The Daily Signal - Biden Speech, Kamala Harris Campaign Lies, Economy Grows | July 25

Starting point is 00:00:00 Joe Biden addressed his resignation from the presidential race for the first time last night. I'm Elizabeth Mitchell, and this is the Daily Signal Top News for Thursday, July 25th. President Joe Biden said in a Wednesday night's speech that he reveres the presidency but loves his country more. Biden said that to save democracy, he is passing the torch. Biden first announced in a social media post-Sunday in the form of a letter that he was dropping his re-election bid before the Democratic National Convention, which convenes August 19th. Here's the president. It's been the honor of my life to serve as your president.

Starting point is 00:00:46 But in the defense of democracy, which is at stake, I think it's more important than any title. I draw strength and I find joy in working for the American people. But this sacred task of perfecting our union, it's not about me. It's about you. He said it was the privilege of his life to serve the country for more than 50 years. Biden did not say why he is stepping aside despite widespread concerns about his declining mental acuity. Biden promoted his record in the speech, which lasted about 10 minutes, and he said he would push Supreme Court reform during the remaining six months of his presidency.

Starting point is 00:01:25 Reports last week said Biden would push term limits for Supreme Court justices. He has previously resisted efforts in his party to pack the Supreme Court by adding justices to the current nine to achieve favorable outcomes for liberals. Former President Donald Trump slammed Joe Biden's Wednesday speech on truth social. The Republican presidential nominee wrote, Crooked Joe Biden's Oval Office speech was barely understandable and so bad. In a follow-up post, he said, Crooked Joe Biden and lying Kamala Harris are a great embarrassment to America.

Starting point is 00:01:57 There has never been a time like this. Kamala Harris condemned the anti-Israel protests in Washington, D.C. yesterday as unpatriotic. The vice president and presumptive Democratic nominee said in a statement, I condemn the burning of the American flag. That flag is a symbol of our highest ideals as a nation and represents the promise of America. It should never be desecrated in that way. The demonstration featured despicable acts by unpatriotic protesters and dangerous hate-fueled rhetoric, Harris said. Elise McHugh covered the protest yesterday for the Daily Signal.

Starting point is 00:02:32 Elise, what did you see there? Oh my gosh, what didn't I see there? there was all sorts of anti-American craziness. Kamala put it correctly. There were U.S. flags being burned. All three outside Union Station were taken down and burned on the ground. There were paper-machet effigies of Joe Biden and Benjamin Netanyahu being burned, bloodied, and spat on and just desecrated in all kinds of ways.

Starting point is 00:02:58 People calling for his head, people calling for Netanyahu's a citizen. the rest of him. And even we, I actually saw a guy who had a makeshift guillotine for Benjamin Netanyahu and he just openly admitted to wanting that to happen to him. And it was just all sorts of craziness going on there. That's absolutely wild. And it took Kamala Harris 12 hours to condemn the protest. Why do you think that is? You know, I think she's really caught between a rock and a hard place with, you know, if she really is in this to win this, she's not too big on the pro-Palestine side. At the rally, people were saying,

Starting point is 00:03:40 you know, we're not going to vote for her just because she's a black woman because she has done this, this, and this to support the genocide of our people. So obviously she has nothing to gain from them for condemning it early on. But I think she chose so long to respond to it and to condemn it because,

Starting point is 00:04:01 it would appear a little too pro-Israel if she said something about it sooner, and that wouldn't do too well with much of her voter base as it is. So I think it was very intentional that she, first off, wasn't there when Netanyahu arrived, and second, that she took so long to say something about it. Interesting. Well, thank you so much for sharing this with us today. Of course. A campaign official for Democratic presidential candidate Kamala Harris acknowledged Wednesday, that the vice president is deliberately misleading voters about Project 2025. CNN first reported this as part of a fact-check article accusing Harris

Starting point is 00:04:41 of making false claims about Project 2025 and former President Donald Trump's stance on Social Security. CNN's Daniel Dale wrote, A Harris campaign official said the campaign has made a deliberate decision to brand all of Trump's policies as Project 2025, since they believe it's stuck with voters. The Heritage Foundation launched Project 2025 two years ago. It has grown to a coalition of 110 conservative organizations developing a transition plan for the next presidential administration. Project 2025's work is nonpartisan and available to anyone who occupies the White House in January 2025.

Starting point is 00:05:19 The economy grew at a faster than expected pace in the second quarter. According to an initial estimate released Thursday by the Commerce Department, real gross domestic product increased at a 2.8% annualized pace in the second quarter. This is 0.7% above the 2.1% forecast. Research Fellow at the Grover M. Herman Center for the federal budget, E.J. Antony, joins us to break down the report. What does this report really mean? Well, it's very positive that we see an increase in economic growth.

Starting point is 00:05:53 We've had very anemic growth lately. The problem is that once we get into the internals of this report, things are not as good as they seem. For example, a disproportionate amount of this growth is not coming from the productive private sector, but from growing government. So if we look at how much government was purchasing, for example, last quarter, that grew 3.1%. So government continues to grow faster than the private economy. Wow. And what does this mean for the U.S. economy as a whole? Well, unfortunately, it may do some good for the number of, the number of, temporarily. In other words, we can get these very hot GDP prints today. But in the future,

Starting point is 00:06:35 it means slower growth. We're going to continue to see things slow down in the long run because we are continuing to borrow from the future. We're essentially pulling growth forward in time, if you will. And again, that gives you very positive economic numbers today. But that's not really good for long run growth or long run prosperity. Interesting. What do you expect to happen in the future with the economy? Well, unfortunately, if we can't get the government spending under control, a lot of this debt that we're amassing is going to start coming due. In other words, we're going to continue to spend an increasing amount of our incomes just to service the debt. It's like a family racking up very large amounts of credit card debt and then waking up one day and realizing that a huge portion of the family's budget of their monthly income,

Starting point is 00:07:25 is being devoted just to finance charges on those credit cards. That's the direction we're heading. I mean, looking at this report, we're already spending over a trillion dollars a year just to finance the nation's debt. What should the federal government do or maybe stop doing to foster more sustainable growth? The biggest thing they need to do is to cut the spending. It is wildly out of control. But beyond that, they also really need to get back to the deregulation that we saw under the

Starting point is 00:07:55 previous administration in Washington, where they essentially reduced costs to families by thousands of dollars a year simply by reducing regulatory burden. Conversely, under the current administration, they have added thousands of dollars in costs per family per year, again, just by regulatory burdens. Interesting. Well, thank you so much for joining us today. No, my pleasure. Thank you for having me. And that'll do it for today's episode. Thank you so much for listening. to the Daily Signal's top news. If you haven't gotten a chance, be sure to check out our morning show right here in this podcast feed, where we interview lawmakers, experts, and leading conservative voices. Join us Monday morning for the Daily Signal interview edition. We'll be sitting down with

Starting point is 00:08:41 Caleb Trotter, a lawyer with the Pacific Legal Foundation. Also make sure you subscribe to the Daily Signal wherever you get your podcasts. And help us reach more listeners by leaving a five-star rating in review. We enjoy reading your feedback. Thank you again for listening. Have a wonderful afternoon and we'll be back with you tomorrow morning. The Daily Signal podcast is made possible because of listeners like you. Executive producers are Rob Louie and Katrina Trinko. Hosts are Virginia Allen, Brian Gottstein, Tyler O'Neill, Mary Margaret O'Ollahan, and Elizabeth Mitchell. Sound design by Lauren Evans, Mark Geinney, John Pop, and Joseph Von Spakovsky. To learn more or support our work, please visit DailySigny.

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The Daily Signal - Biden Speech, Kamala Harris Campaign Lies, Economy Grows | July 25

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