WEBVTT - Study Hall: National Debt Reaches New Highs

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<v Speaker 1>Earners.

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<v Speaker 3>to you by P and C Bank, a lot of

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<v Speaker 3>Member FDIC.

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<v Speaker 4>The US national debt is approaching record of thirty five trillion.

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<v Speaker 4>As citizens, is there anything we can do to address

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<v Speaker 4>or fix this issue?

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<v Speaker 1>I would say vote, but.

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<v Speaker 5>I don't even know if that would help, to be

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<v Speaker 5>very because remember and when we did Marku Mondy's Live

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<v Speaker 5>and Ghana, we were almost at thirty four trillion. It's

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<v Speaker 5>not even a year later, a four year later, we're

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<v Speaker 5>at thirty five, and I think we're starting to throw

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<v Speaker 5>these trillions around like it's nothing. At some point we're

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<v Speaker 5>going to need to revolt and figure out a shout

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<v Speaker 5>at the Tavio and figure out a way how to

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<v Speaker 5>get this debt down. We'll talk about the silent or

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<v Speaker 5>selective recession later. But when debt to GDP there's one

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<v Speaker 5>hundred and twenty two percent, But in two thousand when

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<v Speaker 5>we graduated Troy, who.

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<v Speaker 1>Was at fifty seven percent? Like, how to hell? Like

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<v Speaker 1>I remember at one time.

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<v Speaker 5>I'm not Republican, but I remember when Republicans would go

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<v Speaker 5>crazy if debt to GDP was a seventy five percent,

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<v Speaker 5>And now everyone wanted to ask, like one hundred and

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<v Speaker 5>twenty two percent, we should be at one thirty twenty

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<v Speaker 5>twenty eight is acceptable? I can't believe that we're here.

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<v Speaker 5>And if we stay at this pace while did you

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<v Speaker 5>see Kim Jong own and Putin look like they were

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<v Speaker 5>on a date? How happy they was riding together. This

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<v Speaker 5>is not good. This is not good. So I know

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<v Speaker 5>some people call me an alarmist. It's okay. Go to

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<v Speaker 5>us deck deck clock dot org and you can see

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<v Speaker 5>how much we owe. But every citizen os technically one

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<v Speaker 5>hundred and three thousand dollars to get the deficit back

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<v Speaker 5>to zero. Most people don't have one hundred and three

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<v Speaker 5>thousand as we've talked about, so we got to get

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<v Speaker 5>better leadership and hold them accountable.

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<v Speaker 6>Is that I feel like, is that the only answer?

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<v Speaker 6>Because I was like wrestling with this question and I'm

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<v Speaker 6>trying to figure out, like, as a citizen, what can

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<v Speaker 6>you do? I didn't want to say I'm not sure

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<v Speaker 6>what we can do? Is that we don't have nothings nothing?

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<v Speaker 6>Is this the only other answer?

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<v Speaker 1>Nothing? We gonna feel just like Drake did when he

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<v Speaker 1>saw that.

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<v Speaker 5>Now like US Game Convention, and then you can do

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<v Speaker 5>you got to just sit there and watch it and

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<v Speaker 5>be like, damn all of them don't like me, Like, yo,

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<v Speaker 5>this is insane. Of course, Stocks, of course is going

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<v Speaker 5>to do incredibly well. We'll talk about how the S

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<v Speaker 5>and P has been doing this year, But for the

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<v Speaker 5>debt to be this high while we built up India

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<v Speaker 5>and built up China and sent money to another foreign

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<v Speaker 5>country that I won't mention anymore, is absolutely insane.

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<v Speaker 6>It's funny you mentioned those two because there was just

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<v Speaker 6>a report. I believe it was in Morning Star or

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<v Speaker 6>it could have been in Seeking Alpha. But both those

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<v Speaker 6>countries are on pace to pass us in GP. I

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<v Speaker 6>think kinda by by twenty thirty is going to pass us,

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<v Speaker 6>and then I think India is like twenty thirty seven

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<v Speaker 6>or twenty forty don't yeah, I mean that's in this

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<v Speaker 6>lifetime yep, yeah, yep.

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<v Speaker 5>So honestly, there's noth nothing we can do to be

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<v Speaker 5>the one thing we potentially could do. It's act leadership

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<v Speaker 5>who are going to try and fix it. But it's tough.

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<v Speaker 5>It's tough to be almost at forty trillion in three

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<v Speaker 5>or four years. What are we doing? But Elon got paid, well,

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<v Speaker 5>he's about to get paid maybe fifty six billion.

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<v Speaker 1>Runner been into the ground.

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<v Speaker 6>So you saying get out, get out there and go, yep,

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<v Speaker 6>we'll find another country to live in.

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<v Speaker 4>Fact, either promo code for merch forgot to mention that

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<v Speaker 1>There it is, don't forget to merch.

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<v Speaker 6>See it is, Oh jeez, no, what this is very

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<v Speaker 6>vintage original, the original.

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<v Speaker 1>Okay.

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<v Speaker 4>So Bloomberg projects that Social Security will run out of

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<v Speaker 4>money to pay full benefits by twenty thirty three and

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<v Speaker 4>Medicare by twenty thirty What steps can be taken to

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<v Speaker 4>mitigate this impending shortfall.

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<v Speaker 5>We're gonna get to the lighter conversations later. These first

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<v Speaker 5>two it goes back into the nothing. I just want

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<v Speaker 5>to be very honest. I think that those benefits have

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<v Speaker 5>been run out. Social Security is done for. I know

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<v Speaker 5>people keep saying that that it's not true. Once again,

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<v Speaker 5>go reference Chicago. That was the Canarian the Cold Mine

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<v Speaker 5>to tell you that the money wasn't there. Medicare by

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<v Speaker 5>twenty thirty six. That is scary, and because we don't

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<v Speaker 5>have enough checks and balances to know where the money

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<v Speaker 5>is going, where it's being spent, how it is being allocated,

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<v Speaker 5>how it's being deployed properly. So I think in our

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<v Speaker 5>lifetime we were going to have to just rest and

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<v Speaker 5>realize that Social Security or Medicare will not be there,

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<v Speaker 5>and if we continue to run into debt, other pension

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<v Speaker 5>plans are going.

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<v Speaker 1>To go away.

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<v Speaker 5>I remember as a kid when certain adults retired they

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<v Speaker 5>were guaranteed a pension. Then that went away, then came

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<v Speaker 5>into four o one k. That's some four to one

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<v Speaker 5>ks maybe going away in the next ten to fifteen years.

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<v Speaker 1>So there's nothing that we can do. What is a solution.

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<v Speaker 5>You got to invest in and take care of your

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<v Speaker 5>own financial house because nobody cares about your money the

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<v Speaker 5>way that you do.

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<v Speaker 1>But but it's sad and it's too late.

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<v Speaker 5>I've been beating this drum for about two years, and

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<v Speaker 5>everyone said I was a conspiracy theorist, but Bloomberg says

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<v Speaker 5>it sos official shot to Michael Bloomberg there, I.

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<v Speaker 6>Feel like we've heard this for the past couple of years,

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<v Speaker 6>and it felt like we're the direct descendance of this,

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<v Speaker 6>right like eighties babies, right, they were like as you

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<v Speaker 6>were growing up, as you were starting to work for us,

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<v Speaker 6>they would tell you, don't worry. Social surity is not

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<v Speaker 6>going to be there when you when it's time for

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<v Speaker 6>you all to retire, and that we're looking at the

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<v Speaker 6>numbers right within the next we are years, a lot

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<v Speaker 6>of us will probably be at that point where we've

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<v Speaker 6>done twenty five to thirty years in the career and

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<v Speaker 6>we're at that retirement age from a career working standpoint,

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<v Speaker 6>not from the social security standpoint.

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<v Speaker 1>But this is yeah, this is not one of those things.

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<v Speaker 6>Again, I'm not sure what we do other than continue

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<v Speaker 6>to educate ourselves, continue to find other ways than to

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<v Speaker 6>rely on these benefits, right, whether it's open or brokens

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<v Speaker 6>accounts of finding other pension plans. Like you said, but

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<v Speaker 6>this is a long especially for medicare. When you're talking

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<v Speaker 6>about the cost of health care in this country, I mean,

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<v Speaker 6>I don't even know how you can pay for it,

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<v Speaker 6>Like if you don't have that, if you don't have

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<v Speaker 6>health care, yeah, astronomical and even medicare is still an

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<v Speaker 6>expensive course.

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<v Speaker 1>I don't.

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<v Speaker 6>I mean, I think it's just started planning to having

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<v Speaker 6>not even discretionary outcome. But this becomes now that emergency fund.

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<v Speaker 6>I know early on you used to say it was

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<v Speaker 6>like sixty months, and I'm like that seems like a lot.

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<v Speaker 6>But I mean, based on these numbers, if this might

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<v Speaker 6>be something that's needed, do we now adjust what the

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<v Speaker 6>savings is. I don't from a financial advisorce standpoint, what

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<v Speaker 6>do you say to that?

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<v Speaker 4>Well, I mean, at first, you know this is not

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<v Speaker 4>something that's new. And from when I was a financial advisor,

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<v Speaker 4>I used to tell my clients this because actually, if

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<v Speaker 4>you look on your social Security statement, it says it

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<v Speaker 4>on your Sociality statement, it's been stated on your Social

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<v Speaker 4>Security statement for years, but nobody really reads fine print.

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<v Speaker 1>But so.

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<v Speaker 4>This, yeah, this is something that has been documented by

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<v Speaker 4>the Social Security Office themselves for over a decade. So

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<v Speaker 4>it's not surprising, and it doesn't necessarily mean that at

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<v Speaker 4>twenty twenty three, twenty thirty three, that is going to

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<v Speaker 4>be over. It's just staying at this pace. It will

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<v Speaker 4>be over, but they'll probably pump more money into it.

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<v Speaker 4>They'll they'll you know, I have very strong doubt that

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<v Speaker 4>Social Security will end in twenty thirty three. That's almost

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<v Speaker 4>almost impossible. They will put more money into it, and

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<v Speaker 4>they will make it. But that leads to more issues

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<v Speaker 4>because it's like, okay, we keep funding and putting ourselves

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<v Speaker 4>more into debt. But that goes back to the first thing,

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<v Speaker 4>as far as the debt is already out of contry.

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<v Speaker 4>So it's a political gain that you know, really the

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<v Speaker 4>politicians are the only ones that can kind of figure

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<v Speaker 4>this out because they're the ones that control the budget.

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<v Speaker 4>This goes back to our visit in Washington when we

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<v Speaker 4>met with you know, members of Congress and we talk

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<v Speaker 4>about you know, the Appropriations Committee, Ways and Means Committee,

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<v Speaker 4>different things of that. These type of committees control the budget,

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<v Speaker 4>where the money goes, and how it's allocated. And that's

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<v Speaker 4>why it's important to be politically aware and take part

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<v Speaker 4>in the political process because the members of Congress have

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<v Speaker 4>the power to make the decisions on this, and they're

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<v Speaker 4>the only ones that have the power to make the

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<v Speaker 4>decisions on this. So I'm pretty sure they'll they'll kick

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<v Speaker 4>the can down the road as long as they possibly can.

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<v Speaker 4>But yeah, it's not it's not encouraging that, you know,

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<v Speaker 4>financially we're on a pathway of insolvency. That's never that's

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<v Speaker 4>never good, right, But ultimately, there's only a few ways

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<v Speaker 4>that you can solve these type of issues. You either,

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<v Speaker 4>you know, increase revenue, which most of the time that's

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<v Speaker 4>by increasing taxes, or you cut spending. So Democrats want

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<v Speaker 4>to raise taxes, Republicans want to cut spending. I think

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<v Speaker 4>you got to do a combination of both. Yeah, and

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<v Speaker 4>military spending definitely something that I think there's spend way

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<v Speaker 4>too much money on, especially overseas, over and overseas military practices,

0:11:35.840 --> 0:11:40.400
<v Speaker 4>overseas financial aid to other countries. There's definitely something that

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<v Speaker 4>could potentially, you know, be cut down on as a

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<v Speaker 4>line item for sure, but it's all in the hands

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<v Speaker 4>of the politicians. It's a political it's a political game.

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<v Speaker 4>But as far as how much money you should have

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<v Speaker 4>in savings, I mean, you should definitely have at least

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<v Speaker 4>six months in savings, but you know, a year for

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<v Speaker 4>sure if you can to be on the safe side.

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<v Speaker 4>That's something that's helpful and beneficial. But savings is relative.

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<v Speaker 4>I mean, if you have money in the stock market, technically,

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<v Speaker 4>that's a form of savings as well, right, Like, so

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<v Speaker 4>you should you should have as much money as you

0:12:14.600 --> 0:12:18.360
<v Speaker 4>possibly can quote unquote saved. I mean just in a

0:12:18.440 --> 0:12:21.560
<v Speaker 4>regular bank account a year, probably no more than a year.

0:12:21.600 --> 0:12:23.040
<v Speaker 4>But after that, you know, you put money into a

0:12:23.040 --> 0:12:27.920
<v Speaker 4>brokerag account, you put money into stocks. In an emergency situation,

0:12:28.000 --> 0:12:29.720
<v Speaker 4>if you need to take then you can. You can

0:12:29.760 --> 0:12:32.240
<v Speaker 4>take from that as well. So you want to have

0:12:32.280 --> 0:12:36.160
<v Speaker 4>as much money you know, liquid, I would use that

0:12:36.400 --> 0:12:38.319
<v Speaker 4>as a better word than savings. You want to have

0:12:38.360 --> 0:12:41.120
<v Speaker 4>as much money liquid as you possibly can because it

0:12:41.280 --> 0:12:45.640
<v Speaker 4>just gives you flexibility when anything. Anything can happen, and

0:12:46.240 --> 0:12:49.040
<v Speaker 4>you know, if you're not liquid, then you're going to

0:12:49.080 --> 0:12:50.520
<v Speaker 4>be in a very difficult space.

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<v Speaker 5>And the truth is even when you get to a

0:12:53.679 --> 0:12:56.559
<v Speaker 5>different level. Even sixty months like five years ago, is

0:12:56.640 --> 0:13:00.920
<v Speaker 5>by fast. There's companies that have hit a route for

0:13:01.360 --> 0:13:04.000
<v Speaker 5>the run for ten years. But if you look at

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<v Speaker 5>how much money they have, two point seven trillion in

0:13:08.080 --> 0:13:11.200
<v Speaker 5>social security left, that's the value. That's the market cap

0:13:11.240 --> 0:13:15.160
<v Speaker 5>of video, and video's at two point nine So everyone's

0:13:15.160 --> 0:13:18.280
<v Speaker 5>paid in all this time and in the course of

0:13:18.320 --> 0:13:22.880
<v Speaker 5>ten years, and videos has had more value than security.

0:13:23.640 --> 0:13:26.240
<v Speaker 5>That money probably won't be there by twenty forty. What

0:13:26.280 --> 0:13:27.960
<v Speaker 5>do I know? And every year we do the show

0:13:29.040 --> 0:13:31.200
<v Speaker 5>makes a case for why you need this much money

0:13:31.559 --> 0:13:37.800
<v Speaker 5>stored away. Inflation is getting higher. We won't talk about

0:13:37.800 --> 0:13:40.800
<v Speaker 5>the corruption, the reallocation of money. It's a lot of

0:13:40.840 --> 0:13:45.120
<v Speaker 5>tricky stuff going on investing yourself, to my thinking.

0:13:46.280 --> 0:13:49.360
<v Speaker 1>On top of that, you have to have your money

0:13:49.440 --> 0:13:51.520
<v Speaker 1>work for you. There's no more like.

0:13:51.679 --> 0:13:54.720
<v Speaker 5>The disparity between rich and poor is getting higher than ever.

0:13:54.760 --> 0:13:56.880
<v Speaker 5>We'll talk about it later, but now we have a

0:13:56.920 --> 0:14:00.440
<v Speaker 5>poor person's recession. We're gonna put all the deb on

0:14:01.200 --> 0:14:03.440
<v Speaker 5>those that make less than sixty grand a year, and

0:14:03.480 --> 0:14:06.680
<v Speaker 5>then everyone who's doing well get elevated higher. I know

0:14:06.720 --> 0:14:09.240
<v Speaker 5>I sound like Bernie Sanders, but it is getting tricky,

0:14:09.720 --> 0:14:12.280
<v Speaker 5>and as an entrepreneur, you have to be able to

0:14:12.320 --> 0:14:14.679
<v Speaker 5>weather a lot of storms, and sometimes the storm may

0:14:14.720 --> 0:14:15.800
<v Speaker 5>lasts longer than the year.

0:14:17.600 --> 0:14:20.800
<v Speaker 6>Sure, yep, yeah, I'm looking at this start for the

0:14:21.320 --> 0:14:24.040
<v Speaker 6>US government spending fiscal year to day twenty twenty four.

0:14:24.640 --> 0:14:28.000
<v Speaker 6>The number one category is Social Security nine hundred and

0:14:28.080 --> 0:14:30.920
<v Speaker 6>sixty billion. Medicare is number two, six hundred and seven billion.

0:14:31.440 --> 0:14:34.760
<v Speaker 6>We had interests six hundred and one billion, Health five

0:14:34.840 --> 0:14:37.240
<v Speaker 6>hundred and ninety five billion, and the National Defense five

0:14:37.320 --> 0:14:43.000
<v Speaker 6>hundred and seventy six billion. Interesting. Interesting, I'm trying for

0:14:43.040 --> 0:14:44.120
<v Speaker 6>out where Education is here?

0:14:44.160 --> 0:14:44.280
<v Speaker 1>Oh?

0:14:44.280 --> 0:14:47.760
<v Speaker 6>Here it is down here, number eight Education, Training, Employment,

0:14:47.760 --> 0:14:49.920
<v Speaker 6>and Social Services one hundred and forty one billion.

0:14:51.600 --> 0:14:53.560
<v Speaker 1>Yeah, a lot key gonna get their money no matter what.

0:14:53.640 --> 0:14:57.440
<v Speaker 7>So an illegal alien from Guatemala charged with raping a

0:14:57.520 --> 0:15:01.000
<v Speaker 7>child in Massachusetts in MS thirteen. Gang member from Al

0:15:01.080 --> 0:15:05.920
<v Speaker 7>Salvador accused of murdering a Texas man of Venezuelan charged

0:15:05.920 --> 0:15:09.840
<v Speaker 7>with filming and selling child pornography in Michigan. These are

0:15:09.880 --> 0:15:13.400
<v Speaker 7>just some of the heinous migrant criminals caught because of

0:15:13.440 --> 0:15:14.320
<v Speaker 7>President Donald J.

0:15:14.400 --> 0:15:17.640
<v Speaker 2>Trump's leadership. I'm Christy Noman, the United States.

0:15:17.480 --> 0:15:22.240
<v Speaker 7>Secretary of Homeland Security. Under President Trump, attempted illegal border

0:15:22.280 --> 0:15:25.840
<v Speaker 7>crossings are at the lowest levels ever recorded, and over

0:15:25.920 --> 0:15:29.120
<v Speaker 7>one hundred thousand illegal aliens have been arrested. If you

0:15:29.200 --> 0:15:33.040
<v Speaker 7>are here illegally, your next you will be fined nearly

0:15:33.120 --> 0:15:36.280
<v Speaker 7>one thousand dollars a day, imprisoned, and deported.

0:15:36.760 --> 0:15:40.160
<v Speaker 2>You will never return. But if you register using our.

0:15:40.040 --> 0:15:43.240
<v Speaker 7>CBP home app and leave now, you could be allowed

0:15:43.240 --> 0:15:44.240
<v Speaker 7>to return legally.

0:15:44.600 --> 0:15:46.880
<v Speaker 2>Do what's right, leave now.

0:15:47.200 --> 0:15:51.960
<v Speaker 7>Under President Trump, America's laws, border and families will be protected.

0:15:52.080 --> 0:15:54.200
<v Speaker 1>Sponsored by the United States Department of Homeland Security,