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Steve Bannon: “I think the top 3% consume almost 50% of what's going in the…”

Featuring: Steve Bannon, Former White House Chief Strategist | National

And, This is Steve Bannon | This is Gavin Newsom

Published March 12, 2025 | Video Starts at 08:50

But that additional trillion dollars, unless it can be shown mathematically and I think people are working on this, that they consume, you know, right now I think the top 3% consume almost 50% of what's going in the country. Unless that you're concerned that that would kick you into a major recession if that went away. I am, I'm pretty adamant about that. (08:50–08:56)

CLAIM

Asserts that the top 3% of earners consume nearly half of the country's resources.

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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Steve Bannon

“There's 2 trillion on the audit. I think there's 2 trillion assets they can't put their hands on.”
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“Our trade deficit in I think in January alone was a record trade deficit. I think it was $100 billion.”
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“Between 1998 and 2005 we lost 5,000 small manufacturers and a couple of million jobs because we shipped it all to China.”
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“Goldman Sachs got bailed out. AIG, no corporate guys ever went to prison on the worst bailout.”
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“The Federal Reserve's balance sheet went from $880 billion to I think, four and a half [trillion].”
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“We will never pay off one penny of the face amount of the debt as we increase this now about every hundred days of another trillion dollars.”
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“Our national security right now is $1 trillion. And we are, I think at about a trillion two to a trillion four in interest payments alone.”
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“President Trump won the 2020 election.”
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“No one in American history has the system ever come after [a person] like [it did with Trump].”
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“We as a Republican Party are the working class party and viewed as such.”
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“In 17, I was a big advocate of raising the rates on the upper bracket and doing more to the lower bracket of corporations.”
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“Today the House will approve the Biden Kamala Harris spending for this year.”
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“The House has not gotten their act together to get these single subject appropriations bills done.”
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“I've been a big proponent that Those programmatic have to start in the Defense Department.”
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“We're at a trillion dollars now. And that's one of the reasons of this post war international rules based order.”
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“You have to do programs and billets to get, to get the budget deficit to 3 and a half percent of GDP.”
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“The inflation number went from 2.2% to 4.2% and it really didn't even get mentioned in the business press.”
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“You have to finance now essentially a third of the debt every year.”
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“I think President Trump's hemisphere the shift to hemispheric defense, which is from Greenland to the Panama Canal.”
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“I think there should be significant cuts to the Defense Department.”
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“There's a lot of MAGA on Medicaid.”
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“If we went back to pre Covid spending.”
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“We don't have a revenue problem. We have a spending problem.”
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“The bond market has turfed out more governments than howitzers.”
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“The Italians are probably close to a sovereign debt crisis.”
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“President Trump wants to go back to more external revenue. That's part of the tariffs he looks at.”
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“Over the last three or four weeks you've had almost a trillion dollars. I think it's $800 billion from Honda, from Siemens, from Apple, it…”
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“On April 2nd, you're going to have reciprocity and tariffs and in India and Canada.”
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“Kids from California are not going to be on carrier battle groups [in the Red Sea] to keep the Suez Canal open.”
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“Biden in entire four years was $1.7 trillion of capital investment back here from, I think companies.”
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“Trump's almost at a trillion dollars in four weeks.”
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“We did the most significant tariffs we've ever done on the Chinese Communist Party in President Trump's first term.”
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“The tariffs didn't increase prices.”
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“You've concentrated wealth so dramatically here since the financial crash of 2008.”
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“Corporate America is my enemy number one. They're the leader in the WOKE movement in this country.”
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“One of the reasons I hate allowing them to do stock buybacks is they game the system to drive up stock prices.”
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“Silicon Valley is an apartheid state.”
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“We wouldn't pursue antitrust, we wouldn't pursue FTC or the Justice Department [against tech companies].”
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“They are now about digital platforms and rent. They're rent seekers.”
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“We're going to have a massive problem about unemployment [due to AI].”
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“We first thing we need is Lina Khan and we love you got Rid of her.”
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“She's a neo Brandeisan after Louis Brandeis, which always warned against the concentration of private power.”
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“No one's ever written a $250 million check when they know.”
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“He backed it on the least sexy aspect, which is backing grassroots going door to door.”
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“The beginning of the kinetic part of the Third World War has got to be stopped.”
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