Economist Stephen Moore Joins Brandon to Discuss the Recession

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Like I promise you yesterday, I was going to bring on a person who's an expert who's smarter than me on these topics. One thing you guys are going to know about me is that I speak with common sense, I'm authentic, but I'm not the smartest person in the world. So I recruit smarter people to talk about certain subject matter, so we all become smarter together. So I'm going to bring in a gentleman who I think is amazing. Stephen Moore, he's a distinguished fellow in economics at the heritage foundation. He's also the founder of the committee to unleash prosperity. Steven, welcome to the off state of show. It is still fair to be with you. Thanks for having me. And I know great expert on this stuff. But you know what? You don't have to be an expert to understand what's going on with this economy right now. It's just a disgrace. Yes, yes, I think that most people will understand that it's a little bit of common sense sprinkled in with facts, and I think we'll understand, but I have a few questions for you, then I had is that are we in a recession? Well, the dictionary definition of a recession two quarters of negative growth. And unfortunately, we've had that and we confirm that yesterday. Now look, it's a mild recession. It's not we were slightly negative in the first quarter and slightly negative in the second quarter. But the biggest problem right now, I'm calling this a recession in people's personal income. In other words, what's going on right now is that the inflation rate is running at about 9 to 9 and a half percent. And wages are rising by about 5 to 5 and a half percent. So I think the math is pretty easy there, right? If you've got 5% wage growth in 9% inflation, you're following behind. And by my best estimates, the average family when you adjust for the inflation that's out of control has lost about 3000 to $5000 in income in just the last year. That's a lot of money. Let's say you got a family with a 60, $75,000 income. That's a big loss

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