Government To Borrow ONE TRILLION Dollars To Pay For Tax Cuts

Government To Borrow ONE TRILLION Dollars To Pay For Tax Cuts


Well folks, the treasury department is putting
on their begging shoes because they’re about to have to go around to other countries and
ask for a small loan of $1 trillion for the second year in a row. And the reason they have to go out there and
beg and borrow for an extra $1 trillion is because we have a massive budget deficit. We’re spending more than we’re bringing in. And the reason for that is because at the
end of 2017, Republicans thought the most important thing on the planet was making sure
that rich people got another tax cut. And that’s why we’re in this massive financial
hole today that is going to take years for a competent administration to pull us out
of. Now here’s what’s really interesting about
this folks. Uh, many years ago, first term of the Obama
administration, we had to borrow $1 trillion. And the reason we had to borrow $1 trillion
is cause Barack Obama came out with his stimulus package to try to kick start the US economy. You know, save the auto industry, save the
banking industry for some reason. And he did, and it worked. And we saved those industries. The workers, not so much, but we saved the
industries, we saved the businesses, and then we started borrowing less and less. We never hit that $1 trillion Mark again until
of course we decided to give wealthy people in this country the biggest tax break they’ve
ever gotten. And now we’re in a massive hole. So here’s what’s going to happen. Now if things continue as is with no changes
what so ever, we’re going to continue borrowing at least $1 trillion every single year. Therefore, the deficit goes up by 1 trillion
every 12 months like clockwork. But Republicans are going to let that happen. They’ve already told us they don’t want that
to happen. So what are they gonna do they gonna repeal
the tax cuts? No, they’re gonna cut social safety net programs. You know, those programs that we’ve been paying
into for our entire lives with every single paycheck we’ve we’ve ever gotten, and they’re
just going to take that money away from us. Even though it’s ours, we’ve paid into it. It is essentially an escrow account for US
taxpayers. That’s our money and they’re gonna cut it
and take it away so they can give it to rich people. They have made that clear that they want to
come after these programs. Social security, Medicaid, Medicare, food
stamps, everything. They want to cut it slash it, burn it to the
ground so they can give that money to the wealthy elite. If we do not repeal these tax cuts, that is
where we’re headed. If we do not get rid of these tax cuts, this
economy is going to tank faster than ever because of the amount of money we’re being
forced to borrow. And all of it. Every single bit of it is 1% because of those
Republican tax cuts for the wealthy, those tax cuts that by the way, more than half of
the country saw no benefit from guess which half that was. It wasn’t the half at the top. It was the rest of us. We got screwed on this and now because they’re
out of money, they’re going to try to screw us again in the future. If and only if they secure a victory in 2020.

100 thoughts on “Government To Borrow ONE TRILLION Dollars To Pay For Tax Cuts

  1. This is what happens when you allow a rich idiot who's been bankrupt as many times as he's been married make economic decisions

  2. The U.S.does not create its own currency,that means we have had to borrow money from other country's our whole history.How does it keep running.

  3. Isn't there a Simpsons episode about this? Something, something, Mr. Burns steals a trillion dollar bill from the government to stop reckless spending?

  4. When I viewed their actions while assuming for a moment that the real gop is the party by and for the ultra rich few, things suddenly seemed to make much more sense. It even seemed to make almost perfect sense if I imagined the indefinite perpetuation of their riches and the inequality and /or injustice required for that to be the single most important goal.
    So: I'm not saying it is so, but merely that once I used this as a working hypothesis, things started to make a whole lot of sense.

  5. America don't you feel great. they wanted Trump to run America like one of his businesses you got your wish. we went from profitable to flaring and bankrupt and three and a half years

  6. First of all, trump sucks. Impeach him please!!

    Now, please ffs understand that the US is monetarily sovereign. The federal government literally creates US dollars out of thin air! We absolutely, obviously, DO NOT borrow US dollars from foreign countries!! And federal taxes don’t fund anything.
    Everyone, especially Progressives, need to learn macroeconomic reality. Learn MMT. Please!!

  7. Republican 101 take a thriving Democratic economy dryvit headfirst into the ground so they can completely destroys social security Medicaid Medicare and retirement

  8. they completely destroyed Clinton's thriving economy during the bush years then they destroyed Obama's thriving economy during the Trump years yes the Republicans are so fiscally responsible

  9. But we have “no money” for education, retraining displaced workers, clean energy, rebuilding infrastructure, the social safety net, etc. this has been the plan of the robber baron conservatives FOREVER.

  10. Maybe it's not such a "great economy" when you have to borrow hand over fist just to stay afloat…
    So while the country is sinking ever deeper into debt, (which effectively is YOUR debt), corporate profits are soaring.
    Very obviously something isn't right about that.

  11. So who's the guy running on the promise that we tax the rich 50% of ALL their income permanently and if they try to leave they forfeit every last fucking penny to their name. Cause I want to vote for that guy.

  12. Thanks Republicans! You and your orange master are nothing but pieces of shit. Please anyone name one republican politician alive right this minute who isn't a piece of shit. Hell name a dead one if you want. And Lincoln doesn't count we all know he was probably the best republican that can be referenced.

  13. Can Trump please STOP being the “acting accountant” for the White House?! That’s why the White House staffs and Hires people for all the positions he has vacant!! We will be bankrupt in 1-2 years!!! Idiot!!

  14. If republicans see this as winning i'd hate to see what they consider to be losing,
    hooray frump thanks for leaving this burden for my children. (Sarcasm)

  15. There's a problem all the democratic candidates SUCK there's no one to vote for. Vote democrat because we are not the republicans is not good enough anymore.

  16. Farron, it takes what it takes. Yes, the Republican Party, which is now really the Fascist Party, will try to take social security away and that will likely lead to all kinds of protests and who knows where it goes from there? You may see a lot of middle aged and older people organizing and no holds barred protesting. At a minimum, it will be interesting. Do YOU think that older Americans will just let social security go?

  17. They borrow from the federal reserve “central bank” would add more money to the supply more inflation and your dollar buys less and less

  18. We need to rise up agents them. The wealthy elite is killing us. Our empire is collapsing and the planet is dying. We need more than a change of leadership we need a change of government now.

  19. Repugelicans just cut Medicare funding with less coverage for rehabilitation services for skilled nursing facility and home care causing massive lay offs of physical, occupational, and speech therapists across the nation. Smh

  20. People are shooting themselves in the foot. Won't have health care or retirement but still supports trump. It's all his fault, how do you expect someone born with a solid gold spoon in his mouth to understand what the poor and middle class go through.

  21. This guy!!! Only once has the U.S. ever balanced it's budget and it required the closing of the NATIONAL Bank controlled by private foreign interest, the same tribe reestablished this Federal Reserve that has been robbing the population since, this tribe is in control of Government, media, and education"indoctrination". It would take some honest reporting and a population not willing to take politicians and immoral media hacks like this as a source of information. I really wish these people would actually fight to the death in a Amish rake fighting match.

  22. Borrow from whom? Federal spending creates the excess reserves in the banking system swapped for TSYS. Who do you think creates the USD in the first place?

    boneheads. learn MMT

  23. divide the $1 trillion dollars by 327,000,000 Americans to learn each american will owe an additional $3058.10 towards the national debt with out figuring interest.

  24. Farron, republicans are just scaremongering about the deficit because theyve always wanted to cut S.S. and other programs. THE DEFICIT IS NOT A DEBT. THE U.S. IS THE ONLY COUNTRY THAT CREATES THE U.S. DOLLAR. "THERE IS NO DEBT THE U.S. CANNOT PAY" Alan Greenspan.

  25. Alan Greenspan "theres nothing stopping the federal government from creating all money it wants…" https://youtu.be/DNCZHAQnfGU

  26. It's going to be a lot more tax cuts plus QE= more debt the most in history making it impossible for DEMS to do any thing at all

  27. so…republican logic: take money out of everything from food programs to military to social security and medicare to feed the rich, when it all runs dry other countries would keep the cash flow coming in.

  28. Oh Putin’s perfect storm is coming!
    Expect Putin to call for a global dumping of the dollar.
    Xi tightening up Chinese exports
    And no country interested in buying worthless US treasury bonds…
    And the US is sank by an over bloated, over extended, over expensive military.
    USSR 30 years ago, payback

  29. How about we take the money.from.the salaries of all those who voted for the tax cuts for the rich, and force them to have the same health benefits 5he average American has, if they are fortunate enough to have a job or be able to afford health insurance. See how they feel then.

  30. What he is saying is slightly wrong. At a certain point when loans become very high and the US government requires money to run the country and have insufficient money coming in to repay its debts they will apply to the International Monetary Fund who will impose certain conditions which would include an increase in taxes before such a loan would be granted. The US Government would be severely restricted as to how they spend the money. It can't be frittered away bringing the country to the edge of bankruptcy which is what is happening at the moment. The IMF will be acting like the parents of a teenager who continue to fecklessly overspend his allowance. If the world was still running on the gold standard then the US would have been in deep doo-doo along time ago.

  31. So now we will have the most Moronic people on earth(Trump Supporters) making asinine statements like "I'd rather be Russian or Chinese than a democrat" too bad they're too dumb to learn either language before Carpetbagger Trump finishes selling out and selling off the country

  32. Just cancel all of Trump's asswipes paychecks and Trump who's SUCKING America and other countries of money that belongs to the Peoples. He doesnt care who he tramples on white, black,yellow, red, brown. Children men, women, Senior citizens,disabled, the physicall, and mentally challenged. Do he think he's going to get away with all that crap The rich will be the first ones to suffer when they're faced with disasters and turmoil and forced out of their comfort zones. There are American soldiers with his name on their bullets. The Military has given up on Trump and it won't be long until they can kiss their commander in chief ass good bye. Trump the IMPALED WILL GO TO HELL

  33. I guess Trump figured he could borrow money then just declare the country bankrupt. I mean, that's how he ran his businesses, stable genius that he is.

  34. Don’t vote, don’t pay taxes, don’t consent, don’t comply. Most don’t deserve to call themselves Americans cuz they’re too pussy to fight the real enemy when they are face to face.

  35. At this point, total economic collapse seems great. Sure, millions will suffer and perish, but at least Trump will he hanged from a lamppost and left to rot.

  36. .Don't need to be a genius to see that you can't have it both ways Having a huge army to invade oil rich countries cost lot's of tax money. Cutting the taxes for the owners of those oil companies also cost a lot of tax money.

  37. 🎩👌ELITES PAY RAISE SCAMS, AND TAXPAYERS BILL'S JUST KEEPS ON PILING UP AND ONTO LOSING AGAIN.🤔🤒🥳💬
    ☻🥂🤑CHEERS💬

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