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Eric Hovde: “We have $34 trillion of debt.”

Featuring: Eric Hovde, Republican | Former Candidate, U.S. Senate Wisconsin

BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE

Published April 12, 2024 | Video Starts at 12:17

Look, if you're an individual or a business or a smaller government or a third world country, what do you do? You default. You restructure through the bankruptcy process. Well, unfortunately, we can't do that. We have $34 trillion of debt. If the US government defaulted, would collapse the whole globe into a Depression for one or two generations. So what are they going to do? (12:17–12:21)

CLAIM

Asserts that the U.S. has $34 trillion of debt.

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.

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Eric Hovde

“America is home to 33 million small businesses.”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 00:08-00:11
“We have about, oh, at that point, 18,000 banks, about 12,000 savings and loans.”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 02:35-02:43
“I bought my first Trouble community bank in 1994 and turned that around.”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 03:17-03:26
“Over the last, oh geez, I hate to, you know, state kind of how old I am, but over the last, you know, 25, 30 years of, I bought probably oh…”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 03:36-03:55
“Clearly we're in the midst of a housing bubble [in 2005-2007].”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 05:20-05:28
“Goldman Sachs was packaging junk mortgage, selling them to their clients, but shorting the very stuff they were selling.”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 06:01-06:09
“Barney Frank admitted later, after they designed Dodd Frank, they said, well, this seems very favorable to the big banks and not too…”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 06:23-06:35
“It's small community banks and regional banks that provide the capital to our startup businesses and our small businesses.”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 07:02-07:11
“For a small business to go try to get a small business loan from a Bank of America or Wells Fargo or JP Morgan is a very difficult thing.”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 07:10-07:21
“It's our small community banking sector that makes us one of the most vibrant economies in the whole world.”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 07:25-07:33
“In the last three and a half years, we've added more debt to our economy and to this or to this government than our first 230 years of our…”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 10:24-10:36
“The interest costs on our debt now is the second largest expenditure after Social Security, above our Defense Department.”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 10:35-10:45
“The money supply grew by about 39%, the highest rate we've ever seen in our country's history.”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 11:17-11:26
“Real wages in America have gone down over the last three and a half years.”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 11:38-11:44
“We're losing 100,000 largely young people a year to fentanyl and the opiate crisis.”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 14:00-14:08
“Real wages, you know, your wage increase, you know, minus inflation, grew at the fastest pace. 8.2% under President Biden is declined by…”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 16:56-17:12
“Inflation is very difficult for [small businesses].”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 17:29-17:32
“Bernie Sanders pushed to pay people more not to work than to work during COVID.”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 17:38-17:45
“Joe Biden still letting government employees work remotely from home.”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 17:51-17:57
“They did an extensive study, I think it was 11, 12 years ago on the cost of regulation... estimated the cost to the economy was somewhere…”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 19:49-20:11
“We moved the headquarters of my banking organization out of Irvine, California to Salt Lake City.”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 21:31-21:39
“In markets like California, where it's become unaffordable and why so many people are moving out.”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 22:27-22:34
“Well, they're largely all red states. It's places like Utah, it's places like Texas, it's places like Florida that, you know, are booming…”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 22:53-23:05
“He got sued by all the health systems because they didn't want his website out there telling people what the cost of things were.”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 28:05-28:14
“The only way we're going to get control of our healthcare system is if we let our free market system work.”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 28:16-28:24
“They love touting things like the UK health system. Well, guess what, you need your knee replaced, wait for two or three years if you're…”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 30:37-30:49
“Most wealthy people will travel here to go access places like Mayo or the Cleveland Clinic and these health facilities.”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 30:52-31:02
“We are heading continuously down this path of socialized medicine.”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 31:03-31:10
“Testing in phase one, phase two, and phase three drugs is so expensive.”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 31:54-31:59
“The government is the problem.”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 32:17-32:20
“I'm competing against one of the most progressive liberal votes with Joe Biden 95.5% of the time.”
BRINGING COMMON SENSE BACK INTO GOVERNMENT WITH ERIC HOVDE | Uploaded April 12, 2024 | 34:08-34:16