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<v Speaker 1>Billy Cunningham, the Great America, of course, the junior Senator

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<v Speaker 1>soon the senior Senator from the state of Kentucky. My

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<v Speaker 1>home state is Ran Paul. And Ran Paul welcome again

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<v Speaker 1>to the Bill Cunningham Show. And first of all, I

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<v Speaker 1>love your comments on Squakbox and elsewhere about the deficits.

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<v Speaker 1>The most predictable financial crisis ever hit any country. It's

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<v Speaker 1>going to be America in the next few years, before

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<v Speaker 1>we get to the Rains Act, before we get to

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<v Speaker 1>the crisis sixpenny plan. Tell me your reaction. The news

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<v Speaker 1>of the day, of course, is the great debate between

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<v Speaker 1>Kamala and Donald Trump.

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<v Speaker 2>Who won, who lost? And where do we go from here?

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<v Speaker 3>Their presidential debates are a unique bear. They are targeted

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<v Speaker 3>mostly towards the people in the middle. You know, about

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<v Speaker 3>forty forty five percent of America are Republicans forty forty

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<v Speaker 3>five percent or Democrats, and there's ten or fifteen, maybe

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<v Speaker 3>twenty percent in the middle. And so when you're doing

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<v Speaker 3>these debates, you got to try to attract those people

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<v Speaker 3>in the middle. And you kind of wonder who these

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<v Speaker 3>people are. And I tell people to imagine going to

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<v Speaker 3>a dinner party and somebody comes to your dinner party

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<v Speaker 3>and they say out come, but only if you don't

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<v Speaker 3>talk about religion or politics, and nobody raises their voice.

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<v Speaker 3>And that's who the Independence are. And so Donald Trump

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<v Speaker 3>has to struggle a little bit because of his larger

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<v Speaker 3>than life personality that sometimes the Independence think he's too pombastic.

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<v Speaker 3>If they hear his policies, I think he can win.

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<v Speaker 3>I think in some ways it was a draw. You know,

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<v Speaker 3>last night, I think sometimes he took debate too much.

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<v Speaker 3>But I do think that when you compare the policies

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<v Speaker 3>between what Trump is presenting. You know, Trump passed, along

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<v Speaker 3>with our health Republican Congress, a large tax cut which

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<v Speaker 3>caused a booming economy and some of the lowest unemployment

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<v Speaker 3>ever recorded. We didn't hear enough of that. We didn't

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<v Speaker 3>hear enough of the ensuing inflation that we got from

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<v Speaker 3>the Biden administration. You know, we have most average American

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<v Speaker 3>working families have less money to go on vacation, less

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<v Speaker 3>money for gas groceries. People are actually in the mew

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<v Speaker 3>trying to decide what meat they can they can afford.

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<v Speaker 3>And that's all because of Biden's spending and borrowing so

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<v Speaker 3>much and creating this inflation. I don't think we've heard

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<v Speaker 3>enough of that in the debate. I think if we

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<v Speaker 3>hear more, policy wins. But if we get stuck in

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<v Speaker 3>the run of how big the crowds are, sometimes that's

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<v Speaker 3>just not a winning, winning approach.

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<v Speaker 1>Senator on that front, I'm holding a story here from Reuters,

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<v Speaker 1>and I agree with you. When it was done about

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<v Speaker 1>ten forty five at not I had a feeling in

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<v Speaker 1>the pit of my stomach that wasn't good. I said,

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<v Speaker 1>this isn't good. But then I didn't go to sleep

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<v Speaker 1>till like three or four o'clock in the morning. Finally

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<v Speaker 1>got a couple hours rest. I woke up and said, now,

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<v Speaker 1>wait a minute. She may have won the debate, but

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<v Speaker 1>her policies are the same. We're in the same position

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<v Speaker 1>we were in before. I'm looking at the story out

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<v Speaker 1>of Reuters and Reuters identified and interviewed in researched ten

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<v Speaker 1>undecided voters, three in Wisconsin, three in Michigan, four in Pennsylvania,

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<v Speaker 1>and they were all unconnected to each other, so it

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<v Speaker 1>would be more legitimate. And at the end of the

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<v Speaker 1>debate they had to say who won the debate. Six

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<v Speaker 1>of these undecided voters shifted towards supporting Trump, three ling

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<v Speaker 1>toward Harris, one remains undecided, and a small sampling they

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<v Speaker 1>said basically, well, she's in power now, why can't she

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<v Speaker 1>do what she's already saying? She's in the future. Why

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<v Speaker 1>hadn't she done it yet? And they also said her

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<v Speaker 1>facial gestures didn't look presidential. She looked a little according

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<v Speaker 1>to some woman, looked a little goofy. And so is

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<v Speaker 1>it possible that those of us in politics who live

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<v Speaker 1>and diet see it through a different lens than someone

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<v Speaker 1>who is undecided, who's not clear who's running for president.

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<v Speaker 1>I was with a dentist about two nights ago, and

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<v Speaker 1>she's very bright, intelligent, smart, And she asked me, is

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<v Speaker 1>the debate this week or next? Is Kamala Harris still running?

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<v Speaker 1>Or is it Biden? And this is a smart person

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<v Speaker 1>who doesn't watch the news, doesn't care about politics, thinks

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<v Speaker 1>she's going to vote for Trump. So is it possible

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<v Speaker 1>that we in the field see things that the undecided

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<v Speaker 1>voters don't see?

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<v Speaker 3>Yeah, because a lot of people are going to make

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<v Speaker 3>their decision not necessarily on a debate, but on their

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<v Speaker 3>own personal circumstances. So if you make sixty thousand dollars

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<v Speaker 3>a year, or you and your wife make that as

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<v Speaker 3>a combined income, and it's only buying fifty eight thousand

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<v Speaker 3>dollars worth of stuff because you're losing two thousand dollars

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<v Speaker 3>to inflation. You see that every day. They know whether

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<v Speaker 3>they could go on vacation this year, whether they can

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<v Speaker 3>drive across state lines or go to a park, or

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<v Speaker 3>do the vacation they'd like to do, whether they can

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<v Speaker 3>afford what they want to buy in the grocery store.

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<v Speaker 3>So that is an economic reality they can't escape. But

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<v Speaker 3>elections do come down to, you know, sort of Santa

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<v Speaker 3>Claus versus the American dream. The American dreams want of opportunity.

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<v Speaker 3>It's not necessarily concrete, but it's it's freedom and the

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<v Speaker 3>opportunity to strive, to learn and succeed and to prosper them.

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<v Speaker 3>Santa Claus is someone who just offers you free stuff,

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<v Speaker 3>and they pander to you, and they say, hey, here's

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<v Speaker 3>twenty five thousand dollars for a house. Some people will

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<v Speaker 3>jump to that and say, I can't get a house,

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<v Speaker 3>and no bank will give me the mind, and I

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<v Speaker 3>don't have twenty five thousand dollars. So I'd love to

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<v Speaker 3>have Santa Clau it's giving you twenty five thousand dollars.

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<v Speaker 3>But there's also are there enough thinking people who will

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<v Speaker 3>think of the repercussions of putting up twenty five thousand

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<v Speaker 3>dollars that isn't real, giving it to people, and then

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<v Speaker 3>causing more price inflation. Maybe the house actually goes up

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<v Speaker 3>twenty five thousand dollars more because you've stimulated an artificial

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<v Speaker 3>demand with fake money. So I think there are enough

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<v Speaker 3>voters out there. So we have to make the debate

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<v Speaker 3>over who is going to lead the country and which

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<v Speaker 3>party will lead the country on policy, and you know

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<v Speaker 3>that we've got to and get beyond certain impediments that

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<v Speaker 3>for people who don't like Donald Trump. He has to

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<v Speaker 3>get beyond that to the policy. And I think it

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<v Speaker 3>could have been better last night, but he still has

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<v Speaker 3>every opportunity and long enough to make sure people can

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<v Speaker 3>get that message.

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<v Speaker 1>Your father was excellent on this issue. I had your

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<v Speaker 1>dad on several times. I've had you on a few

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<v Speaker 1>times about the deficit. And it's out there. It's a

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<v Speaker 1>looming giant. It's terrible. It's almost like an asteroid that

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<v Speaker 1>we know it's coming. I can tell you when it's

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<v Speaker 1>going to hit within five years. But when it hits,

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<v Speaker 1>it's going to destroy humanity as we know it. Right now,

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<v Speaker 1>it's thirty six trillion. We're going up the rate about

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<v Speaker 1>a trillion every one hundred day. He's going to add

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<v Speaker 1>two trillion this year to the national debt, and as

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<v Speaker 1>far as the eye can see it, it'll be a

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<v Speaker 1>fifty trillion dollars by twenty thirty two fifty trillion dollars.

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<v Speaker 1>And when I watched you with Joe Kernan and Becky

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<v Speaker 1>the other day on squad Box, you talked about what

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<v Speaker 1>will happen when the world quits buying our debt or

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<v Speaker 1>the dollar is not the reserve currency. There's an unbelievable

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<v Speaker 1>crisis coming. Can you explain that to the American people?

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<v Speaker 3>Know, we spend about six trillion, we bring in about

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<v Speaker 3>four trillions, So we're gonna have a two trillion dollar debt.

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<v Speaker 3>That debt we sell, We pay for it with the

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<v Speaker 3>Treasury bond. Somebody buys them. The public buys about a

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<v Speaker 3>third of those, foreign countries buy about a third, and

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<v Speaker 3>the Fed bas a third. When the Fed buys the debt,

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<v Speaker 3>they do it by just printing up money, so that

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<v Speaker 3>cost is inflation. But if there's a loss of confidence,

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<v Speaker 3>it doesn't always come gradually. It might happen tomorrow, it

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<v Speaker 3>might happen next week. It might not happen for five years.

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<v Speaker 3>But there can come a time where there's a cataclysmic

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<v Speaker 3>loss of faith. Realize that even in Europe, as bad

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<v Speaker 3>as they are in Europe, over half of the countries

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<v Speaker 3>in the European Union balance their budget on an annual basis.

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<v Speaker 3>Most of them have high taxes, but they don't go

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<v Speaker 3>into debt for their social Security and their Medicare programs.

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<v Speaker 3>Most of them have the age increasing for all these

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<v Speaker 3>programs based on longevity. We don't do any of that.

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<v Speaker 3>We've got real problems. It's going to hit the fan

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<v Speaker 3>at some point in time. My hope is that we

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<v Speaker 3>wake up and realize this and try to slow down

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<v Speaker 3>the accumulation of debt before we get to a catastrophe.

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<v Speaker 3>But I fear that both parties are ignorant of this

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<v Speaker 3>and terrible with the spending. I mean, the Trump administration

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<v Speaker 3>added eight trillion in debt. The Biden administration is going

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<v Speaker 3>to add eight trillion in debt, So there really has

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<v Speaker 3>not been a lot of difference between the addition of

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<v Speaker 3>debt between Republicans and Democrats. And that's the sorry truth.

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<v Speaker 1>From George Washington in seventeen eighty nine to George Bush

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<v Speaker 1>and twenty oh one. Think of the economic military difficulties

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<v Speaker 1>America had between George Washington and Bush. Forty three, we

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<v Speaker 1>went through Hell's half Acre, Great Glory one wars. The

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<v Speaker 1>total accumulated national debt in twenty oh one was about

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<v Speaker 1>four and a half trillion dollars. We add twice as

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<v Speaker 1>much of that. We had that same number every two

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<v Speaker 1>years now, So seventeen eighty nine, the two thousand and

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<v Speaker 1>one was about four trillion. We now add that same

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<v Speaker 1>amount four trillion every two years.

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<v Speaker 2>How's that sustainable?

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<v Speaker 1>Yeah?

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<v Speaker 3>You know the George w. Bush doubled the national debt

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<v Speaker 3>from your right just a little under under five to ten.

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<v Speaker 3>Obama doubled it from ten to twenty. And now it's

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<v Speaker 3>going up at an even faster pace. During COVID, when

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<v Speaker 3>we made a terrible decision to close the economy down

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<v Speaker 3>and pass out pre checks to everybody, the deficit exploded

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<v Speaker 3>like it's never done before. So you know, I've offered

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<v Speaker 3>for years a penny plan, cut one percent across the

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<v Speaker 3>board to balance the budget. But it no longer works.

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<v Speaker 3>It now has to be called the sixpenny plan to

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<v Speaker 3>it'd be a six percent cut for five years, would

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<v Speaker 3>balance the budget. But I actually will get a vote

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<v Speaker 3>on this in the next two weeks. I will force

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<v Speaker 3>them to vote on it. Right now, there is no budget.

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<v Speaker 3>There's been no vote on a budget. Republicans didn't produce

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<v Speaker 3>one in the House, Democrats didn't produce one in the Senate.

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<v Speaker 3>There has been no vote on a budget. So we're

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<v Speaker 3>spending six trillion dollars with no budget plan. And this

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<v Speaker 3>is outrageous. No corporation would go through a year, you know,

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<v Speaker 3>a billion dollar corporation wouldn't go through a year without

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<v Speaker 3>a spending plan. But I'm going to force them to

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<v Speaker 3>vote online and it will be the sixpenny plan. We'll

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<v Speaker 3>cut six percent a year each year for five years,

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<v Speaker 3>balances in the fifth year. And my I guess is

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<v Speaker 3>I'll get somewhere between about sixteen and twenty five Republicans,

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<v Speaker 3>about maybe half the Republicans if I'm lucky, no Democrats,

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<v Speaker 3>and then half the Republicans will vote with the Democrats

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<v Speaker 3>against my budget, but at least somebody will put forward something,

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<v Speaker 3>put something on paper and force them to vote.

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<v Speaker 2>We have about two minutes remaining.

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<v Speaker 1>In a concrete way, what happens when the world quit

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<v Speaker 1>spying our debt or the dollar is not a reserve currency.

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<v Speaker 2>What happens? How does the crisis manifest itself?

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<v Speaker 3>Well, this is the question, and the question is whether

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<v Speaker 3>it's a gradual crisis and it looms over weeks and months,

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<v Speaker 3>or whether it happens in one day. This is a

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<v Speaker 3>scary thing about it. If you look back at the

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<v Speaker 3>calamities of the last one hundred years, most of the

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<v Speaker 3>stock market calamity is unfolded in a period of twenty

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<v Speaker 3>four hours. So we sell our debt periodically, and when

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<v Speaker 3>they go to have this auction of our debt, people

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<v Speaker 3>show up and buy it. There could be a catastrophic

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<v Speaker 3>day when nobody shows up and people just say we

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<v Speaker 3>have lost confidence. What will happen on that day is

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<v Speaker 3>a federal by one hundred percent of it. But what

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<v Speaker 3>it happened is to get any of the private marketplace

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<v Speaker 3>to buy it again, they have to raise the interest rates.

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<v Speaker 3>And you know, we had a significant crisis like this

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<v Speaker 3>with when in nineteen eighty when Volker raises interest rates

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<v Speaker 3>all the way to nineteen percent. Part of that is

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<v Speaker 3>to get people to buy the debt. But also realized

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<v Speaker 3>is that we have so much debt, is thirty five

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<v Speaker 3>tillion dollars debt, that the interest payment we've been doing

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<v Speaker 3>was under two percent, and we were keeping you know,

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<v Speaker 3>we were doubling the debt and actually staying with the

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<v Speaker 3>same interest payment. But now the interest rates just begin

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<v Speaker 3>to rise. They're paying a little over three percent on

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<v Speaker 3>the debt, but our interest payment's over eight hundred billion now,

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<v Speaker 3>it's about equal to the military spending. It's becoming the

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<v Speaker 3>number one item in our budget. So I don't know

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<v Speaker 3>whether it's a gradual or abrupt ind but there are

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<v Speaker 3>people who talk about a black swan. A black swan

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<v Speaker 3>can be in the stock market, can be an abrupt

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<v Speaker 3>loss of confidence, but it could also be in the

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<v Speaker 3>in the marketplace for the dollar, because the dollar really

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<v Speaker 3>isn't backed by anything anymore. At one time it had

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<v Speaker 3>a link to gold, but with no link. It's the

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<v Speaker 3>full faith and credit of the United States, and the

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<v Speaker 3>people believe in the taxing power, and we've destroyed our

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<v Speaker 3>currency at a slower pace than you know, say Argentina

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<v Speaker 3>or some of these other countries. But you know, there

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<v Speaker 3>are other things that people can go to.

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<v Speaker 2>Now.

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<v Speaker 3>You know, there's a story in the Wall Street journals

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<v Speaker 3>today about tether, which is a stable coin. It's a

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<v Speaker 3>cryptocurrency back to one to one with dollars, and the

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<v Speaker 3>extraordinary amount of commerce going through that now. And the

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<v Speaker 3>question is, one day will people bail out not just

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<v Speaker 3>for gold, but will they bail out for a cryptocurrency

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<v Speaker 3>that is backed one to one with some kind of

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<v Speaker 3>hard asset in the stocks or with gold.

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<v Speaker 1>Well, in today's world, things don't happen slowly. I would

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<v Speaker 1>anticipate almost a nineteen eighty seven crash, and that within

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<v Speaker 1>one or two days there'll be a precipitating factor and

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<v Speaker 1>the world's going to figure out we can't repay our yet,

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<v Speaker 1>we have no chance that we're paying the principle, and

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<v Speaker 1>the interest rates must continue to skyrocket. The federal by

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<v Speaker 1>most of the debt print more money, which means every

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<v Speaker 1>dollar you got is worth less. Lastly, the fourth branch

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<v Speaker 1>of government, some say the most powerful branch, is the

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<v Speaker 1>regulatory branch. All the three letter capital letters, you have

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<v Speaker 1>something called the Rains Act, Can you give us an

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<v Speaker 1>update on what that is and what it seeks to do.

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<v Speaker 3>This would transform the regulatory environment in our country. Regulations

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<v Speaker 3>are killing business and have any huge cost to the economy,

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<v Speaker 3>costs US millions of dollars in jobs and millions of

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<v Speaker 3>dollars in prosperity. The Rains Act would say that any

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<v Speaker 3>agency that creates a regulation that is a major regulation

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<v Speaker 3>that will cost the economy over one hundred million dollars,

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<v Speaker 3>they can't just write it without the approval of Congress.

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<v Speaker 3>It would have to come back and be voted on

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<v Speaker 3>by Congress. Unfortunately, only Republicans support this concept that no

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<v Speaker 3>Democrats on the bill. We're forced to vote on occasion

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<v Speaker 3>and never gotten a Democrat to support it. But this

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<v Speaker 3>is a great distinction when people trying to think who

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<v Speaker 3>they want to vote for. There are no Democrats that

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<v Speaker 3>are for repealing any regulations. Just the truth of the matter.

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<v Speaker 3>There are no Democrats that are for reducing any taxes.

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<v Speaker 3>There are only Democrats out there that will say we

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<v Speaker 3>need increased taxes on the rich. The truth of the

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<v Speaker 3>matter is the rich pay all the taxes already. The

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<v Speaker 3>top one percent of wage earners pay almost half of

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<v Speaker 3>the income tax. The top ten percent of wage learners

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<v Speaker 3>pay ninety percent over ninety percent of the income tax.

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<v Speaker 3>But there are distinct differences. The Rains Act is difficult

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<v Speaker 3>to pass. The only thing I can say that's good

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<v Speaker 3>right now is this Supreme Court has gotten rid of

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<v Speaker 3>this deference to regulatory agencies. And there is a chance

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<v Speaker 3>that by lawsuits gradually making their way to the Supreme Court,

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<v Speaker 3>that we will neuter some of these federal agencies that

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<v Speaker 3>are writing such egregious regulations.

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<v Speaker 1>And lastly, talk about corporate taxes, company business taxes. Every

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<v Speaker 1>dollar from government requiring businesses to pay more. Corporate tax

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<v Speaker 1>whatever it might be, are not paid by the companies.

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<v Speaker 1>They're paid by the consumers in the form of higher

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<v Speaker 1>cost higher prices for the goods and services produced by

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<v Speaker 1>that company. And so the canard by Kamala Harris and

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<v Speaker 1>the great debate that somehow corporate taxes are going to

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<v Speaker 1>go up that means you're going to pay more for

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<v Speaker 1>goods and services as a consumer.

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<v Speaker 3>Correct, without question, that's true. Consumers pay the taxes, but

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<v Speaker 3>also realize that if you raise taxes on American corporations,

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<v Speaker 3>you'll have less American corporations, meaning that these corporations go overseas.

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<v Speaker 3>So if you want American corporations to succeed, you have

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<v Speaker 3>to have a level playing environment. You have to have

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<v Speaker 3>equal taxes. For decades, Sweden, Denmark and all these countries

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<v Speaker 3>we thought were more socialists than us actually had lower

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<v Speaker 3>corporate taxes. We finally lowered it under Donald Trump. And

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<v Speaker 3>lowering the corporate taxes low and behold calls an economic boon.

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<v Speaker 3>And guess what, more tax revenue. Because the economy grew

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<v Speaker 3>so fast that even at lower rates, more tax revenue

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<v Speaker 3>came in. So this is a big distinction between the parties.

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<v Speaker 3>And if we can make that distinction, and I think

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<v Speaker 3>people will choose the prosperity that comes with lower taxes

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<v Speaker 3>less regulation. But we've got to make that case, and

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<v Speaker 3>got to make the case that we are the Party

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<v Speaker 3>of the American Dream, where the millionaires of next year

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<v Speaker 3>will be people who will have come from ordinary circumstances,

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<v Speaker 3>ordinary backgrounds, who become the wealthy of an inter generation America.

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<v Speaker 3>But only in America does that happen because of freedom, capitalism,

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<v Speaker 3>international trade, you know, and only one party is offering that,

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<v Speaker 3>you know.

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<v Speaker 1>Quesse Senator rom Paul, thank you great having you on again.

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<v Speaker 1>Even though Kamala Harris may have won the debate, the

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<v Speaker 1>policy differences remain, and you have to think as a consumer,

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<v Speaker 1>as an American. She may have won the debate, but

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<v Speaker 1>I'm not voting for Trump. I'm voting for the United

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<v Speaker 1>States of America. I'm voting for our system of government.

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<v Speaker 1>I'm voting for the way the First Amendment should read.

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<v Speaker 1>I'm voting for the Second Amendment. I'm voting for the

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<v Speaker 1>Fourth Amendment. I'm voting for a closed down border. I'm

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<v Speaker 1>voting for legal immigration. I'm not voting for Trump. I'm

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<v Speaker 1>voting for America. Senator ran Paul, Yeah, I couldn't. I

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<v Speaker 1>just I wish there was more senators out there like you.

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<v Speaker 2>So thanks a lot.

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<v Speaker 3>Bill enjoyed it.

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<v Speaker 2>We'll see what happens.

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<v Speaker 1>Ill.

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<v Speaker 2>Let's continue with more. Thank you, senator.

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<v Speaker 1>Let's continue with more news and students report next at

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<v Speaker 1>trume of the Reds News Radio seven hundred WW