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Speaker 4: The US national debt is approaching record of thirty five trillion.
Speaker 4: As citizens, is there anything we can do to address
Speaker 4: or fix this issue?
Speaker 1: I would say vote, but.
Speaker 5: I don't even know if that would help, to be
Speaker 5: very because remember and when we did Marku Mondy's Live
Speaker 5: and Ghana, we were almost at thirty four trillion. It's
Speaker 5: not even a year later, a four year later, we're
Speaker 5: at thirty five, and I think we're starting to throw
Speaker 5: these trillions around like it's nothing. At some point we're
Speaker 5: going to need to revolt and figure out a shout
Speaker 5: at the Tavio and figure out a way how to
Speaker 5: get this debt down. We'll talk about the silent or
Speaker 5: selective recession later. But when debt to GDP there's one
Speaker 5: hundred and twenty two percent, But in two thousand when
Speaker 5: we graduated Troy, who.
Speaker 1: Was at fifty seven percent? Like, how to hell? Like
Speaker 1: I remember at one time.
Speaker 5: I'm not Republican, but I remember when Republicans would go
Speaker 5: crazy if debt to GDP was a seventy five percent,
Speaker 5: And now everyone wanted to ask, like one hundred and
Speaker 5: twenty two percent, we should be at one thirty twenty
Speaker 5: twenty eight is acceptable? I can't believe that we're here.
Speaker 5: And if we stay at this pace while did you
Speaker 5: see Kim Jong own and Putin look like they were
Speaker 5: on a date? How happy they was riding together. This
Speaker 5: is not good. This is not good. So I know
Speaker 5: some people call me an alarmist. It's okay. Go to
Speaker 5: us deck deck clock dot org and you can see
Speaker 5: how much we owe. But every citizen os technically one
Speaker 5: hundred and three thousand dollars to get the deficit back
Speaker 5: to zero. Most people don't have one hundred and three
Speaker 5: thousand as we've talked about, so we got to get
Speaker 5: better leadership and hold them accountable.
Speaker 6: Is that I feel like, is that the only answer?
Speaker 6: Because I was like wrestling with this question and I'm
Speaker 6: trying to figure out, like, as a citizen, what can
Speaker 6: you do? I didn't want to say I'm not sure
Speaker 6: what we can do? Is that we don't have nothings nothing?
Speaker 6: Is this the only other answer?
Speaker 1: Nothing? We gonna feel just like Drake did when he
Speaker 1: saw that.
Speaker 5: Now like US Game Convention, and then you can do
Speaker 5: you got to just sit there and watch it and
Speaker 5: be like, damn all of them don't like me, Like, yo,
Speaker 5: this is insane. Of course, Stocks, of course is going
Speaker 5: to do incredibly well. We'll talk about how the S
Speaker 5: and P has been doing this year, But for the
Speaker 5: debt to be this high while we built up India
Speaker 5: and built up China and sent money to another foreign
Speaker 5: country that I won't mention anymore, is absolutely insane.
Speaker 6: It's funny you mentioned those two because there was just
Speaker 6: a report. I believe it was in Morning Star or
Speaker 6: it could have been in Seeking Alpha. But both those
Speaker 6: countries are on pace to pass us in GP. I
Speaker 6: think kinda by by twenty thirty is going to pass us,
Speaker 6: and then I think India is like twenty thirty seven
Speaker 6: or twenty forty don't yeah, I mean that's in this
Speaker 6: lifetime yep, yeah, yep.
Speaker 5: So honestly, there's noth nothing we can do to be
Speaker 5: the one thing we potentially could do. It's act leadership
Speaker 5: who are going to try and fix it. But it's tough.
Speaker 5: It's tough to be almost at forty trillion in three
Speaker 5: or four years. What are we doing? But Elon got paid, well,
Speaker 5: he's about to get paid maybe fifty six billion.
Speaker 1: Runner been into the ground.
Speaker 6: So you saying get out, get out there and go, yep,
Speaker 6: we'll find another country to live in.
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Speaker 6: See it is, Oh jeez, no, what this is very
Speaker 6: vintage original, the original.
Speaker 1: Okay.
Speaker 4: So Bloomberg projects that Social Security will run out of
Speaker 4: money to pay full benefits by twenty thirty three and
Speaker 4: Medicare by twenty thirty What steps can be taken to
Speaker 4: mitigate this impending shortfall.
Speaker 5: We're gonna get to the lighter conversations later. These first
Speaker 5: two it goes back into the nothing. I just want
Speaker 5: to be very honest. I think that those benefits have
Speaker 5: been run out. Social Security is done for. I know
Speaker 5: people keep saying that that it's not true. Once again,
Speaker 5: go reference Chicago. That was the Canarian the Cold Mine
Speaker 5: to tell you that the money wasn't there. Medicare by
Speaker 5: twenty thirty six. That is scary, and because we don't
Speaker 5: have enough checks and balances to know where the money
Speaker 5: is going, where it's being spent, how it is being allocated,
Speaker 5: how it's being deployed properly. So I think in our
Speaker 5: lifetime we were going to have to just rest and
Speaker 5: realize that Social Security or Medicare will not be there,
Speaker 5: and if we continue to run into debt, other pension
Speaker 5: plans are going.
Speaker 1: To go away.
Speaker 5: I remember as a kid when certain adults retired they
Speaker 5: were guaranteed a pension. Then that went away, then came
Speaker 5: into four o one k. That's some four to one
Speaker 5: ks maybe going away in the next ten to fifteen years.
Speaker 1: So there's nothing that we can do. What is a solution.
Speaker 5: You got to invest in and take care of your
Speaker 5: own financial house because nobody cares about your money the
Speaker 5: way that you do.
Speaker 1: But but it's sad and it's too late.
Speaker 5: I've been beating this drum for about two years, and
Speaker 5: everyone said I was a conspiracy theorist, but Bloomberg says
Speaker 5: it sos official shot to Michael Bloomberg there, I.
Speaker 6: Feel like we've heard this for the past couple of years,
Speaker 6: and it felt like we're the direct descendance of this,
Speaker 6: right like eighties babies, right, they were like as you
Speaker 6: were growing up, as you were starting to work for us,
Speaker 6: they would tell you, don't worry. Social surity is not
Speaker 6: going to be there when you when it's time for
Speaker 6: you all to retire, and that we're looking at the
Speaker 6: numbers right within the next we are years, a lot
Speaker 6: of us will probably be at that point where we've
Speaker 6: done twenty five to thirty years in the career and
Speaker 6: we're at that retirement age from a career working standpoint,
Speaker 6: not from the social security standpoint.
Speaker 1: But this is yeah, this is not one of those things.
Speaker 6: Again, I'm not sure what we do other than continue
Speaker 6: to educate ourselves, continue to find other ways than to
Speaker 6: rely on these benefits, right, whether it's open or brokens
Speaker 6: accounts of finding other pension plans. Like you said, but
Speaker 6: this is a long especially for medicare. When you're talking
Speaker 6: about the cost of health care in this country, I mean,
Speaker 6: I don't even know how you can pay for it,
Speaker 6: Like if you don't have that, if you don't have
Speaker 6: health care, yeah, astronomical and even medicare is still an
Speaker 6: expensive course.
Speaker 1: I don't.
Speaker 6: I mean, I think it's just started planning to having
Speaker 6: not even discretionary outcome. But this becomes now that emergency fund.
Speaker 6: I know early on you used to say it was
Speaker 6: like sixty months, and I'm like that seems like a lot.
Speaker 6: But I mean, based on these numbers, if this might
Speaker 6: be something that's needed, do we now adjust what the
Speaker 6: savings is. I don't from a financial advisorce standpoint, what
Speaker 6: do you say to that?
Speaker 4: Well, I mean, at first, you know this is not
Speaker 4: something that's new. And from when I was a financial advisor,
Speaker 4: I used to tell my clients this because actually, if
Speaker 4: you look on your social Security statement, it says it
Speaker 4: on your Sociality statement, it's been stated on your Social
Speaker 4: Security statement for years, but nobody really reads fine print.
Speaker 1: But so.
Speaker 4: This, yeah, this is something that has been documented by
Speaker 4: the Social Security Office themselves for over a decade. So
Speaker 4: it's not surprising, and it doesn't necessarily mean that at
Speaker 4: twenty twenty three, twenty thirty three, that is going to
Speaker 4: be over. It's just staying at this pace. It will
Speaker 4: be over, but they'll probably pump more money into it.
Speaker 4: They'll they'll you know, I have very strong doubt that
Speaker 4: Social Security will end in twenty thirty three. That's almost
Speaker 4: almost impossible. They will put more money into it, and
Speaker 4: they will make it. But that leads to more issues
Speaker 4: because it's like, okay, we keep funding and putting ourselves
Speaker 4: more into debt. But that goes back to the first thing,
Speaker 4: as far as the debt is already out of contry.
Speaker 4: So it's a political gain that you know, really the
Speaker 4: politicians are the only ones that can kind of figure
Speaker 4: this out because they're the ones that control the budget.
Speaker 4: This goes back to our visit in Washington when we
Speaker 4: met with you know, members of Congress and we talk
Speaker 4: about you know, the Appropriations Committee, Ways and Means Committee,
Speaker 4: different things of that. These type of committees control the budget,
Speaker 4: where the money goes, and how it's allocated. And that's
Speaker 4: why it's important to be politically aware and take part
Speaker 4: in the political process because the members of Congress have
Speaker 4: the power to make the decisions on this, and they're
Speaker 4: the only ones that have the power to make the
Speaker 4: decisions on this. So I'm pretty sure they'll they'll kick
Speaker 4: the can down the road as long as they possibly can.
Speaker 4: But yeah, it's not it's not encouraging that, you know,
Speaker 4: financially we're on a pathway of insolvency. That's never that's
Speaker 4: never good, right, But ultimately, there's only a few ways
Speaker 4: that you can solve these type of issues. You either,
Speaker 4: you know, increase revenue, which most of the time that's
Speaker 4: by increasing taxes, or you cut spending. So Democrats want
Speaker 4: to raise taxes, Republicans want to cut spending. I think
Speaker 4: you got to do a combination of both. Yeah, and
Speaker 4: military spending definitely something that I think there's spend way
Speaker 4: too much money on, especially overseas, over and overseas military practices,
Speaker 4: overseas financial aid to other countries. There's definitely something that
Speaker 4: could potentially, you know, be cut down on as a
Speaker 4: line item for sure, but it's all in the hands
Speaker 4: of the politicians. It's a political it's a political game.
Speaker 4: But as far as how much money you should have
Speaker 4: in savings, I mean, you should definitely have at least
Speaker 4: six months in savings, but you know, a year for
Speaker 4: sure if you can to be on the safe side.
Speaker 4: That's something that's helpful and beneficial. But savings is relative.
Speaker 4: I mean, if you have money in the stock market, technically,
Speaker 4: that's a form of savings as well, right, Like, so
Speaker 4: you should you should have as much money as you
Speaker 4: possibly can quote unquote saved. I mean just in a
Speaker 4: regular bank account a year, probably no more than a year.
Speaker 4: But after that, you know, you put money into a
Speaker 4: brokerag account, you put money into stocks. In an emergency situation,
Speaker 4: if you need to take then you can. You can
Speaker 4: take from that as well. So you want to have
Speaker 4: as much money you know, liquid, I would use that
Speaker 4: as a better word than savings. You want to have
Speaker 4: as much money liquid as you possibly can because it
Speaker 4: just gives you flexibility when anything. Anything can happen, and
Speaker 4: you know, if you're not liquid, then you're going to
Speaker 4: be in a very difficult space.
Speaker 5: And the truth is even when you get to a
Speaker 5: different level. Even sixty months like five years ago, is
Speaker 5: by fast. There's companies that have hit a route for
Speaker 5: the run for ten years. But if you look at
Speaker 5: how much money they have, two point seven trillion in
Speaker 5: social security left, that's the value. That's the market cap
Speaker 5: of video, and video's at two point nine So everyone's
Speaker 5: paid in all this time and in the course of
Speaker 5: ten years, and videos has had more value than security.
Speaker 5: That money probably won't be there by twenty forty. What
Speaker 5: do I know? And every year we do the show
Speaker 5: makes a case for why you need this much money
Speaker 5: stored away. Inflation is getting higher. We won't talk about
Speaker 5: the corruption, the reallocation of money. It's a lot of
Speaker 5: tricky stuff going on investing yourself, to my thinking.
Speaker 1: On top of that, you have to have your money
Speaker 1: work for you. There's no more like.
Speaker 5: The disparity between rich and poor is getting higher than ever.
Speaker 5: We'll talk about it later, but now we have a
Speaker 5: poor person's recession. We're gonna put all the deb on
Speaker 5: those that make less than sixty grand a year, and
Speaker 5: then everyone who's doing well get elevated higher. I know
Speaker 5: I sound like Bernie Sanders, but it is getting tricky,
Speaker 5: and as an entrepreneur, you have to be able to
Speaker 5: weather a lot of storms, and sometimes the storm may
Speaker 5: lasts longer than the year.
Speaker 6: Sure, yep, yeah, I'm looking at this start for the
Speaker 6: US government spending fiscal year to day twenty twenty four.
Speaker 6: The number one category is Social Security nine hundred and
Speaker 6: sixty billion. Medicare is number two, six hundred and seven billion.
Speaker 6: We had interests six hundred and one billion, Health five
Speaker 6: hundred and ninety five billion, and the National Defense five
Speaker 6: hundred and seventy six billion. Interesting. Interesting, I'm trying for
Speaker 6: out where Education is here?
Speaker 1: Oh?
Speaker 6: Here it is down here, number eight Education, Training, Employment,
Speaker 6: and Social Services one hundred and forty one billion.
Speaker 1: Yeah, a lot key gonna get their money no matter what.
Speaker 7: So an illegal alien from Guatemala charged with raping a
Speaker 7: child in Massachusetts in MS thirteen. Gang member from Al
Speaker 7: Salvador accused of murdering a Texas man of Venezuelan charged
Speaker 7: with filming and selling child pornography in Michigan. These are
Speaker 7: just some of the heinous migrant criminals caught because of
Speaker 7: President Donald J.
Speaker 2: Trump's leadership. I'm Christy Noman, the United States.
Speaker 7: Secretary of Homeland Security. Under President Trump, attempted illegal border
Speaker 7: crossings are at the lowest levels ever recorded, and over
Speaker 7: one hundred thousand illegal aliens have been arrested. If you
Speaker 7: are here illegally, your next you will be fined nearly
Speaker 7: one thousand dollars a day, imprisoned, and deported.
Speaker 2: You will never return. But if you register using our.
Speaker 7: CBP home app and leave now, you could be allowed
Speaker 7: to return legally.
Speaker 2: Do what's right, leave now.
Speaker 7: Under President Trump, America's laws, border and families will be protected.
Speaker 1: Sponsored by the United States Department of Homeland Security,