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Russian
00:00:00
do you have anybody in your family that00:00:01
overextended themselves by trying to00:00:03
help everybody in their family that00:00:05
eventually led to a divorce and a00:00:06
bankruptcy can you think about that00:00:07
person I want you to think about this00:00:09
year let's just say you're making sixty00:00:11
three thousand dollars per year which is00:00:12
roughly fifty two hundred dollars per00:00:14
month what percentage of that income00:00:16
would you be comfortable giving to aging00:00:18
parents to help them out on a monthly00:00:21
basis maybe you said ten percent what's00:00:23
ten percent roughly 500 a month fine now00:00:26
you may say why are we using sixty three00:00:27
thousand dollars here's why because if00:00:29
you add eight additional zeros to it you00:00:32
would come out with America's income00:00:34
which is roughly 6.3 trillion dollars00:00:36
however do you know what percentage of00:00:38
that income America uses for entitlement00:00:40
programs ready 52 that means if you made00:00:45
sixty three thousand dollars per year00:00:47
you would give 33 000 away for00:00:50
entitlement programs that's what we're00:00:51
doing in America right now by the way of00:00:53
the 3.3 trillion dollars on entitlement00:00:55
program 1.3 trillion of it is only00:00:58
towards welfare that's 59 million00:01:01
Americans that on a monthly basis00:01:02
receive a welfare check 19 percent of00:01:06
America so the question becomes is this00:01:09
sustainable how long can America go00:01:11
until we go bankrupt we're going to talk00:01:13
about that today okay so if you give Ali00:01:15
out of this video give it a thumbs up00:01:16
and subscribe to the channel let's get00:01:17
right into it so why are we talking00:01:18
about welfare because Biden just00:01:20
proposed that he wants to take that 1.300:01:23
trillion dollars of which 756 goes to00:01:26
Medicaid 208 goes to other income00:01:28
security 147 goes to food and nutrition00:01:31
like food stamps 124 goes to Housing00:01:34
section 8 70 billion goes to00:01:36
unemployment President Biden wants to00:01:37
raise that to 2.6 trillion dollars and00:01:41
it stays like that till00:01:42
2033 costing you and I roughly 12.700:01:47
trillion dollars over the next 10 years00:01:49
okay so now let's break that down the00:01:51
2.6 trillion dollars to see where that00:01:53
money is going to be spending let's look00:01:54
all the way at the top child tax credit00:01:56
expansion for three years 470 billion00:01:58
dollars by the way we're going to go a00:01:59
little bit bit deeper into this program00:02:01
to see what that program is really all00:02:02
about government Child Care 42400:02:04
government Paid Family Leave 32500:02:07
government preschool 200 billion four00:02:09
states to expand Medicaid 200 billion00:02:11
expand Indian Health Service 18500:02:14
Medicaid home and community-based Care00:02:16
150 expand eitc 137 billion expand00:02:20
Obamacare subsidies 130 billion then we00:02:22
have double Pell Grant 96 billion free00:02:24
Community College 90 billion expand00:02:26
housing subsidies 60 billion Public00:02:27
Health 43 billion Behavioral Health00:02:29
equity-based tuition subsidies expand00:02:31
School Meal subsidies extend trait00:02:33
adjustment assistance and Medicaid00:02:34
nutrition coverage total 2.6 trillion00:02:36
dollars it's interesting when I'm00:02:38
looking at these numbers because Jake00:02:39
euger and I got into a debate00:02:40
specifically over this topic you'll see00:02:42
what it is but let me first explain to00:02:43
you what this child tax credit is you00:02:44
know what's the crazy thing about all00:02:45
this money we're printing every time we00:02:47
print trillions let's do 2.6 trillion00:02:49
dollars guess who that money goes to it00:02:50
goes to low and middle income but low00:02:52
and middle income families don't know00:02:53
how to keep their money they spend their00:02:54
money and that money eventually flows to00:02:55
who to the wealthy and what increases00:02:57
value these non-duplicatable assets one00:02:59
of the classes being alternative assets00:03:02
such as art this is why today's sponsor00:03:04
is Masterwork so what does Masterworks00:03:05
look you know how many times we watch00:03:06
and say oh wow look at Jamie diamonds00:03:08
got a 900 million art collection but I00:03:10
can't afford to buy art like that but me00:03:11
King can afford to buy a piece of art00:03:13
maybe a share of It kind of like you buy00:03:15
stock and apple but you can buy the00:03:16
whole three trillion dollar company00:03:17
that's when Masterworks start they buy a00:03:19
million dollar painting for example and00:03:21
you're able to own a piece of it while a00:03:23
single return is not a guarantee of00:03:25
future returns their 15th exit of00:03:27
painting a Cecily Brown piece just sold00:03:30
a few days ago for a return of 77.300:03:33
percent annualized net return again00:03:35
that's not a guarantee but this is one00:03:36
thing you need to know the last 27 years00:03:38
Blue Chip whole contemporary art has00:03:41
outpaced the S P 500 by an impressive00:03:44
136 percent that's pretty impressive and00:03:47
by the way collectively I think all art00:03:49
stuff sold Masterworks is around 4500:03:50
million dollars so if you want to00:03:52
participate with Masterworks they got00:03:53
790 000 users now roughly 800 million00:03:56
dollars of assets under management so if00:03:58
you again if you can't own own a Warhol00:04:01
or Banksy or Picasso yourself but you00:04:03
want to own a share of it you can go to00:04:04
masterworks.com forward slash00:04:05
valuetainment or click on the link below00:04:07
to get access today the American Rescue00:04:10
plan increased the amount of child tax00:04:12
credit from 2000 to 3 600 for qualifying00:04:15
children under eight six and three00:04:17
thousand dollars for other qualifying00:04:19
children under the age of 18. so just00:04:20
think about it the more kids you have00:04:22
and if you're not in a marriage you get00:04:24
more money given to you by the00:04:25
government guess what that incentivizes00:04:27
we're going to talk about that here in a00:04:28
minute wait till you see the data on00:04:29
that second one child care Biden 202400:04:32
proposal includes 22 billion dollars for00:04:34
existing early care and education00:04:36
programs up from ten and a half percent00:04:38
from 2023 levels including 9 billion for00:04:40
federal block rents Paid Family Leave00:04:42
the proposed program would provide00:04:44
workers up to 12 paid weeks off to bond00:04:47
with a new child care for a family00:04:49
member or heal from their own serious00:04:51
illness so now you may be watching the00:04:53
same Pat I get it where are you going00:04:54
with this I you know we have to help00:04:56
these people they need help what should00:04:57
we do just leave them alone well let me00:04:59
give you an idea how we got you because00:05:00
if you don't pay attention to this stuff00:05:01
you're paying for it your taxes are00:05:03
going to increase during the Great00:05:04
Depression FDR wanted to come out with a00:05:06
temporary solution to help those who00:05:09
couldn't take care of themselves00:05:10
eventually by 1935 at the State of Union00:05:13
Address FDR declared the time has come00:05:16
for Action by the national government to00:05:18
provide security against the major00:05:20
hazards and uncertainties of life he00:05:23
went on to propose the creation of00:05:24
federal unemployment the old age00:05:26
insurance program he also called for00:05:27
Guarantee benefits for poor single00:05:29
mothers and their children along with00:05:31
other dependent persons and a few months00:05:32
later the Social Security Act00:05:34
established a national welfare system00:05:35
keep in mind prior to this time we don't00:05:37
have entitlement programs okay we're00:05:39
getting by with no entitlement programs00:05:41
all of a sudden he announces this it's00:05:43
supposed to be temporary and guess what00:05:45
happens becomes permanent but the key00:05:47
word here is the following guaranteed00:05:49
benefits for poor single mothers and00:05:51
their children along with other00:05:53
dependent persons let's see they say bad00:05:56
policies as consequences did this00:05:58
influence how many new single mothers we00:06:01
had in America did it influence how our00:06:03
kids did let's look at the data so this00:06:05
chart right here is from the US00:06:06
Government Census Bureau okay and it's00:06:08
showing you the growth of unwed00:06:10
childbearing in U.S from 29. notice if00:06:13
you look at 1935 flat less than four00:06:15
percent of the babies born are born to a00:06:18
single mother that means 96 of all00:06:21
babies born in 1940 were born to a00:06:24
family where there's a mother and a00:06:26
father 96 then that goes from there to00:06:30
now 40 percent of babies being born are00:06:34
born to a single mother not married no00:06:37
father figure you know what this tells00:06:39
you we can look at one other deity if00:06:40
you go to 1964 which was the war on00:06:43
poverty this is the program that Lyndon00:06:45
Johnson came up with he launched a00:06:46
Medicare Medicaid and expanded housing00:06:48
subsidies Urban Development programs00:06:50
employment and training programs food00:06:52
stamps Social Security welfare benefits00:06:53
these programs more than tripled Real00:06:55
Federal expenditure on health education00:06:57
and Welfare which grew to over 15 70 of00:07:00
the federal budget by 1970. today it's00:07:02
at 52 percent take a look at what00:07:04
happens after 64 as well Spike to 4000:07:07
percent so somebody may say well you00:07:09
know how dare you make these comparisons00:07:12
why would you do this it's called data00:07:15
and the great thing about data is the00:07:18
more years you have to see if00:07:19
something's working or not the proof00:07:21
isn't a pudding this doesn't lie this is00:07:24
numbers these were bad policies that00:07:27
incentivized women to have kids out of00:07:30
wedlock it's not me telling you this00:07:32
it's the data telling you this so you00:07:34
may say Pat I need more data no problem00:07:36
I'll give you more data here's another00:07:37
one to look at again from the U.S Census00:07:38
Bureau if you look at this this is total00:07:40
families with children from 1959 till00:07:42
today if you look at this look at the00:07:44
top married couple families with00:07:46
children it's 25 000 you gotta add three00:07:49
zeros to it because it's in thousands00:07:50
which means 25 million we've been pretty00:07:52
much the same during that 60-year period00:07:54
whatever the timeline is but if you look00:07:56
at the bottom in the red single parent00:07:58
families which children we have three x00:08:01
in 60 years more people are saying all00:08:04
good I'm gonna have more kids with no00:08:07
husband or wife being in the household00:08:08
together these kids are being raised by00:08:10
a single parent now you may say Pat I00:08:13
mean it's just one program it's not like00:08:15
we have so many different programs let00:08:16
me read you all the programs and you00:08:17
tell me if you heard of these before00:08:18
first one earn income tax credit the ITC00:08:21
temporary assistant for needy families00:08:23
ta and F the women infants and children00:08:25
food program WIC supplemental Social00:08:27
Security food stamps and Child Nutrition00:08:29
programs public housing and Section 800:08:31
Housing and Medicaid by the way while00:08:33
married couples will children can also00:08:35
receive aid from these programs most00:08:37
assistance to families with children00:08:38
goes to single parent households 45.400:08:41
percent of families headed by single00:08:42
mothers receive Food Stamps 51.4 percent00:08:45
of single mothers have never been00:08:46
married welfare programs financially00:08:49
enable single Parenthood who does it00:08:52
hurt the kids and if the kids are raised00:08:55
without discipline who doesn't hurt your00:08:56
neighborhood so this next part I'm going00:08:58
to read it to you what I want to00:09:00
challenge you to do is actually follow00:09:02
it with me and listen to it while we're00:09:04
going through this you'll see why let's00:09:05
read this together a major problem is00:09:07
that the means tested welfare system00:09:09
actively penalizes low-income parents00:09:12
ready who do marry who do marry you're00:09:16
incentivized if you don't marry you're00:09:18
penalized if you do get married all00:09:20
means tested welfare programs are00:09:22
designed so that a family's benefits are00:09:24
reduced as earnings rise the more money00:09:27
you make and you're independent your00:09:28
benefits go lower you're like why would00:09:30
I work harder to make more money my00:09:32
benefits are getting lower I'm not going00:09:34
to work so you're going to send me money00:09:35
I am that's what that means in practice00:09:37
this means if a low-income single mother00:09:39
marries an employed father her welfare00:09:42
benefits will generally be substantially00:09:44
reduced the mother can maximize Welfare00:09:47
by remaining unmarried and keeping the00:09:49
father's income off the books tell me00:09:52
that makes any sense for you if this is00:09:54
the incentive program that we have what00:09:56
do you think people are going to do00:09:58
exactly what it takes to maximize the00:10:00
benefits without having to work for00:10:02
example a single mother with two00:10:04
children who earns fifteen thousand00:10:05
dollars per year would generally receive00:10:07
around fifty two hundred dollars per00:10:08
year of food stamps benefits however if00:10:10
she marries a father with the same00:10:11
earnings level her food stamps would be00:10:13
cut to zero a single mother receiving00:10:15
benefits from section 8 or public00:10:18
housing would receive a subsidy worth on00:10:20
average around eleven thousand dollars00:10:23
per year if she was not employed but if00:10:25
she marries a man earning twenty00:10:27
thousand dollars per year those benefits00:10:28
would be cut nearly in half both food00:10:31
stamps and Housing Programs provide very00:10:33
real Financial incentives for couples to00:10:36
remain separated and unmarried so some00:10:39
people only say Pat stop it you know we00:10:41
have to take care of these folks it's00:10:42
not like these people are not00:10:43
self-sufficient why are you00:10:44
discriminating amongst these people let00:10:46
me give you more data I'm gonna give you00:10:48
two of them marriage promotes00:10:49
self-sufficiency these are percentages00:10:51
of families with children that lack00:10:54
self-sufficiency you see the 37.100:10:56
percent this is single parent female00:10:58
headed families don't 37.1 percent of00:11:01
them lack self-sufficiency they need you00:11:04
and I the government taxpayers to take00:11:06
care of them but look at the other side00:11:08
married parent families only 6.8 percent00:11:11
need help that means 93.2 percent are00:11:14
self-sufficient and this next one is my00:11:16
favorite chart you know why because so00:11:18
many times you'll do something and at00:11:19
the beginning it looks good you see it's00:11:21
working look how awesome it is look what00:11:24
we're doing to reduce poverty but you00:11:25
know what this data shows it shows it00:11:27
took us 55 years to realize how terrible00:11:30
of an idea this was take a look at this00:11:33
chart so 1947 if you look at all the way00:11:36
to the left top percentage of00:11:38
individuals who were poor by the00:11:39
official poverty standard keeps going00:11:42
lower and lower and lower what a noble00:11:43
program by FDR and boom 64. Lyndon00:11:46
Johnson lower lower lower and they go to00:11:48
1990. look at the red total means tested00:11:51
welfare spending in billions of constant00:11:54
dollars goes Higher and Higher and00:11:58
Higher and blue stays and this chart00:12:01
only goes to 2012. it's an additional 1100:12:05
years since then we're at 52 percent of00:12:09
the 6.3 trillion and by the way this00:12:11
ends in 2013. there's an additional 1000:12:14
years to it what do you think it00:12:15
happened you think it went lower it went00:12:17
higher and higher and higher today it's00:12:18
52 entitlement programs 59 million00:12:21
Americans receive welfare program today00:12:23
how long can we go with this to sustain00:12:26
it we can't sustain it today let alone00:12:28
10 more years 20 more years and while00:12:31
politicians you know what they're saying00:12:32
oh you are so selfish if you decide to00:12:34
get rid of these entitlement programs00:12:36
there is no way you should re-elect this00:12:38
individual why he's giving you a good00:12:41
ideas or she's giving you good ideas but00:12:43
you're playing off of fear because00:12:44
you've given people so many free00:12:46
entitlement programs that they're00:12:48
addicted to it you know who does things00:12:49
like that you ever heard of drug dealers00:12:51
what they do they give you a little bit00:12:53
of crack or cocaine or whatever and then00:12:55
eventually a little bit for free then00:12:57
hey pay up and pay up now like they00:13:00
can't get off of it what happens you00:13:01
ruined that person's life these people00:13:05
the 59 million what percentage of their00:13:08
dreams they think is going to become a00:13:09
reality what do you think all of that00:13:11
was taken away from them done done00:13:14
just because you give a little bit of00:13:16
drugs let's replace it with some00:13:17
entitlement programs same consequences00:13:20
you're hurting these people long term00:13:21
you're loving them over short term but00:13:23
you're destroying their lives long term00:13:25
so a few things I've been watching the00:13:26
same pad you know what do you want us to00:13:27
do do we just cut this whole thing all00:13:29
of us and of course we can't do that00:13:30
suddenly but what if we take that 3.300:13:33
trillion hours that we have and every00:13:34
year we cut a 10 meaning 3.3 goes to00:13:38
three goes to 2.7 maybe 2.5 maybe 2.300:13:42
maybe 2.1 eventually within the next 1500:13:44
20 years we're down to a very small00:13:46
amount of money that we're given to this00:13:48
oh Pat there's no way that would I00:13:50
understand it's not going to because00:13:51
these congressmen with unlimited terms00:13:54
they can run they're never going to pass00:13:55
something like this because you need00:13:56
term limits and they're not going to let00:13:58
that happen I'm just telling you that's00:13:59
the solution because long term if you00:14:00
don't agree to this you know who's00:14:01
getting screwed the kids and our00:14:03
grandkids and all we're saying is guys00:14:05
you can handle it you go out and handle00:14:06
all these problems I'll give you another00:14:07
one here for you as well if we're00:14:09
rewarding behavior for people to have00:14:11
more kids and we're going to give them00:14:12
entitlement programs what do you think00:14:13
people are going to do what if we do the00:14:15
other way around what if we reward00:14:16
people who are married having kids with00:14:18
their job what if we do that oh my God00:14:20
you think people will change of course00:14:22
I've changed I've ran a sales00:14:23
organization for 23 years I've run my00:14:24
own insurance company for the last 1400:14:26
years do you know how many times I00:14:27
change the Compensation Program 50 60 7000:14:30
times you know what happens when I had a00:14:32
comp where people were writing bogus00:14:34
Insurance business where they were just00:14:35
kind of writing business because they00:14:36
were competing and I changed it00:14:38
overnight all the bogus business00:14:40
disappeared like literally overnight the00:14:42
bad business disappeared because the00:14:44
incentive program I came up with wasn't00:14:46
a good one so we had to change it what00:14:48
happened suddenly everyone's income went00:14:49
up and the people that you know were00:14:51
doing their thing that were improving00:14:53
they were making an effort to get better00:14:54
because the incentive program changed we00:14:57
also have to change the incentive00:14:58
programs that we have but last but not00:15:00
least let me give you the most important00:15:01
one I got four kids my dad when I was I00:15:04
don't know how old I was eight years old00:15:05
nine years old told me a story about00:15:06
being a man he says Pat let me tell you00:15:08
the story here I told the story in00:15:09
Austin a couple weeks ago he said this00:15:11
to me says Pat one day father wakes up00:15:13
his son it was summer so the kid wasn't00:15:15
going to school he said son today you're00:15:17
going to become a man he says women mean00:15:19
I'm going to become a man you need to go00:15:20
out there and make five dollars today00:15:21
the son says Dad I'm I'm 12 years old00:15:24
I'm 11 years old what do you mean I need00:15:26
to go make five dollars you need to go00:15:27
make five dollars a day to be a mentor00:15:28
so Dad come on dad I'm a kid no really00:15:31
boom Papa leaves dad leaves son is like00:15:33
five dollars my God Mom I shouldn't work00:15:36
it's not safe out there Mom says don't00:15:38
worry about it baby here's five dollars00:15:39
when Daddy comes home just give it to00:15:41
him that you made five dollars it's00:15:42
between you and I no problem that comes00:15:44
on did you make your five dumps of00:15:45
course dad I made the five dollars00:15:47
here's the five dollars daddy awesome00:15:49
dad grabs of five dollars throws it in00:15:52
the fireplace the fire starts burning00:15:54
the five dollars mommy chases after the00:15:57
five dollars daddy realized Mommy gave00:15:59
the kid five dollars he says son you00:16:00
didn't make the five dollars kid goes to00:16:02
sleep feels like crap wakes up in the00:16:04
morning Dad says Hey today you got to00:16:06
make five dollars that goes to work son00:16:08
goes to Mom hey Mom can I give I'm not00:16:10
giving you nothing he's not gonna burn00:16:11
another five dollars a mind you gotta go00:16:13
figure this thing out song goes out00:16:14
starts begging everybody in the00:16:16
community starting with his uncle and00:16:18
his uncle finally after baking a few00:16:20
different relatives he raises five00:16:21
dollars through begging entitlement00:16:24
programs through begging he gets five00:16:26
bucks comes home mom guess what I got00:16:28
five dollars I talked to Uncle this00:16:29
Uncle that Auntie this awesome good job00:16:31
babe dad comes home son did you make00:16:33
five dollars yeah Daddy look at this00:16:35
five one dollar bills dad grabs the00:16:37
phone throws in the fire why would you00:16:39
do that you didn't make five dollars how00:16:41
do you know trust me I know tomorrow you00:16:45
best make five dollars dad wakes up goes00:16:48
to son hey five dollars today goes to00:16:50
work Mom no begging no and she goes00:16:52
across the street to say I mean can I00:16:54
work for you I need to make five dollars00:16:55
today or else my dad's gonna shoot me00:16:57
out he said I can't give you five00:16:58
dollars but I give you a penny for each00:17:00
sandbag you move from here to over there00:17:02
only a penny only a penny this kid 11 1200:17:05
years old only moves 150 sandbags it's a00:17:07
buck 50 and change that comes home son00:17:09
is sweaty dirty hands so son did you00:17:12
make five dollars he says no I made a00:17:13
dollar fifty puts the money in Dad's00:17:15
hands dad grabs the money throws it in00:17:17
the fireplace the Sun runs into the00:17:19
fireplace starts picking up this money00:17:21
that hugs him he says son today I know00:17:25
for a fact you work for that dollar00:17:27
fifty you know why because you were00:17:29
willing to burn your hands because you00:17:31
paid the price for this you're00:17:33
officially a man I am so proud of you I00:17:36
think we need to start believing in the00:17:37
American people that you are better than00:17:40
this you can figure out a way to make00:17:42
money if you're not in a good situation00:17:44
to have kids don't have kids I think too00:17:47
many people are pressured to have kids00:17:49
simply because of these bogus incentive00:17:51
programs that we have if we start00:17:53
believing in our people we change the00:17:55
incentive programs we challenge our guys00:17:57
to start dreaming again having valuing00:17:59
themselves again eventually one day00:18:00
we're going to wake up realizing we00:18:02
don't need to waste all our money your00:18:04
money my money 52 on people and steal00:18:07
their dreams away from them instead00:18:09
we've developed a whole new generation00:18:11
of leaders and America's future looks00:18:14
bright if you got value out of this00:18:16
video give it a thumbs up subscribe to00:18:17
the channel and I got another video for00:18:19
you if you've never watched the history00:18:20
of Social Security click here to watch00:18:22
it take care everybody bye-bye00:18:26
foreignDescription:
In this episode, Patrick Bet-David explains the massive burden the U.S. economy is facing. The welfare system that was created 90 years ago has gotten out of control, becoming America's trillion dollar burden. Skip the waitlist and invest in blue-chip art for the very first time by signing up for Masterworks: https://masterworks.art/valuetainment Purchase shares in great masterpieces from artists like Pablo Picasso, Banksy, Andy Warhol, and more. See important Masterworks disclosures: https://www.masterworks.com/about/disclosure Connect With Experts On Minnect: https://app.minnect.com/ Visit our website: https://valuetainment.com/ Subscribe to our channel: https://www.youtube.com/c/valuetainment?sub_confirmation=1 @ValuetainmentMoney @ValuetainmentComedy @bizdocpodcast To reach the Valuetainment team, you can email: [email protected] Want to get clear on your next 5 business moves? https://valuetainment.com/university/ Join the channel to get exclusive access to perks: https://www.youtube.com/channel/UCGX7nGXpz-CmO_Arg-cgJ7A/join Download the podcasts on all your favorite platforms https://podcasters.spotify.com/pod/show/pbdpodcast Text: PODCAST to 310.340.1132 to get added to the distribution list Patrick Bet-David is the founder and CEO of Valuetainment Media. He is the author of the #1 Wall Street Journal Bestseller Your Next Five Moves (Simon & Schuster) and a father of 2 boys and 2 girls. He currently resides in Ft. Lauderdale, Florida.
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