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Allen Jackson NOW

Allen Jackson: Fraud Fallout | Allen Jackson Now

January 28, 2026 | 20:21

Allen Jackson: Fraud Fallout | Allen Jackson Now
Michael Faulkender joins Allen Jackson to discuss current events.
#NewAge #Media #Government #Politics #Crime #Law #Culture #Faith #Hope #AllenJackson #MichaelFaulkender

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Allen Jackson NOW | Allen Jackson: Fraud Fallout | Allen Jackson Now | January 28, 2026
  • Well, good evening and welcome to nashville.
  • 00:00:18.110 --> 00:00:20.645
  • I'm alan jackson.
  • 00:00:20.645 --> 00:00:22.147
  • Mentioned minnesota.
  • 00:00:22.147 --> 00:00:23.348
  • And all the talk is about the protesters who were shot.
  • 00:00:23.348 --> 00:00:26.418
  • But this all began not about protesters,
  • 00:00:26.418 --> 00:00:29.187
  • But about the search and arrest of criminals
  • 00:00:29.187 --> 00:00:31.890
  • And how to make our country a safer place.
  • 00:00:31.890 --> 00:00:34.926
  • Well over 10 million people walked into the u.s.
  • 00:00:34.926 --> 00:00:37.229
  • With no background check.
  • 00:00:37.229 --> 00:00:38.864
  • 18,000 of them are affiliated with terrorist groups.
  • 00:00:38.864 --> 00:00:42.534
  • Of those already arrested, 70% either have a criminal
  • 00:00:42.534 --> 00:00:45.770
  • Conviction or pending criminal charges.
  • 00:00:45.770 --> 00:00:48.373
  • The other 30% are here illegally and may have committed crimes
  • 00:00:48.373 --> 00:00:51.910
  • Beyond that.
  • 00:00:51.910 --> 00:00:53.311
  • Well, minnesota has its share of people here illegally,
  • 00:00:53.311 --> 00:00:56.114
  • But they also have people who've been deeply involved
  • 00:00:56.114 --> 00:00:58.850
  • In stealing from you and i through the money
  • 00:00:58.850 --> 00:01:01.486
  • That we pay in taxes to the federal government.
  • 00:01:01.486 --> 00:01:04.456
  • It is an enormous amount of money.
  • 00:01:04.456 --> 00:01:07.125
  • You know, during covid alone, somewhere between
  • 00:01:07.125 --> 00:01:09.694
  • 280 billion and $530 billion was stolen.
  • 00:01:09.694 --> 00:01:13.965
  • Investigators, they're still trying to get back
  • 00:01:13.965 --> 00:01:16.201
  • Those dollars and prosecute those who stole them.
  • 00:01:16.201 --> 00:01:19.070
  • Well, now, in minnesota, there's
  • 00:01:19.070 --> 00:01:20.272
  • Another massive fraud rig that's been uncovered as well.
  • 00:01:20.272 --> 00:01:23.942
  • There's a strong undercurrent that shows both the governor
  • 00:01:23.942 --> 00:01:26.511
  • And the mayor knew about it, as well as a member of congress
  • 00:01:26.511 --> 00:01:29.681
  • Who represents the area.
  • 00:01:29.681 --> 00:01:31.449
  • They saw her wealth and her husband grow
  • 00:01:31.449 --> 00:01:34.152
  • To more than $30 million in a one year window of time.
  • 00:01:34.152 --> 00:01:37.589
  • All seems a little too
  • 00:01:38.056 --> 00:01:39.257
  • Convenient buying voters and getting rich at the same time.
  • 00:01:39.257 --> 00:01:42.727
  • Now, if we look at the national level,
  • 00:01:42.727 --> 00:01:44.629
  • The media concedes that as much as 10% of
  • 00:01:44.629 --> 00:01:47.465
  • The national budget is stolen fraudulently.
  • 00:01:47.465 --> 00:01:51.236
  • If they will concede across the aisle that 10% is being stolen,
  • 00:01:51.236 --> 00:01:55.173
  • It seems pretty certain to me
  • 00:01:55.173 --> 00:01:56.441
  • That the number is far beyond the 10% they're acknowledging.
  • 00:01:56.441 --> 00:02:00.245
  • Fraud is happening in several states.
  • 00:02:00.245 --> 00:02:02.747
  • We can't be at peace with hundreds
  • 00:02:02.747 --> 00:02:04.282
  • Of billions of dollars being stolen.
  • 00:02:04.282 --> 00:02:06.418
  • We have to make a change.
  • 00:02:06.418 --> 00:02:08.587
  • It's not a partizan issue.
  • 00:02:08.587 --> 00:02:10.455
  • If you're a socialist,
  • 00:02:10.455 --> 00:02:11.890
  • You don't want to see 20% of your budget being stolen.
  • 00:02:11.890 --> 00:02:15.093
  • We need to reframe our expectations.
  • 00:02:15.093 --> 00:02:17.395
  • It isn't just about making america great again.
  • 00:02:17.395 --> 00:02:20.031
  • It's about restoring integrity.
  • 00:02:20.031 --> 00:02:22.267
  • Again. integrity matters.
  • 00:02:22.267 --> 00:02:24.803
  • Character still matters.
  • 00:02:24.803 --> 00:02:26.438
  • Statesmanship matters.
  • 00:02:26.438 --> 00:02:28.707
  • Our elected officials must be able to make decisions
  • 00:02:28.707 --> 00:02:31.810
  • For the good of the state ahead of themselves.
  • 00:02:31.810 --> 00:02:35.013
  • Accountability has been lacking across the board
  • 00:02:35.013 --> 00:02:37.282
  • With our elected officials for far too long.
  • 00:02:37.282 --> 00:02:39.884
  • Many of them,
  • 00:02:39.884 --> 00:02:40.752
  • When they've got those appointments,
  • 00:02:40.752 --> 00:02:41.820
  • Spent decades in washington
  • 00:02:41.820 --> 00:02:43.288
  • Without any other jobs or means of employment.
  • 00:02:43.288 --> 00:02:46.024
  • Yet somehow they find themselves to have accumulated
  • 00:02:46.024 --> 00:02:48.426
  • Tremendous resources and great personal wealth.
  • 00:02:48.426 --> 00:02:51.763
  • We have a two term congressman and ilhan omar,
  • 00:02:51.763 --> 00:02:54.065
  • Whose net worth increased $30 million in a year.
  • 00:02:54.065 --> 00:02:57.736
  • That shouldn't be all right with us, especially if her state
  • 00:02:57.736 --> 00:03:00.639
  • Is at the center of multiple high profile cases of fraud.
  • 00:03:00.639 --> 00:03:04.576
  • We have to say enough and have the courage
  • 00:03:04.576 --> 00:03:07.712
  • To deal with the toxic
  • 00:03:07.712 --> 00:03:09.047
  • Recipe of fraud, lawlessness and rebellion against authority.
  • 00:03:09.047 --> 00:03:13.285
  • We simply have to have higher aspirations.
  • 00:03:13.285 --> 00:03:16.187
  • At the beginning of this decade.
  • 00:03:16.187 --> 00:03:17.956
  • Covid money became a subsidy for not going to work.
  • 00:03:17.956 --> 00:03:21.326
  • The covid checks were like being addicted to cocaine.
  • 00:03:21.326 --> 00:03:24.896
  • Now we're born with this addiction.
  • 00:03:24.896 --> 00:03:26.865
  • We like the buzz. we like the outcome.
  • 00:03:26.865 --> 00:03:28.967
  • It's a hard habit to break.
  • 00:03:28.967 --> 00:03:30.802
  • President obama, he told us we had a right to free health
  • 00:03:30.802 --> 00:03:33.305
  • Care.
  • 00:03:33.305 --> 00:03:34.406
  • There's no such right.
  • 00:03:34.406 --> 00:03:35.407
  • There's no such thing.
  • 00:03:35.407 --> 00:03:36.775
  • And now our health care system is reflecting the consequences.
  • 00:03:36.775 --> 00:03:40.111
  • It looks like it's being broken apart.
  • 00:03:40.111 --> 00:03:42.314
  • We shouldn't spend time
  • 00:03:42.814 --> 00:03:44.015
  • Trying to figure out more ways of how we can game the system.
  • 00:03:44.015 --> 00:03:46.885
  • To get more free stuff from the government.
  • 00:03:46.885 --> 00:03:49.754
  • The reality is, we don't like to be told
  • 00:03:49.754 --> 00:03:51.923
  • We have to do the hard work
  • 00:03:51.923 --> 00:03:53.158
  • And become sober minded people again.
  • 00:03:53.158 --> 00:03:55.960
  • It feels to me that as a society,
  • 00:03:55.960 --> 00:03:58.063
  • We have developed an addiction to easy.
  • 00:03:58.063 --> 00:04:01.166
  • There was a marketing campaign not long ago
  • 00:04:01.166 --> 00:04:02.934
  • Where a major nationwide chain claimed to have an easy button.
  • 00:04:02.934 --> 00:04:06.538
  • Everything was easy.
  • 00:04:06.538 --> 00:04:07.605
  • Shop at our store. it's easy.
  • 00:04:07.605 --> 00:04:09.908
  • Well, unfortunately, this addiction to easy
  • 00:04:09.908 --> 00:04:11.943
  • Is just as true in the church as it is outside the church.
  • 00:04:11.943 --> 00:04:15.814
  • I have an announcement for you as christ followers.
  • 00:04:15.814 --> 00:04:18.516
  • We have to do difficult things.
  • 00:04:18.516 --> 00:04:20.719
  • We've become
  • 00:04:20.719 --> 00:04:21.986
  • Far more committed to comfort and convenience of our faith.
  • 00:04:21.986 --> 00:04:25.123
  • We want to go to church at the time we prefer.
  • 00:04:25.123 --> 00:04:27.892
  • We want to sit in the seat that is our preferred seat.
  • 00:04:27.892 --> 00:04:31.229
  • We want to park in the parking space
  • 00:04:31.229 --> 00:04:32.897
  • That's closest to the door that we want to walk through.
  • 00:04:32.897 --> 00:04:36.201
  • We want to sing
  • 00:04:36.201 --> 00:04:37.469
  • The songs that we like in the style that is our preference.
  • 00:04:37.469 --> 00:04:41.272
  • Well, i would suggest the navy seals have a better idea.
  • 00:04:41.272 --> 00:04:43.875
  • It's their motto.
  • 00:04:43.875 --> 00:04:45.210
  • The only easy day was yesterday.
  • 00:04:45.210 --> 00:04:48.246
  • We're going to have to get over easy if we want to go from
  • 00:04:48.246 --> 00:04:50.582
  • Where we are as a culture to excellence again.
  • 00:04:50.582 --> 00:04:53.818
  • Let's ask god to grow us, to mold us, to train us.
  • 00:04:53.818 --> 00:04:57.489
  • So we're ready for what's ahead.
  • 00:04:57.489 --> 00:04:59.791
  • With that, we're going to be joined
  • 00:04:59.791 --> 00:05:01.192
  • In just a moment by the co-chair of american prosperity
  • 00:05:01.192 --> 00:05:04.829
  • At the america first policy institute, michael ender.
  • 00:05:04.829 --> 00:05:09.234
  • I'll be right back after this short break.
  • 00:05:09.234 --> 00:05:18.003
  • I'll be right back after this short break.
  • 00:05:18.003 --> 00:05:22.280
  • We're joined now with the co-chair
  • 00:05:23.047 --> 00:05:25.116
  • Of american prosperity at the america first policy institute,
  • 00:05:25.116 --> 00:05:29.254
  • Michael falk, under the message, minnesota
  • 00:05:29.254 --> 00:05:32.323
  • Started out as a plan to capture criminals
  • 00:05:32.323 --> 00:05:34.692
  • And to
  • 00:05:34.692 --> 00:05:35.493
  • Recapture the billions of dollars
  • 00:05:35.493 --> 00:05:36.728
  • That have been stolen through fraud,
  • 00:05:36.728 --> 00:05:38.730
  • But with very little coverage of the stolen money.
  • 00:05:38.730 --> 00:05:41.166
  • Now, or the authorities still going to figure out
  • 00:05:41.166 --> 00:05:43.435
  • Where that money went and where else in the country,
  • 00:05:43.435 --> 00:05:46.004
  • This kind of massive fraud is happening.
  • 00:05:46.004 --> 00:05:48.339
  • So i think that there's still an investigation to be done.
  • 00:05:49.507 --> 00:05:52.310
  • Treasury is playing
  • 00:05:52.310 --> 00:05:53.511
  • A significant role and looking at how the money was allocated
  • 00:05:53.511 --> 00:05:56.881
  • And know
  • 00:05:57.148 --> 00:05:58.183
  • The fraud does not seem like it is going to be
  • 00:05:58.183 --> 00:06:00.585
  • Solely in minnesota.
  • 00:06:00.585 --> 00:06:02.287
  • There are allegations that are being investigated
  • 00:06:02.287 --> 00:06:05.089
  • That it extends to a number of other states.
  • 00:06:05.089 --> 00:06:07.826
  • You know, and really, this harkens back
  • 00:06:07.826 --> 00:06:09.427
  • To when there's a lot of funds being distributed,
  • 00:06:09.427 --> 00:06:12.363
  • As we saw with the pandemic.
  • 00:06:12.363 --> 00:06:13.898
  • Unfortunately, there's a segment of our society
  • 00:06:13.898 --> 00:06:16.868
  • That's going to find ways to take advantage of it.
  • 00:06:16.868 --> 00:06:19.337
  • And if states are not very careful about monitoring
  • 00:06:19.337 --> 00:06:23.107
  • Eligibility and auditing where those funds go,
  • 00:06:23.107 --> 00:06:26.544
  • Then unfortunately this kind of fraud can take place.
  • 00:06:26.544 --> 00:06:29.113
  • And so it's critically important
  • 00:06:29.113 --> 00:06:31.115
  • That the state and the federal government
  • 00:06:31.115 --> 00:06:33.051
  • Collaborate to identify what were the errors in
  • 00:06:33.051 --> 00:06:36.821
  • How this money got distributed.
  • 00:06:36.821 --> 00:06:38.389
  • And how do we make sure that this kind of fraud doesn't take
  • 00:06:38.389 --> 00:06:41.526
  • Place elsewhere?
  • 00:06:41.526 --> 00:06:43.194
  • Well, you're the
  • 00:06:43.595 --> 00:06:44.562
  • Co-chair of the afp's prosperity division.
  • 00:06:44.562 --> 00:06:47.632
  • So i want to ask whether it's possible
  • 00:06:47.632 --> 00:06:49.801
  • To find the prosperity
  • 00:06:49.801 --> 00:06:50.969
  • We all want with so much money being stolen.
  • 00:06:50.969 --> 00:06:54.138
  • It is possible to find prosperity.
  • 00:06:54.873 --> 00:06:56.474
  • Obviously, the extent to which we can reduce waste, fraud.
  • 00:06:56.474 --> 00:07:00.411
  • That means that there is less tax
  • 00:07:00.411 --> 00:07:03.214
  • Money that needs to be raised, less of a budget deficit.
  • 00:07:03.214 --> 00:07:06.017
  • That puts pressure on interest rates.
  • 00:07:06.017 --> 00:07:08.052
  • But at the same time,
  • 00:07:08.052 --> 00:07:09.220
  • The trump administration's policies with regard to energy
  • 00:07:09.220 --> 00:07:13.391
  • Dominance, deregulation, extending pro-growth tax reform
  • 00:07:13.391 --> 00:07:17.662
  • And reducing federal spending,
  • 00:07:17.662 --> 00:07:19.497
  • All of those are going to contribute
  • 00:07:19.497 --> 00:07:20.965
  • To helping create the economic conditions
  • 00:07:20.965 --> 00:07:23.134
  • Where the american people can thrive.
  • 00:07:23.134 --> 00:07:25.236
  • And we saw the last three quarters of last year
  • 00:07:25.236 --> 00:07:28.239
  • That we saw enormous economic growth taking place.
  • 00:07:28.239 --> 00:07:31.042
  • We are seeing growth in real wages.
  • 00:07:31.042 --> 00:07:33.244
  • We're going to see
  • 00:07:33.244 --> 00:07:34.379
  • Some nice tax refunds in the next couple of months.
  • 00:07:34.379 --> 00:07:37.148
  • And so there has been a lot of work
  • 00:07:37.148 --> 00:07:38.883
  • That should come to fruition in the first half of this year.
  • 00:07:38.883 --> 00:07:42.153
  • Well, if we could get that 10% back
  • 00:07:42.954 --> 00:07:45.089
  • That was stolen and misspent, should we shrink the programs
  • 00:07:45.089 --> 00:07:48.259
  • From where it came and use it to pay off the debt?
  • 00:07:48.259 --> 00:07:51.763
  • I would say yes,
  • 00:07:52.163 --> 00:07:53.164
  • Because the
  • 00:07:53.164 --> 00:07:54.399
  • What this shows is that when you throw too much money at it,
  • 00:07:54.399 --> 00:07:57.669
  • You create an opportunity for people to engage
  • 00:07:57.669 --> 00:08:00.438
  • In this kind of fraud.
  • 00:08:00.438 --> 00:08:01.539
  • So it suggests to me that if you tighten eligibility,
  • 00:08:01.539 --> 00:08:04.542
  • We can reduce the amount of spending that's going on,
  • 00:08:04.542 --> 00:08:07.211
  • And it's time that we're running a $1.5 trillion budget deficit
  • 00:08:07.211 --> 00:08:11.249
  • Everywhere that we can find reductions in spending,
  • 00:08:11.249 --> 00:08:13.985
  • In my view, that really should go to deficit reduction.
  • 00:08:13.985 --> 00:08:17.488
  • Do you think the american people have become apathetic
  • 00:08:17.488 --> 00:08:20.058
  • After hearing so much about fraud over the years?
  • 00:08:20.058 --> 00:08:22.560
  • So they no longer pushed the politicians
  • 00:08:22.560 --> 00:08:24.295
  • To get back and do something about the stealing.
  • 00:08:24.295 --> 00:08:26.464
  • I think when you see fraud on this magnitude,
  • 00:08:27.365 --> 00:08:30.868
  • As well as the fraud
  • 00:08:30.868 --> 00:08:31.936
  • That you saw coming out of a number of places
  • 00:08:31.936 --> 00:08:34.072
  • During the pandemic, the american people
  • 00:08:34.072 --> 00:08:35.873
  • Get very upset about it.
  • 00:08:35.873 --> 00:08:37.208
  • They do question
  • 00:08:37.208 --> 00:08:38.676
  • Whether there's a seriousness on the part of our leaders to go
  • 00:08:38.676 --> 00:08:41.579
  • After some of that fraud,
  • 00:08:41.579 --> 00:08:42.947
  • And that's why
  • 00:08:42.947 --> 00:08:43.815
  • It's good to see that the president
  • 00:08:43.815 --> 00:08:45.350
  • And the administration are so focused on identifying
  • 00:08:45.350 --> 00:08:48.186
  • What facilitated all of this fraud in the first place,
  • 00:08:48.186 --> 00:08:51.155
  • And then to hold people accountable
  • 00:08:51.155 --> 00:08:53.024
  • For allowing these kinds of failures to exist.
  • 00:08:53.024 --> 00:08:55.760
  • You know, governor walz, just look to look the other way
  • 00:08:55.760 --> 00:08:59.163
  • Turned a blind eye to this.
  • 00:08:59.163 --> 00:09:00.898
  • And, you know,
  • 00:09:00.898 --> 00:09:01.799
  • He really should
  • 00:09:01.799 --> 00:09:03.034
  • Be held to account for fraud that took place on his watch.
  • 00:09:03.034 --> 00:09:06.337
  • If he allowed it and did not put in place
  • 00:09:06.337 --> 00:09:09.207
  • The kind of oversight and the kind of verifications
  • 00:09:09.207 --> 00:09:11.876
  • That should be there any time we're spending taxpayer dollars.
  • 00:09:11.876 --> 00:09:15.013
  • Well, i know that you're bullish on
  • 00:09:15.813 --> 00:09:17.448
  • Where the economy is heading this year.
  • 00:09:17.448 --> 00:09:19.584
  • Growth is strong.
  • 00:09:19.584 --> 00:09:20.585
  • Inflation is flattening.
  • 00:09:20.585 --> 00:09:22.387
  • Other things point to a robust year ahead.
  • 00:09:22.387 --> 00:09:24.822
  • But one of the tougher economic issues
  • 00:09:24.822 --> 00:09:26.457
  • Right now is buying a home.
  • 00:09:26.457 --> 00:09:28.426
  • The president wants to make sure that homes are sold
  • 00:09:28.426 --> 00:09:30.528
  • To people who are going to live in them,
  • 00:09:30.528 --> 00:09:32.430
  • And not to institutional investors,
  • 00:09:32.430 --> 00:09:34.666
  • And that land stays with farmers and not foreigners.
  • 00:09:34.666 --> 00:09:38.436
  • Agricultural secretary brooke rollins has made
  • 00:09:38.436 --> 00:09:40.872
  • That very clear.
  • 00:09:40.872 --> 00:09:42.206
  • Listen to how she put it.
  • 00:09:42.206 --> 00:09:44.676
  • If we're going to really ban china from buying our farmland
  • 00:09:44.676 --> 00:09:47.912
  • Or any foreign adversaries,
  • 00:09:47.912 --> 00:09:49.414
  • It's got to be the states have to lean in.
  • 00:09:49.414 --> 00:09:51.649
  • The federal government has to step up.
  • 00:09:51.649 --> 00:09:53.584
  • We've got to have executive orders out of the white house.
  • 00:09:53.584 --> 00:09:56.788
  • Do you have any sense of how
  • 00:09:57.388 --> 00:09:58.756
  • Much of our current market
  • 00:09:58.756 --> 00:09:59.924
  • Has already been purchased by china
  • 00:09:59.924 --> 00:10:01.659
  • And these other foreign governments,
  • 00:10:01.659 --> 00:10:03.594
  • And when that is going to stop?
  • 00:10:03.594 --> 00:10:05.763
  • So there are efforts underway to increasingly look
  • 00:10:05.763 --> 00:10:08.666
  • At these kinds of transactions.
  • 00:10:08.666 --> 00:10:10.001
  • So one of the activities that takes place
  • 00:10:10.001 --> 00:10:12.236
  • At treasury is something called cynthia's.
  • 00:10:12.236 --> 00:10:14.205
  • The committee on foreign investment in the united states.
  • 00:10:14.205 --> 00:10:17.375
  • And the president has expanded the jurisdiction of cynthia's
  • 00:10:17.375 --> 00:10:20.812
  • To look at sales of farmland, particularly those that are near
  • 00:10:20.812 --> 00:10:25.583
  • Military bases and might create national security concerns.
  • 00:10:25.583 --> 00:10:29.387
  • But there does
  • 00:10:29.387 --> 00:10:30.455
  • Need to be greater disclosure of foreign purchases
  • 00:10:30.455 --> 00:10:33.891
  • So that we can make sure that that land is going to its best
  • 00:10:33.891 --> 00:10:37.028
  • Use rather than potentially being used by adversaries,
  • 00:10:37.028 --> 00:10:40.264
  • Whether it's for espionage
  • 00:10:40.264 --> 00:10:41.933
  • Or whether it's just
  • 00:10:41.933 --> 00:10:43.101
  • To artificially raise prices here in the united states.
  • 00:10:43.101 --> 00:10:46.003
  • It's important
  • 00:10:46.003 --> 00:10:47.205
  • That the government do more to monitor those activities
  • 00:10:47.205 --> 00:10:49.607
  • And make sure that land is going to its best use.
  • 00:10:49.607 --> 00:10:53.411
  • You know,
  • 00:10:53.711 --> 00:10:54.846
  • We've had this buy now, pay later lifestyle for decades.
  • 00:10:54.846 --> 00:10:57.715
  • New furniture, for example,
  • 00:10:57.715 --> 00:10:58.983
  • That you can
  • 00:10:58.983 --> 00:11:00.184
  • Buy with no interest and no no payments for several years.
  • 00:11:00.184 --> 00:11:03.254
  • And of course, in a healthy economy,
  • 00:11:03.254 --> 00:11:04.655
  • Carrying debt can be considered okay.
  • 00:11:04.655 --> 00:11:06.924
  • But do you think we've tipped the scales so much
  • 00:11:06.924 --> 00:11:09.060
  • That we're in a hole that we can't get out of?
  • 00:11:09.060 --> 00:11:12.163
  • I think we're in a hole, but i would not say that
  • 00:11:12.163 --> 00:11:14.398
  • We can't get out of it. so i agree with you.
  • 00:11:14.398 --> 00:11:16.567
  • Part of the challenge we've had is that with exceptionally
  • 00:11:16.567 --> 00:11:19.203
  • Low interest rates over the last couple of decades,
  • 00:11:19.203 --> 00:11:21.973
  • It created an environment that almost encouraged people to
  • 00:11:21.973 --> 00:11:25.309
  • Over borrow.
  • 00:11:25.309 --> 00:11:26.310
  • And that's not just the case with households.
  • 00:11:26.310 --> 00:11:28.846
  • That's also true of companies and of government.
  • 00:11:28.846 --> 00:11:31.549
  • You see, the fact that we have
  • 00:11:31.549 --> 00:11:32.784
  • Racked up $37 trillion in debt at the federal level,
  • 00:11:32.784 --> 00:11:36.521
  • And we have been unwilling to address
  • 00:11:36.521 --> 00:11:38.322
  • Some of the structural challenges in our budget,
  • 00:11:38.322 --> 00:11:41.392
  • Because a lot of people looked at it and said, well,
  • 00:11:41.392 --> 00:11:43.594
  • Interest rates are really low,
  • 00:11:43.594 --> 00:11:45.096
  • And so we'll be able to just grow our way out of it.
  • 00:11:45.096 --> 00:11:47.565
  • That's true.
  • 00:11:47.565 --> 00:11:48.332
  • Until interest rates start to rise,
  • 00:11:48.332 --> 00:11:50.101
  • Because we accumulate so much debt that it becomes
  • 00:11:50.101 --> 00:11:52.804
  • Marginally unsustainable.
  • 00:11:52.804 --> 00:11:54.605
  • If congress acts,
  • 00:11:54.605 --> 00:11:56.574
  • Then we still have an opportunity
  • 00:11:56.574 --> 00:11:58.743
  • To get our long term deficits under control
  • 00:11:58.743 --> 00:12:01.045
  • And likewise, households and individuals
  • 00:12:01.045 --> 00:12:04.015
  • Also, by imposing some discipline on their own
  • 00:12:04.015 --> 00:12:07.051
  • Spending patterns, have an ability to pay down debt.
  • 00:12:07.051 --> 00:12:10.454
  • As you said, move away from this buy now, pay later lifestyle.
  • 00:12:10.454 --> 00:12:14.358
  • And unfortunately, higher interest rates are
  • 00:12:14.358 --> 00:12:18.663
  • Kind of some bitter medicine that's being imposed
  • 00:12:18.663 --> 00:12:20.932
  • On the american people.
  • 00:12:20.932 --> 00:12:22.133
  • But if what that does is impose some of the discipline
  • 00:12:22.133 --> 00:12:25.336
  • That's needed in order to get people to live
  • 00:12:25.336 --> 00:12:28.005
  • Within their means and make sure that they're
  • 00:12:28.005 --> 00:12:29.874
  • Only buying the things that they can afford.
  • 00:12:29.874 --> 00:12:32.009
  • I still think we have time, both as a set of both as households
  • 00:12:32.009 --> 00:12:35.613
  • And as a nation, to get our fiscal house in order.
  • 00:12:35.613 --> 00:12:39.150
  • Well, michael, we need to take a short break.
  • 00:12:40.017 --> 00:12:41.652
  • Can you stay for another segment?
  • 00:12:41.652 --> 00:12:43.654
  • Happy to.
  • 00:12:43.654 --> 00:12:44.922
  • I'll be right back.
  • 00:12:44.922 --> 00:12:53.002
  • I'll be right back.
  • 00:12:53.002 --> 00:12:57.102
  • We're back now with michael faulkner
  • 00:12:57.870 --> 00:12:59.805
  • From the america first policy institute.
  • 00:12:59.805 --> 00:13:02.875
  • I'm going to put you on the spot now on behalf of taxpayers
  • 00:13:02.875 --> 00:13:06.144
  • Who will be getting more than the normal refund this year
  • 00:13:06.144 --> 00:13:09.214
  • Based on the tax changes that president trump
  • 00:13:09.214 --> 00:13:11.149
  • Got approved in the budget bill.
  • 00:13:11.149 --> 00:13:13.151
  • When people start to see how much less tax they're paying
  • 00:13:13.151 --> 00:13:15.888
  • By april 15th,
  • 00:13:15.888 --> 00:13:17.289
  • Should they pay down their credit cards, or would it
  • 00:13:17.289 --> 00:13:19.524
  • Strengthen the economy by having them spend it?
  • 00:13:19.524 --> 00:13:22.561
  • So let me first start with the refund.
  • 00:13:23.395 --> 00:13:25.330
  • So i was deputy secretary when we negotiated the treasury.
  • 00:13:25.330 --> 00:13:28.834
  • When we negotiated the tax bill.
  • 00:13:28.834 --> 00:13:30.302
  • I also served for two months as the irs commissioner
  • 00:13:30.302 --> 00:13:34.539
  • As we were starting to implement the tax bill.
  • 00:13:34.539 --> 00:13:37.409
  • So the irs has been working on this.
  • 00:13:37.409 --> 00:13:40.178
  • Even before the legislation was signed by the president
  • 00:13:40.178 --> 00:13:42.915
  • To make sure that it was ready to get the refunds out.
  • 00:13:42.915 --> 00:13:45.951
  • And you know, one thing, maybe people don't understand
  • 00:13:45.951 --> 00:13:48.587
  • Why the refunds are going to be so much larger.
  • 00:13:48.587 --> 00:13:50.789
  • A lot of the provisions in the bill, they did not cause
  • 00:13:50.789 --> 00:13:54.893
  • People's take home pay or their paychecks to change.
  • 00:13:54.893 --> 00:13:58.363
  • So even though these changes
  • 00:13:58.363 --> 00:13:59.965
  • In the tax code
  • 00:13:59.965 --> 00:14:00.766
  • Were implemented,
  • 00:14:00.766 --> 00:14:01.867
  • The withholding from their paychecks stayed the same.
  • 00:14:01.867 --> 00:14:04.836
  • And that means that instead,
  • 00:14:04.836 --> 00:14:06.138
  • They're going to see it in much larger refunds when they file.
  • 00:14:06.138 --> 00:14:09.741
  • And so the irs, as i said, has been working
  • 00:14:09.741 --> 00:14:11.843
  • To get all of the systems upgraded.
  • 00:14:11.843 --> 00:14:14.479
  • All of the forms ready to go filing season opened on monday.
  • 00:14:14.479 --> 00:14:18.750
  • And so they are ready to start having people
  • 00:14:18.750 --> 00:14:21.453
  • Implement their returns and get those refund checks
  • 00:14:21.453 --> 00:14:24.423
  • And refund direct deposits out to people as soon as possible
  • 00:14:24.423 --> 00:14:27.726
  • As to how people use it.
  • 00:14:27.726 --> 00:14:29.261
  • You know, it depends on their financial position.
  • 00:14:29.261 --> 00:14:32.064
  • So if the american people, if the taxpayer is finding
  • 00:14:32.064 --> 00:14:36.435
  • That they are struggling to make ends meet right now
  • 00:14:36.435 --> 00:14:40.405
  • And they have a high interest credit card,
  • 00:14:40.405 --> 00:14:42.074
  • I would recommend that they use those proceeds
  • 00:14:42.074 --> 00:14:44.910
  • To pay down debt and forgo
  • 00:14:44.910 --> 00:14:46.545
  • Some of these really high interest rates that they would
  • 00:14:46.545 --> 00:14:48.447
  • Otherwise be paying on their credit card.
  • 00:14:48.447 --> 00:14:50.549
  • On the other hand,
  • 00:14:50.549 --> 00:14:51.516
  • If their monthly income more than satisfies
  • 00:14:51.516 --> 00:14:53.685
  • All their payments and they have,
  • 00:14:53.685 --> 00:14:55.854
  • You know, a dishwasher
  • 00:14:55.854 --> 00:14:56.888
  • That needs to be replaced or this time of year
  • 00:14:56.888 --> 00:14:59.024
  • They have a furnace that needs repairing,
  • 00:14:59.024 --> 00:15:01.159
  • I would suggest using that money to engage in that,
  • 00:15:01.159 --> 00:15:04.696
  • That that maintenance
  • 00:15:04.696 --> 00:15:06.198
  • That has been put off until the money has come in.
  • 00:15:06.198 --> 00:15:09.434
  • Because, you know, if people don't upgrade to
  • 00:15:09.434 --> 00:15:12.004
  • If people don't upgrade their appliances or their
  • 00:15:12.004 --> 00:15:15.240
  • Hvac systems, then they could find that
  • 00:15:15.240 --> 00:15:17.342
  • Their electricity
  • 00:15:17.342 --> 00:15:18.610
  • And energy
  • 00:15:18.610 --> 00:15:19.444
  • Bills are higher than they would be
  • 00:15:19.444 --> 00:15:20.645
  • If they got those things replaced.
  • 00:15:20.645 --> 00:15:21.813
  • So it really does depend on what the financial situation
  • 00:15:21.813 --> 00:15:24.783
  • Of the individual taxpayer is
  • 00:15:24.783 --> 00:15:27.052
  • With a gdp so strong.
  • 00:15:27.552 --> 00:15:29.154
  • Do you
  • 00:15:29.154 --> 00:15:30.422
  • Think that the fed should still bring interest rates down more,
  • 00:15:30.422 --> 00:15:32.424
  • And do you think they can do it without triggering inflation.
  • 00:15:32.424 --> 00:15:36.061
  • So that when i look at the forces
  • 00:15:36.061 --> 00:15:38.797
  • That are in place right now, you know,
  • 00:15:38.797 --> 00:15:41.033
  • Diving into the inflation numbers,
  • 00:15:41.033 --> 00:15:43.668
  • You know,
  • 00:15:43.668 --> 00:15:44.503
  • You really should think about there
  • 00:15:44.503 --> 00:15:45.470
  • Being a couple different components to it.
  • 00:15:45.470 --> 00:15:47.773
  • And the single largest component has been shelter.
  • 00:15:47.773 --> 00:15:51.176
  • So rent or housing payments.
  • 00:15:51.176 --> 00:15:53.879
  • And the early indications the early surveys are that
  • 00:15:53.879 --> 00:15:56.615
  • That number is starting to come down.
  • 00:15:56.615 --> 00:15:58.583
  • So that's going to continue to put downward pressure
  • 00:15:58.583 --> 00:16:01.853
  • On inflation.
  • 00:16:01.853 --> 00:16:03.121
  • We're already seeing that energy prices are also doing better.
  • 00:16:03.121 --> 00:16:07.726
  • Oil prices are down.
  • 00:16:07.726 --> 00:16:08.927
  • That's going to mean lower gas prices at the pump.
  • 00:16:08.927 --> 00:16:11.930
  • We know that there are some electricity generating needs
  • 00:16:11.930 --> 00:16:15.267
  • That that the administration is working on
  • 00:16:15.267 --> 00:16:16.968
  • To bring more electricity
  • 00:16:16.968 --> 00:16:18.203
  • Generating facilities online to satisfy all of the ai needs.
  • 00:16:18.203 --> 00:16:22.074
  • That will also help.
  • 00:16:22.074 --> 00:16:24.009
  • Overall, where i'm going with this is if you look
  • 00:16:24.009 --> 00:16:26.344
  • At the deregulatory agenda of the administration,
  • 00:16:26.344 --> 00:16:28.680
  • The energy agenda, the fact that tax refunds are coming in
  • 00:16:28.680 --> 00:16:32.884
  • To the american people,
  • 00:16:33.385 --> 00:16:34.453
  • That ought to me seems to suggest
  • 00:16:34.453 --> 00:16:36.188
  • That the growth is going to continue,
  • 00:16:36.188 --> 00:16:38.190
  • And that kind of growth is inherently non-inflationary.
  • 00:16:38.190 --> 00:16:41.126
  • And so i'm of the view there continues to be space
  • 00:16:41.126 --> 00:16:44.429
  • For the fed to lower interest rates.
  • 00:16:44.429 --> 00:16:47.199
  • Well, one quick question.
  • 00:16:47.766 --> 00:16:49.201
  • Is there anything else that you'd like to see happen
  • 00:16:49.201 --> 00:16:51.269
  • To continue to strengthen the overall economy,
  • 00:16:51.269 --> 00:16:53.605
  • Especially as we lead up to the midterm vote this fall?
  • 00:16:53.605 --> 00:16:56.875
  • I think that the best thing that we can do for
  • 00:16:56.875 --> 00:16:58.944
  • The economy is bring down long term interest rates.
  • 00:16:58.944 --> 00:17:01.646
  • And the way that you do
  • 00:17:01.646 --> 00:17:02.647
  • That is by bringing down the budget deficit.
  • 00:17:02.647 --> 00:17:04.783
  • So any work that congress can do to tackle spending,
  • 00:17:04.783 --> 00:17:08.854
  • Be it on the discretionary side or on the mandatory side,
  • 00:17:08.854 --> 00:17:12.624
  • You can find waste and abuse of confined funds
  • 00:17:12.624 --> 00:17:15.494
  • That are being spent that we don't need to spend anymore.
  • 00:17:15.494 --> 00:17:17.996
  • Anything congress can do to bring down the budget
  • 00:17:17.996 --> 00:17:20.065
  • Deficit would be good for the long term.
  • 00:17:20.065 --> 00:17:23.335
  • Well, michael faulkner, thank you for your time today.
  • 00:17:23.335 --> 00:17:25.704
  • We'd love to have you back again
  • 00:17:25.704 --> 00:17:27.339
  • To go over what's working and what's not.
  • 00:17:27.339 --> 00:17:29.708
  • It's great to be with you.
  • 00:17:30.275 --> 00:17:31.243
  • Look forward to joining you again. thank you.
  • 00:17:31.243 --> 00:17:33.712
  • In a moment, your e-mails on all sorts of subjects.
  • 00:17:33.712 --> 00:17:43.999
  • In a moment, your e-mails on all sorts of subjects.
  • 00:17:43.999 --> 00:17:48.450
  • Thank you for spending a few minutes of your day with us.
  • 00:17:49.584 --> 00:17:52.687
  • Just a reminder, if you ever miss a live episode,
  • 00:17:52.687 --> 00:17:55.290
  • Could always go to aj. now, dot com.
  • 00:17:55.290 --> 00:17:57.492
  • There's a full archive there of all of our programs.
  • 00:17:57.492 --> 00:18:00.495
  • You can watch them at your leisure.
  • 00:18:00.495 --> 00:18:02.063
  • It's easy to share a link with a friend.
  • 00:18:02.063 --> 00:18:04.599
  • Your emails are always a highlight.
  • 00:18:04.599 --> 00:18:06.801
  • Kathy in wisconsin wrote if there's foolish
  • 00:18:06.801 --> 00:18:09.871
  • Talk of taking over, greenland continues,
  • 00:18:09.871 --> 00:18:12.574
  • I fear the republicans will lose the house and senate.
  • 00:18:12.574 --> 00:18:15.010
  • If that happens, the usa will go down the drain.
  • 00:18:15.010 --> 00:18:18.547
  • We have people now trying to force communism
  • 00:18:18.547 --> 00:18:20.515
  • And socialism on our country, or force sharia law on us.
  • 00:18:20.515 --> 00:18:24.219
  • Also, the last i checked, the usa is in debt over $37 trillion
  • 00:18:24.219 --> 00:18:29.324
  • And i've not heard any comments from washington
  • 00:18:29.324 --> 00:18:30.892
  • As to when we can pay down some of that monstrous debt.
  • 00:18:30.892 --> 00:18:33.628
  • We need to be just and fair as jesus told us to be.
  • 00:18:33.628 --> 00:18:37.065
  • Well, kathy, that's a pretty good reminder
  • 00:18:37.966 --> 00:18:39.668
  • Of some of the list of problems that confront us as a people.
  • 00:18:39.668 --> 00:18:43.271
  • The greenland discussion is a bit unsettling.
  • 00:18:43.271 --> 00:18:45.740
  • It's a bit fresh on our minds,
  • 00:18:45.740 --> 00:18:48.343
  • But there's a great deal of logic
  • 00:18:48.343 --> 00:18:49.878
  • That greenland's necessity for the security,
  • 00:18:49.878 --> 00:18:52.747
  • Not just of the united states, but for our nato
  • 00:18:52.747 --> 00:18:55.584
  • Allies, for western europe, for all of america's allies,
  • 00:18:55.584 --> 00:18:59.254
  • Whether we actually take over greenland or greenland
  • 00:18:59.254 --> 00:19:01.756
  • Cooperates with us in everybody's
  • 00:19:01.756 --> 00:19:03.525
  • Strategic best interest.
  • 00:19:03.525 --> 00:19:06.027
  • I'm praying that that common sense makes its way forward.
  • 00:19:06.027 --> 00:19:09.130
  • Our debt.
  • 00:19:09.130 --> 00:19:10.465
  • I think that's going to take a different attitude in our homes.
  • 00:19:10.465 --> 00:19:14.202
  • We can't tolerate fraud and stealing on the level
  • 00:19:14.202 --> 00:19:16.705
  • As we see it, and imagine that we're going to make fiscal,
  • 00:19:16.705 --> 00:19:20.008
  • Fiscally sound choices in the future.
  • 00:19:20.008 --> 00:19:23.545
  • Judy b
  • 00:19:23.745 --> 00:19:24.646
  • In california said, i loved your comment
  • 00:19:24.646 --> 00:19:27.616
  • About how hard it is to have conversations
  • 00:19:27.616 --> 00:19:29.684
  • At the kitchen table with family that really know us.
  • 00:19:29.684 --> 00:19:32.988
  • My husband is not a believer.
  • 00:19:33.622 --> 00:19:35.690
  • He hears me yelling at the tv, the can opener, or the cat.
  • 00:19:35.690 --> 00:19:39.494
  • Thankfully he likes you and watches you with me.
  • 00:19:39.494 --> 00:19:42.464
  • There's hope for my 40 plus year work in progress.
  • 00:19:42.464 --> 00:19:45.967
  • God bless you.
  • 00:19:46.301 --> 00:19:48.003
  • Well, judy, it sounds like to me
  • 00:19:48.003 --> 00:19:49.237
  • Your husband has some real discernment,
  • 00:19:49.237 --> 00:19:51.673
  • At least in the television programing.
  • 00:19:51.673 --> 00:19:53.541
  • He likes to watch,
  • 00:19:53.541 --> 00:19:55.377
  • You know, talking to your can opener or your cat.
  • 00:19:55.377 --> 00:19:58.146
  • Does it really trouble me
  • 00:19:58.146 --> 00:19:59.814
  • Until you think your cat is talking back?
  • 00:19:59.814 --> 00:20:02.684
  • Then we've got a problem of a whole nother scope.
  • 00:20:02.684 --> 00:20:05.053
  • God's moving in the earth.
  • 00:20:05.053 --> 00:20:06.388
  • Let's keep our eyes focused on that.
  • 00:20:06.388 --> 00:20:08.623
  • Thank you for spending a few moments with us.
  • 00:20:08.623 --> 00:20:10.859
  • I pray god's blessings fill your life
  • 00:20:10.859 --> 00:20:13.561
  • And that you have a good evening.
  • 00:20:13.561 --> 00:20:13.561