In this episode I address the radical, and economically destructive, costs of this new generation of Democrats’ big government plans.
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Get ready to hear the truth about America on a show that's not immune to the facts with your host, Dan Bongino.
All right, welcome to the Dan Bongino Show.
Producer Joe, how are you today?
It's time for the show!
Let's go!
So just a couple of personal notes.
So I was on Hannity last night my usual Tuesday and Thursday appearance for those of you wanna I get questions a lot about what do you want Fox?
It's pretty routine.
I do Tuesdays and Thursdays on Hannity Friday on Tucker typically Saturday morning and Monday morning on Fox and friends.
So if you all are interested I get that question a lot I don't know what that answer's at.
But Sean announced last night, what I've been holding back for a while, about me signing with Fox News.
So now that you've heard it on Fox, I put that out there.
I'm getting a lot of questions.
People think I did not work there for seven years.
I worked elsewhere.
I did appearances, but they were on other networks and I was, you know, I had other jobs, but now I've signed with them.
So that's the news we've been holding back for a while.
So you heard a lot of it last night.
Thanks for all your kind letters and emails of support.
I really appreciate that.
We also get letters through our P.O.
box and stuff.
One quick question, too.
Is anybody out there an elbow surgeon?
A really, really good one.
Please email me.
Email us all.
Info at Bongino.
Please!
My elbow, my left elbow is totally wrecked with arthritis and I need someone.
And I can't find a good elbow guy.
I am in Florida.
Yes, we have hundreds of thousands of listeners.
There has to be a high quality elbow surgeon out there.
An orthopedist.
Email us.
My elbow is falling apart.
And I'm not making fun of your elbow, but in a way I am because you and I get, we've been so busted up.
People think I'm making fun of you.
What else can you do?
You can make fun of me.
You know, with you, I have a thick skin, but I take pictures on Instagram and people think I have a hook arm in my left arm because it doesn't straighten anymore.
No.
All right.
I want to get through a lot today.
Who the Democrats really are.
Yeah.
Who they really are.
I'm going to break down how far left these radicals have become.
It's so embarrassing, humiliating and devoid of facts.
All right, let's get right into it.
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All right, who the Democrats really are.
I am getting increasingly bothered and disturbed by this radical far-left lurch of the Democrat Party where they have abandoned any sense and semblance of normality and reason anymore.
It is insane what's going on.
So I want to walk through a couple of things.
One of the things I want to start with is how we were once a country that That although we significantly disagreed on the issue of life, I am pro-life from conception to natural death.
I want to be crystal clear on that.
But whereas we once, you know, had these disagreements, we could settle on, at least politically, that the Democrats believed abortion, at a minimum, should have been safe, legal, and rare.
That was when the Democrats had some semblance of normality.
Again, I am pro-life.
I don't even agree with that position.
But I'm telling you, the Democrats understood that determination of life in the womb, of life, in the womb was not an issue to be handled haphazardly.
That has all gone out the window now, folks.
I'm going to walk through four or five things that Democrats have done that are preparing for 2020 that are so outrageous, and number one is this.
We've already seen what happened in New York where a far-left radical governor, Andrew Cuomo, Signed a new abortion law that permits the termination of life up in the womb up until right near birth.
Forget about a heartbeat.
Of course there's a heartbeat.
This is a fully formed living being at that stage.
Now this was New York.
Where this stuff, sadly, is almost not unexpected anymore.
Tragic, horrifying, an abomination of a law, but sadly, Joe, almost not unexpected anymore in New York, my home state where I was born and raised, which has lurched increasingly far left over the years in a disturbing fashion.
But what's going on in Virginia?
A swingy, leaning blue state, but a state which unquestionably still has large swaths of conservative, liberty-loving patriots.
What is going on in Virginia where a lawmaker has introduced a bill where you can terminate a life of an infant while the mother is dilating?
In other words, in the process of giving birth.
Oh, Dan, surely you're making this up.
Am I?
Now, I played this for Joe before the show.
Joe sent me an email.
He never does that.
Horrified when he listened.
I said, Joe, we need this cut in the show.
This is a lawmaker in Virginia who is being questioned about just how late into the pregnancy the infant's life can be terminated.
And listen to her try to dance around the issue when being questioned, when she's asked if while the woman is giving birth is dilating.
If the life of that infant can be terminated, listen to her refuse to answer the question, and then finally at the end, she has to concede that that is allowable in her bill.
So how late in the third trimester would you be able to do that?
You know, it's very unfortunate that our physicians' witnesses were not able to attend today to speak specifically to that.
No, I'm talking about your bill.
How late in the third trimester could a physician perform an abortion if he indicated it would impair the mental health of the woman?
Or physical health.
Okay.
Okay.
I'm talking about the mental health.
So, I mean, through the third trimester.
The third trimester goes all the way up to 40 weeks.
Okay, but to the end of the third trimester.
Yep, I don't think we have a limit in the bill.
So, where it's obvious that a woman is about to give birth, she has physical signs that she is about to give a birth.
Would that still be a point at which she could request an abortion if she was so certified?
She's dilating.
Mr. Chairman, that would be a decision that the doctor, the physician, and the woman would make at that point.
I understand that.
I'm asking if your bill allows that.
My bill would allow that, yes.
Oh my gosh.
Joe left the pauses in there.
That's not a mistake.
Even I, for a second, was like, oh, we done?
That's intentional.
Because you can hear this lawmaker who understands what she's about to say is going to be devastating to their pro-abortion cause.
That while a woman is giving birth, that if there's some claim of mental health impairment, mental health impairment, that her bill allows that infant's life to be terminated.
Ladies and gentlemen, this is your Democrat party.
This is the Democrat.
This is who they are.
It's not a mask.
This is who they are.
You take off a mask, you see the face underneath.
This is the face of the Democrat Party.
This is who they are.
This is what you're voting for.
I am and will always be a strong advocate for life, conception to natural death.
But even if you are pro-choice, even if you are, I ask you this, is this sane to you?
Is this legalizing and openly supporting infanticide?
Folks, this is deeply troubling stuff.
Are we even mildly concerned as a country about the moral stain and abomination this is going to leave behind?
I'm deeply sorry I didn't get to this sooner, especially given the signing of this equally horrible New York law.
I am.
I should have gotten to this sooner.
But this is Virginia!
Not that determination of life is acceptable anywhere, but this is Virginia!
How is this even being introduced?
You know, I'm a sinner too, okay?
I say that all the time.
I'm trying constantly to stay on the righteous path.
It's not always easy.
I mean it.
But my gosh, do you have an ounce of empathy for these infants?
What do you call a child at nine months, in the third trimester, at the end of it?
Is that a blob of cells, too?
Because if that's a blob of cells, then you're a blob of cells, too, and your life is meaningless, too.
But maybe that's what radical far-leftists wanted all the time.
The prominence of government, the diminishment of individual life is a priority.
Gross.
I mean utterly, completely grotesque.
Sure we'll hear from our liberals on that one.
Too bad.
It's disgusting.
All right.
Who the Democrats really are.
I wanted to get to some other stuff, too, because this is getting bad.
Now, Joe, it only took with Kamala Harris 24 hours.
If you listen to yesterday's show, we played the clip of Kamala Harris in an interview with Jake Tapper on CNN at a town hall.
Kamala Harris, Democrat Senator from California, now running for president 2020, who announced
at the Jake Tapper Town Hall that she wanted to wipe out free market insurance, cancel
your - you, yes you listening - your insurance plan if you get it from your job or elsewhere
or in the individual market.
She wants to wipe that out and make sure - it's even on Fox News - she wants to eliminate
private health insurance and make the government the sole controller of your health care.
Now, I went into detail yesterday about how absurd and ridiculous this is, but ladies and gentlemen, it only took 24 hours for Harris, Kamala Harris and her crew, to understand what an incredibly deep political faux pas this was, and they are now trying to backtrack it.
Here is a quote from a staffer from Kamala Harris.
Oh, uh, she's open to more moderate health reform plans, which would preserve the industry.
What do you think happened there, folks?
What happened there is you spoke up.
The people have power.
You have always had power.
Political capital matters, and what political capital is, is the ability to move people to your side.
Clearly, what happened here is you moved Kamala Harris to our side.
The backlash from this was severe.
It took less than 24 hours.
Do not even allow the Democrats to open their mouths about government-controlled healthcare without a particularly, particularly organized and strong response from all of us out there.
Now, so who the Democrats really are?
We addressed abortion up until dilation and basically a fully formed infant child.
Secondly, government-run healthcare.
This is their new push.
Now, I wanted to address some things about this government-run healthcare program so you have the facts and data going forward to see how far left and radical this is.
Yesterday, I hit the rationing versus pricing model, how there are only two ways to allocate scarce resources.
You can ration them or price them.
There is no third way, ladies and gentlemen.
You will win a PhD in intergalactic economics if you can tell me another way to allocate scarce resources to people.
You can ration those resources or you can price them.
There is no other way.
So throwing the price system out the window by putting the government in control, in other words, prices don't matter because the government's going to control it, means there will be rationing.
There is no other way.
I discussed that yesterday, but today, I want to discuss the price tag of doing that.
Because there's not a pricing model, doesn't mean there's not a price.
Don't mistake the two.
A pricing model, what are the hallmarks of a capitalist system?
A free market economy, right folks?
What are the hallmarks of it?
Not meant to be an econ class, but these are simple things.
The ability to trade your labor for a wage, right?
In a non-capitalist system, a socialist system, that's not what happens.
From each according to his ability to each according to his means.
What happens, Joe?
Socialists see Joe Armacost as a potential radio engineer, they stick him in a radio engineer job and they tell him what he's paid and they tell the employer how much to pay him.
As the Soviets used to say, you pretended to pay us and we pretended to work.
That's what I was going to say!
Right?
That's the way it went down.
I remember spending some time in Russia as an early secret service agent.
Back in 1999, when the fog of socialism was still hovering over their economy, you go into a souvenir store to buy something, they had, you know, five, six people helping you on one little souvenir.
One would pick it out, one would wrap it.
What happened?
Well, everybody had needed jobs in the old Soviet days, so they gave them jobs, paid them nothing, and the capitalist economy was having a tough time figuring out what to do with all these people.
So you can trade your labor for a wage.
You can own free property.
Property, you can have private property.
That is a hallmark of a capitalist system.
Socialism, the government owns everything.
But third, this is important.
Resources are allocated by price.
Meaning, people bid on things every single day of their lives.
They bid on everything from food, and they have to work for that, to cars, to homes.
Those prices go up, new producers come in to get those high prices, competition drives the cost down.
This has happened over and over throughout human history.
It's why flat screen TVs you can buy for like $300 right now when they were $5,000 just a few years ago.
That pricing system matters.
I bring this up because what we haven't discussed yet in detail at this point is this government-run healthcare.
Even though it won't be free market pricing, the government will run it.
It still has a price.
Nobody's working for free, folks.
And that price tag is an astonishing $32 trillion over 10 years.
Oh!
Yes.
$32 trillion over 10 years for this government-run healthcare system.
This is not a joke.
Ladies and gentlemen, this will bankrupt us.
This will put us in a hole instantaneously.
Think about the costs here.
$32 trillion over 10 years.
The entire amount the government spends in a year is a little over $4 trillion.
You're talking about wiping out nearly the entire federal budget over 10 years.
It would require a doubling of taxes, ladies and gentlemen.
A doubling of what you're paying now.
Pick what you're paying now and double it.
It would devastate our economy.
What would it also require which the Democrats are conveniently hiding from you?
Government-run healthcare.
Require a doubling of the tax rates you pay now.
You want to make a double down on my point from yesterday about the waiting list that would occur?
Kamala Harris needs to get rid of private insurance's waiting list.
You think waiting lists are bad now?
Oh boy, you wait till the government... What did P.J.
O'Rourke used to say?
You think healthcare's expensive now?
Wait till it's free!
It would require a doubling of taxes and a 40% cut in reimbursements to doctors and hospitals.
Ladies and gentlemen, the way this system works now, and the system now is broken.
It is broken precisely because the government pays right now for about 40-45% of healthcare.
We have a hybrid system that's failing on both fronts.
The free market side of it is failing because the government is not reimbursing doctors at the cost of the value they add.
And the free market side is failing because they have to overcharge people to reimburse the doctors for the amount they're not making on the government side.
I know that didn't make a lot of sense, so I'm going to explain it again.
Here's what's happening now in the broken system we have now because the government can't get its mitts off our healthcare system.
Because the government does not have the money to pay for healthcare for everybody.
What do they do?
They pay doctors and hospitals low rates for Medicaid and Medicare patients.
Those doctors respond by limiting or putting unofficial quotas on the amount of Medicaid or Medicare patients they will accept because they can't make any money on them.
Right.
But as a condition of staying in the system, they have to take some Medicaid and Medicare patients.
So if the doctors aren't making any money on Medicaid and Medicare patients, and they're running businesses, they have to pay employees, administrative staff, their electric bills, they have to buy equipment, they have to pay rent for their doctor's office, how, Joe, are they making money?
They're making money on the free market side by charging more to private free market healthcare patients who are then covering the doctor's expenses they wouldn't have to have covered if Medicaid and Medicare paid market rates.
But they don't.
This is what's screwing up the entire system.
The government's footprint in there.
If doctors were allowed to charge the value for their business, there might be a short-term spike before other doctors started to realize there was income to be made in certain areas.
Said, well, why is that doctor charging so much?
I can go in there and get some of his patients for less.
It has only worked every single place it's been tried.
Flat screen TVs, LASIK, plastic surgery, food, which is as a percentage of our annual income at some of the lowest amounts we've paid in human history.
Because what did we do?
Capitalism works.
Competition drives down prices.
But there's no competition right now because there's this struggle to make money off the free market healthcare system from the loss of money on the government reimbursements.
Now, the Bernie Sanders plan and these Medicare for All plans, which are disastrous, would require a 40%, 4-0% cut in reimbursements to doctors or hospitals.
Ladies and gentlemen, Medicare and Medicaid are bankrupt now.
I said this on Hannity's show last night.
This is a forest fire.
I am sorry to inform you, I know a lot of people like their Medicare and you have designed your lives around it.
It is not your fault and I'm not blaming you.
This system is bankrupt.
There is no money to fund the long-term liabilities of Medicare or Medicaid or Social Security.
None.
Having said that, I have grandparents as well.
It is not your fault.
Promises were made to you on behalf of a government we elected that made enormous mistakes in inserting their foot in your retirement and your health care plan.
I believe we owe you the security of this, whether through the general fund, taxes, or whatever it may be.
But as for anyone aged roughly 55 or younger, counting on these programs is outright foolish.
You are denying math.
You're trying to tell me 5 plus 5 equals 15.
It doesn't.
There's no math there.
There is no money.
The long-term liabilities of these programs are approaching the $100 trillion mark.
We do not have that money.
We're $20 trillion in debt right now.
Suggesting that a 40% reimbursement cut to doctors and hospitals followed up by a doubling of taxes to finance $32 trillion in new government spending.
Suggesting that's realistic in this debt environment we're in now is idiocy!
Do you have any idea how many hospitals and doctors would fold and their businesses would fold tomorrow if they were told that overnight the government was taking over their business and their reimbursements would be decreased by 40%?
Do you have any idea how many of them would fold up shop?
The answers are staggering.
Staggering how many doctors would have to leave the business.
There's a darn good chance the doctor you've grown to love and appreciate for his services or her services will be out of business almost overnight if they were to implement this plan.
Ladies and gentlemen, liberalism has a real-world cost, okay?
These policies bleed.
They bleed.
They're real.
They're not chimerical.
They're not fables.
These are real-world policies.
Real people with real power are proposing running for the most powerful office in the land, the presidency of the United States.
These policies bleed, man!
They are real!
They mean something.
They will hurt real, living people.
Your grandparents, you, they obey the laws of math and economics like anything else.
And the laws of math and pure economics say these policies are destructive.
They will destroy your doctor, the hospital you go to, they will destroy your bank account, they will destroy our economy, they will destroy your economic future, your kids' economic future, they will ration your healthcare, and you will sit on waiting lists.
Those are facts.
This is real!
And along with that abortion law, up until birth, this is who the Democrats are!
Wake up!
This is who they really are!
This isn't a joke!
The party of John F. Kennedy is gone!
Gone!
Bury it!
John F. Kennedy Democrats are now Republicans!
That party has disappeared.
This is the party of Bernie Sanders and Kamala Harris.
Far-left radicals openly speaking in public and advocating for policies that will do exactly what I just said.
Alright, I haven't even started yet.
I gotta get to their tax stuff here and say it's a great article in the National Review.
That's gonna blow your mind.
It's so good.
It starts dry.
Someone sent it to me this morning.
Listeners send me articles all the time.
It was a very good one.
I'm glad you found it.
Let me just get to this first.
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Okay.
So, this is who they are.
The Democrats.
Here's another one.
This proposal for 70% tax rates, monstrous tax increases on the wealthiest Americans, people who make 10 million or more.
Folks, again, are we living in a world where facts and data are relevant?
Because if they're not, and if you're a liberal listening to my show, and I know you're out there because I get your nasty emails at times, you're welcome to listen to the show.
But I'm asking you, if you're liberal, and you, the conservatives and liberty lovers out there listening to my show, should be asking your liberal friends, and I have some, I do, You should be asking your, Joe's in Maryland, he's surrounded by them.
Yeah, I'm in Martin County, Florida, where it's a pretty conservative county.
I want you to ask your liberal friends, do facts and data matter anymore?
Because if facts and data don't in fact matter, this conversation is useless.
But if you're out there with an open mind and you're interested in what actually happens when we tax people at the rates this new, uh, this new crew of Democrats is proposing, these radical far leftists, what actually happens?
If you're not interested in that, you're interested in an emotion, and what does Shapiro say?
You know, facts don't care about your feelings.
If you're interested in your feelings and not the facts, this is not the show for you.
Go listen to the Rachel Maddow show or whatever, where the show is swimming and, oh, how are your feelings?
I'm not interested.
It's not my thing.
Tom Hartman, whatever.
They're all out there.
The liberals will bathe you in emotions and feelings devoid of facts and data.
There was an interesting snippet in the Wall Street Journal today, how the Democrats, I've made this argument over and over, keep saying, well we need to go back to the 50s and 60s, Joe, where the top tax rate was close to 90%.
I have made multiple, I debunked this section of my website, I have put articles in there written by my researcher Matt Palumbo, repeatedly debunking the idea That that 90% tax rate was what people actually paid at the top end.
The effective tax rate back then was roughly 31%.
In other words, what people actually paid.
It's roughly now about 27%.
Meaning, despite the fact that in the 50s and 60s there was a 90% tax rate on the rich of the time, the wealthy of the time, Joe, nobody paid it!
Nobody paid it.
Are you interested in the facts?
Here's another snippet from the Wall Street Journal today.
Here's the takeaway, liberal friends.
Yeah, my conservative pal, but in the 50s and 60s we had 90% tax rates and look how well we did.
Nobody paid that.
The effective tax rate was actually close to 30%.
It's about 27% now.
Roughly the same.
Even better.
Wall Street Journal has another data point today, Joe.
Income tax revenue Collected in 1957 was 7.7% of GDP at roughly those 90% top marginal rates.
Affecting the wealthiest people at the time.
What is it today?
Income tax revenue is 8.3%!
Collected as a percentage of GDP!
You understand what I'm saying here?
Yeah.
Income tax revenue collected in the 50s at the rates the Democrats are suggesting, 90%, was a percentage point lower as a percentage of GDP than it is now!
Well, I should say roughly half a percentage point.
I don't want to, you don't, don't get the eight and the seven.
God, I shouldn't round up.
That's irresponsible.
It was roughly half a percentage point lower.
The point is absolutely valid.
Why?
Because nobody paid those rates!
At a 90% tax rate, tax evasion and tax avoidance becomes a national pastime.
That's why.
Right?
The national pastime isn't baseball, it's tax avoidance when your rates are 70 and 90 percent.
And that's exactly what people did, making it even worse, ladies and gentlemen.
In the 50s and 60s, there was no internet.
Capital was not as mobile as it is now.
There weren't the refined international transportation networks and communication networks we have now.
You can move money out of the country like that?
You instill a 90% tax rate, 70% tax rate at marginal rates at the top in this country, now you're going to see capital flight out of this country like you haven't seen before.
So let's be clear on this.
The effective tax rate For the entire economy, it was roughly the same even at the 90% tax rates, meaning a whole lot of people avoided it.
And secondly, the income taxes collected as a percentage of GDP were lower under that high rate.
Not that any of this matters to people out there on the liberal side because you're not searching for the truth, you're searching for a sedative to your feelings and your hurt feelings.
Now, I have an article from National Review up in the show notes today that's very good, that hits on this topic.
And it starts a little slow, but give it a shot.
It's not a very long piece, but it talks about... I was trying to find a way to sum it up to make it sound a little spicier than the article.
It's so good.
It talks about four issues basically with bigger government and it's framed in terms of the JCT and CBO.
Now you're like, oh man, but now you can see why if you start, you don't give it a chance, you'll be, get past the first paragraph.
It talks about how the Joint Committee on Taxation and the CBO, the way they evaluate big government spending plans, whatever it is, healthcare expansion, government control of healthcare, higher tax rates, how that's changed through the years.
And there's four criteria which work against the socialists at this point.
The Ocasio-Cortezes and the Bernie Sanders of the world.
Does that make sense, Joe?
Here are four things they're gonna have to overcome if they really want to make sure that they enshrine bigger government and basically instill their form of socialism here in the United States.
Let it rip.
Here's number one.
The CBO and the Joint Committee on Taxation factor in what we call crowd out.
Ladies and gentlemen, you hear from Ocasio-Cortez, Bernie Sanders, Kamala Harris, and others.
There's this mistaken illusion that government spending is somehow net worth.
In other words, that when the government spends money, it spends money which leads to jobs.
You'll hear him say it all the time.
Shovel-ready jobs.
We gotta produce these jobs.
In other words, the government's giving people money.
So Joe, if you're...
I hate to say it, I don't want to sound mean, but if you're economically illiterate, and you don't understand basic cash flows, that may make sense to you, especially if you're a liberal and you do no homework at all, and feelings matter more than your facts.
I don't think I like your tone.
You shouldn't.
The question is not where the money goes.
Government's going to spend money on shovel-ready jobs.
People are going to have jobs and they're going to be able to spend the money.
Wow!
This is great!
Economic prosperity is right around the corner.
The question is where did the money come from, not where did the money go.
The money came from you!
Government confiscates money.
It doesn't create anything of value.
Government does not take glass, microchips, silicon, plastic, and put it in an iPhone and make all of those composites.
It does not compose a product of higher value than the breaking down of its parts.
Government doesn't add value to anything.
Government simply takes and gives to another.
And then, as Lyndon Johnson's economic advisor called it, the leaky bucket, as it's taking money from one person in a bucket and giving it to another one, the bucket leaks!
The bureaucrats take money, the lobbyists, everybody gets a cut before it actually makes it to someone else.
No value is added at all!
The point here for number one is the JCT and CBO do not count government borrowing as net worth or value-added because the money is simply taken from you and then given back to you and then the bureaucratic cost is taken along the way.
There is no value-added.
Value-added is everything in economics.
You take a piece of glass, a microchip, you find out a way to make the next generation iPhone, it adds to people's lives.
They use that next generation iPhone or Android or whatever it is, and they find a way to take better pictures, to get their business done faster, the processors are quicker, and that adds to their life.
That adds value.
The government doesn't add value.
The government takes from one person and gives to another with a leaky bucket doing the transfer.
Government borrowing crowds out free markets.
When government takes money, it doesn't have and spends it.
It has to take it from people who have money.
Where are those people not lending their money now, Joe?
To free market businesses that actually add value.
So here's the free market adding value.
New phones, new medicines, new healthcare, better, cleaner food.
Money that would have been lent to those businesses to build and create more of that is now taken out of those businesses and given in a leaky bucket to the government which takes its own cut and then just transfers it to other people with no value added at all.
The CBO estimates, Joe, that every 500 billion in borrowing significantly reduces GOP.
You want to see the, uh, GOP.
Uh, GDP.
Excuse me.
It does reduce GOP, too, because the Democrats sell people on these plans, and people believe it, and there's less GOP congressional representatives than others.
Good catch.
Freudian slip, right?
Read the report in there.
There's a link to that report about how government borrowing simply crowds out free market borrowing and lending, which destroys any value added.
Second joke.
Bernie Sanders proposing 33 trillion dollars in new spending over the next 10 years.
33 trillion.
Now Ocasio-Cortez has argued to you, disingenuously, in an entirely nonsensical argument that, oh Joe, all they have to do is tax people who make over 10 million.
And what happens?
The envious among us, I'm sorry but it's true, because, listen, the top 20% of taxpayers already pay 80% of the taxes.
The top 20 earners out of every 100 people you select, the top 20 earners pay 87 cents of every tax dollar out there.
So don't, if you're looking for me to start making apologies for the fact that rich people aren't paying more, you got the wrong show.
They don't deserve, I'm not that person by the way, we do okay.
I don't make 10 million.
Maybe one day I will.
But they, I don't want their money in the government economy.
I want their money in the free market economy where value can be added.
I'm not envious of them.
I don't care.
As long as they're not breaking the law, I don't care.
Stop being a hater.
That should be Trump's 2020 line.
Don't hate!
Why are you so jealous about everything?
Do your own thing!
Why do you care?
They took it from you?
They took it if they stole it from you?
So a guy worth 10 million what?
Held you up on the street?
At gunpoint?
Hey buddy, empty those pockets!
How did he steal it from you?
Why do you care?
Dan, you really want to be defending 10 million people make 10 million more?
No, I want to be defending liberty.
That's what I want to be defending.
And getting the government the hell out of my life and yours.
I'm tired of it.
The politics of envy.
Government people, it's all about greed.
Greed?
So you want to take someone else's money?
Not only you want to confiscate the wealth of everybody, you want to take up what you haven't earned it?
It's not yours, but that's not greed?
But Joe, the facts and data matter.
So point number one is that JCT is going to put a limit on this because government borrowing will destroy GDP growth.
Secondly, there's no money there for people who make $10 million or more to finance these programs.
Here's the simple math, Joe.
The amount of money, over $10 million, that Ocasio-Cortez proposes to tax.
The whole pool, Joe, is only $245 billion.
So if you tax that at our proposed 70% rate, those evil 10 millionaires, you're looking at between $160 and $380 billion in revenue over 10 years.
$380 billion in revenue over 10 years, less than 1% of GDP.
Ladies and gentlemen, please explain to me which simple math, with plain, simple arithmetic,
if you're capable of this on the liberal side.
How do you expect, let's split the difference, say it's $200 billion raised over 10 years
and that these people don't move their money out of the country, which they will.
It'll be far less than that.
But let's throw the liberals a bone and assume they raised 200 billion in 10 years.
Can you please explain to me how 200 billion over 10 years is going to finance 33 trillion in new spending?
I'll wait, folks.
Any idea, Joe, how you can reconcile those two numbers?
Yeah, you can't.
Because it's not gonna happen.
It's the fetch of economics.
Fetch is not going to happen, Gretchen.
It's not gonna happen!
You will not finance $33 trillion in new spending with $200 billion in optimistic tax receipts over 10 years from those evil millionaires making over $10 million.
Even Chewy knows this is absurd.
It's not gonna happen!
France tried this.
Millionaire's tax.
What happened?
People fled the country!
They got rid of it!
Joe!
Oh, even better!
Remember Maryland?
Under their former governor, Martin O'Malley?
Far-left radical liberal.
Governor of Maryland before Larry Hogan.
Instituted a millionaire's tax in Maryland.
They said it was gonna raise, I think it was, what is it, 200 million dollars or something like that?
It wound up losing a hundred million dollars.
People left Maryland, they moved out in droves.
And they're off!
Millionaire number one, turning the corner, going to Delaware!
Millionaire number three!
Millionaire two's closing in!
Going in on a Pennsylvania route!
Millionaire three's closing in!
Millionaire three's headed down to Florida!
He's closing in on a Florida!
Welcome to Florida, Millionaire three!
They left!
They evacuated the combat zone as quickly as they could.
Listen to me.
It lost money.
You don't believe me?
Google it.
O'Malley millionaires tax.
It lost money.
Listen, liberal buffoons, do you understand what I'm telling you?
I'll get an email.
Don't call them buffoon.
You are a buffoon if you believe this.
They instituted a millionaire's tax to raise money and raise less money than they did before.
The idea of a tax is to get money from people, not lose money from people.
But yeah, let's keep trying.
Eventually it'll work.
Even the French found out this was a stupid idea.
I say the French, I'm not trying to take a shot, I spent a lot of time in France, I don't mean to, but they're obviously a little more socially liberal country, an economically liberal country.
Even they figured this out!
Is anyone going to ask Ocasio-Cortez for the basic math here?
Anyone, ever?
Ms.
Cortez, Representative Cortez?
Your projected tax on people making $10 million or more at the marginal rate is projected to optimistically only raise about roughly $200 billion.
How do you propose to finance roughly $30 trillion in new spending with that?
Uh, go!
I'm trying to think, but nothing happens!
Nothing's happening!
Nothing's happening!
Of course there's nothing, because you can't answer the question!
So that was number two.
I spent a lot of time on that one.
Crowd out, number one.
It's going to be a problem with big government socialism.
Second, there's no tax base for it.
There's no money there.
Third, the JCT and the CBO both factor in that corporate taxes are simply passed on to consumers.
So any ideas these big government acolytes have that they are gonna, oh, don't worry, Joe, don't worry, we are only gonna tax businesses, oh, everybody's like, yes!
The envious among us, get those people worth 10 million and get those businesses!
Get them!
We'll just tax the businesses.
No!
You won't!
There are links in the piece to reports showing conclusively that when businesses are taxed at higher corporate tax rates, they simply pass the prices on to you!
You pay the tax, not them!
The business is simply a tax collector for the government!
It's not paying anything!
You tax a corporation, the corporation pass those costs on to higher prices on to consumers.
This isn't hard!
That's an easy one.
Just look at point three.
So again, any ideas these socialists are going to have about expanding government are going to face these four obstacles.
They're going to have to overcome crowd out by government borrowing, a tax base that's not existent to pay for it, A tax base on corporate taxes, that's you, despite it being framed as a tax on businesses.
And one more, fourth one.
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All right.
So the number four and final obstacle in the National Review piece that big government socialists like Sanders and Ocasio-Cortez are going to have to overcome If they can't do any of that, Joe, surely they'll say, well, I know what to do.
We'll expand our big government by getting those stock people.
We'll just hike the capital gains tax.
In other words, you sell a stock, you make money.
That is a capital gain.
We will hike the tax on that because they know what, Joe?
They know that sells to people who are economically illiterate.
Here we go.
Why don't they say, we'll just get those people.
Forgetting the fact, by the way, that the overwhelming majority of those people are pension funds and middle class people whose retirement depends on investments their pensions funds have made.
I mean, even CalPERS, the California pension fund, is going to be close to bankruptcy at some point with all its liabilities.
Even CalPERS has investments in stocks.
But they leave that out because when you think about that, they see the Mr. Moneybags guy with the top hat and the bespectacled look and the oversized cigar.
Don't worry, we'll just tax capital gains.
That's not gonna work either!
Because the JCT and CBO have done some homework.
I'm not defending the CBO, by the way.
I'm just telling you what's out there now, government policy-wise, that these lawmakers are gonna have to deal with.
Their research indicates that every 10% hike in the capital gains tax results in a drop in the sale of stocks by 8%.
Now why would that be?
Well, most of you out there who are very intelligent have already figured this out.
Some listening who are maybe of the liberal persuasion may have a tough time.
When you hike the tax on a sale of stock, people don't sell the stock.
They hold it until the capital gains tax goes down.
Alright, there it is!
Now not only, Joe, does a 10% hike in the capital gains tax result in a drop in the stock sales, it also has resulted historically in the loss of government revenue.
You doubt me?
Ladies and gentlemen, Ronald Reagan, although he was a big tax cutter on the income side, in a compromise, in an effort to level the playing field amongst income, capital gains, and corporate taxes, Ronald Reagan hiked, yes, hiked the capital gains tax to 28%.
He dropped the income tax rate, the top rate, from 70% to 28%.
In order to make those rates so no one would move money from capital gains to income, Reagan made those rates equal.
Tax parity on each side.
What happened when, under the Reagan administration, they hiked the capital gains tax rate?
The capital gains tax raised less money, folks.
The opposite happened under Bill Clinton.
Yes, the opposite.
Bill Clinton did the exact opposite.
Bill Clinton's administration hiked the income tax rate and dumped the capital gains tax rate, and the capital gains tax revenue went up!
Up!
Finger in the sky!
Up!
Now listen, liberals, don't let any of these facts get in the way of your dopey narratives.
But you have nowhere to go with this.
Your big government plans are going to be stymied consistently by you having to tell the truth to the American people.
Now let me just say this, Joe.
If liberals want to be honest and sell this to the American people, I'm all for it.
Not for their plan, but for their honesty.
In other words, I object to your ideology strongly.
It's the whole goal of my life is to deconstruct false liberal golden calf promises.
But I would respect you more if you were honest about what you're selling.
I'm hoping that the obstacles they're up against, the JCT and the CBO, will force liberals and the media to cover these pie-in-the-sky programs honestly.
If Ocasio-Cortez wants to be honest and say, folks, I'm proposing massive new spending in the Green New Deal in healthcare.
My $10 million or more tax, marginal tax rate, is not sufficient.
It's only going to raise a sliver of that.
I am asking you, personally, to finance this.
Therefore, I'm going to ask you to double your tax rate and to vote for me increasing your taxes and doubling them.
I would respect her more if she would be honest.
Bernie Sanders and Kamala Harris too.
They would lose, but at least they'd be principled.
My problem with this is they are not being principled.
They are lying to you.
The capital gains tax.
Oh, we'll get it from the stock buyers and the sellers.
No, you won't.
You will lose money because people will simply hold stocks and investments.
We'll get it from the businesses.
No, you won't get it from the businesses.
They'll pass it on to people.
We'll get it from the 10 millionaires.
No, you won't.
There's no tax base for that.
We'll get it from government borrowing.
No, you won't.
That just comes from the people too in the form of crowd out.
Be honest.
Stop being frauds.
Do you ever want to stand for anything?
Ever be principled?
And at least, if you think your ideas are right, then defend them.
We don't have this hypocrisy on the conservative side.
This isn't an issue here.
We stand for lower taxes because we believe the government is a toilet bowl of government spending.
And outside of the constitutional roles of government, our military and our court system, every dollar turned over to the government is a dollar wasted.
There's no hypocrisy there.
Lower tax rates matter because economic freedom matters.
Your, however, your liberal ideology is rife with hypocrisy.
It is everything wrong with this country.
It is a fraud.
It's a scam.
It's a scheme.
You're telling people things that aren't true.
You're asking them to worship golden calves.
All right, that was a long one.
So we talked about who the Democrats really are with abortion, government-run healthcare, tax rates.
There's another story I wanted to hit today that I just found yesterday.
They're war against objectivity, folks.
Yeah, I know.
Joe said, oh, because this is one of the initial things we covered a long, long time ago in the show, and we were doing it in my basement when we first started and didn't realize the show would become as big as it was.
I'm surprised you remembered that, dude.
Yeah, that's where I was thinking.
Yeah, because we used to do a Sunday show only.
If you go back and listen on SoundCloud, you see some of those original shows are a trip.
I like to explain the why.
The why matters.
The why always matters.
When discussing liberalism, when you understand why they do what they do, everything makes sense.
Everything goes according to the same battle plan.
The radical left out there and liberals hate religion for a reason.
It's not just that, you know, they renounce God.
It's almost not even religious.
It's almost a secular hatred of religion, if that makes sense.
They hate religion and the Constitution.
Family values.
They can't stand any of that because it creates an objective truth.
Please follow me.
It's one of the most important things.
This is the last section of who the Democrats really are.
They did something yesterday and I'll get to it in a second.
It'll make sense to you when you understand what I'm telling you now.
Anything that represents an objective truth.
Not subject to interpretation.
In other words, an objective truth.
That big R rights, the right to economic freedom, the right to freedom, the right to self-protection, the right to practice your religion, the right to free speech, big R rights.
And objective truth is that those rights are granted by God, not men.
That a constitution can enshrine those rights in a legal framework, but it doesn't grant them.
It is simply a parchment protection, legislatively, of rights already granted to you.
These are inalienable.
They were granted to you by God.
In other words, they are objective truths, not subjected to the whims of men and women.
Liberalism is in direct conflict with objective truth.
Why?
Because objective truth cannot exist in a system where liberalism needs to treat people unequally.
Think about what I'm telling you.
If freedom, liberty, the right to self-protection, the right to work and earn your money and spend your money, if these are God-given rights to remain free of the chains of government, if those are objectively true, then liberals' subjective thought that they can treat people unequally or their assertion that they can treat people unequally cannot be true.
These two worlds cannot coexist at the same time, objective and subjective truth.
If Christian values state that marriage is between a man and a woman, and you are objectively granted the big R right by God to practice your religion, you believe that religion to be true, that cannot exist in a world where liberals want it mandatory that you engage in and partake in a wedding ceremony that objects to your religious beliefs.
You see, folks, they cannot coexist.
These two circles don't overlap at any point.
Liberals need to wipe out the idea of big R rights and objective truth because everything is to be determined by the government at a later date.
Economic freedom?
You don't have economic freedom.
If you make $10 million, we'll treat you unequally.
What are you talking about, Dan?
No, no, that's what a 70% tax rate is.
It is treating people economically unequally compared to people who make $5 million, $1 million, $500,000, $100,000, and $50,000.
Yeah, but they make more!
That's not what I said!
Point stipulated.
That is not what I said.
What I said is, you are treated unequally.
That's a tautological statement.
If I'm paying 70% of my income over a certain amount, As I work, and go to work just like you do, and you're paying 20%, I am being treated unequally!
That's a tautological statement!
Only an idiot would argue it!
But they make 10 million!
I get it!
I heard you!
Stipulated!
They are also being treated unequally!
But the idea of objective truth, that people should be treated equally, cannot coexist with the fact that liberals, their very nature requires Christians to be treated, their religion is given second-class status.
You remember the Knights of Columbus?
You're not allowed to serve in government service.
Your religion says life begins in the womb, I knew you in the womb, what it says in the Bible.
You're not to be treated seriously.
You're an infant in the womb, you can be wiped out up until the ninth month of your life.
Which began at conception.
Your life is wiped out.
That requires you to be treated unequally if you're an infant in the womb.
That an objective truth that life begins at conception cannot exist if you have the inalienable right to life and then you're wiped out.
You're treated unequally.
You're dead.
They will attack anything that creates an objective truth.
Religion, God and big R rights are an objective truth.
They are not subject to the whims of men.
They have to be wiped out.
Liberals need to treat people unequally.
People cannot be treated unequally if it is objectively true that people should be treated equally.
You dig?
This explains their war on religion and specifically Christianity.
I bring this up because there's a story I have in the show notes today at FoxNews.com.
Please read it.
About how the House Committee on Natural Resources wants to strike from the oath people take when they testify in front of them at the end.
So help you God.
This is not a small thing, ladies and gentlemen.
Liberals are doing this again for a reason.
They are doing it because they want to wipe out the influence of religion from your life.
Because it creates a series of laws and objective truths that you live by that directly conflict with a liberal ideology which requires an expansive, subjective government to change the rules on a day's notice to get to a desired ends.
Remember the socialists?
The ends will justify the means.
The ends never justify the means in a system of objective truth.
The means are a series of objective truth in a free society.
The means matter.
The means are everything.
Not to liberals.
Who are the Democrats?
They are people who do not believe anymore in big R God-given rights.
They must treat people unequally.
They must wipe out the influence of religion in your life because it creates an objective truth of equality amongst people created in the eyes of God that does not coexist with their subjective need to change the rules on the whim to get to a desired policy goal.
They cannot treat a child in the womb equally as a human being who exits the womb.
They can't.
You have no inalienable right to life.
That can't coexist with objective truth.
They can't keep people who work for a living who make a certain amount of money.
They can't allow them to be treated equally as people who work the same amount but don't make that amount of money.
It doesn't matter.
They have to be treated unequally.
That's what liberalism is.
Healthcare, they can't treat people equally.
They have to institute a system of government-enforced rationing where only the connected to the government few will get speedy healthcare.
They don't want people treated equally.
The people with no influence are going to sit on waiting lists.
Objective truth doesn't exist with them.
And them trying to strike, so help you God, is just another indicator of their war on big R rights and objective truth.
All right, folks, I had a lot more to get to.
I'll have to get to some of it tomorrow.
I have another story that was interesting today about a potential cure for cancer.
It was picked up by the New York Post yesterday, the Jerusalem Post on the horizon.
Read the story.
It's just interesting that we may be on the horizon of, I mean, think about it, Joe, not just the cost in tragic human suffering.
All of us have been touched by cancer, all of us.
Yep.
Everybody knows someone or knows someone who knows someone.
It is a scourge on humankind, and I sent out a tweet yesterday saying, God, please tell me, and I meant it, I was not using his name in vain, please tell me this story is true and you have blessed someone with the inspiration to find this.
But not just the human cost and suffering, ladies and gentlemen, if we found a cure for cancer, which may be on the horizon if you read this story, and I might get too optimistic, But think about the cost.
I mean, people, can you imagine just on healthcare alone, the trillions of dollars to try to, you know, to ameliorate the suffering?
And, oh my gosh, I mean, just, this would be a, this would be one of those hinge moments in human history.
It would, it would be a hinge moment in human history, equivalent of like a healthcare industrial revolution.
I pray to God it's true.
All right, thanks for tuning in today.
I really enjoyed today's show.
I hope you did as well.
I always enjoy your feedback too.
Thank you very much.
And I'm serious, if there is an elbow surgeon out there who's really good and can help me, please email us.
The contact's on the website.
I would love to hear from you.
And yes, thanks for all the good, the kind words about Fox.
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