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00:00Well, first of all, if you look at the history of inflation, what happened was that there was

00:06right away Democrat spending in Joe Biden's term. And we got inflation up almost to 10%.

00:11It averaged 5% over the four years. And that has created a situation where, for example,

00:18mortgage rates went up. And so the typical payment for a monthly mortgage payment almost doubled.

00:23A bag of groceries that cost $400 a month when President Trump left office is $500 or $515

00:33when President Trump came back this time. And so there's this really big hole that's been dug.

00:38And then the question you could also ask as an economist is, how do I summarize all those

00:43different prices and everything? And one of the ways you could do it is just look at purchasing

00:47power, the real wage. Purchasing power, I'll just finish this and then I'll get back to it.

00:51The purchasing power dropped by about $3,000 under Joe Biden because the wages didn't keep up with

00:56prices. Under President Trump, it's already gone up by about $1,200. We understand that people still

01:01feel the pain of the high prices, but we're closing the gap and filling the gap fast.

01:06I don't want to get into it.