Glenn Beck: Even NYT sees trouble


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GLENN:

Did you see, have you read the article on the front page of the New York Times today? I know, Pat, you ‑‑ I know you love to read the New York Times.


 


PAT: Oh, I can't start my day without it, can't start the day.

GLENN: Can you start your day without the New York Times, Stu? I mean, who can, who could possibly get up and start without the New York Times?

STU: They are totally still printing it.

GLENN: Today. So here it is. Monday, November 23rd, 2009, here is the headline in the New York Times. Now, remember ‑‑ and I'd love ‑‑ Stu, because you've been with me for a long time. Dan, you can verify as well. How long have I been saying these specific things and ridiculed for them? Dateline, Washington, from today's front page, A‑1, New York Times. Dateline Washington: The United States government is financing its more than a trillion dollars a year borrowing with IOUs on terms that seem to be too good to be true. But that happy situation, aided by ultra low interest rates, might not last much longer. Treasury officials now face a Trifecta of headaches.

I mean, this could have been written by me.

A mountain of new debt, a balloon of short‑term borrowings that come due in the months ahead.

Do you remember I said look at the treasuries: Nobody's buying long‑term treasuries. Do you remember that? How do we refinance this debt? Short‑term borrowings that come due in the months ahead and interest rates that are sure to climb back to normal as soon as the Federal Reserve decides that the emergency has passed. Even as treasury officials are racing to lock in today's low rates by exchanging short‑term borrowings for long‑term bonds, the government faces a payment shock similar to those that sent legions of overstretched homeowners into default on their mortgages.

I said this on Thursday, those very words: We're creating the housing crisis on a massive governmental scale! With national debt now topping $12 trillion, the White House estimates that the government's tab for servicing the debt will exceed $700 billion a year in 2019, up from $202 billion this year. Even if the annual budget deficit shrinks drastically, it will still be $700 billion a year. Other forecasters say the figure could be much higher. In concrete terms, an additional $500 billion a year in interest would total more than the combined federal budgets this year, education, energy, Homeland Security, and both wars in Iraq and Afghanistan. That is interest only.

The surge in borrowing over the last year or two is widely judged to have been necessary response to the financial crisis and the deep recession, and there is still a raging debate over how aggressively to bring down deficits over the next few years, but there is little doubt that the United States' long term budget crisis is becoming too big to postpone. Americans now have to climb out of two deep holes: Debt‑loaded consumers whose personal wealth shrank, along with the housing and stock prices; and taxpayers whose government debt has doubled in the last two years alone, just as costs tied to benefits for retiring baby boomers are set to explode. The competing demands could deepen political battles over the size and role of government. The tradeoffs between taxes and spending. The choices between helping ‑‑ listen to this: The choices between helping older generations versus younger ones.

Let me read it to you again: The choices between helping older generations versus younger ones. And a bottom ‑‑ continue to Page A‑4. Hang on just a second. And bottom line questions about who should ultimately shoulder the burden. The government is on teaser rates, Robert Bixby, executive director for Concord Coalition, blah, blah‑blah. We're taking out a huge mortgage right now and we won't feel the pain until later. So far the demand for treasury securities from investors and other world governments remains strong enough to hold down the interest rates that the United States has to offer to sell them. Indeed the government paid less interest on its debt this year than 2008, although it added $2 trillion in debt. It goes on and on and on.

Let me give you some perspective. Do you remember, do you remember how much debate we had over the TARP bill, over the stimulus bill, how we screamed that this, we cannot afford this TARP bill. We creamed, we cannot afford the stimulus package. $700,000 ‑‑ $700 billion in stimulus money? For what? What is it going to create? And now we're saying all of that money lost, jobs created, 400 phantom districts! Give you perspective. This is one stimulus bill guaranteed to create zero jobs every single year. It is the interest payment only. That's TARP, or the stimulus bill. Some say could be the healthcare bill. "Only going to cost a trillion dollars." Every single year, for nothing.

The American Journey Experience is the new home of the car Orson Welles gave to Rita Hayworth. Orson Welles gave this car to his future wife Rita Hayworth for her 24th birthday.

George Orson Welles was an American actor, director, producer, and screenwriter who is remembered for his innovative and influential work in film, radio and theatre. He is considered to be among the greatest and most influential filmmakers of all time and his work has had a great impact on American culture.

Every year as Thanksgiving approaches, the fear of politics being brought up at the dinner table is shared by millions around the country. But comedian Jamie Kilstein has a guide for what you should do to avoid the awkward political turmoil so you can enjoy stuffing your face full of turkey.

Kilstein joined "The Glenn Beck Program" to dissect exactly how you can handle those awkward, news-related discussions around the table on Thanksgiving and provided his 3-step guide to help you survive the holidays with your favorite, liberal relatives: Find common ground, don’t take obvious bait, and remember that winning an argument at the cost of a family member won’t fix the issue you’re arguing about.

Watch the video clip below. Can't watch? Download the podcast here.

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On Friday, Mercury One hosted the 2022 ProFamily Legislators Conference at The American Journey Experience. Glenn Beck shared this wisdom with legislators from all across our nation. We must be on God’s side.

Winston Marshall assumed that he would be playing banjo with Mumford & Sons well into his 60s, but one tweet — simply recommending Andy Ngo's book — was all it took for the woke mob to attack. At first, Winston apologized, saying he "was certainly open to not understanding the full picture." But after doing some research, not to mention a whole lot of soul-searching, his conscience "really started to bother" him.

On the latest episode of "The Glenn Beck Podcast," Winston opened up about the entire scandal, what he discovered in the wake of his cancellation, and why he's decided to put truth over career.

"I looked deeper and deeper into the topic, and I realized I hadn't been wrong [when] I'd called the author brave," Winston said of Ngo. "Not only was he brave, he'd been attacked by Antifa mobs in Oregon, and he was then attacked again ... he's unquestionably brave. And so my conscience really started to bother me ... I felt like I was in some way excusing the behavior of Antifa by apologizing for criticizing it. Which then made me feel, well, then I'm as bad as the problem because I'm sort of agreeing that it doesn't exist," he added.

"Another point, by the way, that I found it very frustrating, was that that left-wing media in this country and in my country don't even talk about [Antifa]. We can all see this footage. We see it online," Winston continued. "But they don't talk about it, and that's part of my, I think, interest initially in tweeting about Andy's book. Because I think people need to see what's going on, and it's a blind spot there. ... CNN and MSNBC, they don't cover it. Biden in his presidential election said it was just 'an idea' that didn't exist. I mean, did he not see the courthouse in Oregon being burnt down?"

Watch the video clip below or find the full podcast with Winston Marshall here.


Want more from Glenn Beck?

To enjoy more of Glenn’s masterful storytelling, thought-provoking analysis, and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution, and live the American dream.