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people on the hill don't understand, and donald trump doesn't understand. if you take america's economy, about $25 trillion. you take the eu's economy, $20 trillion, $25 trillion, and you add them up. that's a $50 trillion economy. you add that together. it's against china's $18 trillion. we would completely overshadow china, and yet donald trump always attacks democracies in europe. >> yeah. >> he doesn't see the power of that alliance. >> let's just win this election and not worry about what he thinks because, again, he's a danger to democracy in our country, and in other places as well. let's focus on what joe biden brings to the table. i think it's going to be an interesting year. we have a responsibility to communicate with the american people, to listen to them, to respect some of the concerns that people have. some people who vote for him are
>> say, by the way, another moment of panic always comes when you see those very dramatic and sad pictures not of the polar bears, but of the ice coming off antarctica. crashing into the ocean. >> is that real, though? so this week there was a study, you know, if you use the climate models, they sayyo by now we should have lost 20 trillion tons of ice in antarctica between 2009 and 2013. >> but we've should have l actud ice. >> and this is like, you know, a they're always wrong. >> all climate upon that came out this week, did it not? yes,week a they've never been r. >> they're never going to be right. wellve, from ice to particulate matter, only on the incremental . >> thank you. now, why you shouldn't leave
powerful position right now. >> you talked about the democrats. let's talk about the republicans. let's play a bit of what then president trump said on the national debt almost five years ago. >> the economy, we can go a lot higher and, you know, people don't talk, we have 21 trillion in debt. when this really kicks in we'll start paying off that debt like it's water. we will start paying that debt down. >> you know, congressman, former president trump, then president trump promised to pay down the debt. he never did it. in fact, under president trump it climbed from about $20 trillion to about 28 trillion, now stands at about 31 trillion. doesn't your party and former president trump have a credibility problem when it comes to this issue of the national debt? >> we're all at blame, jim. you know, i voted against -- under trump and i voted against the budgets, actually, under him. i have a record -- a track record of that, you know?
trillion to about $28 trillion. it now stands at about $31 trillion. doesn't your party and former president trump have a credibility problem when it comes to this issue of the national debt? >> we're all at blame. i voted against under trump and i voted against the budgets, actually under him. i have a record, a track record of that. some people have the mentality, just paying the interest. i don't. you know, we're tennessee. we pay our debt. we're state. the budget every year. now we thought so much of it that they put it in the constitution that you have to balance the budget. it is a reality that both parties, they call it one thing or the other. they say the sacred cows. and i don't find any sacred cows. i would like to see some cuts at the pentagon.
make moving forward. the united states has a gdp of over $20 trillion. the eu has a gdp of over $20 trillion. when you add the british to that, you know, it even surpasses the united states. so, taken together, the united states and the eu standing shoulder to shoulder is without a doubt the most powerful force in the world. at the same time, the europeans are chasing -- and i know, i've talked to some leaders personally who said they don't trust the way we maneuver around them and china, that somehow the united states always seems to get the better part of the deal. >> yeah. it does get difficult when countries look out for their national interests. that includes allies as well as adversaries. you can see the enormous stakes
this was done to conform with archaic rules the senate has. this would cost the treasury $400 billion a year starting in 2027. reaching $500 billion at the end of the window we look at. this would have a massive increase on the deficit. the deficit before you do this the next ten years is going to be $20 trillion. that's trillion with a "t." extending the tax cuts and making them permanent would add $3.5 trillion. >> you're telling me kevin mccarthy is talking about how they need to be fiscally responsible, but they want to add $3.5 trillion to the debt as part of these negotiations? >> not as part of the negotiations. i mentioned this because the cbo yesterday came out with this new score, as we call it, of what it would cost.
suggesting that oligarchy in the united states is like it is in russia. i'm not suggesting we are an authoritarian country like russia is. but what i am suggesting -- not only suggesting, what i believe to be true, and the facts back it up, is you have a small number of people in this country who have enormous power over our political life and our economy. the result is massive income and wealth inequality. over 60% of americans are living paycheck to paycheck. people on top doing phenomenally well. then you have concentration -- you want to talk about oligarchy? you have three wall street firms that control assets of $20 trillion. they are the major stockholders in over 90% of the s&p 500 companies. >> wait, wait. when you are talking about blackstone -- i know about them
i'm not suggesting that we're t authoritarian country like russia is. but what i am suggesting and not only suggesting, what i believe to be true and the facts back it up, is you have a small number of people in this country, chris, who have enormous power over our political life and our economy. and the results is massive income and wealth inequality. over 60% of americans are living pay check to paycheck. people on top doing phenomenally well, okay? then you have concentration of ownership. you want it talk about oligarchy? you've got three wall street firms. blackstone, state street and vanguard, that control assets of $20 trillion. they are the major stockholders in over 90% of the s&p 500 companies. >> wait, wait. but when you're talking about blackstone, for instance. >> yeah. >> anhappd i happen to know abo
frenzy about powerful they are and how weak we are, and we forget the united states and the eu combined, our gdp is approaching $50 trillion to china's $20 trillion to russia's 1.2 or $3 trillion china has to deal with the united states. china has to deal with europe, don't they, if they want their economies to continue growing? >> 100%. we have incredible strength. this is one of the great achievements of the biden foreign policy he has been able to unite western stations to stand as one in a way that russia severely underestimates and shocked and surprised china as well. we get a chance to show we have through our economic strengths to have power set on democratic values and principles. i this has been an important
about 800 880% of the loans. silicone and signature bank, look at what happened with those banks. he said it is going to get worse. analysts are saying this is what is coming 'unless something changes. jerome powell says oh no the banking system is stable. i'm not sure everybody believes that right now to be honest here. $20 trillion market. and think about it, nobody is going back to the office building. >> rachel: right. i was going to say how much of it is that the economy is not doing well people can't renew those loans or people just don't need these building anymore because some people working from home. >> surprisingly enough, here in new york city we are about 70% occupancy where we were pre-pandemic that means 30% less of what we had pre-pandemic in new york. austin, chicago, san francisco, los angeles, we are are looking at about 50 to 60% at best. that's a default. >> rachel: he mentioned the d-word depression.