… why we're running $2 trillion deficits because of what's happened in Covid and the kind of spending that went on Covid we haven't gotten rid of. Your audience should understand. We spent six and a half or seven trillion dollars a year. We raised in taxes four and a half trillion. There's a gap. The reason you have inflation, right? The reason is not because of tariffs and not because of supply chains. The reason we have inflation is we have a massive Keynesian stimulus every year. (34:30–34:37)
CLAIM
Asserts that annual spending is $6.5 to $7 trillion, while tax revenue is $4.5 trillion.
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.
