WEBVTT - Social Security and Medicare Crisis: What It Means for Your Financial Future

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<v Speaker 2>Bloomberg projects that Social Security will run out of money

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<v Speaker 2>to pay full benefits by twenty thirty three and Medicare

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<v Speaker 2>by twenty thirty six. What steps can be taken to

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<v Speaker 2>mitigate this impending shortfall.

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<v Speaker 3>We're gonna get to the lighter conversations later. These first two.

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<v Speaker 3>It goes back into the nothing. I just want to

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<v Speaker 3>be very honest. I think that those benefits have been

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<v Speaker 3>run out. Social Security is done for. I know people

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<v Speaker 3>keep saying that that it's not true. Once again, go

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<v Speaker 3>reference Chicago. That was the canary in the cold mine

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<v Speaker 3>to tell you that the money wasn't there Medicare by

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<v Speaker 3>twenty thirty six. That is scary. And because we don't

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<v Speaker 3>have enough checks and balances to know where the money

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<v Speaker 3>is going, where it's being spent, how it is being allocated,

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<v Speaker 3>how it's being deployed properly. So I think in our

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<v Speaker 3>lifetime we were going to have to just rest and

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<v Speaker 3>realize that Social Security or Medicare will not be there.

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<v Speaker 3>And if we continue to run into debt, other pension

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<v Speaker 3>plans are going to go away. I remember as a

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<v Speaker 3>kid when certain adults retired they were guaranteed a pension,

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<v Speaker 3>then that went away, then came into four one K.

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<v Speaker 3>That's some four to one ks maybe going away in

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<v Speaker 3>the next ten to fifteen years. So there's nothing that

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<v Speaker 3>we can do.

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<v Speaker 1>What is a solution.

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<v Speaker 3>We got to invest in and take care of your

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<v Speaker 3>own financial house, because nobody cares about your money the

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<v Speaker 3>way that you do. But but it's sad and it's

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<v Speaker 3>too late. I've been beating this drum for about two years,

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<v Speaker 3>and everyone said I was a conspiracy theorist, but Bloomberg

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<v Speaker 3>says it sos official. Shout to Michael Bloomberg.

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<v Speaker 1>I feel like We've heard this for the past couple

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<v Speaker 1>of years, and it felt like we're the direct descendants

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<v Speaker 1>of this, right, like eighties babies, right, they were like

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<v Speaker 1>as you were growing up, as you were starting to

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<v Speaker 1>work for us, they would tell you, don't worry. Social

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<v Speaker 1>surity is not going to be there when you when

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<v Speaker 1>it's time for you all to retire, and that we're

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<v Speaker 1>looking at the numbers right within the next week are

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<v Speaker 1>years a lot of us will probably be at that point.

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<v Speaker 1>We've done twenty five to thirty years in the career

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<v Speaker 1>and we're at the retirement age from a career work standpoint,

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<v Speaker 1>not from the social security standpoint. But this is yeah,

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<v Speaker 1>this is not one of those things. Again, I'm not

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<v Speaker 1>sure what we do other than continue to educate ourselves,

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<v Speaker 1>continue to find other ways than to rely on these benefits, right,

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<v Speaker 1>whether it's open or Brokensh accounts of finding other pension plans.

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<v Speaker 1>Like you said, but this is a long especially for medicare.

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<v Speaker 1>When you talk about the cost of health care in

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<v Speaker 1>this country, I mean, I don't even know how you

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<v Speaker 1>can pay for it, Like if you don't have that,

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<v Speaker 1>if you don't have health care, yeah, astronomical and even

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<v Speaker 1>medicare is still an expensive course.

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<v Speaker 2>I don't.

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<v Speaker 1>I mean, I think it's just start planning to having

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<v Speaker 1>not even discretionary outcome. But this becomes now that emergency fund.

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<v Speaker 1>I know early on you used to say it was

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<v Speaker 1>like sixty months, and I'm like, that seems like a lot.

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<v Speaker 1>But I mean, based on these numbers, if this might

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<v Speaker 1>be something that's needed, do we now adjust what the

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<v Speaker 1>savings is. I don't from a financial advisorce standpoint, what do.

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<v Speaker 2>You say to that? Well, I mean, at first, you know,

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<v Speaker 2>this is not something that's new information. When I was

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<v Speaker 2>a financial advisor, I used to tell my clients this

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<v Speaker 2>because actually, if you look on your Social Security statement,

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<v Speaker 2>it says it on your Sociality statement. It's been stated

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<v Speaker 2>on your Social Security statement for years, but nobody really

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<v Speaker 2>reads fine print. But so this, yeah, this is something

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<v Speaker 2>that has been documented by the Social Security Office themselves

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<v Speaker 2>for over a decade. So it's not surprising. And it

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<v Speaker 2>doesn't necessarily mean that at twenty twenty three, twenty thirty three,

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<v Speaker 2>that is going to be over. It's just staying at

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<v Speaker 2>this pace. It will be over, but they'll probably pump

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<v Speaker 2>more money into it. They'll they'll you know, I have

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<v Speaker 2>very strong doubt that Social Security will end in twenty

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<v Speaker 2>thirty three. That's almost almost impossible. They will put more

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<v Speaker 2>money into it, and they will make it, but that

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<v Speaker 2>leads to more issues because it's like, Okay, we keep

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<v Speaker 2>funding and putting ourselves more into debt. But that goes

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<v Speaker 2>back to the thing as far as the debt is

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<v Speaker 2>already out of control. So it's a political gain that

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<v Speaker 2>you know, really the politicians are the only ones that

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<v Speaker 2>can kind of figure this out because they're the ones

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<v Speaker 2>that control the budget. This goes back to our visit

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<v Speaker 2>in Washington when we met with you know, members of

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<v Speaker 2>Congress and we talk about you know, the Appropriations Committee,

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<v Speaker 2>Ways and Means Committee, different things of that. These type

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<v Speaker 2>of committees control the budget, where the money goes, and

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<v Speaker 2>how it's allocated. And that's why it's important to be

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<v Speaker 2>politically aware and take part in the political process because

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<v Speaker 2>the members of Congress have the power to make the

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<v Speaker 2>decisions on this, and they're the only ones that have

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<v Speaker 2>the power to make the decisions on this. So I'm

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<v Speaker 2>pretty sure they'll they'll kick the can down the road

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<v Speaker 2>as long as they possibly can. But yeah, it's not

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<v Speaker 2>it's not encouraging that, you know, financially we're on a

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<v Speaker 2>path way of insolvency. That's never that's never good, right.

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<v Speaker 2>But ultimately, there's only a few ways that you can

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<v Speaker 2>solve these type of issues. You either, you know, increase revenue,

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<v Speaker 2>which most of the time that's by increasing taxes, or

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<v Speaker 2>you cut spending. So Democrats want to raise taxes, Republicans

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<v Speaker 2>want to cut spending. I think you got to do

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<v Speaker 2>a combination of both. Yeah, and military spending definitely something

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<v Speaker 2>that I think there's spend way too much money on,

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<v Speaker 2>especially overseas, over and overseas military practices, overseas financial aid

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<v Speaker 2>to other countries. There's definitely something that could potentially, you know,

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<v Speaker 2>be cut down on as a line item for sure.

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<v Speaker 2>But it's all in the hands of the politicians. It's

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<v Speaker 2>a political it's a political game. But as far as

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<v Speaker 2>how much money you should have in savings, I mean,

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<v Speaker 2>you should definitely have at least six months in savings,

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<v Speaker 2>but you know, a year for sure if you can

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<v Speaker 2>to be on the safe side, that's something that's helpful

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<v Speaker 2>and beneficial. But savings is relative. I mean, if you

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<v Speaker 2>have money in the stock market, technically that's a form

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<v Speaker 2>of savings as well, right, like, so you should you

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<v Speaker 2>should have as much money as you possibly can quote

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<v Speaker 2>unquote saved. I mean just in a regular bank account

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<v Speaker 2>a year, probably no more than a year. But after that,

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<v Speaker 2>you know, you put money into a brokerag account, you

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<v Speaker 2>put money into stocks. In an emergency situation, if you

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<v Speaker 2>need to take then you can. You can take from

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<v Speaker 2>that as well. So you want to have as much

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<v Speaker 2>money you know, liquid, I would use that as a

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<v Speaker 2>better word than savings. You want to have as much

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<v Speaker 2>money liquid as you possibly can because it just gives

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<v Speaker 2>you flexibility when anything, anything can happen, and you know,

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<v Speaker 2>if you're not liquid, then you're going to be in

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<v Speaker 2>a very difficult space.

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<v Speaker 3>And the truth is even when you get to a

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<v Speaker 3>different level, even sixty months, like five years ago, is

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<v Speaker 3>by fast. There's companies that have hit a route for

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<v Speaker 3>run for ten years. But if you look at how

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<v Speaker 3>much money they have two point seven trillion in social

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<v Speaker 3>security left, that's the value. That's the market cap of video.

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<v Speaker 3>What in video's at two point nine So everyone's paid

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<v Speaker 3>in all this time and in the course of ten years,

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<v Speaker 3>and videos has had more value than security. That money

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<v Speaker 3>probably won't be there by twenty forty. What do I know?

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<v Speaker 3>And every year we do the show makes a case

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<v Speaker 3>for why you need this much money stored away. Inflation

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<v Speaker 3>is getting higher. We won't talk about the corruption, the

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<v Speaker 3>reallocation of money. It's a lot of tricky stuff going

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<v Speaker 3>on investing yourself, to my thinking. On top of that,

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<v Speaker 3>you have to have your money work for you. There's

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<v Speaker 3>no more like. The disparity between rich and poor is

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<v Speaker 3>getting higher than ever. We'll talk about it later, but

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<v Speaker 3>now we have a poor per since recession. We're gonna

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<v Speaker 3>put all the debt on those that make less than

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<v Speaker 3>sixty grand a year, and then everyone who's doing well

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<v Speaker 3>get elevated higher. I know I sound like Bernie Sanders,

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<v Speaker 3>but it is getting tricky. And as an entrepreneur you

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<v Speaker 3>have to be able to weather a lot of storms,

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<v Speaker 3>and sometimes the storm may lasts longer than the year. Sure, yep, yeah,

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<v Speaker 3>I'm looking at this start.

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<v Speaker 1>For the US government spending fiscal year to day twenty

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<v Speaker 1>twenty four, the number one category is Social Security nine

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<v Speaker 1>hundred and sixty billion. Medicare is number two six hundred

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<v Speaker 1>and seven billion. We had interests six hundred and one billion,

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<v Speaker 1>Health five hundred and ninety five billion, and the National

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<v Speaker 1>Defense five hundred and seventy six billion. Interesting. Interesting, I'm

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<v Speaker 1>trying for that. Where education is here? Oh here it

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<v Speaker 1>is down here Number eight Education, Training, Employment, and Social

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<v Speaker 1>services one hundred and forty one billion.

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<v Speaker 3>Yeah, a lot of key gonna get their money no

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<v Speaker 3>matter what. So Ander roller Ben MX soon boweing.

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<v Speaker 2>Hit. I'm like, but it like yes and share.

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<v Speaker 4>An illegal alien from Guatemala charged with raping a child

0:11:09.280 --> 0:11:13.079
<v Speaker 4>in Massachusetts. An MS thirteen gang member from Al Salvador

0:11:13.320 --> 0:11:17.439
<v Speaker 4>accused of murdering a Texas man of Venezuelan charged with

0:11:17.520 --> 0:11:21.440
<v Speaker 4>filming and selling child pornography in Michigan. These are just

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<v Speaker 4>some of the heinous migrant criminals caught because of President

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<v Speaker 4>Donald J. Trump's leadership. I'm Christy nom the United States

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<v Speaker 4>Secretary of Homeland Security. Under President Trump, attempted illegal border

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<v Speaker 4>crossings are at the lowest levels ever recorded, and over

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<v Speaker 4>one hundred thousand illegal aliens have been arrested. If you

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<v Speaker 4>are here illegally, your next you will be fine nearly

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<v Speaker 4>one thousand dollars a day. Imprisoned and deported, you will

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<v Speaker 4>never return. But if you register using our CBP home

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<v Speaker 4>app and leave now, you could be allowed to return legally.

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<v Speaker 4>Do what's right. Leave now. Under President Trump America's laws,

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<v Speaker 4>border and families will be protected. Sponsored by the United

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<v Speaker 4>States Department of Homeland Security,