On today's show, we have a special guest from the Department of the Treasury, who joins us to talk about the Trump administration's efforts to target fraud. Also, Dave Rubin and I had a conversation at Mar-A-Lago last night, and it's a conversation that I asked if I could share parts of it.
00:00:24.620And I'm not a big fan of the Trump account.
00:00:28.000It sounds to me, if you look historically, a little like what Thomas Paine wanted to do in the 1790s that our founders absolutely rejected.
00:00:36.520We have one of the big cheeses from the Treasury Department.
00:00:39.260He joins us to talk about that debate and what the Trump account is really trying to do and why it's a good thing, in their opinion.
00:00:47.660Also, Dave Rubin and I had a conversation at Mar-a-Lago last night.
00:00:54.120And it's a conversation that I asked if I could share parts of it.
00:00:58.080And it's a conversation that I think might be of use to you as well because we're in interesting times.
00:01:04.740It's almost like we're living in a movie.
00:01:07.080All of this and so much more on today's podcast.
00:01:17.660We assume the company on the other end is just a phone company, but that's that's not that's not reality.
00:01:23.360The truth is a lot of these big carriers are actively funding activism, political agendas, social movements, Planned Parenthood, things you would never support.
00:01:33.880But you're supporting them because you have that cell service and they are taking some of the money that they make from you and they're giving it to Planned Parenthood.
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00:03:46.540We're going to have the guy who actually did all of the work on it.
00:03:49.020He's the guy who came up with it and put it all together.
00:03:52.220He's the assistant secretary of Treasury.
00:03:54.760He'll be on with us in about a half an hour.
00:03:56.300I also want to go into what the Trump administration is doing to stop fraud, food stamp fraud, the Medicare fraud, the fraud that's going on in the Somali community.
00:04:21.920And and it's being sent to terrorist organizations.
00:04:24.300What part of that are you are you against or for?
00:04:31.580First, let me tell you about Z Factor.
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00:05:48.500Okay, there's a couple of things going on.
00:05:51.380First of all, let's start with food stamps.
00:05:56.300The administration is now going to withhold federal funds from any state beginning next week unless they provide data to the Secretary of Agriculture.
00:06:08.060The agriculture that gives us the SNAP program.
00:21:12.640He said the Trump accounts quote, this is the beginning of a shareholder economy.
00:21:19.780That's a little frightening because we've been warning against the stakeholder economy.
00:21:24.020How far down the road does Secretary Besson think we were on the stakeholder?
00:21:28.320Or if this is the beginning of a shareholder economy, uh, we have, uh, we have the counselor to the U.S. Treasury secretary on with us now, Joe, welcome.
00:21:47.080Well, so what he, what he meant by that was that the U.S. economy is one that thrives when you've got incentives to produce and work.
00:21:58.660Which, uh, in the bill that the president signed, the Working Families Act, if you will, uh, encourages capital formation and growth.
00:22:07.020And the, the ability to invest in the future, to teach, uh, in many cases yet to be born boys and girls, the, uh, power of compound interest and be a stakeholder in the capitalist system is, uh, my interpretation of what he meant.
00:22:25.960To cure many ill and that, uh, we're making an investment in, um, in young Americans future.
00:22:35.980And that's, in other words, in other words, if you have a stake in the system, you don't want to burn it down.
00:22:46.520That, you know, it's essentially the American dream that, you know, it's a way to build wealth creation.
00:22:51.160I mean, just to give you an example, uh, the powers of compound interest, compound interest, if you put a thousand dollars in 65 years ago, uh, with it roughly 10.7% return in the S&P 500, that $1,000 would be worth nearly $650,000 today.
00:23:11.740So it's really building the American dream, having, helping people to build wealth.
00:23:16.920And, you know, it's a, it's a great investment for the future.
00:23:21.100When you think about what the joint committee on taxation scored, this costing over a 10 year period is just under $15 billion.
00:23:29.100I mean, that's not a lot for a real payoff, uh, for people to be, you know, having incentive in the system for the U S economy to thrive.
00:23:38.500Um, so I, to, to be honest with you, Joe, I understand the reasons why it, it should be done.
00:23:47.460I think there could be some real benefits from it, but I, I, I'm stuck on a couple of things and I'd like you to talk me down from the ledge on this one.
00:23:55.840You know, this was proposed before during the founding era, it was called agrarian justice.
00:24:01.540And Thomas Paine said, we should give 15 pounds to everybody who turns 21.
00:24:05.600Um, and that 15 pounds at that time would be in today's dollar.
00:25:24.340And, uh, it's a way to build wealth, uh, and to have a stake in the system and then to generate policies that are positive for the corporate sector because the corporate sector is the one that hires people and giving people the American dream and ability to, you know, to reach a higher rung.
00:25:43.360I don't look at this as government intrusion or anything along those lines.
00:25:46.900Uh, I look at it as something as an investment in the future, you know, and along the way, Glenn, we're going to get a tremendous amount of financial literacy out of it, which is something the treasury secretary wants.
00:25:57.280But what I would argue is a very, very small amount of money in the big picture.
00:26:02.480So what is the, what, what, how do you mean?
00:26:04.680Because I, I read that he had said that, you know, this is financial literacy.
00:26:48.160Like, in other words, if you added an extra $10 a month from what the government is providing, that would take that, if you look in the past, in the math, instead of 600, roughly 650,000 over a 65-year period, it's almost one and a half million.
00:27:04.020So, you know, there are things Treasury is going to be doing on financial literacy, which I'm sure they're going to be using the Trump accounts as a tool and the vehicle to help market that.
00:27:12.880But I think, in general, people need to understand that savings for the future is important.
00:27:17.980And these accounts are going to go and take a very important initial step in moving us down that path.
00:27:22.920You know, I so respect the Dell family for what they're doing, and they're getting raked over the coals today for all the wrong reasons.
00:27:34.620That's a private individual that's saying, I want to do this.
00:30:57.480I mean, I don't know how people are not just falling all over themselves to say thank you for stopping this incredible fraud that is so dangerous.
00:31:53.280Will we see indictments for, you know, NGOs, et cetera, that are using foreign money to, you know, at worst, you know, perform a color revolution on America?
00:32:06.900Well, Glenn, if there is illegality without question, it's too soon to say where this investigatory work is going to go.
00:32:15.200But absolutely, this will be – if there's laws broken, this administration will prosecute the perpetrators to the full extent that the law provides.
00:32:35.520So yesterday I posted this when I got home, a picture that my wife took of Dave and I.
00:32:43.020We were kind of backstage at Mar-a-Lago.
00:32:45.360And we sat there probably for half an hour and had a really honest conversation about what's happening in the world, what's coming our way, and, you know, and some things that are just concerning to both of us.
00:33:00.880And I'm not going to get into all the details because I don't have permission to tell you everything that Dave said, but I did ask him last night if I could share some of this with you.
00:33:14.040You know, he is – he's Jewish, he's gay, he's married, and he has two adopted children.
00:33:43.700And, you know, when we talked years ago when he was adopting, he was on the show, and he's like, Glenn, I got to tell you, I've changed so much.
00:33:51.900I don't – I don't know how to justify because I know that it's best to have kids with a mom and a dad, and I believe in that, and I, you know, I just don't know what to say.
00:34:05.840He was a guy in conflict when it happened.
00:36:18.600And I said, yeah, I know that feeling.
00:36:25.180And then I walked away, and when I got to my wife's side, I said, I'm sorry, I'm just really freaked out right now because of what Dave just said to me.
00:36:34.480Because of the last time somebody said that to me was Charlie.
00:36:38.680Charlie, we are living in extraordinary times, extraordinary times.
00:36:46.360And we are seeing, for the very first time, we're seeing good and evil.
00:36:54.420We're seeing in ways we've never seen before.
00:36:58.480You know, when the assassin tried to kill Charlie, he thought there would be an equal and opposite reaction to that act, and it would be that people would either side with him or they would rise up and they would start killing, you know, the left, and we'd go into that kind of civil war thing.
00:38:01.320And every time somebody got up and started speaking about politics, you could feel the spirit withdraw, and then they would start talking about, you know, universal principles, and the spirit would come back to the room.
00:38:15.480It was amazing, and I wasn't just the only one feeling.