WEBVTT - $40 Trillion in Debt While Billions Vanish to Fraud 0:00:00.160 --> 0:00:02.880 We're going to start with a story that should make 0:00:02.920 --> 0:00:07.640 every American really angry, a story of the federal government 0:00:07.960 --> 0:00:13.920 not and this includes Republicans living within our means. This 0:00:14.000 --> 0:00:18.439 is the government destroying the future of this country for 0:00:18.560 --> 0:00:22.800 our children and our grandchildren. The United States of America 0:00:23.239 --> 0:00:26.880 has just crossed a number that almost doesn't sound real, 0:00:27.080 --> 0:00:32.280 and most Americans cannot comprehend it. It's a number that 0:00:32.640 --> 0:00:36.760 doesn't even make sense because our minds can understand the 0:00:36.760 --> 0:00:42.840 amount of debt. We're talking about forty trillion dollars now, 0:00:43.040 --> 0:00:47.480 that is roughly the size of America's gross national debt. 0:00:47.800 --> 0:00:51.479 According to the Treasury Department, the total public debt outstanding 0:00:51.520 --> 0:00:54.440 has officially surpassed the forty trillion for the first time 0:00:54.480 --> 0:00:55.120 in history. 0:00:55.600 --> 0:00:57.240 The Wall Street Journal report. 0:00:56.960 --> 0:00:59.680 Today that the milestone has now been not only crossed, 0:01:00.160 --> 0:01:03.760 but it's going to continue to go up. And the 0:01:03.800 --> 0:01:07.039 portion economists generally compare with the economy is around the 0:01:07.080 --> 0:01:11.800 size of the entire US gross domestic product. Now, if 0:01:11.840 --> 0:01:15.759 you think about what that means, America is now carrying 0:01:15.840 --> 0:01:19.759 a debt burden relative to the economy that we haven't 0:01:19.840 --> 0:01:24.240 experienced since the aftermath of World War Two. Except this 0:01:24.319 --> 0:01:28.920 one is enormously different. In nineteen forty six, To put 0:01:28.920 --> 0:01:33.360 this in perspective, America had just finished fighting a global war, 0:01:33.600 --> 0:01:37.360 not on one front, but two fronts. We had mobilized 0:01:37.480 --> 0:01:41.959 millions and millions of Americans, we had built an enormous military, 0:01:42.280 --> 0:01:47.320 We'd manufactured thousands of ships and aircraft, and then we 0:01:47.360 --> 0:01:50.240 did what no other country could do. We defeated the 0:01:50.360 --> 0:01:55.600 Nazis and the Japanese and saved well the free world. 0:01:55.960 --> 0:01:59.960 So today you put that in comparison, well, we haven't 0:02:00.240 --> 0:02:03.440 come out of emerging from a World War three. The 0:02:03.480 --> 0:02:07.440 Congressional Budget Office, however, is saying our spending is even 0:02:07.480 --> 0:02:11.960 worse than then. The Budget Office projects that debt held 0:02:12.000 --> 0:02:14.799 by the public will equal one hundred and one percent 0:02:15.400 --> 0:02:19.080 of GDP in twenty twenty six, meaning more in debt 0:02:19.200 --> 0:02:21.080 than we actually did in our economy. 0:02:21.200 --> 0:02:22.959 That is insane. Now. 0:02:22.960 --> 0:02:25.560 The previous record was about one hundred and six percent 0:02:25.600 --> 0:02:29.000 immediately after World War II, and the Congressional Budget Office 0:02:29.040 --> 0:02:32.000 says we're on track to blow straight through that record 0:02:32.440 --> 0:02:35.359 and reach one hundred and twenty percent of GDP by 0:02:35.400 --> 0:02:40.079 twenty thirty five in just nine years. And here's the 0:02:40.120 --> 0:02:43.639 part that should terrify you as a taxpayer. I don't 0:02:43.680 --> 0:02:46.640 care if you're a Republican or a Democrat or an independent. 0:02:47.360 --> 0:02:50.639 We aren't borrowing the money because America doesn't collect enough 0:02:50.919 --> 0:02:55.640 money to operate a massive government of historical size. We're 0:02:55.639 --> 0:02:59.600 spending extraordinary amounts of money because apparently that's just what 0:02:59.760 --> 0:03:03.160 wash And thought would be fun for them, and kicking 0:03:03.160 --> 0:03:07.000 the can down the road. The Congressional Budget Office expects 0:03:07.040 --> 0:03:12.480 that Washington will spend approximately seven point four trillion dollars 0:03:12.520 --> 0:03:16.920 this year while collecting five point six trillion in revenue. 0:03:17.320 --> 0:03:20.120 Let's just be clear, five point six trillion is more 0:03:20.120 --> 0:03:23.200 than enough to run a government. So that means that 0:03:23.240 --> 0:03:26.200 we have a deficit of one point nine trillion in 0:03:26.320 --> 0:03:30.799 one year alone, almost two trillion dollars. Now, the Republicans 0:03:30.800 --> 0:03:33.079 will be clear, are in charge right now, and many 0:03:33.120 --> 0:03:36.840 Republicans don't seem to care about what's happening now. To 0:03:36.840 --> 0:03:39.800 put it another way, the Wall Street Journal calculated earlier 0:03:39.840 --> 0:03:45.000 this year that for every dollar Washington collects in taxes 0:03:45.000 --> 0:03:49.520 and tariffs, it is spending a dollar and thirty three cents. 0:03:50.040 --> 0:03:53.520 So let's make this more palatable for all of us 0:03:53.520 --> 0:03:57.200 in our minds, imagine you're running your household like this. 0:03:57.640 --> 0:04:01.000 You're making one hundred thousand dollars a year. Then every 0:04:01.040 --> 0:04:03.920 year you spend one hundred and thirty three thousand, what 0:04:04.000 --> 0:04:05.880 do you do to come up with the extra thirty three? 0:04:06.240 --> 0:04:10.040 You borrow the difference. Then next year you do it again, 0:04:10.520 --> 0:04:13.360 and the next year again, and the next year again, 0:04:14.080 --> 0:04:17.520 and then eventually your problem isn't simply what you're buying. 0:04:18.120 --> 0:04:21.799 Your problem then becomes the interest on everything you already bought. 0:04:22.480 --> 0:04:26.200 And that is where America is right now. The interest 0:04:26.240 --> 0:04:29.960 bill may be the most shocking number in this entire story. 0:04:30.600 --> 0:04:33.760 The Congressional Budget Office is now projecting that the federal 0:04:33.800 --> 0:04:39.239 government will spend one trillion on net interest in twenty 0:04:39.440 --> 0:04:43.800 twenty six alone to cover what we have borrowed so far. Again, 0:04:43.960 --> 0:04:47.760 a trillion dollars a year our US government needs just 0:04:47.880 --> 0:04:52.200 to cover the interest payments on the money we borrowed now, 0:04:52.240 --> 0:04:55.240 not paying down the debt, not fixing the highways, not 0:04:55.320 --> 0:04:58.640 securing the border, not buying fighter jets, not funding schools, 0:04:59.000 --> 0:05:03.880 not sending so security checks out, just on interest, something 0:05:03.880 --> 0:05:07.159 that doesn't actually help anybody in this country at all, 0:05:07.320 --> 0:05:09.640 unless you're one of the institutions. It's buying up the 0:05:09.680 --> 0:05:13.720 government's debt. Now one trillion dollars essentially for the privilege 0:05:13.760 --> 0:05:17.719 of servicing money Washington is borrowed. Not twenty hell of 0:05:17.720 --> 0:05:20.640 a deal for those that are lending out the money, 0:05:21.160 --> 0:05:24.920 and the CBO also projects annual net interest costs could 0:05:24.920 --> 0:05:28.800 climb to more than two point one trillion by twenty 0:05:28.839 --> 0:05:32.200 thirty six, meaning every year they need two point one 0:05:32.320 --> 0:05:37.440 trillion dollars just to cover the debt. Now, let's break 0:05:37.520 --> 0:05:41.480 one trillion and annual interest down. What does that mean? 0:05:41.880 --> 0:05:44.760 It means that every day our government is having to 0:05:44.760 --> 0:05:48.359 write a check for two point seven four billion dollars 0:05:48.400 --> 0:05:53.000 every day. That means every hour, twenty four hours a day, 0:05:53.120 --> 0:05:55.160 the US government is having to come up with one 0:05:55.200 --> 0:05:59.480 hundred and fourteen million dollars just to cover the interest. 0:05:59.640 --> 0:06:00.760 Yeah you heard me right. 0:06:01.160 --> 0:06:05.120 America twenty four to seven is spending one hundred and 0:06:05.160 --> 0:06:10.240 fourteen million every hour just to cover our debt. If 0:06:10.240 --> 0:06:13.760 you want to put it into even a more understandable 0:06:13.800 --> 0:06:17.240 way for our minds, how about this. Do you know 0:06:17.400 --> 0:06:21.320 every thirty seconds, every minute how much money we have 0:06:21.360 --> 0:06:22.920 to come up with to cover our debt in the 0:06:23.000 --> 0:06:26.159 United States? Of America and our government right now, one 0:06:26.560 --> 0:06:31.039 point nine million every thirty seconds is how much it 0:06:31.120 --> 0:06:34.919 costs us, the taxpayers, not to run our government just 0:06:35.200 --> 0:06:39.760 to fund the interest on borrowing the money. Now, if 0:06:39.800 --> 0:06:41.600 you want to break it down even more to make 0:06:41.640 --> 0:06:43.440 you even more angry, and again I don't care if 0:06:43.480 --> 0:06:45.760 you're a Democrat Republican, you should be livid right now. 0:06:46.440 --> 0:06:50.760 That means roughly every second, the federal government is having 0:06:50.800 --> 0:06:54.680 to borrow thirty one thousand, seven hundred dollars every second, 0:06:54.760 --> 0:06:57.560 one point nine million every minute, one hundred and fourteen 0:06:57.680 --> 0:07:02.880 million every hour, and two point seven four billion every 0:07:03.000 --> 0:07:07.960 day just to cover our interest. Now, every second you're 0:07:08.040 --> 0:07:11.360 listening to the story, imagine another thirty one thousand dollars 0:07:11.400 --> 0:07:13.920 going out the door just to service the federal debt 0:07:14.280 --> 0:07:20.480 count five seconds one two three four five. You know 0:07:20.520 --> 0:07:23.440 what that costs us in debt just the interest one 0:07:23.520 --> 0:07:27.320 hundred and fifty eight thousand in ten seconds. That's more 0:07:27.360 --> 0:07:31.200 than three hundred and seventeen thousand, and we haven't paid 0:07:31.200 --> 0:07:34.960 off one penny of the principle the amount of money 0:07:34.960 --> 0:07:38.920 we borrowed with any of the money that I just mentioned. Now, 0:07:39.120 --> 0:07:42.400 that is what makes all this so dangerous. Another way 0:07:42.440 --> 0:07:46.040 to understand forty trillion dollars in debt is this way. 0:07:46.320 --> 0:07:50.080 Just take America's roughly three hundred and forty million residents, 0:07:50.080 --> 0:07:53.400 all right, that's where we are with our population, all right, 0:07:54.000 --> 0:07:56.520 And then if you want to take just the interest 0:07:56.680 --> 0:08:00.080 that we owe, that's forty trillion dollars. What would that 0:08:00.160 --> 0:08:04.080 mean for every American if they got a check. The 0:08:04.200 --> 0:08:07.520 national debt works out to roughly one hundred and seventeen 0:08:07.680 --> 0:08:11.400 thousand for every man, woman, and child in America. So 0:08:11.640 --> 0:08:15.000 right now, the national debt is at one hundred and 0:08:15.000 --> 0:08:18.640 seventeen thousand for every man, woman, and child. If we 0:08:18.720 --> 0:08:20.760 just didn't have that debt, we could write a check 0:08:21.600 --> 0:08:25.040 to every single person in this country that is a 0:08:25.080 --> 0:08:29.600 citizen for that amount of money. Now, if you want 0:08:29.640 --> 0:08:31.520 to know how much money we're talking about here, for 0:08:31.560 --> 0:08:34.760 a family of four, the national debt works out too 0:08:34.840 --> 0:08:39.680 roughly four hundred and seventy thousand dollars that you could 0:08:39.679 --> 0:08:41.640 write a check to a family of four to four 0:08:41.840 --> 0:08:44.320 if we just didn't have to pay the debt on 0:08:44.400 --> 0:08:46.640 the forty trillion dollars. 0:08:46.600 --> 0:08:48.079 That we are in debt right now. 0:08:48.559 --> 0:08:51.440 Now, Obviously the government isn't going to mail your family 0:08:51.440 --> 0:08:54.200 a four hundred and seventy thousand dollars invoice tomorrow morning. 0:08:54.720 --> 0:08:57.240 But that's the scale of the liability that is being 0:08:57.360 --> 0:09:01.800 carried by this country. You look at taxpayers, because not 0:09:01.960 --> 0:09:05.920 every person pays taxes, then it's a lot worse than 0:09:05.920 --> 0:09:09.440 what I just described. The IRS processed more than one 0:09:09.520 --> 0:09:12.880 hundred and sixty five million individual income tax returns in 0:09:12.920 --> 0:09:16.960 twenty twenty five. Now, if you simply divide forty trillion 0:09:17.360 --> 0:09:20.160 by those one hundred and sixty five million returns, as 0:09:20.280 --> 0:09:23.959 illustrated on the burden of well where you would be. 0:09:24.480 --> 0:09:28.160 That means that every taxpayer in America would have to 0:09:28.200 --> 0:09:30.160 write a check to get our debt to zero. For 0:09:30.320 --> 0:09:32.960 one one thousandth of a second, you would have to 0:09:32.960 --> 0:09:35.160 write a check for two hundred and forty two thousand 0:09:35.240 --> 0:09:38.400 dollars right now. But immediately you would still owe more 0:09:38.440 --> 0:09:43.040 money because why government is spending about thirty three cents 0:09:43.040 --> 0:09:46.000 more per dollar than we're bringing in. Every dollar they get, 0:09:46.040 --> 0:09:48.920 they spend a dollar thirty three And again that's not 0:09:49.120 --> 0:09:54.160 a literal bill that goes out to you. Married comples, 0:09:54.280 --> 0:09:58.080 by the way, can file jointly. Some federal taxpayers, Well, 0:09:58.160 --> 0:10:02.520 they file individual returns, and federal debt isn't allocated that way, 0:10:03.160 --> 0:10:05.680 but it gives you an idea of the magnitude of 0:10:05.679 --> 0:10:08.760 the problem. One hundred and seventeen thousand is what every 0:10:09.200 --> 0:10:11.480 breathing American would have to write check for to get 0:10:11.480 --> 0:10:14.720 our debt to zero. And a lot of people don't 0:10:14.760 --> 0:10:18.280 pay taxes. That's why skyrockets two hundred and forty two 0:10:18.320 --> 0:10:23.480 thousand per individual income tax return. And Washington, by the way, 0:10:23.559 --> 0:10:26.000 is still adding to the tab. By the end of 0:10:26.040 --> 0:10:29.960 the fiscal year two thousand, for example, America's gross federal 0:10:30.000 --> 0:10:34.679 debt was six point five trillion. You fast forward ten 0:10:34.760 --> 0:10:39.240 years later, it was at thirteen point five trillion. In 0:10:39.360 --> 0:10:43.160 ten years after that, in twenty twenty the number skyrocketed 0:10:43.160 --> 0:10:46.080 to twenty six point nine trillion, and by the end 0:10:46.120 --> 0:10:49.480 of the fiscal year twenty twenty five it was thirty 0:10:49.559 --> 0:10:53.160 seven point four trillion dollars. Well, now we're in August 0:10:53.400 --> 0:10:58.240 and the number is hit forty trillion. That means America's 0:10:58.360 --> 0:11:03.480 debt has increased by more within sevenfold since two thousand 0:11:03.679 --> 0:11:06.640 and according to reporting on the latest numbers, the debt 0:11:06.760 --> 0:11:10.160 increased by roughly three trillion over the past year alone, 0:11:10.200 --> 0:11:14.080 about seven point nine billion each and every day. So 0:11:14.200 --> 0:11:17.120 let that number sink in. We're adding debt at a 0:11:17.120 --> 0:11:20.080 pace of roughly three hundred and twenty nine million an 0:11:20.200 --> 0:11:24.600 hour five point five million a minute, more than ninety one. 0:11:24.360 --> 0:11:25.959 Thousand every second. 0:11:26.280 --> 0:11:28.760 So just to go back and put it in perspective 0:11:28.760 --> 0:11:32.520 in a different way, just during this story alone that 0:11:32.559 --> 0:11:35.760 you've been listening to, the national debt has increased by 0:11:35.760 --> 0:11:40.240 thirty eight million dollars. And there's an important distinction here 0:11:40.760 --> 0:11:44.640 about this. The forty trillion figure is gross federal debt. 0:11:45.240 --> 0:11:48.000 It includes debt held by the public plus money the 0:11:48.040 --> 0:11:51.520 government owes to its own accounts, and according to the 0:11:51.600 --> 0:11:56.079 current figures reported by Reuters, there's approximately thirty two point 0:11:56.080 --> 0:11:59.600 three trillion in public held treasury debt and another roughly 0:11:59.800 --> 0:12:04.360 seven point eight trillion and intra governmental holdings. Economists generally 0:12:04.360 --> 0:12:07.920 focused on the publicly held debt when comparing the debt 0:12:07.960 --> 0:12:12.240 to the GDP, and even by the narrow measurement, we're 0:12:12.240 --> 0:12:16.760 around one hundred percent of the entire US economy. This 0:12:16.960 --> 0:12:19.880 is why I bring up this issue. You can blame COVID, 0:12:19.960 --> 0:12:22.920 you can say it was the trunk tax CODs that 0:12:22.960 --> 0:12:25.080 were the best we've ever seen that somehow puts in 0:12:25.120 --> 0:12:28.440 this situation. I actually think it's none of those things. 0:12:28.960 --> 0:12:32.280 What I do think it is is clearly this our 0:12:32.360 --> 0:12:35.000 government has figured it out that they can spend as 0:12:35.080 --> 0:12:37.720 much money as they want to and no one is 0:12:37.760 --> 0:12:40.480 going to stop them, and that includes both sides of 0:12:40.520 --> 0:12:43.840 the aisle. And what they're doing is destroying this country 0:12:43.840 --> 0:12:48.000 with debt at a level that no one could ever imagine. 0:12:48.760 --> 0:12:51.920 And they're doing it because so many Americans are asleep 0:12:52.080 --> 0:12:56.240 at the will. So many Americans are sitting here and 0:12:56.320 --> 0:12:59.200 have no clue about what I just told you. So 0:12:59.240 --> 0:13:03.240 I hope you'll share wherever you can on social media. 0:13:03.400 --> 0:13:07.960 Our national debt just surpassed forty trillion dollars. Now there's 0:13:08.000 --> 0:13:11.160 a question that we all should be asking about that debt. 0:13:11.480 --> 0:13:15.560 How much of the money Washington spends is simply being stolen, 0:13:16.240 --> 0:13:21.120 wasted and properly paid out, duplicated, or even just mismanaged, 0:13:21.240 --> 0:13:24.760 And what is it costing us as taxpayers? When you 0:13:24.800 --> 0:13:29.000 start digging into the government's own watchdog reports, the numbers, well, 0:13:29.040 --> 0:13:32.000 they're staggering. And we also need to be careful about 0:13:32.080 --> 0:13:34.600 one thing at the very beginning of this. You cannot 0:13:34.640 --> 0:13:38.160 honestly say that fraud, wastes, abuse caused forty trillion to 0:13:38.240 --> 0:13:41.120 national debt. All right, Some of this is just straight 0:13:41.200 --> 0:13:45.560 up government spending. Wars, by the way, they cause debt. 0:13:45.600 --> 0:13:50.839 Many times recessions cause debt. COVID spending absolutely contribute to 0:13:50.880 --> 0:13:54.079 our national debt. And then there's tax and spending decisions 0:13:54.080 --> 0:13:58.120 that contribute, so security and medicare costs and then defense 0:13:58.160 --> 0:14:02.800 spending also con tribute to our national debt. But fraud 0:14:03.280 --> 0:14:09.280 and improper payments and inefficient government have unquestionably added to 0:14:09.600 --> 0:14:13.960 America's fiscal burden, and the government's own numbers suggests the 0:14:14.000 --> 0:14:18.079 scale is enormous. So let's just start with fraud. This 0:14:18.120 --> 0:14:22.040 isn't somebody's political estimate. This comes from the Government Accountability 0:14:22.120 --> 0:14:27.720 Office and investigative arms of Congress. The GOA attempted to 0:14:27.880 --> 0:14:31.920 estimate fraud across the entire federal government and concluded that 0:14:32.160 --> 0:14:36.480 Washington loses somewhere between two hundred and thirty three billion 0:14:36.880 --> 0:14:40.880 and five hundred and twenty one billion every year to 0:14:41.080 --> 0:14:45.400 fraud alone. Now let me repeat that potential federal fraud 0:14:45.440 --> 0:14:48.240 losses two hundred and thirty three billion on the low end, 0:14:48.680 --> 0:14:51.360 five hundred and twenty one billion on the high end 0:14:51.520 --> 0:14:56.040 every single year. Now, the GOA also based that estimate 0:14:56.160 --> 0:14:59.440 on fiscal years twenty eighteen through twenty twenty two, and 0:14:59.480 --> 0:15:02.280 said fraud represents about three to seven percent of the 0:15:02.440 --> 0:15:06.280 average federal obligations during that period. Now, if you want 0:15:06.320 --> 0:15:08.200 to think about that, that would be five hundred and 0:15:08.240 --> 0:15:11.400 twenty one billion. That's approximately one point four to three 0:15:11.640 --> 0:15:16.360 billion lost to fraud every day, or nearly sixty million 0:15:16.640 --> 0:15:21.440 to fraud alone every hour, or one million every minute. 0:15:21.600 --> 0:15:25.520 In this country, we are spending on fraud and abuse. 0:15:26.800 --> 0:15:30.920 Another way of looking at it, every second the US 0:15:31.000 --> 0:15:36.040 government is being bamboozled out of sixteen thousand, five hundred 0:15:36.080 --> 0:15:40.600 dollars every second. That's what someone is stealing from taxpayers. 0:15:41.040 --> 0:15:43.960 Now imagining it happening the next second, and the next second, 0:15:43.960 --> 0:15:46.560 and the next and then twenty four hours later, you're 0:15:46.600 --> 0:15:48.680 in debt so far as a country that you don't 0:15:48.680 --> 0:15:50.040 even know what to do to get out of it. Well, 0:15:50.040 --> 0:15:52.760 that's what we've been doing, folks, And fraud isn't the 0:15:52.800 --> 0:15:56.640 whole problem. Then you've got another section that's costing you 0:15:56.760 --> 0:15:59.960 an egregious amount of money and debt, and that is 0:16:00.120 --> 0:16:03.560 under the category of improper payments. Now, there's an important 0:16:03.560 --> 0:16:09.160 distinction here. Fraud means intentional deception. An improper payment doesn't 0:16:09.160 --> 0:16:13.240 necessarily mean somebody committed a crime. It can simply just 0:16:13.320 --> 0:16:16.040 mean the government paid the wrong person, or paid the 0:16:16.080 --> 0:16:19.880 wrong amount, or couldn't document that a payment was proper 0:16:20.280 --> 0:16:23.200 or made a payment that shouldn't have been made at all. 0:16:23.240 --> 0:16:26.480 But from the taxpayer's perspective, there's still a basic question, 0:16:27.360 --> 0:16:30.160 why is Washington d C. Sending out money that shouldn't 0:16:30.200 --> 0:16:33.520 be going out? Well, I can answer that question. Unfortunately, 0:16:34.200 --> 0:16:37.040 the GOA says it since the fiscal year two thousand 0:16:37.080 --> 0:16:43.400 and three, federal agencies have report approximately two point six trillion. 0:16:43.560 --> 0:16:44.640 I didn't say billion. 0:16:45.160 --> 0:16:48.280 I said two point six trillion since two thousand and 0:16:48.280 --> 0:16:52.880 three in improper payments. It's not fraud. These are just 0:16:53.040 --> 0:16:58.440 dumb payments two point eight trillion dollars. The GOLA warned 0:16:58.480 --> 0:17:02.880 the actual total could be significantly higher because those estimates 0:17:02.920 --> 0:17:06.800 cover only a subset, they say, of federal programs. Now, 0:17:06.920 --> 0:17:10.760 let's just go back to the fiscal year twenty twenty four. 0:17:11.720 --> 0:17:16.439 Just sixteen federal agencies reported approximately one hundred and sixty 0:17:16.480 --> 0:17:22.840 two billion in improper payments across sixty eight programs, and 0:17:22.960 --> 0:17:26.800 roughly seventy five percent of those improper payments, or one 0:17:26.880 --> 0:17:31.240 hundred and twenty one billion, were concentrated in just five 0:17:31.320 --> 0:17:36.640 program areas. So now understand something else critical. You cannot 0:17:36.680 --> 0:17:39.480 add five hundred and twenty one billion in fraud to 0:17:39.600 --> 0:17:43.479 one hundred and sixty two billion in improper payments and 0:17:43.600 --> 0:17:48.760 call the result the government's total waste. There is overlap 0:17:48.840 --> 0:17:52.639 because fraudulent payments are a type of improper payment. But 0:17:52.840 --> 0:17:57.160 either way, these numbers demonstrate an enormous problem that's now 0:17:57.240 --> 0:18:00.960 connecting us to the forty trillion dollars our mess that 0:18:01.000 --> 0:18:05.000 we're in our national debt. And if you look at America, 0:18:05.200 --> 0:18:08.040 just imagine if we could eliminate just the low end 0:18:08.280 --> 0:18:11.160 of the goa's estimated annual fraud losses. 0:18:11.240 --> 0:18:13.120 Now the low end they say it is two hundred and. 0:18:13.000 --> 0:18:18.680 Thirty three billion over ten years, ignoring inflation and other changes, 0:18:19.080 --> 0:18:23.160 that would literally mean we would save two point three 0:18:23.359 --> 0:18:27.280 three trillion dollars. At the high end five hundred and 0:18:27.280 --> 0:18:31.000 twenty one billion annually, you're talking about five point two 0:18:31.160 --> 0:18:34.480 trillion over a decade. Now, that doesn't mean eliminating the 0:18:34.480 --> 0:18:38.280 fraud would magically erase the five trillion of existing national debt. 0:18:38.440 --> 0:18:41.919 These numbers cover different years, fraud varies over time, and 0:18:41.960 --> 0:18:44.640 eliminating one hundred percent of fraud is well, I hate 0:18:44.680 --> 0:18:48.120 to say it, but incredibly unrealistic. But what it does 0:18:48.160 --> 0:18:51.560 show you is the scale of the opportunity. Because Washington 0:18:51.720 --> 0:18:55.320 just crossed forty trillion in debt, while its own watchdog 0:18:55.400 --> 0:18:58.960 it says potentially hundreds of billions of dollars are being 0:18:59.000 --> 0:19:03.000 lost to fraud every year in America. And then there's 0:19:03.040 --> 0:19:06.960 a government duplication and waste. The GOA has spent years 0:19:07.040 --> 0:19:12.359 examining federal programs that overlap, duplicate ones, and others operating 0:19:12.560 --> 0:19:18.040 another side indefinitely, and in the goa's most recent report 0:19:18.119 --> 0:19:21.720 from twenty twenty six, they said it is clear that 0:19:21.800 --> 0:19:25.639 this is in of epidemic proportions now seven hundred and 0:19:25.640 --> 0:19:29.320 seventy four billion and financial benefits. That's three quarters of 0:19:29.320 --> 0:19:33.919 a trillion dollars money. That demonstrates something very important. Waste 0:19:33.960 --> 0:19:38.159 reduction isn't theoretical. The government has already proven it can 0:19:38.240 --> 0:19:42.560 find and eliminate massive efficiencies, but The GOO says that 0:19:42.640 --> 0:19:47.359 there are still six hundred and ten remaining recommendations and 0:19:47.480 --> 0:19:50.960 matters for Congress and the agencies to look at and 0:19:51.040 --> 0:19:53.760 implementing all of this could also produce on another one 0:19:53.840 --> 0:19:58.280 hundred billion or more in financial benefits. If you just 0:19:58.320 --> 0:20:01.760 think about that for a second, it's insane. We have 0:20:01.880 --> 0:20:05.119 forty training in debt, we're paying enormous amounts of interest 0:20:05.200 --> 0:20:08.399 on that debt, and our government auditors are effectively saying, 0:20:09.119 --> 0:20:13.680 here are opportunities to save another one hundred billion dollars 0:20:13.880 --> 0:20:18.000 or more. So, why are they not moving forward? Only 0:20:18.040 --> 0:20:21.280 Democrats can answer that question. But one thing's for sure, 0:20:21.400 --> 0:20:25.040 Democrats and Republicans are the ones that ran up this bill. 0:20:25.280 --> 0:20:29.920 It wasn't just the Democrats that gave us forty trillion 0:20:30.000 --> 0:20:33.439 dollars in debt. It is obvious that we've got a 0:20:33.560 --> 0:20:36.360 problem in the political world where the people there, well, 0:20:36.400 --> 0:20:38.960 they just want to spind us into oblivion and kick 0:20:39.000 --> 0:20:43.399 the can down the road. There are still many in 0:20:43.440 --> 0:20:46.960 this country that are trying to harm us. The latest 0:20:47.080 --> 0:20:50.760 is coming from the FBI that has now said that yes, 0:20:50.960 --> 0:20:54.560 there was a woman who plotted to bomb the state 0:20:54.720 --> 0:20:59.160 capital of New York, pledging allegiance to ISIS and cheering 0:20:59.200 --> 0:21:02.159 the nine to eleven attacks. The New York woman not 0:21:02.200 --> 0:21:05.000 only plot to bomb the state capitol in Albany, but 0:21:05.160 --> 0:21:09.600 she did so after pledging that allegiance to ISIS. Her name, 0:21:09.800 --> 0:21:14.280 Jessica Bowie, thirty five, from Albany, began strategizing the attack 0:21:14.359 --> 0:21:16.800 in July and planned to place the bomb in a 0:21:16.920 --> 0:21:21.359 door dash food delivery back, taking apparent glee in the 0:21:21.359 --> 0:21:23.879 bloodshed that it would cause. The FEDS wrote in the 0:21:23.920 --> 0:21:27.600 criminal complaint, here's how Fox broke the story as well. 0:21:28.280 --> 0:21:31.040 Thank you We'll breaking moments ago. The FBI says it 0:21:31.119 --> 0:21:35.080 disrupted a potential ISIS inspired terror plot in New York. 0:21:35.560 --> 0:21:38.000 The agency tells Fox they've arrested a thirty five year 0:21:38.000 --> 0:21:41.000 old Albany woman accused of plotting to bomb the state 0:21:41.080 --> 0:21:45.320 capitol and kill lawmakers. According to a criminal complaint, Jessica 0:21:45.400 --> 0:21:49.440 Bowie pledged allegiance to ISIS and allegedly planned to hide 0:21:49.480 --> 0:21:52.399 a bomb inside a door dash bag, hoping to strike 0:21:52.440 --> 0:21:55.639 while state senators were meeting. Governor Kathy Hochel expected to 0:21:55.680 --> 0:21:58.879 speak next hour where we could get more information about 0:21:58.880 --> 0:21:59.440 all of this. 0:22:00.280 --> 0:22:02.520 Now you hear that part of the story, and then 0:22:02.560 --> 0:22:05.639 we found out even more at the press conference. I 0:22:05.680 --> 0:22:07.199 want you to hear part of what they had to 0:22:07.200 --> 0:22:10.439 say about the alleged attacker and how big of a 0:22:10.520 --> 0:22:11.679 deal this really was. 0:22:12.720 --> 0:22:15.560 Spent some time since anything like this has happened, but 0:22:15.760 --> 0:22:21.840 we wanted to announce the rest of Jessica Bowie, aged 0:22:21.880 --> 0:22:25.960 thirty five, of Albany, New York. She's charged with one 0:22:26.040 --> 0:22:30.479 count of eighteen USC. Two three three nine B tempting 0:22:30.520 --> 0:22:35.639 to provide material support or resources to a designated foreign 0:22:35.720 --> 0:22:42.200 terrorist organization, namely the Islamic Republic of Iran sorry Iraq, 0:22:42.720 --> 0:22:48.640 commonly known as ISIS. On Wednesday, August nineteenth, twenty twenty six, 0:22:48.840 --> 0:22:51.960 Bowie was apprehended by law enforcement for her actions attempting 0:22:52.000 --> 0:22:58.200 to provide material support to designated foreign terrorists organizations. Bowie 0:22:58.240 --> 0:23:01.119 had pointed to you had plotted to use an explosive 0:23:01.160 --> 0:23:04.159 device to attack the New York State Capital and the 0:23:04.160 --> 0:23:08.680 New York State Senators. The American people embody in the 0:23:08.760 --> 0:23:11.840 dury spirit of life, liberty, and the pursuit of happiness, 0:23:12.720 --> 0:23:18.000 values fundamentally opposed by foreign terrorists organizations such as this one, 0:23:18.200 --> 0:23:23.679 and this defendant is accused of supporting as alleged, this 0:23:23.760 --> 0:23:29.080 defendant was radicalized online and spread messages of hate and 0:23:29.200 --> 0:23:34.400 violence against the American people. Under the leadership of President 0:23:34.440 --> 0:23:39.240 Donald J. Trump and Attorney General Todd Blanche, the Department 0:23:39.280 --> 0:23:44.400 of Justice, along with our law enforcement partners here today, 0:23:45.080 --> 0:23:50.200 will continue to use every resource at our disposal to identify, investigate, 0:23:50.359 --> 0:23:54.399 and stop anyone who seeks to engage in terrorist acts. 0:23:56.160 --> 0:23:59.600 The charge against Bowie carries a statutory maximum prison term 0:23:59.640 --> 0:24:02.080 of twin years, a fine of up to two hundred 0:24:02.080 --> 0:24:06.080 and fifty thousand dollars, and a lifetime term of supervised release. 0:24:07.000 --> 0:24:10.879 The charge in the complaint is merely an accusation. The 0:24:10.960 --> 0:24:15.800 defendant is presumed innocent until and unless proven guilty. The 0:24:15.840 --> 0:24:19.879 allegations in this complaint are deeply disturbing that someone would 0:24:19.880 --> 0:24:23.359 harbor such hatred toward our way of life and seek 0:24:23.400 --> 0:24:26.960 to target the New York State Capital and New York 0:24:27.000 --> 0:24:31.680 State senators. That's an attack on democracy itself and one 0:24:31.920 --> 0:24:36.760 we will not tolerate. Today's announcement will have a chilling 0:24:36.760 --> 0:24:41.000 effect on anyone in this country who is being radicalized 0:24:41.240 --> 0:24:45.520 or considering acts of violence, and on our enemies whose 0:24:45.560 --> 0:24:50.440 governments support death to America. We are vigilant, we are prepared, 0:24:50.880 --> 0:24:53.920 and just as we stop this defendant, we will continue 0:24:53.960 --> 0:24:56.479 to disrupt plots and protect the American people. 0:24:56.920 --> 0:24:59.159 Now, we also found out a lot more about the 0:24:59.200 --> 0:25:01.800 alleged attack, the planning, the radicalization. 0:25:02.000 --> 0:25:04.560 As the FBI said this United. 0:25:04.400 --> 0:25:07.880 States Attorney John Sarcone and thank you all for being 0:25:07.880 --> 0:25:12.200 here today for this very significant announcement. I want to 0:25:12.240 --> 0:25:16.560 sincerely thank our partners from Secret Service, Albany Police Department, 0:25:16.880 --> 0:25:20.720 New York State Police, the Albany County Sheriff's Office in HSI. 0:25:21.680 --> 0:25:25.720 As the first assistant United States Attorney said, Jessica Bowie 0:25:26.160 --> 0:25:30.520 was arrested by FBI Albany's Joint Terrorism Task Force. Has 0:25:30.560 --> 0:25:33.159