Jonathan V. Last

Like the interest rates are rising in a way that's squeezing a lot of middle class people. It is happening, you know, in a way like after we've had several of these already. The Reagan the Reagan tax cut like took a top tax rate for a very high level down to a lower level. Right. There was one one increase since then. And so and it's been brought back down then by Trump.

It's gone back and forth. It's gone back and forth with the government.

It's gone back and forth. It's gone back and forth with the government.

It's gone back and forth. It's gone back and forth with the government.

So, you know, I mean, we're doing it just at a moment where it is. on the merits, the least called for and potentially damning and where the politics of it are, you know, betray a deep hypocrisy and what, what Mac is putting forth.

So, you know, I mean, we're doing it just at a moment where it is. on the merits, the least called for and potentially damning and where the politics of it are, you know, betray a deep hypocrisy and what, what Mac is putting forth.

So, you know, I mean, we're doing it just at a moment where it is. on the merits, the least called for and potentially damning and where the politics of it are, you know, betray a deep hypocrisy and what, what Mac is putting forth.

So I agree with you on the economics. I disagree with you on the politics. So why don't I start where I agree and then, and then we'll move to the disagreement. So I'll give you a chance to push back. On the economics, you're right. I mean, the interest rates have been low since Bill Clinton came in.

So I agree with you on the economics. I disagree with you on the politics. So why don't I start where I agree and then, and then we'll move to the disagreement. So I'll give you a chance to push back. On the economics, you're right. I mean, the interest rates have been low since Bill Clinton came in.

So I agree with you on the economics. I disagree with you on the politics. So why don't I start where I agree and then, and then we'll move to the disagreement. So I'll give you a chance to push back. On the economics, you're right. I mean, the interest rates have been low since Bill Clinton came in.

Bill Clinton got rid of the deficit, created a structural surplus, brought interest rates down to rock bottom levels. And he created so much headroom on the deficit that George W. Bush could blow up the deficit. Trump could blow up the deficit. Biden, to an extent, could blow up the deficit, and no one really paid a big cost for it. But that era seems to be over.

Bill Clinton got rid of the deficit, created a structural surplus, brought interest rates down to rock bottom levels. And he created so much headroom on the deficit that George W. Bush could blow up the deficit. Trump could blow up the deficit. Biden, to an extent, could blow up the deficit, and no one really paid a big cost for it. But that era seems to be over.

Bill Clinton got rid of the deficit, created a structural surplus, brought interest rates down to rock bottom levels. And he created so much headroom on the deficit that George W. Bush could blow up the deficit. Trump could blow up the deficit. Biden, to an extent, could blow up the deficit, and no one really paid a big cost for it. But that era seems to be over.

I'm not sure there is an economic free lunch where you can just keep issuing treasury debt. We want more people to borrow money to fund our deficits, and they'll just keep buying up those T-bills over and over again at any price. That doesn't seem to be the case anymore. So we don't know what's going to happen.

I'm not sure there is an economic free lunch where you can just keep issuing treasury debt. We want more people to borrow money to fund our deficits, and they'll just keep buying up those T-bills over and over again at any price. That doesn't seem to be the case anymore. So we don't know what's going to happen.

I'm not sure there is an economic free lunch where you can just keep issuing treasury debt. We want more people to borrow money to fund our deficits, and they'll just keep buying up those T-bills over and over again at any price. That doesn't seem to be the case anymore. So we don't know what's going to happen.

I don't want to say that there will be a huge crisis, but there might be, and we don't know, and it's highly risky. So on the politics, sometimes when I listen to your show and you guys talk about the past, I think, oh, this is why these guys used to be Republicans.

I don't want to say that there will be a huge crisis, but there might be, and we don't know, and it's highly risky. So on the politics, sometimes when I listen to your show and you guys talk about the past, I think, oh, this is why these guys used to be Republicans.

I don't want to say that there will be a huge crisis, but there might be, and we don't know, and it's highly risky. So on the politics, sometimes when I listen to your show and you guys talk about the past, I think, oh, this is why these guys used to be Republicans.

That's refreshing. That's right.