Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Oh, that big beautiful bill. The sentence taking on that
topic right now, six twenty two is our time. Todd
Sheets is with us, author of the Substack newsletter on
Wealth and Progress. We seem to have the same problem
in the Senate we had in the House, in that
the conservative senators, not the modern senators, but the conservative
senators think this bill is too expensive, it runs up
(00:22):
the deficit too much.
Speaker 2 (00:23):
It seems to me that.
Speaker 1 (00:24):
Part of the problem with all this is whether or
not you're going to go with a grecial budget office
on what you think this bill costs, or if you're
going to take into consideration the money that's coming in
from tariff's and some other things that may stimulate the
economy and add to the income stream.
Speaker 3 (00:41):
I mean, I think that that's right. I mean, I think,
first and foremost, it is important that this bill gets
passed and it moves forward. Having it fail would be
the biggest disaster of all So, and you're also right,
I think the Congressional budget scoring system, which has the
mistakes and problem that you mentioned, it also often fails
(01:03):
to account for the growth that can result from these
various types of initiatives. And then also this whole ten
year scoring thing where we talk about, you know, trillions
of dollars but it's actually spread over ten years, or
we get into all these gamesmanship where things are put
in place but then they expire in a few years,
so they don't count as much as they would otherwise.
(01:25):
You know, I think that's all a mistake. We should
be starting with where we are today and looking at
where things are going to change, and do some longer
term forecast like a business would, but basically today is
the starting point and that kind of thing.
Speaker 2 (01:38):
And so I agree with you. Yes, I'm just say.
Speaker 1 (01:41):
And for those who are fiscal hawks, and I completely
get that. I mean, we should be. We should be
cutting expenses.
Speaker 2 (01:46):
We have to.
Speaker 1 (01:46):
We have you know, we're on our way to thirty
trillion dollars worth of debt and we have to do
something about that. We can't keep kicking that can down
the road. But let's start with this and then work
on the debt.
Speaker 2 (01:57):
Yeah.
Speaker 3 (01:57):
So what I would actually hope is, and I do
very much agree with that. I mean, I think that
ideally we will do something with that spending, and I'm
hopeful that these senators that are holding out, the hardliners,
will use that position to help bring the rest of
(02:18):
Congress around to the view that we should take some
steps now, and there's still room to do that. I
think if the administration gets on board and they can
take what was passed in the House make some meaningful
changes so that we do start to make a dent
on the spending side of the equation, which is where
(02:39):
the problem is.
Speaker 2 (02:40):
I mean, you mentioned my substack piece.
Speaker 4 (02:42):
I just put out a piece a week ago that
went to and showed, you know, basically, federal revenues as
a share of GDP, which is the right way to
measure it when you're talking about these deficits, have averaged between.
Speaker 3 (02:56):
Seventeen to seventeen and a half percent for the last
sixty years. And this includes six Democratic administrations and six
Republican administrations where there's very little differences, and it includes
periods of high top tax rates and low ones. And
so the message of all of that and the importance
is that we basically know where revenues are going to
(03:18):
come in at, and the problem that we have is
that we've left the spending get away. And so I'm
of the opinion let's definitely pass something, but let's also
take this second chance here with the Senate to see
if we can make some concrete steps in getting us
back to where we should be on the spending side
as well.
Speaker 1 (03:37):
And I would add one more thing. Let's codify the
DOZE cuts, the fraud and the waste that DOZE has
found in our system, so that we can begin saving
money right away.
Speaker 2 (03:48):
I agree with you, and I'd take it one step further.
Speaker 3 (03:50):
Let's codify those cuts, and let's also make DOZE a
more permanent and long term part of what we're doing,
and so that it's not like they just come in
for a few months and try and find as much
as they can and then everybody goes back home.
Speaker 2 (04:06):
You know, we should have a DOSE like.
Speaker 3 (04:09):
Effort that becomes an ongoing part of picking through these
budgets line by line and trying to find waste, broad
and abuse anywhere that they can't and opportunities for savings.
And this should be a bipartisan objective. I mean, you
know this.
Speaker 2 (04:27):
You know, let's just say I.
Speaker 3 (04:29):
Don't mean to stereotype anyone's view, but let's just say
the Democrats are primarily concerned about the social welfare programs. Well,
those programs will not remain viable if we can't get
our spending under control, but if the debts get pushed
too far. So you know, whether your primary objective is
upward mobility for all Americans, the safety and security of
(04:51):
the country because we have the you know, the greatest
fighting forces as well as the greatest economic resources to
work with, or it's the liability of those social welfare programs.
This should be a bipartisan objective.
Speaker 1 (05:03):
Couldn't agree with them more. Todd got to leave it
at that for now, but thank you, sir, appreciate it.
Todd Sheets, the author of Substax newsletter on Wealth and Progress,
Oh, that big beautiful bill. The sentence taking on that
topic right now, six twenty two is our time. Todd
Sheets is with us, author of the Substack newsletter on
Wealth and Progress. We seem to have the same problem
in the Senate we had in the House, in that
the conservative senators, not the modern senators, but the conservative
senators think this bill is too expensive, it runs up
(00:22):
the deficit too much.
Speaker 2 (00:23):
It seems to me that.
Speaker 1 (00:24):
Part of the problem with all this is whether or
not you're going to go with a grecial budget office
on what you think this bill costs, or if you're
going to take into consideration the money that's coming in
from tariff's and some other things that may stimulate the
economy and add to the income stream.
Speaker 3 (00:41):
I mean, I think that that's right. I mean, I think,
first and foremost, it is important that this bill gets
passed and it moves forward. Having it fail would be
the biggest disaster of all So, and you're also right,
I think the Congressional budget scoring system, which has the
mistakes and problem that you mentioned, it also often fails
(01:03):
to account for the growth that can result from these
various types of initiatives. And then also this whole ten
year scoring thing where we talk about, you know, trillions
of dollars but it's actually spread over ten years, or
we get into all these gamesmanship where things are put
in place but then they expire in a few years,
so they don't count as much as they would otherwise.
(01:25):
You know, I think that's all a mistake. We should
be starting with where we are today and looking at
where things are going to change, and do some longer
term forecast like a business would, but basically today is
the starting point and that kind of thing.
Speaker 2 (01:38):
And so I agree with you. Yes, I'm just say.
Speaker 1 (01:41):
And for those who are fiscal hawks, and I completely
get that. I mean, we should be. We should be
cutting expenses.
Speaker 2 (01:46):
We have to.
Speaker 1 (01:46):
We have you know, we're on our way to thirty
trillion dollars worth of debt and we have to do
something about that. We can't keep kicking that can down
the road. But let's start with this and then work
on the debt.
Speaker 2 (01:57):
Yeah.
Speaker 3 (01:57):
So what I would actually hope is, and I do
very much agree with that. I mean, I think that
ideally we will do something with that spending, and I'm
hopeful that these senators that are holding out, the hardliners,
will use that position to help bring the rest of
(02:18):
Congress around to the view that we should take some
steps now, and there's still room to do that. I
think if the administration gets on board and they can
take what was passed in the House make some meaningful
changes so that we do start to make a dent
on the spending side of the equation, which is where
(02:39):
the problem is.
Speaker 2 (02:40):
I mean, you mentioned my substack piece.
Speaker 4 (02:42):
I just put out a piece a week ago that
went to and showed, you know, basically, federal revenues as
a share of GDP, which is the right way to
measure it when you're talking about these deficits, have averaged between.
Speaker 3 (02:56):
Seventeen to seventeen and a half percent for the last
sixty years. And this includes six Democratic administrations and six
Republican administrations where there's very little differences, and it includes
periods of high top tax rates and low ones. And
so the message of all of that and the importance
is that we basically know where revenues are going to
(03:18):
come in at, and the problem that we have is
that we've left the spending get away. And so I'm
of the opinion let's definitely pass something, but let's also
take this second chance here with the Senate to see
if we can make some concrete steps in getting us
back to where we should be on the spending side
as well.
Speaker 1 (03:37):
And I would add one more thing. Let's codify the
DOZE cuts, the fraud and the waste that DOZE has
found in our system, so that we can begin saving
money right away.
Speaker 2 (03:48):
I agree with you, and I'd take it one step further.
Speaker 3 (03:50):
Let's codify those cuts, and let's also make DOZE a
more permanent and long term part of what we're doing,
and so that it's not like they just come in
for a few months and try and find as much
as they can and then everybody goes back home.
Speaker 2 (04:06):
You know, we should have a DOSE like.
Speaker 3 (04:09):
Effort that becomes an ongoing part of picking through these
budgets line by line and trying to find waste, broad
and abuse anywhere that they can't and opportunities for savings.
And this should be a bipartisan objective. I mean, you
know this.
Speaker 2 (04:27):
You know, let's just say I.
Speaker 3 (04:29):
Don't mean to stereotype anyone's view, but let's just say
the Democrats are primarily concerned about the social welfare programs. Well,
those programs will not remain viable if we can't get
our spending under control, but if the debts get pushed
too far. So you know, whether your primary objective is
upward mobility for all Americans, the safety and security of
(04:51):
the country because we have the you know, the greatest
fighting forces as well as the greatest economic resources to
work with, or it's the liability of those social welfare programs.
This should be a bipartisan objective.
Speaker 1 (05:03):
Couldn't agree with them more. Todd got to leave it
at that for now, but thank you, sir, appreciate it.
Todd Sheets, the author of Substax newsletter on Wealth and Progress,
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