Latest / Black Box Theory Podcast / Sports Betting and a $40T Debt — Same Trap, Different Table
Transcript
- Malcolm: Yeah, almost yeah, it it it's insane. It it it's it's like yeah. Thomas: It's like I well vaping is still a thing, but it's like that's like the addiction, you know what I mean? It's Malcolm: You don't know, it it really is an addiction, bro. And it's like that's I'm sure there are studies out there that kind of like have numbers that are core that correlate with like how many people in this generation like are severely addicted to sports betting. Like how much how much money I think sports betting itself like has become like its like its own like part of the economy, bro. Like the amount of money that people spend, bro, like it's it to a point now where people are more excited about like sports season starting for betting, not for the actual sports. Like it's it's like people are like like I got boys that bet like have genuine like ten legs on preseason games. I'm like, bro, y'all boys are fried. Like and I'm I'm like, bro. Thomas: Yeah. Three season f ten legs. Malcolm: Telling you, bro. That twenty dollar on f that twenty dollars on fan duel add up, bro. It's like the thing about it, bro. It strict our a lot of people's brains, bro, where it's like they okay losing twenty dollars four days out of the week, but then one day they get one leg and it hits for for for a hundred, like we I'm back, I'm back. But it's like that logic, though looking for those big wins after all these minor setbacks, you're gonna eventually lose everything. Like you're gonna eventually lose everything, bro. So it's like Just get out while you can. Like Thomas: Tax is gonna come too. Malcolm: I said, we we had our little stint in college. We was doing our little prize picks, a little like sophomore junior year or whatever, bruh. I'm like, bro, I didn't even have no Thomas: Thanks. Malcolm: money. Just even after I started after after them little $15 added up, bruh. So I'm bro, I could have been the Chipotle bowl. So yeah, once I'm just started stacking up, bro, I like, yeah, no, Thomas: Yeah. Malcolm: I I I got out I got out quite some time ago, man. But yeah, it's it's no, Thomas: Yeah, say I'm a OG in the game. Malcolm: yeah. I I I already saw what it was doing to people. I like, I get out. Thomas: mean America as a whole need to get out get out of that stuff 'cause I mean look, our national debt is forty trillion, so we w none of us have any money to spend on sports bet. That's Malcolm: Yeah, by the way, we are adding like we have we are the US national debt has topped a record forty trillion dollars. Thomas: Okay. Malcolm: our debt burden is riding faster than estimates just a few years ago. it's exacerbated by persistent deficits and soaring interest payment. The national debt continues to rise, adding nearly seven billion dollars each day. forty trillion is one billion, forty thousand times over. so if the United States were to pay one billion of debt each day. It would take nearly 110 years to pay it off. At a million dollars per day, it will take nearly 110,000 per year. So a list of comparisons to put into perspective how large national debt has become. There are roughly 343 million people in the United States. That's roughly 117,000 per American. it is double the size of the national debt in 2016. In twenty August 2016, the national debt was just below 20 trillion. In the past decade, it has doubled to forty trillion. and a lot of this is because of unsustainable borrowing on the scale. it's had huge repercussions throughout the economy and has strained efforts to address affordability and risking a dangerous debt spiral if lawmakers do not act.