1 00:00:10,600 --> 00:00:22,366 ♪ ♪ 2 00:00:22,433 --> 00:00:30,033 ♪ ♪ 3 00:00:30,100 --> 00:00:31,433 >> John: HI THERE! 4 00:00:31,500 --> 00:00:32,533 WELCOME TO THE SHOW, STILL 5 00:00:32,600 --> 00:00:34,200 TAKING PLACE IN THIS BLANK VOID. 6 00:00:34,266 --> 00:00:35,166 IT'S GOT WHITE WALLS, 7 00:00:35,233 --> 00:00:36,233 A GLASS TABLE, AND A BIG DORK 8 00:00:36,300 --> 00:00:36,900 BEHIND THE COUNTER. 9 00:00:36,966 --> 00:00:38,300 THIS IS BASICALLY AN APPLE STORE 10 00:00:38,366 --> 00:00:40,033 THAT ONLY SELLS SADNESS. 11 00:00:40,100 --> 00:00:41,233 NOW WE WERE OFF LAST WEEK, 12 00:00:41,300 --> 00:00:42,100 AND A LOT HAS HAPPENED 13 00:00:42,166 --> 00:00:43,433 SINCE WE LAST SPOKE. 14 00:00:43,500 --> 00:00:44,500 THE TRIAL GOT UNDERWAY FOR 15 00:00:44,566 --> 00:00:46,266 DEREK CHAUVIN, WHOSE ENTIRE 16 00:00:46,333 --> 00:00:47,533 DEFENSE SEEMS TO BE, "SEE, WHAT 17 00:00:47,600 --> 00:00:49,866 HAD HAPPENED WAS..." 18 00:00:49,933 --> 00:00:50,633 IN EGYPT, BIG BOAT GOT STUCK. 19 00:00:50,700 --> 00:00:52,733 THEN, BIG BOAT GOT UNSTUCK. 20 00:00:52,800 --> 00:00:55,033 AND FOR A FEW DAYS, 21 00:00:55,100 --> 00:00:55,833 RIGHT-WING MEDIA LOST THEIR 22 00:00:55,900 --> 00:00:57,166 COLLECTIVE MINDS OVER 23 00:00:57,233 --> 00:00:59,233 LIL NAS X'S NEW MUSIC VIDEO. 24 00:00:59,300 --> 00:01:00,533 I COULD DESCRIBE IT TO YOU, 25 00:01:00,600 --> 00:01:01,600 BUT I THINK I'D RATHER LET 26 00:01:01,666 --> 00:01:03,733 RUDY GIULIANI DO IT INSTEAD. 27 00:01:03,800 --> 00:01:06,833 >> IT BEGINS WITH THE -- THIS -- 28 00:01:06,900 --> 00:01:08,733 WHATEVER HE IS -- THIS GUY, UH, 29 00:01:08,800 --> 00:01:12,666 LITTLE NAS, BEING SEDUCED BY THE 30 00:01:12,733 --> 00:01:15,666 DEVIL IN THE FORM OF A SNAKE. 31 00:01:15,733 --> 00:01:19,533 AND THEN HE ENGAGES IN A -- THIS 32 00:01:19,600 --> 00:01:22,733 RIDICULOUS, REALLY, RATHER UGLY 33 00:01:22,800 --> 00:01:25,366 DANCE WITH SATAN AND 34 00:01:25,433 --> 00:01:27,566 IT'S A SEXUAL DANCE. 35 00:01:27,633 --> 00:01:29,566 I DON'T KNOW HOW MUCH OF 36 00:01:29,633 --> 00:01:30,266 IT I SHOULD DESCRIBE, EXCEPT YOU 37 00:01:30,333 --> 00:01:33,200 GOTTA GET IT. 38 00:01:33,266 --> 00:01:34,233 IT'S -- UM, HE, UM, LAP DANCES 39 00:01:34,300 --> 00:01:35,233 HIM. 40 00:01:35,300 --> 00:01:36,633 >> John: OH, COME ON, RUDY. 41 00:01:36,700 --> 00:01:37,566 DON'T GIVE US THAT SURPRISED 42 00:01:37,633 --> 00:01:38,933 FACE. 43 00:01:39,000 --> 00:01:40,433 YOU CAN'T PRETEND TO BE 44 00:01:40,500 --> 00:01:41,800 A TOTAL STRANGER TO LAP DANCES 45 00:01:41,866 --> 00:01:43,533 IN THE SAME OSCAR SEASON THAT 46 00:01:43,600 --> 00:01:44,866 YOU'RE NOMINATED FOR 47 00:01:44,933 --> 00:01:46,000 "BEST JUNK ADJUSTMENT WHILE 48 00:01:46,066 --> 00:01:47,366 LYING ON A STRANGER'S BED." 49 00:01:47,433 --> 00:01:49,333 ALSO: "LAP DANCES" IS 50 00:01:49,400 --> 00:01:50,600 UNDERSTATING THINGS 51 00:01:50,666 --> 00:01:52,333 CONSIDERABLY THERE. 52 00:01:52,400 --> 00:01:53,600 LIL NAS X SPENDS AN EXQUISITE 53 00:01:53,666 --> 00:01:54,466 AMOUNT OF TIME THROWING IT BACK 54 00:01:54,533 --> 00:01:56,333 AT THE ADVERSARY. 55 00:01:56,400 --> 00:01:57,833 OLD SCRATCH IS GETTING GROUND ON 56 00:01:57,900 --> 00:01:58,366 THERE LIKE AN OLIVE GARDEN 57 00:01:58,433 --> 00:02:00,233 PEPPER MILL. 58 00:02:00,300 --> 00:02:02,033 THE WHOLE VIDEO IS COMPLETELY 59 00:02:02,100 --> 00:02:03,200 INCREDIBLE, AND FRANKLY, 60 00:02:03,266 --> 00:02:04,700 THE ONLY THING THAT COULD 61 00:02:04,766 --> 00:02:05,866 POSSIBLY MAKE IT MORE 62 00:02:05,933 --> 00:02:06,666 ENTERTAINING IS WATCHING A 63 00:02:06,733 --> 00:02:08,033 WEIRD, OLD CREEP TRY TO DESCRIBE 64 00:02:08,100 --> 00:02:09,366 IT IN G-RATED TERMS WHILE 65 00:02:09,433 --> 00:02:10,366 SITTING ON THE SET OF A LAW FIRM 66 00:02:10,433 --> 00:02:11,866 COMMERCIAL. 67 00:02:11,933 --> 00:02:13,800 IT'S NOT THE FIRST REMIX I 68 00:02:13,866 --> 00:02:14,566 EXPECTED, BUT I AM GLAD IT 69 00:02:14,633 --> 00:02:17,000 EXISTS. 70 00:02:17,066 --> 00:02:18,500 BUT LIL NAS X TWERKING ON SATAN 71 00:02:18,566 --> 00:02:19,966 SEEMS POSITIVELY WHOLESOME 72 00:02:20,033 --> 00:02:22,333 COMPARED TO THE NEWS THIS WEEK 73 00:02:22,400 --> 00:02:23,700 CONCERNING MATT GAETZ -- 74 00:02:23,766 --> 00:02:24,833 A SENTIENT LL BEAN PREMIUM 75 00:02:24,900 --> 00:02:26,066 DOUBLE L TRADITIONAL FIT POLO. 76 00:02:26,133 --> 00:02:27,633 GAETZ IS BEING INVESTIGATED FOR 77 00:02:27,700 --> 00:02:28,933 POTENTIALLY VIOLATING 78 00:02:29,000 --> 00:02:31,233 SEX-TRAFFICKING LAWS INVOLVING 79 00:02:31,300 --> 00:02:32,766 A MINOR -- SOMETHING HE DENIES, 80 00:02:32,833 --> 00:02:34,500 CLAIMING THERE'S ACTUALLY 81 00:02:34,566 --> 00:02:35,833 A MULTI MILLION DOLLAR EXTORTION 82 00:02:35,900 --> 00:02:40,166 PLOT BEHIND THE INVESTIGATION. 83 00:02:40,233 --> 00:02:41,233 HE EVEN WENT ON TUCKER CARLSON'S 84 00:02:41,300 --> 00:02:42,400 SHOW TO EXPLAIN HIS THEORY, 85 00:02:42,466 --> 00:02:43,800 UNSUCCESSFULLY. 86 00:02:43,866 --> 00:02:46,133 >> YOU SAY THAT IT WAS -- THAT 87 00:02:46,200 --> 00:02:46,800 IT WAS OR IS UNDERWAY, THERE WAS 88 00:02:46,866 --> 00:02:48,100 AN INVESTIGATION. 89 00:02:48,166 --> 00:02:48,700 WHAT IS THE BASIS OF THAT 90 00:02:48,766 --> 00:02:50,166 INVESTIGATION? 91 00:02:50,233 --> 00:02:51,533 WHAT IS THE ALLEGATION? 92 00:02:51,600 --> 00:02:52,766 THAT'S REALLY NOT VERY CLEAR 93 00:02:52,833 --> 00:02:54,666 FROM THESE NEWS STORIES. 94 00:02:54,733 --> 00:02:56,466 >> YEAH. 95 00:02:56,533 --> 00:02:57,533 AGAIN, I ONLY KNOW WHAT I'VE 96 00:02:57,600 --> 00:02:59,533 READ IN "THE NEW YORK TIMES." 97 00:02:59,600 --> 00:03:01,200 I CAN SAY THAT ACTUALLY 98 00:03:01,266 --> 00:03:02,200 YOU AND I WENT TO DINNER 99 00:03:02,266 --> 00:03:02,900 ABOUT TWO YEARS AGO, 100 00:03:02,966 --> 00:03:04,033 YOUR WIFE WAS THERE, 101 00:03:04,100 --> 00:03:05,266 AND I BROUGHT A FRIEND OF MINE. 102 00:03:05,333 --> 00:03:07,700 YOU'LL REMEMBER HER. 103 00:03:07,766 --> 00:03:09,300 AND SHE WAS ACTUALLY THREATENED 104 00:03:09,366 --> 00:03:11,866 BY THE FBI, TOLD THAT IF SHE 105 00:03:11,933 --> 00:03:13,666 WOULDN'T COP TO THE FACT THAT 106 00:03:13,733 --> 00:03:15,366 SOMEHOW I WAS INVOLVED IN SOME 107 00:03:15,433 --> 00:03:16,333 PAY FOR PLAY SCHEME, THAT SHE 108 00:03:16,400 --> 00:03:17,700 COULD FACE TROUBLE. 109 00:03:17,766 --> 00:03:18,866 >> I DON'T REMEMBER THE WOMAN 110 00:03:18,933 --> 00:03:19,900 YOU'RE SPEAKING OF OR 111 00:03:19,966 --> 00:03:21,100 THE CONTEXT AT ALL, HONESTLY. 112 00:03:21,166 --> 00:03:23,100 >> John: WOW. 113 00:03:23,166 --> 00:03:24,900 IMAGINE BEING THE ONE WHITE MAN 114 00:03:24,966 --> 00:03:25,866 ON EARTH THAT TUCKER CARLSON 115 00:03:25,933 --> 00:03:29,733 WON'T DEFEND. 116 00:03:29,800 --> 00:03:30,833 TUCKER WAS SO CLEARLY TRYING TO 117 00:03:30,900 --> 00:03:31,733 NOPE HIS WAY OUT OF THAT 118 00:03:31,800 --> 00:03:32,433 WHOLE INTERVIEW. 119 00:03:32,500 --> 00:03:36,866 HE LOOKS LIKE HE WANTS TO WALK 120 00:03:36,933 --> 00:03:37,900 OUT OF HIS OWN SHOW. 121 00:03:37,966 --> 00:03:38,666 THE PROBLEM IS, IF HE DID, 122 00:03:38,733 --> 00:03:39,400 IT WOULDN'T BE 123 00:03:39,466 --> 00:03:40,466 "TUCKER CARLSON TONIGHT" 124 00:03:40,533 --> 00:03:41,500 ANYMORE, IT'D BE "THE MATT GAETZ 125 00:03:41,566 --> 00:03:42,200 DIGS HIS OWN GRAVE ADVENTURE 126 00:03:42,266 --> 00:03:43,300 HOUR." 127 00:03:43,366 --> 00:03:44,033 LOOK, I'M SURE THERE'LL BE MORE 128 00:03:44,100 --> 00:03:44,733 TO DISCUSS ABOUT THIS STORY 129 00:03:44,800 --> 00:03:45,966 LATER, PROBABLY DURING 130 00:03:46,033 --> 00:03:48,200 MATT GAETZ'S SENTENCING PHASE, 131 00:03:48,266 --> 00:03:50,000 BUT FOR NOW, LET'S MOVE ONTO 132 00:03:50,066 --> 00:03:51,466 AMAZON, A COMPANY RUN BY 133 00:03:51,533 --> 00:03:53,100 JEFF BEZOS, WHO ANSWERS 134 00:03:53,166 --> 00:03:53,766 THE QUESTION "WHAT IF LEX LUTHOR 135 00:03:53,833 --> 00:03:54,866 WAS?" 136 00:03:54,933 --> 00:03:56,166 AND THAT'S IT. 137 00:03:56,233 --> 00:03:58,133 JUST "WHAT IF LEX LUTHOR WAS?" 138 00:03:58,200 --> 00:03:59,200 HE'S A BALD BUSINESS MANIAC WITH 139 00:03:59,266 --> 00:04:00,800 TOO MUCH MONEY, ZERO EMPATHY, 140 00:04:00,866 --> 00:04:02,400 AND WEIRD SUPERVILLAIN VEHICLES. 141 00:04:02,466 --> 00:04:04,366 HE'S JUST LEX LUTHOR. 142 00:04:04,433 --> 00:04:06,333 THIS WEEK, COUNTING BEGAN ON 143 00:04:06,400 --> 00:04:07,900 A HISTORIC UNION VOTE BY WORKERS 144 00:04:07,966 --> 00:04:09,033 AT AN AMAZON FULFILLMENT CENTER 145 00:04:09,100 --> 00:04:10,566 IN BESSEMER, ALABAMA. 146 00:04:10,633 --> 00:04:12,066 THE DRIVE HAS BEEN SEEN 147 00:04:12,133 --> 00:04:13,633 AS A BELLWETHER FOR THE LABOR 148 00:04:13,700 --> 00:04:14,733 MOVEMENT AS A WHOLE, AND AMAZON 149 00:04:14,800 --> 00:04:16,366 WORKERS FRANKLY HAVE PLENTY OF 150 00:04:16,433 --> 00:04:18,400 REASONS TO FIGHT TO UNIONIZE. 151 00:04:18,466 --> 00:04:20,300 >> MANY COMPLAIN ABOUT GRUELING 152 00:04:20,366 --> 00:04:21,666 WORK, UNSAFE CONDITIONS, WITH 153 00:04:21,733 --> 00:04:22,400 INADEQUATE BATHROOM AND MEAL 154 00:04:22,466 --> 00:04:24,766 BREAKS. 155 00:04:24,833 --> 00:04:26,200 >> THEY TREAT YOU MORE LIKE A 156 00:04:26,266 --> 00:04:27,166 PRODUCT OR A STATISTIC THAN AN 157 00:04:27,233 --> 00:04:28,866 ACTUAL HUMAN BEING. 158 00:04:28,933 --> 00:04:30,566 FOR EXAMPLE, I'M A DIABETIC AND 159 00:04:30,633 --> 00:04:31,666 I DON'T HAVE TIME TO STOP TO 160 00:04:31,733 --> 00:04:34,266 CHECK MY BLOOD SUGAR. 161 00:04:34,333 --> 00:04:36,400 THEY HAVE JUST CONSTANT QUOTAS, 162 00:04:36,466 --> 00:04:38,166 AND IF YOU CAN'T GET DONE WHAT 163 00:04:38,233 --> 00:04:40,633 THEY WANT YOU TO GET DONE, 164 00:04:40,700 --> 00:04:41,266 THEN YOU HAVE NO WORTH INSIDE OF 165 00:04:41,333 --> 00:04:43,133 THEIR SYSTEM. 166 00:04:43,200 --> 00:04:45,366 >> John: THAT'S TERRIBLE. 167 00:04:45,433 --> 00:04:46,966 AND THE FACT AMAZON WORKERS ARE 168 00:04:47,033 --> 00:04:49,866 DEMORALIZED IS SOMETHING YOU 169 00:04:49,933 --> 00:04:50,466 KNEW, BUT IT DOESN'T GET ANY 170 00:04:50,533 --> 00:04:51,333 LESS UPSETTING NO MATTER HOW 171 00:04:51,400 --> 00:04:52,566 MANY TIMES YOU'RE REMINDED. 172 00:04:52,633 --> 00:04:54,033 IT'S LIKE HEARING THAT 173 00:04:54,100 --> 00:04:55,266 DENNIS QUAID'S NEW WIFE IS 174 00:04:55,333 --> 00:04:57,000 YOUNGER THAN HIS SON, OR THAT 175 00:04:57,066 --> 00:04:58,600 HELENA BONHAM CARTER HAS NEVER 176 00:04:58,666 --> 00:05:00,566 WON AN OSCAR, OR THAT NO ONE HAS 177 00:05:00,633 --> 00:05:02,233 EVER CLEANED A SINGLE WATERPARK. 178 00:05:02,300 --> 00:05:03,300 SERIOUSLY, WHEN HAS A WATERPARK 179 00:05:03,366 --> 00:05:05,533 EVER FELT CLEAN TO YOU? 180 00:05:05,600 --> 00:05:06,866 OPEN-TO-CLOSE, IT'S FULL OF 181 00:05:06,933 --> 00:05:08,433 FILTHY KIDS PISSING THEMSELVES 182 00:05:08,500 --> 00:05:09,900 DOWN SCALDING PLASTIC SLIDES 183 00:05:09,966 --> 00:05:11,733 INTO RECYCLED WATER AND 184 00:05:11,800 --> 00:05:13,066 NIGHT TIME IS WHEN THE EMPLOYEES 185 00:05:13,133 --> 00:05:14,166 FUCK IN THE TUBES. 186 00:05:14,233 --> 00:05:17,033 HOW WOULD CLEANING IT EVEN WORK? 187 00:05:17,100 --> 00:05:18,033 WHAT ARE THEY GOING TO DO, 188 00:05:18,100 --> 00:05:18,733 DRAIN THE LAZY RIVER 189 00:05:18,800 --> 00:05:19,466 EVERY NIGHT? 190 00:05:19,533 --> 00:05:20,133 OF COURSE NOT. 191 00:05:20,200 --> 00:05:21,200 YOU'RE SWIMMING IN THE PISS OF 192 00:05:21,266 --> 00:05:22,066 THOUSANDS OF PEOPLE, MANY OF 193 00:05:22,133 --> 00:05:22,666 WHOM HAVE LONG SINCE DIED. 194 00:05:22,733 --> 00:05:25,166 JUST DEAL WITH IT. 195 00:05:25,233 --> 00:05:28,000 AND WHILE WE DON'T KNOW 196 00:05:28,066 --> 00:05:30,666 THE RESULTS OF THIS VOTE YET, 197 00:05:30,733 --> 00:05:31,833 IT IS WORTH LOOKING AT JUST 198 00:05:31,900 --> 00:05:34,700 HOW HARD AMAZON HAS FOUGHT IT. 199 00:05:34,766 --> 00:05:36,533 THEY'VE APPARENTLY BEEN SENDING 200 00:05:36,600 --> 00:05:38,166 WORKERS UP TO FIVE TEXT MESSAGES 201 00:05:38,233 --> 00:05:39,766 PER DAY DISCOURAGING THEM FROM 202 00:05:39,833 --> 00:05:41,300 JOINING A UNION; THEY'VE ALSO 203 00:05:41,366 --> 00:05:42,366 HELD MANDATORY MEETINGS THAT 204 00:05:42,433 --> 00:05:43,633 DISPARAGE UNIONIZATION, 205 00:05:43,700 --> 00:05:44,433 AND THEN THERE'S THIS: 206 00:05:44,500 --> 00:05:45,666 >> SOMETHING I HAVE NEVER, EVER 207 00:05:45,733 --> 00:05:46,666 SEEN BEFORE IN WRITING ABOUT 208 00:05:46,733 --> 00:05:48,200 LABOR FOR 25, 30 YEARS, 209 00:05:48,266 --> 00:05:49,566 THEY HAVE ANTI-UNION POSTERS 210 00:05:49,633 --> 00:05:50,800 IN THE BATHROOM STALLS. 211 00:05:50,866 --> 00:05:52,266 >> YOU KNOW, WHEN YOU GO TO THE 212 00:05:52,333 --> 00:05:52,866 BATHROOM, WHO WANT TO LOOK AT 213 00:05:52,933 --> 00:05:57,133 THAT? 214 00:05:57,200 --> 00:05:58,166 >> John: YEHA, NOBODY! 215 00:05:58,233 --> 00:05:58,733 NOBODY WANTS TO LOOK AT THAT 216 00:05:58,800 --> 00:05:59,700 POSTER IN THE BATHROOM. 217 00:05:59,766 --> 00:06:00,900 THE ONLY THING WORSE TO SEE 218 00:06:00,966 --> 00:06:01,733 WHILE YOU'RE TAKING A DUMP 219 00:06:01,800 --> 00:06:02,666 IN A WORKPLACE BATHROOM STALL IS 220 00:06:02,733 --> 00:06:04,500 AN EMPTY TOILET PAPER ROLL, 221 00:06:04,566 --> 00:06:06,066 OR KEVIN SPACEY. 222 00:06:06,133 --> 00:06:06,966 HOW DID YOU GET IN HERE? 223 00:06:07,033 --> 00:06:11,566 GET OUT! 224 00:06:11,633 --> 00:06:13,700 I'M SHITTING, KEVIN! 225 00:06:13,766 --> 00:06:14,566 AND SPEAKING OF BATHROOM BREAKS, 226 00:06:14,633 --> 00:06:16,033 WE'VE TALKED BEFORE ABOUT HOW, 227 00:06:16,100 --> 00:06:17,300 WORKERS HAVE SAID THEY'VE HAD TO 228 00:06:17,366 --> 00:06:18,033 FOREGO THEM TO KEEP UP WITH 229 00:06:18,100 --> 00:06:18,766 CRUSHING QUOTAS. 230 00:06:18,833 --> 00:06:20,400 AND SOME DELIVERY DRIVERS HAVE 231 00:06:20,466 --> 00:06:21,400 REPORTEDLY RESORTED TO URINATING 232 00:06:21,466 --> 00:06:25,400 IN BOTTLES. 233 00:06:25,466 --> 00:06:27,133 AND JUST THIS WEEK, "THE 234 00:06:27,200 --> 00:06:27,966 INTERCEPT" PUBLISHED AN INTERNAL 235 00:06:28,033 --> 00:06:28,766 AMAZON MEMO, TELLING WORKERS 236 00:06:28,833 --> 00:06:29,833 THAT "DELIVERY ASSOCIATES 237 00:06:29,900 --> 00:06:32,200 CANNOT, MUST NOT RETURN TO 238 00:06:32,266 --> 00:06:33,366 STATIONS WITH BAGS WITH POOP 239 00:06:33,433 --> 00:06:34,800 INSIDE." 240 00:06:34,866 --> 00:06:36,066 SOMETHING ALMOST TOO AWFUL TO 241 00:06:36,133 --> 00:06:38,000 COMPREHEND, AS TWO OF NEW YORK'S 242 00:06:38,066 --> 00:06:38,900 MORNING NEWS ANCHORS CONVEYED IN 243 00:06:38,966 --> 00:06:40,733 REAL TIME. 244 00:06:40,800 --> 00:06:41,933 >> IN SOME CASES, EMPLOYEES 245 00:06:42,000 --> 00:06:42,366 DEFECATING IN BAGS. 246 00:06:42,433 --> 00:06:43,733 COME ON! 247 00:06:43,800 --> 00:06:45,566 IT'S MORNING TIME. 248 00:06:45,633 --> 00:06:46,766 PEOPLE ARE HAVING THEIR COFFEE 249 00:06:46,833 --> 00:06:49,833 AND CEREAL RIGHT NOW. 250 00:06:49,900 --> 00:06:51,133 THIS IS ONE OF THOSE THINGS, 251 00:06:51,200 --> 00:06:52,133 LAURIE, I'M NOT SO INTERESTED IN 252 00:06:52,200 --> 00:06:53,366 KNOWING ALL THE DETAILS. 253 00:06:53,433 --> 00:06:54,166 >> WHAT, BECAUSE THEN THEY COME 254 00:06:54,233 --> 00:06:54,900 AND DELIVER YOUR PACKAGE? 255 00:06:54,966 --> 00:06:55,566 >> YEAH. 256 00:06:55,633 --> 00:06:56,433 >> John: YEAH, IT'S A REVOLTING 257 00:06:56,500 --> 00:06:58,100 STORY. 258 00:06:58,166 --> 00:06:59,600 NOBODY WANTS TO ENDURE A BAG OF 259 00:06:59,666 --> 00:07:01,000 SHIT OVER BREAKFAST. 260 00:07:01,066 --> 00:07:02,033 THAT'S WHY PIERS MORGAN 261 00:07:02,100 --> 00:07:04,166 NO LONGER HAS A JOB. 262 00:07:04,233 --> 00:07:05,300 AND LOOK, I GET NOT WANTING TO 263 00:07:05,366 --> 00:07:06,733 KNOW DETAILS ABOUT THINGS. 264 00:07:06,800 --> 00:07:08,533 AS A GENERAL RULE, 265 00:07:08,600 --> 00:07:09,733 I DON'T NEED TO KNOW HOW MOST 266 00:07:09,800 --> 00:07:10,433 THINGS GET DONE. 267 00:07:10,500 --> 00:07:11,900 BUT I DO MAKE AN EXCEPTION 268 00:07:11,966 --> 00:07:13,433 IF ONE OF THE STEPS INVOLVES 269 00:07:13,500 --> 00:07:14,866 SOMEONE HAVING TO SHIT IN A BAG. 270 00:07:14,933 --> 00:07:16,633 THAT GOES FOR ANY PROCESS. 271 00:07:16,700 --> 00:07:17,600 I'M NOT REALLY ALL THAT 272 00:07:17,666 --> 00:07:19,200 INTERESTED IN HOW 273 00:07:19,266 --> 00:07:20,733 AN ORIGAMI CRANE GETS MADE, 274 00:07:20,800 --> 00:07:22,266 BUT IF YOU TOLD ME ONE OF THE 275 00:07:22,333 --> 00:07:23,433 STEPS INVOLVED YOU HAVING TO 276 00:07:23,500 --> 00:07:25,033 SHIT IN A BAG, I'M GOING TO NEED 277 00:07:25,100 --> 00:07:25,700 A DETAILED, STEP-BY-STEP LOOK 278 00:07:25,766 --> 00:07:26,766 INTO THE PROCEDURE. 279 00:07:26,833 --> 00:07:27,766 BECAUSE SOMETHING HORRENDOUS 280 00:07:27,833 --> 00:07:30,100 IS CLEARLY HAPPENING THERE. 281 00:07:30,166 --> 00:07:31,200 AND THE FACT IS, WE DO HAVE TO 282 00:07:31,266 --> 00:07:33,733 KEEP PAYING ATTENTION TO THIS. 283 00:07:33,800 --> 00:07:34,700 BECAUSE THE OUTCOME OF 284 00:07:34,766 --> 00:07:36,000 BESSEMER'S VOTE WILL HAVE 285 00:07:36,066 --> 00:07:37,800 MAJOR IMPLICATIONS. 286 00:07:37,866 --> 00:07:38,800 AMAZON IS THE SECOND LARGEST 287 00:07:38,866 --> 00:07:41,300 PRIVATE EMPLOYER IN AMERICA. 288 00:07:41,366 --> 00:07:42,733 AND THIS UNIONIZING EFFORT 289 00:07:42,800 --> 00:07:44,233 COULD DETERMINE WHETHER THEIR 290 00:07:44,300 --> 00:07:45,133 EMPLOYEES HAVE THE POWER TO 291 00:07:45,200 --> 00:07:46,000 DEMAND DECENT WORKING 292 00:07:46,066 --> 00:07:47,500 CONDITIONS. 293 00:07:47,566 --> 00:07:49,533 AND THE HARDER THE COMPANY TRIES 294 00:07:49,600 --> 00:07:50,800 TO CONVINCE THEIR WORKERS THAT 295 00:07:50,866 --> 00:07:52,166 THEY DON'T NEED UNION 296 00:07:52,233 --> 00:07:53,633 PROTECTION, THE CLEARER IT 297 00:07:53,700 --> 00:07:56,100 BECOMES THAT AMAZON EXECUTIVES 298 00:07:56,166 --> 00:07:57,233 -- MUCH LIKE THE BAGS THAT ARE 299 00:07:57,300 --> 00:07:58,333 APPARENTLY LYING AROUND THEIR 300 00:07:58,400 --> 00:08:00,033 DELIVERY VEHICLES -- ARE 301 00:08:00,100 --> 00:08:01,766 COMPLETELY FULL OF SHIT. 302 00:08:01,833 --> 00:08:02,533 AND NOW, THIS. 303 00:08:02,600 --> 00:08:03,366 ♪ ♪ 304 00:08:03,433 --> 00:08:04,533 >> Announcer: AND NOW... 305 00:08:04,600 --> 00:08:05,666 SOME VERY UNWELCOME NEWS 306 00:08:05,733 --> 00:08:11,500 REGARDING PEEPS. 307 00:08:11,566 --> 00:08:12,700 >> PEEPS AND PEPSI? 308 00:08:12,766 --> 00:08:14,600 THE TWO ARE COLLABORATING ON A 309 00:08:14,666 --> 00:08:18,166 MARSHMALLOW FLAVORED SODA. 310 00:08:18,233 --> 00:08:19,466 >> B WHERE! 311 00:08:19,533 --> 00:08:22,166 THE PEEPS HAVE ALLIED WITH THE 312 00:08:22,233 --> 00:08:23,933 VILE PEPSI CORPORATION! 313 00:08:24,000 --> 00:08:24,400 AND UNHOLY LIQUID! 314 00:08:24,466 --> 00:08:28,933 >> WE CANNOT TALK ABOUT PEEPS 315 00:08:29,000 --> 00:08:29,133 PEPSI. 316 00:08:29,200 --> 00:08:30,033 >> HE LIES! 317 00:08:30,100 --> 00:08:31,200 IT IS COMPLETELY WITHIN HIS 318 00:08:31,266 --> 00:08:33,133 POWERS TO SIMPLY NOT TO MENTION 319 00:08:33,200 --> 00:08:33,300 IT! 320 00:08:33,366 --> 00:08:34,366 >> THE ONLY WAY YOU CAN GET A 321 00:08:34,433 --> 00:08:36,933 DRINK IS THROUGH SOCIAL MEDIA, 322 00:08:37,000 --> 00:08:37,600 AND A PROMOTION THAT IS GOING ON 323 00:08:37,666 --> 00:08:39,433 THERE. 324 00:08:39,500 --> 00:08:43,533 AND ASKS FANS TO USE THE HASHTAG 325 00:08:43,600 --> 00:08:44,666 HANGING WITH MY PEEPS. 326 00:08:44,733 --> 00:08:46,466 >> I SWEAR TO GOD, IF YOU USE 327 00:08:46,533 --> 00:08:48,333 THE HASHTAG HANGING WITH MY 328 00:08:48,400 --> 00:08:51,066 PEEPS, I WILL BREAK INTO YOUR 329 00:08:51,133 --> 00:08:54,166 HOUSE! 330 00:08:54,233 --> 00:08:55,966 >> THE PEPSI PEEPS PARTNERSHIP 331 00:08:56,033 --> 00:08:57,600 TOPS OUR CONSUMER NEWS TODAY. 332 00:08:57,666 --> 00:08:58,600 TWO OF MY FAVORITE THINGS WERE 333 00:08:58,666 --> 00:08:58,933 AT. 334 00:08:59,000 --> 00:09:00,433 BRAIDS BECAUSE PEEPS ARE ONE OF 335 00:09:00,500 --> 00:09:02,333 YOUR FAVORITE THING, I'M 336 00:09:02,400 --> 00:09:04,500 RETHINKING YOUR FRIENDSHIP, 337 00:09:04,566 --> 00:09:04,766 MY FRIEND. 338 00:09:04,833 --> 00:09:07,033 >> YEAH! 339 00:09:07,100 --> 00:09:08,200 >> I KNOW A LOT OF PEOPLE ARE 340 00:09:08,266 --> 00:09:10,300 LIKE, I WILL MAKE MY OWN. 341 00:09:10,366 --> 00:09:11,600 GET SOME PEEPS AND SOME PEPSI 342 00:09:11,666 --> 00:09:13,566 MIX IT TOGETHER, IF THEY DON'T 343 00:09:13,633 --> 00:09:14,400 WIN THE PROMOTION. 344 00:09:14,466 --> 00:09:16,266 >> THAT MIGHT ALSO LEAD TO BAD 345 00:09:16,333 --> 00:09:17,866 THINGS. 346 00:09:17,933 --> 00:09:20,700 >> DO NOT ATTEMPT TO CREATE YOUR 347 00:09:20,766 --> 00:09:21,566 OWN PEEPS FLAVORED BEVERAGE. 348 00:09:21,633 --> 00:09:22,533 THE ONLY FLAVOR YOU WILL CREATE 349 00:09:22,600 --> 00:09:24,733 IS SORROW! 350 00:09:24,800 --> 00:09:26,900 >> JUST DAYS AFTER ANNOUNCING A 351 00:09:26,966 --> 00:09:27,900 PARTNERSHIP WITH PEPSI, PEEPS IS 352 00:09:28,000 --> 00:09:29,533 CONTINUING TO GET INTO THE DRINK 353 00:09:29,600 --> 00:09:30,166 MARKET. 354 00:09:30,233 --> 00:09:32,566 NOW AT 7-ELEVEN, YOU CAN ENJOY 355 00:09:32,633 --> 00:09:34,433 YOURSELF A LITTLE PEEPS LATTE. 356 00:09:34,500 --> 00:09:34,933 >> NO! 357 00:09:35,000 --> 00:09:38,366 NOT A LATTE! 358 00:09:38,433 --> 00:09:41,966 EVERYTHING BUT A BREAKFAST LATT 359 00:09:42,033 --> 00:09:43,100 LATTE! 360 00:09:43,166 --> 00:09:44,000 >> John: MOVING ON. 361 00:09:44,066 --> 00:09:45,433 OUR MAIN STORY TONIGHT CONCERNS 362 00:09:45,500 --> 00:09:46,366 THE NATIONAL DEBT -- THE WORLD'S 363 00:09:46,433 --> 00:09:48,900 MOST BORING $28 TRILLION. 364 00:09:48,966 --> 00:09:49,866 AND I KNOW, JUST SAYING 365 00:09:49,933 --> 00:09:50,400 "$28 TRILLION" MIGHT SOUND 366 00:09:50,466 --> 00:09:51,400 CONFUSING. 367 00:09:51,466 --> 00:09:53,133 HOW MUCH IS THAT, EXACTLY? 368 00:09:53,200 --> 00:09:54,500 WELL, TO PUT IT ONE WAY: 369 00:09:54,566 --> 00:09:55,633 IT'S $28 TRILLION. 370 00:09:55,700 --> 00:09:57,266 TO PUT IT ANOTHER WAY, 371 00:09:57,333 --> 00:09:58,500 IT'S 28 MILLION MILLIONS. 372 00:09:58,566 --> 00:09:59,400 TO PUT IT A THIRD WAY, IT'S 373 00:09:59,466 --> 00:10:01,500 AN ABSOLUTE FUCK-TON OF MONEY. 374 00:10:01,566 --> 00:10:05,233 BUT REGARDLESS, THE NATIONAL 375 00:10:05,300 --> 00:10:06,200 DEBT IS A COMPLETE OBSESSION 376 00:10:06,266 --> 00:10:07,000 IN THIS COUNTRY. 377 00:10:07,066 --> 00:10:08,166 HERE IN NEW YORK, WE EVEN HAVE 378 00:10:08,233 --> 00:10:08,800 A DEBT CLOCK THAT COUNTS UP 379 00:10:08,866 --> 00:10:09,866 IN REAL TIME. 380 00:10:09,933 --> 00:10:11,066 IT ACTUALLY MADE HEADLINES 381 00:10:11,133 --> 00:10:12,733 A LITTLE OVER A DECADE AGO WHEN 382 00:10:12,800 --> 00:10:14,233 THE DEBT HIT FOURTEEN DIGITS. 383 00:10:14,300 --> 00:10:16,866 >> THE NATIONAL DEBT JUST PASSED 384 00:10:16,933 --> 00:10:17,833 $10 TRILLION, SO THE CLOCK'S 385 00:10:17,900 --> 00:10:19,500 CARETAKERS HAD TO SQUEEZE A ONE 386 00:10:19,566 --> 00:10:20,466 AND THE DOLLAR SIGN INTO THE 387 00:10:20,533 --> 00:10:21,833 SAME SQUARE. 388 00:10:21,900 --> 00:10:23,800 >> IT'S PRETTY SCARY. 389 00:10:23,866 --> 00:10:25,533 IT'S A PRETTY BIG NUMBER. 390 00:10:25,600 --> 00:10:26,300 >> INCOMPREHENSIBLE. 391 00:10:26,366 --> 00:10:28,433 IT'S TOO BIG. 392 00:10:28,500 --> 00:10:30,900 >> THE CLOCK WAS PUT UP IN 1989 393 00:10:30,966 --> 00:10:32,233 BY HELENA DURST'S GRANDFATHER 394 00:10:32,300 --> 00:10:33,366 WHEN THE NATIONAL DEBT WAS JUST 395 00:10:33,433 --> 00:10:35,166 UNDER $3 TRILLION. 396 00:10:35,233 --> 00:10:36,700 NOW THAT THE DEBT HAS PASSED 397 00:10:36,766 --> 00:10:38,333 THE $10 TRILLION MARK, DURST 398 00:10:38,400 --> 00:10:38,933 LIKES TO RECITE A POEM BY HER 399 00:10:39,000 --> 00:10:39,833 GRANDFATHER. 400 00:10:39,900 --> 00:10:42,500 >> BORROW, BORROW, BORROW. 401 00:10:42,566 --> 00:10:43,433 ENJOY TODAY AND TOMORROW, 402 00:10:43,500 --> 00:10:44,533 FOR TOMORROW IS GOING TO BE 403 00:10:44,600 --> 00:10:46,200 TERRIBLE. 404 00:10:46,266 --> 00:10:47,433 >> John: I'M SORRY, BUT THAT 405 00:10:47,500 --> 00:10:48,700 POEM SUCKS. 406 00:10:48,766 --> 00:10:49,933 THE RHYME SCHEME'S ALL OVER 407 00:10:50,000 --> 00:10:51,600 THE PLACE, AND IF TOMORROW'S 408 00:10:51,666 --> 00:10:52,466 GOING TO BE TERRIBLE, WHY WOULD 409 00:10:52,533 --> 00:10:53,366 YOU ENJOY IT? 410 00:10:53,433 --> 00:10:54,466 THAT WAS CLEARLY THE WORK OF 411 00:10:54,533 --> 00:10:56,133 A MAN ALMOST AS GOOD AT WRITING 412 00:10:56,200 --> 00:10:57,166 POETRY AS HE WAS AT RAISING 413 00:10:57,233 --> 00:10:58,033 CHILDREN WHO AREN'T 414 00:10:58,100 --> 00:11:00,000 SERIAL KILLERS. 415 00:11:00,066 --> 00:11:01,533 OH, YEAH -- THE CLOCK WAS PUT UP 416 00:11:01,600 --> 00:11:03,433 BY THAT DURST FAMILY. 417 00:11:03,500 --> 00:11:05,966 THE BATHROOM MURDER BURP DURSTS. 418 00:11:06,033 --> 00:11:07,033 SO THANKS VERY MUCH FOR 419 00:11:07,100 --> 00:11:09,000 THE DUMB CLOCK THAT DOESN'T 420 00:11:09,066 --> 00:11:09,766 TELL TIME, YOU WEALTHY 421 00:11:09,833 --> 00:11:11,133 BATHROOM MURDER BURPERS. 422 00:11:11,200 --> 00:11:12,700 BUT THE TRUTH IS, 423 00:11:12,766 --> 00:11:15,133 OUR NATIONAL DEBT IS UNDENIABLY 424 00:11:15,200 --> 00:11:16,966 BIG, AND BETWEEN THE TRILLIONS 425 00:11:17,033 --> 00:11:18,200 IN CORONAVIRUS STIMULUS BILLS 426 00:11:18,266 --> 00:11:19,133 AND THE INFRASTRUCTURE PLANS 427 00:11:19,200 --> 00:11:20,800 BIDEN UNVEILED JUST THIS WEEK, 428 00:11:20,866 --> 00:11:22,366 IT'S POISED TO GET EVEN BIGGER. 429 00:11:22,433 --> 00:11:23,366 AND REPUBLICANS, IN PARTICULAR, 430 00:11:23,433 --> 00:11:26,766 SEEM OUTRAGED ABOUT THAT. 431 00:11:26,833 --> 00:11:29,133 >> THIS CHART SHOWING DEBT IS 432 00:11:29,200 --> 00:11:30,666 NOT JUST ABOUT THE BIG NUMBER. 433 00:11:30,733 --> 00:11:32,333 IT'S NOT JUST ABOUT 434 00:11:32,400 --> 00:11:34,366 THE $30 TRILLION OF DEBT. 435 00:11:34,433 --> 00:11:37,600 THIS IS ABOUT TYRANNY. 436 00:11:37,666 --> 00:11:38,333 >> HISTORY IS SCREAMING THIS 437 00:11:38,400 --> 00:11:39,333 WARNING AT US. 438 00:11:39,400 --> 00:11:40,266 COUNTRIES THAT BANKRUPT 439 00:11:40,333 --> 00:11:41,966 THEMSELVES AND DESTROY THEIR 440 00:11:42,033 --> 00:11:43,666 ECONOMIES SIMPLY AREN'T AROUND 441 00:11:43,733 --> 00:11:45,100 VERY LONG. 442 00:11:45,166 --> 00:11:46,666 >> THERE WILL BE A DAY OF 443 00:11:46,733 --> 00:11:48,600 RECKONING, A DEBT CRISIS. 444 00:11:48,666 --> 00:11:50,000 AND IT WON'T BE PRETTY. 445 00:11:50,066 --> 00:11:52,233 >> DEFICITS DO MATTER. 446 00:11:52,300 --> 00:11:54,566 HOW LONG DO YOU THINK YOUR 447 00:11:54,633 --> 00:11:55,833 FAMILY WOULD LAST IF EVERY 448 00:11:55,900 --> 00:11:57,333 MONTH, YOU SPENT MORE AND MORE 449 00:11:57,400 --> 00:11:57,966 ON THE CREDIT CARD AND MADE THE 450 00:11:58,033 --> 00:11:59,066 MINIMUM PAYMENT? 451 00:11:59,133 --> 00:12:02,100 NOT LONG. 452 00:12:02,166 --> 00:12:05,433 >> John: LOOK, I KNOW THAT ALL 453 00:12:05,500 --> 00:12:06,066 SOUNDS PRETTY SCARY, BUT FOR 454 00:12:06,133 --> 00:12:07,100 WHAT IT'S WORTH, 455 00:12:07,166 --> 00:12:08,133 THE NATIONAL DEBT IS NOTHING 456 00:12:08,200 --> 00:12:08,966 LIKE A CREDIT CARD. 457 00:12:09,033 --> 00:12:10,466 FOR A START, WE DON'T HAVE 458 00:12:10,533 --> 00:12:11,566 28 TRILLION AIRLINE MILES, 459 00:12:11,633 --> 00:12:12,566 NOR DO WE GET LETTERS 460 00:12:12,633 --> 00:12:13,566 IN THE MAIL EVERY DAY SAYING 461 00:12:13,633 --> 00:12:14,166 WE'RE PREAPPROVED FOR 462 00:12:14,233 --> 00:12:17,200 A BRAND NEW NATIONAL DEBT. 463 00:12:17,266 --> 00:12:17,800 LEAVE US ALONE, YOU FUCKING 464 00:12:17,866 --> 00:12:18,833 PARASITES! 465 00:12:18,900 --> 00:12:19,966 BUT IF WE HAVE HUGE CLOCKS TO 466 00:12:20,033 --> 00:12:21,166 MEASURE IT, WE'RE CONSIDERING 467 00:12:21,233 --> 00:12:22,700 AN INFRASTRUCTURE BILL THAT 468 00:12:22,766 --> 00:12:23,866 COULD ADD TWO TRILLION TO IT, 469 00:12:23,933 --> 00:12:25,433 AND SOME ARE IMPLYING THAT OUR 470 00:12:25,500 --> 00:12:26,300 CREDITORS COULD BE TURNING UP 471 00:12:26,366 --> 00:12:27,900 ANY DAY NOW WITH A BASEBALL BAT 472 00:12:27,966 --> 00:12:29,533 TO REPOSSESS OUR BRIDGES AND 473 00:12:29,600 --> 00:12:30,766 DAMS BECAUSE OF IT, WE THOUGHT 474 00:12:30,833 --> 00:12:32,200 TONIGHT MIGHT BE A GOOD TIME TO 475 00:12:32,266 --> 00:12:33,566 TALK ABOUT THE NATIONAL DEBT: 476 00:12:33,633 --> 00:12:35,400 HOW IT WORKS, HOW VALID CONCERNS 477 00:12:35,466 --> 00:12:37,466 ABOUT IT ARE, AND HOW WE SHOULD 478 00:12:37,533 --> 00:12:38,833 THINK ABOUT IT MOVING FORWARD. 479 00:12:38,900 --> 00:12:40,600 AND LET'S START WITH THE BASICS, 480 00:12:40,666 --> 00:12:41,833 LIKE THE DIFFERENCE BETWEEN 481 00:12:41,900 --> 00:12:43,366 THE DEBT AND A DEFICIT. 482 00:12:43,433 --> 00:12:45,000 A COUNTRY RUNS A DEFICIT WHEN 483 00:12:45,066 --> 00:12:46,333 IT SPENDS MORE MONEY ON THINGS 484 00:12:46,400 --> 00:12:46,833 LIKE THE MILITARY, 485 00:12:46,900 --> 00:12:48,233 SOCIAL PROGRAMS, 486 00:12:48,300 --> 00:12:49,600 AND EVERYTHING ELSE THE 487 00:12:49,666 --> 00:12:50,500 GOVERNMENT DOES -- THAN IT 488 00:12:50,566 --> 00:12:51,533 BRINGS IN -- MOSTLY THROUGH 489 00:12:51,600 --> 00:12:52,833 TAXES. 490 00:12:52,900 --> 00:12:54,066 NOW, TO PAY FOR A DEFICIT, 491 00:12:54,133 --> 00:12:55,600 THE GOVERNMENT THEN BORROWS 492 00:12:55,666 --> 00:12:57,700 MONEY, THUS ACCRUING DEBT. 493 00:12:57,766 --> 00:12:59,400 SO THE DEFICIT IS A YEARLY 494 00:12:59,466 --> 00:13:00,400 MEASUREMENT OF HOW MUCH WE'RE 495 00:13:00,466 --> 00:13:01,433 IN THE RED. 496 00:13:01,500 --> 00:13:03,500 AND THE DEBT IS THE TOTAL AMOUNT 497 00:13:03,566 --> 00:13:04,400 THAT WE OWE, ACCUMULATED OVER 498 00:13:04,466 --> 00:13:05,900 TIME. 499 00:13:05,966 --> 00:13:07,333 AND FOR DECADES, IN POLITICAL 500 00:13:07,400 --> 00:13:09,033 ADS, THE DEBT HAS BEEN PORTRAYED 501 00:13:09,100 --> 00:13:10,500 AS A BURDEN WE'RE PLACING ON 502 00:13:10,566 --> 00:13:11,700 FUTURE GENERATIONS. 503 00:13:11,766 --> 00:13:13,466 BASICALLY, MAKING THAT ARGUMENT 504 00:13:13,533 --> 00:13:15,000 THAT WE'RE RUNNING UP THEIR 505 00:13:15,066 --> 00:13:16,700 CREDIT CARD, AND ONE DAY, 506 00:13:16,766 --> 00:13:17,833 THE BILL'S GOING TO COME DUE. 507 00:13:17,900 --> 00:13:19,700 >> YOU OWE THE UNITED STATES 508 00:13:19,766 --> 00:13:22,233 GOVERNMENT, IN ROUND NUMBERS, 509 00:13:22,300 --> 00:13:24,833 $50,000. 510 00:13:24,900 --> 00:13:25,933 >> WHAT WOULD YOU LIKE FOR 511 00:13:26,000 --> 00:13:28,000 CHRISTMAS? 512 00:13:28,066 --> 00:13:29,366 >> I WOULD LIKE YOU TO FIX THE 513 00:13:29,433 --> 00:13:31,266 DEBT, SO I CAN HAVE A FUTURE. 514 00:13:31,333 --> 00:13:34,533 >> I PLEDGE ALLEGIANCE TO 515 00:13:34,600 --> 00:13:38,000 AMERICA'S DEBT, AND THE CHINESE 516 00:13:38,066 --> 00:13:40,733 GOVERNMENT THAT LENDS US MONEY. 517 00:13:40,800 --> 00:13:41,333 >> CONGRESS MUST STOP DIGGING 518 00:13:41,400 --> 00:13:42,166 A DEEP HOLE OF DEBT THAT WE'LL 519 00:13:42,233 --> 00:13:43,433 NEVER GET OUT OF. 520 00:13:43,500 --> 00:13:45,966 >> PLEASE STOP DIGGING. 521 00:13:46,033 --> 00:13:48,100 >> John: YEAH, PRETTY DRAMATIC. 522 00:13:48,166 --> 00:13:49,733 CRYING BABIES, EXASPERATED 523 00:13:49,800 --> 00:13:50,433 SANTAS, AND EVEN A CHILD 524 00:13:50,500 --> 00:13:51,700 WATCHING UNCLE SAM 525 00:13:51,766 --> 00:13:53,800 DIGGING A GRAVE. 526 00:13:53,866 --> 00:13:55,733 AND QUICK PIECE OF ADVICE, KIDS. 527 00:13:55,800 --> 00:13:57,166 IF YOU DO SEE A MAN IN ANY KIND 528 00:13:57,233 --> 00:13:58,133 OF COSTUME DIGGING A LARGE HOLE 529 00:13:58,200 --> 00:13:59,200 IN THE MIDDLE OF THE DESERT, 530 00:13:59,266 --> 00:14:00,600 DO NOT APPROACH HIM. 531 00:14:00,666 --> 00:14:02,033 DO NOT INTERFERE WITH HIS 532 00:14:02,100 --> 00:14:03,300 DIGGING. 533 00:14:03,366 --> 00:14:04,266 I'M NOT SAYING HE SHOULD BE 534 00:14:04,333 --> 00:14:05,100 DOING THAT. 535 00:14:05,166 --> 00:14:06,433 I'M SAYING YOU'RE NOT THE ONE 536 00:14:06,500 --> 00:14:07,866 WHO SHOULD TRY TO STOP HIM. 537 00:14:07,933 --> 00:14:09,000 IF HE'S WILLING TO DIG 538 00:14:09,066 --> 00:14:10,366 A BIG HOLE, HE'S WILLING TO DIG 539 00:14:10,433 --> 00:14:10,900 A SMALL ONE. 540 00:14:10,966 --> 00:14:12,400 RUN AWAY AND TELL AN ADULT. 541 00:14:12,466 --> 00:14:15,333 A NON-COSTUMED ADULT. 542 00:14:15,400 --> 00:14:16,666 BUT ADS LIKE THOSE ARE WILDLY 543 00:14:16,733 --> 00:14:18,233 MISLEADING. 544 00:14:18,300 --> 00:14:19,833 FOR INSTANCE, THAT PLEDGE OF 545 00:14:19,900 --> 00:14:20,866 ALLEGIANCE AD TALKED ABOUT HOW 546 00:14:20,933 --> 00:14:21,966 MUCH WE OWE THE CHINESE 547 00:14:22,033 --> 00:14:25,266 GOVERNMENT. 548 00:14:25,333 --> 00:14:26,033 THAT IS SOMETHING YOU HEAR A 549 00:14:26,100 --> 00:14:26,833 LOT. 550 00:14:26,900 --> 00:14:28,633 BUT FOR THE RECORD, THE MAJORITY 551 00:14:28,700 --> 00:14:29,600 OF GOVERNMENT DEBT IS ACTUALLY 552 00:14:29,666 --> 00:14:30,766 OWNED BY AMERICAN INVESTORS. 553 00:14:30,833 --> 00:14:33,266 FOR EXAMPLE, IF YOU HAVE A 554 00:14:33,333 --> 00:14:34,500 PENSION, YOU MIGHT OWN SOME OF 555 00:14:34,566 --> 00:14:35,700 THAT DEBT IN THE FORM OF 556 00:14:35,766 --> 00:14:36,966 GOVERNMENT BONDS, BECAUSE 557 00:14:37,033 --> 00:14:38,000 THEY'RE A PRETTY SAFE 558 00:14:38,066 --> 00:14:39,066 INVESTMENT. 559 00:14:39,133 --> 00:14:40,933 FOREIGN INVESTORS ONLY OWN 560 00:14:41,000 --> 00:14:43,200 AROUND A THIRD OF OUR DEBT. 561 00:14:43,266 --> 00:14:44,500 AND WHILE, YES, IT'S TRUE, CHINA 562 00:14:44,566 --> 00:14:45,866 DOES OWN OVER A TRILLION DOLLARS 563 00:14:45,933 --> 00:14:52,300 OF IT, WHICH ISN'T NOTHING -- 564 00:14:52,366 --> 00:14:53,066 IT'S AROUND 5% -- 565 00:14:53,133 --> 00:14:54,066 FOR WHAT IT'S WORTH, 566 00:14:54,133 --> 00:14:55,166 THEY'RE NOT EVEN OUR LARGEST 567 00:14:55,233 --> 00:14:56,166 FOREIGN CREDITOR -- JAPAN IS. 568 00:14:56,233 --> 00:14:57,466 AND WHILE THE DEBT IS OFTEN 569 00:14:57,533 --> 00:14:58,500 TALKED ABOUT AS BEING SOMETHING 570 00:14:58,566 --> 00:14:59,500 WE'RE RUNNING UP WITH NEW 571 00:14:59,566 --> 00:15:00,766 SPENDING, THE TRUTH IS, BEFORE 572 00:15:00,833 --> 00:15:02,066 THE PANDEMIC HIT, MOST OF OUR 573 00:15:02,133 --> 00:15:02,633 DEBT WAS THE RESULT OF LONG, 574 00:15:02,700 --> 00:15:05,266 STEADY GROWTH IN PROGRAMS 575 00:15:05,333 --> 00:15:06,300 THAT WE'D LONG AGO COMMITTED TO, 576 00:15:06,366 --> 00:15:07,200 LIKE MEDICARE AND OTHER 577 00:15:07,266 --> 00:15:08,600 ENTITLEMENTS. 578 00:15:08,666 --> 00:15:09,900 SO WE'RE VERY MUCH GETTING STUFF 579 00:15:09,966 --> 00:15:12,966 FOR THE MONEY WE'RE SPENDING. 580 00:15:13,033 --> 00:15:14,100 AND THAT ACTUALLY BRINGS US TO 581 00:15:14,166 --> 00:15:16,366 A REALLY IMPORTANT POINT HERE: 582 00:15:16,433 --> 00:15:17,900 GOING INTO DEBT CAN ACTUALLY BE 583 00:15:17,966 --> 00:15:18,766 A GOOD INVESTMENT FOR THE 584 00:15:18,833 --> 00:15:20,066 COUNTRY. 585 00:15:20,133 --> 00:15:21,366 ESSENTIALLY, AS ECONOMISTS WILL 586 00:15:21,433 --> 00:15:22,733 TELL YOU, THE KEY QUESTION IS, 587 00:15:22,800 --> 00:15:24,233 "ARE YOU SPENDING MONEY ON THE 588 00:15:24,300 --> 00:15:26,333 RIGHT THINGS?" 589 00:15:26,400 --> 00:15:27,900 >> WE NEED TO THINK OF THE DEBT. 590 00:15:27,966 --> 00:15:29,200 ARE YOU CREATING MONEY FOR REAL 591 00:15:29,266 --> 00:15:31,166 ECONOMIC ACTIVITY? 592 00:15:31,233 --> 00:15:32,800 IF YOU'RE DOING THAT JUST TO 593 00:15:32,866 --> 00:15:33,666 GIVE SOMEBODY MONEY, THEN, YEAH, 594 00:15:33,733 --> 00:15:36,900 YOU'VE GOT A PROBLEM. 595 00:15:36,966 --> 00:15:39,633 BUT IF I'M A PRIVATE INDIVIDUAL 596 00:15:39,700 --> 00:15:41,300 AND I GO TO THE BANK AND SAY, 597 00:15:41,366 --> 00:15:42,300 "I GOT THIS WONDERFUL NEW IDEA. 598 00:15:42,366 --> 00:15:43,066 I JUST NEED THE MONEY TO BUILD 599 00:15:43,133 --> 00:15:44,800 MY FACTORY." 600 00:15:44,866 --> 00:15:45,900 NOBODY SAYS, "OH, THAT'S 601 00:15:45,966 --> 00:15:46,633 HORRIBLE." 602 00:15:46,700 --> 00:15:47,700 YOU JUST INCREASED THE MONEY 603 00:15:47,766 --> 00:15:49,200 SUPPLY. 604 00:15:49,266 --> 00:15:50,433 BECAUSE WE ALL GO, YEAH, BUT 605 00:15:50,500 --> 00:15:50,933 THERE'S A FACTORY THERE. 606 00:15:51,000 --> 00:15:52,000 IT'S A REAL THING. 607 00:15:52,066 --> 00:15:53,600 >> John: RIGHT. 608 00:15:53,666 --> 00:15:55,000 TAKING ON DEBT TO BUILD A 609 00:15:55,066 --> 00:15:57,000 FACTORY THAT CREATES JOBS AND 610 00:15:57,066 --> 00:15:58,300 INCREASES ECONOMIC OUTPUT 611 00:15:58,366 --> 00:15:59,900 IS PROBABLY A SMART INVESTMENT. 612 00:15:59,966 --> 00:16:00,966 ESPECIALLY IF IT'S ONE THAT 613 00:16:01,033 --> 00:16:02,300 MAKES THIS ACTUAL PILLOWCASE 614 00:16:02,366 --> 00:16:03,966 DEPICTING A NUDE NICOLAS CAGE 615 00:16:04,033 --> 00:16:05,066 LOUNGING IN A BANANA PEEL WITH 616 00:16:05,133 --> 00:16:05,966 TWO GIANT FOXES IN THE 617 00:16:06,033 --> 00:16:07,000 BACKGROUND. 618 00:16:07,066 --> 00:16:09,033 I MEAN, LOOK AT THIS THING! 619 00:16:09,100 --> 00:16:10,933 AS THE DESCRIPTION SAYS, IT HAS 620 00:16:11,000 --> 00:16:12,800 AN "OPHISTICATED SEAM" WITH 621 00:16:12,866 --> 00:16:14,200 "STYLISH STYLE," AND I'M MORE 622 00:16:14,266 --> 00:16:15,933 THAN HAPPY TO COSIGN ON BOTH OF 623 00:16:16,000 --> 00:16:18,400 THOSE CLAIMS. 624 00:16:18,466 --> 00:16:19,666 AND THE REASON IS, YOU CAN 625 00:16:19,733 --> 00:16:20,966 CONSIDER ME A SATISFIED 626 00:16:21,033 --> 00:16:22,000 CUSTOMER. 627 00:16:22,066 --> 00:16:23,266 I FEEL SO MUCH MORE 628 00:16:23,333 --> 00:16:26,233 OPHISTICATED! 629 00:16:26,300 --> 00:16:28,833 THE POINT IS, REPUBLICANS LOVE 630 00:16:28,900 --> 00:16:29,866 TO ARGUE THAT GOVERNMENT SHOULD 631 00:16:29,933 --> 00:16:31,266 BE RUN LIKE A BUSINESS, BUT TEND 632 00:16:31,333 --> 00:16:33,566 TO CONVENIENTLY FORGET THAT SOME 633 00:16:33,633 --> 00:16:35,033 EXTREMELY VALUABLE COMPANIES GOT 634 00:16:35,100 --> 00:16:36,600 THAT WAY, IN PART, BECAUSE THEY 635 00:16:36,666 --> 00:16:38,066 HAD LONG PERIODS WHERE THEY 636 00:16:38,133 --> 00:16:39,366 SPENT A SHITLOAD MORE THAN THEY 637 00:16:39,433 --> 00:16:41,033 TOOK IN. 638 00:16:41,100 --> 00:16:42,466 SO AS YOU CAN SEE, ALREADY, 639 00:16:42,533 --> 00:16:45,933 THINGS ARE A LOT MORE NUANCED 640 00:16:46,000 --> 00:16:46,766 THAN SIMPLY, "HEY, UNCLE SAM, 641 00:16:46,833 --> 00:16:50,366 PLEASE STOP DIGGING." 642 00:16:50,433 --> 00:16:51,400 AND IT IS WORTH TAKING A MOMENT 643 00:16:51,466 --> 00:16:53,466 TO LOOK AT THE HISTORY OF THE 644 00:16:53,533 --> 00:16:54,166 DEBATE OVER THE NATIONAL DEBT. 645 00:16:54,233 --> 00:16:57,233 BECAUSE THE ARGUMENT REPUBLICANS 646 00:16:57,300 --> 00:16:58,400 OFTEN MAKE IS THAT THEY ARE THE 647 00:16:58,466 --> 00:16:59,000 RESPONSIBLE ONES WHO WANT TO 648 00:16:59,066 --> 00:17:00,366 REDUCE THE DEBT AND REIN IN 649 00:17:00,433 --> 00:17:01,666 SPENDING, WHEREAS DEMOCRATS 650 00:17:01,733 --> 00:17:02,500 DON'T GIVE A SHIT ABOUT THE 651 00:17:02,566 --> 00:17:03,533 DEBT, AND JUST LOVE RECKLESSLY 652 00:17:03,600 --> 00:17:04,766 THROWING MONEY AROUND. 653 00:17:04,833 --> 00:17:06,966 BUT THAT STORY JUST DOES NOT 654 00:17:07,033 --> 00:17:07,800 MATCH UP TO REALITY. 655 00:17:07,866 --> 00:17:09,000 TAKE RONALD REAGAN. 656 00:17:09,066 --> 00:17:10,500 HE SPENT YEARS COMPLAINING THAT 657 00:17:10,566 --> 00:17:11,666 DEFICITS WERE A SIGN THAT THE 658 00:17:11,733 --> 00:17:12,766 FEDERAL GOVERNMENT HAD SIMPLY 659 00:17:12,833 --> 00:17:14,466 LOST ITS WAY. 660 00:17:14,533 --> 00:17:15,966 >> I THINK THE ANSWER TO CURING 661 00:17:16,033 --> 00:17:18,600 INFLATION IS A BALANCED BUDGET. 662 00:17:18,666 --> 00:17:21,166 >> NOW, HOW DO YOU DO THAT? 663 00:17:21,233 --> 00:17:22,000 I MEAN, THAT'S NOT -- HOW DO YOU 664 00:17:22,066 --> 00:17:23,733 BALANCE THE BUDGET? 665 00:17:23,800 --> 00:17:25,800 >> WELL, BALANCING THE BUDGET IS 666 00:17:25,866 --> 00:17:26,366 LIKE PROTECTING YOUR VIRT -- 667 00:17:26,433 --> 00:17:27,166 >> YOU DON'T SPEND MORE THAN YOU 668 00:17:27,233 --> 00:17:27,833 TAKE IN. 669 00:17:27,900 --> 00:17:28,633 RIGHT? 670 00:17:28,700 --> 00:17:29,300 >> YEAH, IT'S LIKE PROTECTING 671 00:17:29,366 --> 00:17:30,333 YOUR VIRTUE. 672 00:17:30,400 --> 00:17:33,400 YOU HAVE TO LEARN TO SAY NO. 673 00:17:33,466 --> 00:17:33,666 [LAUGHTER] 674 00:17:33,733 --> 00:17:35,333 [APPLAUSE] 675 00:17:35,400 --> 00:17:36,666 >> John: REALLY? 676 00:17:36,733 --> 00:17:39,033 AN APPLAUSE BREAK? 677 00:17:39,100 --> 00:17:40,633 IS THERE ANYTHING WEIRDER THAN 678 00:17:40,700 --> 00:17:41,700 CALLING SOMEONE'S VIRGINITY 679 00:17:41,766 --> 00:17:43,300 THEIR VIRTUE? 680 00:17:43,366 --> 00:17:48,233 BECAUSE AS FAR AS VIRTUES GO, 681 00:17:48,300 --> 00:17:49,466 IT IS A PRETTY SHITTY ONE. 682 00:17:49,533 --> 00:17:50,200 I'M NOT SAYING THERE'S SOMETHING 683 00:17:50,266 --> 00:17:50,966 INHERENTLY WRONG WITH NOT HAVING 684 00:17:51,033 --> 00:17:51,700 SEX. 685 00:17:51,766 --> 00:17:52,633 THAT'S A PERSONAL CHOICE. 686 00:17:52,700 --> 00:17:53,433 I'VE FREQUENTLY NOT HAD SEX 687 00:17:53,500 --> 00:17:54,200 DUE TO LOTS OF PEOPLE'S 688 00:17:54,266 --> 00:17:56,800 PERSONAL CHOICES. 689 00:17:56,866 --> 00:17:57,966 BUT IF THAT IS THE BEST THING 690 00:17:58,033 --> 00:17:58,700 ABOUT YOU, YOU SHOULD PROBABLY 691 00:17:58,766 --> 00:17:59,866 GET SOME OTHER VIRTUES. 692 00:17:59,933 --> 00:18:02,233 BUT THE KEY THING TO KNOW IS, 693 00:18:02,300 --> 00:18:03,433 REAGAN DIDN'T, IN FACT, END UP 694 00:18:03,500 --> 00:18:04,266 SPENDING HIS PRESIDENCY SAYING 695 00:18:04,333 --> 00:18:05,700 NO. 696 00:18:05,766 --> 00:18:07,266 BECAUSE HE WASN'T REALLY 697 00:18:07,333 --> 00:18:08,833 PROMISING NOT TO SPEND MONEY, 698 00:18:08,900 --> 00:18:10,166 SO MUCH AS PROMISING NOT TO 699 00:18:10,233 --> 00:18:12,633 SPEND IT ON CERTAIN PEOPLE. 700 00:18:12,700 --> 00:18:14,233 HIS CAMPAIGN RHETORIC ABOUT 701 00:18:14,300 --> 00:18:15,833 "WELFARE QUEENS" PLAYED INTO THE 702 00:18:15,900 --> 00:18:16,900 RACIST TROPE THAT BLACK PEOPLE 703 00:18:16,966 --> 00:18:18,066 WERE FRAUDULENTLY BENEFITING 704 00:18:18,133 --> 00:18:19,233 FROM WASTEFUL GOVERNMENT 705 00:18:19,300 --> 00:18:20,500 SPENDING. 706 00:18:20,566 --> 00:18:23,300 AND AS PRESIDENT, HE FOLLOWED 707 00:18:23,366 --> 00:18:24,866 THROUGH BY MAKING CUTS TO BASIC 708 00:18:24,933 --> 00:18:26,333 ELEMENTS OF THE SOCIAL SAFETY 709 00:18:26,400 --> 00:18:27,866 NET, LIKE FOOD STAMPS, WELFARE, 710 00:18:27,933 --> 00:18:31,266 AND MEDICAID. 711 00:18:31,333 --> 00:18:32,933 BUT HE ALSO MASSIVELY INCREASED 712 00:18:33,000 --> 00:18:35,166 DEFENSE SPENDING, WHILE CUTTING 713 00:18:35,233 --> 00:18:36,933 TAXES, SO THE GOVERNMENT TOOK IN 714 00:18:37,000 --> 00:18:38,466 LESS MONEY, CREATING LARGE 715 00:18:38,533 --> 00:18:40,200 DEFICITS THAT WOUND UP TRIPLING 716 00:18:40,266 --> 00:18:41,400 THE NATIONAL DEBT. 717 00:18:41,466 --> 00:18:43,300 WHICH I GUESS, IN HIS TERMS, 718 00:18:43,366 --> 00:18:44,633 MADE REAGAN AMERICA'S HOTTEST 719 00:18:44,700 --> 00:18:46,566 LITTLE SLUT. 720 00:18:46,633 --> 00:18:48,266 THEN CAME THESE TWO GUYS. 721 00:18:48,333 --> 00:18:53,800 AND BETWEEN BUSH SENIOR AND 722 00:18:53,866 --> 00:18:55,933 CLINTON, THEY MORE OR LESS DID 723 00:18:56,000 --> 00:18:56,900 WHAT REAGAN HAD PROMISED TO DO: 724 00:18:56,966 --> 00:18:58,133 CUTTING SPENDING AND RAISING 725 00:18:58,200 --> 00:18:59,200 TAXES ENOUGH TO ACHIEVE 726 00:18:59,266 --> 00:19:00,033 BUDGET SURPLUSES BY THE END 727 00:19:00,100 --> 00:19:01,100 OF THE '90s. 728 00:19:01,166 --> 00:19:02,066 AND THE DEBT WAS BRIEFLY 729 00:19:02,133 --> 00:19:03,466 STARTING TO COME DOWN, UNTIL 730 00:19:03,533 --> 00:19:05,233 THIS LOVABLE HUMAN RIGHTS 731 00:19:05,300 --> 00:19:07,966 VIOLATION ENTERED THE PICTURE. 732 00:19:08,033 --> 00:19:09,400 BECAUSE HE IMMEDIATELY SIGNED 733 00:19:09,466 --> 00:19:11,566 A MASSIVE TAX CUT, LAUNCHED AN 734 00:19:11,633 --> 00:19:12,900 EXPENSIVE WAR ON TERROR, AND 735 00:19:12,966 --> 00:19:14,100 THEN SIGNED A SECOND ROUND OF 736 00:19:14,166 --> 00:19:15,233 TAX CUTS. 737 00:19:15,300 --> 00:19:17,566 ALL OF WHICH MADE OUR NATIONAL 738 00:19:17,633 --> 00:19:18,500 DEBT EXPLODE, BUT REPUBLICANS, 739 00:19:18,566 --> 00:19:19,766 STRANGELY, DIDN'T SEEM TO GIVE 740 00:19:19,833 --> 00:19:21,233 A SHIT. 741 00:19:21,300 --> 00:19:22,533 UNTIL, THAT IS, OBAMA BECAME 742 00:19:22,600 --> 00:19:24,133 PRESIDENT. 743 00:19:24,200 --> 00:19:26,033 HE INHERITED A HISTORIC 744 00:19:26,100 --> 00:19:27,433 RECESSION, AND IMMEDIATELY 745 00:19:27,500 --> 00:19:29,800 SIGNED A LARGE STIMULUS BILL, 746 00:19:29,866 --> 00:19:31,266 BUT AFTERWARDS WAS MET WITH 747 00:19:31,333 --> 00:19:32,666 FERVENT OPPOSITION TO ANY 748 00:19:32,733 --> 00:19:34,133 ADDITIONAL SPENDING, MAINLY FROM 749 00:19:34,200 --> 00:19:35,366 REPUBLICANS WHO HAD SUDDENLY 750 00:19:35,433 --> 00:19:37,166 RE-FOUND THEIR HATRED FOR 751 00:19:37,233 --> 00:19:39,466 "DEFICITS," SOMETIMES EXPRESSING 752 00:19:39,533 --> 00:19:43,533 IT IN TRULY REMARKABLE WAYS. 753 00:19:43,600 --> 00:19:46,166 >> OUR FREE STUFF TODAY IS BEING 754 00:19:46,233 --> 00:19:49,666 PAID FOR BY TAKING MONEY FROM 755 00:19:49,733 --> 00:19:51,733 OUR CHILDREN AND BORROWING FROM 756 00:19:51,800 --> 00:19:55,500 CHINA. 757 00:19:55,566 --> 00:19:58,566 WHEN THAT NOTE COMES DUE -- AND 758 00:19:58,633 --> 00:20:01,800 THIS ISN'T RACIST, SO, YEAH, TRY 759 00:20:01,866 --> 00:20:02,500 IT, TRY IT ANYWAY, THIS ISN'T 760 00:20:02,566 --> 00:20:04,000 RACIST -- BUT IT'S GONNA BE LIKE 761 00:20:04,066 --> 00:20:05,900 SLAVERY WHEN THAT NOTE IS DUE, 762 00:20:05,966 --> 00:20:06,200 RIGHT? 763 00:20:06,266 --> 00:20:07,266 WE ARE GONNA BE BEHOLDEN TO A 764 00:20:07,333 --> 00:20:11,633 FOREIGN MASTER. 765 00:20:11,700 --> 00:20:12,833 >> John: UH, YEAH, NO. 766 00:20:12,900 --> 00:20:13,600 THAT'S JUST NOT HOW ANY OF THAT 767 00:20:13,666 --> 00:20:14,433 WORKS. 768 00:20:14,500 --> 00:20:15,500 THE DEBT ISN'T GOING TO JUST 769 00:20:15,566 --> 00:20:16,233 SUDDENLY "COME DUE," ALL AT 770 00:20:16,300 --> 00:20:17,300 ONCE. 771 00:20:17,366 --> 00:20:18,866 AND BEING IN DEBT TO SOMEONE 772 00:20:18,933 --> 00:20:19,900 ISN'T THE SAME AS BEING ENSLAVED 773 00:20:19,966 --> 00:20:21,100 BY THEM. 774 00:20:21,166 --> 00:20:22,500 IF YOU THINK A PORTION OF US 775 00:20:22,566 --> 00:20:23,866 TREASURY BONDS BEING OWNED BY 776 00:20:23,933 --> 00:20:26,166 FOREIGN INVESTORS IS ANYTHING 777 00:20:26,233 --> 00:20:27,533 LIKE SLAVERY, YOU KNOW BOTH 778 00:20:27,600 --> 00:20:29,066 A VERY SMALL AMOUNT ABOUT 779 00:20:29,133 --> 00:20:30,433 THE FINANCIAL SYSTEM AND A VERY 780 00:20:30,500 --> 00:20:35,166 RACIST AMOUNT ABOUT SLAVERY. 781 00:20:35,233 --> 00:20:36,300 ALSO JUST GENERALLY: EVEN IF YOU 782 00:20:36,366 --> 00:20:37,266 PREFACE SOMETHING THAT ISN'T 783 00:20:37,333 --> 00:20:38,966 RACIST WITH "THIS ISN'T RACIST," 784 00:20:39,033 --> 00:20:40,366 IT WILL STILL SOUND RACIST. 785 00:20:40,433 --> 00:20:41,566 I'LL SHOW YOU: IF YOU SAID, 786 00:20:41,633 --> 00:20:43,066 "A LOT OF PEOPLE BUY JEANS AT 787 00:20:43,133 --> 00:20:44,533 OLD NAVY" -- TOTALLY FINE. 788 00:20:44,600 --> 00:20:45,466 BUT IF YOU SAID, "A LOT OF 789 00:20:45,533 --> 00:20:47,200 PEOPLE -- AND THIS ISN'T RACIST, 790 00:20:47,266 --> 00:20:49,633 YEAH, TRY IT, TRY IT ANYWAY, 791 00:20:49,700 --> 00:20:50,900 THIS ISN'T RACIST -- BUT A LOT 792 00:20:50,966 --> 00:20:52,800 OF PEOPLE BUY JEANS AT 793 00:20:52,866 --> 00:20:54,666 OLD NAVY," NOW THAT SUDDENLY 794 00:20:54,733 --> 00:20:56,033 SOUNDS LIKE SOMETHING THAT'S 795 00:20:56,100 --> 00:20:56,633 GOING TO REQUIRE ABOUT THREE 796 00:20:56,700 --> 00:20:58,100 PAGES OF YOUR NOTES APP. 797 00:20:58,166 --> 00:20:59,666 AND THE THING IS, REPUBLICANS 798 00:20:59,733 --> 00:21:01,033 PUTTING THE BRAKES ON OBAMA'S 799 00:21:01,100 --> 00:21:02,033 RECOVERY SPENDING IS NOW WIDELY 800 00:21:02,100 --> 00:21:03,066 CONSIDERED TO HAVE BEEN A BIG 801 00:21:03,133 --> 00:21:05,366 MISTAKE. 802 00:21:05,433 --> 00:21:06,666 MOST EXPERTS AGREE THAT THE 803 00:21:06,733 --> 00:21:08,333 FEDERAL GOVERNMENT DIDN'T SPEND 804 00:21:08,400 --> 00:21:10,400 AS MUCH ON STIMULUS AS IT SHOULD 805 00:21:10,466 --> 00:21:12,066 HAVE FOLLOWING THE FINANCIAL 806 00:21:12,133 --> 00:21:13,833 CRISIS, FORCING STATE AND LOCAL 807 00:21:13,900 --> 00:21:15,033 GOVERNMENTS INTO AUSTERITY THAT 808 00:21:15,100 --> 00:21:17,300 DELAYED THE ECONOMIC RECOVERY BY 809 00:21:17,366 --> 00:21:19,333 ABOUT FOUR YEARS. 810 00:21:19,400 --> 00:21:21,766 AND THEN CAME THIS FUCKING GUY. 811 00:21:21,833 --> 00:21:24,500 HE CAMPAIGNED ON ELIMINATING THE 812 00:21:24,566 --> 00:21:26,466 ENTIRE NATIONAL DEBT, ONLY TO 813 00:21:26,533 --> 00:21:28,500 THEN IMPLEMENT AN ABSOLUTELY 814 00:21:28,566 --> 00:21:30,333 MASSIVE TAX CUT, RESULTING IN 815 00:21:30,400 --> 00:21:32,033 HUGE DEFICITS. 816 00:21:32,100 --> 00:21:33,633 MOST CORPORATIONS WHO BENEFITED 817 00:21:33,700 --> 00:21:34,600 USED THE MONEY NOT ON 818 00:21:34,666 --> 00:21:35,633 INVESTMENTS IN THINGS LIKE 819 00:21:35,700 --> 00:21:36,466 FACTORIES, BUT ON STOCK 820 00:21:36,533 --> 00:21:38,066 BUYBACKS. 821 00:21:38,133 --> 00:21:40,433 AS FOR INDIVIDUALS, NEARLY HALF 822 00:21:40,500 --> 00:21:41,800 THE TAX CUTS WENT TO THE TOP 823 00:21:41,866 --> 00:21:43,300 FIVE PERCENT OF INCOME EARNERS. 824 00:21:43,366 --> 00:21:44,900 SO WE GAVE MORE MONEY TO PEOPLE 825 00:21:44,966 --> 00:21:47,633 WHO ALREADY HAD IT. 826 00:21:47,700 --> 00:21:49,066 AND DESPITE CLAIMING THAT 827 00:21:49,133 --> 00:21:50,333 TRUMP'S TAX CUTS WOULD 828 00:21:50,400 --> 00:21:54,100 "PAY FOR THEMSELVES," 829 00:21:54,166 --> 00:21:55,966 THEY VERY MUCH DID NOT. 830 00:21:56,033 --> 00:21:57,733 IN FACT, THEY DID SO LITTLE TO 831 00:21:57,800 --> 00:22:00,966 BOOST THE ECONOMY, THEY'RE 832 00:22:01,033 --> 00:22:01,966 PROJECTED TO COST US 833 00:22:02,033 --> 00:22:02,833 $1.9 TRILLION OVER 834 00:22:02,900 --> 00:22:04,266 A 10-YEAR PERIOD. 835 00:22:04,333 --> 00:22:05,566 ALL OF WHICH CLEARLY LEFT SOME 836 00:22:05,633 --> 00:22:06,100 "FISCALLY RESPONSIBLE" 837 00:22:06,166 --> 00:22:07,000 REPUBLICANS WHO VOTED FOR THOSE 838 00:22:07,066 --> 00:22:08,033 TAX CUTS IN A PRETTY AWKWARD 839 00:22:08,100 --> 00:22:13,000 POSITION. 840 00:22:13,066 --> 00:22:15,466 >> UA BELONG TO A PARTY THAT HAS 841 00:22:15,533 --> 00:22:16,466 GREEN LIGHT TO HISTORIC 842 00:22:16,533 --> 00:22:19,400 EXPANSION OF DEFICITS AND DEBT. 843 00:22:19,466 --> 00:22:21,133 AND IT'S JUST A PLAIN FACT. 844 00:22:21,200 --> 00:22:25,033 >> DO I WISH THAT IT WAS A 845 00:22:25,100 --> 00:22:27,433 HIGHER PRIORITY FOR THE 846 00:22:27,500 --> 00:22:29,166 PRESIDENT TO REIN IN SPENDING ON 847 00:22:29,233 --> 00:22:29,433 THE DEBT? 848 00:22:29,500 --> 00:22:29,833 YES. 849 00:22:29,900 --> 00:22:30,933 >> DO YOU THINK YOUR COLLEAGUES, 850 00:22:31,000 --> 00:22:31,933 THE REPUBLICAN PARTY, WILL 851 00:22:32,000 --> 00:22:32,500 REDISCOVER ITS CONCERN ABOUT 852 00:22:32,566 --> 00:22:33,133 DEBT AND DEFICITS? 853 00:22:33,200 --> 00:22:33,833 >> OH, SURE. 854 00:22:33,900 --> 00:22:34,533 SURE. 855 00:22:34,600 --> 00:22:36,666 >> I MEAN, ISN'T THAT THE MOST 856 00:22:36,733 --> 00:22:37,700 CYNICAL, PHONY THING -- 857 00:22:37,766 --> 00:22:38,366 >> OH, LOOK, THERE'S AN ELEMENT 858 00:22:38,433 --> 00:22:39,066 OF IT. 859 00:22:39,133 --> 00:22:39,800 >> DOESN'T THAT MAKE YOU WANNA 860 00:22:39,866 --> 00:22:40,666 PUKE? 861 00:22:40,733 --> 00:22:41,333 >> YOU'RE TOUCHING INTO 862 00:22:41,400 --> 00:22:42,433 SOMETHING THAT, AS YOU KNOW, 863 00:22:42,500 --> 00:22:43,766 I HAVE RAGED AGAINST. 864 00:22:43,833 --> 00:22:44,566 >> John: I DO NOT LIKE THAT MAN 865 00:22:44,633 --> 00:22:45,800 TED CRUZ. 866 00:22:45,866 --> 00:22:47,033 I DO NOT LIKE HIS FAR RIGHT 867 00:22:47,100 --> 00:22:47,966 VIEWS. 868 00:22:48,033 --> 00:22:48,933 I DO NOT LIKE HIM IN THESE 869 00:22:49,033 --> 00:22:49,533 REEDS. 870 00:22:49,600 --> 00:22:51,500 I DO NOT LIKE HIM WHEN HE FEEDS. 871 00:22:51,566 --> 00:22:53,700 I DO NOT LIKE HIM BY A WALL. 872 00:22:53,766 --> 00:22:55,833 I DO NOT LIKE THIS SHIT AT ALL. 873 00:22:55,900 --> 00:22:56,833 I DO NOT LIKE HIM AS SANTA'S 874 00:22:56,900 --> 00:22:57,800 ELF. 875 00:22:57,866 --> 00:22:58,700 THAT MAN TED CRUZ CAN FUCK 876 00:22:58,766 --> 00:23:03,133 HIMSELF. 877 00:23:03,200 --> 00:23:04,933 THAT IS A PRETTY FLAGRANT 878 00:23:05,000 --> 00:23:06,200 ADMISSION OF A DOUBLE STANDARD. 879 00:23:06,266 --> 00:23:07,833 THE ONLY CLEARER EXAMPLE MAY 880 00:23:07,900 --> 00:23:08,900 HAVE BEEN WHEN MICK MULVANEY, 881 00:23:08,966 --> 00:23:10,100 TRUMP'S FORMER CHIEF OF STAFF, 882 00:23:10,166 --> 00:23:11,066 SAID, "THE WORST THING IN THE 883 00:23:11,133 --> 00:23:12,266 WHOLE WORLD IS DEFICITS WHEN 884 00:23:12,333 --> 00:23:13,900 BARACK OBAMA WAS THE PRESIDENT. 885 00:23:13,966 --> 00:23:14,866 THEN DONALD TRUMP BECAME 886 00:23:14,933 --> 00:23:16,033 PRESIDENT, AND WE'RE A LOT LESS 887 00:23:16,100 --> 00:23:20,200 INTERESTED AS A PARTY." 888 00:23:20,266 --> 00:23:20,800 AND THAT IS JUST FLAT-OUT 889 00:23:20,866 --> 00:23:23,133 ADMITTING THE WHOLE GAME. 890 00:23:23,200 --> 00:23:24,666 BUT EVEN IF YOU PUT ALL OF THAT 891 00:23:24,733 --> 00:23:28,000 BAD-FAITH HYPOCRISY ASIDE, 892 00:23:28,066 --> 00:23:29,000 WE ARE STILL LEFT WITH 893 00:23:29,066 --> 00:23:29,733 THE KEY QUESTION: 894 00:23:29,800 --> 00:23:30,866 HOW MUCH DEBT IS TOO MUCH? 895 00:23:30,933 --> 00:23:32,366 AND THE INTERESTING ANSWER TO 896 00:23:32,433 --> 00:23:35,066 THAT IS, "NOBODY REALLY KNOWS." 897 00:23:35,133 --> 00:23:36,333 FOR MANY YEARS, WE THOUGHT 898 00:23:36,400 --> 00:23:37,466 THE BEST WAY TO MEASURE DEBT 899 00:23:37,533 --> 00:23:37,966 WAS TO COMPARE IT TO 900 00:23:38,033 --> 00:23:39,900 THE GROSS DOMESTIC PRODUCT. 901 00:23:39,966 --> 00:23:41,733 BASICALLY, MEASURING HOW MUCH IN 902 00:23:41,800 --> 00:23:43,300 TOTAL THE COUNTRY OWES, VERSUS 903 00:23:43,366 --> 00:23:44,800 HOW MUCH IT PRODUCES EACH YEAR. 904 00:23:44,866 --> 00:23:46,166 AND THE ECONOMIC CONSENSUS WAS 905 00:23:46,233 --> 00:23:48,100 THAT DEBT EXCEEDING GDP -- OR 906 00:23:48,166 --> 00:23:50,666 EVEN GETTING CLOSE TO IT -- WAS 907 00:23:50,733 --> 00:23:52,933 A HARD RED LINE THAT COULD NOT 908 00:23:53,000 --> 00:23:54,033 BE CROSSED WITHOUT RISKING 909 00:23:54,100 --> 00:23:55,566 A FINANCIAL CRISIS. 910 00:23:55,633 --> 00:23:56,866 IT WAS SOMETHING OCCASIONALLY 911 00:23:56,933 --> 00:23:58,166 EXPRESSED IN FAIRLY OVER-THE-TOP 912 00:23:58,233 --> 00:23:59,366 WAYS, LIKE IN THIS JOHN STOSSEL 913 00:23:59,433 --> 00:24:00,800 CLIP FROM 2011. 914 00:24:00,866 --> 00:24:01,933 >> OUR GOVERNMENT KEEPS 915 00:24:02,000 --> 00:24:02,866 SPENDING. 916 00:24:02,933 --> 00:24:04,200 YOU KNOW, WE'RE ALREADY 917 00:24:04,266 --> 00:24:07,500 $14.5 TRILLION IN DEBT. 918 00:24:07,566 --> 00:24:08,500 BUT YOU COULD SAY, "SO WHAT? 919 00:24:08,566 --> 00:24:09,266 LOOK AROUND. 920 00:24:09,333 --> 00:24:10,366 AMERICA'S DOING PRETTY WELL. 921 00:24:10,433 --> 00:24:11,433 WHAT'S THE WORST THAT COULD 922 00:24:11,500 --> 00:24:14,500 HAPPEN?" 923 00:24:14,566 --> 00:24:17,400 WELL, THIS COULD HAPPEN. 924 00:24:17,466 --> 00:24:18,700 THESE VIOLENT PROTESTS BROKE OUT 925 00:24:18,766 --> 00:24:20,333 ONCE GREECE WAS SO DEEP IN DEBT 926 00:24:20,400 --> 00:24:21,333 THAT GREECE HAD TROUBLE 927 00:24:21,400 --> 00:24:24,300 BORROWING MORE MONEY. 928 00:24:24,366 --> 00:24:25,433 GREECE SPENT SO MUCH THAT 929 00:24:25,500 --> 00:24:26,333 BY LAST YEAR, THEY OWED MORE 930 00:24:26,400 --> 00:24:27,233 MONEY THAN THEIR ENTIRE ECONOMY 931 00:24:27,300 --> 00:24:28,733 PRODUCED. 932 00:24:28,800 --> 00:24:30,933 NO WONDER THEY'RE IN TROUBLE. 933 00:24:31,000 --> 00:24:33,266 WE WON'T REACH THAT LEVEL OF 934 00:24:33,333 --> 00:24:34,600 DEBT UNTIL, WELL, OOPS. 935 00:24:34,666 --> 00:24:37,100 PRETTY SOON. 936 00:24:37,166 --> 00:24:38,266 WE'RE ON A CLEAR TRACK TO A 937 00:24:38,333 --> 00:24:39,833 GREEK-TYPE CRISIS. 938 00:24:39,900 --> 00:24:42,033 >> John: OH, COME ON, STOSSEL! 939 00:24:42,100 --> 00:24:43,366 CUTTING TO FOOTAGE OF A RIOT 940 00:24:43,433 --> 00:24:45,233 CAN MAKE ANYTHING SEEM MORE DIRE 941 00:24:45,300 --> 00:24:47,600 THAN MIGHT ACTUALLY BE THE CASE. 942 00:24:47,666 --> 00:24:49,633 I'LL PROVE IT: REGE-JEAN PAGE IS 943 00:24:49,700 --> 00:24:50,266 APPARENTLY NOT APPEARING ON THE 944 00:24:50,333 --> 00:24:51,400 SECOND SEASON OF "BRIDGERTON." 945 00:24:51,466 --> 00:24:52,266 SO WHAT? 946 00:24:52,333 --> 00:24:53,333 WHAT'S THE WORST THAT COULD 947 00:24:53,400 --> 00:24:55,233 HAPPEN? 948 00:24:55,300 --> 00:24:58,066 >> WELL, THIS COULD HAPPEN. 949 00:24:58,133 --> 00:25:01,666 >> John: OH SHIT! 950 00:25:01,733 --> 00:25:02,533 FEELS PRETTY SCARY, DOESN'T IT? 951 00:25:02,600 --> 00:25:03,700 BUT THE TRUTH IS MUCH MORE 952 00:25:03,766 --> 00:25:04,466 COMPLEX. 953 00:25:04,533 --> 00:25:05,366 BECAUSE, A, HIS CHARACTER ARC 954 00:25:05,433 --> 00:25:06,100 IS MOSTLY WRAPPED UP AND 955 00:25:06,166 --> 00:25:06,833 THE DUKE DOESN'T APPEAR IN 956 00:25:06,900 --> 00:25:07,566 THE REST OF THE NOVELS. 957 00:25:07,633 --> 00:25:08,766 IT'S REALLY A GENERATIONAL STORY 958 00:25:08,833 --> 00:25:10,766 OF A WHOLE FAMILY! 959 00:25:10,833 --> 00:25:11,366 ALSO, YOU CAN ABSOLUTELY 960 00:25:11,433 --> 00:25:12,466 LOSE THE DUKE! 961 00:25:12,533 --> 00:25:13,933 IT'S ACTUALLY PERFECTLY 962 00:25:14,000 --> 00:25:14,766 IN HIS CHARACTER TO START 963 00:25:14,833 --> 00:25:17,333 SOMETHING HE DOESN'T FINISH. 964 00:25:17,400 --> 00:25:20,233 BUT IT'S MORE COMPLEX WHEN IT 965 00:25:20,300 --> 00:25:21,700 COMES TO OUR ECONOMY, TOO. 966 00:25:21,766 --> 00:25:22,633 BECAUSE SOMETHING FASCINATING 967 00:25:22,700 --> 00:25:24,200 HAPPENED AROUND LAST JUNE: 968 00:25:24,266 --> 00:25:25,200 LARGELY BECAUSE OF INCREASED 969 00:25:25,266 --> 00:25:26,333 BORROWING RESULTING FROM THE 970 00:25:26,400 --> 00:25:28,166 FIRST ROUND OF COVID STIMULUS, 971 00:25:28,233 --> 00:25:29,900 OUR NATIONAL DEBT ACTUALLY 972 00:25:29,966 --> 00:25:33,033 SURPASSED THE SIZE OF OUR GDP. 973 00:25:33,100 --> 00:25:35,000 YOU KNOW, KIND OF LIKE GREECE. 974 00:25:35,066 --> 00:25:36,466 BUT ALL THOSE DISASTER SCENARIOS 975 00:25:36,533 --> 00:25:37,500 THAT JOHN STOSSEL'S 976 00:25:37,566 --> 00:25:39,133 PERFORMATIVELY EXAGGERATED VOICE 977 00:25:39,200 --> 00:25:40,533 FLUCTUATIONS WARNED US ABOUT? 978 00:25:40,600 --> 00:25:42,666 NONE OF THEM HAPPENED. 979 00:25:42,733 --> 00:25:44,533 IT DIDN'T SUDDENLY COST US A LOT 980 00:25:44,600 --> 00:25:45,700 MORE TO BORROW MONEY DUE TO 981 00:25:45,766 --> 00:25:46,466 HIGHER INTEREST RATES. 982 00:25:46,533 --> 00:25:47,533 WE DIDN'T, AS YOU MAY HAVE 983 00:25:47,600 --> 00:25:49,266 NOTICED, BECOME GREECE. 984 00:25:49,333 --> 00:25:52,000 IN FACT, DESPITE ADDING 985 00:25:52,066 --> 00:25:54,300 $4 TRILLION TO THE DEBT LAST 986 00:25:54,366 --> 00:25:56,166 YEAR, INTEREST PAYMENTS ON THAT 987 00:25:56,233 --> 00:25:57,700 DEBT ACTUALLY DECLINED. 988 00:25:57,766 --> 00:25:59,100 AND THAT ISN'T EVEN A ONE-OFF: 989 00:25:59,166 --> 00:26:00,933 AS OUR DEBT HAS RISEN IN RECENT 990 00:26:01,000 --> 00:26:02,233 YEARS, INTEREST RATES HAVE 991 00:26:02,300 --> 00:26:04,600 FALLEN TO HISTORIC LOWS. 992 00:26:04,666 --> 00:26:06,633 SO WHAT IS THE REASON FOR THAT? 993 00:26:06,700 --> 00:26:09,633 WELL, I DON'T KNOW. 994 00:26:09,700 --> 00:26:11,000 I'M NOT AN ECONOMIST, NOR DO I 995 00:26:11,066 --> 00:26:13,000 DON'T KNOW MUCH ABOUT MATH. 996 00:26:13,066 --> 00:26:13,800 WHICH I KNOW MAY BE SURPRISING, 997 00:26:13,866 --> 00:26:15,233 GIVEN THAT I HAVE THE FACE OF 998 00:26:15,300 --> 00:26:16,600 SOMEONE WHO HAS A FAVORITE KIND 999 00:26:16,666 --> 00:26:18,700 OF GRAPHING CALCULATOR. 1000 00:26:18,766 --> 00:26:20,266 WHAT IS SHOCKING IS THAT EVEN 1001 00:26:20,333 --> 00:26:21,933 EXPERT ECONOMISTS CAN'T REALLY 1002 00:26:22,000 --> 00:26:23,466 EXPLAIN IT EITHER. 1003 00:26:23,533 --> 00:26:24,900 HERE'S THE FORMER CHIEF OF THE 1004 00:26:24,966 --> 00:26:28,166 IMF BASICALLY ADMITTING AS MUCH. 1005 00:26:28,233 --> 00:26:29,800 >> TO BE PERFECTLY FRANK, WE DO 1006 00:26:29,866 --> 00:26:31,400 NOT -- AT LEAST I DO NOT, 1007 00:26:31,466 --> 00:26:32,633 I DON'T WANT TO TALK FOR THE 1008 00:26:32,700 --> 00:26:34,666 PROFESSION -- WE'VE HAD THIS 1009 00:26:34,733 --> 00:26:36,133 STEADY DECREASE IN THE INTEREST 1010 00:26:36,200 --> 00:26:38,566 RATE SINCE THE MID '80s, 1011 00:26:38,633 --> 00:26:39,966 CONTINUING A BIT MORE 1012 00:26:40,033 --> 00:26:41,400 IN THE CRISIS, BUT, YOU KNOW, 1013 00:26:41,466 --> 00:26:42,966 CONTINUING NOW. 1014 00:26:43,033 --> 00:26:46,033 AND WE HAVE NO EXPLANATION. 1015 00:26:46,100 --> 00:26:47,933 >> John: YEAH, THEY DON'T KNOW! 1016 00:26:48,000 --> 00:26:49,333 NOW, HE WENT ON TO POINT OUT 1017 00:26:49,400 --> 00:26:50,200 THAT THERE ARE ANY NUMBER OF 1018 00:26:50,266 --> 00:26:51,300 POSSIBILITIES. 1019 00:26:51,366 --> 00:26:52,700 IT MAY HAVE SOMETHING TO DO WITH 1020 00:26:52,766 --> 00:26:53,733 AGING POPULATIONS IN ADVANCED 1021 00:26:53,800 --> 00:26:55,066 ECONOMIES, CHINA'S HIGH SAVINGS 1022 00:26:55,133 --> 00:26:56,500 RATE, THE GENERAL LACK OF 1023 00:26:56,566 --> 00:26:57,600 CAPITAL-INTENSIVE INVESTMENT 1024 00:26:57,666 --> 00:26:58,833 OPPORTUNITIES, OR MERELY THE 1025 00:26:58,900 --> 00:26:59,833 FACT THAT RICHARD CAMPBELL OF 1026 00:26:59,900 --> 00:27:01,633 OMAHA, NEBRASKA, HASN'T STEPPED 1027 00:27:01,700 --> 00:27:02,233 ON A CRACK IN THE SIDEWALK IN 1028 00:27:02,300 --> 00:27:03,600 OVER 30 YEARS. 1029 00:27:03,666 --> 00:27:05,066 BUT THE POINT IS, ECONOMISTS 1030 00:27:05,133 --> 00:27:07,833 REALLY HAVE NO FUCKING IDEA. 1031 00:27:07,900 --> 00:27:09,300 IN FACT, THE CONGRESSIONAL 1032 00:27:09,366 --> 00:27:11,266 BUDGET OFFICE HAS NOW SAID THAT 1033 00:27:11,333 --> 00:27:14,366 THE DEBT-TO-GDP RATIO HAS NO SET 1034 00:27:14,433 --> 00:27:18,066 TIPPING POINT WHERE A FINANCIAL 1035 00:27:18,133 --> 00:27:18,500 CRISIS IS IMMINENT. 1036 00:27:18,566 --> 00:27:20,533 SO TAKEN TOGETHER, ALL OF THIS 1037 00:27:20,600 --> 00:27:21,966 HAS MADE MANY ECONOMISTS START 1038 00:27:22,033 --> 00:27:22,533 CHANGING THE WAY THEY THINK 1039 00:27:22,600 --> 00:27:24,200 ABOUT DEBT. 1040 00:27:24,266 --> 00:27:26,233 THINKING THAT VERY BASICALLY, 1041 00:27:26,300 --> 00:27:27,333 SO LONG AS OUR ECONOMY GROWS 1042 00:27:27,400 --> 00:27:28,900 AT A RATE GREATER THAN THE 1043 00:27:28,966 --> 00:27:30,000 INTEREST WE'RE PAYING ON OUR 1044 00:27:30,066 --> 00:27:32,433 DEBT, WE CAN COME OUT AHEAD. 1045 00:27:32,500 --> 00:27:33,533 IN THE SAME WAY THAT YOU'D COME 1046 00:27:33,600 --> 00:27:35,533 OUT AHEAD IF YOU BORROWED MONEY 1047 00:27:35,600 --> 00:27:37,066 AT 2% INTEREST AND THEN INVESTED 1048 00:27:37,133 --> 00:27:39,933 IT SOMEWHERE AND GOT 5% RETURNS. 1049 00:27:40,000 --> 00:27:41,466 BUT THE LARGER POINT IS, THIS 1050 00:27:41,533 --> 00:27:43,100 WHOLE FIELD IS IN A BIT OF FLUX 1051 00:27:43,166 --> 00:27:45,266 RIGHT NOW. 1052 00:27:45,333 --> 00:27:47,566 SOME ECONOMISTS BELIEVE THAT WE 1053 00:27:47,633 --> 00:27:48,700 SHOULDN'T GET COMPLACENT -- THAT 1054 00:27:48,766 --> 00:27:50,033 A DEBT CRISIS IS STILL ON THE 1055 00:27:50,100 --> 00:27:51,766 HORIZON, JUST NOT AT THE TIPPING 1056 00:27:51,833 --> 00:27:53,933 POINT WE'D PREVIOUSLY THOUGHT. 1057 00:27:54,000 --> 00:27:57,166 ANOTHER, MORE RADICAL ARGUMENT, 1058 00:27:57,233 --> 00:27:58,900 IS THAT THE GOVERNMENT CAN IN 1059 00:27:58,966 --> 00:28:00,433 FACT CREATE ALL THE MONEY IT 1060 00:28:00,500 --> 00:28:01,633 NEEDS TO PAY FOR STUFF, 1061 00:28:01,700 --> 00:28:02,333 AS LONG AS IT DOESN'T GENERATE 1062 00:28:02,400 --> 00:28:03,400 INFLATION. 1063 00:28:03,466 --> 00:28:05,166 THE POINT IS, THERE IS A 1064 00:28:05,233 --> 00:28:06,500 GOOD-FAITH DEBATE TO BE HAD OVER 1065 00:28:06,566 --> 00:28:08,133 HOW TO HANDLE OUR NATIONAL DEBT 1066 00:28:08,200 --> 00:28:10,366 OVER THE LONG TERM. 1067 00:28:10,433 --> 00:28:11,933 BUT RIGHT NOW, MOST ECONOMISTS 1068 00:28:12,000 --> 00:28:13,633 ACTUALLY AGREE THAT, WITH 1069 00:28:13,700 --> 00:28:15,666 INTEREST RATES AT HISTORIC LOWS, 1070 00:28:15,733 --> 00:28:17,033 THE QUESTION SHOULDN'T REALLY 1071 00:28:17,100 --> 00:28:17,933 BE, "HOW MUCH DEBT ARE WE TAKING 1072 00:28:18,000 --> 00:28:19,200 ON?" 1073 00:28:19,266 --> 00:28:21,200 AS MUCH AS, "WHAT IS THE VALUE 1074 00:28:21,266 --> 00:28:21,866 OF WHAT WE'RE GETTING FOR IT IN 1075 00:28:21,933 --> 00:28:23,600 RETURN?" 1076 00:28:23,666 --> 00:28:24,833 AND THERE ARE CERTAINLY DUMB 1077 00:28:24,900 --> 00:28:26,633 FISCAL DECISIONS WE COULD MAKE, 1078 00:28:26,700 --> 00:28:28,566 LIKE TAX CUTS FOR THE RICH. 1079 00:28:28,633 --> 00:28:31,066 WE'VE TRIED THAT MULTIPLE TIMES, 1080 00:28:31,133 --> 00:28:32,766 AND IF THEY WERE THE MAGIC KEY 1081 00:28:32,833 --> 00:28:34,166 TO ELIMINATING OUR DEBT 1082 00:28:34,233 --> 00:28:35,300 LONG-TERM, WE PROBABLY WOULD 1083 00:28:35,366 --> 00:28:36,466 HAVE SEEN SIGNS OF IT WORKING 1084 00:28:36,533 --> 00:28:37,866 BY NOW. 1085 00:28:37,933 --> 00:28:39,600 BUT THERE ARE SMART FINANCIAL 1086 00:28:39,666 --> 00:28:41,966 DECISIONS, THAT MORE THAN 1087 00:28:42,033 --> 00:28:43,466 JUSTIFY GOING INTO DEBT, LIKE 1088 00:28:43,533 --> 00:28:45,666 SPENDING ON SOCIAL PROGRAMS, 1089 00:28:45,733 --> 00:28:46,533 INFRASTRUCTURE, OR, 1090 00:28:46,600 --> 00:28:48,400 ON AN INDIVIDUAL LEVEL, 1091 00:28:48,466 --> 00:28:51,033 THIS NICOLAS CAGE PILLOW. 1092 00:28:51,100 --> 00:28:52,366 IT'S THE SECOND BEST INVESTMENT 1093 00:28:52,433 --> 00:28:52,900 I'VE EVER MADE, AFTER, OF 1094 00:28:52,966 --> 00:28:53,900 COURSE, BUYING ANOTHER 1095 00:28:53,966 --> 00:28:55,666 NICOLAS CAGE PILLOW. 1096 00:28:55,733 --> 00:28:57,166 I WAS WORRIED MY WIFE WOULD GET 1097 00:28:57,233 --> 00:28:58,166 JEALOUS, SO THIS ONE IS TO 1098 00:28:58,233 --> 00:29:00,400 REPLACE MY WIFE. 1099 00:29:00,466 --> 00:29:03,700 AND AMIDST THE CURRENT CRISIS, 1100 00:29:03,766 --> 00:29:05,866 MANY EXPERTS ARE LESS CONCERNED 1101 00:29:05,933 --> 00:29:07,200 ABOUT US SPENDING TOO MUCH 1102 00:29:07,266 --> 00:29:09,433 THAN SPENDING TOO LITTLE. 1103 00:29:09,500 --> 00:29:10,433 AND IF IT TURNS OUT THAT 1104 00:29:10,500 --> 00:29:12,200 INFLATION OR INTEREST RATES 1105 00:29:12,266 --> 00:29:13,766 DO START TO RISE, WE SHOULD 1106 00:29:13,833 --> 00:29:15,166 ABSOLUTELY START CUTTING 1107 00:29:15,233 --> 00:29:17,800 DEFICITS, ALTHOUGH NOT BY 1108 00:29:17,866 --> 00:29:18,866 CUTTING GOVERNMENT PROGRAMS 1109 00:29:18,933 --> 00:29:20,100 PEOPLE NEED, BUT THROUGH TAXING 1110 00:29:20,166 --> 00:29:22,733 PEOPLE WHO CAN AFFORD IT. 1111 00:29:22,800 --> 00:29:26,266 LOOK, NO ONE CREDIBLE IS SAYING 1112 00:29:26,333 --> 00:29:27,500 DEFICITS DON'T MATTER, OR THAT 1113 00:29:27,566 --> 00:29:28,700 WE SHOULD BORROW AS IF THE SKY'S 1114 00:29:28,766 --> 00:29:29,600 THE LIMIT. 1115 00:29:29,666 --> 00:29:30,633 WHAT THEY'RE SAYING IS, 1116 00:29:30,700 --> 00:29:32,000 THE DEBATE SHOULDN'T BE ABOUT 1117 00:29:32,066 --> 00:29:33,666 WHETHER DEBT IS GOOD OR BAD. 1118 00:29:33,733 --> 00:29:35,500 IT SHOULD BE ABOUT WHETHER 1119 00:29:35,566 --> 00:29:36,866 THE INVESTMENTS WE'RE MAKING 1120 00:29:36,933 --> 00:29:38,600 ARE WORTH IT OR NOT. 1121 00:29:38,666 --> 00:29:39,766 AND IF YOU'RE STILL WORRIED 1122 00:29:39,833 --> 00:29:41,500 ABOUT DEBT BECAUSE YOU'VE BEEN 1123 00:29:41,566 --> 00:29:42,700 TOLD YOU'RE BURDENING YOUR 1124 00:29:42,766 --> 00:29:44,500 CHILDREN AND CHILDREN'S 1125 00:29:44,566 --> 00:29:46,100 CHILDREN, WELL, I HAVE SOME GOOD 1126 00:29:46,166 --> 00:29:47,033 NEWS: THOSE FUTURE GENERATIONS 1127 00:29:47,100 --> 00:29:54,400 HAVE A SPECIAL MESSAGE FOR YOU. 1128 00:29:54,466 --> 00:29:55,400 >> HELLO. 1129 00:29:55,466 --> 00:29:55,966 >> HELLO. 1130 00:29:56,033 --> 00:29:57,033 >> HEY THERE. 1131 00:29:57,100 --> 00:29:59,366 >> WE ARE YOUR CHILDREN. 1132 00:29:59,433 --> 00:30:01,433 >> YOUR GRANDCHILDREN. 1133 00:30:01,500 --> 00:30:02,566 >> AND YOUR GREAT GRANDCHILDREN. 1134 00:30:02,633 --> 00:30:05,033 >> AND WE HAVE A MESSAGE FOR 1135 00:30:05,100 --> 00:30:05,200 YOU. 1136 00:30:05,266 --> 00:30:06,866 >> STOP USING US TO SCARE US 1137 00:30:06,933 --> 00:30:07,800 ABOUT THE NATIONAL DEBT. 1138 00:30:07,866 --> 00:30:10,433 >> YOU IDIOTS HAVE NO IDEA WHAT 1139 00:30:10,500 --> 00:30:11,066 IT WORKS. 1140 00:30:11,133 --> 00:30:13,166 >> TAKE THE STUPID DEBT CLOCK. 1141 00:30:13,233 --> 00:30:15,366 >> DO EVEN KNOW WHAT A CLOCK 1142 00:30:15,433 --> 00:30:15,533 IS? 1143 00:30:15,600 --> 00:30:17,366 >> CLOCK, NOT A CLOCK. 1144 00:30:17,433 --> 00:30:20,033 >> ALSO, THAT ISN'T ALWAYS A BAD 1145 00:30:20,100 --> 00:30:20,233 THING. 1146 00:30:20,300 --> 00:30:23,200 >> YES, GOING INTO DEBT TO GIVE 1147 00:30:23,266 --> 00:30:23,900 MONEY BACK TO PEOPLE ALREADY 1148 00:30:23,966 --> 00:30:25,066 HAVE TOO MUCH IS STUPID. 1149 00:30:25,133 --> 00:30:27,366 >> LOOK AT THIS GUY. 1150 00:30:27,433 --> 00:30:28,466 SLICK FLAME THROWER, BRO. 1151 00:30:28,533 --> 00:30:31,833 >> YOU CAN USE THAT TO BUILD NEW 1152 00:30:31,900 --> 00:30:33,166 BRIROADS ROADS AND BRIDGES. 1153 00:30:33,233 --> 00:30:35,600 >> YOU CAN USE IT TO IMPROVE 1154 00:30:35,666 --> 00:30:37,200 SCHOOLS, WHICH WOULD MAKE US 1155 00:30:37,266 --> 00:30:38,066 INTO A BETTER LABOR FORCE. 1156 00:30:38,133 --> 00:30:40,466 >> YOU CAN USE OR TO IMPROVE 1157 00:30:40,533 --> 00:30:40,766 HEALTH CARE. 1158 00:30:40,833 --> 00:30:42,066 >> YOU CAN EVEN USE IT TO BUY 1159 00:30:42,133 --> 00:30:45,300 THESE PILLOWS, WHICH WILL BECOME 1160 00:30:45,366 --> 00:30:46,500 TREASURED FAMILY HEIRLOOMS. 1161 00:30:46,566 --> 00:30:47,700 THE IMPORTANT THING ABOUT DEBT 1162 00:30:47,766 --> 00:30:48,966 IS WHAT YOU GET OUT OF IT. 1163 00:30:49,033 --> 00:30:50,900 >> AND WHAT WE GET OUT OF IT. 1164 00:30:50,966 --> 00:30:52,600 YOU SEE, DEBT CAN BE A TOOL FOR 1165 00:30:52,666 --> 00:30:52,966 GROWTH. 1166 00:30:53,033 --> 00:30:55,766 IN FACT, THE DEBT TO GDP RATIO 1167 00:30:55,833 --> 00:30:57,500 IS NOT AS RELIABLE A METRIC AS 1168 00:30:57,566 --> 00:30:58,066 ASSUMED. 1169 00:30:58,133 --> 00:31:00,300 THEY TURNED OUT TO BE LARGELY 1170 00:31:00,366 --> 00:31:01,933 FLAWED, GIVEN THE CONTINUING 1171 00:31:02,000 --> 00:31:02,500 INVERSE RELATIONSHIP BETWEEN 1172 00:31:02,566 --> 00:31:03,233 RISING DEBT AND LOW INTEREST 1173 00:31:03,300 --> 00:31:03,433 RATES. 1174 00:31:03,500 --> 00:31:06,500 SO IT FOLLOWS, THE ECONOMY'S 1175 00:31:06,566 --> 00:31:09,733 CAPACITY TO IMPROVE DEBT WITHOUT 1176 00:31:09,800 --> 00:31:11,633 FOLLOWING MASSIVE INCREASES. 1177 00:31:11,700 --> 00:31:13,400 >> IT IS SO SIMPLE. 1178 00:31:13,466 --> 00:31:14,700 >> THE EASIEST THING IN THE 1179 00:31:14,766 --> 00:31:14,966 WORLD. 1180 00:31:15,033 --> 00:31:17,400 >> I AM NINE YEARS OLD AT EVEN I 1181 00:31:17,466 --> 00:31:17,766 UNDERSTAND THAT. 1182 00:31:17,833 --> 00:31:19,466 >> AND IF YOU ARE SO CONCERNED 1183 00:31:19,533 --> 00:31:20,900 ABOUT OUR FUTURE, MAYBE IT IS 1184 00:31:20,966 --> 00:31:22,000 WORTH SPENDING NOW ON THINGS 1185 00:31:22,066 --> 00:31:24,000 LIKE PREPARING FOR THE IMPACTS 1186 00:31:24,066 --> 00:31:24,700 OF CLIMATE CHANGE. 1187 00:31:24,766 --> 00:31:26,333 >> THE CLOCK IS REALLY TAKING ON 1188 00:31:26,400 --> 00:31:26,600 THAT ONE. 1189 00:31:26,666 --> 00:31:28,800 >> IT'S NOT A CLOCK. 1190 00:31:28,866 --> 00:31:30,833 >> PLEASE. 1191 00:31:30,900 --> 00:31:31,100 >> PLEASE. 1192 00:31:31,166 --> 00:31:32,533 >> BELIEVE US WHEN WE SAY, WE 1193 00:31:32,600 --> 00:31:34,966 ARE NOT AS SCARED OF BEING BORN 1194 00:31:35,033 --> 00:31:36,533 INTO DEBT AS WE ARE OF BEING 1195 00:31:36,600 --> 00:31:38,266 BORN INTO A COUNTRY THAT DIDN'T 1196 00:31:38,333 --> 00:31:38,766 INVEST INTO OUR FUTURE. 1197 00:31:38,833 --> 00:31:40,466 >> AND WE ARE ALSO SCARED OF 1198 00:31:40,533 --> 00:31:41,366 THAT GUY DIGGING THE HOLE THE 1199 00:31:41,433 --> 00:31:41,566 HOLE. 1200 00:31:41,633 --> 00:31:43,233 >> I THINK THAT GOES WITHOUT 1201 00:31:43,300 --> 00:31:43,500 SAYING. 1202 00:31:43,566 --> 00:31:47,000 >> SO WHEN IT COMES TO THE 1203 00:31:47,066 --> 00:31:47,233 DEBT -- 1204 00:31:47,300 --> 00:31:49,733 >> YOUR CHILDREN, GRANDCHILDREN, 1205 00:31:49,800 --> 00:31:52,600 AND GREAT GRANDCHILDREN, ALL 1206 00:31:52,666 --> 00:31:54,033 HAVE ONE MESSAGE FOR YOU. 1207 00:31:54,100 --> 00:31:55,466 >> GROW THE FUCK UP. 1208 00:31:55,533 --> 00:31:56,866 >> John: THAT'S OUR SHOW. 1209 00:31:56,933 --> 00:31:58,300 THANK YOU SO MUCH FOR WATCHING. 1210 00:31:58,366 --> 00:31:59,966 WE'LL SEE YOU NEXT WEEK. 1211 00:32:00,033 --> 00:32:00,266 GOOD NIGHT. 1212 00:32:00,333 --> 00:32:05,533 ♪ ♪