The National Debt: Last Week Tonight with John Oliver – Transcript

The national debt has long been portrayed as a burden we’re placing on future generations. John Oliver discusses how national debt works, why people are so concerned about it, and why it might be more helpful that you think.
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The National Debt: Last Week Tonight with John Oliver

Last Week Tonight with John Oliver
Season 8 Episode 7
Aired on April 4, 2021

Main segment: National debt of the United States
Other segments: Matt Gaetz sexual misconduct allegations, Amazon worker organization

The national debt has long been portrayed as a burden we’re placing on future generations. John Oliver discusses how national debt works, why people are so concerned about it, and why it might be more helpful that you think.

* * *

♪ ♪ ♪ ♪

John: Hi there! Welcome to the show, still taking place in this blank void. It’s got white walls, a glass table, and a big dork behind the counter. This is basically an apple store that only sells sadness. Now we were off last week, and a lot has happened since we last spoke. The trial got underway for Derek Chauvin, whose entire defense seems to be, “see, what had happened was…” In Egypt, big boat got stuck. Then, big boat got unstuck. And for a few days, right-wing media lost their collective minds over Lil Nas X‘s new music video. I could describe it to you, but I think I’d rather let Rudy Giuliani do it instead.

[Rudy Giuliani] It begins with the — this — whatever he is — this guy, uh, little Nas, being seduced by the devil in the form of a snake. And then he engages in a — this ridiculous, really, rather ugly dance with Satan and it’s a sexual dance. I don’t know how much of it I should describe, except you gotta get it. It’s — um, he, um, lap dances him.

John: Oh, come on, Rudy. Don’t give us that surprised face. You can’t pretend to be a total stranger to lap dances in the same Oscar season that you’re nominated for “best junk adjustment while lying on a stranger’s bed.” Also: “lap dances” is understating things considerably there. Lil Nas X spends an exquisite amount of time throwing it back at the adversary. Old scratch is getting ground on there like an olive garden pepper mill. The whole video is completely incredible, and frankly, the only thing that could possibly make it more entertaining is watching a weird, old creep try to describe it in g-rated terms while sitting on the set of a law firm commercial. It’s not the first remix I expected, but I am glad it exists. But Lil Nas X twerking on Satan seems positively wholesome compared to the news this week concerning Matt Gaetz — a sentient ll bean premium double l traditional fit polo. Gaetz is being investigated for potentially violating sex-trafficking laws involving a minor — something he denies, claiming there’s actually a multi million dollar extortion plot behind the investigation. He even went on Tucker Carlson’s Show to explain his theory, unsuccessfully.

[Tucker Carlson] You say that it was — that it was or is underway, there was an investigation. What is the basis of that investigation? What is the allegation? That’s really not very clear from these news stories.

[Matt Gaetz] Yeah. Again, I only know what I’ve read in The New York Times. I can say that actually you and I went to dinner about two years ago, your wife was there, and I brought a friend of mine. You’ll remember her. And she was actually threatened by the FBI, told that if she wouldn’t cop to the fact that somehow I was involved in some pay for play scheme, that she could face trouble.

[Tucker Carlson] I don’t remember the woman you’re speaking of or the context at all, honestly.

John: Wow. Imagine being the one white man on earth that Tucker Carlson won’t defend. Tucker was so clearly trying to nope his way out of that whole interview. He looks like he wants to walk out of his own show. The problem is, if he did, it wouldn’t be “Tucker Carlson Tonight” anymore, it’d be “The Matt Gaetz digs his own grave adventure hour.” Look, I’m sure there’ll be more to discuss about this story later, probably during Matt Gaetz’s sentencing phase, but for now, let’s move onto Amazon, a company run by Jeff Bezos, who answers the question “what if Lex Luthor was?” And that’s it. Just “what if Lex Luthor was?” He’s a bald business maniac with too much money, zero empathy, and weird supervillain vehicles. He’s just Lex Luthor. This week, counting began on a historic union vote by workers at an Amazon fulfillment center in Bessemer, Alabama. The drive has been seen as a bellwether for the labor movement as a whole, and Amazon workers frankly have plenty of reasons to fight to unionize.

Many complain about grueling work, unsafe conditions, with inadequate bathroom and meal breaks.

They treat you more like a product or a statistic than an actual human being. For example, I’m a diabetic and I don’t have time to stop to check my blood sugar. They have just constant quotas, and if you can’t get done what they want you to get done, then you have no worth inside of their system.

John: That’s terrible. And the fact Amazon workers are demoralized is something you knew, but it doesn’t get any less upsetting no matter how many times you’re reminded. It’s like hearing that Dennis Quaid’s new wife is younger than his son, or that Helena Bonham Carter has never won an Oscar, or that no one has ever cleaned a single waterpark. Seriously, when has a waterpark ever felt clean to you? Open-to-close, it’s full of filthy kids pissing themselves down scalding plastic slides into recycled water and night time is when the employees fuck in the tubes. How would cleaning it even work? What are they going to do, drain the lazy river every night? Of course not. You’re swimming in the piss of thousands of people, many of whom have long since died. Just deal with it. And while we don’t know the results of this vote yet, it is worth looking at just how hard Amazon has fought it. They’ve apparently been sending workers up to five text messages per day discouraging them from joining a union; they’ve also held mandatory meetings that disparage unionization, and then there’s this:

Something I have never, ever seen before in writing about labor for 25, 30 years, they have anti-union posters in the bathroom stalls.

You know, when you go to the bathroom, who want to look at that?

John: Yeha, nobody! Nobody wants to look at anti-union propaganda in the bathroom. The only thing worse to see while you’re taking a dump in a workplace bathroom stall is an empty toilet paper roll, or Kevin Spacey. How did you get in here? Get out! I’m shitting, Kevin! And speaking of bathroom breaks, we’ve talked before about how Amazon workers have said they’ve had to forego them to keep up with crushing quotas. And some delivery drivers have reportedly resorted to urinating in bottles. And just this week, “the intercept” published an internal Amazon memo, telling workers that “delivery associates cannot, must not return to stations with bags with poop inside.” Something almost too awful to comprehend, as two of New York’s morning news anchors conveyed in real time.

In some cases, employees defecating in bags. Come on! It’s morning time. People are having their coffee and cereal right now. This is one of those things, Laurie, I’m not so interested in knowing all the details.

What, because then they come and deliver your package?

Yeah.

John: Yeah, it’s a revolting story. Nobody wants to endure a bag of shit over breakfast. That’s why Piers Morgan no longer has a job. And look, I get not wanting to know details about things. As a general rule, I don’t need to know how most things get done. But I do make an exception if one of the steps involves someone having to shit in a bag. That goes for any process. I’m not really all that interested in how an origami crane gets made, but if you told me one of the steps involved you having to shit in a bag, I’m going to need a detailed, step-by-step look into the procedure. Because something horrendous is clearly happening there. And the fact is, we do have to keep paying attention to this. Because the outcome of Bessemer’s vote will have major implications. Amazon is the second largest private employer in America. And this unionizing effort could determine whether their employees have the power to demand decent working conditions. And the harder the company tries to convince their workers that they don’t need union protection, the clearer it becomes that Amazon executives — much like the bags that are apparently lying around their delivery vehicles — are completely full of shit. And now, this.

♪ ♪

Announcer: And now… Some very unwelcome news regarding Peeps.

Peeps and Pepsi? The two are collaborating on a marshmallow flavored soda.

Beware!!!! The Peeps have allied with the vile Pepsi corporation and threaten us now as an unholy liquid!!!!!!

We cannot talk about Peeps Pepsi.

He lies!!!! It is completely within his powers to simply not to mention it!!!!!!

The only way you can get a drink is through social media, and a promotion that is going on there. And asks fans to use the hashtag hanging with my Peeps.

I swear to god, if you use the hashtag hanging with my Peeps, I will break into your house!

The Pepsi Peeps partnership tops our consumer news today. Two of my favorite things were at. Braids because Peeps are one of your favorite thing, I’m rethinking your friendship, my friend.

Yeah!

I know a lot of people are like, I will make my own. Get some Peeps and some Pepsi mix it together, if they don’t win the promotion.

That might also lead to bad things.

Do not attempt to create your own peeps flavored beverage. The only flavor you will create is sorrow!

Just days after announcing a partnership with Pepsi, Peeps is continuing to get into the drink market. Now at 7-eleven, you can enjoy yourself a little Peeps latte.

No! Not a latte! Everything but a breakfast latt latte!

* * *

John: Moving on. Our main story tonight concerns the national debt — the world’s most boring $28 trillion. And I know, just saying “$28 trillion” might sound confusing. How much is that, exactly? Well, to put it one way: it’s $28 trillion. To put it another way, it’s 28 million millions. To put it a third way, it’s an absolute fuck-ton of money. But regardless, the national debt is a complete obsession in this country. Here in New York, we even have a debt clock that counts up in real time. It actually made headlines a little over a decade ago when the debt hit fourteen digits.

The national debt just passed $10 trillion, so the clock’s caretakers had to squeeze a one and the dollar sign into the same square.

It’s pretty scary. It’s a pretty big number.

Incomprehensible. It’s too big.

The clock was put up in 1989 by Helena Durst’s grandfather when the national debt was just under $3 trillion. Now that the debt has passed the $10 trillion mark, durst likes to recite a poem by her grandfather.

Borrow, borrow, borrow. Enjoy today and tomorrow, for tomorrow is going to be terrible.

John: I’m sorry, but that poem sucks. The rhyme scheme’s all over the place, and if tomorrow’s going to be terrible, why would you enjoy it? That was clearly the work of a man almost as good at writing poetry as he was at raising children who aren’t serial killers. Oh, yeah — the clock was put up by that durst family. The bathroom murder burp dursts. So thanks very much for the dumb clock that doesn’t tell time, you wealthy bathroom murder burpers. But the truth is, our national debt is undeniably big, and between the trillions in coronavirus stimulus bills and the infrastructure plans Biden unveiled just this week, it’s poised to get even bigger. And republicans, in particular, seem outraged about that.

This chart showing debt is not just about the big number. It’s not just about the $30 trillion of debt. This is about tyranny.

History is screaming this warning at us. Countries that bankrupt themselves and destroy their economies simply aren’t around very long.

There will be a day of reckoning, a debt crisis. And it won’t be pretty.

Deficits do matter. How long do you think your family would last if every month, you spent more and more on the credit card and made the minimum payment? Not long.

John: Look, I know that all sounds pretty scary, but for what it’s worth, the national debt is nothing like a credit card. For a start, we don’t have 28 trillion airline miles, nor do we get letters in the mail every day saying we’re preapproved for a brand new national debt. Leave us alone, you fucking parasites! But if we have huge clocks to measure it, we’re considering an infrastructure bill that could add two trillion to it, and some are implying that our creditors could be turning up any day now with a baseball bat to repossess our bridges and dams because of it, we thought tonight might be a good time to talk about the national debt: how it works, how valid concerns about it are, and how we should think about it moving forward. And let’s start with the basics, like the difference between the debt and a deficit. A country runs a deficit when it spends more money on things like the military, social programs, and everything else the government does — than it brings in — mostly through taxes. Now, to pay for a deficit, the government then borrows money, thus accruing debt. So the deficit is a yearly measurement of how much we’re in the red. And the debt is the total amount that we owe, accumulated over time. And for decades, in political ads, the debt has been portrayed as a burden we’re placing on future generations. Basically, making that argument that we’re running up their credit card, and one day, the bill’s going to come due.

You owe the united states government, in round numbers, $50,000.

What would you like for Christmas?

I would like you to fix the debt, so I can have a future.

I pledge allegiance to America’s debt, and the Chinese government that lends us money.

Congress must stop digging a deep hole of debt that we’ll never get out of.

Please stop digging.

John: Yeah, pretty dramatic. Crying babies, exasperated Santas, and even a child watching Uncle Sam digging a grave. And quick piece of advice, kids. If you do see a man in any kind of costume digging a large hole in the middle of the desert, do not approach him. Do not interfere with his digging. I’m not saying he should be doing that. I’m saying you’re not the one who should try to stop him. If he’s willing to dig a big hole, he’s willing to dig a small one. Run away and tell an adult. A non-costumed adult. But ads like those are wildly misleading. For instance, that pledge of allegiance ad talked about how much we owe the Chinese government. That is something you hear a lot. But for the record, the majority of government debt is actually owned by American investors. For example, if you have a pension, you might own some of that debt in the form of government bonds, because they’re a pretty safe investment. Foreign investors only own around a third of our debt. And while, yes, it’s true, China does own over a trillion dollars of it, which isn’t nothing — it’s around 5% — for what it’s worth, they’re not even our largest foreign creditor — Japan is. And while the debt is often talked about as being something we’re running up with new spending, the truth is, before the pandemic hit, most of our debt was the result of long, steady growth in programs that we’d long ago committed to, like Medicare and other entitlements. So we’re very much getting stuff for the money we’re spending. And that actually brings us to a really important point here: going into debt can actually be a good investment for the country. Essentially, as economists will tell you, the key question is, “are you spending money on the right things?”

We need to think of the debt. Are you creating money for real economic activity? If you’re doing that just to give somebody money, then, yeah, you’ve got a problem. But if I’m a private individual and I go to the bank and say, “I got this wonderful new idea. I just need the money to build my factory.” Nobody says, “oh, that’s horrible.” You just increased the money supply. Because we all go, yeah, but there’s a factory there. It’s a real thing.

John: Right. Taking on debt to build a factory that creates jobs and increases economic output is probably a smart investment. Especially if it’s one that makes this actual pillowcase depicting a nude Nicolas Cage lounging in a banana peel with two giant foxes in the background. I mean, look at this thing! As the description says, it has an “ophisticated seam” with “stylish style,” and I’m more than happy to cosign on both of those claims. And the reason is, you can consider me a satisfied customer. I feel so much more ophisticated! The point is, republicans love to argue that government should be run like a business, but tend to conveniently forget that some extremely valuable companies got that way, in part, because they had long periods where they spent a shitload more than they took in. So as you can see, already, things are a lot more nuanced than simply, “hey, Uncle Sam, please stop digging.” And it is worth taking a moment to look at the history of the debate over the national debt. Because the argument republicans often make is that they are the responsible ones who want to reduce the debt and rein in spending, whereas democrats don’t give a shit about the debt, and just love recklessly throwing money around. But that story just does not match up to reality. Take Ronald Reagan. He spent years complaining that deficits were a sign that the federal government had simply lost its way.

I think the answer to curing inflation is a balanced budget.

Now, how do you do that? I mean, that’s not — how do you balance the budget?

Well, balancing the budget is like protecting your virt —

you don’t spend more than you take in. Right?

Yeah, it’s like protecting your virtue. You have to learn to say no.

[Laughter]

[applause]

john: Really? An applause break? Is there anything weirder than calling someone’s virginity their virtue? Because as far as virtues go, it is a pretty shitty one. I’m not saying there’s something inherently wrong with not having sex. That’s a personal choice. I’ve frequently not had sex due to lots of people’s personal choices. But if that is the best thing about you, you should probably get some other virtues. But the key thing to know is, Reagan didn’t, in fact, end up spending his presidency saying no. Because he wasn’t really promising not to spend money, so much as promising not to spend it on certain people. His campaign rhetoric about “welfare queens” played into the racist trope that black people were fraudulently benefiting from wasteful government spending. And as president, he followed through by making cuts to basic elements of the social safety net, like food stamps, welfare, and medicaid. But he also massively increased defense spending, while cutting taxes, so the government took in less money, creating large deficits that wound up tripling the national debt. Which I guess, in his terms, made Reagan America’s hottest little slut. Then came these two guys. And between Bush senior and Clinton, they more or less did what Reagan had promised to do: cutting spending and raising taxes enough to achieve budget surpluses by the end of the ’90s. And the debt was briefly starting to come down, until this lovable human rights violation entered the picture. Because he immediately signed a massive tax cut, launched an expensive war on terror, and then signed a second round of tax cuts. All of which made our national debt explode, but republicans, strangely, didn’t seem to give a shit. Until, that is, Obama became president. He inherited a historic recession, and immediately signed a large stimulus bill, but afterwards was met with fervent opposition to any additional spending, mainly from republicans who had suddenly re-found their hatred for “deficits,” sometimes expressing it in truly remarkable ways.

[Sarah Palin, 2013] Our free stuff today is being paid for by taking money from our children and borrowing from China. When that note comes due — and this isn’t racist, so, yeah, try it, try it anyway, this isn’t racist — but it’s gonna be like slavery when that note is due, right? We are gonna be beholden to a foreign master.

John: Uh, yeah, no. That’s just not how any of that works. The debt isn’t going to just suddenly “come due,” all at once. And being in debt to someone isn’t the same as being enslaved by them. If you think a portion of US treasury bonds being owned by foreign investors is anything like slavery, you know both a very small amount about the financial system and a very racist amount about slavery. Also just generally: even if you preface something that isn’t racist with “this isn’t racist,” it will still sound racist. I’ll show you: if you said, “a lot of people buy jeans at Old Navy” — totally fine. But if you said, “a lot of people — and this isn’t racist, yeah, try it, try it anyway, this isn’t racist — but a lot of people buy jeans at Old Navy,” now that suddenly sounds like something that’s going to require about three pages of your notes app. And the thing is, republicans putting the brakes on Obama’s recovery spending is now widely considered to have been a big mistake. Most experts agree that the federal government didn’t spend as much on stimulus as it should have following the financial crisis, forcing state and local governments into austerity that delayed the economic recovery by about four years. And then came this fucking guy [Donald Trump]. He campaigned on eliminating the entire national debt, only to then implement an absolutely massive tax cut, resulting in huge deficits. Most corporations who benefited used the money not on investments in things like factories, but on stock buybacks. As for individuals, nearly half the tax cuts went to the top five percent of income earners. So we gave more money to people who already had it. And despite claiming that Trump’s tax cuts would “pay for themselves,” they very much did not. In fact, they did so little to boost the economy, they’re projected to cost us $1.9 trillion over a 10-year period. All of which clearly left some “fiscally responsible” republicans who voted for those tax cuts in a pretty awkward position.

You belong to a party that has green light to historic expansion of deficits and debt. And it’s just a plain fact.

[Ted Cruz] Do I wish that it was a higher priority for the president to rein in spending on the debt? Yes.

Do you think your colleagues, the republican party, will rediscover its concern about debt and deficits?

[Ted Cruz] Oh, sure. Sure.

I mean, isn’t that the most cynical, phony thing —

[Ted Cruz] Oh, look, there’s an element of it.

Doesn’t that make you wanna puke?

[Ted Cruz] You’re touching into something that, as you know, I have raged against.

John: I do not like that man Ted Cruz. I do not like his far right views. I do not like him in these reeds. I do not like him when he feeds. I do not like him by a wall. I do not like this shit at all. I do not like him as Santa’s elf. That man Ted Cruz can fuck himself. That is a pretty flagrant admission of a double standard. The only clearer example may have been when Mick Mulvaney, Trump’s former chief of staff, said, “the worst thing in the whole world is deficits when Barack Obama was the president. Then Donald Trump became president, and we’re a lot less interested as a party.” And that is just flat-out admitting the whole game. But even if you put all of that bad-faith hypocrisy aside, we are still left with the key question: how much debt is too much? And the interesting answer to that is, “nobody really knows.” For many years, we thought the best way to measure debt was to compare it to the gross domestic product. Basically, measuring how much in total the country owes, versus how much it produces each year. And the economic consensus was that debt exceeding gdp — or even getting close to it — was a hard red line that could not be crossed without risking a financial crisis. It was something occasionally expressed in fairly over-the-top ways, like in this John Stossel clip from 2011.

[John Stossel, FOX News] Our government keeps spending. You know, we’re already $14.5 trillion in debt. But you could say, “so what? Look around. America’s doing pretty well. What’s the worst that could happen?” Well, this could happen. These violent protests broke out once Greece was so deep in debt that Greece had trouble borrowing more money. Greece spent so much that by last year, they owed more money than their entire economy produced. No wonder they’re in trouble. We won’t reach that level of debt until, well, oops. Pretty soon. We’re on a clear track to a Greek-type crisis.

John: Oh, come on, Stossel! Cutting to footage of a riot can make anything seem more dire than might actually be the case. I’ll prove it: Rege-Jean page is apparently not appearing on the second season of “Bridgerton.” So what? What’s the worst that could happen?

Well, this could happen.

John: Oh shit! Feels pretty scary, doesn’t it? But the truth is much more complex. Because, a, his character arc is mostly wrapped up and the duke doesn’t appear in the rest of the novels. It’s really a generational story of a whole family! Also, you can absolutely lose the duke! It’s actually perfectly in his character to start something he doesn’t finish. But it’s more complex when it comes to our economy, too. Because something fascinating happened around last June: largely because of increased borrowing resulting from the first round of Covid stimulus, our national debt actually surpassed the size of our GDP. You know, kind of like Greece. But all those disaster scenarios that John Stossel’s performatively exaggerated voice fluctuations warned us about? None of them happened. It didn’t suddenly cost us a lot more to borrow money due to higher interest rates. We didn’t, as you may have noticed, become Greece. In fact, despite adding $4 trillion to the debt last year, interest payments on that debt actually declined. And that isn’t even a one-off: as our debt has risen in recent years, interest rates have fallen to historic lows. So what is the reason for that? Well, I don’t know. I’m not an economist, nor do I don’t know much about math. Which I know may be surprising, given that I have the face of someone who has a favorite kind of graphing calculator. What is shocking is that even expert economists can’t really explain it either. Here’s the former chief of the IMF basically admitting as much.

[Olivier Blanchard] To be perfectly frank, we do not — at least I do not, I don’t want to talk for the profession — we’ve had this steady decrease in the interest rate since the mid ’80s, continuing a bit more in the crisis, but, you know, continuing now. And we have no explanation.

John: Yeah, they don’t know! Now, he went on to point out that there are any number of possibilities. It may have something to do with aging populations in advanced economies, china’s high savings rate, the general lack of capital-intensive investment opportunities, or merely the fact that Richard Campbell of Omaha, Nebraska, hasn’t stepped on a crack in the sidewalk in over 30 years. But the point is, economists really have no fucking idea. In fact, the congressional budget office has now said that the debt-to-GDP ratio has no set tipping point where a financial crisis is imminent. So taken together, all of this has made many economists start changing the way they think about debt. Thinking that very basically, so long as our economy grows at a rate greater than the interest we’re paying on our debt, we can come out ahead. In the same way that you’d come out ahead if you borrowed money at 2% interest and then invested it somewhere and got 5% returns. But the larger point is, this whole field is in a bit of flux right now. Some economists believe that we shouldn’t get complacent — that a debt crisis is still on the horizon, just not at the tipping point we’d previously thought. Another, more radical argument, is that the government can in fact create all the money it needs to pay for stuff, as long as it doesn’t generate inflation. The point is, there is a good-faith debate to be had over how to handle our national debt over the long term. But right now, most economists actually agree that, with interest rates at historic lows, the question shouldn’t really be, “how much debt are we taking on?” As much as, “what is the value of what we’re getting for it in return?” And there are certainly dumb fiscal decisions we could make, like tax cuts for the rich. We’ve tried that multiple times, and if they were the magic key to eliminating our debt long-term, we probably would have seen signs of it working by now. But there are smart financial decisions, that more than justify going into debt, like spending on social programs, infrastructure, or, on an individual level, this Nicolas Cage pillow. It’s the second best investment I’ve ever made, after, of course, buying another Nicolas Cage pillow. I was worried my wife would get jealous, so this one is to replace my wife. And amidst the current crisis, many experts are less concerned about us spending too much than spending too little. And if it turns out that inflation or interest rates do start to rise, we should absolutely start cutting deficits, although not by cutting government programs people need, but through taxing people who can afford it. Look, no one credible is saying deficits don’t matter, or that we should borrow as if the sky’s the limit. What they’re saying is, the debate shouldn’t be about whether debt is good or bad. It should be about whether the investments we’re making are worth it or not. And if you’re still worried about debt because you’ve been told you’re burdening your children and children’s children, well, I have some good news: those future generations have a special message for you.

Hello.

Hello.

Hey there.

We are your children.

Your grandchildren.

And your great grandchildren.

And we have a message for you.

Stop using us to scare us about the national debt.

You idiots have no idea what it works.

Take the stupid debt clock.

Do even know what a clock is?

Clock, not a clock.

Also, that isn’t always a bad thing.

Yes, going into debt to give money back to people already have too much is stupid.

Look at this guy. Slick flame thrower, bro.

You can use that to build new briroads roads and bridges.

You can use it to improve schools, which would make us into a better labor force.

You can use or to improve health care.

You can even use it to buy these pillows, which will become treasured family heirlooms. The important thing about debt is what you get out of it.

And what we get out of it. You see, debt can be a tool for growth. In fact, the debt to GDP ratio is not as reliable a metric as assumed. They turned out to be largely flawed, given the continuing inverse relationship between rising debt and low interest rates. So it follows, the economy’s capacity to improve debt without following massive increases.

It is so simple.

The easiest thing in the world.

I am nine years old at even I understand that.

And if you are so concerned about our future, maybe it is worth spending now on things like preparing for the impacts of climate change.

The clock is really taking on that one.

It’s not a clock.

Please.

Please.

Believe us when we say, we are not as scared of being born into debt as we are of being born into a country that didn’t invest into our future.

And we are also scared of that guy digging the hole the hole.

I think that goes without saying.

So when it comes to the debt — your children, grandchildren, and great grandchildren, all have one message for you.

Grow the fuck up.

John: That’s our show. Thank you so much for watching. We’ll see you next week. Good night.

♪ ♪

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