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Mark interviews John Carney, Editor of Breitbart Business News. · The Mark Simone Show

• 0:00
  Speaker 1: Here's more marks alone on seven to ten.
• 0:03
  Speaker 2: Woo.
• 0:03
  Speaker 1: Well, hey, how do we pick our guest? We just
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  Speaker 1: bring you the smartest people on earth. And John Carney brilliant.
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  Speaker 1: He is the business editor of breke Bart News the
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  Speaker 1: Business Digest. By the way, you should sign up for
• 0:16
  Speaker 1: that daily newsletter, the Breitbart Business Digest newsletter. Excellent stuff.
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  Speaker 1: He writes that with Breitbart editor in chief Alex Marlow.
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  Speaker 1: But he's a brilliant guy on the economy. On business
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  Speaker 1: from Breitbart, John Carney, how you doing very good?
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  Speaker 2: Thanks for having me Mark.
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  Speaker 1: Hey anytime. So the election in Tennessee, the election wherever
• 0:37
  Speaker 1: you look. Affordability. They keep using this word affordability. Affordability. Now,
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  Speaker 1: how do Democrats run every inch of New York for
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  Speaker 1: fifteen years and then tell you there's an affordability crisis
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  Speaker 1: and they'll fix it.
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  Speaker 2: That's a great question. Look, the plans that the Democrats have,
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  Speaker 2: particularly in New York and Mandami, won't make New York
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  Speaker 2: anymore affordable. In fact, his plan to you know, freeze
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  Speaker 2: rents will actually make it much harder for anybody to
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  Speaker 2: find an apartment in New York because guess what happens
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  Speaker 2: when a landlord can't raise the rent. It means that
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  Speaker 2: somebody who otherwise would move out stays in the apartment forever.
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  Speaker 2: I have friends who live in rent controlled apartments that
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  Speaker 2: they inherited from their grandparents. Yeah, I mean like literally,
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  Speaker 2: they're they're like real estate royalty in New York. And
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  Speaker 2: it's funny that a socialist is putting this in place,
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  Speaker 2: but that's what it creates, is people who never let
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  Speaker 2: go of their apartments.
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  Speaker 1: Hey, so when you get to the midterms, I know
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  Speaker 1: you could give me statistics and prove things are getting better.
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  Speaker 1: But Democrats in the fake news, they've done a good
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  Speaker 1: job of creating the illusion that we're in a crisis
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  Speaker 1: as far as inflation and prices and what does the
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  Speaker 1: president need to do to counter that?
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  Speaker 2: So one thing that Trump and the Republicans haven't advantage,
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  Speaker 2: which is time is on their side. Right now, inflation
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  Speaker 2: is running around three percent, but it's coming down. We've
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  Speaker 2: seen the price of gasoline come down a lot over
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  Speaker 2: the last two months. Sheaper gasoline. The inflation continuing to
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  Speaker 2: come down. I think by the time we get to say,
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  Speaker 2: like next summer, so that which is around when people
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  Speaker 2: start to decide how they're going to vote. Right, The
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  Speaker 2: people don't decide really on the election day. They decide sometime,
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  Speaker 2: you know, a few months ahead of time. By the
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  Speaker 2: time we get to next summer, I think actually that
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  Speaker 2: this sure, the media will still talk about affordability, but
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  Speaker 2: people won't be feeling it the way they are right now.
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  Speaker 2: Right now, they're still dealing with basically the hangover of Biden. Inflation.
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  Speaker 2: Prices went up a lot, but as we get further
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  Speaker 2: and further away from that, inflation will continue to come down,
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  Speaker 2: and people's sort of anger or over how high prices
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  Speaker 2: already are will fade a little bit. So a big
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  Speaker 2: time is on their side. So really all they need
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  Speaker 2: to do is stay the course, don't freak out, and frankly,
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  Speaker 2: don't give it into this word of affordability. If you're talking
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  Speaker 2: about affordability as a Republican, you're losing. You need to
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  Speaker 2: talk about opportunity, You need to talk about growth. Affordability
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  Speaker 2: is Frankly, Donald Trump's right when he called it a
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  Speaker 2: con job. It is a It is a phrase that
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  Speaker 2: they never used when inflation was running at nine percent
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  Speaker 2: under Biden. Now it's a crisis because the media has
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  Speaker 2: made it one.
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  Speaker 1: It's a con job, but it's a good one. It works,
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  Speaker 1: you know it is.
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  Speaker 2: It's working.
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  Speaker 1: Hey. But people are gonna have to realize as far
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  Speaker 1: as the big beautiful bill, nothing is kicked in yet, right,
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  Speaker 1: What changes now in January with that bill?
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  Speaker 2: That's right. So one of the we're going to see
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  Speaker 2: a couple changes that are very important. One is the
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  Speaker 2: no tax on tips, which will be a very big deal.
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  Speaker 2: You know, if you are working in a service job
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  Speaker 2: and you are paid primarily in tips, this is a
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  Speaker 2: huge tax cut for you. So we're going to see
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  Speaker 2: that kick in. Also, there will be no tax on
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  Speaker 2: additional income if you're collecting Social Security. That will be important.
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  Speaker 2: The other thing that has already started to kick in,
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  Speaker 2: and we're going to see it even more as we
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  Speaker 2: get into the new year, is the automatic depreciation of
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  Speaker 2: capital investments. Now, I know that sounds really wonky and nerdy,
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  Speaker 2: but what it means is that businesses can actually invest
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  Speaker 2: and write off right away the full expense of the
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  Speaker 2: new machinery they buy, a new factory they build. That's
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  Speaker 2: a big deal and it will encourage a lot more investment.
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  Speaker 2: And when you get that kind of investment, you increase productivity.
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  Speaker 2: Which will then actually increase employment as well. So I
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  Speaker 2: think actually the job market, which has been a little
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  Speaker 2: shaky today we got a shaky report from the from ADP.
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  Speaker 2: I think we're actually going to see the job markets
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  Speaker 2: start to pick up a lot too, and that will
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  Speaker 2: assuage people's fears about the economy as well.
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  Speaker 1: Yeah, also, you have a new FED chairman coming, but
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  Speaker 1: how much difference is that going to make? And the
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  Speaker 1: role of the FED seems to be a little crazy
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  Speaker 1: right now. It shouldn't have this kind of importance, should it.
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  Speaker 2: That's right, In a perfect world, we wouldn't care so
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  Speaker 2: much who the FED chairman is. I think actually one
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  Speaker 2: of the legacies of Jerome Powell has been a over
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  Speaker 2: highlighting of the FED chairman. He looked back in you
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  Speaker 2: know when under Paul Volker or Alan Greenspan, nobody knew
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  Speaker 2: what the FED was doing because they didn't even have
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  Speaker 2: press conferences and when they got called before Congress they
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  Speaker 2: would talk in riddles. I'm not sure we need to
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  Speaker 2: go back to that. But Bernanke when he was chairman,
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  Speaker 2: sat behind a desk when he held this press conference.
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  Speaker 2: It was kind of like doing office hours with a professor.
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  Speaker 2: What are the innovations of Jerome Powell was to stand
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  Speaker 2: in front of a podium like he is the President
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  Speaker 2: of the United States and basically biggest speech. I think
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  Speaker 2: the next FED chairman, if I had one request, there
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  Speaker 2: would be no more podium. Sit behind a desk again,
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  Speaker 2: don't act like a politician. Don't act like you're the
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  Speaker 2: most important person in the world. Sit behind a desk.
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  Speaker 2: Talk academically, don't give a speech.
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  Speaker 1: Yeah, that's a good point, hey, John Carney. Now let
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  Speaker 1: me ask some Democrats will complain about tariffs that tariffs
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  Speaker 1: raised the prices. Tariffs. It's a burden on the consumer
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  Speaker 1: because they'll pay the t don't they Then the Democrats,
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  Speaker 1: aren't they proposing tariffs when they talk about a corporate
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  Speaker 1: tax increase. Isn't that the same thing, same effect as
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  Speaker 1: a tariff.
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  Speaker 2: It's actually not just the same effect. It's the same
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  Speaker 2: exact thing. The consumers don't pay parffs.
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  Speaker 1: Right.
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  Speaker 2: The first person who pays the tariff is the person
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  Speaker 2: who is importing a good That is a company, it's Walmart,
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  Speaker 2: it's Target, it's a big business that is importing the goods.
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  Speaker 2: Those are That's who pays the tariff. It is a
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  Speaker 2: form of a corporate tax. So when Democrats say, oh,
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  Speaker 2: you know that that tax will be passed on to consumers, which,
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  Speaker 2: by the way, it really hasn't been. What we businesses
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  Speaker 2: have been telling us actually in all of their earnings
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  Speaker 2: that they're actually having a really hard time trying to
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  Speaker 2: pass it on to consumers. Who's paying it is it's
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  Speaker 2: coming out of the bottom line of businesses, or the
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  Speaker 2: manufacturers abroad are lowering their price to keep themselves competitive
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  Speaker 2: in the US. But a raise of corporate tax, somehow,
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  Speaker 2: the Democrats think, will mysteriously not be passed on. So
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  Speaker 2: they say that the tariff will be, but the corporate
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  Speaker 2: tax won't. Their point really doesn't make much sense. And
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  Speaker 2: if any thing, a corporate tax is more likely to
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  Speaker 2: be passed on to consumers because it can't be paid
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  Speaker 2: at all by a foreign manufacturer, there's nobody to push
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  Speaker 2: it back onto, so it will be paid by both
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  Speaker 2: consumers and investors actually, which you know are is the
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  Speaker 2: same thing. You know, people, It will come out of
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  Speaker 2: people's four one ks, the retirement plans. That's who ends
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  Speaker 2: up paying the corporate tax.
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  Speaker 1: Wow, very good explanation, Saya, So tariff's easier on the
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  Speaker 1: consumer corporate tax boom hits the consumer immediately. Absolutely, John Carney,
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  Speaker 1: great having you on. Let's do it again soon and
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  Speaker 1: thanks for the It's the best thing every day to
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  Speaker 1: read the Breitbart Business Digest. You just go to Breitbart
• 8:44
  Speaker 1: right sign up for the newsletter every day.
• 8:46
  Speaker 2: Yep, Breitbart dot com slash newsletters, there's a whole bunch
• 8:50
  Speaker 2: of them. You should sign up for all of them.
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  Speaker 2: They're all excellent. But Bredburt Business Digest comes out every
• 8:54
  Speaker 2: day and one of the things I really like about
• 8:56
  Speaker 2: it is we don't just tell you what has the news,
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  Speaker 2: but what it means for your future. So what's going
• 9:02
  Speaker 2: to happen next. If you want to know what's going
• 9:04
  Speaker 2: to happen in the economy next, look at Breitbart Business Digest.
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  Speaker 2: Sign up comes her inbox. It's totally free.
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  Speaker 1: Yeah, and all the smartest people read it. Larry Cudloer
• 9:12
  Speaker 1: reads it every day, the President reads it. Everybody loves it.
• 9:15
  Speaker 1: It's the bright bart.
• 9:16
  Speaker 2: Surry Secretary Scott Besson says it's his first thing reading
• 9:20
  Speaker 2: every day, So you.
• 9:21
  Speaker 1: Can't do better than that. So you can read it
• 9:23
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• 9:27
  Speaker 1: Breitbart and sign up for it under newsletters. Great stuff,
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  Speaker 1: John Carney, thanks for being with us. Thanks Mark, all right,
• 9:34
  Speaker 1: take care, Hey, don't forget. Buck and Clay are coming
• 9:37
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