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Trump vs. Biden: Who bankrupted us more? | Brian Riedl | The Reason Interview With Nick Gillespie 

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"I'm concerned about a Trump-Biden rematch," argues Riedl. "You have two presidents with two of the worst fiscal records of the past 100 years."
reason.com/podcast/2024/02/28...
0:00- Why is the national debt bad?
6:26- Is it sustainable to keep printing money?
8:39- We have a social security and medicare problem
17:00- Are presidents to blame for high spending?
17:30- What is the Congressional budget process?
22:40- What role does public opinion play?
27:58- Looking at the 2024 election
32:00- The last time the U.S. had a balanced budget
40:00- Should we tax the rich more?
47:00- How to meaningfully cut social security
_________
You probably already know that the national debt is bigger than our whole economy. But relax, because things can always get worse! And they will, regardless of whether Biden or Trump gets elected in the fall. Each has a proven track record of spending like a drunken sailor and most projections show that debt will grow to between 181 percent and 340 percent of GDP over the next few decades. Reason's Nick Gillespie discussed all of this and more with Brian Riedl, a budget expert at the Manhattan Institute. Riedl explains why massive and growing debt is really bad, why reducing it is really hard but really important, and why young people should be really pissed.
Photo Credit: Tom Williams/CQ Roll Call/Newscom

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9 июн 2024

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Комментарии : 162   
@shawnratashak1296
@shawnratashak1296 3 месяца назад
Saying that Trump & Biden spent money like drunken sailors was very unfair. The sailors spend their own money.
@MadShenans
@MadShenans 3 месяца назад
Shocked by how few view this video has. It’s so important. Might be voting for nothing aside from intentionally politically gridlocking the system. Seems like it’s the only way to vote for fiscal responsibility. GRIDLOCK 2024
@jonmaster5000
@jonmaster5000 3 месяца назад
I’m not, if more people cared about this issue we wouldn’t have the problems we have. I believe the political polarization and grand standing from GOP and Dems on cultural issue is to camouflage this third rail of politics.
@thelonertarianthelonertari7098
@thelonertarianthelonertari7098 3 месяца назад
The CARES Act was the single worst thing financially for America that I’ve ever seen in my lifetime. Debt & wealth redistribution is Trump’s legacy.
@Dannyboyo4
@Dannyboyo4 3 месяца назад
You are both correct and incorrect, in my opinion. While it's true that the CARES Act was passed when Trump was in office thus bearing some responsibility, it was done so with huge bipartisanship on both sides of aisles (House: 419-6, Senate: 96-0). So even if Trump were to had vetoed it, Congress would simply override his veto and would become law regardless. But since it was an election year and Trump wanted to win his re-election, he probably was being pressured into passing it.
@sebholding
@sebholding 3 месяца назад
@@Dannyboyo4 I agree with you, but just as a reminder 4 republicans didn't vote because they were forced to isolate, including Rand Paul who would have vote against it but got COVID
@paulmryglod4802
@paulmryglod4802 3 месяца назад
Exactly ​@@Dannyboyo4
@jacobpetersen5662
@jacobpetersen5662 3 месяца назад
Facts matter. Thanks for adding this. @@Dannyboyo4
@jacobpetersen5662
@jacobpetersen5662 3 месяца назад
The cares act Trump really had no choice. He didn't cook it up and he was even against the lock downs, the push for masks and vaccines in the beginning. He was bullied and pressured to do change his mind. Also, Trump was in for 1 year of the pandemic. Biden could have stopped this madness but instead he went rouge on it and took it FAR beyond the craziness of 2020. Add in Ukraine and 10 millions immigrants living here on tax payer dollars. MUCH MUCH worse.@@Dannyboyo4
@TheCrusaderRabbits
@TheCrusaderRabbits 3 месяца назад
One of the few speakers who knows the difference between less and fewer with count/non count nouns.
@matador677
@matador677 Месяц назад
Riedl is the best at explaining debts, spending, taxes. He keeps it real.
@Floccini
@Floccini 3 месяца назад
Nothing happens until the bond market panics. One reason the bond traders haven't paniced is because so many retirees are not spending down their assets
@jdogsupreme
@jdogsupreme 3 месяца назад
This video is really worth watching! Would love to hear more on this topic.
@sampreethj
@sampreethj 3 месяца назад
I am an India and I still watch reason tv and videos like this make so many important decisions but it’s shocking the number of views this has.
@gangar99
@gangar99 3 месяца назад
You probably watch US politics more than India, correct?
@Fitz101ify
@Fitz101ify 10 дней назад
Refreshing to see two adults talk politics
@TRyan3
@TRyan3 3 месяца назад
ty
@wolfganglauth4015
@wolfganglauth4015 3 месяца назад
38:20 - Just once more for emphasis - "If you seized every dollar of every billionaries wealth in America, their home, their cars, their stocks, their vacation houses, their yachts, you could fund the government one time for 9 months" 🙃
@sebholding
@sebholding 3 месяца назад
It's not because without social security and medicare the budget would be structurally balanced that reforming those programs is the only way to balance the budget, but the other parts of the federal budget would have to be slashed dramaticaly, with the elimination of entire departments (which would actually improve the quality of life and services in many sectors thanks to the elimination of federal controls and regulations) and a drastic change in foreign policy (which would also have a positive impact on the political and cultural climate).
@mjmeans7983
@mjmeans7983 3 месяца назад
Replacing all income imputed taxes with a consumption tax in a way that forbids the easy re-addition of income imputed taxes would only be possible with a constitutional amendment. I remember a Fair Tax concept being discussed years ago that also paid people a 'prebate' which could also be molded into a guaranteed minimum income that would allow lower income families to live without needing to work or where one parent only needs to work part time in some areas of the country that have a low cost of living. The general idea doesn't seem to have a lot of support. But with the situation today, will the whole idea of a prebate of consumption taxes at the poverty level be demagogued as racist since it would only send the prebates to documented US citizens?
@macsnafu
@macsnafu 3 месяца назад
Brian Riedl brings up a point very early on that I never thought too much about. Who is the federal government borrowing money from? And does federal borrowing crowd out private borrowing? But yeah, ultimately, we're way past the point when we should have been cutting spending AND borrowing. And neither party has any interest in doing that. So ultimately, it's going to take something really drastic, perhaps some terrible economic crisis they can't spend their way out of, or something, to get it accomplished. Failure to do so will mean a gradually declining economy until the U.S. is no longer a first world power. Then we can finally become a socialist Banana Republic, but without the bananas!
@geraldking4080
@geraldking4080 3 месяца назад
"We choose truth over facts." - Joe
@sebholding
@sebholding 3 месяца назад
I wouldn't dismiss so easily the idea of getting out of it trought high economic growth. Firstly in nominal term (not adjusted from inflation) 6% a year is quite realistic, secondly the AI and robotics productivity boom is coming.
@dannygreen7473
@dannygreen7473 3 месяца назад
AI and robotics will be the final nails in the coffin when mass unemployment is delivered on an unprecedented level once their full potential comes to pass.
@sebholding
@sebholding 3 месяца назад
@@dannygreen7473 false, innovation and productivity gains never created mass unemplyment, only prosperity
@sshope19
@sshope19 3 месяца назад
I do not want to watch the whole video. What is the answer to the question? Is it Biden or Trump at the end?
@Adam13Chalmers
@Adam13Chalmers 3 месяца назад
Based on past track records, Brian states that a Democratic president with a Republican congress tends to lead to most restrained spending (basically gridlock).
@fizzled95
@fizzled95 3 месяца назад
There is no wrong answer. Also, you should watch this in its entirety.
@dannygreen7473
@dannygreen7473 3 месяца назад
Definitely Obiden.
@alanjavari4067
@alanjavari4067 3 месяца назад
So, vote for Biden in presidency and Republicans in congress is the best Incentive structure 😆
@coreyham3753
@coreyham3753 3 месяца назад
You must be kidding ..... have you ever seen or listened to the complete republican morons in the House and Senate? The list is almost endless from MTG, Boeert, Gaetz, Mace, Gosar to Tuberville, Cruz, Stefanick, Jordan, and many more. You could count the number of competent and fit republicans in House and Senate on the fingers on both hands
@fr1zl
@fr1zl 3 месяца назад
I don't know how to motivate these kids man, they got their headsets games and phones and their heads have weird shapes because of headsets all their childhood, have you seen this? Their skull literally has a band where that shit sits.
@jimbrownfield8239
@jimbrownfield8239 3 месяца назад
Can you either put isolators on the microphones, or stop hitting the f@@king table? Please???
@jimbrownfield8239
@jimbrownfield8239 3 месяца назад
Just to elucidate on this as you probably can't hear it on your computer speakers. I was watching this on an AppleTV, and every few seconds, the subwoofers would make a very annoying "BOOM!" every time one of your elbows hit the table or desk you were sitting at. Microphones should be isolated from their bases (usually with some kind of spring mounting) to prevent this. It's SUPER annoying.
@paulvalentine4157
@paulvalentine4157 3 месяца назад
Trump
@01nmuskier
@01nmuskier 3 месяца назад
Explain covid relief spending where Democrats locked down the economy and Pelosi wanted MORE spending but Trump negotiated her DOWN.
@thegoatudontknow
@thegoatudontknow 3 месяца назад
u need real help biden is the president of ukrane
@randyk389
@randyk389 3 месяца назад
FJB
@NoNameMan-oc5kh
@NoNameMan-oc5kh 3 месяца назад
As a Canadian I disagree with the notion that a national consumer tax which we have in Canada would be a problem because it would be raised over and over again. Our national consumer tax actually has been lowered from 7% to 5% over the years. After the tax is implemented political parties are always hesitant to raise it. This guy is using the slippery slope argument which I think isn't really that strong. Moreover, every other country seems to afford social programs and entitlements, yet America can't afford it? Try reducing the military budget and raising taxes on corporations and the ultra wealthy.
@coreyham3753
@coreyham3753 3 месяца назад
Interesting comment, but the USA does not need a national sales tax (VAT). What the USA needs to do is to completely overhaul the federal income tax system along rational, principled, equitable, and consistent lines. The current USA federal income tax system is completely dysfunctional and totally broken. If it was overhauled, it would easily fund federal government requirements without the need for a national sales tax. And it would be relatively easy to reform the federal income tax system if just 2 basic principles were the primary guidelines for income tax reform. First, all forms of income should be treated the same for tax purposes. Namely wages, salaries, capital gains, interest income, business profits, retirement income, or any form of income whatsoever. After all, the source of income is really irrelevant .... the dollar received spends the same and buys the same no matter what the source is. That would significantly "expand" the tax base and treat all forms of income the same for tax purposes. Secondly, all taxpayers should be taxed under exactly the same tax laws and regulations. Essentially a "corporate or profits" tax for everyone. This should include everyone such as corporations, partnerships, sole proprietorships, trusts, individuals, charities, religious organizations, non-profits, and every entity of every kind. After all they all use government goods and services and as such they all should be responsible for helping to pay for them. Again this would significantly expand the tax base and make tax laws and regulations the same for everyone. It is just not that hard to calculate revenues, expenses and profit for any type of entity including individuals. Those two tax system reforms would go a long long ways towards "fixing" how USA federal revenues are generated. And it certainly would be much less dysfunctional and broken than the current tax system. Of course it is a pipe dream since it would be fought to the death by the main beneficiaries of the current tax system being ... corporate america, the ultra wealthy, and politicians themselves.
@ndeamonk24
@ndeamonk24 Месяц назад
​@@coreyham3753great take
@MrMark069
@MrMark069 12 дней назад
Many US states do have sales taxes and I can assure you, they get raised regularly.
@JesusSaysMAGAtrashMAGAfilth
@JesusSaysMAGAtrashMAGAfilth 3 месяца назад
*Thank you, Letitia James! 💙💙💙💙* You are a Patriot and a Great American!
@beachlife4704
@beachlife4704 3 месяца назад
#TRUMP 2024
@WeekzGod
@WeekzGod 3 месяца назад
Every President after Clinton has been a disgrace. Last time we had a budged surplus was 2000. Let that sink in.
@01nmuskier
@01nmuskier 3 месяца назад
Thank you Newt Gingrich. Clinton was a good president because he negotiated to give on popular conservative priorities and get popular liberal priorities.
@va3svd
@va3svd 3 месяца назад
Yes, the mutual disdain between Ds and Rs back then led the government to do almost nothing new, and people have never been happier as a result.
@littlerainyone
@littlerainyone 3 месяца назад
Yes, but Trump added a sum to the national debt equal to ALL prior presidents, starting with the American Revolution, and now, not to be outdone, Biden is doing the same, although he is still just shy of the $8 trillion Trump added, but none of that matters to paleocons & paleolibertarians, because hey, Trump is going to protect them from job competition by foreigners and brown-skinned immigrants at construction sites. That's what *really* matters. [sarcasm]
@jeff-hh9mc
@jeff-hh9mc 3 месяца назад
It doesn’t matter as the debt went up under Clinton as well the surplus wasn’t used to pay off the debt it was used for clown programs that did nothing. The debt increased $3tn under Clinton.
@jeff-hh9mc
@jeff-hh9mc 3 месяца назад
@@01nmuskier was that while flying to Epstein island?
@va3svd
@va3svd 3 месяца назад
Great eye-opening interview as always, Nick. Thanks!
@stu1037
@stu1037 3 месяца назад
I have an idea of where we can get another post-defense-spending boon.
@fredd629
@fredd629 3 месяца назад
Everyone since the Assassination of JFk
@littlerainyone
@littlerainyone 3 месяца назад
Yes, but the quantity Trump added is WAY beyond any prior president added. It's not even close. He added a sum to the national debt equal to ALL prior presidents, starting with the American Revolution, and now, not to be outdone, Biden is doing the same, although he is still just shy of the $8 trillion Trump added, but none of that matters to paleocons & paleolibertarians, because hey, Trump is going to protect them from job competition by foreigners and brown-skinned immigrants at construction sites. That's what *really* matters. [sarcasm]
@PersonWithFace
@PersonWithFace 3 месяца назад
These numbers are bad, but they don't include state and local government spending, which is another $2 trillion plus, from what I understand.
@grimaffiliations3671
@grimaffiliations3671 3 месяца назад
trump
@JesusSaysMAGAtrashMAGAfilth
@JesusSaysMAGAtrashMAGAfilth 3 месяца назад
*Tick-Tock, Donny. Tick-Tock. Less than 30 days to come up with more than $500 million.*
@jeff-hh9mc
@jeff-hh9mc 3 месяца назад
Your mother goes for far less than that.
@someguy7222
@someguy7222 3 месяца назад
So then stop removing SS fees from every check I receive and allow me to put it into my own retirement account.
@JesusSaysMAGAtrashMAGAfilth
@JesusSaysMAGAtrashMAGAfilth 3 месяца назад
*I like presidents who HAVEN’T been indicted.*
@jeff-hh9mc
@jeff-hh9mc 3 месяца назад
So no go for Clinton or Biden?
@JesusSaysMAGAtrashMAGAfilth
@JesusSaysMAGAtrashMAGAfilth 3 месяца назад
@@jeff-hh9mc Clinton or President Biden haven't been indicted, son. *Educate yourself. Ask your Mommy for help.*
@troyjones4271
@troyjones4271 3 месяца назад
I don't like any presidents because I'm not a bootlicker
@JesusSaysMAGAtrashMAGAfilth
@JesusSaysMAGAtrashMAGAfilth 3 месяца назад
@@troyjones4271 Nobody cares, son.
@jeff-hh9mc
@jeff-hh9mc 3 месяца назад
@@JesusSaysMAGAtrashMAGAfilth how many times have people turned out your mom? He’s probably your father.
@Ryanandboys
@Ryanandboys 3 месяца назад
The problem are the American voters that have learned to vote in people who will give them free stuff. If it's politically suicidal to be a fiscal conservative then no politicians will be unfortunately. This has always happened in every democracy and is just ramping up for us. Over the next 10-30 years the debt and spending will sky rocket as will money printing by the fed and they the voters will finally figure out there is no free lunch. Biden, Obama and Trump are just the symptoms not the cause even though they make it far far worse.
@JesusSaysMAGAtrashMAGAfilth
@JesusSaysMAGAtrashMAGAfilth 3 месяца назад
_"Who bankrupted us more?"_ *The MAGA Mussolini, of course.* *EVERYONE* knows that.
@TraceVandal
@TraceVandal 3 месяца назад
Your momma must be damn proud.
@JesusSaysMAGAtrashMAGAfilth
@JesusSaysMAGAtrashMAGAfilth 3 месяца назад
@@TraceVandal I *_LOVE_* MAGA tears! Tastes like... *VICTORY!*
@allenvestal4474
@allenvestal4474 3 месяца назад
You can still find the negations of the first stimulus bill on YT. Republicans wanted less than 800 billion just for stimulus checks. Democrats refused to pass it without more than 2 trillion in money going to their donors. If you want to be a moronic troll at least gets your facts straight.
@01nmuskier
@01nmuskier 3 месяца назад
Everyone who didn't pay attention to Pelosi covid debt spending . The orange man negotiated her DOWN. Did you oppose the relief spending and lockdowns?
@WSKRBSCT
@WSKRBSCT 3 месяца назад
Much of Trump's spending came due to COVID. What's Biden's excuse? We are already $532B upside-down since October. The ANNUAL deficit in 2017 ($665B) was barely $125B more than that and Biden has more than doubled (nearly tripled) that each and every year. Last year, it was roughly $1.7T without having a shutdown of businesses or other extraordinary measures. So, you were saying?
@JesusSaysMAGAtrashMAGAfilth
@JesusSaysMAGAtrashMAGAfilth 3 месяца назад
*The MAGA Mussolini Called For 'Termination' Of The Constitution* Sounds good to you MAGAfans, huh?
@TraceVandal
@TraceVandal 3 месяца назад
You forgot to like your own comment with all 7 of your accounts. That is the number right? 7?
@JesusSaysMAGAtrashMAGAfilth
@JesusSaysMAGAtrashMAGAfilth 3 месяца назад
@@TraceVandal *Cry MAGA, cry! 😭😭😭😭*
@LG-pt5kt
@LG-pt5kt 3 месяца назад
And my response, to you, is... so? Biden has suspended the constitution more times than I can count in a quick youtube comment. Biden's DOJ and FBI just jailed a libertarian journalist, you think raging against Trump is going to help where we are under Biden vs. where we *were* under Trump? Do you think that despite all the problems Trump introduced that things are in ANY WAY BETTER NOW? I'll take Trump the dictator over Biden's "democracy" with a cartwheel and a song in my heart. maga 2024🎉
@JesusSaysMAGAtrashMAGAfilth
@JesusSaysMAGAtrashMAGAfilth 3 месяца назад
*There's **_LOTS_** more legal action to come for Donny Fail-Fail!* You MAGAfans can't stop it!
@KingFergus
@KingFergus 3 месяца назад
Hahahaha! Trump is your entire existence at this point... you may want to seek help
@jeff-hh9mc
@jeff-hh9mc 3 месяца назад
You really are sad. How many times did he grab your mother by the p?
@JesusSaysMAGAtrashMAGAfilth
@JesusSaysMAGAtrashMAGAfilth 3 месяца назад
*The MAGA Mussolini Wants To Be A Dictator* Sounds good to you MAGAfans, huh?
@23Butanedione
@23Butanedione 3 месяца назад
You are a great representation of a modern democrat
@JesusSaysMAGAtrashMAGAfilth
@JesusSaysMAGAtrashMAGAfilth 3 месяца назад
@@23Butanedione *Cry MAGA, cry! 😭😭😭😭*
@JesusSaysMAGAtrashMAGAfilth
@JesusSaysMAGAtrashMAGAfilth 3 месяца назад
*How much does Donny owe? More than $500 million?* You MAGAfans better send that "billionaire" *_ALL_* of your money! 🤣😂🤣🤣😂🤣
@jeff-hh9mc
@jeff-hh9mc 3 месяца назад
How in bred are you you can’t even get those numbers correct.
@JesusSaysMAGAtrashMAGAfilth
@JesusSaysMAGAtrashMAGAfilth 3 месяца назад
@@jeff-hh9mc How close do the number have to be, son? He now owes *more* than $500 million, and it increases by $111,000 per day. *Educate yourself. Ask your Mommy for help.*
@TheCrusaderRabbits
@TheCrusaderRabbits 3 месяца назад
Trump for Potus!
@JesusSaysMAGAtrashMAGAfilth
@JesusSaysMAGAtrashMAGAfilth 3 месяца назад
Not gonna happen, honey. Too bad for you, huh?
@littlerainyone
@littlerainyone 3 месяца назад
Trump added a sum to the national debt equal to ALL prior presidents, starting with the American Revolution, and now, not to be outdone, Biden is doing the same, although he is still just shy of the $8 trillion Trump added, but none of that matters to paleocons & paleolibertarians, because hey, Trump is going to protect them from job competition by foreigners and brown-skinned immigrants at construction sites. That's what *really* matters. [sarcasm]
@jacobpetersen5662
@jacobpetersen5662 3 месяца назад
Sure looks like it might!!! @@JesusSaysMAGAtrashMAGAfilth
@JesusSaysMAGAtrashMAGAfilth
@JesusSaysMAGAtrashMAGAfilth 3 месяца назад
*Donny Fail-Fail will never be in office again.* Too bad for you MAGAfans, huh?
@JesusSaysMAGAtrashMAGAfilth
@JesusSaysMAGAtrashMAGAfilth 3 месяца назад
*If MAGAfans could actually **_think_** ...* *...they wouldn't be MAGAfans.*
@01nmuskier
@01nmuskier 3 месяца назад
You sound vaccinated.
@TraceVandal
@TraceVandal 3 месяца назад
@@01nmuskier Be careful! He might respond to you and then sign into his 7 burner accounts to like his own comment, LOL.
@JesusSaysMAGAtrashMAGAfilth
@JesusSaysMAGAtrashMAGAfilth 3 месяца назад
@@01nmuskier You sound triggered.
@jeff-hh9mc
@jeff-hh9mc 3 месяца назад
@@JesusSaysMAGAtrashMAGAfilth I agree you do sound triggered.
@jeff-hh9mc
@jeff-hh9mc 3 месяца назад
@@TraceVandal hilarious.
@JesusSaysMAGAtrashMAGAfilth
@JesusSaysMAGAtrashMAGAfilth 3 месяца назад
*To upset a Liberal...tell them a lie.* *To upset a MAGAfan...tell them the truth.*
@TraceVandal
@TraceVandal 3 месяца назад
No matter how many accounts you make to like your own comments, your life will always be pointless. It's time to give up.
@justspeakingfacts126
@justspeakingfacts126 3 месяца назад
@@TraceVandal Don't you have *_ANY_* fans that can read? No? Very sad.
@TraceVandal
@TraceVandal 3 месяца назад
@@justspeakingfacts126 commenting from another one of your accounts doesn't make your argument stronger.
@JesusSaysMAGAtrashMAGAfilth
@JesusSaysMAGAtrashMAGAfilth 3 месяца назад
@@TraceVandal Ahhhh...more MAGA tears! *More!*
@01nmuskier
@01nmuskier 3 месяца назад
I told liberals the truth: lockdowns will cause more harm than good. Don't trust government medical experiments with no liability. Covid relief spending will be mostly unaccountable and will benefit the largest corporations. They 🤯
@JesusSaysMAGAtrashMAGAfilth
@JesusSaysMAGAtrashMAGAfilth 3 месяца назад
How much does Donny owe? More than $500 million? *Maybe Donny can sell some more of those secret documents that he's still hiding.*
@alexanderx33
@alexanderx33 3 месяца назад
41:50 Maybe a family does but a single non-homeowner with no children making the national median income, will in california between federal, state income taxes, plus SS and MC will make a net income that is 70% of their gross income.
@spencerantoniomarlen-starr3069
@spencerantoniomarlen-starr3069 3 месяца назад
Congress introduces and votes federal spending and tax rates. Get your civics 101 right.
@inspectorvoid
@inspectorvoid 3 месяца назад
Biden
@Youhopper707
@Youhopper707 3 месяца назад
Who cares how much money you spend if you don't have a home to come back to at the end of the day...
@tarilya
@tarilya 3 месяца назад
Z
@arkansaslibertarian5051
@arkansaslibertarian5051 3 месяца назад
Truth
@jeff-hh9mc
@jeff-hh9mc 3 месяца назад
Biden and this is not even up for debate.
@leoperez2566
@leoperez2566 3 месяца назад
Buy Bitcoin
@baronde8551
@baronde8551 3 месяца назад
Why do you guys love voting old folks for president like 25 should be the age limit 😂
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