＂Economy Will Go To HELL＂ - Trump FEARS Supreme Court Tariff Ruling Could WRECK U.S. Markets
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Summary
Trump's tariffs are bringing in a ton of money, but is it enough to replace the income tax as the main source of funding for the federal government? We talk about that and more in this week's episode of the podcast.
Transcript
00:00:02.900
Check this out, folks, when you look at this chart, okay?
00:00:08.260
Besant gave a number of what he thinks he's going to be making, okay?
00:00:12.400
Besant says it could make us a trillion dollars.
00:00:18.860
Do you have the number on how much money we made so far?
00:00:21.760
It says $142.2 billion more than this time last year.
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$142 billion more than it made last year, and a growth of 174%.
00:00:39.180
But is it enough to replace the income tax as a main source of funding for the federal government,
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Treasury Department data shows that it would be a massive stretch.
00:00:50.320
Tariff revenue has grown for months, and the latest showing that the U.S. has collected $223 billion.
00:00:58.520
As of October 31st, $142 billion more than last year, but it's still short of the $2.4 trillion federal income tax brought in last year.
00:01:07.980
You can tell when you're reading this article, it's kind of like, yes, it did bring $142 billion more,
00:01:17.380
Oh, yeah, like you're comparing it to one full year of income tax.
00:01:21.020
It's like we're really, really proud that, you know, Brooklyn Bet David has reached three foot tall,
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but that's still far short of Shaquille O'Neal's seven foot two.
00:01:36.760
This comparison, oh, it's far short of, look, I think you look at what it's brought in.
00:01:43.220
Number one, it brought in more, $142 billion more.
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Number two, number two is that it is not showing up as five, six, seven, 10% inflation
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with the inflation algebra that's tortured numbers anyway, which isn't really what it's supposed to be.
00:02:02.740
And so I look at it, and I'm like, this is a success, but they will take any opportunity,
00:02:09.060
and this is Politico, fun with charts with people that don't normally play with spreadsheets,
00:02:13.360
and it's very aggravating to me because this is good.
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This is good because inflation didn't happen, yet world concessions to equalize the trade that we have have happened.
00:02:27.640
So why can't we look at that and say, wow, we're just getting warmed up.
00:02:32.860
Yeah, but what people don't look at is that that's $142 billion that is less treasuries that have to be issued.
00:02:40.300
So the fact that you're issuing less treasuries means that you can actually,
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you don't have to incent people to buy them with a higher interest rate.
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So while you can look at just the negatives, right, I'm with you 100%.
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The negatives say, okay, well, you know, a third of it's being paid by the country that the goods are coming from.
00:03:01.320
Great, but the consumers here are bearing some of the burden, as are some of the distributing channels here.
00:03:10.040
However, if we didn't have that, we'd probably be looking at higher interest rates than we would have currently.
00:03:16.420
And when you say treasuries, that's us printing treasury bills that we sell around the world to get cash to pay our own bills.
00:03:23.420
And it's people such as who and who that are buying those.
00:03:27.540
Well, you're seeing right now we're probably buying more of them domestically.
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But the number one international buyer typically last three years is Japan.
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But they have really slowed down to almost neutral now as far as what's rolling off.
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You don't need to understand tariffs or numbers to not understand this chart.
00:04:00.620
Monthly, we're averaging around $10 billion of revenue coming in for the last few years.
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10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 8, 8, 8, 8, 9, 9, 9, 8, 8, 8.
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October's going to end up being $34, $32 to $34 billion in a single month.
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And, Tom, I'm going to come to you with this one as well.
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Businesses press Supreme Court to strike down Donald Trump's emergency tariff power.
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Rob, I think you do have a clip on this one from Financial Times.
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Businesses, lawmakers, and former U.S. officials are pressing U.S. Supreme Court to rule against
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The head of the showpiece hearing this week, about 40 legal briefs have been filed by groups
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ranging from U.S. Chamber of Commerce to former national security officials in opposition
00:05:04.580
to the signature policy of U.S. president, has relied on to wage his trade wars.
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This is Trump from 60 Minutes explaining the importance of tariffs.
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The economy, the signature part of your economic plan is tariffs.
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The Supreme Court is going to hear arguments this week on whether you have the authority
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to impose these sweeping tariffs without congressional approval.
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That's why it's in the Supreme Court right now.
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What happens to your economic plan if the Supreme Court invalidates your tariffs?
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Look, because of tariffs, we have the highest stock market we've ever had.
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Because of tariffs, 401ks at the highest level that, and this is millions and millions of
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I think it's the most important subject discussed by the Supreme Court in 100 years.
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Right now we've got the U.S. Chamber of Commerce, reputable group, and you've got former national
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Go take a look at what happens when people that work in defense or national security go back to
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They end up on the boards of international, multinational companies, often lobbying against
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us to help those companies profit wildly with trade deals that are tilted the other way.
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Because those, through the miracle of cross-listing, sometimes those companies also are traded on our
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I want to know if someone's willing to put their head up above the water and say, me,
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And the Financial Times says, businesses, without naming a single CEO.
00:07:07.980
And what's being challenged is, does the president have the authority under this IEPA,
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this emergency protection, under the fact that the president would have authority if
00:07:18.920
So when he first did it, it was because of fentanyl, which you could argue is national
00:07:23.540
But now what they also have is the point that you made, the chips with China.
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So that is also something that he's using tariffs to protect us from having to give this
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technology to China by using leverage over NVIDIA.
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So these are potentially arguments that should win with national security.
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I believe that he has appointed three members of the Supreme Court.
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What is the number of the Supreme Court that is Republican?
00:08:08.340
So I think there's a reasonable chance that this is upheld, that the tariffs are – it
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would be awful to think about if we had to unwind them.
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And then how much egg do we have on our face as a nation?
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I mean, there was a point – Rob, I sent you a chart.
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There was a point in time where tariffs were 90 percent of the national revenue.
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And, Pat, you made a great video that has, like, over a million views about how we could
00:08:31.560
replace the entire national income or the federal budget with a combination of tariffs
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and claiming money that other countries owe us.
00:08:40.580
Like, this shows everything with – look at what the big dips go down when we have wars.
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You know, the first one, Civil War, then World War I, then World War II.
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That's when percentage of tariffs as national revenue goes way down.
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And today, like, since the 50s, it's went to, like, less than 1 percent.
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But, you know, it could get up to a trillion dollars.
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We're only at, like, 7 percent right now for an average of tariffs across the board.
00:09:02.420
So, like, with a combination of deals and rates, we get to a trillion dollars.
00:09:06.800
They're trying to take, like, a jab at this as if we're, like, not in a successful place
00:09:11.500
Like, you know, we send $300 billion to Ukraine.
00:09:15.500
But what would happen, think about it, if it is struck down, then the chart that you showed
00:09:19.580
with all that revenue, we'd have to give that back.
00:09:24.680
Well, couldn't the executive order that, saying it is a matter of national security
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So, I'm saying, where does the money come from?
00:09:40.340
I don't think they would tie his hands behind his back like that.
00:09:47.520
That's like calling you and telling you, hey, we want you to be the CEO of Apple.
00:10:08.240
Well, the stock, you know, shareholders voted me in.
00:10:17.300
Because if it was the other way around, imagine you get to become president.
00:10:20.180
What we did learn during Biden's administration is that the single greatest thing that happened the last 60 years in politics is President Trump flipping three seats.
00:10:44.480
I don't think it's ever happened when you flip three seats.
00:10:51.780
Rob, can you verify how many times Obama flipped?
00:10:54.100
I think Obama flipped two in eight, if I'm not mistaken.
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I don't know what the number was on one of them.
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But I don't know what, it could be one in eight.
00:11:02.680
The single greatest thing happened, people don't realize if that number, those three don't flip, when Colorado decided to remove, it was two of them, right, Rob?
00:11:11.280
When Colorado decided to remove President Trump on the ballot, if it was 6-3, even 5-4, this is a very different America we're living in today.
00:11:25.700
For some of you guys that have big plans for 2026, I will remind you, whatever you do, do not go into 2026 without a business plan.
00:11:40.700
You know, every year when we do the business planning workshop, I openly talk about what threats and events we're concerned about happen in the next year.
00:11:48.840
We openly share with you, here's what we're looking at, here's what we're seeing as possible enemy, and here's what we're seeing as an operator, the opportunities that exist for us.
00:11:59.580
We share with you how we're growing our YouTube channel and our media company, what our consulting firm is going.
00:12:06.320
If you're somebody watching and saying, I'm sick and tired of playing small, I want to take my life and my business to the next level, the business planning workshop on December 12th is for you.
00:12:14.420
But number two, if you're somebody that's running a business and you are already a millionaire, we have a lot of people that watch this content, you're doing 10 million a year, 100 million a year, maybe you're doing a billionaire, you've got a couple thousand employees, but you've gotten to a point where you're bored and it's repetitive, and it's just kind of like you're doing the same thing over and over and over again.
00:12:31.580
This is a very, very good event to even wake you up as a leader of the company.
00:12:35.740
So quietly, you can kind of get on the business planning workshop.
00:12:38.620
It's not something that you have to be physically here from anywhere in the world.
00:12:41.840
So if you haven't yet registered yet, click on a link below, get registered, December 12th, let's spend an entire day together.
00:12:48.320
We go through a 200-page manual together, which everybody will get, or you can go to bpw.betdavidconsulting.com.
00:12:58.700
Looking forward to seeing you guys there on December 12th.
00:13:01.420
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