Ep. 2093 - The Axis Of CAPITALISM
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Why is the United States facing a looming debt crisis and how might free‑market capitalism address it?
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And that looks like that is about to happen. First, if you haven't heard, our best deal of the year is happening right now. Get 50% off new annual memberships. No code it necessary. Go to dailywire.com/slash Black Friday to join right now. Well, the reality is that in the United States, United States, as in most Western countries, the debt levels are reaching the unsustainable or have already surpassed the unsustainable. The amount of national debt currently carried by the United States is verging on $37 trillion. That means that the interest that we pay on the national debt will soon, if it is not already, exceed the defense budget every single year into the foreseeable future. And most of that debt is driven by welfare programs, means testing.
Entitlement programs like Medicaid, Medicare, Social Security, all of those programs are the systemic drivers of debt in the Western world. There are only two possible solutions to that, and both have to be applied at once. One is serious restructuring and cuts to spending programs in the United States. And the other is you have to unleash the power of the market so as to be increasing the size of the economy. Because if you increase the size of the pie, that means larger tax revenue intake. And that means that you can afford more things on a governmental level. The reason I bring this up is because what we were set for under Joe Biden and under his possible successors. Was a period of sustained economic stagnation in the United States.
Before inflation set in, Joe Biden and his team had put out a prospectus on what American GDP growth would look like over the course of the next decade. And essentially, they forecast it would come in at lower than 2% from here until as far as the eye can see. That is not enough growth to sustain the sort of spending programs that the United States has been undertaking for decades at this point. Something serious needed to change. Well, if you look back in history, what you will see is that very often these sort of ideological precursors to shifts in the United States happen elsewhere. So, to take an economic example, maybe the most famous economic example, back in the 1970s, Chile was run by a dictator named Pinochet.
Pinochet called in a bunch of supply side economists from the so-called Chicago School of Economics. They were called the Chicago Boys. They were devotees of Milton Friedman, the libertarian economist. And Milton Friedman was then asked about what happened in Chile, because Chile then had outsized rates of growth. Private property rights were reestablished in Chile. Tax rates were lowered. A system of law was put in place that eventually led to the downfall of Pinochet himself and the rise of a democratic state in Chile. Here was Milton Friedman talking about it at the time.
The real miracle in Chile was not that those economic reforms worked so well. Chile is by all odds the m the best success story in Latin America today. The real miracle is not that those uh economic arrangements work so well because that's what Adam Smith said. The real miracle is that a military hunter was willing to let him do it. See the as I said to begin with, the principles of the military is from the top down. The principle of a market is from the bottom up. Now it's a real miracle that a military group was willing to let a bottom up approach take over.
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Chapters
7 chapters
1
Why is the United States facing a looming debt crisis and how might free‑market capitalism address it?
0:00–11:37
2
What lessons did Chile’s 1970s economic reforms provide for today’s market‑based growth strategies?
11:37–17:47
3
How is Argentina’s Javier Milei applying Chile‑style reforms to curb inflation and revive the economy?
17:47–26:13
4
Why are Trump supporters linking Milei’s policies to a potential U.S. market boom?
26:13–33:35
5
What role do Elon Musk, Vivek Ramaswamy and other business leaders play in reshaping U.S. government efficiency?
33:35–40:19
6
How are Democrats responding to Trump’s immigration and deportation plans, and what legal battles are emerging?
40:19–47:41
7
Why does the podcast argue that the mainstream media has become a propaganda machine rather than a journalistic institution?
47:41–51:17
Speakers
5 identifiedMore from The Ben Shapiro Show
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