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Valuetainment

The Brokest Man In The World

Valuetainment

Valuetainment Episodes

Business

4.81.7K Ratings

🗓️ 21 February 2023

⏱️ 6 minutes

🧾️ Download transcript

Summary

Who is the brokest man in the world? In this episode, Patrick Bet-David breaks down why the US is struggling with debt and the big consequences for consumers and the US as a whole.

FaceTime or Ask Patrick any questions on https://minnect.com/

Recommended video:

The Next Big Economic Crisis - UNEMPLOYMENT: https://youtube.com/watch?v=LXkOtg8jEDs&si=EnSIkaIECMiOmarE

Subscribe to our channel: http://bit.ly/2aPEwD4

To reach the Valuetainment team, you can email: info@valuetainment.com

Transcript

Click on a timestamp to play from that location

0:00.0

So let's define what the broken man is. So think about what broke to me.

0:02.6

It's broke to me as you have a lot of debt. You can't make the payments.

0:05.4

You're behind the eight ball. You're stressed out. Every decision you're making.

0:09.0

You're making it from place of panic, right?

0:10.8

I'm about to introduce to you the broken man in the world and you're making desperate decisions.

0:15.4

And when a man of the household keeps making desperate decisions,

0:19.4

guess who gets the biggest price that they have to pay?

0:23.2

The kids of that father that's making all these bad decisions financially, right?

0:27.4

So be free and introduce this man to you to realize who this person,

0:30.8

this irresponsible person is, if I give you value to this video, give it a thumbs up

0:35.6

and subscribe to the channel. Let's get right into it.

0:37.3

America's in debt 31 and a half trillion dollars.

0:39.8

Uncle Sam is the broken man in the world. But here's the kicker.

0:42.8

Do you know what is the biggest interest payment we ever paid in the history of America?

0:46.7

Q4 of 2022. It was the first time ever where our interest payment was 213 billion dollars.

0:56.4

The quarter prior to that was the first time ever we paid above 180.

0:59.9

Four quarters in a row was the biggest interest payment we ever paid in the history of America.

1:05.4

But here's a problem with that. In 2020, the interest we were paying on our 29 trillion was 0.5%.

1:12.8

In 2021 was 0.1%. In 2022, it was around 1.9%. In 2023, we're going to be between 4.5 to 6%

1:24.6

that we have to pay on our debt. This will be the first year in the history of America

1:29.1

where America is going to be paying trillion dollars in interest on our loan on our debt of 31 and a

1:37.2

half trillion dollars. Here's a chart to look at. Okay. Our debt to GDP ratio is the highest ever

...

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