Young people have every reason to be enraged.
And every issue they see, they look up, they get angry, and they
see someone doing better than them.
And then every day it is spitballed in their face that they are failing,
that they are not doing as well as everyone around them.
We have lost the script.
Our kids are more anxious and more depressed and more obese and more
addicted, and we have made a purposeful decision to let this happen
by ensuring that people around this table stay wealthy at the cost of young people.
Author and professor Scott Galloway went on an absolute tear on Morning Joe,
perfectly explaining some of the problems that young people
are facing in modern America.
Now, Galloway was very detailed in his analysis and covered a wide variety of
topics, which will break down one by one.
First is the notion that young Americans are financially worse off now
than their parents were.
Let's take a look.
And there are people who make an exceptionally good living,
but it's all current income and they live in a blue state.
They might be paying 50 to 54% tax rate.
I bet some of those people are on around this table right now.
But if you can make the jump to lightspeed and invest in assets, stocks, housing,
then your tax rate plummets.
So in America, we've decided to try and create a super class of billionaires.
And then if they win the gold medal, we're going to give them
the silver in the bronze.
Two biggest tax deductions capital gains and mortgage interest.
Who owns homes and stocks.
People my age who doesn't know who rents and makes their money from current income.
Young people.
So we've decided that the wealthiest people in the world
should get exceptionally more wealthy.
Minimum wage second 925 stock market is screamed up.
The average 70 year old is 72% wealthier than they were 40 years ago.
The average person under the age of 40 is 24% less wealthy.
We were.
We are purposely transferring more wealth from the poor and middle class
to the and the upper class to the super rich and from young to old man.
Look, he said a lot there.
And there were points of his statement that really, really struck a nerve
with me personally, really hit home.
You know, he starts off by talking about the 55% tax rate.
If you live in a blue state, that includes the local taxes, state taxes and federal
taxes and how you don't get the tax breaks if you haven't, if you haven't been
privileged enough to afford astronomically priced houses, okay, you don't get the
kind of tax benefits and deductions that people who have built a tremendous amount
of wealth get to take advantage of God.
That really hit home for me.
And then, by the way, you add that extra layer of feeling like you're the taxes
that you pay don't actually go back to benefiting the community you live in
doesn't actually make your life better.
You see what the money gets wasted on.
You see how much money we spend on foreign wars and things like that?
Yeah. It's infuriating.
Like finally you hear someone on cable television, no less vocalizing
the actual rage that young Americans are feeling and accurately explaining
where that rage stems from.
Pausing here to deliver some honest truth, as we do in our news coverage as well.
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Look, we talk often on the show about, having open hearts,
being kind, caring, decent and open minds and making sure that you don't cancel.
People hear people out.
So there are opinions of Scott Galloway has that I totally disagree,
vehemently disagree with.
Agreed. Yes.
But he was absolutely brilliant here 100%. Right.
And so there's two sets of folks in the country who are the most screwed.
One is the middle class because, and look, when I was poor,
I didn't pay that much taxes and I got, unemployment benefits, etc..
So, look, I had a thousand other problems being poor.
Right? But taxes wasn't high on the list.
When they're rich, they stop paying taxes to for all the legal reasons.
But that's the problem is that they change the laws so they would pay less taxes
than us, let alone capital gains.
The carried interest loophole is insanity.
Insanity where, like the top, venture capitalists in the world,
private equity guys pay way less taxes.
The billionaires, I think, on average, are paying only 8% in taxes.
Okay, so it's just a crime how little taxes the rich pay.
So somebody's got to lift that burden and it's a giant burden we got
to pay for defense, got to pay for all these different things.
Right.
So they just dump everything on the middle class.
The middle class pays the most by far. And they go, so what?
Take it okay. Right.
But and then let me just add a little bit more to that.
And then you have situations in which you know you pay your taxes.
They're astronomical. If you're a working middle class American.
And then in high tax states like California, 24 billion over five years
spent on homelessness, they face an audit.
They can't account for that money. They can't account for that money.
Yeah.
And guys so they're also risking a little bit of a rebellion here.
The top 10% controls the country. Bottom 90% has almost no effect on policy.
Right. But the top 10% is big group.
There's a the top 0.1% that's the bankers, etc.
That actually control everything.
And the rest of the 10% is filled with doctors,
dentists, accountants, lawyers, etc.
And they're coming after those guys now.
So even when I was at MSNBC and I made good money, I was not in the top brackets
at like in in that place where you can take advantage of all those loopholes.
Right?
So the doctors and the and the accounts are getting crushed now too.
So there's they're fomenting rebellion without realizing
because there's so incredibly greedy.
But now back to the young.
The people that are suffering the most are the young, because all the rules
have been changed against them and in favor of the already wealthy.
And no one in the establishment ever talks about that.
All they do is talk down to them, go, oh, you're lazy.
Entitled millennials, Gen Z boo!
So tremendous credit to Scott Galloway for accurately showing the numbers.
And this is not conjecture.
It is stone cold facts that young people have it much harder on housing,
student debt and in every way.
So finally someone said it on TV. So I'm very appreciative of it.
Yeah.
And he also said like, look, this is a system that just seeks to benefit people
like the people sitting at this table.
So he included himself in that equation, which I, you know,
I value that he said that.
And I particularly like the fact that he's telling the truth
and pointing out the reality involving these anchors on cable television, who I
would venture to say are so disconnected from what ordinary Americans are facing.
It's I mean, it shows in their coverage of various stories.
Right?
So I just enjoyed that moment where he kind of called them out
and how they're kind of blind to how the system benefits them and really
puts young Americans at a disadvantage.
Thanks for watching The Young Turks really appreciate it.
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