The US Debt Explained

Transcript

Mike:

Yeah, let’s get this show off and started. We’re talking about taxes, Pete, the tax monster behind me. We want to beat him up. Well, let’s dive in and find out why is the government talking about increasing taxes anyway? I mean, what’s going on here? Well, it all has to do with the fact that as you know, our government is not that you would call fiscally responsible. So let’s take a look at a couple of numbers here right now, our national debt, at least as I’m recording, this is coming in around $28 trillion. In fact, over that number, these numbers all come from USDebtclock.org. So 28 trillion for the national debt, social security, that thing’s in the whole about 21 trillion in change and Medicare 32 trillion in change, add it all up. What do you have? 81 trillion of debt. You know what that is?

Mike:

I mean, how big is that number? Trillions? We can’t figure that out. It is the equivalent of almost $250,000 for every citizen in this country. So for every man, woman and child in this country, who’s a citizen. It’s like they got to pony up 250 grand just to pay off the fiscal irresponsibility of our federal government. And of course what’s going on now with our current president, he’s announcing, Hey, we’re not spending enough. We need to spend another 3 billion or $3 trillion on infrastructure, I think it is. So we already are out of control spending in DC. They want to spend even more. So of course, to pay for all of this, they need to raise taxes. Now there’s good news though. Right? I know you don’t have to worry about this really good news. They’re only going to tax the rich.

Mike:

Yeah. If you’re a normal person, you don’t have to worry about it. They’re only going to tax you if you’re rich and you know, I’ve heard the president say, well, if you’re making over 400,000, we’re only going to tax those people. Well, I don’t know about you, but I’ve been around a while. And I’ve learned that whenever a politician says, we’re only going to tax the rich. What they’re really saying is now we’re going to tax everybody, but we’re only going to say we’re taxing the rich. And so I don’t want you going anywhere because in our next segment, we’re going to start breaking down some of the things we’re talking about doing and how it’s going to affect you.

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