Bill O’Reilly’s No Spin News and Analysis - Shock and Awe: Surviving the Biden Economy

Episode Date: October 7, 2023

Times are tough under the Biden presidency. Bill breaks down ways you can save, and survive in this rough economy. Learn more about your ad choices. Visit megaphone.fm/adchoices

So one of the shocking things you talk about shock and awe of the Biden administration is how quickly things have gone south for the American people financially. So remember, in the last year of Donald Trump, 1.3% inflation. I mean, it was totally under control. The economy was vibrant, perhaps the best in the world in Trump's last year. And he had to go through COVID. So what the deuce happened? Well, we've been over that on my nightly newscast, the no-spin news, and you've seen it, I'm sure, on debates all over the place. There was a attack on the American fuel industry. There was massive spending $850 million, billion dollars, I'm sorry, with a B, to relieve COVID stress.

I mean, it was a whole bunch of things. But the reality now, we find ourselves in November of, 2022, where a lot of people are going under. And those are friends and neighbors of ours and family members. And you know them. And it may be you. So this program tonight is designed to help you very specifically. First, I'm going to give you some stats. So the price of groceries is about 15% year to year. Meat, poultry fish, 9% up, bread, 15%. rice, 14%, margarine, 44%, eggs up 31%, milk 15%, fresh fruit, up 9%. And we'll all be paying a record amount of money for Thanksgiving dinner.

Mortgage rates are the highest in 20 years. It's just an insane situation and going to get worse because this winter, those of us in cooler climate's going to pay at least 20% more to heat the home. Gas prices going down a little bit. Joe Biden making a big deal out of that. But, you know, the offset is when Trump left office, there were about $2.35 a gallon. And now it's about $3.50. And it goes up and down, depending on who's manipulating the market.

so we're in bad shape because salaries have not gone up all right now there are jobs that's the only thing keeping the country from a massive recession perhaps depression is there are jobs available you can earn money but real wages are down about 4% that means take home pay based upon all you have to pay out taxes are actually gone up okay Democrats and Biden have raised taxes to the extent that this year alone, American government got more tax money from us than ever before in the history of this country, including World War II. And they want more. Progressive Democrats want more. Higher taxes. Fair share. You've heard it a million times. So I have a foundation named after my parents, William and Winiford O'Reilly. And I give a lot of money away because I'm very

fortunate to have succeeded in America and I couldn't have done what I have done anywhere else in this world. And so I try to help people. But it's getting increasingly harder to help people because so many people need help. So many millions of us need help. I think we're going to turn around the philosophy on November 8th from progressive to more traditional. I think that will happen, but still going to take a while to squeeze all this through the system. And in the meantime, people are going into debt, and they've got to refinance mortgages sometimes, college plans are being put on hold. Don't look at your, don't look at your statements at the end of the month. I haven't looked at mine since July. I get a big statement of all my investments. I don't even look at it.

Because I know it's Armageddon. All right, stock market is way down. Of course it would be with all of this. Meantime, Joe Biden's, his quote is, economy's strong as hell as he takes another lick of ice cream. I'm not concerned about the transfer of the dollar. I'm concerned about the rest of the world. Does that make sense?

Yes. Our economy is strong as far as much. That was a real big mistake on his part, by the way. That image stays in people's minds. Let's face it, the U.S. economy is under stress. National debt rising, trade war, shaking the markets. And meanwhile, China is dumping the dollar and stockpiling gold. That's why I protected my savings with physical gold and silver.

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you can trust American Hartford Gold as I do. Please call 866-3-2-6, 55-5.5. or text bill to 998899. Again, that's 866-326-5576-5576 or text bill to 998899. Hey, I'm Caitlin Becker, the host of the New York Postcast, and I've got exactly what you need to start your weekdays. Every morning, I'll bring you the stories that matter, plus the news people actually talk about, the juicy details in the worlds of politics, business, pop culture, and everything. in between. It's what you want from the New York Post wrapped up in one snappy show. Ask your smart speaker to play the NY Postcast podcast.

Listen and subscribe on Amazon Music, Apple Podcasts, Spotify, or wherever you get your podcasts. So our first guest tonight you know. His name is Robert Kiyosaki. He is responsible for the most successful financial book of all time. Okay. Rich dad, poor dad. And it was published in April 1997. It is sold about 20 million copies.

So this is what gets me about Robert. He sold more books with one that I've sold with 11 killing books. It's close. I got 19 million, but he sold one book, 20 million. And it's on a best-seller list right now. It never stopped selling. We've got to be a reason. So, Robert, thanks for joining us.

Are you knowing why where are you? Right. Well, first of all, congratulations on a new format. And I agree with you. We do what we do to help people. And this coming election, the midterm, is more important than the general because it's going to determine the fate of our country. If I gave a plug here, this is my friend here, Donald,

Trump, we've written two books together now, and we were going to write the third. But in 2015, he told me, he said, Robert, we can't write the third because I'm going to run for president. And I said to him, I'll pray for you. Because my poor dad, you know, my poor dad ran for a lieutenant governor of Hawaii as a Republican. Talk about a kamikaze pilot. You know, I'm fourth generation Japanese, but the kamikaze is still in there. My dad ran against the Democrats of Hawaii, which there's no chance of a Republican winning. But he still took it on because my dad, poor dad, was terrified of the corruption in our government. And so my dad stood up. He got crushed.

My mother died six months later. So he paid the price. And that's why I'm speaking out for Donald Trump and Republicans right now, because we've become a communist nation. I hate to say that. And I'm a U.S. Marine pilot. I know that you are, yeah, I know that you are a Trump supporter and there's nothing wrong with that, of course. But I want to get into, you are one of the most famous financial analysts in the world. And people must be bothering you all the time saying, hey, Robert, you know, what should I do?

What should I do? So let's bring it down to the home level. Family of four. Every salary in America is about 60, $65,000. and in some places that is pretty good. Other places you're poor. Depends on where you live. But what's the big thing when somebody opens a conversation with you?

I said, look, I'm really struggling here. What's the first piece of advice you give them? Well, as you know, Bill, again, we've discussed this before. If you look up on weird financial advice, my picture comes up. Because I do everything the Fed, the Treasury, and Wall Street says to do. So I'm not against them, but as I said, I fought in Vietnam right after Nixon took the dollar off the gold standard. And I stopped trusting my government at that time. And at that point, I keep it very simple.

I only invest in things the Fed, Treasury, and Wall Street cannot print. So I own oil wells. I don't own oil stocks. I recommend everybody for years buy silver, real silver, not SLVs or ETSs. Real silver is still $20 bill. You know, remember back in I think 1980, it was $50 when the hunts were trying to corner of the market. It's still $20 today.

If you can find silver, but they're out of silver. But nobody says anything. So I have a lot of silver, and I have gold, and I buy food. I invest in cattle. The Fed cannot print cattle yet. Okay, so you yourself, but let's bring it down even lower. The people don't have enough money to buy 18 head in Montana. They go to the grocery stores.

Is there anything you would not buy at the grocery store? Is there anything you would stock up on at the grocery store? How do you handle food? I tweeted, buy a can of tuna fish. And the reason for that is tuna is driven by diesel fuel. You know, they have to send the fleets out to buy tuna. And tuna will last a long time. So I would go to things they cannot print.

It's that simple. Do you have a stock full of food in your home? Yes, I'm not Mormon, but I have a stockpile of food. And I buy food on sale. What you buy on sale? What kind of food do you have? Well, two and up, can goods and things like this. They last forever.

And it'll last longer than me. But the thing to do is be aware of what's fake and what's real. Anything the Fed, the Treasury, and Wall Street can print I have stayed out of since Vietnam. I'm a very simple U.S. Marine pilot. That's all I do. And I don't trust my government. You know, I don't trust. That's why I love what you're in no spin.

Yeah. Iron media is so full of it. Plus, Bill, I'm an oil man. I'm an oil man. What about global warming, no, Robert? What about the pollution of the earth? Well, that's always a possibility, but they're now burning trees in Germany, and they're going to freeze to death in Germany because they went all green. Which is worse? Are the freezing to death? It would be worse, yeah. are the EVs, are the, you know, every electric vehicle is using lithium and silver, cobalt and all that. So I invest in what they cannot print. It is that simple. Do you live, I mean, obviously, you sell 20 million books, you got some capital.

Do you save money? Do you like, my father just said every paycheck you save 10%. And I do. that has really helped me because then I've been able to buy property and things like you say that they can't really mess with, although they are missing with the interest rates now by driving them up. But do you have, do you live lavishly? Do you have a discipline inside your personal zone? I'm tremendously disciplined. I thank the U.S. Marine Corps for that, you know, because I was a little surfer kid from Hawaii.

Also, Bill, my family was interred during World War II. We were in concentration camps. And we didn't ask for reparations. They took everything for my family. They lost everything. We didn't ask for reparations. My family volunteered for World War II. Seven uncles fight, five in Europe, two against the Japanese.

So we still fight for our freedom. And what upsets me is right now our academics are teaching us communism. And that's why I still fight. I join you. You know, I think what you're doing about no spin is fantastic. But we've really got to fight back, Bill. We fight back. Oh, I couldn't agree with you more.

What about major purchases like land and vehicles and things like that? Are you involved with that as far as your own portfolio is concerned? Yeah, as I said, if you look at a financial weirdo in the dictionary, my picture is in there. Because in 1971, President Nixon took us off the gold standard. A few months later, I was flying in Vietnam. I said, what does that mean? Took us off the gold standard. I realized that in 1971, the U.S. dollar became debt.

So when I came back from Vietnam in 1974, the first thing my rich dad told me, he says, you'd better learn how to use debt because 1971, the U.S. dollar became debt, and debt is money. So I used debt to get richer. I buy apartment houses, real estate, all that is stuff. but the poor unfortunately for the poor and middle class debt makes them poorer with a little financial education

debt will make you richer all right I have it so there you have it Robert he succeeded that's for sure we appreciate you talking to us very good of you to do it and the book is

rich dad poor dad 20 million wow that's some accomplishment thanks again Robert we'll see you keep up the good work Bill keep up the fight man. Power, politics and the people behind the headlines. I'm Miranda Devine, New York Post columnist and the host of the brand new podcast, Podforce One. Every week I'll sit down for candid conversations with Washington's most powerful disruptors, lawmakers, newsmakers and even the president

of the United States. These are the leaders shaping the future of America and the world. Listen to Podforce One with me, Miranda Devine, every week on Apple Podcasts, Spotify, or wherever you get your podcast. You don't want to miss an episode. Hey, it's Sean Spicer from the Sean Spicer Show podcast, reminding you to tune into my show every day to get your daily dose inside the world of politics. President Trump and his team are shaking up Washington like never before, and we're here to cover it from all sides, especially on the topics of the mainstream media. won't. So if you're a political junkie on a late lunch or getting ready for the drive home, new episodes of the Sean Spicer Show podcast drop at 2 p.m. East Coast every day. Make sure you tune in. You can find us at Apple Podcasts, Spotify, or wherever you get your podcast.

Okay, so I'm not an internet guy. You might know that. I don't live there. It frightens me. You know, I can't keep track of what's going on. It's ironic that we work for Viggo. a streaming service, which I understand that. You know, you want certain programs for half of what your cable operator is charging. You go to Viggo and then you get me in the equation. So I got that. But anyway, one of my staff brought to my attention, a website called afford anything.com. Affordanything, one word, dot com.

And it impressed me. because the young woman who runs it seems to be looking out for us, seems to be trying to save us money on a daily basis, and Lord knows we need that in this horrendous economic time of inflation running about 10% for staples. So anyway, her name is Paula Pant. She is right now in Hell's Kitchen, New York City, but she's protected in her home.

actually hell's kitchen isn't as bad as it used to be when the irish mob was running it paula that was way before your time but anyway i like your mission and i'm sure you get besieged with how can i save money how can i pay the rent how can i get through this give me three really good tips that come out of your operation absolutely so first of all let's Tip number one. Let's talk about where a lot of people get it wrong. A lot of people overfocus on the small purchases that they make every single day, that little cup of coffee. They put too much attention on that and not enough attention on the big three, housing, transportation, and food. Those are going to be your three biggest expenses, your gas, your groceries, and your rent or mortgage. And so if you focus on the big three first and find, even if it, if it hurts, even if it hurts, even. even if you have to make some compromises, find some ways of cutting there. That's going to make a much bigger impact in your budget than trimming, you know, not buying that two-liter of Coca-Cola and patting yourself on the back for it.

So that's tip number one, focus on the big expenses. Tip number two. Yeah, how does that sound? We'll get there tip number two in a minute. So most people are locked in, though, with mortgages and rent. They've got to get to work. you know in new york city the transit fairs are set uh i guess people could do more walking that's good for you um now food though food is a key so you go to the grocery store you're paying 10

more than you paid this time last year on average for a bunch of stuff how can you get that food build out so so there are there are a couple of ways that you can do it and i mean the the popular ways that you'll find all over the internet are are kind of your tried and true you know you buy stuff in bulk at Costco, you pick ingredients that are cheaper. I mean, I think a lot of us have heard these tips before. They're fairly commonplace. What I would recommend is a couple of things. Number one, for most people, for a lot of people, it's not the grocery bill that's necessarily the problem. It's that you come home from work late, you're tired, you don't want to cook, and so you get something from Uber Eats or DoorDash or Grubhub.

And no offense to those companies, they're great. I use them, but that really adds up. It's paying out of restaurants. Extra, yeah, it's the extra tariff. So here's what I do. I'm a frugal guy. I'm not parsimonious. There's a difference.

But I don't like to waste money because I work so hard for it. Right. So when I, one of my tips of Smart Life, we do a Smart Life segment every day is, make your menu ahead of time. So on Sundays, have a written menu of this is what I'm going to eat because I anticipate working late. So I'm going to stock in something ready made. All I do is open a refrigerator. And like today, this is what I did today. I have a sandwich for tonight, okay, that I bought earlier today and just popped it in. And then I'll get a little salad or something like

that. And so I don't have to do that impulse buy where the pizza. The pizza kills you. Exactly. Exactly. And so much more so than groceries, it's those impulse buys, just as you said, that is where a lot of people end up spending more money than they'd planned on food. And so, as you said, that bulk cooking, you take a Sunday, you make your food for the week ahead, that can save you from that impulse when you come home late from work. on a Wednesday and you're driven at that point by exhaustion rather than by good sense. Okay. In terms of housing and transportation, it's true, those are fairly locked in, but there are a couple of things that you can do. Now, one is it's going to depend on if you're a renter versus

a homeowner, but if you are a renter, you're not going to be locked in for most people. If you rent, you're not locked in for more than a year. And so this can be, you know, it's true, rents have gone up in a lot of places, but this can be a good time to see how you can get a little creative with your housing situation. So, for example, you might be paying a lot of money for child care, right? Could you, you and your best friend live in apartments or single-family homes that are nearby each other so that, you know, you're offsetting some of those costs by being closer to a community? That's one example. Could grandma come? and stay in an in-law suite so that you know you can she can live there for a while and then

when the kids are old enough and they don't need she doesn't need to be so close to them anymore then you can rent that out make some extra money so there's some creative things that you can do these are longer-term things not something that you can do this week or next week but this is how you put the pieces in place for reducing your housing costs one year two years three years into the future okay so tip number two would be So tip number two is there are a lot of people who are watching this who think I cannot save a dime, like I'm at my rope's end. So here's my challenge is whatever amount of money you bring home, increase your savings by 1%. So what that means is if you bring home $4,000 a month from your paycheck, right, that's $40 a month.

If you bring home $6,000 a month, it's $60 a month. So if you don't think about this big, like, amorphous, oh, man, I have to save so much, because that can be really demoralizing. And a lot of people, because they believe that they can't save, they end up saving nothing. Start with 1% and do just 1% more than you were currently saving. Do 1% more this month. And put that into your choice. either put that into something that's long-term, like a retirement account or a 529 plan for your kids, or put that into something that you're going to need in the next one to three years.

So that leads to, you know, you've got these big ticket items that you know are on the horizon. Your roof might start leaking. Your car is probably going to need some type of repair in the next three years. You don't know when. You don't know how much it's going to cost. but you're very lucky if you can go for the next three years without needing to pay for a car repair. All right, so boost your savings by 1%.

Put it into an interest-bearing account. That's the best way to do it if you don't have a lot of money. There are some good treasury bills right now that only go out a year, the U.S. Treasury. So if you have 10 grand, that's pretty much what they're looking for. But I think it's between 5 and 10. That might be good. But if you boost your savings,

I think that's a very good tip. I've always saved money. My father just plowed that into my head. What's number three? It's make, this is a way to think about your transportation. Start making a car payment to yourself. So what I mean by that is that a lot of us, we spend our whole lives making car payments.

We buy a car on a five-year loan. We pay that off, and then we do the next one and the next one. When start making, even if you still have a car loan, and start making a little bit of a car payment to yourself, just in a separate account. And when you are done paying off the car that you're currently driving, keep making that same car payment, but make it to yourself. Yeah, it's more of it.

It's just a savings mechanism that another savings mechanism to build up cash. You know what I do also? I have a big jar in my kitchen and all the change that I don't give to, as tips now, goes into the jar. I just come home, empty my pockets, boom, in the jar. And you get $40, $60, $60,000, and that you can be used to go to a restaurant. Because you don't want to deny yourself across the board, but you'd be surprised how that mounts up. And you got restaurant money for a nice Saturday meal or whatever you want to do.

And that's just something that doesn't hurt anybody. It's just a boom, boom, boom. You might lose the change anyway. Another tip that I wanted to get your opinion on is I have saved millions. of dollars in my life by not drinking alcohol. I think that is a wonderful tip. You know, alcohol, cigarettes, there are a lot of things that are totally discretionary. And if you decide that every person has their own values,

but if you decide that this is not something I value, that I value my retirement, my kids college fund, fund, being able to support my aging parents as they retire, if you decide that that is more important to you than spending 15 bucks on a martini at a bar, and I don't mean that in a judgey sort of way. You know, if it's your birthday, if it's new year's, okay. But the idea, the idea behind afford anything is you can afford anything but not everything. And what that means is that everything is really a statement of your values. The way that we spend money is the way that we express our values as a physical manifestation. It's values in action. Yeah, if you can do without the

booze and then you can delay the gratification by saying, look, once I'm retired and I have my nest egg and I have the Medicare and the Social Security coming in, then I'll become a lush. Then I'll drink like, right? So it's not like you're blasting it out entirely. You're just putting off. But I have to say, smoking is just ridiculous. If you smoke or chew tobacco, you want to hurt yourself. Everybody knows how destructive. But drinking is a social lubricant. And if you just drink water in place of gin or whatever, they're drinking vodka, you will believe how much money you will save. So I want to wrap this up by getting your view on why Americans are so undisciplined in spending money, you know, because we waste, and I fall into this

category too, we waste so much money because we don't think ahead. Why is that? So there's this, there's this, it's a fancy term. It's called salience bias. And what that means is that basically, if something is right in front of us, if it's in front of our face, we're very aware of it. We know exactly what the fuel price at the pump is because when we're filling up our tanks, we see that number. And when we're driving down the highway, it's visible, right?

So we're very aware of certain expenses. But there are a lot of expenses. What premium are you paying for your health insurance, your car insurance, your life insurance, your homeowner's insurance? You know, you pay these things once a year, or it comes out automatically. It's, you don't feel it.

You don't, like, interact with it. And as a result, you kind of overlook it. And so what happens to answer your question is a lot of the bills that we pay are not bills that we actually come face to face with. And for that reason, people often don't realize how much they're spending. And so that's maybe my biggest tip is develop that awareness. And the way that you do that is by watching all of your statements like a hawk. I got one more tip, and I hope this is good enough to get on afford anything.com. I got one more tip.

Ready? Okay. Absolutely. Before you buy anything on the internet, take a walk. Before you hit that button or give them your credit card, take a walk. Yeah. Okay? And when you get back, if you still want it or need it,

or whatever and you haven't figured out another way to get it, then get it. I would even take it one step further. I would suggest put everything, anything that you want to buy online, have one day a week where you go through and do that. So go ahead, put it in the online cart, leave it there.

And then one day in the, you know, you put it in the online card on Wednesday, you walk away for until Sunday. And then on Sunday you go through. and if you still want it then, if you still want it four days later, fine. But oftentimes in those four days, you'll have forgotten about it or you'll stop wanting it. And that goes to really what that means is only buy things if you either love it or you need it. Don't get it just because you like it when you want it.

Right. Right. Paula Panthe website is afford anything.com. We have given you one of the best tips we can ever give you in trying to balance that budget because we know times are tough. Paula, thanks very much for helping us out. We really appreciate it. Thank you.

So in the fiscal area, I was really poor coming out of Boston University where I paid for my master's degree in broadcast journalism. I didn't have enough money to get to Scranton, Pennsylvania,

from Boston to put gas in my car. That's how poor I was. I had zero. All right? And so I had to get an advance from the station, which was paying me nothing. It was $150 a week when I started way back in the 70s. But I know how to manage money.

And I know the two things that are vital for you at this point in your life with things being so out of control expense-wise. Number one is discipline. they're not immediate gratification think about it okay you shouldn't deny yourself things that you really want we live in a capitalist society you know life is short if you really want it okay but then figure out a way to get it and number two invest or save 10 percent now paul says one percent and that's a circumstance that a lot of people have they can't do 10 But if you can possibly do 10% of your weekly paycheck or whatever it is, just put it out here, put it away, put it away.

And then investment opportunities will arise. Be conservative, but they'll arise and then you'll have money to do that. Money makes money in a capitalistic system.