The Daily Signal - 'So Goes Housing, So Goes the Economy,' Rep. Ralph Norman Says

Episode Date: August 11, 2022

For many Americans, buying a home is one of their greatest financial goals. And, according to Rep. Ralph Norman, R-S.C., the health of the economy is tied directly to Americans' ability to purchase real estate.  “So goes housing, so goes the economy,” Norman says. “The reason that is, you have over 130 trades [involved in the real estate market] from the architect that draws the plans… to the sheetrock hanger, to the plumber, to the electrician, and the list goes on and on.”  When the real estate begins to stabilize, the economy will improve over all, he says. “We know the path that we're on is not sustainable,” the congressman says, adding that it will “take all hands on deck to turn it around.”  Norman joins “The Daily Signal Podcast” to discuss the future of America’s economy and real estate market. He also explains how America can strategically end its dependence on China.  Also on today’s show, we cover these stories: The consumer price index rose 8.5% since last July. Former President Donald Trump invokes his Fifth Amendment rights during a deposition with New York Attorney General Latisha James' office. The Justice Department charges an Iranian operative for plotting to assassinate former national security adviser John Bolton. Enjoy the show! Hosted on Acast. See acast.com/privacy for more information. Learn more about your ad choices. Visit megaphone.fm/adchoices

This is the Daily Signal podcast for Thursday, August 11th. I'm Samantha Rank. And I'm Doug Blair. The health of the economy is largely dependent upon Americans' ability to purchase real estate, according to South Carolina Congressman Ralph Norman. In fact, Norman goes so far as to say, so goes housing, so goes the economy. Our colleague Virginia Allen recently sat down with Representative Norman at the Conservative Political Action Conference in Texas to discuss America's economic future

and why the housing market plays such a large role in the nation's financial success. They also discussed the controversy over Hunter Biden and how America can strategically decrease dependence on China. But before we get to Virginia's conversation with Congressman Ralph Norman, let's hit today's top news. Americans looking for relief from high inflation are going to have to wait. The Consumer Price Index rose 8.5% from last July, marking another month of near-record high inflation. While from June to July, there was no change in the price index, June saw the highest price increases of price. President Biden's terms so far. Here's President Biden via WPRI.

Before I begin today, I want to say a word about the news that came out today relative to the economy. Actually, I just want to say a number. Zero. Today we received news that our economy had zero percent inflation in the month of July. Zero percent. Here's what that means. While the price of some things go up,

things go up, went up last month. The price of other things went down by the same amount. The result, zero inflation last month. Heritage expert E.J. Antony says that claims from the Biden administration surrounding this economic news are not entirely accurate. He told the Daily signal, the Biden administration taking a victory lap on prices not increasing in July after record increases in June is damning with faint praise. The recent decline in energy prices is not due to more American production, but a collapse in demand, especially for gasoline because Americans can't afford the high prices we saw in June. The daily signal is, of course, the media arm of the Heritage Foundation. Former President Donald Trump invoked his Fifth Amendment rights during a deposition with

New York Attorney General Letitia James' office on Wednesday. According to Fox News, the Trump organization is being investigated by the AG's office to find out whether Trump and his company improperly inflated the value of assets on financial statements in order to obtain loans and tax benefits. Trump, whose Mar-a-Lago home was rated by the FBI on Monday, said in a statement, I have absolutely no choice because the current administration and many prosecutors in this country have lost all moral and ethical bounds of decency and labeled the investigation an unfounded, politically motivated witch hunt. He also said what Leticia James has tried to do the last three years, is a disgrace to the legal system

and a front to New York state taxpayers and a violation of the solemn rights and protections afforded by the United States Constitution. Two of Trump's kids, Ivanka and Don Jr., sat for depositions last week as part of the same civil investigation per CNN. On Wednesday, the Justice Department announced it was charging an Iranian operative

for plotting to assassinate former national security advisor John Bolton. Sharan Prasafi is charged with attempting to pay an assassin to kill Bolton in either D.C. or Maryland, and he's still at large somewhere abroad. Justice Department officials believe that the plot was likely initiated as retaliation for the killing of Iranian General Kassem Soleimani in January 2020. In a statement responding to the charges, Bolton said, well, much cannot be said publicly right now.

One point is indisputable. Iran's rulers are liars, terrorists, and enemies of the United States. Their radical anti-American objectives are unchanged. Their commitments are worthless, and their global threat is growing. That's all for headlines. Now stay tuned for Virginia's conversation with Congressman Ralph Norman, as they discuss why the health of the economy is so closely linked with America's real estate market. As I approached the walkway from around the back of the building,

they had taken crow bars to almost all of our windows, two of our doors, and just shattered all of the glass. That's the voice of Susan Campbell, executive director of Blue Ridge Pregnancy Center. In the early hours after Roe v. Wade was overturned, vandals, smash windows, and spray-painted threatening messages outside the center. I'm Virginia Allen. The Daily Signal has just released a documentary about what happened to the Blue Ridge Pregnancy Center. Plus, we take a deep dive into the violence and attacks against Crisis Pregnancy Center. across the country. Make sure that you're subscribed to the Daily Signal's YouTube channel so you can watch the new documentary and never miss our new content.

It is my pleasure today to be joined by Congressman Ralph Norman of South Carolina. Congressman, welcome back to the Daily Signal podcast. Virginia, you're so happy to be back. Thank you for all that you're doing for the country, and it's a pleasure. Well, thank you, sir. Let's talk a little bit first about the economy. Our inflation rate is at 9.1%. We have seen. the greatest inflation increase this year since 1981, the Biden administration says we're not in a recession. How would you describe America's current economic landscape? Well, first of all, for him to say that we're not in a recession is completely off base.

It's like defying gravity. You may not believe in gravity, but it believes in you. And the fact that Americans now being priced out of not just homes, but everything, I mean, it's a matter of, of an economy that was doing so well 19 months ago. You know, lowest unemployment, highest homeownership, particular among minorities, and gas prices half what they are. I mean, the list goes on and on. No, we're definitely in a recession and it's self-induced by this administration. It's intentional.

There is no way you can make this many mistakes in such a short period of time. And I think that's what has so many Americans. they're frightened, they're trying to put food on the table, and, you know, when you don't have baby formula, as an example, when you don't have fertilizer, I talked to a farmer who was absolutely beside himself. This was three months ago when he couldn't get fertilizer, put his crops in the ground. Now, what the left doesn't understand because they've never been in the real world, you can't plant crops in December. you've got a growing season starting at March. And, you know, it's going to take a long time to get over this. But the hope is that in November, we'll have people who run for office,

who will make changes and not just words. We can't have milk-toast candidates now. Well, and I think when we think about the current economic landscape, you know, for so many Americans, one of their big financial dreams, is to one day be able to buy a home. And that's really challenging right now. We've seen that real estate markets are up across the country. And even as they're beginning to cool,

we have interest rates, of course, that are going up and there's sort of a tug and a poll there. Business Insider, they recently wrote in an article about the America's housing market that one thing is certain it's a market, the likes of which we haven't seen before. So would you just describe what we're seeing right now? in our real estate in America.

One, you know, so goes housing, so goes the economy. The reason that is you have over 130 trades from the architect that draws the plans to the footings, to the sheetrock hanger, to the plumber, to the electrician, and the list goes on and on. And so that's why it affects the whole, if housing in doing well,

then the whole country suffers. That's what we're seeing the beginnings now. I'm from South Carolina. We're a state that is gaining in population. Those that are moving from California, New York, Los Angeles, all over are coming to the south because of our low taxes and competitive environment. But we're seeing now houses, real estate agents that used to sell three to six a day, they're lucky to get three a month. Now, the, the, the, the, the, the, The culprit of that is, look at what interest rates are doing. You know, back during the previous administration, 2.5%.

We're now well over 5% for a 30-year mortgage, qualifying for a loan. When they're spending so much of their disposable income on putting food on the table, that means they can't pay a house mortgage. For young people like you, I really feel sorry for them because it's so avoidable. But it's just not happening.

And so you're going to see a stagnation in housing. You will see issues on commercial real estate. I can't get product now. When we go to put a water heater in our hotel, you can't find water heaters. And what the left doesn't understand either, time is money. If I build a project and it sits for six months because you can't get certain components, I'm paying interest on a loan. So that's it's a cascading effect.

And we're in for long haul, I'll be honest with you. So looking forward next year, what do you think we're going to see? You know, you're hearing a lot of competing opinions about, you know, things are going to continue to go downhill with the housing market. Or, you know, with interest rates climbing, they'll sort of be a leveling and we'll be able to buy this time next year, maybe be at somewhat of a normal state. What are your thoughts? What are we going to see by this time next year

regarding the real estate market? You know, you can't turn the economy around on a dime. It's taken 19 months to do this kind of damage. I look for a deep recession. I think things are going to completely stop. I mean, look at our food shortage. Wheat now is not being grown. Look what's happening in the Netherlands.

And with the Chinese buying up, a lot of property and taking it out of the production market, something nefarious is going on in America to affect our food supply, to affect with this administration affecting the economy. It's going to be a deep recession. Now, the hope is that we can elect people with spines who can say enough is enough and we'll start rolling back some of these executive orders, which is going be hard to do, but the longest stairway has got the first step. So we take the first step. We know the path that we're on is not sustainable. So it's going to take, you know, all hands on deck to turn it around. You bring up China. And of course, our relationship with China does

play a large role in America's economy. Right now, we've been hearing that America has been selling oil to China. What's going on there? The strategic oil supplies are being raided through this administration to China and other countries that don't like us. Now, that reserve is for emergencies for America. It's not for countries that are communist countries that, you know, their people suffer. We don't have sweatshops like they do over there. Why this administration is not getting, one, energy independent, where we, we, we, we, We've got enough oil for 100 years and gas.

Why we're not bringing manufacturing back here, the highest tax rates are happening right now under this administration. Now, I don't think you attract corporations by tax anymore. I think that's kind of a misguided notion. But that's why China is feeling bold and boding now. They supply so many of our natural resources to us to make our products, as an example, the batteries. what goods is to have electric cars if you can't get batteries because they come from China. He is through regulations, putting, killing industries that provide natural resources, nickel, copper.

So, you know, China knows this administration is weak. When in the history have they criticized or saying they're going to shoot planes down of elected officials because they're visiting a country. I've never seen that. That's how emboldened they feel. That's why we've got to have a strong response. That's why we've got to have the strongest military known demand instead of the woeateness and the weakness

that this administration is stripping our military of. Yeah, so of course, you mentioned and referred to House Speaker Nancy Pelosi's trip to Taiwan. Lots of controversy over that trip, lots of threats now from China, saying they're going to end discussions with America. on a host of issues. How concerned should Americans be right now about China? Should be very concerned. As an example, buying up land in this country

to the amount that they are. I'm doing a study now that we get now to all of our constituents showing where they bought up. And the issue is they're buying next to our military installations. That's the concern. And this administration is completely letting them run rampant over us. And again, the question I get all over. over my district. Why? My only answer is they sold out. Hunter Biden, Joe Biden, the family's

compromised, and you can't walk that back. Yeah, you actually recently wrote a letter to President Biden at the end of July regarding the sale of U.S. oil reserves to a Chinese state-owned company called Unipek. And there are concerns that the president's son, Hunter Biden, benefited from the sale because he has business connections to Unipak. Could you just unpack this a little bit for us? What exactly is going on here? How is Hunter Biden involved? The companies that purchase the oil is it's been alleged and I think we haven't gotten a response, but he had a 20% interest in a lot of different subsidiaries that were the recipient of the oil reserves, which they're selling. Hunter Biden had 105 SARS reports suspicious activity reports by the banks I've been on the bank board they don't just issue those

willy-nilly it's serious we can't get a response from them 105 if you have if you have one that's you investigate it they've stonewalling and so what have they got to hide and the whole the list goes on and on with hunter Biden The big guy evidently got paid off. It's all about money. And I think their abuse of power, they've weaponized the judicial system to anybody that questions, and not just this sale of oil, but the fact that we're doing so many other things that are beholding to China that we shouldn't be. There's no excuse for what's going on. Is Hunter Biden going to be held accountable?

What we'll do when we take the House back is bringing us. up we'll subpoena him, bring him up. If he wants to perjure himself, do it. And we're going to, we're going to follow through on that, as well as a lot of others. Look at Mayorkas. You know, DHS is a shamble. For him to say the border is secure, I ask him point blank, if our border is secure, explain to me what unsecured is. He didn't say anything. So yes, he will and a host of others. Regarding America's relationship with China, what are the infrastructure, what are the infrastructure What are the things that America needs to be getting in place now so that we're no longer dependent on China for anything?

Well, first of all, the manufacturing, we need to use our natural resources. Anything from China that we're getting, we need to refocus on other countries if we can't do it in here. And the issue is it takes time. If you're dependent on, as I mentioned, the sales for the batteries, you just can't turn a switch on and produce them here in America. the nickel, the copper, the ones that he is decommissioning and taken out of service, it's going to take a while to put those back into service. But it can be done. But get totally independent from China.

It's so discouraging to see the athletic teams, the basketball teams that are going over there, all for the money. I mean, that's what it's about. You know, it's biblically true, sex power and money is what has gotten countries to decompose. and they're taking us over without firing the first shot. The drugs, the fentanyl that's coming over. You cut the, and the fentanyl's coming from China through Mexico and through Canada. That's where the supply line is, but it's through China.

Every speech I give, I tell young people, you may think you're smoking a marijuana joint. It's laced with fentanyl. And you don't know. So if you want to take that risk, there are not too many. rehabilitation programs that are effective in the morgues. And so killing right now 300 a day of young people. And across the campuses, it's a new day for young people. If you want to take that chance, then the casket is waiting.

And China will gladly put you in one. Congressman, my takeaway from everything that you've said is we have work to do. We have a lot of work to do in our country. But, sir, thank you so much for your time. We really appreciate you being here. Thank you, Virginia. Appreciate what you're doing. And that'll do it for today's episode.

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