Here with Reaction, the House of the House, the host, I sound like Biden, the host of Cutlow on the Fox Business Network. Our good friend Larry Cutlow is back with us. Larry, great to have you. Well, we've seen the inflation numbers, and June has come and gone, and the Fed can't lower rates yet again. I don't know if we'll even see any this year. We see now, I don't know why, the last four months have been 3.2%, 3.5%, 3.4%, 3.3% inflation to generate GDP up year over year, so inflation is not tamed either. Now, I have three headlines today. Disappointing retail sales showing Biden inflation has taken its toll. Retailers close over 3,000 stores because of Biden inflation. The administration inflated their job creation number by nearly 800,000 in 2023, Larry. It sounds like they were lying to us, like they lied about the border and lied about never talking to Hunter or his brother or anybody. Your reaction.

So thanks for having me, Sean. You're right, the consumer seems to be sputtering. Probably about half the country thinks they're in some financial trouble. I mean, over the course of Biden's entire term, the consumer price index has gone up about 20 %. So that number is It's not changing. It's not getting any better. Here's the best headline I can think of. The Congressional Budget Office just put out brand new numbers. Okay, we have a worsening debt crisis, and the cause of that crisis is spending. Just in the past four months, it looks to me like spending has been re-estimated by two and a half trillion dollars higher. It's not a It's a new problem. It's a spending problem. All these programs continue. This is inflationary. Debt is rising to roughly $50 trillion. This is according to the so-called non-partisan CBO. And as a The share of the economy, it's about 120%. Now, what does that mean? Well, it means you're not going to tame inflation if you have a spending and debt problem that keeps growing every four or five months. That's what people are looking at, and that's what they're feeling. I mean, real wages have continued to decline by about 4.5% on a weekly basis.

Gasoline prices have come down, but they're still up about 45% from where they were four years A few months ago, food prices, groceries are up 20%. But you can't stop inflation unless you curb spending. The Bidons have a spending problem. I mean, these CBO numbers, we've looked at this on the business network. Experts have looked at this. This is completely unsustainable. This is the numbers you'd think if you were in a depression, but we are not in a depression. And all it is, it's going to continue the inflationary surge that we've had over the course of Biden's whole term.

Well, 56 trillion. They estimate that that will be our debt that we owe. And the interest on that debt is now about a trillion dollars a year. We cannot sustain our economy with those numbers. It's impossible. Larry Cutlow. Thank you. Hey, Sean Hannity here. Hey, click here to subscribe to Fox News' YouTube page and catch our hottest interviews and most compelling analysis. You will not get it anywhere else.