In this episode, Ben Shapiro shares his insights on the growing national debt and its potential trajectory under a Kamala Harris administration.
Shapiro provides a historical overview of U.S. interest payments, starting from the 1960s.
He highlights the alarming rise in the national debt, which has doubled in the last decade, and examines Harris’ proposed solutions to address it.
According to Shapiro, there are only two viable paths to resolve the debt crisis: significant economic growth or substantial cuts in government spending.
The primary drivers of the national debt, Shapiro explains, are interest payments, along with Medicare and Social Security obligations.
A Wall Street Journal article by Phil Graham and Jodey Arrington is referenced, citing welfare programs as a major contributor to the federal budget strain.
Shapiro argues that the U.S. economy would stagnate under a Kamala Harris presidency.
David McKnight offers a different perspective, arguing that Social Security, Medicare, and Medicaid are not the root causes of the debt crisis. He outlines the true factors behind the ballooning debt.
A recent study by Penn Wharton Business School challenges Shapiro’s views, suggesting that neither raising taxes nor cutting spending alone will prevent a financial collapse if the U.S. reaches 200% debt-to-GDP.
David also shares strategies to protect your retirement savings from potential tax increases.
Mentioned in this episode:
David’s upcoming book: The Guru Gap: How America’s Financial Gurus Are Leading You Astray, and How to Get Back on Track
David’s books: Power of Zero, Look Before You LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code
PowerOfZero.com (free 3-part video series)
@mcknightandco on Twitter
@davidcmcknight on Instagram
David McKnight on YouTube
Get David’s Tax-free Tool Kit at taxfreetoolkit.com
Welfare Is What’s Eating the Budget (Wall Street Journal Article) by Phil Graham and Jodey Arrington
Site powered by Illuminated Advisors