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Episode Transcript
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Speaker 1 (00:00):
Previously on Your Morning Show with Michael del Choano.
Speaker 2 (00:04):
We kind of began a journey of discovery and the
premise is really simple, love the president, support the president,
But what about the debt? Is anybody still focused on that?
I mean, it's a big, beautiful bill, but it's also
three to five trillion dollars of an increase to the debt.
Speaker 3 (00:22):
Does that matter?
Speaker 2 (00:23):
Can I bring that up without you being offended or
thinking I love the president any less or support him
any less? I mean, if James Carvel coined the phrase
it's the economy stupid, well, when it comes to the economy,
isn't it the debt?
Speaker 3 (00:41):
Stupid?
Speaker 2 (00:43):
Economist? Money was my most successful friend. David Bonson for
the Bonds and Financial Group is joining us. Good morning, David.
You know I'm looking down at debt. When when I
was ten years old, the debt in this country was
five hundred and five billion dollars. When my son Nicholas
was ten years old, it was twenty trillion. When my
(01:04):
dad was sixty, the debt was five trillion. When I'm sixty.
Now it's thirty six trillion. Oh my gosh, I can't
bear to imagine what it'll be when my son is sixty.
This is a relatively new threat for America, is it not.
Speaker 4 (01:19):
Yes, But I don't think that the issue I'd be
focusing on is even the level of debt itself, because
you notice those different ages you're talking about, and that
timeline the debt was at one point and you're still
And some people may hear that Michael and saying accurately, well,
the world didn't end. The country actually kept growing, our
(01:42):
quality of life has gotten better, So maybe everything.
Speaker 3 (01:45):
Is just fine.
Speaker 4 (01:46):
But I think the major issue is the debt at
versus GDP versus the size of the economy, and that
is the issue that nobody's addressing. When the debt was
growing under Reagan, under a Bush Senior, and under Clinton,
and even under Bush Junior up until the time of
(02:09):
the financial crisis, the debt was growing at a rate
in concert with the growth of the economy. Since the
financial crisis, and then this really changed during the Obama years,
and it got incredibly bad during the first Trump years
and stayed very bad during the Biden years post COVID.
The major issue is that the debt is growing much
(02:32):
faster than the economy. That is the issue that dramatically
impacts our.
Speaker 3 (02:38):
Quality of life.
Speaker 4 (02:39):
That is the issue that takes away economic growth, productivity, opportunity,
and then hurts our kids and grandkids.
Speaker 2 (02:47):
All right, So if you look at the history of debt,
you can see reasons, World War One, World War two,
you know, different things. Then all of a sudden we
get to the Obama era and you literally double in
one presidency two terms the total debt for the country
compared to the previous two hundred plus years. That was
pretty extraordinary. Then, I guess you could put an asterisk
(03:10):
by COVID, but that was the result of a stupid mistake.
And then you're bringing up this new point, which is
the percentage of GDP so compared to GDP growth. All right,
So we used to think when the debt became one
hundred and twenty percent of GDP, something bad would happen.
Where are we today and when does it get so
(03:30):
bad that it's irreparable?
Speaker 4 (03:33):
Well, first of all, the number that has always been
thought of by economists is problematic is one hundred percent
debt to GDP. Rogue Off and Reinhardt, in their seminal
work in twenty eleven, identified that as the number debt
to GDP, and I should be quer public debt to GDP. Right,
So when we talk about our thirty seven trillion of debt,
(03:53):
eight trillion of that is money we owe ourselves. One
pocket of the government owes another pocket of the government
an eight trillion because they borrowed from the Social Security
Trust Fund a little bit from the Medicare Trust Fund
and not paid it back. But the twenty nine trillion
is what they owe to somebody else.
Speaker 3 (04:11):
Those are called.
Speaker 4 (04:12):
Bondholders, and that number is at above one hundred percent.
So what it does is starts to tap into economic growth.
All those years that people were complaining about Bush Junior
running up the debt, it.
Speaker 3 (04:28):
Was sixty percent of GDP.
Speaker 4 (04:30):
It had gone way up during World War Two for
as you say, very obvious and justifiable reasons, but then
it came way back down around forty percent. The major
issue that has changed is that are costs of entitlement
system of social safety Net of Social Security DASH, Medicare DASH,
(04:53):
Medicaid DASH, food Stamps DASH.
Speaker 3 (04:57):
The Affordable Care Acts.
Speaker 4 (04:59):
All of these things put together are now between sixty
five and seventy percent federal outlays. They used to be
thirty percent. So there's absolutely no scenario none where there
won't be pain. The only scenario is whether or not
there's a politician and group of politicians who want to
have the courage to take this on, or rather we
(05:22):
want to wait till there is a major problem and
then the American people obviously always reacted during a crisis.
My very strong preference would be to not wait for
a crisis, not wait for a major event for there
to be some sort of moral courage to.
Speaker 3 (05:39):
Get in front of it.
Speaker 4 (05:41):
You know, it's hard for.
Speaker 3 (05:42):
Me to reconcile.
Speaker 4 (05:43):
It really is everybody talking about how incredible President Trump
is for the economy, but then just put a minor
footnote like, oh, the only problem is you won't really
touch this depth stuff. I'm sorry, this is the economic issue.
Speaker 3 (05:57):
Hard day, good experience. I'm so glad you said that.
Speaker 2 (06:02):
All right, So you know, first of all, I don't
I want to dust out does America have a spending
problem or the American government a spending problem or an
identity problem? And the answer is, of course both. We
never asked the question what is the proper size and
role of government and what is the intended role and
responsibility of moral self governed individuals capable of self governance.
Speaker 3 (06:25):
And that's why we never get to those answers.
Speaker 2 (06:27):
But you've just brought up something people view President Trump
is so unique, so courageous. The real, unique, creatious, courageous
person is gonna be the one that has the stones
bigger than a giraffe to address.
Speaker 3 (06:40):
This, because you can't.
Speaker 2 (06:42):
You cannot do this without addressing Social Security, Medicare, Medicaid,
all of these things that would seem to be a
political death sentence to address. But you can't get serious
about debt without doing it, can you.
Speaker 3 (06:58):
Well, you cannot.
Speaker 4 (07:00):
And it would be like a husband and wife of
financial troubles and the husband just says, I don't want
to make her upset, so I'm gonna keep doing little
tiny things that don't help us at all and in
fact sort of make things a little bit worse, and say,
but at least I'm avoiding the conflict now.
Speaker 3 (07:16):
By the way, I don't know.
Speaker 4 (07:18):
That it is true that it would be a political
death sentence to go save social Security. That sounds to
me like a very good headline to have about yourself.
In the history books, social Security was insolvent, and I
made it solvent. And yes, along the way, I did
some things and some people liked and other people didn't.
Speaker 3 (07:37):
But that's everything. In politics.
Speaker 4 (07:40):
We have accepted as gospel, this idea that anything that
is a tough decision is going to be unpopular and
politically fatal. And then the media goes nuts saying, Paul
Ryan's pushing granny off of a cliff and all this stuff,
and people chicken out. But that's not churchiuly in moral courage,
he's got to take it on.
Speaker 2 (08:01):
Do you want me to give you some raw meat
for everybody to see?
Speaker 3 (08:04):
All right? So Red off and I went off the air.
Speaker 2 (08:06):
We're talking and he's like, you know, some of these
people that are multi I don't mean just a millionaire,
multi millionaires. You know, somebody's going have to make the
tough decision. They don't get social Security. And I'm like, well,
that ain't going to make a den. I mean, when
you look at social Security. For example, in nineteen fifty,
shortly after it was created, the average white male lived
(08:27):
to be sixty six years old, the average white female
seventy two. The average male Black and America lived to
fifty and woman to fifty eight. Today those are seventy
nine and seventy three, respectfully.
Speaker 3 (08:39):
So a lot of this was.
Speaker 2 (08:40):
Designed to keep from very old people from being destitute,
and they didn't expect them to live long enough to
collect it very much. Now they're living longer, collecting longer.
And then there's another big blind spot nobody ever talks about, David,
and that is compare our birth rate in nineteen fifty
to today. There's nobody paying in to pay for those
(09:00):
living dramatically longer. You're not fixing Social Security unless you
have a and you're not even gonna fix it raising
the amount of income you tax or delaying when you
can start taking it. There's gonna have to be some
major reconciling with the.
Speaker 3 (09:19):
Cuts to medicate.
Speaker 2 (09:21):
Medicare the things that government has become more of an
entitlement to people that are simply not affordable. Does I
guess what I'm getting at is, does America not a politician?
Does America have the courage to live what it's gonna
have to live to address this, because if it doesn't
address it's gonna address it the hard way anyway.
Speaker 4 (09:42):
Well, but here's the thing is that America is very
happy to say we need to have the courage as
long as lee as pearl. And when you say, okay,
well you're gonna you're gonna take a cut, and they go, no, no, no,
that's not what I said. And so the idea of
talking about it in the macro versus the micro is
a little bit problematic because I think what people's appetite
(10:06):
is going to be is different when it affects the
collective versus the individual.
Speaker 3 (10:12):
So here's what I would say. I think you can.
Speaker 4 (10:15):
Save trillions, not billions, trillions by adjusting the eligibility age.
I think you can save trillions by means testing Social
Security in the future. And if that isn't going to happen,
then at least means test the COLA, the cost of
living adjustment. Why should somebody of my net worth get
(10:36):
three percent adjustment every year?
Speaker 3 (10:39):
Up?
Speaker 4 (10:39):
And you go, people who cares, it's not that much.
But actually, if you means tested, just the cola, which,
by the way, at one point in time, John McCain,
Barack Obama, Mitt Romney had had bipartisan support and then
they decided to throw it all.
Speaker 3 (10:54):
In the trash.
Speaker 4 (10:55):
So there are things you can do to move the knobs.
Do I think that you're right? That more draconian things
are needed. Yes, but I'm an incrementalist. We did not
I'm to go off a cliff to get in this mess.
We went one step at a time. I don't see
a scenario politically where we get out of this apart
(11:16):
for one step at a time. By the way, so
you just said spirit, then you mentioned Medicare, Medicaid, social
securitious by far the best of the three.
Speaker 3 (11:26):
That's the easiest. Okay.
Speaker 2 (11:28):
So I'm only laughing because I have a very dear friend,
Ralph Bristol, who has started a crusade on Facebook trying
to address the mess the baby boomer generation has created
and the inability of the baby boomer generation to realize
what they're going to have to do to fix this,
and the sacrifices that are going to have to be made,
(11:50):
and the cutting off of money that is going to
have to happen. And when you get to Medicare and medicaid,
oh my well, I'm.
Speaker 3 (11:59):
Living it right now now. I mean, taking care of my.
Speaker 2 (12:01):
Mother the last ten years has pretty much taken care
of all of my retirement planning for me.
Speaker 3 (12:07):
That money's gone, it's spent on her.
Speaker 2 (12:10):
And now when I come around and they make all
these changes in social security. Now I'm really in trouble.
So I don't even think the next generation is going
to be as prepared for the worst of this. But
the Medicare Medicaid part what I have experienced with my mother.
The Medicare Medicaid is broke, unsustainable, and I'm frightened at
(12:32):
where this might lead.
Speaker 4 (12:35):
Well, I agree entirely, and so what we basically end
up with, since you and I are as always agree,
is a big po caree of issues, and we haven't
even got to the growth aspect. This all presupposed that
somebody fixes the growth part of the economy, which nobody
has done. So you need not only to get back
(12:57):
to three plus percent real GDP growth just to keep
the world turning, but you also then need to address
social security, Medicare, Medicaid, and the annual budget deficit. The
annual budget deficit at six point one percent of GDP
through Bush and Obama. It was between zero and three
percent of Gdplue all right, the economy was growing faster
(13:21):
than the level of death. That's the issue that I
keep bringing up because we have sacrificed the growth through
a whole lot of unproductive policies. I think you know,
by the way I'm i dimiten cafe. Tomorrow, I'm going
to do something I've always.
Speaker 3 (13:34):
Sworn I wouldn't do.
Speaker 4 (13:36):
Is I'm going to write the article that people have
been asking me to write for years, what would I
do to fix all this of our team for a day?
And the reason I have said there's no point in
me writing what I would do in Daveland is because
Daveland doesn't exist. It's not politically real, it's not realistic.
So I'm going to write it a by popular demand,
(13:58):
recognizing it isn't politically doable.
Speaker 3 (14:01):
We live in a democracy.
Speaker 4 (14:02):
People are accountable to voters, and we have to work
within the law of the land.
Speaker 3 (14:06):
Legislating is hard, you know, That's my critiziens.
Speaker 4 (14:09):
And by the way of our president, who we both
find so much that we like and admire about, is
that he feels so inconvenienced by democracy at times like
the courts. You know this trade ruling last night, for example.
He hates it, but it's exactly the right ruling. Well,
the same thing advice to me trying to deal with
the budget deficit. We have to deal with this within
(14:31):
the constitutional norms and limitations.
Speaker 3 (14:34):
We have that makes it very difficult, but I'm still
going to try.
Speaker 2 (14:37):
And we Daveland doesn't exist, nor does a House and
Senate congressional branch of government land either whose chief responsibility
is the purse ring. All right, this fascinate We're gonna
have to continue it in future weeks. Dividencafe dot com.
Next Jursday will visit again with David Bonson. That concludes
our journey of discovery.
Speaker 1 (14:57):
Miss a little, miss a lot, miss a lot, and
will miss you. It's your Morning Show with Michael Delcurno
Previously on Your Morning Show with Michael del Choano.
Speaker 2 (00:04):
We kind of began a journey of discovery and the
premise is really simple, love the president, support the president,
But what about the debt? Is anybody still focused on that?
I mean, it's a big, beautiful bill, but it's also
three to five trillion dollars of an increase to the debt.
Speaker 3 (00:22):
Does that matter?
Speaker 2 (00:23):
Can I bring that up without you being offended or
thinking I love the president any less or support him
any less? I mean, if James Carvel coined the phrase
it's the economy stupid, well, when it comes to the economy,
isn't it the debt?
Speaker 3 (00:41):
Stupid?
Speaker 2 (00:43):
Economist? Money was my most successful friend. David Bonson for
the Bonds and Financial Group is joining us. Good morning, David.
You know I'm looking down at debt. When when I
was ten years old, the debt in this country was
five hundred and five billion dollars. When my son Nicholas
was ten years old, it was twenty trillion. When my
(01:04):
dad was sixty, the debt was five trillion. When I'm sixty.
Now it's thirty six trillion. Oh my gosh, I can't
bear to imagine what it'll be when my son is sixty.
This is a relatively new threat for America, is it not.
Speaker 4 (01:19):
Yes, But I don't think that the issue I'd be
focusing on is even the level of debt itself, because
you notice those different ages you're talking about, and that
timeline the debt was at one point and you're still
And some people may hear that Michael and saying accurately, well,
the world didn't end. The country actually kept growing, our
(01:42):
quality of life has gotten better, So maybe everything.
Speaker 3 (01:45):
Is just fine.
Speaker 4 (01:46):
But I think the major issue is the debt at
versus GDP versus the size of the economy, and that
is the issue that nobody's addressing. When the debt was
growing under Reagan, under a Bush Senior, and under Clinton,
and even under Bush Junior up until the time of
(02:09):
the financial crisis, the debt was growing at a rate
in concert with the growth of the economy. Since the
financial crisis, and then this really changed during the Obama years,
and it got incredibly bad during the first Trump years
and stayed very bad during the Biden years post COVID.
The major issue is that the debt is growing much
(02:32):
faster than the economy. That is the issue that dramatically
impacts our.
Speaker 3 (02:38):
Quality of life.
Speaker 4 (02:39):
That is the issue that takes away economic growth, productivity, opportunity,
and then hurts our kids and grandkids.
Speaker 2 (02:47):
All right, So if you look at the history of debt,
you can see reasons, World War One, World War two,
you know, different things. Then all of a sudden we
get to the Obama era and you literally double in
one presidency two terms the total debt for the country
compared to the previous two hundred plus years. That was
pretty extraordinary. Then, I guess you could put an asterisk
(03:10):
by COVID, but that was the result of a stupid mistake.
And then you're bringing up this new point, which is
the percentage of GDP so compared to GDP growth. All right,
So we used to think when the debt became one
hundred and twenty percent of GDP, something bad would happen.
Where are we today and when does it get so
(03:30):
bad that it's irreparable?
Speaker 4 (03:33):
Well, first of all, the number that has always been
thought of by economists is problematic is one hundred percent
debt to GDP. Rogue Off and Reinhardt, in their seminal
work in twenty eleven, identified that as the number debt
to GDP, and I should be quer public debt to GDP. Right,
So when we talk about our thirty seven trillion of debt,
(03:53):
eight trillion of that is money we owe ourselves. One
pocket of the government owes another pocket of the government
an eight trillion because they borrowed from the Social Security
Trust Fund a little bit from the Medicare Trust Fund
and not paid it back. But the twenty nine trillion
is what they owe to somebody else.
Speaker 3 (04:11):
Those are called.
Speaker 4 (04:12):
Bondholders, and that number is at above one hundred percent.
So what it does is starts to tap into economic growth.
All those years that people were complaining about Bush Junior
running up the debt, it.
Speaker 3 (04:28):
Was sixty percent of GDP.
Speaker 4 (04:30):
It had gone way up during World War Two for
as you say, very obvious and justifiable reasons, but then
it came way back down around forty percent. The major
issue that has changed is that are costs of entitlement
system of social safety Net of Social Security DASH, Medicare DASH,
(04:53):
Medicaid DASH, food Stamps DASH.
Speaker 3 (04:57):
The Affordable Care Acts.
Speaker 4 (04:59):
All of these things put together are now between sixty
five and seventy percent federal outlays. They used to be
thirty percent. So there's absolutely no scenario none where there
won't be pain. The only scenario is whether or not
there's a politician and group of politicians who want to
have the courage to take this on, or rather we
(05:22):
want to wait till there is a major problem and
then the American people obviously always reacted during a crisis.
My very strong preference would be to not wait for
a crisis, not wait for a major event for there
to be some sort of moral courage to.
Speaker 3 (05:39):
Get in front of it.
Speaker 4 (05:41):
You know, it's hard for.
Speaker 3 (05:42):
Me to reconcile.
Speaker 4 (05:43):
It really is everybody talking about how incredible President Trump
is for the economy, but then just put a minor
footnote like, oh, the only problem is you won't really
touch this depth stuff. I'm sorry, this is the economic issue.
Speaker 3 (05:57):
Hard day, good experience. I'm so glad you said that.
Speaker 2 (06:02):
All right, So you know, first of all, I don't
I want to dust out does America have a spending
problem or the American government a spending problem or an
identity problem? And the answer is, of course both. We
never asked the question what is the proper size and
role of government and what is the intended role and
responsibility of moral self governed individuals capable of self governance.
Speaker 3 (06:25):
And that's why we never get to those answers.
Speaker 2 (06:27):
But you've just brought up something people view President Trump
is so unique, so courageous. The real, unique, creatious, courageous
person is gonna be the one that has the stones
bigger than a giraffe to address.
Speaker 3 (06:40):
This, because you can't.
Speaker 2 (06:42):
You cannot do this without addressing Social Security, Medicare, Medicaid,
all of these things that would seem to be a
political death sentence to address. But you can't get serious
about debt without doing it, can you.
Speaker 3 (06:58):
Well, you cannot.
Speaker 4 (07:00):
And it would be like a husband and wife of
financial troubles and the husband just says, I don't want
to make her upset, so I'm gonna keep doing little
tiny things that don't help us at all and in
fact sort of make things a little bit worse, and say,
but at least I'm avoiding the conflict now.
Speaker 3 (07:16):
By the way, I don't know.
Speaker 4 (07:18):
That it is true that it would be a political
death sentence to go save social Security. That sounds to
me like a very good headline to have about yourself.
In the history books, social Security was insolvent, and I
made it solvent. And yes, along the way, I did
some things and some people liked and other people didn't.
Speaker 3 (07:37):
But that's everything. In politics.
Speaker 4 (07:40):
We have accepted as gospel, this idea that anything that
is a tough decision is going to be unpopular and
politically fatal. And then the media goes nuts saying, Paul
Ryan's pushing granny off of a cliff and all this stuff,
and people chicken out. But that's not churchiuly in moral courage,
he's got to take it on.
Speaker 2 (08:01):
Do you want me to give you some raw meat
for everybody to see?
Speaker 3 (08:04):
All right? So Red off and I went off the air.
Speaker 2 (08:06):
We're talking and he's like, you know, some of these
people that are multi I don't mean just a millionaire,
multi millionaires. You know, somebody's going have to make the
tough decision. They don't get social Security. And I'm like, well,
that ain't going to make a den. I mean, when
you look at social Security. For example, in nineteen fifty,
shortly after it was created, the average white male lived
(08:27):
to be sixty six years old, the average white female
seventy two. The average male Black and America lived to
fifty and woman to fifty eight. Today those are seventy
nine and seventy three, respectfully.
Speaker 3 (08:39):
So a lot of this was.
Speaker 2 (08:40):
Designed to keep from very old people from being destitute,
and they didn't expect them to live long enough to
collect it very much. Now they're living longer, collecting longer.
And then there's another big blind spot nobody ever talks about, David,
and that is compare our birth rate in nineteen fifty
to today. There's nobody paying in to pay for those
(09:00):
living dramatically longer. You're not fixing Social Security unless you
have a and you're not even gonna fix it raising
the amount of income you tax or delaying when you
can start taking it. There's gonna have to be some
major reconciling with the.
Speaker 3 (09:19):
Cuts to medicate.
Speaker 2 (09:21):
Medicare the things that government has become more of an
entitlement to people that are simply not affordable. Does I
guess what I'm getting at is, does America not a politician?
Does America have the courage to live what it's gonna
have to live to address this, because if it doesn't
address it's gonna address it the hard way anyway.
Speaker 4 (09:42):
Well, but here's the thing is that America is very
happy to say we need to have the courage as
long as lee as pearl. And when you say, okay,
well you're gonna you're gonna take a cut, and they go, no, no, no,
that's not what I said. And so the idea of
talking about it in the macro versus the micro is
a little bit problematic because I think what people's appetite
(10:06):
is going to be is different when it affects the
collective versus the individual.
Speaker 3 (10:12):
So here's what I would say. I think you can.
Speaker 4 (10:15):
Save trillions, not billions, trillions by adjusting the eligibility age.
I think you can save trillions by means testing Social
Security in the future. And if that isn't going to happen,
then at least means test the COLA, the cost of
living adjustment. Why should somebody of my net worth get
(10:36):
three percent adjustment every year?
Speaker 3 (10:39):
Up?
Speaker 4 (10:39):
And you go, people who cares, it's not that much.
But actually, if you means tested, just the cola, which,
by the way, at one point in time, John McCain,
Barack Obama, Mitt Romney had had bipartisan support and then
they decided to throw it all.
Speaker 3 (10:54):
In the trash.
Speaker 4 (10:55):
So there are things you can do to move the knobs.
Do I think that you're right? That more draconian things
are needed. Yes, but I'm an incrementalist. We did not
I'm to go off a cliff to get in this mess.
We went one step at a time. I don't see
a scenario politically where we get out of this apart
(11:16):
for one step at a time. By the way, so
you just said spirit, then you mentioned Medicare, Medicaid, social
securitious by far the best of the three.
Speaker 3 (11:26):
That's the easiest. Okay.
Speaker 2 (11:28):
So I'm only laughing because I have a very dear friend,
Ralph Bristol, who has started a crusade on Facebook trying
to address the mess the baby boomer generation has created
and the inability of the baby boomer generation to realize
what they're going to have to do to fix this,
and the sacrifices that are going to have to be made,
(11:50):
and the cutting off of money that is going to
have to happen. And when you get to Medicare and medicaid,
oh my well, I'm.
Speaker 3 (11:59):
Living it right now now. I mean, taking care of my.
Speaker 2 (12:01):
Mother the last ten years has pretty much taken care
of all of my retirement planning for me.
Speaker 3 (12:07):
That money's gone, it's spent on her.
Speaker 2 (12:10):
And now when I come around and they make all
these changes in social security. Now I'm really in trouble.
So I don't even think the next generation is going
to be as prepared for the worst of this. But
the Medicare Medicaid part what I have experienced with my mother.
The Medicare Medicaid is broke, unsustainable, and I'm frightened at
(12:32):
where this might lead.
Speaker 4 (12:35):
Well, I agree entirely, and so what we basically end
up with, since you and I are as always agree,
is a big po caree of issues, and we haven't
even got to the growth aspect. This all presupposed that
somebody fixes the growth part of the economy, which nobody
has done. So you need not only to get back
(12:57):
to three plus percent real GDP growth just to keep
the world turning, but you also then need to address
social security, Medicare, Medicaid, and the annual budget deficit. The
annual budget deficit at six point one percent of GDP
through Bush and Obama. It was between zero and three
percent of Gdplue all right, the economy was growing faster
(13:21):
than the level of death. That's the issue that I
keep bringing up because we have sacrificed the growth through
a whole lot of unproductive policies. I think you know,
by the way I'm i dimiten cafe. Tomorrow, I'm going
to do something I've always.
Speaker 3 (13:34):
Sworn I wouldn't do.
Speaker 4 (13:36):
Is I'm going to write the article that people have
been asking me to write for years, what would I
do to fix all this of our team for a day?
And the reason I have said there's no point in
me writing what I would do in Daveland is because
Daveland doesn't exist. It's not politically real, it's not realistic.
So I'm going to write it a by popular demand,
(13:58):
recognizing it isn't politically doable.
Speaker 3 (14:01):
We live in a democracy.
Speaker 4 (14:02):
People are accountable to voters, and we have to work
within the law of the land.
Speaker 3 (14:06):
Legislating is hard, you know, That's my critiziens.
Speaker 4 (14:09):
And by the way of our president, who we both
find so much that we like and admire about, is
that he feels so inconvenienced by democracy at times like
the courts. You know this trade ruling last night, for example.
He hates it, but it's exactly the right ruling. Well,
the same thing advice to me trying to deal with
the budget deficit. We have to deal with this within
(14:31):
the constitutional norms and limitations.
Speaker 3 (14:34):
We have that makes it very difficult, but I'm still
going to try.
Speaker 2 (14:37):
And we Daveland doesn't exist, nor does a House and
Senate congressional branch of government land either whose chief responsibility
is the purse ring. All right, this fascinate We're gonna
have to continue it in future weeks. Dividencafe dot com.
Next Jursday will visit again with David Bonson. That concludes
our journey of discovery.
Speaker 1 (14:57):
Miss a little, miss a lot, miss a lot, and
will miss you. It's your Morning Show with Michael Delcurno
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