. to me it appears to be detrimental to the people of west virginia.
there is an increase in the energy industry just in his state. this legislation actually hurts the call miners in west virginia. i hope that he understands and realizes that. i hope the people of west virginia remind him that the tax levies on the coal industries is not helpful, it almost doubles. i also would like to remind senator manchin to go back to his comments from 2010 that he would never raise taxes during recession. this bill raises hundreds of billions of dollars in taxes. i hope whatever the final day comes he would not support this kind of legislation for the people of west virginia. host: we saw the house past that semi-conductor bill, where were you? guest: this bill added mandatory
spending. we have 76% of our entire budget that is in mandatory spending. there are other ways we can support the chip industry. we do need to compete with china and we need to have a supply chain in the united states. there are other ways to do that. having direct federal payment plans, direct mandatory grants that adds billions of dollars to our spending is not the recipe for success. host: china has direct investment, we need to do something in comparison. you don't buy that? guest: increased investment is in need which senator young tried to push onto that bill. those are proposals, those are options that would have direct investment.
host: this is alan on the line for democrats. caller: thank you, thank you for having me on washington journal, my favorite show of all time. i appreciated. i am a longtime listener to it. i would like to ask the congressman, we are having inflation and recession at the same time. i will agree with that definition of recession, the contraction of the gdp for two consecutive quarters. gdp is consumer spending, 50% on government spending, 50% private. consumers are spending less because prices are so high. would he consider the fact that we have seen the price of gas go
up since joe biden first took office. in 2020, the price was too dollar. everything was shut down. you saw spending increase and reach the peak around christmas when people were going to go out, spend money, going on trips and the price of gasoline shot up. that's understandable, they are trying to make some cash. now they say that it is all ukraine's. would you consider the cost of gas, not the price of a barrel of oil, the price of gas over five dollars a gallon, that affects the entire economy. host: we have seen those prices
go down in the past several weeks. guest: in my home state the price of gas is $4.25. without a doubt, when the price of gasoline goes up it affects the economy. when the price of gasoline goes up it affects the pocketbooks of every american. the reason why gas prices are going up is because the policies of this administration. his first week in office he eliminated the keystone pipeline. they have waged war on the u.s. energy sector. we were energy independent under trump in 2020. we are not energy independent anymore and that is because of joe biden. the recent president's proposed budget that was released a couple of months ago, he wants to raise another 45 billion
dollars in taxes on u.s. energy. that will cause gas prices to go up if he has his way. what he has not been able to do by a stroke of a pen they are trying to do through congress. that has not provided any relief to the american purchaser of gas. their answer is everyone needs to buy an electric car. in my district where an average family of four makes 40,000 a year, they can't afford that electric car that cost $65,000. if you look at electric cars, it is the most wealthy. the electric car tax credit, more than 82% of the people that utilize and use the electric tax credit make more than 100,000 a year. it does not help the lower and middle class. host: what will the house look
like if republicans make up the majority. guest: hopefully become the chairman of the committee. peter mccarthy has been working on what we refer to as the commitment to america. the commitment is to turn this economy around. to make the u.s. energy independent. to make sure our freedoms are protected. when you look at the 2017 tax cuts and jobs act. several provisions will expire, that needs to be addressed. we have to look at our trade agreements. this administration has not been focused on trade. we need to make sure which are trade deficit which is almost $1 trillion is addressed. president trump fought all the time to reduce that trade deficit, that needs to be a focus. tax permanency needs to be focused in the ways and means
community. these are items that need to be there. and regards to budget, stop the stimulus. when you look at spending alone, the republican conference will not be doing that. host: representative jason smith, a member of the ways and means committee. thank you for your time. coming up, another member of the house comes in, representative hank johnson to talk about the economy. also, matters he has on the supreme court. all of that coming up on the washington journal. >> american history tv saturdays on c-span2 exploring the people and events that tell the american story. at 10:00 a.m. eastern, presidential historian talks
about how presidents like abraham lincoln, theodore and franklin roosevelt sought refuge from the pressures of their job with sports, fishing, theater and poker. at 2:00 p.m. on the presidency, biographical author and her book a woman of adventure, tells the story of the former first lady who was a trained geologist and joined herbert hoover in her world war i relief efforts before moving into the white house in 1929. watch american history tv saturdays on c-span2 and find a full schedule on your program guide or watch online, anytime at c-span.org/history. live sunday, august 7 on in-depth, columnist larry elder
will be our host to talk about political correctness, the left and racial politics in the united states. he is the author of several books including "10 things you can't say america conch coat and "a lot like me." . in-depth with larry elder on book tv from c-span2. "washington journal," continues. host: representative hank johnson is a democrat from georgia. good morning sir, thank you for joining us. guest: good morning. host: i want to ask you about
these gdp numbers and whether or not we are in a recession how would you answer that? guest: the economy has contracted. last year was stupendous growth, this year, things of pullback. you have to look at the overall economy not in the context of two straight quarters of negative economic growth. you have to look on other data such as jobs, with 2.7 million jobs being added to the rolls just this year. this year is only seven months over, that is not typical for a recession where you have the creation of good paying jobs. wages have gone up. this is not a typical feature of
a recession. the schoolbook definition may indicate there is a recession, there really are not the hallmarks of recession a place right now. host: our previous guest said that democrats are trying to redefine this idea of a recession to avoid taking responsibility for it. what do you think about those criticisms? guest: republicans are famous for criticizing, they don't offer solutions that are practical for the men and women of this country. they are here to support the wealthy corporations and the wealthy individuals who operate globally. when you gave them the keys to the car, the only thing they accomplished was a $5.8 trillion
tax cut, 83% of which went to the top 1% in this country. that was their only accomplishment. this trickle down economic theory that has been deployed by them over the last half-century has resulted in mass numbers of people without adequate housing. the numbers of homeless people caused by republican trickle down economic theories is greater that it any time in the modern history of this country. we are for the people, we are for passing legislation that lowers costs for families.
better paying jobs, that is undeniable. the only thing on the agenda that the republicans have is to criminalize women's health care. they have put politics over people. democratic policies put people over politics. host: our guest is with us until 9:00. the numbers are (202) 748-8000 for democrats, (202) 748-8001 for republicans, (202) 748-8002 for independents. host: republicans would say it is spending that has caused inflation. i will play this from representative mccarthy. [video clip] you will spend more dollars chasing goods all during a
recession. you are going to say, it's ok because you change the definition of a recession. einstein once said, the definition of insanity is doing the same thing over and over and expecting a different result. what you should really do, just change the definition. maybe people won't hear you or understand it. we all know across this country what caused inflation. democrats winning the house, senate and the presidency. and now you are doubling down on the same failed policies. with the worst inflation in 40 years not enough? are they trying to see how high they can get it? all while forcing the american people to pay the bills for your failures. democrats can help themselves.
they simply don't care about the consequences. host: he was referring in part to the inflation reduction act. what do you think? guest: coming from a man who is accusing democrats of changing the definition of recession, coming from a man who has changed his position on january 6 within a matter of weeks. he went to the floor on january 7 and set it like it was. he told the truth about the fact that donald trump instigated the insurrection on january 6 was responsible for it. he even talked on the telephone and recorded calls, he talked about the 25th amendment and the
need for president trump to come clean. in fact, he said president trump told him that he had some responsibility for january 6. and then, to go down to the mar-a-lago and kiss the ring of the king. it is clear that he has no agenda other than politics. republicans put corporations and wealthy individuals above the working people of this country. they did not create jobs and whatever jobs they created were jobs that caused people to have to work two jobs to make ends meet. democrats are establishing well-paying jobs in the industries of the future. clean energy, you talked about
the schumer/mansion deal. that deal is going to produce tens of thousands of good, high-paying jobs that will keep families in a position to take care of themselves and create an economy that the children will be able to grow into and find good paying jobs within. kevin mccarthy is damaged goods when it comes to telling the truth. host: before we take calls, on the supreme court's side, you introduce legislation taking a look at the way supreme court justices get a pointed. what are you trying to do with this? guest: we would place an 18 year time limit on the service of supreme court justices and after
18 years they would go into senior status. a new justice would be appointed to replace them. this infuses fresh blood, fresh thinking and it creates a situation where our courts are protected from being politicized impact as this current supreme court has been. it has been packed by republicans with right wing extremists. they want to criminalize women's health care. they want to end social security and they are supporters of the attack on our democracy and continue efforts to attack our democracy and deprive people of basic freedoms.
that is what will happen if you give the keys to congress to these extremist republicans. their agenda is very simple. one of the things they have done in carrying out their agenda over the years is to pack the court. president trump got three appointments to the united states supreme court in these justices are doing what the legislative branch in the executive branch, both of which are electable and accountable to the people, these branches cannot put in place of 50 state ban on abortion as republicans will do if they take control. they have not been able to do that in the supreme court has done it for them. things like getting the
environmental protection agency to prescribe regulations to cut the rate of greenhouse gases going into our missions. that is the very soul and purpose of the epa and the supreme court has taken that ability away. host: i want get in a couple of calls with you. this is philip on the republican line. you are on with representative hank johnson. caller: thank you for taking my call. you can't define what a recession is. for me, i am in a depression because last thursday all the people on our plant floor was laid off. two, you just made the best case for why we need term limits in
congress in congress and the senate. six years is more than enough time to do good or bad things. 20 years, people just come out of their filthy rich. thank you for taking my call. host: representative johnson? guest: any time a person loses their job it is a shock to their families. it is a shock to them and hurts. the good news is that this economy continues to produce new jobs and so i believe there are shortages in many employment categories throughout this country. he sounds like someone who was not going to lay down and play dead because he had a setback. i think that gentleman will get out and find another job. the unemployment rate is at
historic lows in most states. there are situations where the private sector goes out of business. some business has to shutter its windows and doors and goes out of business. there are other jobs out there. i encourage the gentleman when he gets over the shock of losing his job. when you look up, you will see a great opportunity. 9.7 million people will tell you they are working a new job, a great job and i want to keep it moving like this. if you put republicans in charge, jobs will go offshore. we won't be creating jobs here in america. we will be creating jobs in
china. host: from nate in wisconsin on the democrats line. caller: thank you very much for having me. i was going to point out a couple of things. first, if you stick with the old definition of a recession that gives even less of an excuse for the republicans to complain about spending because one of the ways you deal with the recession is that the government does spend money to boost the economy back out. the republicans should be ashamed of themselves talking about the debt when they cut taxes when the government was roaring. that is the worst time to do that especially when you are worried about the debt. also on mobile warming, what of the things we need to talk seriously about because it is not stopping is putting some sort of fee or charge on all the fossil fuel companies that will
specifically go to preventing damages that could happen and deal with the damages that already have. if you have someone who runs their car into their house, you can see them and they pay to fix her house. the fossil view companies -- fuel companies have wrecked entire towns and they are not paying to fix that like everybody else. host: ok, thank you nate. guest: i could not agree more with that collar. that 5.8 trillion dollar tax code was at a time when the economy was not in recession. the economy was doing decently at that time, although regular people were still being underpaid and overworked.
production was up, jobs were being created but not at the clip that has taken place during the return of the economy during the biden administration. when president biden took office we were in the greatest recession then even the great recession of 10 years ago, 12 years ago. we had lost millions of jobs due to the pandemic and because we came right in and within three months, we had passed the 1.9 trillion injection into the economy known as the american rescue plan. that bill put money in people's pockets. don't forget those stimulus
checks. don't forget the help for businesses, small businesses and large businesses as well. the payroll protection plan that pumped tens and hundreds of millions of dollars into this economy it started creating jobs in this year alone 2.7 8 million jobs created. the work we did to pass the bipartisan infrastructure deal known as the -- investment and jobs act. that was $1.1 trillion pumped into this economy and that is
why we have been able to spring back with record growth last year. it is why our economy is not an atypical recession right now as we speak. our economy has been affected by global inflation. inflation is a global issue. countries across the world are experiencing high rates of oil and gas prices and that is due to the fact that russia started a war in ukraine and now they have been hit with sanctions. they produce oil and gas. and being the producer along with saudi arabia, they control prices at the pump. they are making record profits as are the oil companies.
we have market power concentration in key industries like meatpacking, like prescription drugs and oil and gas. these sectors, there is a concentration, there has been corporate profiteering taking place and that is a big reason why we have such high inflation rates right now. these rates are coming down and democrats in congress are doing things to lower costs for the people. we have just gotten word of this deal was senator manchin, this will enable the drug companies
to negotiate with the federal government on prescription drug prices. at least $800 a year of savings over to people who have these drugs, have these prescription drug needs. we are doing things to lower costs for families. host: joe is in new jersey on the independent line. caller: i want to congratulate the congressman focusing on developing an economic message because i don't really have one. he is onto the two big issues. inflation and gas prices and they are related. most economists i read on a daily basis say that 70% of the inflation and worldwide is caused by high gas prices.
there are a couple of reasons and this is where the democrats need to tweak their message. during the pandemic, donald trump got together with the saudi arabians, opec and russia. they got saudi arabia and russia to in there prize for which they have been carrying on for year. on april 8, an agreement was cut between saudi arabia, opec and russia to reduce production of gas and raise prices. since then, and trump also said at that time that u.s. companies would jump in on such a plan. this nonsense that joe biden killed the keystone pipeline is complete nonsense.
in april 2020, trump brokered and into the price war and since then they have been colluding to drive up the price of oil. u.s. companies have proper tiered along with that. republicans who are blaming it on the keystone pipeline's and biden's policies. there has been nothing done on oil. host: apologies caller we only have a limited amount of time left. guest: i wanted to tell him to preach. i wanted to hear him continue because he was laying down the truth out there. the truth of the matter is that today, ex-president trump is hosting saudi arabia's golf tournament at one of its income producing properties that did so well while he was in office.
i am sure he is quite happy about that. while he is having secret communications before he got elected and during the time he got elected with vladimir putin. the saudis and the russians under putin have been driving the price of gas and the price of oil up. president trump will do the bidding of both saudi arabia and president putin. these are known facts. his son-in-law went to saudi arabia shortly before the election was over. in fact, he was there on january 6. jared kushner was there and he put together the framework for
the $2 billion deal that he got personally from the saudi's. he was a government official and in the president's inner sanctum and his son-in-law negotiating with saudi arabia on the taxpayers dime so that when he left office, he would have a golden parachute and a fluffy bed to lay in. it is not giddy -- get any more fluffy than to billion dollars. host: stephen in virginia on the democrats line. caller: the congressman is doing a great job articulating a message that the democrats are failing with.
on january 6, mike pence would not get in the secret service car. republicans did wonderful work from 2016 to 2022, but the only thing wrong with the economy was covid. on january 21, it is all biden's fault. all of the pain that the country was then, but january 21, covid ruined the trump economy. host: congressman, go ahead. guest: even in times of national emergency, republicans play games and they will put process over people. they have always stood for
putting politics over people. since january 21, we have dealt with the pandemic and its effect on people's pocketbooks. we put people back to work, children back to school. it is always joe biden is responsible for inflation. joe biden is responsible for everything. he is, but he is doing a great job. they are the ones trying to change the narrative, trying to get people to see a different way of the difficulties we are facing. as we move ourselves towards
being off of fossil fuels that are hurting our environment. causing local warming, countries across the world are experiencing it as we speak. we are doing things to put ourselves forward into a future where we control our destiny. i am so glad to be a democrat and we cannot allow these republicans to take over because they will run this economy into the ground. host: representative hank johnson. a member of the oversight committee joining us on the washington journal. thank you for your time. at 10:45, nancy pelosi will hold her press conference. you can see that on c-span2 are c-span now and you can also follow along on our website. that ends