“We are looking at losing the dollar,” Glenn Beck says. “And it’s gonna happen fast.” But there is a way to avoid this fate and fix the economy. Glenn reveals the 3 moves Congress and President Trump MUST make. But while cutting the government’s debt and spending is crucial, it’s not that simple for one TERRIFYING reason …

Transcript

Below is a rush transcript that may contain errors

GLENN: All right. I want to talk to you about the big, beautiful bill.

I want to talk to you, instead of all the politics going around. I want you to understand what we are facing right now. What we are facing right now is collapse of -- you know, of our economy. Collapse, you know, they will say, what's coming is a collapse, that will be worse than 2008.

I believe, and I could be wrong. Remember, I'm an optimistic catastrophist. I believe that it doesn't have to be this way.

But we are -- we are looking at losing the -- the dollar.

And it's going to happen fast. How do people go bankrupt?

Over a long period of time, and then all of a sudden. And the all of a sudden part is coming our way. Now, the majority of Americans feel that the country is headed in the right direction. And I believe it is. But what we're looking at, is -- is a really difficult situation. So let me ask you: How did we become the world's leading economy?

What did we have that others didn't have?

Because it was very easy. And I want you to -- I want you to make a checklist in your own mind. This is what we used to have.

We had cheap energy. Cheap labor.

And an educated labor. We had small business entrepreneurs. We had individual inventors that were in their garage or in their barn. We had ingenuity. We had low regulation. A cohesive society, that was built around stable laws and a stable government.

That's what it took for us to become the leader of the world.

Now, let's go through those, and see how many of these we have, or are on the road to repairing. Cheap energy.

Yes. I think we -- we didn't have that. But, yes.

We are doing it now. Cheap labor. I don't know how to do that one.

Educated labor. Well, as soon as we get rid of all of the DEI crap that's going on.

Yeah. I think we could maybe reeducate ourselves.

Small businesses, no.

Small businesses are being choked by taxes and regulations.

Individual inventors. Not really.

Everything is being gobbled up by big government. Ingenuity.

Well, ingenuity happens when you don't have DEI. You don't have all of these things, regulations.

And when you have tax cuts and people realize, I can do this. And I can actually make more money. And I can get ahead. That's what ingenuity in America goes on. And I don't think we're there yet. Low regulation. No. The answer to this is not in the big, beautiful bill. The answer to this is in the REINS Act. And you will see at the end of this monologue, that's the most important thing we can do.

A cohesive society, I don't know.

That's our job. Are you feeling like you're making inroads on that one? And stable laws and government. Well, that is the DOJ.

That is the FBI. That is restoring trust in our institutions. Are we doing that?

Well, I think this is one of the reasons why people think that we are on the right track.

Because, yeah. We're starting to see it.

But we're making some real mistakes there as well.

And that has to happen.

That's why Donald Trump.

I mean, if you look at these. You can understand why Donald Trump has the agenda that he has.

He's got to repair these things.

Now, the old way of fixing an economy, because you are -- you are not in trouble. Right?

I mean, you are -- we know that the government -- the business in America is not good.

The dollar is not good.

Our debt is not good.

The people really don't understand why it is so bad. Well, let me show you -- remember I told you, at some point, it was right after 2008. I said, they're going to start precipitating money. And they will tell you that they're not printing money.

They're digitizing money, and everything I said they would do, and they denied that they would do.

They did. And I said, that would lead to inflation. Which it did. Our government debt would explode. Which it did. And our dollar would lose value and eventually lose its place. They would start to degrade. I'm sorry. Downgrade our dollar status. Which they are doing now.

And then eventually, we would lose the reserve dollar. The currency for the reserve.

And everybody said that would never ever happen.

And now, look at where we are.

Okay.

In the years, when I was growing up, how did you fix an economy?

Well, the government could step in.

And they would cut taxes. But when they would cut taxes and not cut spending.

That increases debt.

Then you have the fed lower the interest rates.

That helps people have cheaper money to be able to take loans and start businesses, et cetera, et cetera.

But instead, what our people did, is they just gave zero interest rates.

So all of the big corporations, just took on all kinds of debt. But it -- they didn't have to worry about it. Because they didn't have to have any interest payments. So they just took on all kinds of debt.

That inflated our dollar by pumping all of that money in.

It inflated our dollar. So if you lower the interest rates.

You have debt.

You have things like QE. Quantitative easing. Which puts debt on the fed.

And you have inflation. Which is our biggest problem.

Then the other thing you would do, is you would do a stimulus package.

Have you noticed that this is the first time in American history, this administration, that I know of, that nobody is talking about a big, beautiful stimulus package.

Why?

Because a big, beautiful stimulus package, that doesn't work anymore. Because all it's doing is adding money to the debt!

And then the last thing you would do, if you were a conservative, is you would cut regulation.

Now, we can't do.

Tacks cuts. He's doing. But is he doing the tax cuts, in a way that are -- I mean, he's just holding the tax cuts, right?

We're not getting new tax cuts. Why?

Because it will increase the debt.

So we're doing the same tax cuts. Just making them permanent.

So your tax will not change. That does not help spur the economy. But it does help stabilize the economy.

But he is then taking taxes and he's saying, hey. No tax on tips. He's giving tax cuts at the lowest level of the economy. That's not going to spur on the economy. However, because of all of the other problems.

It's really important because the people at the bottom of the ladder are really struggling. And they have to have relief!

So a way to that do is give them tax cuts, some sort of tax relief.

Because you can't do a stimulus package. So let's try this. And hope that people spend that money, wisely.

Okay.

The other thing that you do, when you have a troubled economy, like we have had in the past, and we do now.

Is you look for a black swan event.

You look for a game-changer out on the horizon. Something is going to change everything.

Sometimes that's war. Sometimes that's an invention. But what will change everything, to refigure the economy. Okay. So now, let me tell you why the president is doing what he is doing with the big, beautiful bill. Everybody is arguing that we have to cut the deficit. Everybody is saying, there's no debt reduction here!

And we have to have debt reduction.

That is great! And you're right. We absolutely do.

I am with you, 110 percent. We cannot continue spending this way! Now, let's look at the other side. Why wouldn't you cut the debt?

Well, there's a couple of reasons. You don't think it's a problem.

Nobody with a brain think it's a problem now.

And that's one or two brains between the whole lot of them, in Congress. But you -- you know that this is a problem. Okay.

So you don't care that it's a problem. That's another one. You don't care that it's a problem. You just think, it will go on forever.
And the sun is shining right now, so I will just keep spending. And just put my head in the sand.

And it doesn't matter, because the United States is an oppressor anyway.

Yada. Yada.

Whatever your reason is, you don't care. You recognize the problem, but you don't care.
That's the second reason. There is another reason why not to cut the debt. And it is one that is very hard for Americans to understand.

But I take you back, if you're my age, to Ronald Reagan, when he says, when this debt gets to a point to where we are spending more on interest, than we are on our national defense, there will be no good options left. We are here!

There are no good options left.

The other reason why you don't cut the budget. You look for ways to spur the economy on.
You don't cut the budget, at least radically at all.

Because right now, I ready for this one?

This won't improve your mood. The US government and the budget.

What we spend every -- every year, now accounts for 25 percent of GDP.

So if you want to cut the budget. Let's say we just cut it in half, which Coolidge did. That means, that we take 12 cents out of every dollar that is being spent and used in America. We take 12 cents out of the economy. Now we're going to have to do it at some point. But how are you going to do that? Because that will hurt the GDP. You will reduce the GDP.

Once you reduce the GDP, then you have problems again, with the budget. The taxes and interest rates. Okay.

So you have to spur the economy on, before you start to dramatically cut the budget. Now, if your mood didn't improve when I said your GDP is now 25 percent of spending. Let me include the state and local spending.

So when you include the tax money, that is being spent now, your dollars that are being spent in our economy, and you include the federal government spending. The state spending. And the local spending, the good news is, it might be at times, as low as 34 percent. But it's much closer to 45 percent of our GDP.

So almost half of our spending, almost half of our gross domestic product, being what we build. What we buy, almost half of it, is being spent and purchased by our government.

So you cannot cut the budget quickly, dramatically.

But you must cut the budget. Or we collapse!

Do you see what Ronald Reagan was saying?

We're in a place where there are no good options!

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Ten-second station ID. If we do not do the things we must do.

I'm going to give that list to you here.

In fact, let me do that now.

The number one thing that everybody should be asking for in this big, beautiful bill. Is not necessarily more cuts. I would like more cuts. But remember, we have to spur on the economy. How do we do that?

We have to stabilize our laws. Make sure that we are focusing on education. This is a longer term thing. The education. Stabilizing our laws to make sure they apply to everyone equally.

Do the exact opposite of what New York did, when they went after Donald Trump's business, even though other businesses do exactly the same thing.

You cannot have a growing economy, if you don't have stable laws. So you have to strengthen the DOJ and the FBI.

President Trump is doing that. You do have to cut. But you have to cut strategically.

That's what DOGE was doing. Congress is not doing their part by even passing the in my opinion of what DOGE did. That's Congress' fault. Then you need the REINS Act. Because the biggest thing that will spur on the economy, that we can actually do. We can't cut taxes anymore.

We can't cut the budget dramatically. Which we have to do.

So what do we do?

We've already lowered the cost of energy dramatically. We're already getting foreign investment, which will help us re-shore for our workers. That's longer term.

We have the game changer. It's AI.

Here's what we don't have: Low regulation.

We have to have low regulation. So I want you to call Congress, and the Senate. And say, put the REINS Act in the big, beautiful bill!

Because then you don't have to keep going, over and over again, and saying, well, will the Supreme Court allow us to do that. Will Congress pass that money?

Et cetera, et cetera.

It puts that power back where it belongs in Congress for all these regulations. And it defangs this out of control bloated government.

Because it requires that Congress passes all of the regulations.

Well, they're not going to pass a lot of them, are they?

That's why they got rid of them. This is a Woodrow Wilson progressive tool.

Get rid of it. Make it an administrative state.

The REINS Act is impaired. You want to subjective?

Pass the REINS Act. It is the only tool that we have, that will have positive consequences, and I can't think of many negative consequences. Because we restore the power, the way it is in the Constitution. And we cut all of the insane regulation quickly.

Which spurs on growth. That's what Donald Trump is trying to do.

He's like, we cannot cut our way out of this debt.

We have to grow our way out of this debt. And then begin to cut!

This is why the tariffs, this is his logic on the tariffs. I'm going to get foreigners. Foreigners to pay taxes. So we can put that in.

I don't believe in that. But he does.

That's what he's trying to do.

Everything he's trying to do, makes sense, if you understand the problems, that we have.

You may not agree with the solutions, but at least somebody is pursuing a solution.

You know, there was a great article out today, and we put it in the prep, because it is so -- so, so, so important. It's from Victor Davis Hanson.

And he said, look, historically, if you don't fix this now, historically, he said from Greece to Rome, through the Middle Ages to the Renaissance, there were only three ways of dealing with unsustainable debt, and none of them are good.

They're all civilizational killers.

Number one, Weimar Republic in cheap dollars. You inflate the dollar. The -- and then you bankrupt what really helped cause the Depression.

You can do that. You can pay back the $37 trillion in inflated dollars. It's just not good. It is the Weimar republic.

Number two, you can confiscate private wealth. People do that all the time throughout history.

This destroys the legitimacy of the government. It makes private investors, hide their money.

Confiscate the wealth. You're already seeing leftists say that that is exactly what we have to do.

It never works. Never works. It didn't work in Athens. It didn't work in Rome. It didn't work in Renaissance, Italy. It doesn't work. And the last one is the most drastic, and it's a killer too. South America has tried this one. And it just renounced the debt. It says, you know what, guys, we won't pay you back.

All through of those are civilizational killers. So pay attention to this, because your lifestyle is about to change!