The UGLY Truth About Trump’s Big Beautiful Bill

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Tales from the mega bill. That’s right. Lots of stories going on now. The Republicans in the house are saying the ones that are for the salt deduction. are Republicans in blue states saying that they are a no. They’re a solid no. If they take the salt deduction out of the bill, you got solid nos. And the Senate, one big bloody mess. Again, I’ve been…

ranting and raving about this on the radio show and the podcast. And yeah, some emails from various different people. And you know what the underlying theme is, is just let it go. Just let it go, Chris. Let it pass and we’ll see what’s gonna happen.

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Why? Why? Because you’re a fan of Trump. You voted for Trump. I voted for Trump too. I’m sorry. You try to explain to me. You try to explain to me how in God’s creation this thing is going to actually pay for itself. The numbers, and we go through everybody out there. I mean, this is, these are conservative. Some conservative or tax foundation.

estimates that the bill would boost long-term GDP by 0.8 % which should generate enough revenue to cover about one-third of its costs. One-third. Penn-Warton 0.4 % increase in GDP. Joint Committee on Taxation.

Again, they call themselves nonpartisan. They’re saying growth will be 1.86%, a little bit higher than expected. I can go right on down the line and it’s pretty much par for the course. know, obviously the conservative ones give a little bit more than the left-leaning ones. But we’ll take this in contrast with the folks at the White House. They are the White House Council of Economic Advisers.

They’re projecting, I kid you not, you understand this is nuts. A 4.2 to 5.2 % increase in short-term GDP, a long-term gain of 2.9 to 3.5. That’s four times, four times the next highest estimate. Okay. Would I like that, would I like that to be true? Would I like that to happen? Absolutely.

Absolutely. However, what is one of the things that we try to teach people when it comes to money or comes to risk? Never, ever, ever let risk lead to ruin. Why would you do that? I would like these numbers to come true, but don’t you think it’s a tad bit risky?

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Now that we’re $36, $37 trillion in debt, I do. I mean, I hope we see this type of growth, but could be me calling me crazy. I’d much rather see you have much greater cuts and cut back on spending. And hey, if this pans out and it works out great, hey, guess what? We can have further tax cuts or you can pay down the national debt. That seems to me to make a hell of a lot more sense than what you’re doing.

Anyway, everybody’s going after Rand Paul, myself, Tom Massey, Ron Johnson, What we have been saying about that crisis and what Elon has been saying, do you think it’s just us paying attention to what guys like, I don’t know, Ray Dalio? How about Warren Buffett?

and other business leaders across the board. Jamie Dimon. We’re wrong. We are all wrong. We all of are wrong when it comes to this and hey what if we are?

What if we, what do we have to lose about being more fiscally prudent? Why go on a limb? Why take this type of risk? You know, again, even Republicans holding on to not wanting Medicaid cuts. I actually had this sent over. This is representative Brett Guthrie on the Medicaid guts. American Enterprise Institute study, study a group of people able-bodied, not working.

They spend over six hours a day on video games. Yeah, but they get Medicaid. They don’t want to work. Don’t want to work. Here’s some ways of trimming this down. I’ll give you what Thomas Massey’s idea is. Take the whole big, beautiful bill. Throw it in the trash. Start over. How do you do it? Where would you start from? Exactly what I said. You extend.

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the 2017 tax cuts, the whole new green deal, part of the Inflation Reduction Act, the whole thing. Not a single Republican who voted for it. Okay, I’m gonna go through this again. Not a single Republican who voted for it. But now Republicans are having money sent to their districts and some of their buddies and friends are getting that money.

And now they don’t want to get rid of the New Green Deal or they want to slow it down the whole process of getting rid of it so you can extend that out even further with the hope that later on they will keep that money flowing. it. Now, if your buddies, they started businesses based upon tax, if you start a freaking business based upon a freaking tax credit, I’m sorry, screw you.

All right? I don’t want to be, you know, sorry. But you started your business based upon a loophole in the tax code and you can’t make it without that loophole. Guess what? You’re a zombie. You’re not a real company. You’re not a real business. You exist. You exist based upon your fellow taxpayers cutting you a deal. It’s BS, quite frankly. No bloat for the military industrial complex. Sign me up.

No salt, no pork, realistic border funding. And again, the border’s been pretty damn secure without any additional funding. I’m just saying. Serious Medicaid reform, $1 in spending cuts for $1 in new tax cuts. Remember that? Remember PAYGO rules? Yeah. Good luck with that. But no, no, no, no. Again, the sycophants.

in the White House seem to think that if we don’t pass this bill, we’re all going to die. We don’t pass the big, beautiful bill. I guess it’s the end of civilization. Western civilization as we know it is no longer. And again, I give you Stephen Miller. We are in a struggle for the survival of civilization itself. And we have libertarians threatening to derail the entire agenda over bogus CBO pie charts.

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We will be denating these matters over the ruins of the West if we don’t control migration.

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This is the funny thing. See, you guys kicked ass, Okay, you did a great job at a border. Okay, yeah, you want to short up, you want to make it fantastic. You’ve done that. You’ve done that. Don’t, don’t, stop. You’re insulting my intelligence, quite frankly. It’s going to be the end of civilization if we don’t pass this ridiculous bill.

You know, I’m share with you something from Milton Friedman. Again, for all these people that get mad at me because I don’t like the BBB. What are the four essential functions of government? According to Milton Friedman, one, defense from foreign enemies. Two, protect the individual citizen from abuse, coercion.

by other citizens. Three, define the rules I talk about being a referee judicial system a mechanism for adjudicating disputes around the meaning of rules. That’s it.

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That’s it. That’s it. I see this from Milton Friedman and I think of the movie Jaws when Hoopa! Hoopa was explaining a shark, hey, it swims around and eats and makes baby sharks. That’s the only thing it does. Well, you know, Hoopa, Hoopa, this is the four things that government’s supposed to do. Well, it’s taken on a hell of a lot more, hasn’t it?

It was interesting piece today by Daniel Morena Vittanovia from the MISUS Institute. And he goes, I’m not going to go through all this. goes through the history of, in a sense, kind of banking and gold back currency and things that have happened over the years and talking about inflation. And he goes to the talk about inflation and what it does to the culture and to society.

And I’ve written about this. Cato Institute has done some studies on this as well. We talk about welfare and how welfare does to society, what it does to human being. And actually, FDR knew this as well. It actually sent a State of the Union address. again, the same social pathologies of drug abuse can be equated with welfare as well.

Weido-Husman’s claim that the growth of the welfare state in the militarized state would not have been possible without inflation is accurate. The phenomenon has transformed the economic structure since the 20th century. Industrial firms and corporations once relied on retained earnings for financing, with financial intermediaries playing a secondary role. But with the global regime of inflationary fiat money, the tables have turned and debt

has risen at all levels. Fractional Reserve Banking and Fiat Money violate the non-aggression principle. The latter does so by creating a product that would not survive in a free market and is only used because it’s protected by legal tender laws. As a result, the state’s potential monetary resources are unlimited since the central bank has unlimited credit through the issuance of national paper money. Again,

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Investors are aware of this and this is why they continue to buy government bonds even then they know that this public debt is never going to ever be repaid. And he talks about in essence because of this you got a lot of fake entrepreneurs out there, perverse incentives, people taking on massive amounts of debt. Entrepreneur capitalists operating with only 10 % equity, 90 % debt happens all the time.

So in essence, who’s the real entrepreneurs are the banks. Inflation reduces the true number of entrepreneurs, independent men operating with their own money. And the social consequences, again, this is where it gets into it, are numerous. Under inflation, Wilhelm Röpke describes a massive rise in consumer credit and installment purchases as a disorder worthy of parasites and freeloaders, contrary to the idea of living within one’s means.

maintaining a balance between income and expenses and living a coherent life. The novelty of democratic socialist inflation brought about by the ideologies of mass democracy is a moral disease stemming from mistaken beliefs about full employment. Inflation causes a vertical surge in investments not backed by real savings, thereby eliminating all incentives to save. And he talks about how the culture of sacrifice is undermined.

It’s interesting. Civilization crucially depends on the ability and willingness of at least some of its members to make genuine sacrifices, at least some of the time. Savings, which is linked to sacrifice, also benefits the economy of giving and deflation supports it because falling prices discourage leverage, especially in households.

As capital use becomes less profitable, the opportunity costs of making donations drops, which increases charitable giving both in absolute and relative terms. Inflation, by contrast, is harmful because it reduces the value of inheritances, and one of the strongest incentives to save before death is a desire to leave something to one’s loved ones. From this, it follows that one of the most powerful motivations for preserving wealth is the ability to make donations. Now, it also talks about

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Okay, well again, families are the school of love and virtue and they are sources of sacrifice and generosity, but they are not only founded on spiritual grounds, but also economic ones. Rooted in the division of labor and capital accumulation, inflation forces all participants to dedicate more time to money and investments rather than starting a family.

Under a debt-based system, family ties represent a far greater sacrifice, contributing to rising divorce rates, later ages of first marriage, and fewer children. Inflation has pushed women into the labor market, reduced the cost of leaving the family unit, and increased the number of single mothers and divorces. Again, interesting points being made, and funny how all of the statistics and numbers kind of prove this to be true. Inflation is the greatest tax of them all. Watchdog on wallstreet.com.