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The US national debt is approaching record of thirty five trillion. As citizens, is there anything we can do to address or fix this issue?
I would say vote, but.
I don't even know if that would help, to be very because remember and when we did Marku Mondy's Live and Ghana, we were almost at thirty four trillion. It's not even a year later, a four year later, we're at thirty five, and I think we're starting to throw these trillions around like it's nothing. At some point we're going to need to revolt and figure out a shout at the Tavio and figure out a way how to get this debt down. We'll talk about the silent or
selective recession later. But when debt to GDP there's one hundred and twenty two percent, But in two thousand when we graduated Troy, who.
Was at fifty seven percent? Like, how to hell? Like I remember at one time.
I'm not Republican, but I remember when Republicans would go crazy if debt to GDP was a seventy five percent, And now everyone wanted to ask, like one hundred and twenty two percent, we should be at one thirty twenty twenty eight is acceptable? I can't believe that we're here. And if we stay at this pace while did you see Kim Jong own and Putin look like they were on a date? How happy they was riding together. This is not good. This is not good. So I know
some people call me an alarmist. It's okay. Go to us deck deck clock dot org and you can see how much we owe. But every citizen os technically one hundred and three thousand dollars to get the deficit back to zero. Most people don't have one hundred and three thousand as we've talked about, so we got to get better leadership and hold them accountable.
Is that I feel like, is that the only answer? Because I was like wrestling with this question and I'm trying to figure out, like, as a citizen, what can you do? I didn't want to say I'm not sure what we can do? Is that we don't have nothings nothing? Is this the only other answer?
Nothing? We gonna feel just like Drake did when he saw that.
Now like US Game Convention, and then you can do you got to just sit there and watch it and be like, damn all of them don't like me, Like, yo, this is insane. Of course, Stocks, of course is going to do incredibly well. We'll talk about how the S and P has been doing this year, But for the debt to be this high while we built up India and built up China and sent money to another foreign country that I won't mention anymore, is absolutely insane.
It's funny you mentioned those two because there was just a report. I believe it was in Morning Star or it could have been in Seeking Alpha. But both those countries are on pace to pass us in GP. I think kinda by by twenty thirty is going to pass us, and then I think India is like twenty thirty seven or twenty forty don't yeah, I mean that's in this lifetime yep, yeah, yep.
So honestly, there's noth nothing we can do to be the one thing we potentially could do. It's act leadership who are going to try and fix it. But it's tough. It's tough to be almost at forty trillion in three or four years. What are we doing? But Elon got paid, well, he's about to get paid maybe fifty six billion.
Runner been into the ground.
So you saying get out, get out there and go, yep, we'll find another country to live in.
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Okay.
So Bloomberg projects that Social Security will run out of money to pay full benefits by twenty thirty three and Medicare by twenty thirty What steps can be taken to mitigate this impending shortfall.
We're gonna get to the lighter conversations later. These first two it goes back into the nothing. I just want to be very honest. I think that those benefits have been run out. Social Security is done for. I know people keep saying that that it's not true. Once again, go reference Chicago. That was the Canarian the Cold Mine to tell you that the money wasn't there. Medicare by
twenty thirty six. That is scary, and because we don't have enough checks and balances to know where the money is going, where it's being spent, how it is being allocated, how it's being deployed properly. So I think in our lifetime we were going to have to just rest and realize that Social Security or Medicare will not be there, and if we continue to run into debt, other pension plans are going.
To go away.
I remember as a kid when certain adults retired they were guaranteed a pension. Then that went away, then came into four o one k. That's some four to one ks maybe going away in the next ten to fifteen years.
So there's nothing that we can do. What is a solution.
You got to invest in and take care of your own financial house because nobody cares about your money the way that you do.
But but it's sad and it's too late.
I've been beating this drum for about two years, and everyone said I was a conspiracy theorist, but Bloomberg says it sos official shot to Michael Bloomberg there, I.
Feel like we've heard this for the past couple of years, and it felt like we're the direct descendance of this, right like eighties babies, right, they were like as you were growing up, as you were starting to work for us,
they would tell you, don't worry. Social surity is not going to be there when you when it's time for you all to retire, and that we're looking at the numbers right within the next we are years, a lot of us will probably be at that point where we've done twenty five to thirty years in the career and we're at that retirement age from a career working standpoint, not from the social security standpoint.
But this is yeah, this is not one of those things.
Again, I'm not sure what we do other than continue to educate ourselves, continue to find other ways than to rely on these benefits, right, whether it's open or brokens accounts of finding other pension plans. Like you said, but
this is a long especially for medicare. When you're talking about the cost of health care in this country, I mean, I don't even know how you can pay for it, Like if you don't have that, if you don't have health care, yeah, astronomical and even medicare is still an expensive course.
I don't.
I mean, I think it's just started planning to having not even discretionary outcome. But this becomes now that emergency fund. I know early on you used to say it was like sixty months, and I'm like that seems like a lot. But I mean, based on these numbers, if this might be something that's needed, do we now adjust what the savings is. I don't from a financial advisorce standpoint, what do you say to that?
Well, I mean, at first, you know this is not something that's new. And from when I was a financial advisor, I used to tell my clients this because actually, if you look on your social Security statement, it says it on your Sociality statement, it's been stated on your Social Security statement for years, but nobody really reads fine print.
But so.
This, yeah, this is something that has been documented by the Social Security Office themselves for over a decade. So it's not surprising, and it doesn't necessarily mean that at twenty twenty three, twenty thirty three, that is going to be over. It's just staying at this pace. It will be over, but they'll probably pump more money into it. They'll they'll you know, I have very strong doubt that Social Security will end in twenty thirty three. That's almost
almost impossible. They will put more money into it, and they will make it. But that leads to more issues because it's like, okay, we keep funding and putting ourselves more into debt. But that goes back to the first thing, as far as the debt is already out of contry. So it's a political gain that you know, really the politicians are the only ones that can kind of figure this out because they're the ones that control the budget.
This goes back to our visit in Washington when we met with you know, members of Congress and we talk about you know, the Appropriations Committee, Ways and Means Committee, different things of that. These type of committees control the budget,
where the money goes, and how it's allocated. And that's why it's important to be politically aware and take part in the political process because the members of Congress have the power to make the decisions on this, and they're the only ones that have the power to make the decisions on this. So I'm pretty sure they'll they'll kick the can down the road as long as they possibly can. But yeah, it's not it's not encouraging that, you know,
financially we're on a pathway of insolvency. That's never that's never good, right, But ultimately, there's only a few ways that you can solve these type of issues. You either, you know, increase revenue, which most of the time that's by increasing taxes, or you cut spending. So Democrats want to raise taxes, Republicans want to cut spending. I think
you got to do a combination of both. Yeah, and military spending definitely something that I think there's spend way too much money on, especially overseas, over and overseas military practices, overseas financial aid to other countries. There's definitely something that could potentially, you know, be cut down on as a line item for sure, but it's all in the hands of the politicians. It's a political it's a political game.
But as far as how much money you should have in savings, I mean, you should definitely have at least six months in savings, but you know, a year for sure if you can to be on the safe side. That's something that's helpful and beneficial. But savings is relative. I mean, if you have money in the stock market, technically, that's a form of savings as well, right, Like, so you should you should have as much money as you
possibly can quote unquote saved. I mean just in a regular bank account a year, probably no more than a year. But after that, you know, you put money into a brokerag account, you put money into stocks. In an emergency situation, if you need to take then you can. You can take from that as well. So you want to have as much money you know, liquid, I would use that as a better word than savings. You want to have as much money liquid as you possibly can because it
just gives you flexibility when anything. Anything can happen, and you know, if you're not liquid, then you're going to be in a very difficult space.
And the truth is even when you get to a different level. Even sixty months like five years ago, is by fast. There's companies that have hit a route for the run for ten years. But if you look at how much money they have, two point seven trillion in social security left, that's the value. That's the market cap of video, and video's at two point nine So everyone's paid in all this time and in the course of ten years, and videos has had more value than security.
That money probably won't be there by twenty forty. What do I know? And every year we do the show makes a case for why you need this much money stored away. Inflation is getting higher. We won't talk about the corruption, the reallocation of money. It's a lot of tricky stuff going on investing yourself, to my thinking.
On top of that, you have to have your money work for you. There's no more like.
The disparity between rich and poor is getting higher than ever. We'll talk about it later, but now we have a poor person's recession. We're gonna put all the deb on those that make less than sixty grand a year, and then everyone who's doing well get elevated higher. I know I sound like Bernie Sanders, but it is getting tricky, and as an entrepreneur, you have to be able to weather a lot of storms, and sometimes the storm may lasts longer than the year.
Sure, yep, yeah, I'm looking at this start for the US government spending fiscal year to day twenty twenty four. The number one category is Social Security nine hundred and sixty billion. Medicare is number two, six hundred and seven billion. We had interests six hundred and one billion, Health five hundred and ninety five billion, and the National Defense five hundred and seventy six billion. Interesting. Interesting, I'm trying for out where Education is here?
Oh?
Here it is down here, number eight Education, Training, Employment, and Social Services one hundred and forty one billion.
Yeah, a lot key gonna get their money no matter what.
So an illegal alien from Guatemala charged with raping a child in Massachusetts in MS thirteen. Gang member from Al Salvador accused of murdering a Texas man of Venezuelan charged with filming and selling child pornography in Michigan. These are just some of the heinous migrant criminals caught because of President Donald J.
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