SHOW NOTES: John Oliver's ABSURD National Debt Lies DEBUNKED!

SHOW NOTES: John Oliver's ABSURD National Debt Lies DEBUNKED!
Brodigan - April 05, 2021 at 09:06AM

John Oliver thinks he can get away with lying about Donald Trump and the national debt. We won't let him! Also, Charles Barkley made a common sense statement on race that pissed off liberal Twitter. Joe Biden was busted cheating during his press conference. And the truth about Pete Buttigieg and his bike.

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DEBUNKING JOHN OLIVER'S NATIONAL DEBT SEGMENT

• John Oliver released a video on the national debt. SOURCE: YouTube
• CLAIM: The economy got worse under Trump's tax cuts.
  • TRUTH: Tax revenues consistently rose under Trump's tax plan. SOURCES: CBO, CBO
    • $3.3T in 2017
    • $3.5T in 2019
  • INCOME: Average household incomes increased by $5K, compared to $1K under Obama. SOURCE: Heritage
  • BUSINESS: Corporations came back from overseas and brought $1T in profits. SOURCE: Bloomberg
• CLAIM: Spending on social programs is better than tax cuts for the rich because of the benefits they provide.
  • TRUTH: Social Security, Medicare, and Medicaid composed 46% of the 2019 federal budget. SOURCE: Manhattan Institute
  • ⅓ of doctors don't accept new Medicaid patients. SOURCE: CDC
  • SOCIAL SECURITY: Social security payments are set to run out in 2034. SOURCE: SSA
  • There is not enough revenue to sustain the program.
  • And any tax cuts are marketed as "for the rich" because the rich are the only ones who pay net taxes. SOURCE: Learn Liberty
    • The bottom 20% pay a net negative of 56%.
    • In comparison, the top 1% pay 34%.
  • The rich will leave if taxed too much, and the bottom income earners will bear the brunt of the tax hike.
• CLAIM: "So long as the economy grows at a rate greater than the interest we pay on our debt, we come out ahead."
  • TRUTH: Trump's economy grew by 3.5%. SOURCES: CNN, Politifact
  • Obama's economy maxed out at 2.6% and ended at only 1.9% growth.
• CLAIM: Oliver and Dems claim the problem isn't excessive spending but lack of tax revenue.
  • TRUTH: Despite top marginal income tax rates ranging from 90% under the New Deal to as low as 30%, tax revenue has consistently remained 17% as a percent of GDP with a deviation of only 1.2%! SOURCE: Political Calculations
  • If you taxed all revenue over $1 million at 100%, you would only pay off about ⅓ of the deficit. SOURCE: Forbes

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