Dan Bongino, welcome to the Bongino brief. I'm Dan Bongino. This is our economics for Liberal section. You know, you got to go slow with them. You know, these people who think we can just run up government debt forever. And to be fair, that's a lot of spendthrift Republicans, too. I call that the debt and the Trump presidency, too. So no one is going to claim I'm a hypocrite on this. We are running up debt levels never seen.

I mean, literally never seen in human history. Forbes has a really fascinating article I've been trying to get you all week. It is up in the show notes today and I encourage you to read it. Go to Bunshiro dotcom slash newsletter, please, to see it. It's about five consequences of the massive government debt we are running up, unprecedented in human history, literally. The articles called Five Consequences of U.S. Debt at near 50 trillion. This was from 2020, October.

We haven't even spent the one point nine dollars trillion, we haven't even passed it yet. John Mauldin, senior contributor. Here's just a couple you may be saying yourself. Don't worry, I'm a liberal, I'm the liberal college kid in the dorm room. We could just tax our way out of this. Really, because here's a quote from the Forbes piece.

Even if we double taxes on the top twenty five percent, you know, those evil rich people you keep talking about? It would only bring in another one point three trillion, and that's assuming people don't change their behavior. Seventy five percent marginal rate plus four percent Medicare for a seventy nine percent top tax rate certainly will change behavior. A less shocking twenty to twenty five percent increase would only bring in about three billion to four hundred billion. I would have to raise rates on incomes over eighty three thousand, so think about this, if those evil rich people you keep talking about in the top 25 percent, I'm not going to talk about the one percent, but talk about raising taxes on the top 25 percent because the one percent, you don't get a fraction of this.

Even if people did nothing like avoided paying the taxes, which they do when they move out of the country or do municipal bonds or tax shelters or whatever it may be, even if they did that job, they would raise one point three trillion the deficit next year alone. Alone next year is going to be probably over two trillion, you don't even meet. Forget about the budget. You don't even meet the deficit for next year. And that's one year.

And then the money's gone. So there's nothing to get the year after that when you try to spend even more. So there's no possible and that's assuming they don't change their behavior, which is. Literally never happen. You tax people a lot, they engage in the American pastime. What is it, Joe? It's tax avoidance, avoidance. Tax evasion is a crime. Tax avoidance is an American pastime. Just ask Al Sharpton and John Kerry. Here's another tidbit from the Forbes article for all you big spendthrift liberals going out.

There's no consequence. It's denominated in US government assets. We can print all we want and spend it really quote, debt's future income brought forward. There is a point at which the debt becomes a drag on US economic growth, and we've probably reached it. GDP growth in the US is going to increasingly look like Japan and or Europe, i.e. almost nil. So the CBO Sibos continued two percent average growth forecast will simply get thrown out the window and the deficits will will get worse.

I I've done my homework here, folks, I can't warn you anymore. I'm sorry not to the conservatives. I don't mean to sound like a jerk to the liberals listening and to the moderate Democrats listening who are convinced you can spend your money into an abyss. I've warned you for years. I have warned you we are spending ourselves into the most predictable financial crisis in American history. And you just continue to move and just whistling past the graveyard. I am a terrible whistler.

I have never figured out how to. Do you think Joe is a great job and whistle anything. Whistling past the graveyard plays the harmonica to his very talented. It's going to happen. It is a mathematical certainty. We as a country will go bankrupt. Now we want we can print our way out of it. I'm talking about a de facto bankruptcy, not a de jure. De facto bankruptcy. Bankruptcy, meaning you have all the money in the world.

It just doesn't buy you anything. Here's what I mean by that, I was thinking about this sitting there shaving after show, thinking about stuff is always some stuff moving around a motion. My melon, right. Imagine a world. We're like the zombie apocalypse is broken out. I'm serious for a moment, I promise you this as a point. And as you and five, six thousand people left, and that's it. Everyone else has been eaten by the zombies or whatever, so you scavenge you go in the house, you find open safes, there's 20, 30000 in cash, 50000 in cash.

You get it all, Joe. You got millions. 30, 40 million in cash. Why not, right, you got the paper. People left it out. They're all dead. They don't need it.

You're not really stealing from them, right? It's great. Right. So you're in great shape. You got you got you got your 20 million, right. Fantastic. Oh, what's the problem? You're rich, you're rich, you're nominally rich. You're not bankrupt. You have actual money. The problem is it's not actually an exchange of value because it's not actually worth anything anymore. You ever think of that, actually, it is worse on the job.

It's really good in your fireplace to keep that fire going as a little bit of candle. That's what we're doing to our money. You may have a whole bunch of it, but it's not going to buy anything. To Dan Bongino show if you'd like to hear more, subscribe to Dan Bongino, show wherever you get your podcast.