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hey everyone Kevin here in today's video I want to respond to some things that the channel clear value tax mentioned in their opinions on whether or not there will be a second stimulus a check or sort of second round of stimulus checks which we're all waiting for and hopeful for and it's also my expectation that there will be some form of an additional check whether that's another check or a deposit or you know what it'll be a payroll tax credit it's my expectation that there will be something in this next package but I want to respond to some of the arguments that clear value tax made because obviously we're all just sharing our opinions here and it's totally fine to have different opinions but there are some things that were said that I thought it would be very useful for you to have a little bit more insight and detail on so let's hop right into those the first thing that clear value tax starts off with is mentioning that you can read in between the lines of the politicians that there being more mindful of debt you can read in between the lines the mood of the politicians there being more mindful of the country's debt levels and debt problems of course this level of debt is concerning so I understand both sides of the arguments you know we need help right now to avoid economic collapse however we don't want to put more burden on the future generations by just piling on the debt unnecessarily so then I paused for a moment and thought okay where do we have to read between the lines because I want to see the good in all of these arguments the Democrats in the House have submitted proposal after proposal for more spending we've seen the $2,000 per month we've seen the $2,000 per month during the pandemic in the thousand dollars per month after that we've seen a thousand we've seen so many different proposals it were almost like a proposal out with how many different ideas there are to provide more stimulus unfortunately these are all provided by the Democrats which but this is not to take sides left right or center this is just to say right now the Democrats are clearly poised to say we want to give more checks to the people who need it and this makes sense because a lot of us are hurting right now in fact Nancy Pelosi went as far as a couple days ago saying we need to guaran he income to people at least during this time which is basically saying hey here's a monthly check so to me it's very clear that at least half of our politicians aren't mindful of the debt right now it's let's solve this problem she's okay you know there are arguments to be had on both signs then we know that Donald Trump has expressed extreme interest in potential more support for individuals not even ruling out and these were his words not ruling out additional checks to people this also makes sense because know if you're president and you happen to be able to issue checks to people and send them letters and sign them or put a memo on them that's possibly a good thing for your campaign but of course I mean people need help so I'm not trying to be campaign cynical here you just can't help but think that thought then we know that Treasury secretary Steve minutiae says we will do what it takes to win this war in other words we will just keep helping by spending in any way that we need to to win this battle so so far everybody's pretty dang blunt like let's spend more well then yesterday I did a complete breakdown in a simple way of everything said he's the dude at the central bank in America he's the guy with the money printer when I do this in my videos this is like the sign of the money printer just imagine cranking the money printer and the money comes flying out so we're gonna talk about clear values money printing argument in just a moment but what's a quick little glimpse his that's a really good video you gotta watch it but what's a quick little glimpse into what Jerome Powell said yesterday well Jerome Powell said we have unlimited credit and we will spend whatever we need to in the form of lending to corporations and businesses to make sure we can win this war because the people are hurting it's not just businesses who are hurting it's individuals who are hurting and the longer individuals are out of work the harder it is for individuals to go back to work the harder it is to go back to normal and that creates long-lasting damage to our economy so Jerome Powell said we don't want long lasting damage we will spend whatever we need to we have unlimited credit aka we have the unlimited credit card that we can swipe aka we have unlimited debt that we can draw from to solve this problem okay so so far it's pretty blunt every aspect of our government and our central banks so far has said let's issue more stimulus to the people that's a lot of might behind this idea of potentially more stimulus checks so where does this argument come from if you read between the lines the politicians are being more mindful of the debt well this is actually coming from the Republican leader of the Senate Mitch McConnell the first mention of concern over more debt actually came from this article in the hill com where on April 21st Mitch McConnell the leader of the Senate the Republican leader sort of the balancing act to the Democrats says McConnell hits brakes on phase four coronavirus relief and if you scroll down here it actually says I think it's also time to begin to think about the amount of debt we're beginning to add to our country in the future impact of that let's weigh this very carefully because the future of our country in terms of the amount of debt that we're adding up is a matter of genuine concern and this was published on April 21st which I promptly reported on the next morning on April 22nd in my stimulus checks round two everything we know cares Act number two but the Republicans concern over debt isn't new in fact five days ago I made this video the coming massive market crash caused by stimulus check debt and I made an entire twenty minute argument explaining why the stimulus check debt probably won't crash the economy and this is titled because a lot of folks have been saying Kevin we're gonna see a market crash because of all the stimulus check debt right and I actually explained exactly why we won't the easiest way to think about this is when clearer value tax says well we have to be mindful of the debt that's burdening our future generations we can pull an example from that video I made five days ago and say well wait a minute in World War two our country took on two hundred fifty billion dollars of debt that was the entire size of our economy that entire year yet none of that 250 bill dollars from world war ii was ever repaid and now it represents barely 1% of our total government's debt in other words it's barely noticeable to our country and I'm not suggesting that right now all of us are absolutely better off than the same person week would have been in let's say World War two but I am saying that debt didn't have much of an impact and didn't burden our future generations at least it hasn't yet and looked by no means do I want to come across as sounding like I'm saying let's just keep borrowing forever no let's just borrow more money twenty four trillion dollars in debt let's just double it and party everybody can be rich by no means do I think we should just borrow without check that's that's the incorrect conclusion there there are dangers to borrowing too much but right now we're basically fighting a house that's on fire and to stand outside right now and have some dude over at the fire hydrant go too much too much water all right I'm gonna crank this down to about half speed right now now's not the time to worry about how much water is being thrown on this property right now we gotta fix the problem and the problem is a lot of us are out of work a lot of us don't have enough savings and money or we have too much of our own debt we can't even get the stupid banks to solve mortgage forbearance it's not that hard but it just everything just seems like a mess right now that's frustrating so right now is not the time to be thinking about debt right now is the time for the country to be thinking about what can we do to get everybody through this and then we'll put our fiscal house in order in fact that quote I just did the fiscal house in order is exactly what Fed Chairman Jerome Powell said yesterday now is not the time to put our fiscal house in order now's not the time in other words to worry about how much money we're dumping onto the house that's on fire in other words I don't think us being worried about debt has anything to do with future stimulus checks I don't think it's a good argument I don't think the country or the leaders of our world right now being worried about debt is going to be a barrier to us seeing more stimulus checks aka we're probably gonna see more stimulus checks and more debt and if that seems weird make sure to check out my video explaining our current economic theory in terms of why this is why aren't we burdened why aren't our future generations really burdened by our national debt and this is different from our own personal debt our national debt how does that actually impact us but let's circle back to Mitch McConnell for a second Mitch McConnell's suggesting that we need to be mindful of our debt while at the same time Donald Trump Steve minutiae in the Secretary of the Treasury the chairman of the Federal Reserve which represents the entire Federal Reserve Board for all of the banks across the United States the central banks that is and Democrats while all of them are not suggesting concerns over debt right now Mitch McConnell is and why is Mitch McConnell floating a debt argument well he's floating a debt argument that is we need to be mindful of the debt as leverage because Mitch McConnell probably does also want to provide us further stimulus deep down inside I think we all know he knows we all need more stimulus checks but Mitch McConnell wants liability protections for corporations and business owners who are going to be responsible for electing him in the upcoming election which he is running in that is he could be out of office in a few months if he doesn't get reelected and so by providing liability protection to business owners and corporations who might be more likely to vote Republican while at the same time then conceding on more stimulus checks this is nothing more than classic congressional debate there's no real concern here for additional debt but now let's think of another argument that clear value tax makes he makes the argument that we're not printing money that all these stimulus packages are being funded by debt and there just isn't enough money what they're realizing is that they're simply just not enough money to go around everybody needs help I've said this before individual small businesses big businesses hospitals state and local governments they all need help I say that there will not be enough money to go around because we're not printing money to fund these stimulus packages we're taking it on more debts so we're going further and deeper into debt we're not printing money perhaps in the future we will be printing money and that will cause inflation but for the time being this is all being funded by debt but unfortunately this only tells you half of the story which leaves you with the wrong impression after you hear this you hear oh my gosh more debt is bad we don't want more debt and if we start printing money because we're not now then we're going to see inflation which is also bad dang so more stimulus would be bad because debt would happen and maybe more stimulus what happened which would be bad but that's incorrect the reason it's incorrect is a yes we are taking on more debt but we are also printing money we're printing a lot of money because they're one in the same and the reason that matters is because clear value tax said well we don't want to print money because that might cause inflation but we are printing money and we are taking on debt both are happening at the same time I'll explain how that works in just a moment but even though we've taken on over seven trillion dollars in additional balance sheet reserved funding aka the government and the Fed have set aside seven trillion dollars to help support the economy we've basically created out of thin air seven trillion dollars inflation hasn't gone up in fact inflation has gone down the opposite is happening which basically means we haven't seen any negative consequences of more debt yet and we haven't seen more inflation even though we're printing money so basically that whole argument that well we don't want to take on more debt because it's gonna be a burden well it might cause inflation so we might not see a stimulus check because of that is wrong neither of those things are proving to be an issue now now this isn't to say we can go willy-nilly and borrow a fifty trillion dollars worth of debt and make everybody a multimillionaire overnight yeah you bet we're gonna see a lot of inflation in that case those gallons of milk are gonna start costing a thousand dollars a piece of every everybody in the country is a multi-millionaire yeah we're not gonna see that but at the levels of debt that we're borrowing now and even with additional future stimulus the Federal Reserve the government the Treasury secretary and our Democrats and our Republicans nobody currently sees more inflation happening if we take on more stimulus now I'm just gonna quickly mention this because some of you might wonder wait a minute what do you mean we are printing money clear value said we're not printing money well first of all we're always printing money because money decays and so you have to replace the money that's in circulation but what happens when we say the government is printing money is this and this is very simple I learned this is one of the first things I learned when I studied accounting and Taxation when you take $100 or you create $100 as a government you have now created $100 of an asset well the accounting 101 formula says that anytime you have a new asset you have a new debt or equity to offset that the government doesn't sell stocks so they don't have equity that they sell instead they use debt so when we create or print $100 we take on a hundred dollars in debt and vice versa when we create seven trillion dollars of debt to fund the stimulus program we have essentially out of thin air printed seven trillion dollars of money that we can now spend to give to people you can't have one without the other you don't take out a loan to buy a car for $30,000 and then not end up with the car somebody ends up with the $30,000 in assets this is why these things are called balance sheets so long and short we are printing money we're printing a ton of money and we can print even more money without seeing inflation so the argument that well we don't want to take on more debt because as a burden and we don't wanna print more money because that's gonna cause inflation is somehow a reason why we won't see more stimulus in my opinion is in cranked aka I think we will see more stimulus now I do just have to say that we can all share ideas like this as a community together and if you're thinking about making videos I encourage you to do so as well but when clear value tax says you won't hear another youtuber talk about this but before we begin I just want to say that you're not gonna hear another youtuber talking about what I'm talking about in this video if you give the same group of people who received the first stimulus check a second stem you check for the same amount for $1,200 that's gonna cost another 300 billion dollars if you give a stand group of people that received the first stimulus stimulus check a second stimulus check but for this time it's gonna be two thousand dollars and so at twelve hundred then that's gonna have a five hundred billion dollar price tag aka you won't hear another youtuber talk about how much money these programs are going to cost I'd just like to reference a video from April 16th made by Graham Steffen where he crunched these numbers that means this would cost at minimum two hundred and twenty four million people times two thousand dollars a month and that works out to be four hundred and forty eight billion dollars a month just to keep this going so that means if this gets passed and then I'll reference my video from a day before that on April fifteenth where I crunched these numbers in the United States who would probably qualify for these checks which at two thousand dollars per person would be somewhere on four hundred billion dollars in printed money per month now this isn't a slam clear value tax at all I appreciate his channel and the information that he shares and I think it's very helpful but this is to say that it's okay for there to be more of us sharing opinions because what happens if there are a hundred people on YouTube like clear value tax and like meet Kevin instead of two or instead of five or instead of ten you're left with more information you're given more choice and more insight into what's really going on there doesn't just have to be one by the way if you appreciate my perspective on things like that know that I do live streams every day that the market is open at 9:00 a.m.
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