Devil’s Cut | The Federal Budget Distilled
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Who are the hosts of Truth in the Barrel and what is this episode about?
Hi everyone, welcome to Truth in the Barrel. I'm Amy McGrath with Denver Riggleman and it's budget time. You hear about this every year. And here are some of the things that you might hear throughout the years, okay? Things like, Democrats spend too much and that's why we have a national debt. Or we can balance the budget if we just get rid of fraud, waste and abuse. Or my favorite, this is from Trump 1.0, quote, I'll fix the debt, lower your taxes, increase the military budget all at once. Spoiler alert, that's really impossible. But why can't we fix this budget? And what's that all about? That's what we're going to talk about today on Truth in the Barrel. But first... I hand it over to Denver to talk about what's more important, whiskey.
Whiskey. Truth always comes out of the barrel. Right, Amy? So again, I know it's been back-to-back days and a whole week for me of being sick. So as we go through all this, I apologize to Amy and to our listeners for my husky voice. So, 1910. Love it. From 1910. Pretty sweet, huh? Look at this. Beautiful. And how does it taste, Denver? How does it taste? Well, I'm going to pop it for the first time right here. Took off the label, right? So I'm going to pop it, the cork. Oh, that's a pop. That means it's bottled perfectly. And I'm going to pour it. Oh, I hear that. Did you hear that? Did you hear that? Yes, that's right. That's right. So, hey, so this is a, oh my God, the nose. Remember, you know, we've had this a while back, but I'm just smelling it. It's 93 proof. Just to let people know. So that's 46.5% ABV. Um,
Man, the nose, you know, a lot of people come up with the nose like, the nose is cherry with a hint of butterscotch, a little bit of leather and spaceship metal. Unbelievable. But this really just has a nose of beauty. So here's to old Forrester Whiskey in the 1910 Whiskey Rose Series. Beautiful. Cheers. Let's start this thing. All right. Yeah. Oh, my God. Oh, that is sweet. Butterscotch love right there. We're going to need it today because we're tackling on this deep dive. This is the devil's cut episode of Truth in the Barrel, where we take one issue and we go into it so that you understand it a little bit better. And, you know, I started learning about the federal budget after my... Yes. We're really trying to get the budget under control. And we'll talk about why that happened.
But that's where I came to really understand this stuff. And so I've taught the federal budget at the U.S. Naval Academy. I taught it as well at the University of Kentucky. And it's one of these things that you hear so much about, but most people don't fully understand it. They don't understand necessarily how we got into this mess. And there's a lot of lies out there. No. No, Amy. Things like who is to blame and how do we fix the deficit and how do we fix the debt. These are the questions that we're going to tackle today.
What is a federal budget deficit and how is it calculated?
Excellent. I'm ready, as you know. Right. You know what's going to be interesting about this, Amy? Your vast knowledge of the budget. It's going to be interesting with your knowledge of the budget and what I know now after being in Congress and going through the budget and the approach process. This should be a fascinating conversation because I think you can give strokes where people are going to really understand it. And if I may, I want to scare the hell out of people if you let me do that during the show, Amy, just on really how it works. We need to do that occasionally. But let's let's just take it back initially and just talk very basics, you know, because I get this question. What what is a deficit anyway? And there's really people have to understand there's there's two parts to even thinking about the federal budget. It's actually very simple. The first part is spending how much we spend.
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Chapters
7 chapters
1
Who are the hosts of Truth in the Barrel and what is this episode about?
0:36–5:04
2
What is a federal budget deficit and how is it calculated?
5:04–15:50
3
How have past presidents influenced the federal deficit?
15:50–22:12
4
Which political party has a better track record on the deficit?
22:12–25:55
5
What are the recent deficit projections and what do nonpartisan reports say?
25:55–31:49
6
What is the difference between mandatory and discretionary spending?
31:49–41:16
7
How does the budget process work in the U.S. government?
41:16–46:32