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We get the inside scoop from bright Bart News, b R E I t B A art dot com book market. Like I always say, we start out this segment book market, you'd be glad you did, because you don't want to live in an echo chamber. You're going to get some really good reporting and some reporting that's well done and isn't tainted with the left wing liberal bias like it's terrible out there.
We're all gonna die.
Joining us to talk about that, John Carney, return of John Carnegie, bright Bart News Finance and economics editor as well as co author of the breit Bart Business Digest. John, welcome back to the fifty five KRC Morning Show. It's a pleasure to have you back on.
Yeah, thanks for having me. And we are all going you to die, just not yet.
Right. It's death and taxes, right, John.
That's right. You know, well, but maybe a little less taxes and you know, maybe we'll get to live a little bit longer that we can.
Let's hope for that.
But you know, as we talked quite a bit about the echo chamber, and many people live in their own echo chamber, I think notably politicians. We talk about the DC swamp, and something happens to people when they get elected and move off to Washington, d C. Their collective psyche is somehow removed somewhat from reality. But in this modern age where we can pick and choose which news outlets we want to get our news from, uh, some people choose to dwell on the left leaning sites and
never leave them. Some people choose to dwell on the right leaning sites and never leave them. And you truly get a completely different perspective depending on.
What you're reading and where you're reading it.
And so generally speaking, our topic today is the economy, good or bad. Now, I just want ahead to pull up gasbuddy dot com and I'm pleased to see that the average price erection regular gas, at least in my neighborhood, is now down to two dollars and seventy nine cents. And it wasn't that long ago that I was paying north of three, if not even four dollars and I'm sure you remember that and maybe even worse where you live, John,
But that's a great one. That's something that we all have to deal and cope with, and that's a sign that the economy is doing better. At least that price has come down. And I know the price of eggs has come down because I read about it at Breitbart, down sixty one percent since Trump took office. We don't have runaway inflation anymore. I think the report was that core inflation is the lowest in four years. All of this sounds like positive news, John.
It is positive news. This is we just went through the lowest Memorial Day weekend gas prices other than not counting twenty twenty when we were locked down and people weren't really traveling much, but in decades it was. And gas prices probably this summer are going to average around three dollars a gallon. You're where you are, it's already cheaper than that. It's going to get cheaper than that.
I mean, it's been a while since some of us saw a two at the beginning of the game, avice, which is, you know, quite thrilling and frankly good for the economy. Because remember, every dollar that we're not pumping into our gas tank is a dollar that you can spend taking your family out to dinner, going on vacation, but you know, spending on back to school clothes. So it's actually acts as a tax cut for the economy.
People have more money in their pockets or to save. Frankly, you know, they're not just spending it to get to work to drive their cars. So this is a really good thing for the economy. And what we're seeing throughout the economic numbers is that the economy is actually doing
quite well. The Atlanta Fed's GDP now estimate, which is you know, it changes a lot over the course of a quarter, but it tries to look at the most recent economic doubt and says, if this is how if the economy looks exactly how it does right now through the rest of the quarter, what would that mean? It
has us growing at three point eight percent. Now, I don't think we're going to grow at three point eight percent in this April through June period, but we are growing pretty fast and the economy is doing very well, which again you wouldn't know looking at a lot of the headlines elsewhere, because there is a lot of doom and gloom out there, but I don't and that has
depressed consider sub to it. But I don't think that'll last because, as I've said a number of times, you can't really fool people about the economy because they see it in their paychecks, they see it in their neighbors. They know when people have jobs. So the truth will out when it comes to the economy.
So let me assaysk you in this fashion. Is the gloom and doom reporting that I see regularly because for this job, John, I got to look at everything. I look at left wings, I look at right wing sites, I look at everything in the middle, so I kind of get a clear picture of where the bad news is coming from. Is this a phenomenon of like Trump derangement syndrome? We cannot say a positive thing because Donald Trump might get credit for it.
It is what's really funny. So I read everything there is that comes out about the economy because that's my job, and I can see where the way this manifests itself is that when there is good news, it is spun in the worst way. Yes, when we got good news on inflation, there were headlines that said inflation is low, but that probably won't last for law.
Right.
In other words, you know, they ignore the actual good data and try to lead with the scary prediction. It doesn't really make sense, but it's definitely out there, this pushing the gloom narrative.
Yeah, and you know it's funny because I have a financial planner on the program every week to talk about you know, financial planning, and you know the things that impact our long term outlooks. And you know, you're always pointing out, yeah, it's this way now, but it will change. The markets go up, the markets go down. That's inevitable. So enjoy it while it lasts, because, yes, the inflation will change in one direction or another. It may very well get better to leave that part out, you know.
Yes, And look, I think that there probably will be some prices. I've said this before. Tariffs will affect some prices. It'll push some prices up, but it will most likely result in other prices being lower. So it won't result in the kind of inflation that we just lived through, which was month after month, all prices more or less going up. We won't see that this time. We may
see some things that are directly affected by teriffs. Those prices go up, but remember most of the things people buy in America are services, first of all not affected by tariffs, and second are domestically produced goods. Your eggs, for instance, most of your groceries. Yes, avocados, a lot of them are imported, but a lot of what we buy is not actually imported won't be affected by tariffs.
Only some of it will go up in price and other things will come down, so I don't expect some sort of big inflation from the tariffs.
Well, and going back to the price of fuel, obviously the price of diesel also has dropped, and that's what we pay for in terms of delivering all the goods and the goods in our country to the supermarkets and elsewhere. So maybe some of the potential increases from terrafs might be offset by lower transportation costs, so we won't feel it as badly.
I think that's right. We'll have lower transportation costs and lower energy costs to produce things because, as you said, you know, when you order something online it gets delivered by a truck that you have to fill that up with guessing. But even further out in the economy, a lot of things have to be shipped either by rail or by truck to a factory to be processed into
a good that we make. And so when you bring down the cost of fuel, it actually does have a ripple effect through the economy that can actually have a deflationary effect, and I think we're going to see that counter balancing this inflationary effect. One of the things that the re election of Donald Trump has done is reassure people that, yes, when we have Democrats in office, they will probably try to crack down on fossil fuels. But we're not on a one way track, right. This war
against fossil fuels is not inevitable. It's not just going to happen in one direction. We can push back and do energy abundance. And I think that's very reassuring to anybody who wants to, for instance, either go to work in the field of drilling or extracting, or or be a chemical engineer. In these fields. Those are all threatened occupation, yes, much less being an investor in those fields who wants to invest in something the President is saying he's going
to wipe out in the next ten years nobody. Instead, now people can feel a little bit more reassured that we're not going to allow the government to wipe out oil natural gas.
Well, we've also got cautionary tails out in the world which are causing people to maybe take some pause over pursuing this so called green energy production. And we had the whole issue in Spain and Portugal with the outage of the power plants who relied I guess like seventy five percent on solar. They had a major disruption because solar is not isn't easily controlled because of the sun
like ebbs and flows. But that if you don't have backup energy production gas coal, nuclear, the lights are going to go out, and no, no one likes that when they're stuck on an elevator, most notably right.
So you absolutely, you know it's fine to supplement oil natural gas with solar panels, you know water when that's great, but again those are not reliable. You know, the weather changes, the climate changes, so you can't count on it to be there when you need it. At the very least, you need an underlying infrastructure that's going to base down fossil fuels for the foreseeable future. So they were trying to push us ahead to a future that we actually
don't have the technology for you. We cannot be reliant on solar power, for instance, and we won't be. And but the problem is when they were trying so hard to push us, they were trying to make it so that people would invest less in fossil fuels. And when you invest less than fossil fuels, you're extracting ress of it, which pushes up the price. So even though they claimed that they weren't trying to raise the price in gasoline and oil and natural gas, of course they were. Of
course it was very intentional. They wanted it to be more expensive.
Well, Barack Obama famous quote the price of gas will necessarily go up, and didn't he predict the future accurately? I mean, that was the idea, you know, And I have a t shirt that says, you know, great ideas do not require force. And this green energy crap is being is being forced upon an economy that is not demanding it, either through incentives or just outright bands and
refusals to allow drilling or whatever. You know. Extraction goes on by the permitting requirements to get a modular nuclear plant build all the impediments that are thrown in the way by government force you to go into a direction you don't want to go, and that's that's going to cause problems with the price of gasoline, which it did intentionally.
Right and we also so to follow through on that theme, they were trying to force the car companies to make far more electric vehicles. The car companies discovered is that their demand just isn't there. People don't want People will buy hybrids, but the demand for a pure electric car is not there. The market has rejected this. It's a niche market. It's fine, there will always be a small segment, but it doesn't fit the lifestyles of many people across America.
So they were trying that. They were trying to rate and raise the price of extraction. Basically banned pipelines. If you can't have pipelines, you can't get oil to a refinery. There's no point in even taking it out of the ground. It's almost impossible to build a new refinery. Fortunately, there was recently last week a new Supreme Court decision that actually may be pairing back some of the environmentalists interference in the US, and that could be very helpful.
It is you don't have to look at the downstream changes at what others downstream will do in connection with whatever project is being as an environmental review.
I believe that was I don't even like to call it downstream changes. It was really imaginary changes. Somebody could come up with some way that this could be the pollution in the future. You couldn't build it, right, so you wanted literally in this in the case was that
was settled by the court, decided by the court. Somebody wanted to build a railroad, right, and somebody said, well, if you build the railroad there, somebody might drill for oil nearby, because you'll have a railroad that they could ship the oil on, and that would cause more and when you burn that oil, it would put carbon in the air, which may cause global climate change, which therefore your character I mean.
And then you have to do it.
You have to do the environment You have do an environmental study for a project that hasn't even been suggested yet. I mean, that's the absurdity of it. And then that project obviously would yield further downstream environmental studies for fictitious product that someone came up within their head. The idea that we lived in that world up until the Supreme Court decision came out just boggles my mind, John, It really does.
You know.
And one of the most amazing things is that decision was nearly unanimous. It was just because one of the judges didn't participate in it ato, so even the liberal judges agreed that it had gone way too far. And to me, it's actually kind of amazing that we weren't having a bigger discussion about this. Congress actually should have acted even earlier. They should have been rekealing this law because it was crazy that it took the courts to say we shouldn't have this.
How many topics could we say that prior sentence Congress should have acted? How many topics could we talk about Congress should have acted? Uh?
You find it at Breitbart b R E. I. T. B. A Art. He is the financi and Economics editor.
Always a pleasure to have you on the program, John Carney, keep up the great work, friend. I'll look forward to another discussion with you soon.
Thanks for having me.
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