HI THERE!
WELCOME TO THE SHOW, STILL
TAKING PLACE IN THIS BLANK VOID.
IT'S GOT WHITE WALLS,
A GLASS TABLE, AND A BIG DORK
BEHIND THE COUNTER.
THIS IS BASICALLY AN APPLE STORE
THAT ONLY SELLS SADNESS.
NOW WE WERE OFF LAST WEEK,
AND A LOT HAS HAPPENED
SINCE WE LAST SPOKE.
THE TRIAL GOT UNDERWAY FOR
DEREK CHAUVIN, WHOSE ENTIRE
DEFENSE SEEMS TO BE, "SEE, WHAT
HAD HAPPENED WAS..."
IN EGYPT, BIG BOAT GOT STUCK.
THEN, BIG BOAT GOT UNSTUCK.
AND FOR A FEW DAYS,
RIGHT-WING MEDIA LOST THEIR
COLLECTIVE MINDS OVER
LIL NAS X'S NEW MUSIC VIDEO.
I COULD DESCRIBE IT TO YOU,
BUT I THINK I'D RATHER LET
RUDY GIULIANI DO IT INSTEAD.
IT BEGINS WITH THE... THIS...
WHATEVER HE IS... THIS GUY, UH,
LITTLE NAS, BEING SEDUCED BY THE
DEVIL IN THE FORM OF A SNAKE.
AND THEN HE ENGAGES IN A... THIS
RIDICULOUS, REALLY, RATHER UGLY
DANCE WITH SATAN AND
IT'S A SEXUAL DANCE.
I DON'T KNOW HOW MUCH OF
IT I SHOULD DESCRIBE, EXCEPT YOU
GOTTA GET IT.
IT'S... UM, HE, UM, LAP DANCES
HIM.
OH, COME ON, RUDY.
DON'T GIVE US THAT SURPRISED
FACE.
YOU CAN'T PRETEND TO BE
A TOTAL STRANGER TO LAP DANCES
IN THE SAME OSCAR SEASON THAT
YOU'RE NOMINATED FOR
"BEST JUNK ADJUSTMENT WHILE
LYING ON A STRANGER'S BED."
"LAP DANCES" IS
UNDERSTATING THINGS
CONSIDERABLY THERE.
LIL NAS X SPENDS AN EXQUISITE
AMOUNT OF TIME THROWING IT BACK
AT THE ADVERSARY.
OLD SCRATCH IS GETTING GROUND ON
THERE LIKE AN OLIVE GARDEN
PEPPER MILL.
THE WHOLE VIDEO IS COMPLETELY
INCREDIBLE, AND FRANKLY,
THE ONLY THING THAT COULD
POSSIBLY MAKE IT MORE
ENTERTAINING IS WATCHING A
WEIRD, OLD CREEP TRY TO DESCRIBE
IT IN G-RATED TERMS WHILE
SITTING ON THE SET OF A LAW FIRM
COMMERCIAL.
IT'S NOT THE FIRST REMIX I
EXPECTED, BUT I AM GLAD IT
EXISTS.
BUT LIL NAS X TWERKING ON SATAN
SEEMS POSITIVELY WHOLESOME
COMPARED TO THE NEWS THIS WEEK
CONCERNING MATT GAETZ...
A SENTIENT LL BEAN PREMIUM
DOUBLE L TRADITIONAL FIT POLO.
GAETZ IS BEING INVESTIGATED FOR
POTENTIALLY VIOLATING
SEX-TRAFFICKING LAWS INVOLVING
A MINOR... SOMETHING HE DENIES,
CLAIMING THERE'S ACTUALLY
A MULTI MILLION DOLLAR EXTORTION
PLOT BEHIND THE INVESTIGATION.
HE EVEN WENT ON TUCKER CARLSON'S
SHOW TO EXPLAIN HIS THEORY,
UNSUCCESSFULLY.
YOU SAY THAT IT WAS... THAT
IT WAS OR IS UNDERWAY, THERE WAS
AN INVESTIGATION.
WHAT IS THE BASIS OF THAT
INVESTIGATION?
WHAT IS THE ALLEGATION?
THAT'S REALLY NOT VERY CLEAR
FROM THESE NEWS STORIES.
YEAH.
AGAIN, I ONLY KNOW WHAT I'VE
READ IN "THE NEW YORK TIMES."
I CAN SAY THAT ACTUALLY
YOU AND I WENT TO DINNER
ABOUT TWO YEARS AGO,
YOUR WIFE WAS THERE,
AND I BROUGHT A FRIEND OF MINE.
YOU'LL REMEMBER HER.
AND SHE WAS ACTUALLY THREATENED
BY THE FBI, TOLD THAT IF SHE
WOULDN'T COP TO THE FACT THAT
SOMEHOW I WAS INVOLVED IN SOME
PAY FOR PLAY SCHEME, THAT SHE
COULD FACE TROUBLE.
I DON'T REMEMBER THE WOMAN
YOU'RE SPEAKING OF OR
THE CONTEXT AT ALL, HONESTLY.
WOW.
IMAGINE BEING THE ONE WHITE MAN
ON EARTH THAT TUCKER CARLSON
WON'T DEFEND.
TUCKER WAS SO CLEARLY TRYING TO
NOPE HIS WAY OUT OF THAT
WHOLE INTERVIEW.
HE LOOKS LIKE HE WANTS TO WALK
OUT OF HIS OWN SHOW.
THE PROBLEM IS, IF HE DID,
IT WOULDN'T BE
"TUCKER CARLSON TONIGHT"
ANYMORE, IT'D BE "THE MATT GAETZ
DIGS HIS OWN GRAVE ADVENTURE
HOUR."
LOOK, I'M SURE THERE'LL BE MORE
TO DISCUSS ABOUT THIS STORY
LATER, PROBABLY DURING
MATT GAETZ'S SENTENCING PHASE,
BUT FOR NOW, LET'S MOVE ONTO
AMAZON, A COMPANY RUN BY
JEFF BEZOS, WHO ANSWERS
THE QUESTION "WHAT IF LEX LUTHOR
WAS?"
AND THAT'S IT.
JUST "WHAT IF LEX LUTHOR WAS?"
HE'S A BALD BUSINESS MANIAC WITH
TOO MUCH MONEY, ZERO EMPATHY,
AND WEIRD SUPERVILLAIN VEHICLES.
HE'S JUST LEX LUTHOR.
THIS WEEK, COUNTING BEGAN ON
A HISTORIC UNION VOTE BY WORKERS
AT AN AMAZON FULFILLMENT CENTER
IN BESSEMER, ALABAMA.
THE DRIVE HAS BEEN SEEN
AS A BELLWETHER FOR THE LABOR
MOVEMENT AS A WHOLE, AND AMAZON
WORKERS FRANKLY HAVE PLENTY OF
REASONS TO FIGHT TO UNIONIZE.
MANY COMPLAIN ABOUT GRUELING
WORK, UNSAFE CONDITIONS, WITH
INADEQUATE BATHROOM AND MEAL
BREAKS.
THEY TREAT YOU MORE LIKE A
PRODUCT OR A STATISTIC THAN AN
ACTUAL HUMAN BEING.
FOR EXAMPLE, I'M A DIABETIC AND
I DON'T HAVE TIME TO STOP TO
CHECK MY BLOOD SUGAR.
THEY HAVE JUST CONSTANT QUOTAS,
AND IF YOU CAN'T GET DONE WHAT
THEY WANT YOU TO GET DONE,
THEN YOU HAVE NO WORTH INSIDE OF
THEIR SYSTEM.
THAT'S TERRIBLE.
AND THE FACT AMAZON WORKERS ARE
DEMORALIZED IS SOMETHING YOU
KNEW, BUT IT DOESN'T GET ANY
LESS UPSETTING NO MATTER HOW
MANY TIMES YOU'RE REMINDED.
IT'S LIKE HEARING THAT
DENNIS QUAID'S NEW WIFE IS
YOUNGER THAN HIS SON, OR THAT
HELENA BONHAM CARTER HAS NEVER
WON AN OSCAR, OR THAT NO ONE HAS
EVER CLEANED A SINGLE WATERPARK.
SERIOUSLY, WHEN HAS A WATERPARK
EVER FELT CLEAN TO YOU?
OPEN-TO-CLOSE, IT'S FULL OF
FILTHY KIDS PISSING THEMSELVES
DOWN SCALDING PLASTIC SLIDES
INTO RECYCLED WATER AND
NIGHT TIME IS WHEN THE EMPLOYEES
FUCK IN THE TUBES.
HOW WOULD CLEANING IT EVEN WORK?
WHAT ARE THEY GOING TO DO,
DRAIN THE LAZY RIVER
EVERY NIGHT?
OF COURSE NOT.
YOU'RE SWIMMING IN THE PISS OF
THOUSANDS OF PEOPLE, MANY OF
WHOM HAVE LONG SINCE DIED.
JUST DEAL WITH IT.
AND WHILE WE DON'T KNOW
THE RESULTS OF THIS VOTE YET,
IT IS WORTH LOOKING AT JUST
HOW HARD AMAZON HAS FOUGHT IT.
THEY'VE APPARENTLY BEEN SENDING
WORKERS UP TO FIVE TEXT MESSAGES
PER DAY DISCOURAGING THEM FROM
JOINING A UNION; THEY'VE ALSO
HELD MANDATORY MEETINGS THAT
DISPARAGE UNIONIZATION,
AND THEN THERE'S THIS:
SOMETHING I HAVE NEVER, EVER
SEEN BEFORE IN WRITING ABOUT
LABOR FOR 25, 30 YEARS,
THEY HAVE ANTI-UNION POSTERS
IN THE BATHROOM STALLS.
YOU KNOW, WHEN YOU GO TO THE
BATHROOM, WHO WANT TO LOOK AT
THAT?
YEHA, NOBODY!
NOBODY WANTS TO LOOK AT THAT
POSTER IN THE BATHROOM.
THE ONLY THING WORSE TO SEE
WHILE YOU'RE TAKING A DUMP
IN A WORKPLACE BATHROOM STALL IS
AN EMPTY TOILET PAPER ROLL,
OR KEVIN SPACEY.
HOW DID YOU GET IN HERE?
GET OUT!
I'M SHITTING, KEVIN!
AND SPEAKING OF BATHROOM BREAKS,
WE'VE TALKED BEFORE ABOUT HOW,
WORKERS HAVE SAID THEY'VE HAD TO
FOREGO THEM TO KEEP UP WITH
CRUSHING QUOTAS.
AND SOME DELIVERY DRIVERS HAVE
REPORTEDLY RESORTED TO URINATING
IN BOTTLES.
AND JUST THIS WEEK, "THE
INTERCEPT" PUBLISHED AN INTERNAL
AMAZON MEMO, TELLING WORKERS
THAT "DELIVERY ASSOCIATES
CANNOT, MUST NOT RETURN TO
STATIONS WITH BAGS WITH POOP
INSIDE."
SOMETHING ALMOST TOO AWFUL TO
COMPREHEND, AS TWO OF NEW YORK'S
MORNING NEWS ANCHORS CONVEYED IN
REAL TIME.
IN SOME CASES, EMPLOYEES
DEFECATING IN BAGS.
COME ON!
IT'S MORNING TIME.
PEOPLE ARE HAVING THEIR COFFEE
AND CEREAL RIGHT NOW.
THIS IS ONE OF THOSE THINGS,
LAURIE, I'M NOT SO INTERESTED IN
KNOWING ALL THE DETAILS.
WHAT, BECAUSE THEN THEY COME
AND DELIVER YOUR PACKAGE?
YEAH.
YEAH, IT'S A REVOLTING
STORY.
NOBODY WANTS TO ENDURE A BAG OF
SHIT OVER BREAKFAST.
THAT'S WHY PIERS MORGAN
NO LONGER HAS A JOB.
AND LOOK, I GET NOT WANTING TO
KNOW DETAILS ABOUT THINGS.
AS A GENERAL RULE,
I DON'T NEED TO KNOW HOW MOST
THINGS GET DONE.
BUT I DO MAKE AN EXCEPTION
IF ONE OF THE STEPS INVOLVES
SOMEONE HAVING TO SHIT IN A BAG.
THAT GOES FOR ANY PROCESS.
I'M NOT REALLY ALL THAT
INTERESTED IN HOW
AN ORIGAMI CRANE GETS MADE,
BUT IF YOU TOLD ME ONE OF THE
STEPS INVOLVED YOU HAVING TO
SHIT IN A BAG, I'M GOING TO NEED
A DETAILED, STEP-BY-STEP LOOK
INTO THE PROCEDURE.
BECAUSE SOMETHING HORRENDOUS
IS CLEARLY HAPPENING THERE.
AND THE FACT IS, WE DO HAVE TO
KEEP PAYING ATTENTION TO THIS.
BECAUSE THE OUTCOME OF
BESSEMER'S VOTE WILL HAVE
MAJOR IMPLICATIONS.
AMAZON IS THE SECOND LARGEST
PRIVATE EMPLOYER IN AMERICA.
AND THIS UNIONIZING EFFORT
COULD DETERMINE WHETHER THEIR
EMPLOYEES HAVE THE POWER TO
DEMAND DECENT WORKING
CONDITIONS.
AND THE HARDER THE COMPANY TRIES
TO CONVINCE THEIR WORKERS THAT
THEY DON'T NEED UNION
PROTECTION, THE CLEARER IT
BECOMES THAT AMAZON EXECUTIVES
...MUCH LIKE THE BAGS THAT ARE
APPARENTLY LYING AROUND THEIR
DELIVERY VEHICLES... ARE
COMPLETELY FULL OF SHIT.
AND NOW, THIS.
AND NOW...
SOME VERY UNWELCOME NEWS
REGARDING PEEPS.
PEEPS AND PEPSI?
THE TWO ARE COLLABORATING ON A
MARSHMALLOW FLAVORED SODA.
B WHERE!
THE PEEPS HAVE ALLIED WITH THE
VILE PEPSI CORPORATION!
AND UNHOLY LIQUID!
WE CANNOT TALK ABOUT PEEPS
PEPSI.
HE LIES!
IT IS COMPLETELY WITHIN HIS
POWERS TO SIMPLY NOT TO MENTION
IT!
THE ONLY WAY YOU CAN GET A
DRINK IS THROUGH SOCIAL MEDIA,
AND A PROMOTION THAT IS GOING ON
THERE.
AND ASKS FANS TO USE THE HASHTAG
HANGING WITH MY PEEPS.
I SWEAR TO GOD, IF YOU USE
THE HASHTAG HANGING WITH MY
PEEPS, I WILL BREAK INTO YOUR
HOUSE!
THE PEPSI PEEPS PARTNERSHIP
TOPS OUR CONSUMER NEWS TODAY.
TWO OF MY FAVORITE THINGS WERE
AT.
BRAIDS BECAUSE PEEPS ARE ONE OF
YOUR FAVORITE THING, I'M
RETHINKING YOUR FRIENDSHIP,
MY FRIEND.
YEAH!
I KNOW A LOT OF PEOPLE ARE
LIKE, I WILL MAKE MY OWN.
GET SOME PEEPS AND SOME PEPSI
MIX IT TOGETHER, IF THEY DON'T
WIN THE PROMOTION.
THAT MIGHT ALSO LEAD TO BAD
THINGS.
DO NOT ATTEMPT TO CREATE YOUR
OWN PEEPS FLAVORED BEVERAGE.
THE ONLY FLAVOR YOU WILL CREATE
IS SORROW!
JUST DAYS AFTER ANNOUNCING A
PARTNERSHIP WITH PEPSI, PEEPS IS
CONTINUING TO GET INTO THE DRINK
MARKET.
NOW AT 7-ELEVEN, YOU CAN ENJOY
YOURSELF A LITTLE PEEPS LATTE.
NO!
NOT A LATTE!
EVERYTHING BUT A BREAKFAST LATT
LATTE!
MOVING ON.
OUR MAIN STORY TONIGHT CONCERNS
THE NATIONAL DEBT... THE WORLD'S
MOST BORING $28 TRILLION.
AND I KNOW, JUST SAYING
"$28 TRILLION" MIGHT SOUND
CONFUSING.
HOW MUCH IS THAT, EXACTLY?
WELL, TO PUT IT ONE WAY:
IT'S $28 TRILLION.
TO PUT IT ANOTHER WAY,
IT'S 28 MILLION MILLIONS.
TO PUT IT A THIRD WAY, IT'S
AN ABSOLUTE FUCK-TON OF MONEY.
BUT REGARDLESS, THE NATIONAL
DEBT IS A COMPLETE OBSESSION
IN THIS COUNTRY.
HERE IN NEW YORK, WE EVEN HAVE
A DEBT CLOCK THAT COUNTS UP
IN REAL TIME.
IT ACTUALLY MADE HEADLINES
A LITTLE OVER A DECADE AGO WHEN
THE DEBT HIT FOURTEEN DIGITS.
THE NATIONAL DEBT JUST PASSED
$10 TRILLION, SO THE CLOCK'S
CARETAKERS HAD TO SQUEEZE A ONE
AND THE DOLLAR SIGN INTO THE
SAME SQUARE.
IT'S PRETTY SCARY.
IT'S A PRETTY BIG NUMBER.
INCOMPREHENSIBLE.
IT'S TOO BIG.
THE CLOCK WAS PUT UP IN 1989
BY HELENA DURST'S GRANDFATHER
WHEN THE NATIONAL DEBT WAS JUST
UNDER $3 TRILLION.
NOW THAT THE DEBT HAS PASSED
THE $10 TRILLION MARK, DURST
LIKES TO RECITE A POEM BY HER
GRANDFATHER.
BORROW, BORROW, BORROW.
ENJOY TODAY AND TOMORROW,
FOR TOMORROW IS GOING TO BE
TERRIBLE.
I'M SORRY, BUT THAT
POEM SUCKS.
THE RHYME SCHEME'S ALL OVER
THE PLACE, AND IF TOMORROW'S
GOING TO BE TERRIBLE, WHY WOULD
YOU ENJOY IT?
THAT WAS CLEARLY THE WORK OF
A MAN ALMOST AS GOOD AT WRITING
POETRY AS HE WAS AT RAISING
CHILDREN WHO AREN'T
SERIAL KILLERS.
OH, YEAH... THE CLOCK WAS PUT UP
BY THAT DURST FAMILY.
THE BATHROOM MURDER BURP DURSTS.
SO THANKS VERY MUCH FOR
THE DUMB CLOCK THAT DOESN'T
TELL TIME, YOU WEALTHY
BATHROOM MURDER BURPERS.
BUT THE TRUTH IS,
OUR NATIONAL DEBT IS UNDENIABLY
BIG, AND BETWEEN THE TRILLIONS
IN CORONAVIRUS STIMULUS BILLS
AND THE INFRASTRUCTURE PLANS
BIDEN UNVEILED JUST THIS WEEK,
IT'S POISED TO GET EVEN BIGGER.
AND REPUBLICANS, IN PARTICULAR,
SEEM OUTRAGED ABOUT THAT.
THIS CHART SHOWING DEBT IS
NOT JUST ABOUT THE BIG NUMBER.
IT'S NOT JUST ABOUT
THE $30 TRILLION OF DEBT.
THIS IS ABOUT TYRANNY.
HISTORY IS SCREAMING THIS
WARNING AT US.
COUNTRIES THAT BANKRUPT
THEMSELVES AND DESTROY THEIR
ECONOMIES SIMPLY AREN'T AROUND
VERY LONG.
THERE WILL BE A DAY OF
RECKONING, A DEBT CRISIS.
AND IT WON'T BE PRETTY.
DEFICITS DO MATTER.
HOW LONG DO YOU THINK YOUR
FAMILY WOULD LAST IF EVERY
MONTH, YOU SPENT MORE AND MORE
ON THE CREDIT CARD AND MADE THE
MINIMUM PAYMENT?
NOT LONG.
LOOK, I KNOW THAT ALL
SOUNDS PRETTY SCARY, BUT FOR
WHAT IT'S WORTH,
THE NATIONAL DEBT IS NOTHING
LIKE A CREDIT CARD.
FOR A START, WE DON'T HAVE
28 TRILLION AIRLINE MILES,
NOR DO WE GET LETTERS
IN THE MAIL EVERY DAY SAYING
WE'RE PREAPPROVED FOR
A BRAND NEW NATIONAL DEBT.
LEAVE US ALONE, YOU FUCKING
PARASITES!
BUT IF WE HAVE HUGE CLOCKS TO
MEASURE IT, WE'RE CONSIDERING
AN INFRASTRUCTURE BILL THAT
COULD ADD TWO TRILLION TO IT,
AND SOME ARE IMPLYING THAT OUR
CREDITORS COULD BE TURNING UP
ANY DAY NOW WITH A BASEBALL BAT
TO REPOSSESS OUR BRIDGES AND
DAMS BECAUSE OF IT, WE THOUGHT
TONIGHT MIGHT BE A GOOD TIME TO
TALK ABOUT THE NATIONAL DEBT:
HOW IT WORKS, HOW VALID CONCERNS
ABOUT IT ARE, AND HOW WE SHOULD
THINK ABOUT IT MOVING FORWARD.
AND LET'S START WITH THE BASICS,
LIKE THE DIFFERENCE BETWEEN
THE DEBT AND A DEFICIT.
A COUNTRY RUNS A DEFICIT WHEN
IT SPENDS MORE MONEY ON THINGS
LIKE THE MILITARY,
SOCIAL PROGRAMS,
AND EVERYTHING ELSE THE
GOVERNMENT DOES... THAN IT
BRINGS IN... MOSTLY THROUGH
TAXES.
NOW, TO PAY FOR A DEFICIT,
THE GOVERNMENT THEN BORROWS
MONEY, THUS ACCRUING DEBT.
SO THE DEFICIT IS A YEARLY
MEASUREMENT OF HOW MUCH WE'RE
IN THE RED.
AND THE DEBT IS THE TOTAL AMOUNT
THAT WE OWE, ACCUMULATED OVER
TIME.
AND FOR DECADES, IN POLITICAL
ADS, THE DEBT HAS BEEN PORTRAYED
AS A BURDEN WE'RE PLACING ON
FUTURE GENERATIONS.
BASICALLY, MAKING THAT ARGUMENT
THAT WE'RE RUNNING UP THEIR
CREDIT CARD, AND ONE DAY,
THE BILL'S GOING TO COME DUE.
YOU OWE THE UNITED STATES
GOVERNMENT, IN ROUND NUMBERS,
$50,000.
WHAT WOULD YOU LIKE FOR
CHRISTMAS?
I WOULD LIKE YOU TO FIX THE
DEBT, SO I CAN HAVE A FUTURE.
I PLEDGE ALLEGIANCE TO
AMERICA'S DEBT, AND THE CHINESE
GOVERNMENT THAT LENDS US MONEY.
CONGRESS MUST STOP DIGGING
A DEEP HOLE OF DEBT THAT WE'LL
NEVER GET OUT OF.
PLEASE STOP DIGGING.
YEAH, PRETTY DRAMATIC.
CRYING BABIES, EXASPERATED
SANTAS, AND EVEN A CHILD
WATCHING UNCLE SAM
DIGGING A GRAVE.
AND QUICK PIECE OF ADVICE, KIDS.
IF YOU DO SEE A MAN IN ANY KIND
OF COSTUME DIGGING A LARGE HOLE
IN THE MIDDLE OF THE DESERT,
DO NOT APPROACH HIM.
DO NOT INTERFERE WITH HIS
DIGGING.
I'M NOT SAYING HE SHOULD BE
DOING THAT.
I'M SAYING YOU'RE NOT THE ONE
WHO SHOULD TRY TO STOP HIM.
IF HE'S WILLING TO DIG
A BIG HOLE, HE'S WILLING TO DIG
A SMALL ONE.
RUN AWAY AND TELL AN ADULT.
A NON-COSTUMED ADULT.
BUT ADS LIKE THOSE ARE WILDLY
MISLEADING.
FOR INSTANCE, THAT PLEDGE OF
ALLEGIANCE AD TALKED ABOUT HOW
MUCH WE OWE THE CHINESE
GOVERNMENT.
THAT IS SOMETHING YOU HEAR A
LOT.
BUT FOR THE RECORD, THE MAJORITY
OF GOVERNMENT DEBT IS ACTUALLY
OWNED BY AMERICAN INVESTORS.
FOR EXAMPLE, IF YOU HAVE A
PENSION, YOU MIGHT OWN SOME OF
THAT DEBT IN THE FORM OF
GOVERNMENT BONDS, BECAUSE
THEY'RE A PRETTY SAFE
INVESTMENT.
FOREIGN INVESTORS ONLY OWN
AROUND A THIRD OF OUR DEBT.
AND WHILE, YES, IT'S TRUE, CHINA
DOES OWN OVER A TRILLION DOLLARS
OF IT, WHICH ISN'T NOTHING...
IT'S AROUND 5%...
FOR WHAT IT'S WORTH,
THEY'RE NOT EVEN OUR LARGEST
FOREIGN CREDITOR... JAPAN IS.
AND WHILE THE DEBT IS OFTEN
TALKED ABOUT AS BEING SOMETHING
WE'RE RUNNING UP WITH NEW
SPENDING, THE TRUTH IS, BEFORE
THE PANDEMIC HIT, MOST OF OUR
DEBT WAS THE RESULT OF LONG,
STEADY GROWTH IN PROGRAMS
THAT WE'D LONG AGO COMMITTED TO,
LIKE MEDICARE AND OTHER
ENTITLEMENTS.
SO WE'RE VERY MUCH GETTING STUFF
FOR THE MONEY WE'RE SPENDING.
AND THAT ACTUALLY BRINGS US TO
A REALLY IMPORTANT POINT HERE:
GOING INTO DEBT CAN ACTUALLY BE
A GOOD INVESTMENT FOR THE
COUNTRY.
ESSENTIALLY, AS ECONOMISTS WILL
TELL YOU, THE KEY QUESTION IS,
"ARE YOU SPENDING MONEY ON THE
RIGHT THINGS?"
WE NEED TO THINK OF THE DEBT.
ARE YOU CREATING MONEY FOR REAL
ECONOMIC ACTIVITY?
IF YOU'RE DOING THAT JUST TO
GIVE SOMEBODY MONEY, THEN, YEAH,
YOU'VE GOT A PROBLEM.
BUT IF I'M A PRIVATE INDIVIDUAL
AND I GO TO THE BANK AND SAY,
"I GOT THIS WONDERFUL NEW IDEA.
I JUST NEED THE MONEY TO BUILD
MY FACTORY."
NOBODY SAYS, "OH, THAT'S
HORRIBLE."
YOU JUST INCREASED THE MONEY
SUPPLY.
BECAUSE WE ALL GO, YEAH, BUT
THERE'S A FACTORY THERE.
IT'S A REAL THING.
RIGHT.
TAKING ON DEBT TO BUILD A
FACTORY THAT CREATES JOBS AND
INCREASES ECONOMIC OUTPUT
IS PROBABLY A SMART INVESTMENT.
ESPECIALLY IF IT'S ONE THAT
MAKES THIS ACTUAL PILLOWCASE
DEPICTING A NUDE NICOLAS CAGE
LOUNGING IN A BANANA PEEL WITH
TWO GIANT FOXES IN THE
BACKGROUND.
I MEAN, LOOK AT THIS THING!
AS THE DESCRIPTION SAYS, IT HAS
AN "OPHISTICATED SEAM" WITH
"STYLISH STYLE," AND I'M MORE
THAN HAPPY TO COSIGN ON BOTH OF
THOSE CLAIMS.
AND THE REASON IS, YOU CAN
CONSIDER ME A SATISFIED
CUSTOMER.
I FEEL SO MUCH MORE
OPHISTICATED!
THE POINT IS, REPUBLICANS LOVE
TO ARGUE THAT GOVERNMENT SHOULD
BE RUN LIKE A BUSINESS, BUT TEND
TO CONVENIENTLY FORGET THAT SOME
EXTREMELY VALUABLE COMPANIES GOT
THAT WAY, IN PART, BECAUSE THEY
HAD LONG PERIODS WHERE THEY
SPENT A SHITLOAD MORE THAN THEY
TOOK IN.
SO AS YOU CAN SEE, ALREADY,
THINGS ARE A LOT MORE NUANCED
THAN SIMPLY, "HEY, UNCLE SAM,
PLEASE STOP DIGGING."
AND IT IS WORTH TAKING A MOMENT
TO LOOK AT THE HISTORY OF THE
DEBATE OVER THE NATIONAL DEBT.
BECAUSE THE ARGUMENT REPUBLICANS
OFTEN MAKE IS THAT THEY ARE THE
RESPONSIBLE ONES WHO WANT TO
REDUCE THE DEBT AND REIN IN
SPENDING, WHEREAS DEMOCRATS
DON'T GIVE A SHIT ABOUT THE
DEBT, AND JUST LOVE RECKLESSLY
THROWING MONEY AROUND.
BUT THAT STORY JUST DOES NOT
MATCH UP TO REALITY.
TAKE RONALD REAGAN.
HE SPENT YEARS COMPLAINING THAT
DEFICITS WERE A SIGN THAT THE
FEDERAL GOVERNMENT HAD SIMPLY
LOST ITS WAY.
I THINK THE ANSWER TO CURING
INFLATION IS A BALANCED BUDGET.
NOW, HOW DO YOU DO THAT?
I MEAN, THAT'S NOT... HOW DO YOU
BALANCE THE BUDGET?
WELL, BALANCING THE BUDGET IS
LIKE PROTECTING YOUR VIRT...
YOU DON'T SPEND MORE THAN YOU
TAKE IN.
RIGHT?
YEAH, IT'S LIKE PROTECTING
YOUR VIRTUE.
YOU HAVE TO LEARN TO SAY NO.
REALLY?
AN APPLAUSE BREAK?
IS THERE ANYTHING WEIRDER THAN
CALLING SOMEONE'S VIRGINITY
THEIR VIRTUE?
BECAUSE AS FAR AS VIRTUES GO,
IT IS A PRETTY SHITTY ONE.
I'M NOT SAYING THERE'S SOMETHING
INHERENTLY WRONG WITH NOT HAVING
SEX.
THAT'S A PERSONAL CHOICE.
I'VE FREQUENTLY NOT HAD SEX
DUE TO LOTS OF PEOPLE'S
PERSONAL CHOICES.
BUT IF THAT IS THE BEST THING
ABOUT YOU, YOU SHOULD PROBABLY
GET SOME OTHER VIRTUES.
BUT THE KEY THING TO KNOW IS,
REAGAN DIDN'T, IN FACT, END UP
SPENDING HIS PRESIDENCY SAYING
NO.
BECAUSE HE WASN'T REALLY
PROMISING NOT TO SPEND MONEY,
SO MUCH AS PROMISING NOT TO
SPEND IT ON CERTAIN PEOPLE.
HIS CAMPAIGN RHETORIC ABOUT
"WELFARE QUEENS" PLAYED INTO THE
RACIST TROPE THAT BLACK PEOPLE
WERE FRAUDULENTLY BENEFITING
FROM WASTEFUL GOVERNMENT
SPENDING.
AND AS PRESIDENT, HE FOLLOWED
THROUGH BY MAKING CUTS TO BASIC
ELEMENTS OF THE SOCIAL SAFETY
NET, LIKE FOOD STAMPS, WELFARE,
AND MEDICAID.
BUT HE ALSO MASSIVELY INCREASED
DEFENSE SPENDING, WHILE CUTTING
TAXES, SO THE GOVERNMENT TOOK IN
LESS MONEY, CREATING LARGE
DEFICITS THAT WOUND UP TRIPLING
THE NATIONAL DEBT.
WHICH I GUESS, IN HIS TERMS,
MADE REAGAN AMERICA'S HOTTEST
LITTLE SLUT.
THEN CAME THESE TWO GUYS.
AND BETWEEN BUSH SENIOR AND
CLINTON, THEY MORE OR LESS DID
WHAT REAGAN HAD PROMISED TO DO:
CUTTING SPENDING AND RAISING
TAXES ENOUGH TO ACHIEVE
BUDGET SURPLUSES BY THE END
OF THE '90s.
AND THE DEBT WAS BRIEFLY
STARTING TO COME DOWN, UNTIL
THIS LOVABLE HUMAN RIGHTS
VIOLATION ENTERED THE PICTURE.
BECAUSE HE IMMEDIATELY SIGNED
A MASSIVE TAX CUT, LAUNCHED AN
EXPENSIVE WAR ON TERROR, AND
THEN SIGNED A SECOND ROUND OF
TAX CUTS.
ALL OF WHICH MADE OUR NATIONAL
DEBT EXPLODE, BUT REPUBLICANS,
STRANGELY, DIDN'T SEEM TO GIVE
A SHIT.
UNTIL, THAT IS, OBAMA BECAME
PRESIDENT.
HE INHERITED A HISTORIC
RECESSION, AND IMMEDIATELY
SIGNED A LARGE STIMULUS BILL,
BUT AFTERWARDS WAS MET WITH
FERVENT OPPOSITION TO ANY
ADDITIONAL SPENDING, MAINLY FROM
REPUBLICANS WHO HAD SUDDENLY
RE-FOUND THEIR HATRED FOR
"DEFICITS," SOMETIMES EXPRESSING
IT IN TRULY REMARKABLE WAYS.
OUR FREE STUFF TODAY IS BEING
PAID FOR BY TAKING MONEY FROM
OUR CHILDREN AND BORROWING FROM
CHINA.
WHEN THAT NOTE COMES DUE... AND
THIS ISN'T RACIST, SO, YEAH, TRY
IT, TRY IT ANYWAY, THIS ISN'T
RACIST... BUT IT'S GONNA BE LIKE
SLAVERY WHEN THAT NOTE IS DUE,
RIGHT?
WE ARE GONNA BE BEHOLDEN TO A
FOREIGN MASTER.
UH, YEAH, NO.
THAT'S JUST NOT HOW ANY OF THAT
WORKS.
THE DEBT ISN'T GOING TO JUST
SUDDENLY "COME DUE," ALL AT
ONCE.
AND BEING IN DEBT TO SOMEONE
ISN'T THE SAME AS BEING ENSLAVED
BY THEM.
IF YOU THINK A PORTION OF US
TREASURY BONDS BEING OWNED BY
FOREIGN INVESTORS IS ANYTHING
LIKE SLAVERY, YOU KNOW BOTH
A VERY SMALL AMOUNT ABOUT
THE FINANCIAL SYSTEM AND A VERY
RACIST AMOUNT ABOUT SLAVERY.
EVEN IF YOU
PREFACE SOMETHING THAT ISN'T
RACIST WITH "THIS ISN'T RACIST,"
IT WILL STILL SOUND RACIST.
IF YOU SAID,
"A LOT OF PEOPLE BUY JEANS AT
OLD NAVY"... TOTALLY FINE.
BUT IF YOU SAID, "A LOT OF
PEOPLE... AND THIS ISN'T RACIST,
YEAH, TRY IT, TRY IT ANYWAY,
THIS ISN'T RACIST... BUT A LOT
OF PEOPLE BUY JEANS AT
OLD NAVY," NOW THAT SUDDENLY
SOUNDS LIKE SOMETHING THAT'S
GOING TO REQUIRE ABOUT THREE
PAGES OF YOUR NOTES APP.
AND THE THING IS, REPUBLICANS
PUTTING THE BRAKES ON OBAMA'S
RECOVERY SPENDING IS NOW WIDELY
CONSIDERED TO HAVE BEEN A BIG
MISTAKE.
MOST EXPERTS AGREE THAT THE
FEDERAL GOVERNMENT DIDN'T SPEND
AS MUCH ON STIMULUS AS IT SHOULD
HAVE FOLLOWING THE FINANCIAL
CRISIS, FORCING STATE AND LOCAL
GOVERNMENTS INTO AUSTERITY THAT
DELAYED THE ECONOMIC RECOVERY BY
ABOUT FOUR YEARS.
AND THEN CAME THIS FUCKING GUY.
HE CAMPAIGNED ON ELIMINATING THE
ENTIRE NATIONAL DEBT, ONLY TO
THEN IMPLEMENT AN ABSOLUTELY
MASSIVE TAX CUT, RESULTING IN
HUGE DEFICITS.
MOST CORPORATIONS WHO BENEFITED
USED THE MONEY NOT ON
INVESTMENTS IN THINGS LIKE
FACTORIES, BUT ON STOCK
BUYBACKS.
AS FOR INDIVIDUALS, NEARLY HALF
THE TAX CUTS WENT TO THE TOP
FIVE PERCENT OF INCOME EARNERS.
SO WE GAVE MORE MONEY TO PEOPLE
WHO ALREADY HAD IT.
AND DESPITE CLAIMING THAT
TRUMP'S TAX CUTS WOULD
"PAY FOR THEMSELVES,"
THEY VERY MUCH DID NOT.
IN FACT, THEY DID SO LITTLE TO
BOOST THE ECONOMY, THEY'RE
PROJECTED TO COST US
$1.9 TRILLION OVER
A 10-YEAR PERIOD.
ALL OF WHICH CLEARLY LEFT SOME
"FISCALLY RESPONSIBLE"
REPUBLICANS WHO VOTED FOR THOSE
TAX CUTS IN A PRETTY AWKWARD
POSITION.
UA BELONG TO A PARTY THAT HAS
GREEN LIGHT TO HISTORIC
EXPANSION OF DEFICITS AND DEBT.
AND IT'S JUST A PLAIN FACT.
DO I WISH THAT IT WAS A
HIGHER PRIORITY FOR THE
PRESIDENT TO REIN IN SPENDING ON
THE DEBT?
YES.
DO YOU THINK YOUR COLLEAGUES,
THE REPUBLICAN PARTY, WILL
REDISCOVER ITS CONCERN ABOUT
DEBT AND DEFICITS?
OH, SURE.
SURE.
I MEAN, ISN'T THAT THE MOST
CYNICAL, PHONY THING...
OH, LOOK, THERE'S AN ELEMENT
OF IT.
DOESN'T THAT MAKE YOU WANNA
PUKE?
YOU'RE TOUCHING INTO
SOMETHING THAT, AS YOU KNOW,
I HAVE RAGED AGAINST.
I DO NOT LIKE THAT MAN
TED CRUZ.
I DO NOT LIKE HIS FAR RIGHT
VIEWS.
I DO NOT LIKE HIM IN THESE
REEDS.
I DO NOT LIKE HIM WHEN HE FEEDS.
I DO NOT LIKE HIM BY A WALL.
I DO NOT LIKE THIS SHIT AT ALL.
I DO NOT LIKE HIM AS SANTA'S
ELF.
THAT MAN TED CRUZ CAN FUCK
HIMSELF.
THAT IS A PRETTY FLAGRANT
ADMISSION OF A DOUBLE STANDARD.
THE ONLY CLEARER EXAMPLE MAY
HAVE BEEN WHEN MICK MULVANEY,
TRUMP'S FORMER CHIEF OF STAFF,
SAID, "THE WORST THING IN THE
WHOLE WORLD IS DEFICITS WHEN
BARACK OBAMA WAS THE PRESIDENT.
THEN DONALD TRUMP BECAME
PRESIDENT, AND WE'RE A LOT LESS
INTERESTED AS A PARTY."
AND THAT IS JUST FLAT-OUT
ADMITTING THE WHOLE GAME.
BUT EVEN IF YOU PUT ALL OF THAT
BAD-FAITH HYPOCRISY ASIDE,
WE ARE STILL LEFT WITH
THE KEY QUESTION:
HOW MUCH DEBT IS TOO MUCH?
AND THE INTERESTING ANSWER TO
THAT IS, "NOBODY REALLY KNOWS."
FOR MANY YEARS, WE THOUGHT
THE BEST WAY TO MEASURE DEBT
WAS TO COMPARE IT TO
THE GROSS DOMESTIC PRODUCT.
BASICALLY, MEASURING HOW MUCH IN
TOTAL THE COUNTRY OWES, VERSUS
HOW MUCH IT PRODUCES EACH YEAR.
AND THE ECONOMIC CONSENSUS WAS
THAT DEBT EXCEEDING GDP... OR
EVEN GETTING CLOSE TO IT... WAS
A HARD RED LINE THAT COULD NOT
BE CROSSED WITHOUT RISKING
A FINANCIAL CRISIS.
IT WAS SOMETHING OCCASIONALLY
EXPRESSED IN FAIRLY OVER-THE-TOP
WAYS, LIKE IN THIS JOHN STOSSEL
CLIP FROM 2011.
OUR GOVERNMENT KEEPS
SPENDING.
YOU KNOW, WE'RE ALREADY
$14.5 TRILLION IN DEBT.
BUT YOU COULD SAY, "SO WHAT?
LOOK AROUND.
AMERICA'S DOING PRETTY WELL.
WHAT'S THE WORST THAT COULD
HAPPEN?"
WELL, THIS COULD HAPPEN.
THESE VIOLENT PROTESTS BROKE OUT
ONCE GREECE WAS SO DEEP IN DEBT
THAT GREECE HAD TROUBLE
BORROWING MORE MONEY.
GREECE SPENT SO MUCH THAT
BY LAST YEAR, THEY OWED MORE
MONEY THAN THEIR ENTIRE ECONOMY
PRODUCED.
NO WONDER THEY'RE IN TROUBLE.
WE WON'T REACH THAT LEVEL OF
DEBT UNTIL, WELL, OOPS.
PRETTY SOON.
WE'RE ON A CLEAR TRACK TO A
GREEK-TYPE CRISIS.
OH, COME ON, STOSSEL!
CUTTING TO FOOTAGE OF A RIOT
CAN MAKE ANYTHING SEEM MORE DIRE
THAN MIGHT ACTUALLY BE THE CASE.
REGE-JEAN PAGE IS
APPARENTLY NOT APPEARING ON THE
SECOND SEASON OF "BRIDGERTON."
SO WHAT?
WHAT'S THE WORST THAT COULD
HAPPEN?
WELL, THIS COULD HAPPEN.
OH SHIT!
FEELS PRETTY SCARY, DOESN'T IT?
BUT THE TRUTH IS MUCH MORE
COMPLEX.
BECAUSE, A, HIS CHARACTER ARC
IS MOSTLY WRAPPED UP AND
THE DUKE DOESN'T APPEAR IN
THE REST OF THE NOVELS.
IT'S REALLY A GENERATIONAL STORY
OF A WHOLE FAMILY!
ALSO, YOU CAN ABSOLUTELY
LOSE THE DUKE!
IT'S ACTUALLY PERFECTLY
IN HIS CHARACTER TO START
SOMETHING HE DOESN'T FINISH.
BUT IT'S MORE COMPLEX WHEN IT
COMES TO OUR ECONOMY, TOO.
BECAUSE SOMETHING FASCINATING
HAPPENED AROUND LAST JUNE:
LARGELY BECAUSE OF INCREASED
BORROWING RESULTING FROM THE
FIRST ROUND OF COVID STIMULUS,
OUR NATIONAL DEBT ACTUALLY
SURPASSED THE SIZE OF OUR GDP.
YOU KNOW, KIND OF LIKE GREECE.
BUT ALL THOSE DISASTER SCENARIOS
THAT JOHN STOSSEL'S
PERFORMATIVELY EXAGGERATED VOICE
FLUCTUATIONS WARNED US ABOUT?
NONE OF THEM HAPPENED.
IT DIDN'T SUDDENLY COST US A LOT
MORE TO BORROW MONEY DUE TO
HIGHER INTEREST RATES.
WE DIDN'T, AS YOU MAY HAVE
NOTICED, BECOME GREECE.
IN FACT, DESPITE ADDING
$4 TRILLION TO THE DEBT LAST
YEAR, INTEREST PAYMENTS ON THAT
DEBT ACTUALLY DECLINED.
AND THAT ISN'T EVEN A ONE-OFF:
AS OUR DEBT HAS RISEN IN RECENT
YEARS, INTEREST RATES HAVE
FALLEN TO HISTORIC LOWS.
SO WHAT IS THE REASON FOR THAT?
WELL, I DON'T KNOW.
I'M NOT AN ECONOMIST, NOR DO I
DON'T KNOW MUCH ABOUT MATH.
WHICH I KNOW MAY BE SURPRISING,
GIVEN THAT I HAVE THE FACE OF
SOMEONE WHO HAS A FAVORITE KIND
OF GRAPHING CALCULATOR.
WHAT IS SHOCKING IS THAT EVEN
EXPERT ECONOMISTS CAN'T REALLY
EXPLAIN IT EITHER.
HERE'S THE FORMER CHIEF OF THE
IMF BASICALLY ADMITTING AS MUCH.
TO BE PERFECTLY FRANK, WE DO
NOT... AT LEAST I DO NOT,
I DON'T WANT TO TALK FOR THE
PROFESSION... WE'VE HAD THIS
STEADY DECREASE IN THE INTEREST
RATE SINCE THE MID '80s,
CONTINUING A BIT MORE
IN THE CRISIS, BUT, YOU KNOW,
CONTINUING NOW.
AND WE HAVE NO EXPLANATION.
YEAH, THEY DON'T KNOW!
NOW, HE WENT ON TO POINT OUT
THAT THERE ARE ANY NUMBER OF
POSSIBILITIES.
IT MAY HAVE SOMETHING TO DO WITH
AGING POPULATIONS IN ADVANCED
ECONOMIES, CHINA'S HIGH SAVINGS
RATE, THE GENERAL LACK OF
CAPITAL-INTENSIVE INVESTMENT
OPPORTUNITIES, OR MERELY THE
FACT THAT RICHARD CAMPBELL OF
OMAHA, NEBRASKA, HASN'T STEPPED
ON A CRACK IN THE SIDEWALK IN
OVER 30 YEARS.
BUT THE POINT IS, ECONOMISTS
REALLY HAVE NO FUCKING IDEA.
IN FACT, THE CONGRESSIONAL
BUDGET OFFICE HAS NOW SAID THAT
THE DEBT-TO-GDP RATIO HAS NO SET
TIPPING POINT WHERE A FINANCIAL
CRISIS IS IMMINENT.
SO TAKEN TOGETHER, ALL OF THIS
HAS MADE MANY ECONOMISTS START
CHANGING THE WAY THEY THINK
ABOUT DEBT.
THINKING THAT VERY BASICALLY,
SO LONG AS OUR ECONOMY GROWS
AT A RATE GREATER THAN THE
INTEREST WE'RE PAYING ON OUR
DEBT, WE CAN COME OUT AHEAD.
IN THE SAME WAY THAT YOU'D COME
OUT AHEAD IF YOU BORROWED MONEY
AT 2% INTEREST AND THEN INVESTED
IT SOMEWHERE AND GOT 5% RETURNS.
BUT THE LARGER POINT IS, THIS
WHOLE FIELD IS IN A BIT OF FLUX
RIGHT NOW.
SOME ECONOMISTS BELIEVE THAT WE
SHOULDN'T GET COMPLACENT... THAT
A DEBT CRISIS IS STILL ON THE
HORIZON, JUST NOT AT THE TIPPING
POINT WE'D PREVIOUSLY THOUGHT.
ANOTHER, MORE RADICAL ARGUMENT,
IS THAT THE GOVERNMENT CAN IN
FACT CREATE ALL THE MONEY IT
NEEDS TO PAY FOR STUFF,
AS LONG AS IT DOESN'T GENERATE
INFLATION.
THE POINT IS, THERE IS A
GOOD-FAITH DEBATE TO BE HAD OVER
HOW TO HANDLE OUR NATIONAL DEBT
OVER THE LONG TERM.
BUT RIGHT NOW, MOST ECONOMISTS
ACTUALLY AGREE THAT, WITH
INTEREST RATES AT HISTORIC LOWS,
THE QUESTION SHOULDN'T REALLY
BE, "HOW MUCH DEBT ARE WE TAKING
ON?"
AS MUCH AS, "WHAT IS THE VALUE
OF WHAT WE'RE GETTING FOR IT IN
RETURN?"
AND THERE ARE CERTAINLY DUMB
FISCAL DECISIONS WE COULD MAKE,
LIKE TAX CUTS FOR THE RICH.
WE'VE TRIED THAT MULTIPLE TIMES,
AND IF THEY WERE THE MAGIC KEY
TO ELIMINATING OUR DEBT
LONG-TERM, WE PROBABLY WOULD
HAVE SEEN SIGNS OF IT WORKING
BY NOW.
BUT THERE ARE SMART FINANCIAL
DECISIONS, THAT MORE THAN
JUSTIFY GOING INTO DEBT, LIKE
SPENDING ON SOCIAL PROGRAMS,
INFRASTRUCTURE, OR,
ON AN INDIVIDUAL LEVEL,
THIS NICOLAS CAGE PILLOW.
IT'S THE SECOND BEST INVESTMENT
I'VE EVER MADE, AFTER, OF
COURSE, BUYING ANOTHER
NICOLAS CAGE PILLOW.
I WAS WORRIED MY WIFE WOULD GET
JEALOUS, SO THIS ONE IS TO
REPLACE MY WIFE.
AND AMIDST THE CURRENT CRISIS,
MANY EXPERTS ARE LESS CONCERNED
ABOUT US SPENDING TOO MUCH
THAN SPENDING TOO LITTLE.
AND IF IT TURNS OUT THAT
INFLATION OR INTEREST RATES
DO START TO RISE, WE SHOULD
ABSOLUTELY START CUTTING
DEFICITS, ALTHOUGH NOT BY
CUTTING GOVERNMENT PROGRAMS
PEOPLE NEED, BUT THROUGH TAXING
PEOPLE WHO CAN AFFORD IT.
LOOK, NO ONE CREDIBLE IS SAYING
DEFICITS DON'T MATTER, OR THAT
WE SHOULD BORROW AS IF THE SKY'S
THE LIMIT.
WHAT THEY'RE SAYING IS,
THE DEBATE SHOULDN'T BE ABOUT
WHETHER DEBT IS GOOD OR BAD.
IT SHOULD BE ABOUT WHETHER
THE INVESTMENTS WE'RE MAKING
ARE WORTH IT OR NOT.
AND IF YOU'RE STILL WORRIED
ABOUT DEBT BECAUSE YOU'VE BEEN
TOLD YOU'RE BURDENING YOUR
CHILDREN AND CHILDREN'S
CHILDREN, WELL, I HAVE SOME GOOD
THOSE FUTURE GENERATIONS
HAVE A SPECIAL MESSAGE FOR YOU.
HELLO.
HEY THERE.
WE ARE YOUR CHILDREN.
YOUR GRANDCHILDREN.
AND YOUR GREAT GRANDCHILDREN.
AND WE HAVE A MESSAGE FOR
YOU.
STOP USING US TO SCARE US
ABOUT THE NATIONAL DEBT.
YOU IDIOTS HAVE NO IDEA WHAT
IT WORKS.
TAKE THE STUPID DEBT CLOCK.
DO EVEN KNOW WHAT A CLOCK
IS?
CLOCK, NOT A CLOCK.
ALSO, THAT ISN'T ALWAYS A BAD
THING.
YES, GOING INTO DEBT TO GIVE
MONEY BACK TO PEOPLE ALREADY
HAVE TOO MUCH IS STUPID.
LOOK AT THIS GUY.
SLICK FLAME THROWER, BRO.
YOU CAN USE THAT TO BUILD NEW
BRIROADS ROADS AND BRIDGES.
YOU CAN USE IT TO IMPROVE
SCHOOLS, WHICH WOULD MAKE US
INTO A BETTER LABOR FORCE.
YOU CAN USE OR TO IMPROVE
HEALTH CARE.
YOU CAN EVEN USE IT TO BUY
THESE PILLOWS, WHICH WILL BECOME
TREASURED FAMILY HEIRLOOMS.
THE IMPORTANT THING ABOUT DEBT
IS WHAT YOU GET OUT OF IT.
AND WHAT WE GET OUT OF IT.
YOU SEE, DEBT CAN BE A TOOL FOR
GROWTH.
IN FACT, THE DEBT TO GDP RATIO
IS NOT AS RELIABLE A METRIC AS
ASSUMED.
THEY TURNED OUT TO BE LARGELY
FLAWED, GIVEN THE CONTINUING
INVERSE RELATIONSHIP BETWEEN
RISING DEBT AND LOW INTEREST
RATES.
SO IT FOLLOWS, THE ECONOMY'S
CAPACITY TO IMPROVE DEBT WITHOUT
FOLLOWING MASSIVE INCREASES.
IT IS SO SIMPLE.
THE EASIEST THING IN THE
WORLD.
I AM NINE YEARS OLD AT EVEN I
UNDERSTAND THAT.
AND IF YOU ARE SO CONCERNED
ABOUT OUR FUTURE, MAYBE IT IS
WORTH SPENDING NOW ON THINGS
LIKE PREPARING FOR THE IMPACTS
OF CLIMATE CHANGE.
THE CLOCK IS REALLY TAKING ON
THAT ONE.
IT'S NOT A CLOCK.
PLEASE.
BELIEVE US WHEN WE SAY, WE
ARE NOT AS SCARED OF BEING BORN
INTO DEBT AS WE ARE OF BEING
BORN INTO A COUNTRY THAT DIDN'T
INVEST INTO OUR FUTURE.
AND WE ARE ALSO SCARED OF
THAT GUY DIGGING THE HOLE THE
HOLE.
I THINK THAT GOES WITHOUT
SAYING.
SO WHEN IT COMES TO THE
DEBT...
YOUR CHILDREN, GRANDCHILDREN,
AND GREAT GRANDCHILDREN, ALL
HAVE ONE MESSAGE FOR YOU.
GROW THE FUCK UP.
THAT'S OUR SHOW.
THANK YOU SO MUCH FOR WATCHING.
WE'LL SEE YOU NEXT WEEK.
GOOD NIGHT.
>>>>oakislandtk<<<<< www.opensubtitles.org