Recently, Nikki Haley, a Republican presidential candidate, went on CNBC
to make her case directly to wealthy mega donors rather than the American people.
Now, donors probably started salivating when she promised to reform
America's entitlement programs.
Now, before we get to that, let's watch Nikki Haley and the CNBC
anchors specifically talk about a few of their best billionaire buddies.
You or your campaign have talked about Jamie Dimon.
There was an Axios report, like, you guys like phone friends a lot.
You talk a lot.
Or because he gets believe me, if he says I like Nikki Haley and she'd
be great, that goes a long way along with Druckenmiller and Ken Griffin.
Look, I appreciate it. We had one phone call.
Jamie called, and we, you know, we talked about the debt.
We talked about the economy, the idea that a Jamie Dimon and a Stan
Druckenmiller would be supportive. We'll take it.
But I also think these are men that see what's happening.
They see that in a couple of years, our interest expense is going to be higher
than our national defense budget.
They see what's in the future.
And I think that, you know, they know that I'm serious, even if it
means talking about the hard truths of what we're going to have to do to fix it.
So if you're unfamiliar with Jamie Dimon, have no fear.
I will tell you who he is.
But just keep in mind that he's constantly reported as a Democrat,
but he's funneling that money over to Nikki Haley, a Republican candidate.
Of course, Jamie Dimon is the CEO of JPMorgan Chase.
Stanley Druckenmiller was also mentioned there.
He's also a billionaire investor and former hedge fund manager.
And then Ken Griffin is the founder and CEO of Citadel LLC.
That's a multinational hedge fund.
And according to Bloomberg and Forbes, the three of those three specifically
have a combined net worth of approximately $48 billion.
Let's break it down.
Jamie Dimon is actually the least rich of them all.
He only has a net worth of $2 billion. I hope he'll be all right.
Yeah. Then you have Stanley Druckenmiller.
His net worth is approximately $10 billion.
And then Ken Griffin big man on campus $36 billion in net worth.
And these are the people she is friendly with.
These are the people she's having conversations with.
These are the people who want nothing more
than lower tax rates, deregulation
and cuts to entitlement spending.
So Haley went on to promise that she would reform the programs that hardworking
Americans, like all of us, have been paying into our entire working lives.
Let's watch on the hard truths.
One of the things that Stan Druckenmiller and frankly, Jamie and others have talked
about is the need to reform entitlements.
That's a polite way of saying, saying, cutting entitlements
in a big and meaningful way.
Are you on board with cutting entitlements in a big and meaningful way?
Social security goes bankrupt in ten years.
Medicare goes bankrupt in eight.
Anyone that says they're not going to take on entitlement reform means
they're going to go in and be president and leave the country bankrupt.
You can't do that.
Yes, we have to do entitlement reform, but that doesn't mean you
touch anyone that's in the system.
We should keep our promises. America should always keep our promises.
But for everybody coming into the system, like my kids in their 20s, you change it.
You say, we're going to raise the retirement age to reflect life expectancy.
We're no longer going to do cost of living increases.
We're going to do increases based on inflation.
We're going to limit the benefits on the wealthy, and we're going to expand
Medicare Advantage plans so that we have more competition.
All right, so, look, Nikki Haley, to me, the reason why you're seeing
corporate press and the entirety of the Republican Party try to prop up Nikki
Haley is because Nikki Haley, to them, is the epitome of what they wish
the Republican Party would go back to.
Neocons love war, super hawkish and constantly eyeing cuts
that impact the American people and benefit the wealthiest among us.
Okay, big business corporations, the executives.
That's what this is really about. And so, yeah, you know what?
Like, I can't stand when they talk about like, you know, the younger Americans
who have also been paying into Social Security, let's screw them over.
Right?
Because that's how Social Security works, right?
We're funding the Social Security benefits of people who are elderly today.
And the idea is younger generations, when we're ready to retire,
are going to fund our Social Security benefits in the future.
If you're worried about Social Security going bankrupt,
and I don't believe for a second they're actually worried about that.
But let me steel man her argument and pretend like it's genuine.
It's very simple.
You raise the Social Security tax limit or Cap, which is capped at like 100,
almost like $150,000 in income.
After that amount, you stop getting taxed for Social Security.
How about you just lift the cap, increase the funding for it,
and let's move on with our lives.
But she doesn't want to do that. They just want to gut it.
They just want to gut it.
And keep in mind that Social Security is the only form of retirement
that is not tied to risk.
It's not tied to the stock market, which makes it a little more stable than, let's
say, a 401 K. Anyway, go ahead, Jane.
So I'm going to tell you a little trick that Nikki Haley threw
in the middle of that segment in a sec.
But first this I love this story because it's the epicenter of the establishment.
So. Or what now people are calling the uni party.
So that's a bipartisan group. Jamie Dimon, theoretically a Democrat.
In fact, every time a Democrat wins the presidency, people talk about, oh, should
- Jamie Dimon be the Treasury secretary? - Oh my God.
Obama considered making Jamie Dimon the Treasury secretary.
Of course he did, because he's he is the establishment.
That's that's who Obama was. That's who Biden is.
And that's who Jamie Dimon is.
On the other hand, Ken Griffin, one of the largest Republican donors
in the country, buys off politicians on an industrial scale.
Bribery, Inc.. Okay, I'm sorry.
Campaign donations, independent expenditures.
Okay, so now Nikki Haley is the establishment candidate.
So it is unsurprising that all the party funders are calling her and going,
oh, good girl, good girl.
Now do they actually care about the debt and deficit?
Some of them might genuinely care about that, and I care about it.
Actually.
I think that our debt is way too high and I think we need to do something about it.
But why do I think that they are disingenuous overall?
Because if you actually cared about the debt, you would propose two solutions.
One is maybe cutting some issues.
I would never cut Social Security, Medicare or Medicaid.
I don't think that's the right place for cuts.
You might talk about cuts of defense, which is bloated, never passes an audit,
wastes a tremendous amount of money.
But they never talk about that.
But the other part of the equation, you would definitely talk about,
if you were honest and genuine, you were talking about increasing taxes.
So, for example, if one of them said, hey, you know what passed like $10 million
a year, a giant, giant income for a year, taxes should be increased to like 70%,
which is what they were for a lot of American history.
And that actually produced an amazing middle class and led to economic growth.
And that would lower the deficit.
You create economic growth and you have some sort of parity and justice.
But, Jake, be clear about what you mean when you say taxed at 70%, because that
would be the top marginal tax rate right.
Above $10 million.
Okay. Yeah, exactly.
For every dollar above ten. Exactly.
So it's example. Yeah.
It's not like the entirety of their income is going to be taxed at 70%.
And if you don't make $10 million a year, it wouldn't affect you at all.
I'm just giving you that as an example of something that they could do.
That's easy because that's and you could pick a different number
other than 70%, etcetera.
But they never, ever talk about increasing taxes for the rich.
It's always and not the defense etcetera. What are they talking about?
Taking your Social Security and Medicare and they keep calling it entitlements.
Well, you know why you're entitled to it? Because you paid into it.
You paid into it your whole life. They took it out of your check.
And now all of a sudden they say, oh, no, we can't afford it anymore
because the rich don't want to pay a single penny more in taxes.
So if you notice, Nikki Haley did this cute little trick
where she said, you know, we could limit the benefits on the wealthy.
It makes us sound like she's asking for shared sacrifice,
including from the wealthy.
No limiting benefits.
- That's like a thousand bucks a. - Month.
For the people that are billionaires. That's nothing.
She's throwing that in there to trick you.
Now, one of the things they actually could do to share the sacrifice along with.
Elderly.
And the people that they're planning to rob is that they can say, okay, let's lift
a cap on where Social Security taxes end.
Right, right.
And that actually would bring in a lot of money and Social Security.
Medicare would be solvent forever, pretty much.
And they would have no issue about bankruptcy, no issue on anything.
And that's not even raising taxes on the rich.
Other than this tiny Social Security tax. Yes.
Totally disingenuous. This is the great American robbery.
- It is income redistribution to the top. - That's exactly right.
Now, if you're worried about President Nikki Haley cutting our entitlements
that we have been paying into, I don't think you should worry that much
because she's not even in second place in the Republican primary.
She has been rising a little bit in the polls.
But if you look at the average of polls, she's barely even in third place.
The person who has a gigantic lead, gigantic lead in the Republican primary,
as we've been reporting and sharing with you, is Donald Trump.
And whether you like him or hate him, it's really important to understand that among
those candidates, he has a very different message when it comes to Social Security.
Let's watch.
We'll protect Social Security and Medicare for our great seniors, which
is not being done by Ron Desanctimonious.
I will tell you, he voted three times against Social Security,
and he wanted to bring the minimum age all the way up to 70.
But that's not going to happen with me.
I will protect Social Security and Medicare.
Trump has decent instincts at times, and that's a good example of good instincts.
Yeah.
Look, almost everything Trump says is a lie.
So it's not like if you vote for Trump, you're going to protect
Social Security and Medicare.
And I've called him dumb, I don't know, thousands of times based on
overwhelming evidence, but fair is fair.
That is 10,000 times more savvy as a politician than what Nikki Haley is doing.
I get why, why, why is Nikki Haley saying it on CNBC?
Because she thinks, oh, rich donors are watching CNBC.
So she's doing a specific ad for them. She brought I will serve you.
I will be your servant. Nikki Haley promises the CNBC audience.
But Donald Trump is trying to win an election.
And he's and he knows the CNBC audience is a tiny, tiny, tiny.
And so he's got the better political tack, at least pretending to care about
protecting Social Security and Medicare.
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