WEBVTT 1 00:00:00.080 --> 00:00:03.279 Mister secretary, could you go ahead and finish your research 2 00:00:03.399 --> 00:00:04.839 on where the ten cent. 3 00:00:04.719 --> 00:00:08.080 Bag fee goes for the useless paper. 4 00:00:07.839 --> 00:00:10.800 Bag that doesn't even get used once because it rips 5 00:00:10.839 --> 00:00:11.839 on your way in the house. 6 00:00:12.279 --> 00:00:16.000 Yep. Oh, and I'll go ahead and take that latte 7 00:00:17.679 --> 00:00:23.399 double tall, thanks. 8 00:00:21.519 --> 00:00:24.719 Honest way, I need your name, but I need your 9 00:00:24.800 --> 00:00:26.559 name to write it on the cop what's your name? 10 00:00:27.679 --> 00:00:28.199 Misspell it? 11 00:00:28.800 --> 00:00:32.119 Try misspell it or just spell it fanatically. I don't care. 12 00:00:32.280 --> 00:00:34.479 Maybe I'll do the bag fee today because I really am. 13 00:00:34.479 --> 00:00:35.960 I've got enough done on that I can probably do 14 00:00:36.000 --> 00:00:44.280 the bag fee today. If let me describe the bag 15 00:00:44.359 --> 00:00:51.679 fee research this way, it's a black hole because it 16 00:00:51.799 --> 00:00:58.079 is deliberately that program is designed deliberately so that you 17 00:00:58.159 --> 00:01:03.960 really can't find out how much it's costing, where the 18 00:01:04.000 --> 00:01:09.719 money's going, what they're using it for. It would take 19 00:01:11.000 --> 00:01:13.319 and actually I talked to my friend Kathleen Chandler over 20 00:01:13.359 --> 00:01:17.200 at the Independence Institute about trying to get my other friend, 21 00:01:17.239 --> 00:01:20.680 Corey Gaines that does the Colorado Accountability Project to kind 22 00:01:20.719 --> 00:01:22.599 of dig into it. And Corey may or may not 23 00:01:22.640 --> 00:01:25.519 be digging into it also, But what Corey's going to 24 00:01:25.599 --> 00:01:29.239 run into But he's got more resources in time than 25 00:01:29.280 --> 00:01:33.560 I do. To find it is that on the bag fee, 26 00:01:35.640 --> 00:01:40.040 the things that it's supposed to go to in terms 27 00:01:40.079 --> 00:01:46.719 of the localities that collect the money are so ephemeral, 28 00:01:47.000 --> 00:01:55.239 are so amorphous, are so kind of vague that it's 29 00:01:55.280 --> 00:01:57.319 really going to be difficult to tie down any sort 30 00:01:57.359 --> 00:01:59.599 of numbers. But I do have some preliminary numbers, and 31 00:01:59.640 --> 00:02:00.120 maybe I'll. 32 00:02:00.120 --> 00:02:03.400 Do that today. It's not a bad idea, but I want. 33 00:02:03.239 --> 00:02:07.159 To get back to the wolves because the reason the 34 00:02:07.200 --> 00:02:10.719 story is important is because this is a grand example 35 00:02:10.840 --> 00:02:17.280 of how stupid Colorado is. And while while the numbers 36 00:02:17.319 --> 00:02:23.000 may not be huge, that's in material that the issue 37 00:02:23.159 --> 00:02:27.120 is this the numbers are about double what they expected. 38 00:02:28.240 --> 00:02:33.599 I know you're shocked. Actually nobody should be shocked by this. 39 00:02:35.360 --> 00:02:42.039 And it's another example of it's totally feel good. And 40 00:02:42.120 --> 00:02:45.360 then and and I just want to say to someone 41 00:02:45.400 --> 00:02:49.919 on the text line, you your text, which I'm not 42 00:02:49.919 --> 00:02:53.439 going to read yet, gets to the point that I 43 00:02:53.560 --> 00:02:58.479 ultimately want to make about this program in general, because 44 00:02:58.680 --> 00:03:03.199 it's it is about the money. It is about the time, 45 00:03:03.439 --> 00:03:08.719 the energy, the resources, everything that is being spent on 46 00:03:08.800 --> 00:03:14.680 this feel good program that does not really accomplish anything 47 00:03:14.759 --> 00:03:18.560 other than making Marlon Ree feel good and keeping Jared 48 00:03:18.599 --> 00:03:23.240 Pouls happy in the bed, I guess. And it actually 49 00:03:23.280 --> 00:03:30.439 is detrimental to the wolves. So the very animals that 50 00:03:30.719 --> 00:03:37.000 all these yahoos think they're helping are actually hurting. We'll 51 00:03:37.000 --> 00:03:40.159 get to that at the end. So let's go to 52 00:03:41.400 --> 00:03:46.280 you know, I went through these depredation claims. I just 53 00:03:46.560 --> 00:03:52.719 love the use of the word depredation. When you do, 54 00:03:56.719 --> 00:04:06.719 I have to pull down here depth hang on a second. 55 00:04:07.719 --> 00:04:13.599 Depard dation I think I always spell it wrong. An 56 00:04:13.719 --> 00:04:19.040 act of attacking or plundering. That's the official first definition 57 00:04:19.120 --> 00:04:22.399 of depredation. I always have a hard time finding it 58 00:04:22.480 --> 00:04:24.560 because I want to spell d E p r A, 59 00:04:24.879 --> 00:04:30.079 and it's d E p r E depradation an act 60 00:04:30.160 --> 00:04:38.120 of attacking or plummeting. So the fund is comprised of 61 00:04:38.279 --> 00:04:42.319 monies paid to farmers and ranchers, or I suppose to anyone. 62 00:04:42.360 --> 00:04:44.680 You're right, a child gets killed, Yeah, well that's going 63 00:04:44.720 --> 00:04:47.079 to be more than a depredation fund. That's going to 64 00:04:47.120 --> 00:04:51.480 be a wrongful death lawsuit probably, Or it's for the 65 00:04:51.639 --> 00:04:57.439 killing of the livestock, and not just the killing, but 66 00:04:57.519 --> 00:05:01.959 also the loss of weight because of the stress that 67 00:05:02.040 --> 00:05:02.360 you have. 68 00:05:03.120 --> 00:05:04.879 You know, one thing that I don't. 69 00:05:04.639 --> 00:05:08.560 Think showed up in my research was the cost that 70 00:05:08.720 --> 00:05:13.360 you know, we've now hired. We've now hired cowboys to 71 00:05:13.439 --> 00:05:17.439 go out and basically do the job of keeping the 72 00:05:17.480 --> 00:05:18.160 wolves away. 73 00:05:18.000 --> 00:05:18.600 From the cattle. 74 00:05:20.040 --> 00:05:23.199 I mean, thinking, how stupid that is. Why do you 75 00:05:23.279 --> 00:05:26.560 need to hire cowboys to keep the wolves away from 76 00:05:26.560 --> 00:05:28.680 the cattle when all you had to do was not 77 00:05:28.720 --> 00:05:32.639 bring the wolves here in the first place. But again, 78 00:05:33.160 --> 00:05:35.920 it's all about feeling good. It's all about making Marlon 79 00:05:36.000 --> 00:05:39.199 Reeves happy. It's about making all of the of the 80 00:05:39.240 --> 00:05:43.399 animal rights advocates, with Marlin Reeves right there on top, 81 00:05:44.560 --> 00:05:47.399 all happy about this. So let's go to the depredation 82 00:05:47.560 --> 00:05:53.480 fund itself. The Wolf Depredation Compensation Fund, that's the official 83 00:05:53.519 --> 00:05:54.879 title of it. 84 00:05:54.959 --> 00:05:56.680 Was in twenty. 85 00:05:56.439 --> 00:06:00.680 Twenty three for fiscally your twenty twenty three twenty twenty four, 86 00:06:02.560 --> 00:06:06.680 the legislature allocated one hundred and seventy five thousand dollars 87 00:06:06.680 --> 00:06:10.839 for it. In the fiscal year twenty four to twenty 88 00:06:10.879 --> 00:06:17.160 twenty five, they allocated or appropriated three hundred and fifty thousand, 89 00:06:17.920 --> 00:06:24.680 so we doubled it. But claims have nearly depleted the fund. 90 00:06:25.240 --> 00:06:30.160 As of March, there was less than three thousand dollars 91 00:06:30.879 --> 00:06:38.279 in the fund, three hundred and fifty thousand dollars, and 92 00:06:38.319 --> 00:06:43.480 you have less than three thousand dollars left and it's June. Yeah, 93 00:06:44.399 --> 00:06:48.759 we're in the sixth month of the year. The company 94 00:06:48.800 --> 00:06:53.160 that this fund covers confirmed kills, So that pays up 95 00:06:53.160 --> 00:06:57.199 to fifteen thousand dollars per animal. It pays for missing livestock, 96 00:06:58.399 --> 00:07:01.439 It pays, as I said earlier, for red conception rates. 97 00:07:02.240 --> 00:07:05.120 It pays for weight loss because of the stress caused 98 00:07:05.160 --> 00:07:11.160 by the wolves. And guess what, whether you think that 99 00:07:11.439 --> 00:07:15.160 is a good thing that we be paying for or not, 100 00:07:17.120 --> 00:07:23.399 Colorado is unique in compensating for those indirect losses, like 101 00:07:23.839 --> 00:07:27.279 you know, missing because you don't really know for sure, 102 00:07:28.160 --> 00:07:32.000 reduced conception rates, that's an indirect cost. Weight loss because 103 00:07:32.000 --> 00:07:35.160 of stress, that's an indirect cost. We pay for those, 104 00:07:35.519 --> 00:07:39.600 and we're unique in doing that. So then I started 105 00:07:39.639 --> 00:07:41.879 trying to figure out what's the what's the total cost 106 00:07:41.959 --> 00:07:47.439 per wolf we haul these wolves in from Oregon or 107 00:07:47.480 --> 00:07:52.680 British Columbia. The total wolves released so far as twenty 108 00:07:52.720 --> 00:07:58.040 five ten released in twenty twenty three, fifteen, This year. 109 00:07:58.800 --> 00:08:01.519 So all I could come up with is a rough estimate. 110 00:08:02.279 --> 00:08:06.160 If you divide the four point eight million dollar total 111 00:08:06.279 --> 00:08:11.240 cost by twenty five wolves, you get about one hundred 112 00:08:11.240 --> 00:08:12.560 and ninety two thousand. 113 00:08:12.160 --> 00:08:15.439 Dollars per wolf for the entire program. 114 00:08:15.720 --> 00:08:18.480 That and when I say the entire program, that would 115 00:08:18.480 --> 00:08:20.759 include things like you first have to go cat you 116 00:08:20.759 --> 00:08:23.480 have to go to you know, Oregon or BC, and 117 00:08:23.519 --> 00:08:25.800 you have to capture the damn things, and then you 118 00:08:25.839 --> 00:08:28.800 have to transport them back here. You have to outfit 119 00:08:28.879 --> 00:08:32.080 them with GPS, and then you have to monitor the GPS, 120 00:08:32.360 --> 00:08:34.960 and then of course you have the compensation, the depredation fund, 121 00:08:35.399 --> 00:08:41.600 and you have the bureaucrats that are administering the program. Now, 122 00:08:41.799 --> 00:08:44.960 I grant you that's a very crude estimate because the 123 00:08:45.000 --> 00:08:49.480 costs include the fixed overhead that's not directly tied. 124 00:08:49.240 --> 00:08:52.879 To individual wolves. But let's think. 125 00:08:52.759 --> 00:08:59.559 About the depredation cost per wolf. You have nineteen confirm 126 00:08:59.759 --> 00:09:03.960 that predation events involving nineteen cattle, nine sheep, and one loma. 127 00:09:04.759 --> 00:09:07.399 That's paid out three hundred and forty eighty nine hundred 128 00:09:07.399 --> 00:09:11.480 and six dollars. So the average compensation per per depredation 129 00:09:11.639 --> 00:09:15.639 event is coming out to eighteen thousand, three hundred and 130 00:09:15.679 --> 00:09:19.440 sixty three dollars. Now, if you assume that every event 131 00:09:19.600 --> 00:09:23.120 involves just one wolf, although they're you know, a pack 132 00:09:23.159 --> 00:09:26.639 of wolves may attack. That doesn't account for the total 133 00:09:26.639 --> 00:09:31.639 program costs, but at least gives you a rough estimate 134 00:09:32.039 --> 00:09:36.799 of you know, just the total cost divided by per 135 00:09:36.879 --> 00:09:40.159 wolf comes out to almost two hundred thousand dollars per wolf. 136 00:09:42.840 --> 00:09:48.320 What's what's improved in Colorado? I'm not joking. I want 137 00:09:48.360 --> 00:09:52.840 you to think seriously about what has improved in Colorado? 138 00:09:52.879 --> 00:09:58.080 What has made this state better in terms of your life, 139 00:09:58.919 --> 00:10:05.440 your business, your family, your general welfare. What is better 140 00:10:06.120 --> 00:10:10.799 that we have taken almost two hundred thousand dollars per 141 00:10:11.000 --> 00:10:12.320 wolf to put. 142 00:10:12.120 --> 00:10:16.399 In this state? Let me it? 143 00:10:16.440 --> 00:10:19.200 Tell us three three one zero three tell me what? 144 00:10:19.320 --> 00:10:23.320 Tell me how your life is improved. And I'm not kidding. 145 00:10:24.120 --> 00:10:27.360 If you think your life is improved, now, I will 146 00:10:27.399 --> 00:10:31.360 warn you. I'll probably mock you, But I'd like to 147 00:10:31.360 --> 00:10:35.720 know how your life is improved. Because isn't the purpose 148 00:10:35.840 --> 00:10:40.720 of the Public Bureau to make it easier for us 149 00:10:40.840 --> 00:10:45.399 to live, make a living, raise children, get an education, 150 00:10:46.000 --> 00:10:50.080 you know, find work, you know, care for ourselves, take care, 151 00:10:50.159 --> 00:10:53.000 you know, support ourselves and our family to do all, 152 00:10:53.120 --> 00:10:59.200 you know, to live, to live a full and complete life. 153 00:10:59.399 --> 00:11:06.360 How's it helped you? Because you're paying for it. You're 154 00:11:06.360 --> 00:11:11.679 paying for it because Colorado taxpayers pay for this through 155 00:11:12.399 --> 00:11:18.519 four mechanisms. The General Fund, So just the colareld state 156 00:11:18.559 --> 00:11:21.159 income tax that you pay that goes into the general fund. 157 00:11:22.960 --> 00:11:27.240 That covers most of the costs. That's the depredation compensation program, 158 00:11:27.519 --> 00:11:29.960 the administrative costs of the program. All that comes out 159 00:11:29.960 --> 00:11:34.360 of the General Fund. Then you have the Species Conservation 160 00:11:34.639 --> 00:11:41.000 Trust Fund that's a fund that supports non gain species programs. 161 00:11:41.720 --> 00:11:45.000 You have the Colorado Non Gain Conservation and Wildlife Restoration 162 00:11:45.120 --> 00:11:49.600 Cash Fund that's used specifically for walth management. Then you 163 00:11:49.639 --> 00:11:52.879 have the Wildlife Cash Fund that excludes money from hunting 164 00:11:52.879 --> 00:11:58.080 and fishing license as mandated by law. So other people 165 00:11:59.000 --> 00:12:01.919 doing other things pay all of these fees for things 166 00:12:01.919 --> 00:12:08.399 other than the general fund in order to support this program. Now, 167 00:12:08.440 --> 00:12:14.600 I found in one article, and I highlighted this line 168 00:12:15.240 --> 00:12:19.639 because I can't find any information that will tell me 169 00:12:20.600 --> 00:12:24.279 how much this is. It says that Colorada Parks and 170 00:12:24.320 --> 00:12:30.240 Wildlife may solicit grants gifts. Well, let's go back up 171 00:12:30.279 --> 00:12:34.279 to grants. That could be a government grant, it could 172 00:12:34.279 --> 00:12:37.679 be a money laundering grant from a non government organization. 173 00:12:38.960 --> 00:12:42.279 It could be a grant from a foundation or something 174 00:12:42.320 --> 00:12:49.879 like the Nature Conservancy gifts. They can solicit gifts, sponsorships, donations, 175 00:12:50.240 --> 00:12:53.519 and of course federal funds, so they can slicit all 176 00:12:53.559 --> 00:12:59.279 of those things. So what have we what have we appropriated? 177 00:13:00.440 --> 00:13:02.960 What have the what's the Pull Up Bureau appropriated for 178 00:13:03.000 --> 00:13:09.240 this fiscal year twenty one twenty two one point one 179 00:13:09.279 --> 00:13:12.440 million dollars for planning and management to get the program started. 180 00:13:13.200 --> 00:13:15.919 Then in twenty three FY twenty three twenty four one 181 00:13:15.960 --> 00:13:19.440 hundred seventy five thousand dollars for the depredation fund, and 182 00:13:19.480 --> 00:13:22.279 then twenty four to twenty five three hundred fifty thousand 183 00:13:22.279 --> 00:13:26.000 dollars for the depredation Fund and any excess fund. But 184 00:13:26.480 --> 00:13:28.080 there's not going to be. They're already down to less 185 00:13:28.120 --> 00:13:30.919 than three thousand dollars is supposed to be redirected to 186 00:13:30.919 --> 00:13:35.600 the Wolf Management Plan. Now Proposition one fourteen that these 187 00:13:35.679 --> 00:13:38.120 yahoo's passed on the Front Range. I mean everybody voted 188 00:13:38.159 --> 00:13:40.200 for it, but he got passed because of the yaho's 189 00:13:40.200 --> 00:13:44.360 in the Front Range Proposition one fourteen and subsequent measures 190 00:13:44.399 --> 00:13:48.159 by the legislature require the costs do not come from 191 00:13:48.279 --> 00:13:52.679 hunting or fishing license revenues. And that's because all of 192 00:13:52.720 --> 00:13:54.720 the hunters and anglers in this state said, you know, 193 00:13:55.039 --> 00:13:57.840 wait a minute, we don't want we want our fees 194 00:13:58.200 --> 00:14:00.279 that we pay on a hunting license or a fishing 195 00:14:00.399 --> 00:14:05.600 license to go to hunting and fishing conservation. So you 196 00:14:05.799 --> 00:14:10.759 can't use those fees to do it. So in summary, 197 00:14:10.840 --> 00:14:17.159 where are we total wolves released? Twenty five wolves killed 198 00:14:17.240 --> 00:14:21.799 or died ten. One wolf died in April twenty four, 199 00:14:21.919 --> 00:14:22.720 probably killed by. 200 00:14:22.600 --> 00:14:25.639 A mountain lion. Two others are unaccounted for. 201 00:14:25.879 --> 00:14:28.879 Presumed dad is only seven of the original ten we're 202 00:14:28.879 --> 00:14:32.600 alive as of early twenty twenty five. No death are 203 00:14:32.600 --> 00:14:35.480 reported among the fifteen wolves released in January twenty twenty five, 204 00:14:35.559 --> 00:14:38.559 except I think it would include the one in Picton 205 00:14:38.639 --> 00:14:42.639 County that in the past couple of weeks. So the 206 00:14:42.679 --> 00:14:48.399 current population maybe maybe thirty wolves roam Colorado, including twenty 207 00:14:48.480 --> 00:14:52.080 eight that are colored. Twenty five released minus three dead 208 00:14:52.120 --> 00:14:56.200 plus from others one uncolored wolf from Wyoming, possibly pups 209 00:14:56.240 --> 00:15:00.000 from the Copper Creek pack, just not sure. In captivity. 210 00:15:00.200 --> 00:15:03.200 One female wolf four of her five pups from the 211 00:15:03.200 --> 00:15:06.840 Copper Creek pac or curly in captivity, and they do 212 00:15:06.960 --> 00:15:11.039 plan to release them, so they will be released, and 213 00:15:11.080 --> 00:15:17.360 then their odds of not surviving increased dramatically. So costs 214 00:15:17.360 --> 00:15:20.919 have exceeded the estimates because sourcing the wolves from the 215 00:15:20.960 --> 00:15:27.600 different locations obviously cost money. High depredation claims have pretty 216 00:15:27.639 --> 00:15:29.960 much depleted the compensation fun down to less than three 217 00:15:30.000 --> 00:15:39.600 thousand dollars. And then you have the intangible of public sentiment. Now, 218 00:15:39.639 --> 00:15:44.360 the rural communities, especially farmers and ranchers, are really frustrated 219 00:15:44.399 --> 00:15:47.440 because of the costs and the impacts, and there is 220 00:15:47.480 --> 00:15:50.200 a push right now for a ballot measure in twenty 221 00:15:50.240 --> 00:15:58.519 twenty six to halt further reintroductions. I just want to 222 00:15:58.519 --> 00:16:00.639 read you a sentence that popped up up in one 223 00:16:00.679 --> 00:16:05.639 of the stories I found. Urban voters who largely supported 224 00:16:05.679 --> 00:16:14.240 Proposition one fourteen benefit from ecological quote warm glow close 225 00:16:14.360 --> 00:16:22.519 quote without bearing any direct costs. The warm glow, in 226 00:16:22.559 --> 00:16:27.840 other words, the feel good. The story claims that urban 227 00:16:27.919 --> 00:16:28.720 voters feel. 228 00:16:28.519 --> 00:16:29.120 Good about this. 229 00:16:30.399 --> 00:16:33.840 That shows you how divorce from reality they are about 230 00:16:33.840 --> 00:16:36.639 what's really going on. But then I want to get 231 00:16:36.639 --> 00:16:41.000 to this text from Rchelle. The wolf repopulation project in 232 00:16:41.039 --> 00:16:44.159 Colorado is crue to is cruel to the wolves as well. 233 00:16:44.519 --> 00:16:47.000 You take the animals from British Columbia, the natural home. 234 00:16:47.240 --> 00:16:49.879 It appears that the wolves aren't trained to read the 235 00:16:50.039 --> 00:16:53.080 leaving color for Colorado signs, so they wander outside of 236 00:16:53.120 --> 00:16:55.720 Colorado borders and then are killed in states that don't 237 00:16:55.720 --> 00:16:58.919 want them in their states. And the wolves are probably 238 00:16:58.960 --> 00:17:01.919 following their inner gps to get back to their homes 239 00:17:01.960 --> 00:17:05.640 in BC. You can't remove that instinct out of the wolves. 240 00:17:06.079 --> 00:17:09.000 It is cruel to take these wild animals from their 241 00:17:09.119 --> 00:17:09.839 natural home. 242 00:17:10.440 --> 00:17:14.640 Michael Dragon Goober's to me, it sounds like these gray 243 00:17:14.640 --> 00:17:19.400 wolves are a lot like illegal aliens. We capture them, 244 00:17:19.839 --> 00:17:23.319 we release them into our country. They do amazing and 245 00:17:23.519 --> 00:17:26.920 terrible things, and we pay for it as taxpayers. 246 00:17:27.599 --> 00:17:28.680 I don't understand. 247 00:17:30.079 --> 00:17:32.680 Well, here's how this will help you understand. 248 00:17:34.119 --> 00:17:34.519 I couldn't. 249 00:17:34.559 --> 00:17:37.920 It sounds like you might be driving if you're stuck 250 00:17:37.960 --> 00:17:41.680 in traffic, just you know, when you come to a stop, 251 00:17:42.200 --> 00:17:45.319 put your hands on the steering wheel at ten and two, 252 00:17:45.839 --> 00:17:48.640 and then just bang your head on the steering wheel 253 00:17:49.079 --> 00:17:53.839 as hard as you can for about thirty seconds. 254 00:17:54.440 --> 00:17:57.720 You know you'll feel a lot better. Yeah, you'll feel 255 00:17:57.720 --> 00:17:58.480 feel much better. 256 00:18:00.279 --> 00:18:02.319 I think this country right now faces one of the 257 00:18:02.359 --> 00:18:04.680 most well not right now, it has for some time. 258 00:18:04.759 --> 00:18:08.000 But I think we're reaching kind of a pinnacle. And 259 00:18:08.680 --> 00:18:10.400 it's not just because of our country, it's because of 260 00:18:10.400 --> 00:18:16.480 the entire world. It's a challenge that I think affects 261 00:18:16.680 --> 00:18:20.559 every single person. If you're a worker that's just striving 262 00:18:20.599 --> 00:18:23.640 to make ends meet, if you're a retiree that's counting 263 00:18:23.720 --> 00:18:26.720 on you know, social Security or any kind of a 264 00:18:26.759 --> 00:18:29.839 secure future doesn't matter. If I don't care whether you're 265 00:18:29.880 --> 00:18:32.359 just relying on Social Security. You get a great four 266 00:18:32.400 --> 00:18:34.960 old one K, you got a pension plan. Imagine that. 267 00:18:36.559 --> 00:18:39.960 What am I talking about. I think it's the federal debt, 268 00:18:41.200 --> 00:18:44.319 and that federal debt is a crisis that threatens not 269 00:18:44.440 --> 00:18:49.319 just our economy, but I think it threatens this idea 270 00:18:49.480 --> 00:18:54.599 that America is a place of shared prosperity, where you know, 271 00:18:54.759 --> 00:18:58.240 everyone can come pursue the American dream. Doesn't necessarily mean 272 00:18:58.240 --> 00:19:00.880 you're going to achieve it, but that you can pursue it. 273 00:19:02.279 --> 00:19:02.480 Well. 274 00:19:02.519 --> 00:19:06.799 As we stand right now at the beginning of this summer, 275 00:19:08.039 --> 00:19:10.519 I think the question is really stark, and it's now 276 00:19:10.599 --> 00:19:16.799 become unavoidable. Can we balance the books? And if we 277 00:19:16.839 --> 00:19:20.039 can balance the books, If we can balance the books, 278 00:19:20.079 --> 00:19:23.599 how can we balance the books? I want you to 279 00:19:23.599 --> 00:19:28.599 think about some numbers. By the close of last year, 280 00:19:29.519 --> 00:19:32.079 the federal debt had climbed to an astonishing thirty six 281 00:19:32.119 --> 00:19:36.599 trillion dollars. That is now one hundred and twenty five 282 00:19:36.640 --> 00:19:41.359 percent of the gross domestic product. In other words, if 283 00:19:41.359 --> 00:19:47.240 you took everything that we measure a value in this country, 284 00:19:47.400 --> 00:19:51.440 the gross domestic product, what do we produce, the wealth, 285 00:19:51.559 --> 00:19:54.200 the value of everything we produce, the debt is one 286 00:19:54.279 --> 00:19:57.559 hundred and twenty five percent of that. Our debt is 287 00:19:57.799 --> 00:20:02.839 more than the value of everything that we produce. It's 288 00:20:02.880 --> 00:20:07.640 as if every dollar that our economy produces, whether that's 289 00:20:07.720 --> 00:20:10.880 at a factory or or a farm, or a ranch, 290 00:20:12.119 --> 00:20:17.559 two tech centers, whatever it might be, is overshadowed by 291 00:20:17.559 --> 00:20:20.240 a debt that is one and a quarter times as 292 00:20:20.279 --> 00:20:25.920 big as that. And you know, I talk about, like 293 00:20:25.960 --> 00:20:30.599 when I do American financing, about servicing debt, the cost 294 00:20:30.640 --> 00:20:32.400 of servicing that debt. 295 00:20:32.440 --> 00:20:34.400 Which means just paying the interest. 296 00:20:34.680 --> 00:20:37.559 That's that's where people get in trouble with credit cards, 297 00:20:38.160 --> 00:20:40.720 you you get a balance that now all you're doing 298 00:20:40.839 --> 00:20:44.359 is you're just paying the interest to stop the default. 299 00:20:44.920 --> 00:20:47.839 And the credit card companies are happy for that. As 300 00:20:47.839 --> 00:20:51.799 long as you're paying the interest, they're making money because 301 00:20:51.839 --> 00:20:54.599 that principle that you're charge on that credit card they've 302 00:20:54.599 --> 00:20:57.720 longed for. They've long forgotten about that, They've long already 303 00:20:57.720 --> 00:21:01.759 paid that off. They've long that's the appeared. You're paying interest, 304 00:21:01.960 --> 00:21:06.640 and they're just making pure profit. At this point, the 305 00:21:06.680 --> 00:21:11.480 cost of servicing our debt now consumes nearly one point 306 00:21:11.599 --> 00:21:16.839 two trillion dollars every single year. That's more than we 307 00:21:16.880 --> 00:21:23.359 spend on defense, more than we spend on medicare, and 308 00:21:23.400 --> 00:21:27.880 it means that there's less money to spend on And 309 00:21:27.880 --> 00:21:30.720 I'm not talking necessarily at the federal level. I'm talking 310 00:21:30.720 --> 00:21:37.279 about everywhere on education, infrastructure, innovation, whatever it is that 311 00:21:37.359 --> 00:21:43.559 makes this country really hum as the world's economic superpower. Now, 312 00:21:43.720 --> 00:21:48.559 the Congressional Budget Office projects that by twenty thirty five, 313 00:21:49.559 --> 00:21:53.079 you know the year that we want to be net zero, Well, 314 00:21:53.119 --> 00:21:56.400 by twenty thirty five, the CBO says, the debt will 315 00:21:56.400 --> 00:22:01.279 soar to fifty trillion dollars, and our annual interest payments 316 00:22:02.000 --> 00:22:08.920 will become two trillion dollars a year. So that's two 317 00:22:08.960 --> 00:22:14.039 trillion dollars that we can't spend in the private sector. 318 00:22:14.920 --> 00:22:18.400 Or if you're focused on government, that's two trillion dollars 319 00:22:18.400 --> 00:22:23.920 that you can't spend on building roads, improving the interstate 320 00:22:24.200 --> 00:22:30.480 highway system, fixing bridges, or you know, NASA contracting out 321 00:22:30.480 --> 00:22:34.920 to do some sort of space adventure. And it's certainly 322 00:22:34.920 --> 00:22:39.000 two trillion dollars that we can't allocate over to Medicare 323 00:22:39.119 --> 00:22:42.759 or Medicaid, or social security, or border security or anything 324 00:22:42.799 --> 00:22:51.160 else for that matter. That two trillion dollars not for schools, 325 00:22:51.319 --> 00:22:55.720 not for hospitals, not for roads. It's just to keep 326 00:22:55.720 --> 00:23:00.279 our creditors at bay. So how how do we get 327 00:23:00.319 --> 00:23:05.240 to this precipice. Well, it's decades in the making, and 328 00:23:05.279 --> 00:23:07.640 I want to emphasize this choice is made by both parties. 329 00:23:08.119 --> 00:23:10.480 This is not just a Democrat thing. You can't just 330 00:23:10.480 --> 00:23:14.119 bang this on the Marxist and quite frankly, even some 331 00:23:14.240 --> 00:23:19.759 conservative Republicans, but it's leaders that prioritize short term gains 332 00:23:20.119 --> 00:23:26.440 over long term stability. Now, Republicans rightfully so champion tax 333 00:23:26.519 --> 00:23:31.640 cuts because tax cuts do in my opinion. In fact, 334 00:23:31.680 --> 00:23:36.400 I think we can empirically prove this, empirically prove it 335 00:23:36.880 --> 00:23:43.160 that tax cuts actually increase revenues. Any growth policy is 336 00:23:43.200 --> 00:23:47.680 going to increase revenues. But we may have reached the 337 00:23:47.720 --> 00:23:53.039 point where you're going to have to have unachievable growth 338 00:23:53.559 --> 00:23:57.920 in order to have enough revenues that you can actually 339 00:23:58.319 --> 00:24:04.880 not just service the debt but actually start paying it down. Now, 340 00:24:04.880 --> 00:24:07.440 the Social Security Trust Fund is projected to run dry 341 00:24:07.480 --> 00:24:12.440 by twenty thirty five. Manicares hospital insurance fund that will 342 00:24:12.480 --> 00:24:16.240 run dry shortly after. And without reform, now I'm not 343 00:24:16.279 --> 00:24:20.279 talking about necessarily cuts, but without reform, just accept the 344 00:24:20.319 --> 00:24:25.039 word reform. In general, without just some reform, benefits are 345 00:24:25.039 --> 00:24:30.400 going to face automatic cuts. And that means that the dignity, 346 00:24:30.559 --> 00:24:35.519 the security, the lifestyle, everything, and millions of Americans are 347 00:24:35.559 --> 00:24:38.839 going to be affected by that. In fact, they some 348 00:24:38.880 --> 00:24:42.400 of them will become impoverished, which will further add to 349 00:24:42.440 --> 00:24:46.359 the complication. Or we'll just what maybe by that time, 350 00:24:46.400 --> 00:24:49.000 we'll just have you know, nationwide youth in nation and 351 00:24:49.000 --> 00:24:51.799 we'll be like, well, you know what, you can't live 352 00:24:51.960 --> 00:24:55.200 on the reduced benefits, Well, here, come over here. 353 00:24:55.119 --> 00:24:57.279 We'll give you the juice, and we'll just put you 354 00:24:57.359 --> 00:24:58.079 down like a dog. 355 00:25:00.039 --> 00:25:03.319 I want to emphasize something else, because we tend because 356 00:25:04.200 --> 00:25:13.839 so all the entitlement programs are such that they're dynamite, 357 00:25:15.200 --> 00:25:21.319 and people's brains just shut down when you talk about entitlements. 358 00:25:22.519 --> 00:25:26.079 So let's set those aside for just a minute. Because 359 00:25:26.240 --> 00:25:31.000 discretionary spending on everything from education, to infrastructure to scientific research, 360 00:25:31.039 --> 00:25:32.880 all of that, all of that's being squeezed at the 361 00:25:32.880 --> 00:25:37.400 breaking point. Bridges are crumbling, the schools are lagging behind. 362 00:25:37.920 --> 00:25:41.279 Our competitiveness is beginning to wane a little bit, all 363 00:25:41.319 --> 00:25:45.039 because we're diverting resources to pay for interest to bondholders. Now, 364 00:25:45.079 --> 00:25:48.480 consider this, every dollar we spend on interest is a 365 00:25:48.519 --> 00:25:50.920 dollar that we can't spend on something that we think 366 00:25:51.000 --> 00:25:56.319 is worthwhile, veterans' healthcare or small business growth. I mean 367 00:25:56.559 --> 00:25:59.880 programs that even I might personally object to. Nonetheless, those 368 00:26:00.119 --> 00:26:04.160 dollars we can't spend on any of those things. You 369 00:26:04.240 --> 00:26:06.279 might say it's a dollar stolen from the American dream. 370 00:26:07.200 --> 00:26:09.599 It's a dollar stolen from the government doing what it 371 00:26:09.640 --> 00:26:17.319 actually should be doing those inherently governmental purposes. I guess 372 00:26:17.359 --> 00:26:21.960 to put it in a in a more succinct way. 373 00:26:22.799 --> 00:26:27.960 The larger this interest, the servicing of the interest grows. 374 00:26:29.519 --> 00:26:33.279 Those are dollars that we cannot spend on things that 375 00:26:33.319 --> 00:26:37.119 you and I would agree as fiscal conservatives, the federal 376 00:26:37.160 --> 00:26:40.240 government ought to be spending money on, oh, I don't know, 377 00:26:40.319 --> 00:26:46.400 things like national defense, the State Department doing things like 378 00:26:46.559 --> 00:26:51.440 you know, approving visas and then tracking those visas, or 379 00:26:51.440 --> 00:26:54.559 Homeland Security doing the things that they actually should be doing, 380 00:26:55.119 --> 00:26:59.079 like you know, deporting people, and border patrol and immigrations 381 00:26:59.119 --> 00:27:01.880 and customs enforcement, all of that. Those are less dollars 382 00:27:01.880 --> 00:27:04.279 we have for that. And if we want to keep 383 00:27:04.279 --> 00:27:06.160 spending the same amount of more money on that, that 384 00:27:06.200 --> 00:27:09.599 means we keep borrowing more money. It's a death spial 385 00:27:09.880 --> 00:27:14.559 that we're in, and the consequences of the debt are 386 00:27:14.599 --> 00:27:18.400 not abstract. And I'll explain why. 387 00:27:19.359 --> 00:27:23.720 How has my life improved in Colorado? Um? 388 00:27:26.160 --> 00:27:30.680 Huh, come on, come on, you can do it. 389 00:27:33.640 --> 00:27:39.480 We're with you. Come on, you're Oh he gave up 390 00:27:39.519 --> 00:27:40.759 too soon, time ran out. 391 00:27:41.079 --> 00:27:43.720 Yeah, he gave up way too soon. I want to 392 00:27:43.720 --> 00:27:45.440 have the guy that I suggested. He bang his head 393 00:27:45.440 --> 00:27:50.960 against the steering wheel. I wonder how he's doing unconscious. We 394 00:27:51.000 --> 00:27:53.359 should check the traffic department. See there's some you know, 395 00:27:53.440 --> 00:27:58.079 backup somewhere. Yeah, we found some guy unconscious in his car, 396 00:27:58.400 --> 00:28:04.000 head six thirty k hell blaring and he's just laying there. 397 00:28:06.640 --> 00:28:10.960 So the consequences of the debt are going to be 398 00:28:11.000 --> 00:28:18.160 felt in your daily life. Inflation is fueled in part 399 00:28:18.240 --> 00:28:22.200 beat somewhat objective here. Inflation is fueled in part by 400 00:28:22.200 --> 00:28:25.680 deficit spending, and that erods the value of your paycheck, 401 00:28:26.920 --> 00:28:31.160