How $39 Trillion in Debt Created an Impossible Economic Situation
Ken McElroy Show
Ken McElroy
4.7 • 712 Ratings
🗓️ 2 April 2026
⏱️ 30 minutes
🧾️ Download transcript
Summary
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The U.S. economy is entering a trap that the Federal Reserve has no clean way out of slow growth, sticky inflation, and $39 trillion in debt that makes the 1980s Volcker playbook impossible. Ken & Danille McElroy break down what stagflation means for your money, your real estate, and why the investors who understand this shift will be the ones who survive it.
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Transcript
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| 0:00.9 | Everyone is waiting for rate cuts, but what if that actually makes the problem worse? |
| 0:05.8 | Inflation is already bad and cutting rates would only make it worse than it already is. |
| 0:11.8 | Yeah, so today we're going to talk about, which we've talked about, stagflation. |
| 0:16.0 | And if you guys don't know what stagflation is, it's high unemployment. |
| 0:23.8 | It's slow or no growth and then of course the um high inflation so those are the three things but i you know i think |
| 0:32.1 | it's a really good time to discuss this because i think the the big issue that's on everyone's minds is, you know, the AI, right? |
| 0:42.5 | And AI and what that's going to do in unemployment. I was on the phone yesterday with a friend of |
| 0:46.9 | mine who laid off five people and he said he saved 400 grand in his little company. He's got like 25 people. And so I asked him |
| 0:57.0 | on positions. And so, you know, these are things that are starting to pop up more and more and more. |
| 1:02.7 | Yeah. And I think stagflation is important right now because now we have a war going on, |
| 1:07.9 | which is affecting oil. So I think even though we were chatting about it before, it was looking like inflation was |
| 1:13.8 | going down and the economy was a little bit stagnant, but it was okay because inflation |
| 1:17.8 | was going down. |
| 1:19.2 | But now that inflation is probably going to go back up, that puts the Fed in a bigger predicament. |
| 1:24.9 | Well, higher prices for gas is inflationary, right? So that's already we're seeing it. Yeah, we are. Well, we haven't really seen it in the broader economy yet. So we've seen it at the pump, but it's going to start to get into food and energy and everything else. Well, I guess they don't have to report it. You know, like I fill up my car there. There was a hundred box. Yeah. Yep. Right. Like, like people are feeling it. And then it's going to, it's going to move into |
| 1:49.1 | transportation and air flights and airline tickets and all that kind of stuff. And obviously, |
| 1:54.9 | we don't know when this will slow down. But there's no question that we have an in high inflation right now as a result of oil prices. |
| 2:03.4 | Yep. So let's go. You kind of briefly touched on it, but let's really dig into what |
| 2:07.5 | stagflation is because it's really important you guys understand what it is and why it's so |
| 2:12.0 | complicated for the Federal Reserve. So, Derry, if you want to pull up the graph, so basically |
| 2:17.2 | you have slow growth with |
| 2:19.6 | sticky inflation and weak jobs. And the inflation has always been sticky, but now we're getting |
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