Sept. 30, 2026
The Bill Martinez Show 09 30 26
The Bill Martinez Show 09 30 26
Transcript
WEBVTT
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Are you ready?
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Yeah.
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Okay, let's do it.
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Bill Martinez Live, a program about current events, our culture,
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our values, our politics, and our future.
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And now, Bill Martinez.
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Hey, right now, America, it's six minutes after the top
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of the hour. I am Bill Martinez, and he is Dr.
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Michael Bussler, public policy analyst, economics expert, and professor of
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finance at Stockton University in New Jersey. Michael, good to
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have you back with us. How are you, sir?
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I'm doing well, Bill. Thanks for having me. As you know,
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it's always my pleasure to be here.
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Michael, this bugaboo that's driving me nuts from the left,
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talking about affordability. I mean, what do they know about affordability?
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They have demonstrated an ability to enact regulations and policies
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that that are inaffordable or unaffordable. When we're talking Obamacare,
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what Biden did, what Obama did, Obama had really pulverized
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the middle class in such a way that he concluded
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that there was no way that America could ever surpass
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a 2% GDP. It just was incomprehensible. What Trump was
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talking about was just absolutely foreign to Barack Obama. And
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it seems not only Barack Obama, but to the Democratic
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Party at large, because... Here you've got a president that
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continues to come up with, I believe, just some novel
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and exciting ideas to grow our country, to make things
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more affordable. He took over a country that was unaffordable,
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that was developed by the Democratic Party almost single-handedly, Michael,
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but yet they want to fool people by talking affordability.
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And of course, they've got support by the mainstream media
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that is acting as their propaganda arm to get people
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to think that, oh no, it's the Republicans that have
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been producing all these unaffordable issues, right?
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So how do you measure affordability? Well, if your real
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wages or your real total income is increasing more than
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prices are increasing, then things are affordable. In fact, you
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have a real increase in income and you have a
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higher standard of living and you don't have an affordability crisis.
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So during the Biden administration, for four years, the cumulative
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effect of inflation was that prices rose about 21% over
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that four-year period. Incomes were relatively stagnant. Median household income
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only went up by about $ 1, 500, and it was in
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the $ 78, 000, $ 79, 000 range. Median income now is up to $ 85, 000.
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So people's incomes are higher and Trump's first year in office,
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the inflation rate did come down. So as a result,
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there was a real increase in standard of living. Now
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we have the Iran war that temporarily will cause oil
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prices to rise. And when oil prices rise, it ripples
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through the economy and you end up with inflation, not
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roaring inflation, But we're running at 3.4%. The last couple
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of months is measured by the consumer price index. We'd
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like to get it down to 2%. And of course,
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that's our goal. And if you take energy out of it,
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the inflation rate is pretty close to 2%. So although
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there's a temporary spike with energy prices, because the president
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felt that it was in national security to make sure
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that Iran never had a nuclear weapon. This price spike
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is temporary, and once this is over, the affordability index
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will go way up. People's incomes are going up, and
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once the war is over, the inflation rate will get
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down to 2%, and then we'll see some real increases,
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and nobody will be talking about affordability anymore.
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You know, what Trump has laid out, what you just
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laid out right now is very real. I mean, this
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is not theoretical. You know, this is what I love
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about this president, is that he's very practical, very commonsensical,
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and he doesn't talk in grandiose terms, although he does
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get a bit hyperbolic at times, I get. But there's
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something to back it up. And what he's done time
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and again, whether it's no tax on tip, no tax
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on You know, Social Security, the big, beautiful bill and
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what's been going on, you know, overall. And I think
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that I think most reasonable Americans will look at this
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Iran war that we're in as a small price to
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pay to not let this terrorist group have a nuclear
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weapon or have nuclear capacity, because if they did and
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they were taking this kind of craziness, this kind of
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terror to the world, what would the world look like?
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Exactly. I hope you're right. I hope the American voters
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view this as just a price we have to pay
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to really put this Iranian threat to rest for good.
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Instead of kicking the can down the road like every
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other president, we want to finally end this. What the
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Republicans have to emphasize now is, yes, the inflation rate
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is not as low as we'd like it to be.
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And yes, gasoline is a little higher than we'd like
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it to be temporarily. But look at all the good.
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So this bill that was passed last July went into
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effect in January. It took a few months to filter through.
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Now in the third quarter, the Atlanta Fed is predicting
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GDP growth to hit 5%. Most of my colleagues are
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not that optimistic, but they're even saying 3.5% growth. And this.
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Is in the middle of the war, by the way, right?
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Exactly, which does put a drag on things, especially with
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these high prices. They just announced the poverty rate hit a,
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I don't know, 40 or 50 year low. The unemployment
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rate continues to be in the 4, 4.1% range most
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economists consider full employment. Blue collar workers have now a
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lower unemployment rate than they've had in decades. And there
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are more opportunities for them. Apprenticeship programs are popping up.
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Mike Rowe's got this institute where he's helping everybody become
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electricians and plumbers and carpenters. So this economy is growing
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really for everyone. And with all this new investment that's
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being poured into the country, foreign investment and domestic investment,
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and I said on the show before, remember, if a
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business makes an investment this year, They can write the
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whole thing, the whole investment off this year instead of
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depreciating it over 5, 10, 20 years. Business investment is
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up more than 10% over last year as a result
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of this. So that's more new factories and more equipment
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being built and more future jobs for everyone. This economy
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is about to really take off. The only drag we
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have is this Iran war. We'd all like it to
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be over as soon as possible. The president thought he
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could get this over relatively quickly. He doesn't want to
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kill a lot of people. And as a result, he's
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not going in and just blowing up everything, which he
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could easily do. I'm not sure how this is going
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to end, but at some point it will end. Oil
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will flow. The price of oil will get down way
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under 70 a barrel, maybe down to 60. Gasoline will
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go back down under $ 3 a gallon, perhaps as low
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as $ 2. 50. It takes four or five, six months to happen.
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But once that happens, inflation rate comes down, we'll be
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back to the 2% range where the Federal Reserve wants it.
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They can then lower interest rates. And then with the
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lower inflation rate, we'll see long-term interest rates like mortgage
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rates now are up to 7%. We'll see all those
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come down. Things will be much better.
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Well, and the thing is that the voter needs to understand, Michael,
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is that This is the vision that Trump has cast with,
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you know, some facts. I mean, this isn't theoretical that
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gas will be coming down and the cost of fuel
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and that. It's all very practical. And you can run
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the numbers on it and see this really happening. Whereas
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the Democrats, those on the left, they want higher gas prices.
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That's been a big part of their DNA. So, you know,
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America needs to understand who's delivering on their behalf. We've
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got to go to a quick break, so stay with us.
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We've got more from Dr. Michael Bussler on the other side.
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We're back with you. Bill Martinez here with Dr. Michael Bussler,
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the public policy analyst, economics expert, and professor of finance
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at Stockton University in New Jersey. Michael, a group, a
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demographic group that we're not talking about that is missing
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out here are those that are living on the government dole.
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And I got to imagine for them, because look, it's
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fixed in a sense. And so they're going to feel
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more of the pain because their government money is not
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going as far as it used to because of what's
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happening right now. And meanwhile... they're missing the bus on
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these job opportunities. So what's going to be their legacy?
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What is going to be the future for them and
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their families if they don't participate in this dynamic job
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market that is coming at us full speed ahead?
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Yeah, they'll be missing a tremendous opportunity. You know, I
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thought President Clinton fixed this. We had a welfare program
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And he said, no, this is going to be a
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workfare program. So you get welfare, but if you're able-bodied,
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sound mind and body, and you can work, you have
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to go out and work. And I thought the Republican
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Congress passed something that said you have to either work
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or do some volunteer work at least 20 hours a week.
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