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McCarthy: Hyperinflation is coming if this bill passes - YouTube
Channel: Fox Business
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house republican leader kevin mccarthy
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because mr leader all the action could
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be on the floor of your house looking
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straight ahead and by the way i i want
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to thank you so much for your generosity
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of time to come back today and give us
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your update
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well i'm glad to be back because it
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changes minute by minute
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they have a new bill with a new tax
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every couple minutes here but remember
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the damage is still there what they're
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wanting to do do not view this as two
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separate bills it is one bill and do not
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view it as a bill that's less than two
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trillion because what they're doing is
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they're playing shell games it is still
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the programs that are in there they're
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dialing them back it's still going to
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cost you 5 trillion and the biggest
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revenue raiser to pay for this bill
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is to spy on americans it is to make
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sure they go after they add 87 000 irs
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agents
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that's bigger than the population of
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scranton pennsylvania the president's
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hometown simply to look at people if
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they've had ten thousand dollars in the
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last year that means if you spend twenty
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eight dollars today
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you meet that criteria
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that's the 400 billion
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i'm looking at one of the score cards
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here yeah four you're right it's
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absolutely out of the two trillion
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they've identified in higher taxes
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uh irs they call irs investments to
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close the tax gap which is utter
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nonsense um
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kevin let me just ask you a couple
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things as i saw it
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biden president biden goes up to the
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hill speaks to the democratic caucus
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this morning
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says please pass the infrastructure bill
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and pass the human infrastructure bill
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whatever build back better
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uh i'm going to the climate conference
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in glasgow and i you know i need to show
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the world that we get things done and so
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now we're meeting uh it's 4 p.m this
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afternoon
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and there's no votes on anything
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so is that you know do i have that story
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right nothing has happened
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you have that story right this is going
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to be like the old cartoon charlie brown
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president biden's charlie brown nancy
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pelosi is lucy holding the football he's
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going to run up one more time like he
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did last time when he came to capitol
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hill she's going to pull the ball out
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from under him he's going to fall flat
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on his face on his back and what he
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thought was going to be some hope that
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sitting outside for for the foreign
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countries is going to show that no the
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democrats cannot run america that's why
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gasoline's price is high that's why our
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borders are open but now they want to
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give 10 million people amnesty they
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really are pushing today because they're
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worried about the governor's race in
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virginia that's what this is all about
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and they're going to fail again
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is there so i know you regard them as as
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one package together
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um but people were talking today pelosi
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and others about an infrastructure vote
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i guess trying to whip up uh progressive
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leftist people to vote for it is there
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going to be an infrastructure vote
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i don't think they'll get an
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infrastructure vote because what
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the president and the speaker have said
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always before you've got to view them
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together now they change course and say
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well let's vote on infrastructure and
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they put some framework they call and it
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changes by the hour of
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what they put on the second bill and
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they think the progresses after looking
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at the framework would vote for the
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infrastructure bill that's not going to
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be the case here
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too many taxes too much damage for this
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country and
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how do you put a couple trillion dollars
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in a 2500 page bill and drop it today
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and ask people to vote tonight
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yeah well that's a good point so you
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think an infrastructure vote not to
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build back better but you think an
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infrastructure vote would fail
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i it will fail
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that's right that's very important thank
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you for that um they've been listening
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to your show they want to save america
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they want to kill the bill
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would that that were true but thank you
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for saying it sir we appreciate it very
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much um you know this uh i know that
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cinema and mansion or cinema
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particularly center cinema whittled down
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uh tax hikes got rid of the corporate
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tax hike um
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the capital gains tax hike and the uh
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individual personal taxes but kevin as
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undoubtedly you know
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they've got a 15 minimum tax on
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corporations they're taking the 20
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deduction away from small businesses uh
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they're trying or it's been discussed or
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ron senator wyden still believes he can
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get his retroactive uh you know
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confiscate all my wealth
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tax on unrealized capital gains and
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they've got minimum taxes of 15 at home
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and abroad so actually when it's all
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said and done
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this is a pretty high tax and therefore
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recovery killing uh bill oh yeah and you
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understand this
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more than others at the end of the day
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this bill will make china more
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competitive than america and the other
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thing that people don't quite realize
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which you understood when you work down
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the white house also the regulations and
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think of all those regulations they're
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bringing back that also harm businesses
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they go after the manufacturers in
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america so all those businesses that we
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brought back to america by making
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america competitive the forces of this
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bill will push you to go to other
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countries which is a disadvantage to
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american workers when we're sitting and
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looking at those ships out in california
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trying to come in
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what we really should look at in supply
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chain is those ships shouldn't be coming
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into america they should be being filled
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with american products being shipped to
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other countries but with this bill it
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will make it a complete opposite
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um
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kevin let me let's ge i'm interested i i
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tried to work my way through this
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framework and i understand it's now a
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legislative text 2500 pages and so forth
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is
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amnesty in this bill yes and is welfare
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for illegal immigrants still in this
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bill
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yeah they still give amnesty for 10
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million illegals and what they do is
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they take away requirements like the
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work requirement or the child credit
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where you don't have to have social
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security so what that means is if your
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child is not an american the american
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taxpayer will give you that
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hard-earned money paying you back they
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also take away the work requirement and
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we've talked about this a lot those are
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the type of things that do a
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tremendous amount of damage especially
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for small businesses but for the work
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ethic in america
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you know i thought the senate
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parliamentarian
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said to take out
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amnesty and other issues related to
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immigration i thought that's what she
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said so now it's reappearing like magic
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but but remember we're talking about the
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house
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so the vote in the house is different
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the bill they just produced even though
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they've heard that from the
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parliamentarian inside that the rules
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committee is looking at today provides
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money to give amnesty for 10 million and
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another point i want to ask you about
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how much gimmicks how many gimmicks are
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in here because i look down the
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scorecard of spending on the spending
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side and i think i'm seeing you know
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three-year timelines or five-year
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timelines i know i'm not seeing 10-year
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timelines because the kitty the child
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tax credit itself is a trillion dollars
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over 10 years and it's nowhere near here
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so the gimmicks are proliferating
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you're correct and for for your viewers
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what it means when you score something
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what does it cost when you talk about
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reconciliation it should be a 10 year
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that you pay for it and that's why when
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you looked at it prior it was over 5
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trillion dollars all they have done here
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instead of paying for something for 10
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years or seven years they go two years
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they want to put it into government
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remember what your
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your old boss ronald reagan said the
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closest you ever come to eternal life is
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a government program so what they're
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doing is creating programs but not
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paying for them and that's the gimmicks
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that they continue to go around with
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talk about economic growth from this if
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this thing passes
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with
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degree of spending which is linked to
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the inflation problem
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and the high taxes uh which will
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stop
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people from working there's no incentive
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there's no work incentive there's no
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investment incentive it's just tax the
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rich kind of stuff punish success kind
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of stuff and also kevin there's they're
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still fighting uh the grief for the
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green neody despite what manchin tried
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to pull out of here um there's still
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massive subsidies for renewable fuels
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and electric cars and so forth and so on
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so you know what do you think this is
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going to do the economy
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well it's going to do exactly what they
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have been doing to the economy given
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there's a higher gas price we've had in
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modern history at least seven years then
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what you find here the greater
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regulations the punishment when it comes
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to the royalties and the critical
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minerals to ever make us energy
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independent but it's gonna
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hyper inflation is coming if this bill
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passes
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there's no if ands or buts they have
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created this inflation already and they
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want to go further and then the idea
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that how they're going to pay for it
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with these irs agents
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going after americans they're going to
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stymie any capital from investments and
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then their tax provisions are going to
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make corporations decide not to make
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those investments that remember after
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our tax bill what happened
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people were getting bonuses companies
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were coming back to america people were
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making investments those investments are
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going to stop and they're not going to
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explore as much as they had before
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this is the real problem of what we're
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seeing just more of whatever you saw the
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numbers come back today the slowest
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growth that we've had during recent time
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period this is only going to stymie and
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make it go the other direction yeah with
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a big quarterly inflation number as well
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well kevin mccarthy napoleon once said
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i wasn't there so i gotta write this
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down
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never interfere with an enemy while he's
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in the process of destroying himself and
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that's just what the democrats look like
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to me and i'm stunned that they can
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after biden going up to the hill and all
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that brouhaha they're not even voting on
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anything and i think that's pretty
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amazing but then again that makes me
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happy that makes me very happy kevin
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mccarthy you are terrific to help us out
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today after all that's going on thank
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you sir
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thank you larry all right
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