"America Is About To Crash Into A Brick Wall" | David Friedberg PT 1
Tom Bilyeu's Impact Theory
Impact Theory
4.7 • 5.2K Ratings
🗓️ 2 July 2024
⏱️ 76 minutes
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| 0:00.0 | You could ask yourself, what do we celebrate? |
| 0:02.0 | My income isn't going up as an individual. I'm not making more money, but this guy's got $200 billion. The US doesn't know paying. Like, we have no idea. There's a world where we embrace technology, where we say we're not going to be fearful of loss, but we're going to embrace the risk, because the upside is worth it. We can go to the moon. We can go to Mars. We can cure cancer. Some |
| 0:23.6 | people will die, but we can do it. David Friedberg, welcome to the show. Thanks for having me. |
| 0:31.6 | I'm very, very glad to have you. I've been tracking your thinking for a while, and while you were often quiet in the All-In podcast, I'm always hanging on your every word, especially when it comes to the economy. So tell me, why are you a single-issue voter when it comes to our national debt? Right now, the U.S. is a car driving into a wall with our foot all the way down on the gas. |
| 0:58.5 | We are proposing, the federal administration is proposing a $7 trillion budget next year. |
| 1:04.3 | We have $33 trillion of national debt. |
| 1:08.6 | That number has swelled since COVID and in the years following due to the |
| 1:13.4 | launch of new programs and other stimulatory effects spending by the federal government. |
| 1:18.5 | And the problem with having too high of a national debt relative to national GDP is the way |
| 1:26.7 | that a government pays their debt is by taxing their economy, |
| 1:31.3 | taxing their GDP. And there's a natural limit to how much economically you can actually tax |
| 1:37.5 | the economy. Once you increase taxes too high, investment declines. Once you tax investments too high on individuals, people leave. |
| 1:47.1 | We saw this with the launch of the wealth tax in France. There's an attrition of capital, a hiding |
| 1:51.3 | of capital. All of these factors aren't necessarily about people being bad and doing bad things. |
| 1:56.0 | They're just natural economic forces that we've seen play out many times in the past. |
| 2:00.2 | So there's a certain natural |
| 2:01.6 | limit to how much debt government can actually take on. Do we have a sense of what that limit is? |
| 2:07.4 | Well, some people would argue it's somewhere between 100 and 150 to, you know, maybe up to 200% |
| 2:12.9 | of GDP, but 100 and 150% is really where things are sustainable. Now, the U.S. is a very unique outlier in, you know, the history of global economies. |
| 2:22.5 | But there has been, and, you know, I talked about this on our podcast years ago, a set of studies, |
| 2:27.9 | and Ray Dalio kind of captured a bunch of data together in his book about the changing world |
| 2:34.1 | order and the economic cycles that we've seen |
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