Do you have any idea how fragile we've made this government, this country with our ravenous borrowing? What would happen if tax receipts started to roll over a bit on us because we went into recession? Remember, Tax receipts are up about 7%. Medicare spending is up around 10 this fiscal year. If that rolled over and wasn't 7% was closer to 4, 5. You want to talk about a bloodbath? Okay. Raising interest rates could push the national debt towards 300% of GDP within 30 years. (29:00–29:07)
CLAIM
Asserts current fiscal year increases in tax receipts and Medicare spending.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
