Dan Bangeino. Welcome to the Bangeino brief. I'm Dan Bangeino. 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 a spend-thrift Republicans too.

I called out to debt in the Trump presidency too. So no one's 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 to a week. It is up in the show,

no today. And I encourage you to read it. Go to Bangeino.com. 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 article is called five consequences of US debt at near 50 trillion.

This was from 2020, October. We haven't even spent the 1.9 trillion. We haven't even past it yet.

John Maldon, senior contributor. Here's just a couple. You may be saying yourself,

ah, don't worry. I'm a liberal. I'm the liberal college kid in the dorm room. We can 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 25%, you know those evil rich people you keep talking about, it would only bring

in another 1.3 trillion. And that's assuming people don't change their behavior. A 75% marginal rate

plus 4% Medicare for a 79% top tax rate certainly will change behavior.

A less shocking 20 to 25% increase would only bring in about 3 billion to 400 billion.

I would have to raise rates on incomes over 83,000. So think about this. If those evil rich people

you keep talking about in the top 25%, I'm not going to talk about the one percent. We're talking about

raising taxes on the top 25% because of 1% you don't only 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 show, they would raise

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