WE BREAK DOWN THE FE. THANK YOU,
LAWRENCE. WE APPRECIATE IT. SO
FOLKS JANET YELLEN SAYING THE X
DATE WHEN THE U. S GOVERNMENT
RUNS OUT OF MONEY HAS BEEN
MOVED UP TO JUNE 1ST. NORMALLY
I WOULDN’T LISTEN TO THE
TREASURY BECAUSE IT LACKS SO
MUCH CREDIBILITY, BUT CHECKING
AROUND TOWN. THE CBO ALSO
BELIEVE THAT GOVERNMENT CASH
COULD RUN OUT IN JUNE RATHER
THAN JULY AUGUST, SO THERE’S A
LITTLE MORE CREDIBILITY THERE
AND ALSO THE PETERSON INSTITUTE
IS TALKING JUNE. SO IS THE
BROOKINGS TAX POLICY CENTER. SO
CALLED X DAY THAT’S THE RUN OUT
OF MONEY DATE COULD COME IN
JUNE COULD MEAN JUNE 1ST COULD
BE DURING THE MONTH. BUT THIS
IS ALL VERY IMPRECISE, AND NO
ONE REALLY KNOWS, BY THE WAY
HOW SPEAKER KEVIN MCCARTHY IN
THE REPUBLICAN CONFERENCE,
WHICH HAS THE ONLY DEBT CEILING
INCREASED PLAN IN WASHINGTON,
COUPLED WITH BUDGET REFORM.
WELL, THEY GOT THEIR PRODUCT
OUT IN APRIL. IT’S JUST THAT
JOE BIDEN WON’T DEAL WITH IT.
AND THERE IS NO OTHER DEBT
CEILING. INCREASED PLAN IN
WASHINGTON D. C. NO OTHER PLAN.
EVEN REPUBLICAN SENATOR MITCH
MCCONNELL, THE LEADER OF THE
PUBLICANS IN THE SENATE. EVEN
MITCH IS TELLING BIDEN TO START
NEGOTIATING WITH SPEAKER
MCCARTHY. TAKE A LISTEN TO
THIS. I THINK WHAT THE HOUSE
HAS PASSED MAKES A LOT OF SENSE
. HE AND HIS SPEAKER NEED TO
REACH AN AGREEMENT SO WE CAN
GET A SOLUTION OF THE SENATE.
IS NOT A RELEVANT PLAYER. THIS
TIME, THEY HAVE GOT TO HAVE A
MEASURE THAT CAN PASS THE
HOUSE. HOW DOES IT PASS THE
HOUSE AND THAT SAID, THE
SUPPORT OF THE SPEAKER AND I’M
BEHIND THE SPEAKER. WOW WOW.
IT’S A NEW MITCH MCCONNELL
ANYWAY. ONE REASON THE
GOVERNMENT’S RUNNING OUT OF
CASH FASTER THAN PEOPLE THOUGHT
IS BECAUSE OF THE SLUMPING
ECONOMY. IN FACT, THE BIDEN
ECONOMY IN THE LAST FIVE
QUARTERS HAS PRODUCED 0.9%
GROWTH. IN OTHER WORDS, LESS
THAN 1% OVER FIVE QUARTERS OR
15 MONTHS WITH A 6.4% INFLATION
RATE. ALL RIGHT. THAT’S A
PROLONGED SLUMP WITH HARMFUL
INFLATION. AND THAT’S WHY
BIDEN’S POLLS ARE SO BAD.
THAT’S WHY WALL STREET JOURNAL
COLUMNIST GERARD BAKER IS
WRITING THAT TRUMP COULD WIN IF
PEOPLE VOTE THEIR POCKETBOOKS.
AND INDEED THE FORMER PRESIDENT
IS TALKING ABOUT THE ECONOMY AT
EVERY WHISTLE STOP. MEANWHILE,
YEAH, GDP ITSELF DOESN’T REALLY
MATTER TO TYPICAL WORKING
FAMILIES. BUT WHAT MATTERS IS
THE SOARING PRICE OF GROCERIES
AND GASOLINE AND THE FACT THAT
INFLATION IS RUNNING FASTER
THAN THEIR WAGES. THAT IS THE
KEY POCKETBOOK ISSUE NOW
BECAUSE OF THIS PROLONGED
ECONOMIC SLUMP YEAR TO DATE,
TAX REVENUES ARE RUNNING $74
BILLION BELOW LAST YEAR.
INDIVIDUAL TAX RECEIPTS. $95
BILLION BELOW LAST YEAR.
MEANWHILE FEDERAL SPENDING ALL
RIGHT GET THIS FEDERAL SPENDING
IS RUNNING $359 BILLION ABOVE
LAST YEAR. THAT’S 359 BILLION
ABOVE YEAR AGO. AND THAT IS WHY
THE BUDGET DEFICIT FOR THE
FIRST HALF OF THE YEAR IS
RUNNING ABOUT $433 BILLION
ABOVE YEAR AGO. NOW THE DEFICIT
LAST YEAR FISCAL 22 WAS 1.4
TRILLION. AT THIS RATE, WE
COULD BE RUNNING FOR FY 23 A
DEFICIT OF SOMEWHERE BETWEEN
1.7 AND $2. TRILLION ALRIGHT,
THESE NUMBERS WERE COMPILED BY
JOE LIVE ORANJE, FORMERLY THE
CHIEF ECONOMIST OF THE WHITE
HOUSE NATIONAL ECONOMIC COUNCIL
. HE KNOWS WHEREOF HE SPEAKS.
MR BIDEN SAYS HE’S CUTTING THE
DEFICIT. BUT FOR THAT HE’S
GETTING A LIFETIME 10
PINOCCHIOS FOR THAT UNTRUTH.
NOW I KNOW ALL THESE NUMBERS
ARE BORING. I GET THAT, BUT I
HOPE THEY PAINT A PICTURE AND
TELL A STORY THAT AN INFLATION
PRONE STAGNANT ECONOMY BANKRUPT
THE COUNTRY. THAT’S WHERE THE
DAMAGING DEBT COMES FROM, SAY
IT AGAIN. INFLATION PRONE
STAGNANT ECONOMY AND CONTINUED
OVERSPENDING. THAT’S WHERE THE
DEBT COMES FROM NOW. TO GET
EVEN MORE BORING, FOLKS. I’M
SORRY. I GOT TO TELL YOU HOW
EXCITING IT IS FOR ME.
PERSONALLY I KNOW IT’S BORING
FOR YOU. BUT LOOK, THERE’S ONLY
SO MUCH THE TREASURY CAN BORROW
FROM THE CIVIL SERVICE
RETIREMENT FUND OR THE POSTAL
SERVICE, RETIREMENT OR THE
FEDERAL FINANCING BANK OR THE
EXCHANGE STABILIZATION FOUNDER
. THE THRIFT SAVINGS PLAN
ACTUALLY, BORROWING FROM THESE
RETIREMENT PLANS IS ITSELF
PRETTY TERRIBLE IDEA. BUT
THAT’S WHAT HAPPENS WHEN YOU
HAVE A MALFUNCTIONING ECONOMY
WITH CONTINUED OVERSPENDING AND
HIGH INFLATION. NOW, THIS STORY
WILL ONLY GET WORSE IF
JOE BIDEN CONTINUES TO AVOID
TALKING TURKEY WAS SPEAKER
KEVIN MCCARTHY, WHO HAS THE
BEST PLAN IN TOWN TO SAVE
AMERICA’S FINANCES. IN FACT,
AGAIN, HE HAS THE ONLY PLANT IN
TOWN. SO I SAY, QUIT STALLING
PRESIDENT BY GET DOWN TO WORK.
SAVE AMERICA PAST MCCARTHY’S
LIMITS, SAVE GROW, AND BY THE
WAY, STOP BANKRUPTING AMERICA.
MR PRESIDENT BIDEN, YOU KNOW