Thanks to today’s record-breaking inflation, it’s no surprise that middle class families are MASSIVELY struggling to pay for everyday expenses. So, why then are our tax dollars going to pay for things like gender studies, Glenn asks. Why are welfare checks being sent to migrants on our southern border, when Americans are struggling at home? Why is President Biden PUNISHING responsible Americans who did NOT attend colleges that they could not afford? And why are the politicians we elect to do one thing, instead doing the OPPOSITE when in office?
Below is a rush transcript that may contain errors
GLENN: Well, they will get around the Constitution, eventually. I think they're going to declare a national emergency. A climate emergency. Or a banking emergency. Or an energy shortage emergency. One way or another, emergency shortages are coming. And that's how you really make an end run around Congress, and the Supreme Court. Let me give you this story from CBS. Raising children is expensive for the United States. And families are feeling the pressure. More than 12.5 million in the US live in poverty. Even middle class families are increasingly struggling to pay for everyday expenses. Yeah. Why is that? The U.S. Department of Agriculture has published a report using 2015 data, that estimated expenses of child rearing from birth through the age 17, in a middle income family of two adults and two children. It is 233,610, with inflation. That means it's 286,000, in 2022. But adjusting for inflation, they say, may not be enough. Child care costs have actually outpaced inflation. In 2020, childcare expenses rose 5.03 percent year after year, compared to the annual inflation rate of just 1.2 at the time. The fact that is sending an infant to day care in many places across the country could be significantly more expensive than in-state public tuition to send them to college. The United States has been very reluctant. Very conservative when it comes to these kinds of family policies. One of the issues with child care is the U.S. is a patchwork system. Huh. We have programs that fully subsidize eligible children. We have tax credits that subsidize a portion of child care costs for higher income families. We also have block grants for states to help them expand access. The problem with all these systems is that with this multitude of approaches, we're just now getting close to anything universal or affordable. Okay. So here's CNBC saying, really, we need Pre-K money. We need more money. And we can't solve this problem, state by state. It has to be solved at the federal government.
Again, another crisis the government can take care of. Well, I don't know about you, but I get a little tired of working for everybody else. I pay my fair share. I pay more than my fair share. And I usually -- you know, I've never had a problem paying my taxes. Because I love the country. And I'm willing to help others.
I just think that helping others is not doing gender studies. I think helping others is not enforcing the idea that our public schools have to have open bathrooms with all of our kids. And hide information from all of us parents. No. Sorry.
At what point do you start saying, I'm not really building represented here?
Well, you can't, because we have representation. You vote for your representative. That's one of the problems with us. Is we'll hire somebody, but they'll do the exact opposite, usually. Now, there's a great argument in the Federalist about the student loan bailout. Because we saved and behaved responsibly, President Joe Biden will punish us. Nor is his plan fair to those who don't go to college. We put five children through college. One still is attending. We saved up. We never took out any loans. We didn't want our kids burdened with debt. Our kids went to William and Mary. Mary Washington. Dartmouth. John Hopkins. And the university of Pennsylvania. So far, the total cost of these colleges has been well more than $600,000. Well, last week, Biden forced taxpayers to assume nearly $6 billion in federal student loans, for 60 -- for 560,000 borrowers. News stories announced the decision on forcing taxpayers to pay off the loan for others. And it appears delayed until closer to the election. While some debt is likely to be paid off by taxpayers, Democrats will probably keep their other borrowers locked in politically by continuing to freeze repayments and warning that Republicans will end this. Should my wife and I have just borrowed all of this money and sent our kids to public universities. If so, we could have $600,000 to spend on all sorts of other things. Nicer cars, houses, fun trips, or we could have given that money to our children and grandchildren when we die. To save to pay for a family's college bills, we always purchased used cars. And, you know, and we were a year old when we drove them for years. My Ford Taurus lasted 16 years, more than 225,000 miles.
My Pontiac transport for my wife, lasted almost as long, before Russ meant that it could no longer pass the state's yearly safety check. So because we saved up and behaved responsibly, President Biden will punish us. Those who didn't save and worked 90, 80-hour weeks, who spent their money on other nice things, instead now we are paying off and picking up their tab for their kids' education. How exactly is that fair?
Nor is it fair to those who don't go to college. This is a great article that you really need to read at the Federalist. But I think this is the way a lot of people will feel. As we have shortages of money, how are people going to deal with the process that we are spending welfare checks, and we're selling -- sending food stamps down to the border? When we have hungry people here. By the way, the direct impact of the -- the fed, is going to be felt again today. They are -- they are raising the rates of interest, so anything connected to the interest rates. That's credit cards. Adjustable rate mortgages. Or, you know, fixed rate mortgages. That you haven't secured yet. All of this will change. Today, and could change directly. They're trying to cool the economy. Which means, they're trying to get you stop buying stuff. And it's pulling us into a recession. If business investing and consumer spending is slowed too much. But they're going to get it right this time. So what it's going to do, is it's going to make borrowing more expensive for companies. Higher costs of capital. The valuation of the stock market is going to get compressed. We've already seen a lot of that happening right now. But this will be increased drag on your 401(k), or anything that you have, that's a retirement fund. And the problem is, is that we're going up, three-quarters of a percent. Stu, how much was it for each point, just on the federal budget's borrowing? Do you remember?
STU: Yeah. Each percentage point costs us another $400 billion per year, which is the equivalent of adding a new Defense Department every year.
GLENN: Oh, my gosh. By adding a point?
STU: Uh-huh. One point. And it's something like $4 trillion over a decade. And it gets to a point where just the interest of -- on our national debt, becomes the focus of our entire budget eventually. I mean, we're not that far away from this becoming really a society that just repays at the time, rather than actually does things.
GLENN: All right. Back in just a minute.