RADIONovember 13, 2023

Can America SURVIVE paying $1 TRILLION in INTEREST on national debt?

The yearly interest payment on the United States' national debt is now over $1 trillion. Meanwhile, our government still wants to spend MORE money! Financial expert Carol Roth joins Glenn to explain this insanity and what it means for the country and the average American: "We are in a really perilous financial position."

Transcript

Below is a rush transcript that may contain errors

GLENN: Okay. Let's see. We have a couple of things.

First of all, Janet Yellen came out yesterday, and said, we can't cut the IRS 80 million-dollar increase.

Because, quote, it will hurt the IRS plans for improved service.

Oh. They had some really great customer service things. That they were going to do.

So can't cut that.

Also, there's a story out, about how our US debt, the interest payment, alone, is now surging past $1 trillion a year.

Carol Roth is in the studio to talk to us about that. Hi, Carol.

CAROL: Hi, Glenn. What a great achievement. Are you excited? We finally got our interest, our credit card payment is a trillion dollars a year on an annualized basis.

GLENN: Yeah. But we can borrow at higher and higher interest rates. So we can make it 2 trillion soon.

CAROL: Right. It's fantastic hath. It's the eighth wonder of the world. Is compound interest. Either you're making it, you're earning it, or you're paying it. And we are paying it.

GLENN: Think of this, remember that debt clock in New York City?

And it was -- I don't remember when they started it. It was $5 trillion. And it would take forever to get to six.

Now, every year, just on interest. And we've just begun this journey.

Just on interest, a trillion dollars.

CAROL: Yeah. I think people don't realize, this is the cost of financing things.

We've already bought. This doesn't get us anything new. It crowds out other spending. It crowds out, as we take productive capital in the market that grows the economy. It's just the worst possible personal finance.

If you're in your home and you overspend, you put everything on the credit card. And now, all of a sudden, you are paying all of this money in interest.

You would say to a family. That's ridiculous. You have to get your house in order.

GLENN: And what that family says to you is, no, no, no. I will get another credit card.

Okay?

And I will pay that interest. And that interest, because I'm not really paying those things down.

That interest is going higher and higher. Because I'm becoming a greater and greater risk.

GLENN: But you know what people do. If you have your own credit cards, sometimes they will say, oh, there's a great offer over here. There's a 0 percent, you know, introductory rate. So I will just transfer it over here.

We don't have that luxury. The rates just continue to increase.

I think it's doubled in the last like I think 19 months, in terms of the financing costs for the US government.

So we're having to pay higher and higher rates on all of our borrowing, including the interest.

The financing costs of that borrowing.

GLENN: So it was just a couple months ago, that I saw it was $700 billion a year on interest.

That was just a couple of months ago. That was now it's a trillion dollars a year. And we've refinanced only about a third of it, right?

CAROL: I mean, I don't even know if it's that much. I know about a third was coming due over the next 12 months. Yeah, but I don't think we've gotten that yet.

In fact, they said that they will have to borrow just -- forget about the interest payment. But in terms of new money.

Janet Yellen, Treasuries said, over the next six months, almost 1.6 trillion dollars.

STU: It's incredible.

So, Carol, I had Brian Riedl on. It was a couple years ago now.

And we were talking about this problem. And he was talking about how large it was going to get. And what he said, at the time. And he was saying this over and over at the time.

Was, why don't we take these short-term loans that we have made, in this very low interest rate environment. And just lock them in, long-term. Right?

Because we would avoid so much of this.

And like, normally, I come back to, the government doesn't care. They want to spend more money.

But this is the reverse. They will now spend more money on stuff they can't get.

It's just, they're giving money to lenders. Instead of getting all their fancy new programs. It's actually worse for people who want to spend.

Why didn't they do this at the time?

CAROL: This is the biggest debate. I don't know if you're familiar with Stan Druckenmiller. He's this iconic billionaire investor.

Incredibly smart and savvy. And he basically said, he put Yellen right on the hot seat.

Said, this is the biggest mistake anybody has ever made. The fact that we had all of this debt, and you didn't lock it in, over the long-term.

Which in theory, I agree with. And it's something that you and I have talked about.

The issue that has sort of come out, as a bunch of us have done the research. Is that the reason that they didn't do that, is that they couldn't.

There was not enough demand, at those -- you know, high -- high end of the yield curve.

GLENN: Because we shot ourselves in the foot so much.

CAROL: Exactly. And that what would happen when there is no demand and you try to put more supply in, that the interest rates go up.

And so basically, what is believed in economic circles, is that that would have killed the economy, and thrown the Treasury into a tizzy. The Treasury market into a tizzy. So if you read, there's a new report. This Treasury borrowing committee. Just put out this report.

And they said, we recommend right now, that they issue at the shorter end of the yield curve. Things like two-year, and five-year, or maybe ten-year.

Above the normal recommended allocation. Sounds a lot like inflation. Well, let it run higher for a little bit of time.

Eventually, we want to get it back to there.

But the reason is because there is no demand of locking up money with the US government for 30 years.

And the rate that you would have to pay which would absolutely undo everything.

So this is a real concern.

And it's one that doesn't go away. It's not like, oh, well, we're in this tight period.

But they will be cutting spending. And we have all these great initiatives. There's absolutely no appetite to cut spending.

We're obviously in a very tenuous geopolitical environment.

Which Yellen has come out and said.

We have plenty of money to help finance that.

Let alone that escalates.

I mean, we are in a really perilous financial position.

And the Treasury market. And the information that's coming out there, is really telling an important story.

Of course, they make it very opaque. So the average person doesn't understand that.

And the numbers have gotten so high, I don't think people can even process it.

GLENN: So, I mean, I've been saying this forever.

That we are going to pay a very high. Ronald Reagan said it.

FDR said it.

If you don't have your house in order, there comes a point, where it all just comes crashing down.

It doesn't seem to be crashing down.

I mean, it's bad. But people still tell me. We won't lose the reserve currency.

We will be fine. The dollar will be fine.

We will come out of this.

They can't explain to me how. But they seem to be right. I mean, how long is this -- could this last?

GLENN: I mean, that's a -- that's the multi-trillion dollar question.

Right?

We don't know. We look at periods of history. We go back and look at 50 years. We look back historically. That's a tiny time period.

When we're living through it. That's a big chunk of our lifetimes. For us to say, oh, it will happen in a day, a week, or what not.

We know we are heading towards that precipice.

What we've had going here for the whole time.

We've had an incredibly productive population.

We have a lot of ingenuity, and we are the cleanest.

GLENN: We're getting rid of that.

CAROL: Yes, so we're on the wrong side. So it still exists, and we're the cleanest shirt in the laundry.

Because we are not the only central bank. That has, you know, committed these sins.

And so there isn't sort of this obvious successor.

But as we've talked about before, when you think about these changes in the financial world order, not every war, brings about a new financial world order.

But every financial New World Order, has been brought about by war.

And to the extent, God forbid, things escalate in a crazy way, that becomes an opportunity to reset what do the currencies look like.

What do the debt loads look like? They change around. They change the rules of the game.

That becomes a reset button for them.

And so I sincerely hope that this is not something that's being looked at, as a potential positive or good outcome.

GLENN: No. No.

Who would look at something like that, and say, it would be an opportunity for a great reset?

No, they're not looking at that at all.
CAROL: No, right.

GLENN: Carol Roth.

I wish we had more time you with, Carol. But thanks for coming in.

She is the author of the book, You Will Own Nothing. She is a former investment banker.

And she gets your town, your job, your finances. Read the book. You Will Own Nothing.

And figure out, a way forward for your life. Carol Roth.

12,000,000 DEPORTED by a DEMOCRAT? Truth about the freakout over Trump’s deportation plan

Many Democratic politicians and media pundits are freaking out over Donald Trump's plan for the mass deportation of illegal immigrants. But if they knew history - even recent history - they would have no reason to fear monger. Glenn heads to the chalkboard to reveal the shocking truth: The president who oversaw the biggest mass deportation operation in recent years - 12,000,000 people deported or voluntarily removed - was a DEMOCRAT.

THE GLENN BECK PODCAST

Debunking Progressive MYTHS About Christianity | Eric Metaxas | The Glenn Beck Podcast | Ep 236

“The liberals hate my guts because I told the truth about Bonhoeffer,” says Eric Metaxas, author of “Bonhoeffer: Pastor, Martyr, Prophet, Spy.” He joined "The Glenn Beck Podcast" to spread the word about Angel Studios' latest film about the German pastor turned coconspirator in a plot to assassinate Hitler. It's a movie, he says, "Jew-hating lunatics" will love to hate, which is why anti-Semites get free tickets. Eric makes the case that Trump is, in fact, not Hitler and explains why Christians should live out their faith in the public square without fear of being called “Christian Nationalists.” Theocracy, Eric says, is “anti-Christian,” but, like in Nazi Germany, there does come a time when the church should oppose a tyrannical state. Church attendance is down, but Eric suggests that just may be a good thing and that perhaps it’s time to consider Bonhoeffer's proposition of “religionless Christianity.” In the end, both Glenn and Eric agree that there is a "warrior side of Jesus,” and “God knows your theology by how you live.”

Get your tickets to "Bonhoeffer" at https://Angel.com/beck.

Can Trump stop Russia from going to WAR with Biden?

Will Vladimir Putin and Russia respond after President Biden crossed yet another one of Russia’s red lines? Rep. Cory Mills joins Glenn to discuss what may happen next after Biden allowed Ukraine to fire American long-range missiles into Russia; He tells Glenn why World War III might not be as likely as it looks, thanks to Donald Trump. Will Volodymyr Zelenskyy and Putin act differently because they know Trump’s coming back soon? Rep. Mills also comments on why the Biden regime appears to be leading us toward war. Do they really want to sabotage Trump so badly that they’re willing to risk nuclear war?

Transcript

Below is a rush transcript that may contain errors

Vladimir Zelinsky used our long-range missiles, to attack Russia. Yesterday.

You know, it's something that Vladimir Putin said, would be a red line. On Monday, what happened.

On Monday, we said, when I say we. Whoever is president of the United States. Let's just use air quotes and say, Joe Biden.

Told Ukraine that they could use those long range missiles, again. Vladimir Putin said, red line.

In fact, they had something that they had proposed in September. But they -- they stamped it, and signed it, on Tuesday.

In response to our announcement on Monday.

The doctrine now says, an attack from a nonnuclear state, if backed by a nuclear power, that would be us.

Will be treated as a joint assault on Russia!

Oh, that is -- oh, that's great.

So what is Putin going to do?

We don't have any idea. But I -- then again, I don't have any idea, why we would have done this, in the first place.

Cory Mills joins us, the congressman from Florida.

Hello, Cory, how are you?

CORY: Glenn, how are you?

GLENN: So how disturbed are you by what's happening?

CORY: Well, extremely concerned. Look for four years, Ukraine has been asking for long range capabilities. Have been asking to be able to hit within the outline areas inside of Russia. And trying to prevent continual assault. And it was denied, denied, denied.

And here we go, as we're getting into president Trump's administration as his presidency. He's continued to try to spiral things further out of control, and escalate them to another degree.

Benefit we have, however, is that we have an exceptionally strong president coming in.

And every one of the world leaders knows that President Trump does not suffer fools.

And that he does not have the weakness which invites aggression.

GLENN: Correct.

CORY: So I think that even with all this taking place. I think that both Putin and Zelinsky understand. President Trump coming in is not necessarily saying, it's okay for you guys to continue this back and forth. It's okay to continue the events that's occurring.

He's going to come with an actual solution. And say, what kind of sanctioning, what kind of imposement? Because, remember, it was President Trump who actually removed America from the INF treaty, which had been violated by Russia time and time again.

It was President Trump who removed us from JCPLA.

It was President Trump who enforced one of our adversaries, China, to actually buy billions of dollars in agricultural goods or face tariffs.

And it was President Trump who secured our borders remain in Mexico. Secured it by trying to build the wall.

People know this. They're taking notice. But it's disturbing to me, that President Biden is doing everything he can to leave President Trump with the biggest mess possible to stop him from actually getting on to the America first agenda.

GLENN: It also strikes me as the Deep State going in to survival mode.

CORY: Yeah. Well, it's the Deep State going into survival mode.

You add the nanny state. Who continues to want to keep the corruption. The power.

You know, just like you, Glenn.

Those absolutists.

I believe in completely eliminating a large amount of departments and agencies. Throughout DC. And returning those powers throughout the United States.

I believe that, again, we can harp on Woodrow Wilson's 17th amendment in 1913.

The power resides with the people. The power resides with the independent state.

And this is what the federal government. And this is what all these bureaucrats. These unelected bureaucrats who think they're lawmakers, want to hold on to.

So they will create as much chaos as possible. Whether it be through a pandemic. Whether it be through global warfare, whether it through regional destabilization. In an effort to try to maintain their power, so that it doesn't move away.

GLENN: So the president cannot -- the president-elect cannot call Putin or Zelinsky, and say, knock it off.

I'm 61 days. Or 62 days away from the president.

And you don't want to screw with me. Knock it off right now! He can't make that call, can he?

Legally.

CORY: He can actually to some extent. Look, we have a good friend of mine, Mike Waltz who was just appointed as national security adviser. I talked to him yesterday.

And there's a tremendous amount of world leaders who are calling to congratulate the president.

And the president can simply say, listen. As you know. I'm coming in, in 61 days.

I would ask that we go ahead and deescalate things now, before we come in and start thinking of a solution to work together. So we've already seen where Hamas, the minute that President Trump was elected. Asked for a cease-fire. I mean, you saw where Russia was starting to stop its continuation and now obviously, Biden has continued to ramp that back up.

So he can also do more to feed the defense military-industrial complex. Which you will need as future donors and future paychecks.

But, yeah. President Trump absolutely is already in talks with world leaders. And his national security adviser, Tulsi, the Director of National Intelligence. And everyone is very much in the know on this.

What was shocking, however, Glenn.

And this should be shocking for viewers as well.

During the transition, you're supposed to be transparent with the incoming administration.

And Michael Waltz, the National Security Adviser, wasn't even briefed that the actual long-range missiles had been approved by Biden and Jake Sullivan.

GLENN: I -- this is -- I mean, this is madness. I've never seen anything like this before.

Ever!

I mean, you just don't --

CORY: It's unprecedented. Look at FEMA. Look at all the weaponization. Look at what they've done to our economy. Look at what they've done to our open borders. Look at the 300,000+ children who have gone missing, who are being trafficked into the country.

Look at -- how FEMA has been weaponized and not helped those. If you have a Trump sign. As good practice.

I mean, look at what's happened with China's aggression, ramping up in the Taiwan Sea. Look at Paycom stress. Look at Russia and China.

Look at Iran's continual aggression with the October 7th incident on Israel.

Look at Hezbollah in Iraq, and how they're starting to ramp up.

Look, the list goes on and on, with how the world is being set on fire with this administration.

GLENN: So what do you expect Putin to do? Two days ago. Yeah. No. Yeah, two days ago, they said that it could be a nuclear strike.

I don't think they're going to do that. But it could be a nuclear strike.

And it would be war between us and that NATO ally.

That is supplying all of these things. That's us.

How does he continue to back down on his red lines without losing his position and credibility in his own country?

CORY: Well, I think it's a bit of saber rattling. And I think he knows things will change in the next 61 days. I think right now, he's trying to get Biden and everyone to be on notice. To say, this is enough. You're not going to be able to do this, and actually approve threats on to our nation. But we missed the boat a long time ago.

If you backed up to 1994, when we find the original Budapest memorandum, it was us, the Federation of Russia, Ukraine, and UK Northern Ireland.

That was recognizing Ukraine's independent sovereignty, and their borders as a nuclear nonproliferation agreement.

The minute that was violated in 2014. Oh, wait. That was under Obama and Biden.

The minute that was actually done. They should have levied that treaty.

Regardless if it has teeth on it or not, you could have brought that to the international committees, but they didn't.

And they allowed to continue on, until it was actually President Trump who came forward and said, the only way to stop this isn't by giving bandaids and by giving food. It's by allowing to have defense articles to be supplied to Ukraine for its own defense. And when that was approved. Russia then stood at bay, and Donetsk, and Lagonsk, and Mariopol (all phonetic). Now, fast forward foreword to when President Biden comes to his office, Russia immediately starts their invasion. Because they knew that nothing was going to happen. Because the precedent has been set.

So I think there's saber rattling that's going on by Vladimir Putin.

I think that's necessary. I wouldn't be surprised if he does have some type of a midrange, long-range missile strike. Increase in artillery. Things like that, are already hard impact to the area.

I think he understands that 51 days, there's a new boss in town.

EXPOSED: The DANGEROUS FAA policy that could lead to a DISASTER

The Federal Aviation Administration is out of control and ‪@BlazeTV‬ sent Stu Burguiere of ‪@studoesamerica‬ to investigate. What he found is absolutely shocking! Stu tells Glenn just how far down the woke DEI rabbit hole the FAA has gone. Apparently, even if you ace the merit-based Air Traffic Controller test, it doesn't matter. You have to pass the biographical exam as well, which PENALIZES you if you did WELL in high school science classes. Why? Because according to them, that makes you less likely to be a minority. This puts EVERYONE who rides in an airplane in danger, Glenn says. The whole story is exposed in the newest Blaze Originals documentary, "Countdown to the Next Aviation Disaster."

Watch the documentary NOW at http://BlazeOriginals.com/Glenn

Transcript

Below is a rush transcript that may contain errors

GLENN: So the Blaze original has a new doc out perfect for Thanksgiving. Countdown to the next aviation disaster. Before you go get on a plane and see -- well, maybe after you get back home, maybe.

The FAA is completely out of control. Completely out of control.

And we put Stu in a plane and have him fly over the country, to talk --

STU: Hmm. Yeah.

GLENN: To talk to the FAA and others that are fighting against what they're doing. Because there is a major disaster that is right around the corner because of DEI.

STU: How many near-misses? We document a ton of them.

GLENN: Oh, my gosh. Do you show the video of them?

STU: Yeah. The video. The footage of --

GLENN: Planes just -- and also, the planes, they're -- there's video of planes that are landing. This just happened to me!

Oh, my gosh. I completely forgot about this.

STU: Really?

GLENN: This just happened to me. I was landing in maybe Fort Myers. We were handing in Fort Myers. And we were coming down. And we were maybe 100 feet from the runway. You know, from land. All of a sudden, we just rocketed up because they put another plane on that runway, right in front of us.

STU: Oh, my God.

GLENN: And it's like, what are you doing?

STU: And this is happening all over the country.

GLENN: All the time. All the time.

STU: And, you know, there's a bunch of different reasons for it. We go through them in the documentary. Which is available, I guess to stream now. BlazeTV.com.

But what's fascinating about it, you know, there's also the whole aspect of DEI.

And how the people who are -- you know, not only overworked. These air traffic controllers.

They're totally understaffed. Overworked.

Also one of the reasons why this all happened. They just stopped blocking white males from getting these jobs.

GLENN: Right.

STU: We go through that whole process.

People who are suing the government now.

To get this all overturned. They caught them though.

This is not questionable. I'll go through all the evidence in the documentary.

It's shocking.

GLENN: Let me ask you something. Would you want a doctor, who was white, if the best doctor was black? Or Asian?

STU: Of course not.

GLENN: Of course not. No one would.

STU: No.

GLENN: Why would you say, oh, on this airplane, or in the seat that decides when and what runway that airplane lands or its course, why would you not want the best person?

It is a matter of life and death. This DEI stuff is -- it is -- it's death. It should be DIE, because it's all about death. In the end, that's what happens when you have unqualified people, building bridges, flying planes, being your -- your eyes in the sky.

That's what happens!

STU: I talked to a guy in the documentary, who took the merit-based test to become an air traffic controller, and got a 100 on it.

A perfect score. Perfect score.

Then they added another test called -- it was called the biographical exam.

GLENN: Really?

STU: Yes.

And it had really weird questions. We go through the test.

Like, something like -- did you perform well in science, in high school?

And you think, all right. Well, I can kind of see why they would ask that question. Right? If you have a scientific mind. Maybe you have an analytical mind.

GLENN: But I bet you they'll score you lower, if you did better in high school.

STU: You know these people too well, Glenn. If you say, yes, you did well in science and high school, you get penalized. To them -- and I think this is a racist assumption. But to them, you're less likely to be a minority if you did well in science and high school.

So you get punished for doing well, in a -- in a subject that obviously would relate to what you're doing.

GLENN: Can you imagine?

Can you imagine if the question was, did you do well at basketball, when you were in high school?

STU: Right.

GLENN: Are you good at tap dancing? Can you imagine.

STU: At least. It would be a positive attribute. And not a negative one.

But, yes. It would be insane.

GLENN: You would immediately say. You're good at tap dancing. You're in drama. Maybe you're gay.

Tap dancing. I don't know. Stereotypical black, you know, I mean from the 1940s.

STU: Right.

GLENN: But you would go, what does that question mean?

Why is that being asked? You did well in basketball. Why is that question being asked?

STU: Right. Uh-huh.

GLENN: This is just -- that's blatant racism.

This is subtle racism, unless you know you get downgraded by saying, yes. I was good at science.

STU: Right.

GLENN: Because normally, you would be like, yeah.

STU: Of course, this is unfair to let's say a white male who is good at science.

You know who else it's unfair to? A black female who was good at science. Right? They were actually punishing people who had good performance in school.

So that they couldn't get these jobs. So this guy, who went through this entire process, wasted years of his life.

Winds up, not getting the job. And now assuming the government, thankfully to expose. That's how they've exposed all of this. We go through all of this in the documentary.

It is called, what is it? Countdown to the next --

GLENN: To the next disaster.

STU: Aviation disaster. Here it is. Countdown to the next aviation disaster. It's available at BlazeOriginals.com/Stu. If you use the code DEI, you'll save 30 bucks on your annual subscription --

GLENN: And you know what is actually really good about this. This is, this is the end of it! This is hopefully the end of it.

Now, they have done everything they can, to bury DEI deeply into all of our agencies. So you can't cut it out.

But it's got to go!

It absolutely -- we have to be merit-based.

I don't want to drive on a bridge, that didn't have the best engineers.

STU: Right.

GLENN: Okay?

You know why the doors are blowing off Boeing planes, and wheels are coming off?

Because they got rid of all of the engineers. Hello. It's life and death.

Gosh, what are we even thinking?

You know who is really going to be -- are you a computer? Are you AI?

Can you put this little puzzle together. So I know you're not a computer. Okay?

Would you do that, if AI, who is now outperforming doctors on cancer tests.

Would you be like, I don't want my human doctor to not have a job.

So I don't care!

My doctor says, I don't have cancer. AI says I do have cancer.

STU: I'm not going to test. I believe the doctor.

GLENN: Right.

STU: Jobs.

GLENN: Because of jobs.

You would never do that. Your life is at stake.

STU: You want the best results. It seems obvious. And it's obviously central to what made America great in the first place.

GLENN: I know. Yes. Yes.

STU: Right? We cared about merit.

And we are going away from that.