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Steve Bannon: “We have a structural deficit going forward now of a trillion…”

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

Steve Bannon | Full Address and Q&A | Oxford Union

Published November 17, 2018 | Video Starts at 14:32

It's the reason our defense budget is a trillion dollars. I know it says 780 billion, but that's not the real cost. The real cost is a trillion dollars. It's one of the reasons We have a structural deficit going forward now of a trillion dollars. And maybe these financial models work out, and maybe we start paying it down. And what Donald Trump is saying is that we're not trying to disengage from the world. (14:32–14:36)

CLAIM

Asserts that the U.S. has a structural deficit of a trillion dollars.

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

“The balance sheet of the Federal Reserve that day was $880 billion. The balance sheet on the day that Donald Trump raised his hand was $4.5…”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 03:06-03:16
“Today it's $41 trillion of debt to central governments.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 03:38-03:43
“50% of our population can't put together $400 of cash in an emergency.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 04:41-04:48
“$7 trillion on two wars that we didn't win and didn't accomplish our objectives.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 08:16-08:22
“We're still spending $62 billion a year in Afghanistan.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 08:21-08:26
“Of the 250 criminal referrals from all the studies and all the commissions, the Obama Justice Department never moved on any.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 08:33-08:41
“The United States spent $5.2 billion on the midterm elections.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 25:29-25:37
“In 2014, ISIS had 8 million people under slavery.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 42:27-42:31
“We just had 114 million people vote.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 1:01:48-1:01:51
“Federal Reserve Chairman Ben Bernanke, Secretary of Treasury Hank Paulson...tell [President Bush] by 5 o'clock tonight, we need $1 trillion…”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 01:21-01:35
“We basically just flooded the zone with liquidity. We bailed out the Party of Davos.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 03:17-03:23
“62% of the jobs that were created before President Trump got there were jobs that living wage are below living wage.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 04:49-04:56
“He [Trump] physically destroyed the physical caliphate of ISIS in one year in alliance with Islamic countries.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 05:17-42:41
“The American working class, the American middle class, for the first time in our history, 70% felt the country was in decline.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 05:41-05:49
“The rise of China, the deindustrialization of our country, all the shipping of the jobs to East Asia, the high value added manufacturing…”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 06:30-06:40
“The rise of China was a second law of thermodynamics. It was physics that you couldn't change.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 07:37-07:44
“Trump ran on three basic stuff. We're going to stop mass illegal immigration and limit legal immigration.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 09:33-09:39
“NAFTA is the centerpiece in this economic war with China.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 10:52-10:56
“The real cost [of the defense budget] is a trillion dollars.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 14:27-14:27
“We're not trying to disengage from the world. We're not trying to be an isolationist.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 14:40-14:45
“We don't want to protect it in Western Europe. That's why he keeps harping on the 2%.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 15:18-15:23
“The problem is with radical Islamic Jihad is as big a problem for you in your own countries as it is for us in the West.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 15:45-15:52
“If war breaks out, war is going to break out in the South China Sea or the Persian Gulf.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 16:22-16:27
“We're looking for allies, not protection. We're not an imperial power.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 17:04-17:04
“It's a totalitarian regime with a geopolitical expansionist attitude of Mackinder and Mahan and Speakman and all of it.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 17:44-17:56
“Is it really the Russians are the threat? Or is the threat what's happening in Sub Saharan Africa?”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 18:19-18:24
“We gotta draw down in Afghanistan, right? We can't force our culture.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 18:48-18:53
“We should spend that money in Central America, in the Northern Triangle countries and, and in Mexico.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 19:15-19:21
“The burden of [illegal immigration] goes on the Hispanic and black working class in those cities and it's in the southern states and it's…”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 19:35-47:54
“The working class in Texas, in New Mexico, in Arizona, principally Hispanic working class can't bear the burden of economic migration.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 19:44-19:53
“We believe in the deconstruction [of the] administrative state.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 21:18-21:18
“The ECB tried to stop a government from taking place in [Italy] 10 years.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 22:24-22:28
“The Italian people living today didn't really create that debt.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 23:28-23:32
“The left did that. The reason they took over the House of Representatives.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 25:43-25:47
“They have no intention of letting you guys go. None, zero, zero.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 26:51-26:57
“Macron is a nationalist, but the capital of his nation is not in Paris, it's in Brussels.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 27:44-27:51
“The EU should be an empire like China and the United States.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 28:13-28:20
“Not one [European leader] has ever mentioned destroying the EU. What they want is a reformed EU.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 28:31-28:39
“The neo Confederates, the neo Nazis, the KKK have no place in our society.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 30:13-30:22
“Antifa and elements of the Black Lives Matter should be shut down also.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 30:28-30:33
“I've got thousands of hours of radio interviews... They've never come up with an anti-Semitic or racist comment, ever.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 31:21-31:40
“We must take 25% of the Bernie guys, the economic nationalists, a third to 40% of African American working class and middle class, and a…”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 31:56-32:07
“Obama told us the new normal is 1.8% growth. Okay? This 3.5% growth.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 34:15-34:21
“We have historic low black unemployment. That's why we have 25 year low Hispanic unemployment.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 34:37-34:44
“We're bringing manufacturing jobs back and around high value added manufacturing jobs.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 34:56-35:02
“The populist movement is subsidiarity. It's to get more power down to the little guy.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 35:10-35:18
“The populist movement and nationalist movement in Europe is 18 months and two years ahead, is the way Brexit happened.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 38:34-38:41
“We are doing the most systematic polling that's ever been done for the European Parliamentary elections next May.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 39:50-39:56
“The intensity in these [European Parliamentary] elections...is going to be on page one by March and April.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 39:55-40:04
“Go back and read Trump's Riyadh speech and look at the actions that we've taken since then to try to unite people.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 41:31-41:38
“ISIS had tax revenues and oil fields.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 42:31-42:34
“The tax bill's not perfect. What we did in financial deregulation is not perfect. I disagree with it.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 45:27-45:33
“I think a lot of what Dodd Frank did was correct.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 45:57-46:00
“I'm the one that's advocated criminal prosecutions to go back, and they say, oh, the statute of limits right now.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 46:00-46:09
“The original travel ban with Stephen Miller upheld by the Supreme Court, made our country safer, made Islamic citizens in our country safer.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 46:31-46:41
“Economic migration into the United States is called immigration. You have to get in line and go through the immigration process.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 47:14-47:22
“I support Orban and I support Salvini 100%.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 48:40-48:46
“The third leg of the Trump stool is the deconstruction of the administrative state.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 51:37-51:43
“I'm the guy keeps saying Facebook should be broken up, Google should be broken up.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 52:08-52:13
“We should take the data and drop it down to a public trust.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 52:12-52:16
“Jerry Nadler has already said they're going to have 52 investigations [into Trump].”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 58:18-58:22
“We had a midterm that was like a presidential race.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 1:01:52-1:01:56
“Democracy's never been, never been more robust and vibrant in the United States.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 1:01:55-1:02:01
“Working class African Americans are going to be one of the core planks of our movement.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 1:03:23-1:03:34
“Trump has permeated everything and he's triggered the left because they understand he. He's going to be in their lives 20 years from now…”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 1:04:04-1:04:12
“I think even for your generation, I. I think you're seeing now more engagement.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 1:05:00-1:05:05
“The beginning was the NAFTA renegotiation on trade deals and the tax deal, which, by the way, is far from perfect.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 1:06:35-1:06:42
“The centerpiece of the tax deal was the corporate deal that got our tax rates in competition with Germany and China.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 1:06:42-1:06:49
“Obama's Secretary treasury is saying the new normal was going to be under 2% growth, that's 3.5% growth.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 1:07:09-1:07:16
“Everything is tied to bringing the supply chain back from China back to the industrial democracies.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 1:07:42-1:07:49
“Even the restrictions on legal immigration is to make sure we have a massive problem in the United States.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 1:08:29-1:08:35
“Today that engineering school is 75% non Americans.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 1:08:57-1:09:01
“Stopping illegal immigration is going to take pressure off working class people.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 1:09:34-1:09:40
“Wages rising is a great thing. And that's the dichotomy between ourselves and traditional Republicans.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 1:10:09-1:10:16
“President Trump, even Tom Cotton's program of limiting immigration to 500,000 a year is to change it to a meritocracy.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 1:10:17-1:10:26
“You have to stop mass illegal immigration. We have to. It's destroying the working class in our country.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 1:10:27-1:10:33
“It's getting rid of the chain migration, it's getting rid of other elements. It's turning it into a meritocracy.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 1:10:43-1:10:48
“I think it's the consensus of the American people. And I think the country has to. I think you have to go to some sort of meritocracy.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 1:10:48-1:10:54
“We're so far from getting that passed. That's going to be the next big debate.”
Steve Bannon | Full Address and Q&A | Oxford Union | Uploaded November 17, 2018 | 1:11:01-1:11:05