Valuetainment - February 21, 2023


The Brokest Man In The World


Episode Stats


Length

5 minutes

Words per minute

185.58345

Word count

1,047

Sentence count

103

Harmful content

Hate speech

3

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

America is $31.5 Trillion in debt and we have the highest debt to GDP ratio in the history of the world at 124%. Is this a good thing or a bad thing? Is it time to panic?

Transcript

Transcript generated with Whisper (turbo).
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:00.000 So let's define what the brokest man is. So think about what broke to me is. Broke to me is you have 0.82
00:00:03.480 a lot of debt, you can't make the payments, you're behind the eight ball, you're stressed out. Every
00:00:08.140 decision you're making, you're making it from a place of panic, right? I'm about to introduce to
00:00:12.060 you the brokest man in the world and they're making desperate decisions. And when a man of 0.95
00:00:16.720 the household keeps making desperate decisions, guess who gets the biggest price that they have
00:00:22.880 to pay? The kids of that father that's making all these bad decisions financially, right?
00:00:27.080 So, before I introduce this man to you, to realize who this person, this irresponsible
00:00:32.000 person is, if I give you value at this video, give it a thumbs up and subscribe to the channel.
00:00:36.580 Let's get right into it. America's in debt, $31.5 trillion. Uncle Sam is the brokest man
00:00:41.320 in the world. But here's the kicker. Do you know what is the biggest interest payment we
00:00:44.920 ever paid in the history of America? Q4 of 2022. It was the first time ever where our interest
00:00:52.840 payment was $213 billion. The quarter prior to that was the first time ever we paid above
00:00:59.340 $180. Four quarters in a row was the biggest interest payment we ever paid in the history
00:01:04.480 of America. But here's the problem with that. In 2020, the interest we were paying on our
00:01:10.180 $29 trillion was 0.5%. In 2021, it was 0.1%. In 2022, it was around 1.9%. In 2023, we're
00:01:21.180 going to be between 4.5 to 6% that we have to pay on our debt. This will be the first year
00:01:27.600 in the history of America where America is going to be paying trillion dollars in interest
00:01:33.960 on our loan, on our debt of $31.5 trillion. Here's a chart to look at. Our debt to GDP ratio
00:01:42.460 is the highest ever at 124%. America has never been here before. By the way, even after World
00:01:50.640 War II, if you go to 1942 to around 1988, our national debt was around $4.5 trillion to around
00:01:59.960 $6 trillion for 46 years. For 46 years. We kept it around $4.5 to $6 trillion for 46 years.
00:02:11.460 And then all of a sudden, America got into debt. Spend, spend, spend, spend, spend, spend,
00:02:15.960 spend, spend, spend. And now these interest payments are going to go. So you know, we just
00:02:18.900 did the whole inflation reductionary act that we paid $1.7 trillion. Oh my God, that's so much
00:02:23.620 money. Don't be surprised if 12 months from now, our interest is $1.5 trillion in 2023,
00:02:31.740 the way they're raising rates.
00:02:33.120 Number one country in the world with national debt is US for $31.5 trillion. Look who number
00:02:36.740 two is. UK, 8.7. France, 7. Germany, 6.46. Japan, 4.36 trillion. China, 2.6. China's only
00:02:44.920 in debt, 2.6. Italy, 2.5. Spain, 2.26. Canada, 3.2. Australia, 1.83. US, $31 trillion at 124%.
00:02:55.740 Okay, so what's the big deal with this, pal? Why are we talking about this? Here's why.
00:02:59.620 You know how we always trash Venezuela for their high debt to GDP ratio, right? 350%. Oh my God.
00:03:05.580 Look at Venezuela, what they're doing, how much GDP they have versus how much, you know,
00:03:09.240 debt they have, or we'll make fun of Greece because they're at 206%. As bad as Greece is 0.88
00:03:13.580 and as terrible they are with their finances, we're at 124. It's not like we're way behind
00:03:17.800 them at 30 or 40%. Norway's at 40%, okay? US is at 124 to 128%. We are doing a horrible job.
00:03:25.300 So for example, and this is not a Democrat or Republican. Both sides want to spend money right
00:03:29.120 now, okay? Back in the days, Reagan used to say to Republicans every day is 4th of July, to Democrats
00:03:33.940 every day is April 15th. But today, both of them are spending money. This is not a left
00:03:38.060 or right thing. Here's where I wouldn't be concerned if we have $31.5 trillion. Our GDP right now
00:03:43.320 is roughly $25 trillion, right? If our debt is $31.5 trillion, but our GDP is $62 trillion,
00:03:49.940 okay, it's fine. We're going to be okay. It's like you're making $65,000 a year, but you have
00:03:55.940 $1,000 of debt, okay? Today, we're making $100,000 a year, but we have $128,000 in debt. That's a lot of
00:04:03.940 money. That's a real thing to be concerned about. We are the 12th highest country in the world of debt
00:04:10.660 to GDP ratio. This is not a good leader's bulletin to be on. So my recommendation, which obviously I'm
00:04:17.780 not in politics, but if I was looking at this and how this relates to how we are as individuals and
00:04:22.740 companies, whether it's a company, whether it's an individual, or whether it's a country,
00:04:26.740 pump the brakes on spending. Let's figure out ways to increase GDP, and then let's try to keep this
00:04:31.860 thing flat and cut it down a little bit. And these interest rates can be scarier this year with
00:04:35.860 interest rates as it climbs the way it does. And then if we increase this, and this is here,
00:04:41.220 then let's invest. They're all talking about right now having to increase the debt limit so we don't
00:04:45.700 default. Obviously, neither the left or the right is going to allow us to default. That's a political
00:04:50.580 catastrophic event. If they do that, the market will tank 33% to 40% if they do that. The world
00:04:56.180 economy is going to take it. No one's going to allow America to get to that point. But just like
00:05:01.460 individuals, just like countries, just like companies, we have to pump the brakes on spending
00:05:08.180 and figure out a way through innovation to increase GDP, or else this debt payment this year that could
00:05:15.860 be a trillion to a trillion and a half, is going to be a scary sight. And the brokest person,
00:05:21.140 when you make payments and your debt's not going down, that's what America's going through today.
00:05:24.740 So if you got value from this video, I want you to watch this next video that I did on
00:05:27.940 unemployment. If you've not seen this, click here to watch it. It's very, very interesting data.
00:05:32.100 Take care, everybody. Bye-bye, bye-bye.