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00:00And lots of talk about affordability.
00:03Or is there?
00:04I don't even hear a lot of talk about it anymore.
00:06But still, there's a lot of grumbling about it on the Internet.
00:09There's a lot of people talking about it.
00:11And one of the things they're saying is, if you understood the mindset of young people,
00:16you would understand what the problem is.
00:18They're leaving Trump by the zillions.
00:22And they expect us to do something to help them.
00:25And so you have some people proposing sort of socialism-like.
00:29These are from so-called conservatives who become pseudo-conservatives.
00:33The populists, of course, are all over this because, in many ways, they're the socialists.
00:37And so more government and more spending, despite the $40 trillion debt going to $50 trillion,
00:44and despite, at some point, the need to do something about Social Security and Medicare,
00:49Social Security in six years, say the trustees, is going to lose money and go broke.
00:55And in seven years, followed by Medicare.
00:57So Washington proposes what Washington's best at.
01:01Spending, more debt, redistribution of wealth, stealing from you and the private sector.
01:08So let's get into this.
01:11I want the Democrats specifically to answer a few questions.
01:16And the media hosts, particularly on these Sunday network magazine shows or news shows,
01:23maybe they'll try asking some actual questions when they have Democrat Party guests.
01:28Please specifically spell out your affordability agenda.
01:33You raised gasoline prices when Biden was president.
01:37How will you lower them when you raised them last time?
01:40You raised food prices when Biden was president.
01:44How will you lower them when you raised them last time?
01:48You raised inflation when Biden was president.
01:50How will you lower it when you raised it last time?
01:54You raised the cost of living for average Americans.
01:57How will you lower it when you raised it last time?
02:01You raised health care costs when Obama was president by passing Obamacare.
02:06Not a single Republican voted for that.
02:08How will you lower it when you raised it under Obama by expanding it and calling it Medicare for all?
02:15Well, they don't have any answers.
02:16You know, they'll just say tax billionaires or something like that.
02:20But I want to take a little bit of a deeper dive here and talk some turkey with you.
02:26People talk about in the 1950s and 60s, people could afford a home.
02:31They could afford a car.
02:32They had modest incomes.
02:34Not anymore.
02:36Not anymore.
02:37We need to get back to that.
02:40So I looked.
02:41The 1950s and 60s, young adults in their early 20s and 30s,
02:46Well, they had lower average incomes, more family-based households, and less access to credit.
02:54This meant that while they might have spent a larger share of income on certain categories,
03:00like cars or housing,
03:02the absolute dollar amounts that they spent were generally lower than today's young adults in their 30s and 40s.
03:09Young adults in the 1950s and 60s by today's age had lower total spending than today's young adults in their
03:1830s and 40s due to lower incomes and different economic conditions.
03:23Core spending takes up the greatest share of income for the youngest and oldest generations.
03:28Core spending.
03:30That trend can be explained in part due to changes in income.
03:34Peak earning occurs in middle age.
03:37Obviously not when you're just starting out and obviously not when you're retired or retiring.
03:42Even in the dollar value of household spending, that goes up as someone approaches middle age.
03:48The increase in household income on average outpaces the increase in spending.
03:54So when you're really kicking into your career or your business or whatever it is you're doing.
04:00Medical expenses are the smallest percentage of budgets for the youngest adult generation.
04:07So they're paying lower than any other generation when it comes to medical expenses.
04:12Young adults today are much more likely than their counterparts 30 years ago to be college graduates.
04:19But that comes with a cost.
04:22College tuition is expensive.
04:24Most students want to live away from home and go to schools away from home.
04:29So in addition to tuition, you have room and board on top of tuition.
04:33That said, those with college degrees, over the course of their lifetime, they earn significantly more than those without.
04:42Although for many, at the start of their career, they have college loan debt and perhaps other debt they've acquired,
04:49such as cars and credit cards for eating out or vacations that put great pressure on their incomes, again, when
04:57they're starting out.
04:58Their incomes are those of junior employees.
05:02Young women have made greater gains in attending college than young men.
05:06From 1993 to 2023, the share of young women, ages 25 to 34, with at least a four-year college
05:15degree, rose from 23 to 47%.
05:18And among young men, the increase was smaller, 24 to 38%.
05:23Therefore, the debt spending income scenario can be even more widespread among young women and especially among single women.
05:34So in other words, much of this has nothing to do with government, nothing to even do with government policies.
05:41These are lifestyle decisions.
05:44In other words, the benefit for many young people in going to college doesn't actually come until several years or
05:51even a decade or more after they graduate.
05:54They pay down both student debt and other expenses they've incurred.
05:58So in the long run, the degree is typically beneficial.
06:03In the short run, depending on lifestyle decisions and spending habits, it can create more financial difficulty.
06:12The 1950s and 60s, fewer Americans went to college.
06:16Young people started work early.
06:19They didn't make big purchases requiring lots of debt.
06:22No student loans, not new cars.
06:25They lived more modestly in the types of homes and vehicles they might buy.
06:30They ate home at home more often than going out to restaurants.
06:34They didn't travel as much, so they didn't use airlines.
06:38They didn't go to hotels and that sort of thing.
06:41Maybe they drive for a three-day vacation or something like that.
06:45Family expectations were different.
06:47Inlimited consumer goods were available.
06:50Goods like sugar and meat were still rationed in the early 1950s, and refrigerators were a luxury for some households.
06:59Color TV didn't even exist for most households until starting in the early 60s and beyond.
07:05Leisure was often local and low-cost.
07:08Kids played outside, not a whole bunch of computers and video games.
07:12Clothing was practical and modest.
07:14While the 1950s and 60s saw economic growth, many young people's lives were marked by modest living.
07:24And so, some young people have brought these circumstances onto themselves.
07:30It's not the system.
07:32It's not capitalism.
07:33It's not even government.
07:38We have gotten so good at producing so many consumer products, leisure products, and so forth and so on, that
07:47people want to partake of them.
07:49They want to acquire them.
07:51But sometimes they outpace their income, particularly when they're young people, particularly if they go to college, particularly if they
08:01take out student loans, and they live away from home with tuition and board, and all those expenses pile up.
08:09And I'd say bigger percentage of young people than 30, 40, 50 years ago.
08:14And I want to talk about gas prices.
08:17We're told that a gallon of gasoline, if we can get the price of gasoline down, we Republicans will win
08:23the midterm elections.
08:26Gas prices may feel like a record in 2026, but adjusted for inflation, they are not, writes Dr. Randall Olson.
08:35We're told gas is the most expensive it has been in years.
08:40The war headlines are everywhere.
08:42And he says the record gas prices, it's back in everyone's feed.
08:47The pump number stings, but adjusts for inflation, and the record evaporates.
08:53U.S. gas cost more in 1981 than it does today.
08:59More in 2008 than it does today.
09:03Again, inflation adjusted.
09:04More in 2022 under Biden than it does today.
09:09The number on the pump is near an all-time high.
09:13What a gallon actually costs you in real money is nowhere near an all-time high.
09:192008 is still the one to beat, he writes.
09:22The real all-time high was June 2008 at $6.20 a gallon in today's money.
09:311981 was worse, too.
09:331981 held the record before 2008, took it.
09:37March 1981, regular gas hit.
09:39Again, inflation adjusted.
09:41Regular gas, $5.32 a gallon in today's dollars.
09:46Oh, yes.
09:47Even in 2020 to a few years back, the most recent peak is the one people remember.
09:54When Russia invaded Ukraine, the national average set an all-time record just above $5 a gallon in June 2022.
10:04That was the highest price ever at the pump in plain dollars.
10:10Adjusted for inflation, it works out to about $5.50 for a gallon of regular gasoline, still above spring 2026
10:19and still short of 2008.
10:21And if you live in California, my son, our son took a picture of the prices at the pump.
10:29They are unbelievable.
10:31You got $0.72 a gallon sales tax in California, the highest in the nation by far.
10:39Other expenses that they add on to gasoline and oil out there.
10:43It is nuts.
10:44And they want you to blame Trump.
10:46And they want you to blame the Iran war and on and on and on.
10:50No.
10:50I've said it before and let me underscore it again.
10:54The prices for gasoline, the prices for everything when it comes to energy is higher due to what we call
11:02Democrats.
11:05What about housing prices?
11:08As of June 2026, the last information that is comparative,
11:13the inflation adjusted U.S. home price index is 170.2, up from 169 in May of this year.
11:25But that's 3.8 percent below the highest.
11:30May 2022, that was the record, 176.9.
11:36This is the number they use to compare income to housing prices.
11:41So the highest it's been was in May 2022, 3.8 percent higher than it is today.
11:50That means that when stripped of inflation, housing prices, they're still near an all-time high.
11:56And by the way, for investors, they like that.
11:58For first-time buyers, they obviously don't.
12:00But it's not at the peak that it was under Biden in 2022.
12:04I just told you that gasoline at its peak was higher in the 1980s and highest under Joe Biden.
12:13I just told you that housing prices were highest, highest under Joe Biden.
12:21But you don't hear this.
12:24You don't hear it anywhere, really.
12:26The two highest points were 2006, the housing bubble, and 2022, the post-pandemic surge.
12:36Now, there's no accounting for what Democrats do in these blue states, in these blue metropolitan areas.
12:42Take Mondami, the Marxist-Islamist.
12:45Oh, yes.
12:47Socialism he supports.
12:49Well, let's take rent control.
12:51What does rent control do?
12:52Let's think for a second.
12:53They lock in rent prices back to a given year or time.
13:00Now, people who are renting and are older, they love it.
13:04They love it because they're going to have a fixed rental price whether the landlord likes it or not,
13:11whether his or her expenses go up or not, whether utility prices and taxes go up or not.
13:16They don't care.
13:17It's just wonderland.
13:20We love socialism.
13:22Rent control.
13:22But what does that do?
13:24It limits the number of units.
13:25You have to be nuts to be a developer and go in and say, you know what?
13:29I'm going to build a whole bunch of new rental properties just so I can have rent control at some
13:34point.
13:35No.
13:37Because if a government can put in rent control today, it can put it in tomorrow.
13:41That's not Trump's fault.
13:43That's not Israel's fault.
13:46That's Mondami's fault.
13:48That's the fault of the socialists who drive up the cost of everything.
13:54And not only is affordability an issue, but availability is an issue.
14:01Okay, I want to address another topic before we go to our guests, and that is Iran.
14:07I want to be very blunt about this.
14:11This is not a war between the United States and Iran or the United States and Israel versus Iran.
14:19This is a civilizational war.
14:23You see, we don't quite understand the enemy.
14:26We can't seem to get our heads around it.
14:28I'm afraid some of our generals can't.
14:30Some of our advisors can't.
14:32This is a civilizational war, certainly from the perspective of the enemy.
14:40Khomeini in 1979, he was not interested merely in taking over a nation state, a country.
14:46He is spreading an ideology.
14:49He is spreading Islam.
14:52He seeks to conquer the West.
14:54He seeks to conquer, obviously, the entire Middle East.
14:59He and his followers.
15:04Israel is a big problem to that agenda because the Jews don't intend to go easily.
15:12In fact, they don't intend to go at all.
15:16They have a serious military, one of the most powerful on the face of the earth,
15:20and certainly one of the most experienced on the face of the earth because they're facing enemies.
15:25They're surrounded day in and day out.
15:30Now, we are war-hardened, too, but not in the same way.
15:35Not in the same way.
15:37My concern is this.
15:39We've heard from generals talking about off-ramps.
15:43We've heard generals say that we have limited munitions, whether they've said it anonymously or however.
15:49Same with advisors who've said the same thing.
15:52They're leaking to the media.
15:54We had an MOU that was never going to work.
15:57The enemy, you know, they have an agreement, and two minutes later, they violate it.
16:02So we're constantly looking for ways to negotiate our way out of this.
16:06You want to end this war?
16:08I will give you my best thought on this.
16:11I want us to win.
16:13I want the administration to succeed.
16:16I want my friend, President Trump, to be the greatest president, including wartime president, in American history.
16:24And what he's done so far is unparalleled.
16:28Seven prior presidents, you know, chose to do next to nothing.
16:33Some of them even subsidized the enemy.
16:36Some of them subsidized their nuclear program.
16:39The fact is that this president had to act, did act.
16:44He couldn't wait.
16:46The enemy told his envoy that we could make 11 nuclear bombs in 10 days.
16:51Our intelligence said we needed to act, and it was imminent.
16:56But it is a civilizational war.
16:58You can't contain the enemy, no matter what's negotiated, if it's ever negotiated.
17:04The enemy will not comply.
17:06The enemy will not agree to anything.
17:09The enemy views us as a bump in the road.
17:14Whether it's the first tier, the second tier, the third tier, or the tenth tier of this regime.
17:20If we want to defeat this enemy, we've got to use all that's available to us to destroy it.
17:29That includes arming the Iranian people, as I've said for half a year, as was the Reagan doctrine.
17:38Now, there may be generals and advisors telling the commander-in-chief, no, they're risk-averse, and so forth and
17:44so on.
17:45There is no effective off-ramp.
17:50Arming those people, with the help of the Israelis who we've sidelined, with the help of Mossad working with the
17:55CIA,
17:57will make a huge, huge difference, as it has in the recent past in other countries.
18:04Among other things, there is no reason Karg Island is off the table in some of these other infrastructure facilities.
18:12I don't care what the Arabs say.
18:15Ignore them.
18:16I don't care what Erdogan says.
18:18Ignore him.
18:19This is a civilizational war that we must win.
18:23It is a righteous war.
18:25We have a courageous president.
18:27I don't think we'll see another one like him.
18:30It's now or never.
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