The Tom Woods Show
Ep. 2524 Beware a Harris Presidency
Aug 1, 2024
Peter St. Onge, a visiting fellow at the Heritage Foundation, delves into the economic implications of a potential Kamala Harris presidency. He highlights startling statistics about taxpayer money flowing to Wall Street and foreign creditors. The conversation critiques voter apathy towards fiscal responsibility and examines the complexities of national debt. St. Onge also discusses the challenges posed by media influence in elections and the risks of de-dollarization, emphasizing the urgent need for significant reforms to navigate these economic pitfalls.
39:36
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Quick takeaways
- A staggering 76% of personal income tax receipts are used for national debt interest, highlighting public disconnect from fiscal realities.
- Voter apathy towards national debt and deficits shows a troubling acceptance of unrestrained government spending across political parties.
Deep dives
Shocking Tax Insights
A staggering 76% of personal income tax receipts were allocated to interest on the national debt, meaning that three out of every four dollars collected by the IRS are going directly to Wall Street and foreign creditors rather than funding domestic programs. This figure highlights a significant disconnect between the public's awareness and the reality of government debt management. Many taxpayers are unaware of the extent to which their contributions are simply servicing existing debt rather than being used for public services or infrastructure. Polling suggests a lack of concern among voters about these fiscal issues, raising questions about whether they believe the debt will ever be paid off.
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