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