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Transcript

00:00The Trump administration is about to make life impossible for Gen Z.

00:05Well, for everyone, really.

00:07But it's going to land the hardest on the young pups of our great nation.

00:11They have no idea what's coming, because conservative media has been lying to them.

00:16Liberal media hasn't told the whole truth either.

00:19And independent, bro-culture, manosphere media is deliberately poisoning them.

00:23Among voters under the age of 26, in 2024, women of color were the only ones to break for Harris.

00:32White men, white women, and men of color, under 26, broke for Donald Trump.

00:38This is an astonishing trend, with a whole lot of sociological, socioeconomic, and social media bias nuance behind it.

00:46And it reinforces just how damaged the Democratic Party brand is.

00:51If the left is going to make good on our quest to overthrow the party and use their apparatus to govern,

00:57it's our job to also recalibrate this relationship and make amendments with younger people.

01:03So today, we're starting with student debt.

01:06This video explains how student debt grew to crisis levels,

01:10how the Trump administration's policies will push it over the top,

01:13and the only way to ultimately fix the system once and for all.

01:20UNFTR!

01:21Let's start with the size of the problem.

01:27After declining for the first time ever under the Biden administration,

01:31student indebtedness in the United States is on the rise again,

01:34and now more than $1.7 trillion.

01:38And listen, students, it's not your fault.

01:42I know.

01:43Hey, it's not your fault.

01:45Yeah, I know.

01:46Listen to me.

01:47It's not your fault.

01:49Don't.

01:49Don't do this.

01:50Not you.

01:51It's not your fault.

01:54Seriously.

01:55Go to college, they said.

01:57Get a degree.

01:58Build the next generation workforce.

02:00College is within your grasp.

02:02This messaging goes back before you were born.

02:05Of course, college is out of reach for the vast majority of Americans.

02:09Even public universities, that used to be free, are expensive these days.

02:14Yeah, I said public universities were once tuition-free.

02:17What a novel concept.

02:18One that we'll come back to later.

02:20These days, we don't even seem to question why college is so expensive,

02:24especially considering many of the more notable ones have multi-billion dollar endowments.

02:28So let's talk about who's affected.

02:31See, because applying for Pell Grants and scholarships is routine.

02:35Taking on student loans easier than ever.

02:37And also fairly routine.

02:39So routine, in fact, that more than 42 million student borrowers have taken on federal loans.

02:45Now, importantly, only 7.8% of all student debt is private, which I'll lay out in great detail in a moment.

02:52So over 92% of student loans are federal, meaning issued by the U.S. government.

02:58And the most recent data show that the average student loan balance is $38,375.

03:04But when you include private loans, it actually reaches $41,000.

03:09As of the end of 2024, nearly 5% of federal loans were in default,

03:14with 10% of those borrowers defaulting within the first three years of repayment.

03:18As the economy worsens, that's only going higher.

03:22And the Trump administration is in the process of ripping out any provisions.

03:26to help these borrowers get back on their feet.

03:29So keep these figures in mind as we talk about how these loan programs came to be

03:33and why college is so expensive.

03:36There's so much that we take for granted about this system

03:38because it's been a slow-moving catastrophe.

03:41And seriously, it's not your fault.

03:44Because it should never have gotten this far out of control.

03:47Okay, so how did we get here?

03:53Well, the movement to push everybody to a college degree started immediately after World War II.

03:58The introduction of the GI Bill for Veterans included stipends to attend college

04:02and begin retraining the American workforce.

04:05And every administration from this point forward

04:07made a concerted effort to educate and train workers.

04:11Of course, the vast majority of black people and women were excluded.

04:14partly because southern colleges didn't accept black students yet

04:18and most women who served were deemed civilians and ineligible for loans.

04:23Just don't teach that in school because that's woke nonsense, otherwise known as history.

04:28But the government had a major challenge on its hands coming out of the war.

04:32Pushing for as many people to get a degree was one thing.

04:35For those people to afford it was another.

04:37So economists and policymakers started a debate that rages to this day

04:41as to how best to accomplish this.

04:44A mixture of grants, tax credits, and direct funding

04:47were cobbled together in fits and starts under Eisenhower, Truman, and Kennedy.

04:51But it wasn't until the Johnson administration

04:53that a framework came together that endures to this day.

04:57In an excellent 2021 book titled The Debt Trap,

05:01How Student Loans Became a National Catastrophe,

05:04author Josh Mitchell unpacks the messy history of student debt.

05:08In addressing the origins of federal student loan programs,

05:11Mitchell talks about how Johnson was trying to appease advocates for the poor,

05:16the colleges and universities themselves,

05:18and hardline conservatives loathe to offer any sort of handouts.

05:22Quote,

05:23Johnson developed a compromise.

05:25Scholarships for the poor and loans for the middle class.

05:28Within this solution, we can begin to identify the seeds of the modern student debt crisis.

05:33Because remember, at the time, there was no tolerance for deficits of any kind.

05:38We had to have balanced budgets.

05:40So when it came to who would be able to actually issue the loans,

05:43Johnson faced an uphill battle in Congress.

05:46And even though loans were theoretically a moneymaker over time,

05:50the proposition of adding so much to the federal budget

05:52would have created a short-term deficit

05:54that would blow too much political capital,

05:57or at least in Johnson's estimation.

05:58As Mitchell writes,

06:00Quote,

06:01This is why Johnson didn't seek to simply expand the National Defense Student Loan Program,

06:06which drew money from the Treasury.

06:08Instead, Johnson turned to banks.

06:10End quote.

06:11So this way, Johnson could keep student loans essentially off the government's books.

06:15Now here's the key.

06:16Fearing that colleges would simply raise tuition to take as much money as possible in,

06:21which proved to be a ancient concern,

06:23he wanted schools to have skin in the game.

06:25So under his initial plan, schools and the feds would put part of the proceeds.

06:30into an insured risk pool.

06:32That way, they both had an incentive to minimize defaults.

06:36Write that down.

06:37That'll be on the test later.

06:38After intense lobbying in D.C.,

06:40an alternative solution was proposed and adopted,

06:43and the Higher Education Act was passed.

06:46It included scholarships for the poor and a loan program for the middle class.

06:49These loans for households earning less than $15,000

06:52were guaranteed up to 80% if they defaulted,

06:56and the interest rate was 6%, which was considered competitive at the time.

07:00The problem was that banks were raising rates on other products faster than school loans,

07:05so they found little incentive to offer them despite the backstop of the federal government.

07:11In the meanwhile, college admission was growing due to the maturity of the baby boomer generation,

07:16so the colleges were flush with private-paying students anyway.

07:19The whole thing just wasn't working.

07:21Again, Mitchell.

07:23Quote,

07:24Banks needed more money.

07:26Colleges needed more money.

07:28Students needed more money.

07:29The government's foray into student lending was already a mess,

07:33producing unintended consequences.

07:36Congress had passed the two loan programs hastily,

07:38with respect to banks and schools,

07:41and little thought to the perverse incentives

07:42that might lead to even higher tuition and taxpayer costs.

07:47End quote.

07:48Johnson turned to a young economist in the Department of Ed named Alice Rivlin,

07:51who sought to answer a crucial question,

07:54whether to give money to the students or the schools.

07:57It was decided that students were better equipped to manage the debts directly,

08:01but that there needed to be an agency to originate the loans.

08:04So as Johnson exited the stage and the Nixon regime began,

08:08a new corporation was established to provide a solution.

08:13Sally May.

08:16Sally May was established as a quasi-government organization that would sit off the books

08:21and pour liquidity into the banking system to be given out as loans.

08:25So the obvious question became, where would Sally May get the money to lend?

08:30To answer this, the government gave Sally May an unbelievable advantage.

08:35It allowed the corporation to borrow money cheaply, almost as cheaply as the government.

08:40As Mitchell writes,

08:41Sally May was part of a circuitous route between lender and borrower.

08:45The Treasury Department gave money to the Federal Financing Bank, which lent to Sally May,

08:51which provided cash through warehouse advances and student loan purchases to banks,

08:56which lent to students who paid schools.

08:59End quote.

08:59If you're having a hard time following that, you're not alone.

09:02It was a Rube Goldberg financing scheme that only got worse over the years.

09:07as corporate lobbyists and banks found ways to squeeze more and more out of the system and lay off risk.

09:13The government, under pressure of inflation and rising tuition,

09:17expanded grants and federal loans, which further jeopardized Sally May's position in the market.

09:22Things were looking pretty shaky over at the agency,

09:24until a lobbyist named Mary Whalen came up with the solution to the problem.

09:28that turned this into one of the most lucrative scams in history.

09:33Whalen and Sally May pushed the government to get even more involved

09:37under the theory that if it was more in control of the process and flush,

09:41it could streamline the process and create a more efficient market.

09:44They just needed a little help and a little more independence.

09:48The idea was to institutionalize a form of arbitrage,

09:51whereby Congress guaranteed Sally May an additional 3.5%

09:56over its existing borrowing rate on every loan.

10:00And to allow Sally May to tap into the market by offering shares of the company.

10:05Essentially, guaranteeing profits to Sally May.

10:08So with guaranteed profits, Sally May had no problem raising funds.

10:12from both banks and colleges, and the company exploded.

10:17In 1983, Sally May officially went public.

10:21And as Mitchell writes,

10:22In April 1984, Sally May joined the New York Stock Exchange.

10:27The company earned a AAA rating from Standard & Poor's,

10:31the equivalent of a perfect credit score.

10:33Investors bid up the stock price.

10:35End quote.

10:36The more money they took in, the more they lent out.

10:39The more money they lent, the more students took on debt.

10:42The more money the students were able to obtain,

10:44the higher the colleges pushed tuition.

10:46And on and on and on.

10:48Everything they did was guaranteed arbitrage.

10:51It was a thing of beauty for only two parties.

10:54Sally May and the investors in the colleges that were all too happy

10:58to take the money lent to students.

11:01Sally May was getting away with murder.

11:03And this did not escape the incoming Clinton administration

11:06that came from a generation that understood how fucked the system had become.

11:10Almost immediately, Clinton devised ways to bring the company to heel.

11:15As soon as he took office, he created direct loan programs

11:18through the federal government that soaked up 60% of all student loans within four years.

11:24This was crushing to Sally May.

11:26But hope for Sally May was right around the corner.

11:29In the form of a Republican-controlled Congress,

11:31a CEO named Al Lord who was determined to crush Clinton's plan,

11:35and a battery of lobbyists and Wall Street investors determined to keep pushing the envelope.

11:40The multi-pronged strategy was brilliantly executed.

11:44Here's how they did it.

11:44They removed the quasi-governmental status tie and began removing government-appointed board members.

11:50Then they created pools of student loan investments that were securitized,

11:54just like how they bundled mortgages.

11:56They incentivized everyone in the company and board members alike with stock options.

12:00to promote the offerings and offered discounts in the market

12:03to encourage students to use their programs instead of the government's direct program.

12:08They essentially bribed schools with equipment to get them to switch their recommended platform.

12:13And then they went hard after the adult learning market and for-profit colleges,

12:17like University of Phoenix,

12:19to take advantage of the growing interest in skills and certificate learning.

12:23So, taken together, these measures worked, and Sally May started crushing it again.

12:28Quote,

12:28Student debt taken off.

12:30In 2000, Americans owed about $230 billion in federal student debt.

12:35By 2005, that figure had nearly doubled to roughly $415 billion.

12:41Around the same time, Sally May lobbied for another shitty rule change.

12:45to make it nearly impossible to charge off student loans in bankruptcy.

12:50Now, thankfully, this has eased up,

12:51but the damage for a short time was done to tons of borrowers.

12:55And this isn't the end of the story, mind you.

12:57During the financial crisis,

12:59when so many student debt holders suddenly began to default on their loans,

13:03the government actually had to bail out Sally May.

13:06The financial crisis would create even bigger problems in the country

13:09as citizens struggled to get back on their feet.

13:11And in an attempt to promote higher education,

13:14as so many presidents had done before,

13:16Obama looked for ways to reduce the deficit

13:19while inducing more kids to obtain a degree.

13:22So, he included a provision in the Affordable Care Act

13:25to eliminate the federal guarantee to private lenders

13:28to save money,

13:29but directed federal loans to be issued by the Treasury Department

13:33to expand the base of applicants.

13:35And the cycle continued.

13:36More kids, more debt.

13:38Higher tuition, higher cost of living.

13:40Fewer high-paying jobs and compounding interest.

13:43Default, rinse, repeat.

13:45Now, to make matters worse,

13:46states were in such dire straits

13:48that they intensified the decades-long trend

13:51of cutting funding to state and community colleges,

13:54prompting them to increase

13:55the percentage of private tuition dollars required to attend.

13:59Underwriting standards were loosened

14:00to allow poor families,

14:02especially those of color,

14:03to obtain federal loans.

14:05Terms were extended.

14:07Interest continued to grow.

14:09All told, under Obama,

14:11Student debt doubled to $1.3 trillion.

14:15And that's how we got here.

14:20Okay, so let's recap to help set the table for Trump.

14:23First, we sold the idea of college

14:25with great success to all Americans.

14:28Then, we opened up the lending floodgates

14:30to both private and public institutions,

14:32relaxed standards enough to allow nearly everyone

14:34to qualify for some money,

14:36which colleges took as a signal

14:38to increase spending and raise tuitions,

14:40thereby necessitating larger and larger loans.

14:43Every recession, every economic downturn,

14:46made these loans more difficult to manage.

14:48And during these recessions and downturns,

14:50states slashed budgets for community colleges,

14:53forcing public colleges to raise tuition

14:55to fill the gaps.

14:56Inflation has outpaced wage growth,

14:58making it more difficult to repay these loans.

15:00Union membership has declined

15:01to less than 10% in the United States,

15:03so pursuing a trade means you're in

15:05as precarious a position as everyone else.

15:08The private sector began demanding degrees

15:10for even entry-level positions.

15:12Colleges and universities have such high demand,

15:14they can charge whatever they want

15:15because they know wealthy families can foot the bill

15:17and the government is gonna give out loans to everyone.

15:21And the more money they raise and spend

15:22turning campuses into Disneyland,

15:24the more the public colleges feel the need

15:26to raise funds to compete.

15:28And the beat goes on.

15:29Greedy private colleges,

15:31public colleges trying to keep up with the Joneses

15:33while losing state support and funding,

15:34a private company competing with the government

15:36for student loans by lobbying

15:38for every advantage possible,

15:39hideous predatory investors sucking the savings

15:42out of the pockets of millions of American borrowers,

15:45Defaults through the roof,

15:46rising inflation, rising interest rates,

15:48the inability to discharge student debt in bankruptcy,

15:51and a system so complex

15:53that one side thinks we should just cancel it all

15:55and the other thinks we should just let it ride.

15:58But canceling student debt doesn't solve the problem.

16:00it just reboots it.

16:02And letting it ride means an inevitable crash.

16:04There's a middle ground solution

16:06that no one is talking about.

16:08And I suspect it'll be a few years

16:10before anyone takes a pragmatic solution seriously.

16:13And I'll get to that.

16:14But first, as promised,

16:15Let's talk about how Trump

16:16is gonna deliver the death blow to students.

16:22Under the Biden administration,

16:24the overall indebtedness of students

16:26decreased for the first time.

16:28Billions of dollars in student loans were forgiven

16:30for those who worked in public service

16:32for a determined period of time.

16:34Now recall that he tried to forgive $10,000

16:37per debt holder under the pandemic-era rules,

16:40But the court struck it down.

16:42So we got the watered-down version,

16:44which benefited a small portion of the population,

16:46to be sure.

16:47But the big effort was never to be heard from again.

16:50But he did institute another helpful program

16:52called the Fresh Start Program in 2022.

16:56So this allowed 7.5 million borrowers

16:58who had defaulted on loans

16:59to regain eligibility

17:01under income-driven repayment,

17:03or IDR plans,

17:05loan forgiveness options,

17:06and credit report repairs.

17:08This all happened under the Department of Education.

17:12Hint number one.

17:13That program ended in September 2024,

17:16though it would likely have resurfaced

17:18under a Harris administration in some form.

17:20One of the reasons for the program's success

17:22was direct outreach from the DOE.

17:25Because this is confusing stuff,

17:26so they committed a serious chunk of time

17:29and resources to help people

17:31get back on their feet.

17:32So while you can now discharge student loans

17:34in bankruptcy,

17:35the process is still extremely arduous.

17:38And the point of education loans

17:39is not to drive one into bankruptcy as a result.

17:42So this program was a huge step.

17:45Now Trump is proposing to move loan origination

17:48and servicing to the Treasury Department,

17:51which might make sense

17:52from a streamlining perspective.

17:54That's where all the money comes from, after all.

17:56But in doing so,

17:57he's proposing to streamline the IDR process as well.

18:01But helping people manage their debt

18:03is a nuanced and difficult process.

18:06We should be expanding pathways

18:07to debt management and bankruptcy prevention,

18:10not narrowing them down.

18:11Hint number two.

18:12Because the Treasury isn't set up

18:14to manage the intricacies of student loans,

18:16there will be delays in servicing,

18:18which complicates things like credit report updates,

18:21programs that help returning students restart,

18:23or access new loans,

18:24and facilitating enrollment into certain plans

18:26based on predetermined criteria.

18:29Of course, this is a stopgap measure.

18:31to Trump's ultimate goal of privatizing all loans.

18:35And now you're really going to want to pay attention

18:37to this one.

18:37So privatization is the hardest path forward,

18:40but it's not as difficult as some might think,

18:43because it does take congressional approval.

18:46At a minimum,

18:47Trump wants to privatize loan servicing

18:49which would absolutely reduce payment flexibility

18:52and increase punishment through aggressive collections.

18:56If anyone has ever been chased

18:57by a private debt collection agency,

18:59you know the misery that they can bring to one's life.

19:02And if we're to believe Project 2025,

19:05and at this point, there's no reason to doubt it,

19:07once they have been effectively neutered

19:09the Department of Education,

19:11Trump intends to eliminate things like Pell Grants.

19:14These are automatic scholarships

19:15given to low-income students,

19:17one of the most successful grants

19:19and programs in the country.

19:21So just on student debt,

19:23we're looking at the loss of scholarships

19:25for students from low-income families,

19:27limiting access to loan servicing programs,

19:30more aggressive collection practices,

19:32and fewer options to get on track

19:34and repair credit.

19:35So if defaults are currently around 5%,

19:38what happens when you consider the following?

19:41Federal employees are being fired

19:44by the tens of thousands,

19:46increasing the unemployment rate already.

19:48Cuts to social programs

19:49and non-profit organizations at the federal level

19:51means fewer services for those in need.

19:54Cuts to state programs mean that states,

19:56which are required to balance their budgets,

19:58will have to increase taxes

19:59and lay off state employees and cut services.

20:02This will lead to more inflation and unemployment,

20:05which will force the Federal Reserve

20:07to maintain or increase interest rates

20:09to manage inflation under their stupid dual mandate.

20:12This will make student loans,

20:13which are already at high interest rates, even higher.

20:16Students coming out of college

20:17will find fewer jobs available

20:19as we go into a recession

20:20exactly at the moment that they're being required

20:23to begin servicing their student loans.

20:26And without the ability to pause

20:27or refinance or get relief,

20:29they will increasingly default on loans

20:31and start their life's journey with shit credit.

20:34This shit credit will prevent them

20:35from getting an affordable car lease or an apartment.

20:38The only reasonable jobs available

20:40will still require a college education

20:42as employers will have the pick of the litter

20:44due to high unemployment.

20:45So just opting out of college will be a non-starter.

20:48And for those who do opt out of college

20:50to pursue a trade,

20:51they'll come into a market

20:52where union protections are few and far between

20:54and private opportunities are at their lowest

20:56because the Trump administration thrust us

20:58into a deep and unnecessary recession.

21:01And when they look at the Trump administration

21:03for assistance,

21:04they'll find the only places

21:05that receive government spending and welfare

21:07outside of the military is the tech sector

21:09because resident Nazi sympathizer

21:11and unelected chief operating officer of the country,

21:14Elon Musk, along with Peter Thiel,

21:16Jeff Bezos, and Mark Zuckerberg,

21:18have convinced the administration

21:19to put money into more computing power

21:21and servers for artificial intelligence,

21:23which is itself designed to hollow out

21:25the middle service market of the labor pool.

21:28This is how Trump is thanking the generation

21:30that put him back into the Oval Office.

21:38Public universities and community colleges

21:40were always supposed to be free.

21:43We have to get there again.

21:45Because so many states are upside down,

21:47This would have to be a federal government initiative.

21:50And this isn't as difficult as it seems.

21:53And we can afford it.

21:54Ready?

21:55Back of the napkin math time.

21:57State contributions to higher education,

21:59which is a four-year public institution

22:01or two-year community college,

22:02will be around $129 billion this year.

22:06And that includes state financial aid contributions.

22:09The federal government allocates

22:10less than a billion in assistance.

22:13But the states only cover about 50% of the costs.

22:15So the other half is borne by students

22:18paying for tuition, housing, and dining,

22:20along with outside research grants

22:22and donations to endowments.

22:24So let's say it's about $260 billion all in.

22:29I say the federal government

22:30institutes a matching system.

22:33States kick in $130 billion.

22:35The feds match it.

22:37Now, obviously, the feds can cap

22:38the increase in matching funds.

22:40Like no one institution would receive

22:42more than 2% of what it received

22:44in the year prior.

22:45And they would still have the ability

22:46to fundraise and apply for grants.

22:48The only thing they couldn't do

22:50to qualify for federal matching funds

22:52is charged for tuition, housing, and dining.

22:55This kind of spending is non-inflationary.

22:59In fact, it would reduce inflation

23:00among private competitive schools.

23:02And here's how.

23:03By making public colleges

23:04far more competitive and free,

23:07this will put market pressure

23:08on private colleges

23:09to part with more of their

23:11egregious endowments

23:12and slow the pace of tuition growth.

23:15If all of a sudden,

23:16the state public colleges and universities

23:18grow in prestige,

23:20they have all the bells and whistles

23:21of a private college,

23:22and it's free to attend,

23:24the private colleges will have

23:26to reduce costs to compete.

23:27Oh, and if they don't,

23:28who gives a shit?

23:30Let them price themselves

23:31out of the market.

23:33But the other way

23:35is to force private institutions

23:36to also have some skin in the game.

23:39I'm all for federal loan programs,

23:41but the character of these loans

23:42and the securitization of them

23:44has to fundamentally change.

23:46And on this, we have the answer.

23:48It was Lyndon Johnson's original idea.

23:50of an insurance pool

23:51that colleges and the government

23:52Pay into to cover defaults.

23:57The linchpin of this idea, however,

23:59is to forgive a substantial portion

24:01of existing loans

24:02and drastically cut the interest rate

24:05on all outstanding loans.

24:07This works in a couple of ways.

24:08First off, I'm for loan forgiveness

24:10at any level,

24:1110 grand, 20 grand, whatever.

24:13Deal with the problem at hand

24:14to give the majority of debt holders

24:16some breathing room.

24:17Then the federal government

24:19should refinance the outstanding balance

24:21of every loan out there

24:22at the federal funds rate.

24:24Let people borrow

24:25at the same rate as the banks

24:27and extend the term of the loan

24:29out of the gate.

24:30This would dramatically reduce

24:32monthly payments.

24:33Moreover, to drive the nail

24:35in Sally Mae's coffin,

24:36refinancing in this fashion

24:38should be available

24:38for all private loans as well.

24:41Fuck them.

24:42Sally Mae needs to be put out of business.

24:44Leave BlackRock holding the bag.

24:46Oh yeah, did I mention

24:46that BlackRock is one

24:48of their largest shareholders?

24:50You know what else this does

24:51for the federal government?

24:52It all but eliminates defaults,

24:54which means it's more successful

24:56and self-funded over time.

24:58In fact, it becomes a profit center

24:59to help offset the matching funds

25:01to public colleges.

25:03And we know that low-to-no defaults

25:05is within reach

25:06because we almost got there

25:08under the Fresh Start program.

25:10And for God's sake,

25:11stop with the means testing.

25:13It's wrong, stupid, and mean.

25:16Wealthy people

25:17don't carry student debt.

25:19High net worth families

25:20and individuals

25:21don't have student debt.

25:23That's not how it works,

25:24nor has it ever.

25:25And stop worrying about

25:26the feelings of people

25:27who paid off their loans.

25:29For every one of them,

25:30there's another older person

25:32and sometimes senior citizens

25:33who's still paying theirs off

25:35and struggling.

25:36In fact, did you know

25:37that there's an entire segment

25:38of the senior population

25:39having their social security checks

25:41garnished

25:42to finish paying student debt?

25:44And as for the right-wing

25:46who thinks it's a handout

25:47that steals money

25:48from the government,

25:49the SBA forgive

25:51more than $750 billion

25:54in PPP loans.

25:56This money was treated

25:57as below-the-line income

25:59and therefore non-taxable.

26:01In other words, free money.

26:03What about them?

26:03Also, it's estimated

26:04that wealthy Americans

26:05are holding somewhere

26:06around $10 trillion offshore

26:08to avoid taxes,

26:10or the hundreds of billions

26:11of dollars in tax cuts

26:12under Bush, Obama,

26:13and then more under Trump

26:15that favored the wealthy.

26:17Where's the entitlement

26:17argument there?

26:19Put Sallie Mae out of business

26:21and build colleges

26:22Put skin in the game.

26:23Make public college free again.

26:26Offer some relief today

26:27and fix the system for tomorrow

26:29by refinancing

26:31at the same rate

26:32the banks pay.

26:33This is the battle

26:34we need to wage

26:35when we retake control

26:36of the government.

26:37These are the kinds of things

26:38that we need to do

26:39to regain the trust

26:41of our youth.

26:42These are the investments

26:43into their education

26:45and futures

26:46that we need to make.

26:48We can yell at them

26:48until we're blue in the face

26:49about how Donald Trump

26:50is going to fuck them over

26:52and hand their future

26:53over to his billionaire

26:54tech buddies,

26:55but why would they believe us

26:57when we've done nothing

26:58to prove

26:58that we have their best

27:00Interest at heart?

27:01So now they're going to

27:02go learn the hard way

27:03that Trump used them

27:04And is fucking them over.

27:06It's our job

27:07to have a plan

27:08instead of taking them

27:10for granted again

27:11as the least worst option

27:13available to them.

27:15Here ended the lesson.

27:18If you're into this topic

27:20and want to learn more about it,

27:21definitely pick up a copy

27:22of Josh Mitchell's

27:23The Debt Trap.

27:24I've linked it below.

27:25And let me know

27:26what do you think about

27:27the solutions that I offered

27:28toward the end

27:28in the comments below.

27:30And if you like the video

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27:32on this channel,

27:32I'd be really grateful

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28:00to our member Discord channel,

28:02send out incredibly cool stickers

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28:06This is one of my favorites.

28:07This has got

28:08Mikhail Bakunin in it.

28:11Here's one that's

28:12all about the earth.

28:14Be kind to your mother.

28:16This is one of our OG ones.

28:18It's got

28:18Fuck Milton Friedman,

28:20FMF all over it.

28:22This is a fun one

28:23that 99 did.

28:24Well, she did them all,

28:25But this is,

28:26she put her love and soul into it.

28:27Look at the Bernie

28:28in the Barbie font, right?

28:29She's got a Grateful Dead

28:30thing on there.

28:31UNFTR is Wordle.

28:33Marxism,

28:33there's a Spotify thing

28:34Here at the top, right?

28:36Right, whoop,

28:37where is it?

28:37Right there.

28:38The Spotify thing there

28:39where if you put it on your phone

28:40or something like that,

28:41people can just automatically

28:42download the podcast

28:44onto their phone.

28:45There's some

28:46anti-DeSantis stuff

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28:48proud pride stickers

28:49that we've got,

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28:51non-negotiables

28:51showing up in a sticker pack

28:53all for you.

28:53Climate justice,

28:54housing first,

28:55Medicare for all.

28:56I can't see a goddamn thing,

28:58But End Citizens United.

28:59Anyway,

29:00we send out cool shit

29:01like that and stickers

29:02and we offer discounts

29:03on our merchandise

29:04and our coffee.

29:05And for pro

29:06and over-caffeinated members,

29:07we list you in the credits

29:08like these fine folks.

29:10This is the story

29:12of a political pundit

29:14who looked at the world

29:15around him

29:16and just said,

29:17fuck it.

29:18Gives the middle finger

29:19to authority

29:19and says,

29:20kiss my ass.

29:21But instead of a revolution,

29:23He started a podcast.

29:25It's just what the world needs.

29:27He started a podcast.

29:29Another basic white guy

29:31who started a podcast.

29:33But it's fun

29:34because he curses

29:35all through the podcast.

29:37Un-fucking-the-republic

29:38with this motherfucking podcast.

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