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U.S Hits $40 Trillion in Debt | Los Angeles Mayoral Debate · The Bill Handel Show

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  Speaker 1: You're listening to bill Handle on demand from kfi AM
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  Speaker 1: six forty.
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  Speaker 2: Money Film Underage KFI AM six forty bill Handle. Here
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  Speaker 2: it is a Thursday morning, August twentieth. I'm gonna give
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  Speaker 2: you a scenario. Okay, Let's say you make one hundred
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  Speaker 2: thousand dollars a year, you and your spouse, and next
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  Speaker 2: year you make one hundred thousand dollars and you spend
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  Speaker 2: one hundred and twenty thousand dollars. Now you're in debt
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  Speaker 2: twenty thousand dollars. And the year after that, you spend
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  Speaker 2: one hundred and twenty thousand dollars based on your one
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  Speaker 2: hundred thousand dollars salary, and your debt keeps on going up.
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  Speaker 2: Why don't you do that for eighty years and see
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  Speaker 2: how much debt you go into, see how much you owe. Well,
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  Speaker 2: the federal government owes because it has done exactly that,
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  Speaker 2: and the debt just hit forty trillion dollars. That is
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  Speaker 2: completely insane. And I've been saying, how is that? That's
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  Speaker 2: that's you can't do that. It's insurmountable. The amount of
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  Speaker 2: debt that you have. You can't get over that. And
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  Speaker 2: here's a stat I've often said, inflation is the only
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  Speaker 2: way we are going to get ourselves out of debt.
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  Speaker 2: How do we do that? Well, if if not one
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  Speaker 2: penny is spent more than the budget, in other words,
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  Speaker 2: revenue neutral. We've done that twice in the last eighty years,
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  Speaker 2: by the way, once during the Eisenhower years and once
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  Speaker 2: during the Bill Bill Clinton years, one year each And
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  Speaker 2: so how do you.
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  Speaker 1: How do you get yourself out of debt?
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  Speaker 2: Well, inflation And if you figure three percent inflation, which
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  Speaker 2: is about right over the course of all those years,
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  Speaker 2: it'll take you thirty three years to get out of debt.
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  Speaker 1: Thirty three years.
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  Speaker 2: So we just hit forty trillion dollars for the first time.
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  Speaker 2: Sometimes we do have to borrow money. For example, during
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  Speaker 2: the Great Depression, FDR borrowed a ton of money, went
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  Speaker 2: into debt, not only to build the atomic bomb, but
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  Speaker 2: just to deal with the depression, you know, putting millions
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  Speaker 2: of people to work and feeding millions of people. Lots
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  Speaker 2: of debt on that one. During COVID, President Biden went
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  Speaker 2: into debt, spent a couple of trillion dollars with those checks,
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  Speaker 2: the stimulus checks.
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  Speaker 1: You can argue that that's necessary. The rest of the time.
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  Speaker 1: I don't know.
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  Speaker 2: It's just to pay for what goes on in the government,
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  Speaker 2: it's to pay for just doing business. And already we're
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  Speaker 2: on shaky fiscal foundation. Why because of the decades of
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  Speaker 2: borrowing debt paying for what well, the rising costs of
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  Speaker 2: the military, the rising costs of social safety net programs,
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  Speaker 2: the tax cut that the President instituted last year. I mean,
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  Speaker 2: keep in mind, if there are tax cuts, that means
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  Speaker 2: the money does not go into the government, because tax
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  Speaker 2: cuts are tax cuts.
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  Speaker 1: So this year alone, just.
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  Speaker 2: This year, we're scheduled to borrow more than two trillion
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  Speaker 2: dollars to pay for our obligation spending on the war
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  Speaker 2: in Iran. The tax cuts, rate payments, interest going up.
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  Speaker 2: And it is a problem or is it a problem?
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  Speaker 2: That's the problem because it doesn't seem to matter how
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  Speaker 2: much the debt goes up. There are economists that are
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  Speaker 2: saying it doesn't matter. The United States is so strong
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  Speaker 2: relative to other countries in the world. We are still
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  Speaker 2: the most stable of all economies and the most stable
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  Speaker 2: of all currencies.
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  Speaker 1: So what do we do? How do we do it?
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  Speaker 2: We just keep on borrowing, and interestingly, enough Forupblicans used
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  Speaker 2: to be deficit hawks. Republicans used to say, we can't
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  Speaker 2: spend more money than comes in. Now they're on the
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  Speaker 2: other side, mainly because Republicans are in power. When Republicans
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  Speaker 2: spend money like drunken sailors, then the Republicans are flying
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  Speaker 2: with it and the Democrats are against it, and then
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  Speaker 2: just reverse itself.
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  Speaker 1: I mean, it's kind of nuts. Are we in trouble?
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  Speaker 1: I don't know.
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  Speaker 2: The president in his first term said he will pay
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  Speaker 2: half of the deficit down, or the national debt down
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  Speaker 2: by fifty percent in the first year. Well, since then,
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  Speaker 2: the national debt has doubled. Because do you how much
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  Speaker 2: do you think we have to cut across the board
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  Speaker 2: in order to not have to spend two trillion dollars
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  Speaker 2: more than is being brought in. I mean, I guess
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  Speaker 2: it just goes on forever. And I've always thought, you
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  Speaker 2: know that there's a point where it just totters, it
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  Speaker 2: just collapses under its own weight. Now, governments can go bankrupt,
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  Speaker 2: you know, cities can go bankrupt, Counties can go bankrupt.
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  Speaker 2: That Orange County went bankrupt. You have utilities go bankrupt.
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  Speaker 2: There was one in Washington that went bankrupt. States could
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  Speaker 2: go bankrupt under federal law? Did you know that California
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  Speaker 2: could file for bankruptcy? The federal government cannot go bankrupt.
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  Speaker 2: It just keeps on owing and owing and owing owing.
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  Speaker 2: It's the energizer rabbit.
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  Speaker 1: Okay.
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  Speaker 2: Now, last night in front of the Sherman Oaks Homeowner Association,
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  Speaker 2: actually it was sponsored by the homeowners association Sherman Oaks
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  Speaker 2: Homeowner Association, was the debate between Karen Bass and Nitia Ramen.
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  Speaker 2: By the way, did you know in high school Raman's
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  Speaker 2: nickname was Noodles?
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  Speaker 1: Okay, moving on, Oh, come on, you're groaning, Neil.
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  Speaker 3: Well, you know Cono piped in my ear earlier and said,
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  Speaker 3: you don't talk about any abyss on the four report.
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  Speaker 3: I said, no, why would, I goes, one's a fish
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  Speaker 3: fast and the other is noodles. That's not bad, so
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  Speaker 3: it's technically okay.
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  Speaker 1: That's not bad. Anyway.
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  Speaker 2: The two of them are running for mayor clearly, and
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  Speaker 2: the debate was last night. And a couple things about
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  Speaker 2: the mayor of Los Angeles. I know we do it
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  Speaker 2: a lot of LA stories. And the reason we do that,
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  Speaker 2: even though our signal goes into Orange County and beyond
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  Speaker 2: is because LA is both the poster child of big
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  Speaker 2: cities and everything that's wrong with the city. Sometimes stuff
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  Speaker 2: that's right, but very rarely. And the other thing about
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  Speaker 2: the Mayor of Los Angeles is the Mayor of Los
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  Speaker 2: Angeles by definition, is a national figure. Not as national
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  Speaker 2: figure ish as the mayor of New York, but a
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  Speaker 2: real close second. So the entire country pays attention to
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  Speaker 2: who's mayor and what the policies are in law Los Angeles,
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  Speaker 2: and they look very influential, not only here in LA
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  Speaker 2: but also throughout the country. So the two of them
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  Speaker 2: are going at each other and going after each other
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  Speaker 2: with razor blades. Karen Bass is the incumbent mayor and
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  Speaker 2: she is running for re election. Boy that she brings
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  Speaker 2: some baggage to the table. I think that the biggest complaint.
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  Speaker 2: I think her weakness is what happened during the Palisades
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  Speaker 2: fire when she was in Africa. She was in Ghana
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  Speaker 2: and did not come out very quickly, waited until the
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  Speaker 2: fire was going, and she made all kinds of excuses,
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  Speaker 2: especially after she promised in her campaign for the the
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  Speaker 2: mayoralty she was not going to leave Los Angeles. She
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  Speaker 2: was going to be a mayor that stays in Los Angeles. Boom,
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  Speaker 2: she's off to Ghana when the fires came and she
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  Speaker 2: got hit pretty badly for that. And right, so now
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  Speaker 2: she accuses Raman, who is a city council person, of
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  Speaker 2: number one, missing thousands of votes during her six years
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  Speaker 2: in office. Raman's big claim to fame is that the
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  Speaker 2: homelessness problem, which is the number one problem in La
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  Speaker 2: Raman says, look at this, I have dealt with homelessness
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  Speaker 2: better than any other district. Look at the number of
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  Speaker 2: homeless people that have the number have been reduced. And
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  Speaker 2: Karen Bass said, yeah, because you're using my programs to
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  Speaker 2: reduce homelessness. And the other argument is other districts a
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  Speaker 2: homeless problem is far worse. Bass big financial lead took
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  Speaker 2: in more than five hundred and ten thousand dollars in
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  Speaker 2: recent finance reports. Ramen raised one hundred and seventy thousand dollars.
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  Speaker 2: And the debate was acrimonious literally from minute one, and
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  Speaker 2: at one point Raman tells Bass, you've got to let
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  Speaker 2: me answer Mayor Bass, and minutes later, wait a minute,
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  Speaker 2: now it's my turn.
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  Speaker 1: They kept on interrupting each other.
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  Speaker 2: And one of the things that Bass was hit on
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  Speaker 2: that Robin accuser of is that the mayor negotiated an
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  Speaker 2: expensive package of police raiss that the city couldn't afford.
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  Speaker 2: We're in deficit big time, and Robin points out to
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  Speaker 2: the deal that Bass made with the police unions.
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  Speaker 1: Look at this, we can't afford this.
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  Speaker 2: Well, Bass comes back with, you know what, we still
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  Speaker 2: even with that, we can't keep enough officers. We're losing
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  Speaker 2: more officers than keeping we can't make the academy. Incidentally,
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  Speaker 2: LA does not pay its police officers very well. There
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  Speaker 2: are other jurisdictions that pay a whole lot more. The
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  Speaker 2: average wage for a cop is fifty two thousand dollars
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  Speaker 2: a year. I mean there are few they get a
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  Speaker 2: ton more than that, but not very many. And the
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  Speaker 2: starting pay is forty thousand dollars for a police officer
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  Speaker 2: out of the academy. I tell you that's not much money.
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  Speaker 2: Do cops get paid enough? No, But it almost doesn't
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  Speaker 2: matter when cops get paid. Why Because cops are there
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  Speaker 2: to save our lives, and theoretically, and usually is the case,
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  Speaker 2: they put themselves in the line of fire to protect
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  Speaker 2: citizens the citizens. I buy that same thing with fire fighters.
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  Speaker 2: You don't say no to either one of them, and
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  Speaker 2: so she's being hit for that one Bass is being
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  Speaker 2: hit and then there is another. I don't know how
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  Speaker 2: big this is. And you just heard the Monks and
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  Speaker 2: Merrill promo. Ramin's campaign retained an agency. The eight Agency
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  Speaker 2: is a consulting firm that guided the main Senate campaign
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  Speaker 2: of Graham Plattner, who dropped out of the race following
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  Speaker 2: a sexual assault allegation. You see, you hired the very
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  Speaker 2: people that were involved in Graham Plattner. Okay, now what
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  Speaker 2: I don't see that, but anything they can shoot at
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  Speaker 2: each other, and.
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  Speaker 1: What's going to happen right now?
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  Speaker 2: I think basses a head now if I'm not mistaken.
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  Speaker 2: In terms of the polls and pretty healthy Amy, you've
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  Speaker 2: been looking at that.
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  Speaker 1: Do you know how far Bass is ahead of Ramen?
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  Speaker 3: Well, there is a poll that was out that had
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  Speaker 3: her leading by twelve points, but it turned out that
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  Speaker 3: that was a fake pole.
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  Speaker 1: Okay, and we talked about that yesterday.
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  Speaker 2: But has there been a real pole, a non fake
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  Speaker 2: pole that we have seen yet?
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  Speaker 1: No?
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  Speaker 2: Okay, fair enough, So we really don't know. And both
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  Speaker 2: of them have name recognition, that's not a problem. And
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  Speaker 2: both of them hate each other, which is a wonderful thing,
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  Speaker 2: and both of them are dealing with homelessness.
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  Speaker 1: It's just a question of how you deal with it.
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  Speaker 2: And so let me put it this way. Do you
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  Speaker 2: have much of a choice. No, it's either worse or worser.
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  Speaker 2: That's what we're looking at. Bad or badder. Yeah, it's
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  Speaker 2: even worse than that.
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  Speaker 1: It really is. It's not much of a choice. Okay.
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  Speaker 2: A word or two about election results, and why do
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  Speaker 2: some states give us election results almost immediately another's take forever. Well,
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  Speaker 2: it's the rules of the game because the states control,
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  Speaker 2: according to the Constitution, how elections are run. The states
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  Speaker 2: control whether or not they'll be voting machines, which they
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  Speaker 2: all have, how they're counted, when they're counted, for example,
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  Speaker 2: ballots arriving on election day, ballots that are postmarked by
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  Speaker 2: election day, mail in voting. The President doesn't want mail
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  Speaker 2: in voting. He thinks there's fraud and lots of it
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  Speaker 2: with mail in voting. Well, there's no proof of that,
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  Speaker 2: is there fraud? Well, you know, when you have one
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  Speaker 2: hundred and twenty million people voting, you're one hundred and
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  Speaker 2: seventy million people voting you think you're going to have
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  Speaker 2: one or two, but we're talking widespread fraud. It's like
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  Speaker 2: this morning Fox had a story about an illegal alien
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  Speaker 2: who had killed a bunch of people. Prove positive that
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  Speaker 2: illegal aliens are these horrible criminals. No, that's just a
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  Speaker 2: it's pick and choose, it's cherry picking. Well, the same
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  Speaker 2: thing is involved in those that argue widespread fraud. Now
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  Speaker 2: the California and the President. This was the most interesting
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  Speaker 2: one of all because we are really into male in
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  Speaker 2: balloting here in California. Automatically everybody gets a male in
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  Speaker 2: ballot vote document. In other words, everybody gets a ballot
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  Speaker 2: male in balloting by the state. You don't have to
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  Speaker 2: do anything about it. Well, others you have to register
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  Speaker 2: and get the ballot. Others you have to actually show
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  Speaker 2: up on election day. Now, the President hates mail in
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  Speaker 2: balloting for a couple of reasons. Number one, does it well,
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  Speaker 2: he argues fraud. Does he actually believe there is that
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  Speaker 2: much fraud going on?
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  Speaker 1: I don't know. Is politics involved? I think so?
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  Speaker 2: Why does he hate mail in balloting for two reasons?
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  Speaker 2: I think one is because it's a fight with California.
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  Speaker 2: The President California are in fights like no other state.
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  Speaker 2: Mail in balloting forty mail in balloting of votes happening
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  Speaker 2: in California. It is a fact that Republicans vote on
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  Speaker 2: election day. They physically vote more so than Democrats. Democrats
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  Speaker 2: use mail in balloting. Therefore, any advantage that Democrats have
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  Speaker 2: should be illegal, and the president is arguing that mail
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  Speaker 2: in balloting should be illegal, and so it's it all depends.
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  Speaker 1: What excuse let me give you. California.
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  Speaker 2: California says that it has to be postmarked the ballot
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  Speaker 2: before election day. California officials have up to a week
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  Speaker 2: to count the ballots, except county officials can take up
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  Speaker 2: to thirty days to count the make the final tally.
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  Speaker 1: There are other states that report the next day.
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  Speaker 2: California and to absolutely ascertain to give the final votally
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  Speaker 2: is four weeks after the vote is taken, sometimes longer
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  Speaker 2: because they're now counting the ballots and they have to
• 15:10
  Speaker 2: hand count, which happens quite often. So depends also on
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  Speaker 2: how many machines are out there, depends on how many
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  Speaker 2: volunteers they have, depends on how many voting polling places
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  Speaker 2: a state has. So the bottom line, it's all different.
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  Speaker 2: And for the President to argue to do away with
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  Speaker 2: mail in balloting, and he wants to do this by
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  Speaker 2: federal law, which, of course the courts aren't going to
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  Speaker 2: let let happen because the Constitution is crystal clear that
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  Speaker 2: the states control the vote. The Feds have nothing to
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  Speaker 2: do with the vote. And here was the end around
• 15:47
  Speaker 2: this is. I tell you, these are lawyers that are
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  Speaker 2: this is why I hire lawyers to figure out another
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  Speaker 2: way to do something. And so here is what the government,
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  Speaker 2: federal government has said.
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  Speaker 1: The Trump.
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  Speaker 2: Directive is, since it is the federal government that delivers
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  Speaker 2: the mail on mail in with mail in ballots, Therefore,
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  Speaker 2: through the fact that it's the Post Office that is
• 16:14
  Speaker 2: responsible for delivering those ballots, then the Post Office and
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  Speaker 2: the federal government should make the rules on how though
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  Speaker 2: they are counted.
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  Speaker 1: Is that an argument? Yeah? Is that going to fly constitutionally? No.
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  Speaker 2: So the fight continues California versus the administration, and it
• 16:35
  Speaker 2: will never ever stop, and there will be a fight
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  Speaker 2: at every single turn during the next two and a
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  Speaker 2: half years with this administration and the California It's just
• 16:46
  Speaker 2: it's it's one of the McCoy's and the MacArthur's and
• 16:54
  Speaker 2: the McCoy's, the McDavis's, and the McCoy's and the McCoy's again. Okay,
• 17:01
  Speaker 2: maybe it's the hat feels and the McCoys maybe. Okay,
• 17:04
  Speaker 2: thank you, I got that all right. The level of
• 17:09
  Speaker 2: Lake Mead, Lake Powell is down. It's the worst on record.
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  Speaker 2: I mean, we're very near deadpool where the pumps won't
• 17:19
  Speaker 2: work bringing the water down to the turbines and electricity
• 17:22
  Speaker 2: is no longer produced. That's really bad news. Is there
• 17:27
  Speaker 2: any good news about it? Yes, because as the level
• 17:31
  Speaker 2: of the lakes go down, they're discovering the number of
• 17:35
  Speaker 2: bodies that are coming up that are in the mud,
• 17:41
  Speaker 2: that people who are hiking or discovering pieces of people.
• 17:45
  Speaker 2: And now the authorities come out and in many cases
• 17:50
  Speaker 2: it's people who have drowned. I don't know how the
• 17:51
  Speaker 2: coroner's figuring that one out, my favorite one. And then
• 17:55
  Speaker 2: they determine they don't know how many people, how many
• 17:59
  Speaker 2: people have drowned, but the coroner says, we think this
• 18:02
  Speaker 2: person drowned. My favorite question is there was someone who
• 18:08
  Speaker 2: was discovered in a sealed metal barrel, you know, the
• 18:14
  Speaker 2: big fifty five gallon barrels, And the authorities are trying
• 18:17
  Speaker 2: to figure out whether foul play was involved at all.
• 18:21
  Speaker 2: And I'm thinking, you know, how does someone commit suicide
• 18:25
  Speaker 2: by sealing themselves in a fifty five gallon barrel and
• 18:29
  Speaker 2: then throwing themselves into the water. No, we haven't determined
• 18:34
  Speaker 2: that foul play has occurred in this case. And the
• 18:38
  Speaker 2: authorities are thinking this is just the start of the
• 18:43
  Speaker 2: bodies that are going to be discovered now, not whole bodies,
• 18:46
  Speaker 2: only bits and pieces of bodies. Just recently, there was
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  Speaker 2: a couple of ladies who were hiking and there they were,
• 18:55
  Speaker 2: they went behind that rock over there. It was a
• 18:58
  Speaker 2: partial skull with teeth sticking out of where the teeth
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  Speaker 2: should be, and the well. The Clark County Corner's office
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  Speaker 2: has to deal with this, and at this point at
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  Speaker 2: least four so far have come up, and they've identified
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  Speaker 2: at three of those the identity of three of those people.
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  Speaker 2: And there were boaters that discovered well that barrel one
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  Speaker 2: and this is oh and when we talk about the
• 19:28
  Speaker 2: inside of that barrel with that person who committed suicide. Theoretically,
• 19:32
  Speaker 2: investigators believe that this person had been at the bottom
• 19:38
  Speaker 2: of the lake since the nineteen eighties, swimming with the fishes.
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  Speaker 2: Isn't MacArthur Lake that oor Echo Park Lake that they
• 19:48
  Speaker 2: dig up they drained every couple of years to redo
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  Speaker 2: the lake, and of course there's a body or two.
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  Speaker 1: Always it comes up. That's the myth. I don't know.
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  Speaker 2: I don't think no, I don't think it's true. But
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  Speaker 2: it's a really good myth. This this one, though, is
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  Speaker 2: not a myth. What two sisters or paddle boarding on
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  Speaker 2: the lake?
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  Speaker 1: I don't know.
• 20:08
  Speaker 2: There's the water and there the paddle board, but they
• 20:11
  Speaker 2: found a human's jawbone and the skeletal remains in a sandbar,
• 20:17
  Speaker 2: which is kind of interesting.
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  Speaker 1: See, there's good news. You can always take.
• 20:20
  Speaker 2: A negative story about the fact that there'll be no
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  Speaker 2: electricity and no drinking water for forty million people that get.
• 20:29
  Speaker 1: Their electricity water from Lake Meat.
• 20:31
  Speaker 2: Lake Powell along the Colorado River which is drying up.
• 20:35
  Speaker 2: But you always can find some silver lining someplace, can't you?
• 20:43
  Speaker 1: Coming up? Big food? Oh, this is a story of
• 20:45
  Speaker 1: GLP one.
• 20:46
  Speaker 2: And I'll tell you about a personal story on my side,
• 20:50
  Speaker 2: and no doubt a personal story on your fight on
• 20:53
  Speaker 2: your side, and what is going on with this? It's
• 20:55
  Speaker 2: not just losing weight. There's a reason for it. What
• 20:58
  Speaker 2: is happening? And I'll jump in that when we return.
• 21:01
  Speaker 2: This is KFI AM six point forty.
• 21:04
  Speaker 1: You've been listening to The Bill Handle Show.
• 21:06
  Speaker 2: Catch My Show Monday through Friday, six am to nine am,
• 21:10
  Speaker 2: and anytime on demand on the iHeartRadio app