Trump’s Affordability Tailspin: 50-Year Mortgages, Tariff Checks & Maybe Socialism | Rob Riggle
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What is the main topic discussed in this episode?
You're listening to Comedy Central. From the most trusted journalists at Comedy Central, it's America's only source for news. This is The Daily Show with your host, Josh Johnson.
Welcome to The Daily Show. I'm Josh Johnson. We've got so much to talk about tonight. Trump can't stop writing IOUs. Sean Hannity's diss track just dropped. And a new breakthrough will allow you to live forever if you're a mortgage. So let's get into the headlines. We all know the economy isn't great right now. Rent is too expensive. Grocery prices are too high. People are fist fighting in Starbucks over bear cups. That one isn't really about the economy, but I just like watching middle-aged people fight over cups. That bear has turned Starbucks into Waffle House. The point is, it's rough out there. So no wonder last week Democrats won a ton of elections by running on affordability. And that sent President Trump into a little bit of a tailspin.
You know, they have this new word called affordability, and they don't talk about it enough.
We are the ones that have done great on affordability. They've done horribly on affordability. Affordability, they call it, was a con job by the Democrats.
We are the victors on affordability. I don't want to hear about the affordability, because right now we're much less.
Damn, that man just went through the five stages of affordability. And I get why he feels threatened, because normally he can just lie. But you're the president, and people know if they ate or not. It doesn't matter how many hats they buy or how many photos of him and Epstein they pretend they didn't see. You can hear your stomach growling when you're hungry. They're not going to be like, that must be an illegal immigrant in my stomach stirring up trouble. Get out of there, immigrant. Get out of there. But you know what? If Trump wants to focus on affordability right now, that's great. There's a lot of stuff that's too expensive. For example, houses. No one can afford a home. Everybody keeps waiting for them to show up on Prime Day, but it never happens.
So maybe Trump could do something to bring down mortgages.
The Trump administration moves forward with a plan to introduce 50-year mortgages.
Or you can make them much longer, you know, because you know where we'll all be in 50 years. Dead. This seems like a bad idea. And if black people could get loans, I'd be worried. But hey, hey, maybe I'm just hating. All right. I mean, how much would a 50 year mortgage save people?
Take a $400,000 loan at 6% interest. Under a 30-year mortgage, the monthly payment would be just shy of $2,400. Under a 50-year loan, it drops to just over $2,100, a savings of nearly $300 a month.
Oh, boy. $300 a month? See, it's not a stupid idea. You know what? I'm going to apply for a 50-year mortgage right now.
But over time, that savings is erased by a much larger interest bill. Because while the total interest on a 30-year loan would be about $463,000, the interest on a 50-year loan would total more than $860,000.
Signed, Ronnie Chang.
So you're saying that after interest, a $400,000 mortgage is gonna cost me $1.3 million. That is the opposite of affordability. This man is creating generational debt. They're gonna be fighting to get out of Grandma's will. Like... Grandkids will be like, I barely knew her, all right? I wouldn't even hug her at Christmas because her skin was too loose. But look, forget mortgages, because Trump's got other plans to make sure you afford whatever you want. You're going to be exhausted from affording. You're going to afford everywhere.
President Trump now says he wants to send out $2,000 rebate checks paid for by his tariffs.
One of the things we're going to do, we're going to issue a dividend to our middle income people and lower income people of about $2,000.
Wait a second. OK. Trump's making everybody pay tariffs, but only poor people are getting the $2,000 checks. So he's just redistributing taxes from rich people to poor people. Did Donald Trump just stupid himself into socialism? I mean, you're doing a great job, Mr. President.
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Chapters
6 chapters
1
What is the main topic discussed in this episode?
0:01–10:36
2
Why is Trump proposing 50-year mortgages to address housing affordability?
10:36–13:41
3
How much would a 50-year mortgage actually save or cost homeowners?
13:41–20:35
4
What are Trump's tariff-funded $2,000 rebate checks and how would they work?
20:35–22:09
5
Are Trump’s tariff rebates effectively a form of redistribution or ‘socialism’?
22:09–25:21
6
Can tariffs realistically raise enough revenue to pay $2,000 checks to millions?
25:21–35:03
Speakers
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