The National Economic Crisis – With Former Congressman Bob McEwen – It is no secret that we are in an economic crisis. Congressman Bob McEwen joins us today to talk about this National crisis.
Air Date: 05/17/2021
Guest: Congressman Bob McEwen
On-air Personalities: David Barton, Rick Green, and Tim Barton
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Welcome to the intersection of faith and the culture. This is WallBuilders Live, where we’re taking on the hot topics of the day from policy, culture, all the things affecting you and your family. We always look at these things from a biblical, historical, and constitutional perspective. You can find out more about us at wallbuilderslive.com, where you can get archives of the program, list of stations across the country, some of the latest news, and that’s also the place where you can make that one-time or monthly contribution.
Thank you to all of you from across the country that have been coming alongside us in that way and helping us amplify this Voice of Truth. We are here with David Barton. He’s America’s premier historian and our founder here at WallBuilders, Tim Barton’s a national speaker and pastor and president of WallBuilders, and my name is Rick Green, I’m a former Texas legislator and America’s Constitution coach.
Alright, guys, later in the program, Bob McEwen will be with us, former congressman, going to talk about some of the, goodness, economic craziness going on in Washington DC. I don’t know about you guys, I used to be good at math, but I’m running out of fingers on counting the trillions that President Biden continues to propose and that some of which the Congress has already passed, looks like they’re going to fight back on some of those things. But, boy, it is a spending spree like we’ve never seen.
Yeah, Rick, you’re exactly right. We’ve never seen debt like this. I mean, our current debt is what 29 trillion, is that we’re looking at?
So, 29 trillion, and then the debt liability goes to 123 trillion. And debt liability means they’ve already passed the law spending that much money into the future. So when you take what Congress is approved for spending, you’re at 123. So I mean, this is a huge debt. And I’ve seen that even this year, just the interest on the current debt is already the half trillion. So we’re adding to the debt really quickly just by interest. And then you look at what Biden is done, and the budget for this year is about 3.1 trillion. He’s already spent more than 8 trillion this year. And so you’re 5 trillion over just in the first four months.
Well, and yeah, and that 8 trillion is what’s been approved to be spent this year, because I mean, technically, they haven’t spent all that money yet. But when you’re talking about you’re only bringing in 3 trillion, give or take, and you’re going to spend 8 trillion, you’re going $5 trillion in debt in one year. And this is not a wartime, right?
We have not hidden the fact that we’ve not been fans of big spending. Even if you go back to George Bush, looking at the war on terror, George W. Bush, specifically looking at the war on terror, we were not fans of how the budget inflated so much. Now, certainly, around military expenses, you expected in war times that you’re going to have an increased budget. But what’s happened, historically, is that when there’s a war, the budget goes up, and after the war, the budget comes down, and you work to pay off all of the debt that you racked up during war.
And what we have done in America is instead of saying, hey, let’s work to shrink that budget back down and sort of start paying off debt, we have just allowed the budget to continue to rise, even though we are not funding a war right now. So it really is ludicrous on a lot of levels. One of the things we saw from some of the more recent spending packages where there was a lot of earmarks going to a lot of pet projects for different congressmen, for senators back to their states, and we’re paying off state debt with federal money that other states are now on the line, they’re liable for helping pay off other states debts. So lots of things that is very irresponsible spending.
But this is kind of the philosophy we are seeing from people that are in Washington D.C. is they’re not concerned with actually running a budget that makes sense. They’re assuming well, we can just print more money, so let’s just keep spending it. Not taking into account, what’s going to happen when we are spending that much money? It’s going to inflate the prices of basic goods and commodities. And therefore the dollars that we are making will no longer buy as much. So in essence, they are devaluing the way that we live our lives and they are driving us into greater levels of poverty, even though we might not be making less money, it’s because they’re devaluing the dollar.
And when you look at what happened after the tax cuts in 2017, the economy went through the roof. We saw growth in all aspects of the economy. Growth was amazing. Income was amazing.
Even though we were still spending out the wazoo. And this is one of the things that that we can be intellectually honest and say that there’s many things we appreciate about President Trump. His spending habits were not one of the things we appreciated about President Trump, where he still, the budget was way too big, it was way too inflated. Certainly, cutting taxes helped in an economic level, because when you’re putting more dollars back in the pockets of people, then it actually does help in the economy because you own spend and you invest in there’s things you’re doing with that. However, even the spending habits of President Trump were not great in a fiscal responsibility sense, tax cuts were great, spending was not.
Yeah, that the tax cuts generated so much income, you’re right, that spending was way too high. But that income that was generated, you had the lowest unemployment in how many decades, you had the greatest income how many decades. And what tends to happen is Democrats look at government as if they create wealth and they don’t. And so they’re seeing all this wealth out there that’s created and say, we need to take some of that, we need to use that for our programs.
And so what they do is they go confiscate that wealth through taxation. And what they do when they do that is they stop the growth. And they think that that growth is just going to be perpetual, now, it’s going to keep going, No. When you start raising higher taxes, when you do all the things that Biden promised to do, in that addressed in the joint session of Congress, when you go back retroactively, and raise taxes back for months, and you’re going to hit business really hard with taxes, you’re going to have inflation, you’re going to have, Tim, as you pointed out, that you’re not going to be able to buy as much with what you have, and so what happens is you stop creating wealth.
Those raise taxes and increase spending, they stop the creation of wealth, and you need to tax on. If you’re going to tax, you got to tax on the wealth that’s out there, and you got to keep that wealth growing. And you do that by sound economic policies. And so what the Democrats should do, and anybody that’s had credit card debt understands this, I mean, once you get over your head in credit card debt, you don’t get out of debt by putting more on your credit card. And you don’t get out of debt by going to the companies that say hey, we’ll consolidate all your debts and get out for 21% interest. I mean, it’s crazy. You go deeper in the hole.
So if you’ve ever been in debt, you don’t get out of debt by spending more, you get out of debt by restraining your spending. And this is what we’re doing right now. As we, literally, I saw the number the other day, with that 123 trillion that we’ve pledged out in the future, that’s turns out to $800,000 per American. Now, the government’s going to try to get 800,000 out of you over your lifetime just to cover what they’ve already played. That doesn’t cover the increased stuff they’re doing.
So where we’re ahead with the budget right now, I mean, they always look short term, and here’s what we want to do. And I’m convinced that they’re in a mindset that says, we need to create problems so the government can solve problems, because that’s the best way to get into socialism. That’s the best way to get in big government, is you create problems and the people clamor for a solution, and you say, well, government can solve that. We’ll step in and solve that.
And so I’m convinced that this is part of what they do to create bigger government is they create more problems. Now, whether they do that intentionally or whether they’re just ignorant of economics, or whether they just want to pay their pet projects, doesn’t matter. The result is still the same.
And there’s probably nobody better on this than Bob McEwen, Congressman Bob McEwen, an economist. Actually, we recorded a DVD mp4 of Bob McEwen going through basic economic principles that every single American ought to know. This is what every kid in high school should go through in government classes is basic economic principles. So I really highly recommend that mp4, that DVD of Bob McEwen. It’s called “Politics: Easy as PIE”. And so that’s a great introduction to what happens with spending and how that economic of spending really is a spiritual component. It’s not just an economic one. There are spiritual aspects of this that we have to consider as well. So Bob McEwen, great guy on this to look at what’s currently happening in Washington D.C.
Former Congressman Bob McEwen when we return, stay with us, you’re listening to WallBuilders Live.
This is David Barton with another moment from America’s history. Crime is one of America’s most serious problems today. Its affects reach not only the direct victims of its violence, but even those who have not been attacked. The concern for crime has not been limited to this century, however. Our founding fathers were also concerned about it. Yet the effects of crime unquestionably were much less and their generation.
So what was there deter to crime? Signer of the Constitution, James McHenry answered that question. He explained, “The Holy Scriptures can alone secure to society, order and peace; in vain, without the Bible, we increase penal laws and draw protections around our institutions. Bibles are strong defenses. Where they abound, men cannot pursue wicked courses.” Founding Father, James McHenry believed that widely teaching the Bible was the best means to deter crime.
For more information on God’s hand in American history, contact WallBuilders at 1808REBUILD.
Welcome back to WallBuilders Live. Thanks for staying with us. Always good to have former Congressman Bob McEwen with us. Bob, great to have you sir.
You know, it’s my honor.
Hey, man, I used to think I was good at math, but I am having trouble keeping up. I don’t know, what is Biden proposing 2 trillion, 6 trillion, 20 trillion? I mean, it’s just a trillion here, a trillion there. I can’t keep up.
Well, actually, it’s not just bad, it’s dangerous. You know, if somebody’s spending more than they should, you can see your son, he’s buying a boat, now he’s buying a trailer and he’s buying other things. And he says, well, I’m making all my payments. What he’s done is he’s made himself vulnerable, and you’ve put yourself in a bad position, that’s irresponsible to get that. But when you take on debt, he’s buying two and three different properties, and there’s no way that he can meet the payments on them, then that means is you’re going to have to sell one in order to pay the bill for the other, and the whole thing’s going to collapse on you. And that’s literally what has happened.
Now we’ve gone from having 4-6% of GDP debt to actually having a debt, expenditures as high as the GDP, and that means the gross domestic product, you take all the goods and services produced in the country, and then you have a government that large, we’ve only done that for two years, that was in 1944 and 45. But the way this guy is going, it looks as though we’re going to do it again.
But it’s not in during World War II, we had no competition: you put money in the United States, if you were a Romanian or a Czech or anybody and the Nazi tanks were running through, you took all your money and send it to America, and so that we borrowed that, and that was we could get through the time. Right now what we’re doing is just writing paper money.
One of the most vulnerable damaging things that ever happened in the history of the United States of America was October of 2015, and that’s when Barrack Obama has spent the first five years of his administration trying to convince the International Monetary Fund, all of the nations of the world to accept the Chinese Yuan is a substitute for the US dollar as a reserve currency. Now, what does that mean?
That means that if you have money in your bank, and then you want to loan it out, say you’ve got a million dollars and you’re loaning out of their money, how much do you have in reserve? And so you can either have gold, or you can have American dollars. It was the same thing. But he said he knew that the way to make America ultimately vulnerable was if you could not have American dollars, you could also have Chinese Yuan, that you could also pay them not with dollars, but with Chinese…
No, no, wait, wait, wait, Bob, you surely you misspoke. You met the president of China was pimping for the Chinese Yuan, not the president of America?
Always, always, always is exactly correct. The communists have tried since World War II. And what happened at the end of World War II, nobody wanted a Franc or a Lira, or a Pound. Nobody trusted in those European currencies. And so at Bretton Woods, the United States sat everybody right down and said look, trust them. And if you don’t trust them, then you come to us with five French francs and we’ll give you $1. You come to us with 12 or 10 Lira, and we’ll give you $1. And so then people began to trust them, because if they didn’t trust the local country, they would trust the United States of America. And the United States became the reserve currency. So if you had gold in your bank, or you had American dollars in your bank, it was the same thing. And, that drove the Russians and the communist crazy.
And so they’ve tried to undo that year after year after year for the last 70 years. But every time they make a run at it and try to get people to change, then our friends in Germany and France and Britain, the United States said no sir, no, we’re not doing that. So they would stay with us. It wasn’t until we elected Barrack Obama who from Harvard, and growing up outside of the United States as he in and Valerie Jarrett said, they bonded the first time they ever met, because they both grown up outside the United States and they saw America differently, that they saw this. They could undo that part, that America would collapse, and so economically, would be vulnerable.
And so in the very first interview with the Secretary Geithner, the Secretary of Treasury, when he was being nominated by Obama, they asked him three different times, are you committed to protecting the American dollar as a reserve currency? And he spoke volumes, volumes in response, but he never used the word ‘yes’. Because there people knew what he was going to do.
And so in October of 2015, the International Monetary Fund, the United States and that Barrack Obama had pushed to get the woman from France to be the chairman. And they voted to substitute the American dollar with the Yuan also. Now, when they left office in 2016, and Trump came in, the American dollar continue to grow because our stock market went up 55%, the stock market in China went down 47%, and that meant the Americans were secure.
Now, they’ve been out of office for 90 days. And look what they’re doing. They’re printing dollars hand over fist so that one of these days you can wake up making us vulnerable, that one of these days they can wake up and Russia and China and India and Middle East and Africa can say we don’t want American dollars anymore, we want the Chinese Yuan. And when that is, game set match. And so what is going on at this moment, is literally, the most vulnerable, destructive activity that we’ve ever faced. And not just because we’re spending more than usual, we’re spending because we’re spending to the degree to which we are now subject to losing our place of leadership in the economic world.
Wow, Bob, you’ve been around this. You know a lot of these people. How does an American essentially become an enemy of the state in this way? I mean, they are literally undermining their own nation. What is the mindset?
That’s correct. That’s correct. They are internationalist. All of that Wall Street money used to be, you and I put money in the bank, we went down there the next week, we could borrow it to get for a car or house in our neighborhood. Beginning under the George Bush administration, they began taking that money, sending it through New York, they would bundle it and then loan it to China. And so you could walk up and down the streets of your hometown in mind, and you saw empty store after empty store after empty store as our factories were moving abroad.
Donald Trump came in and said, stop it, and begin to bring folks back home. As I said, the stock market over there fell to half of what it was. And that made those New Yorkers in Los Angeles folks furious because they had invested their future in a world conference that was not American. And when he said “America First”, brother, they’re still spitting nails over it. And that’s what the fight is all about.
Wow. So that’s why they hate that term so much, that phrase so much, and that’s why…
And why you and I love it so much.
Yes, exactly. And that’s why, and I’ve heard you say this in front of groups, I mean, how it rises and falls with leadership. I mean, it literally changes the direction and course of our nation. And we’re seeing the polar opposite of a Trump administration already in 90 days, the damage that’s being done is incalculable.
And it’ll be nice if we just have people that would stand for righteousness. When I saw Jerry Jones, the Dallas Cowboys take a knee when the American flag went by and think that just how short of time ago that I sat beside Gerald Ford, a World War II veteran at the Hall of Fame parade, and every time a flag came by, which was like every 30 seconds, he stood when the flag went by, and then he sat down, then we’d be talking, and he stood when the flag went by, and he sat by. That’s what Americans did.
Now we have these billionaires who want to stick their nose in the sand. Why? Because they’re getting money from abroad, and they don’t care what happens to the US. And that’s what this risk is all about. And I’m delighted that we finally had a president like Donald Trump that was willing to stand for America. And we need to stand for him as well.
Amen. Bob, before I let you go, what do you say to all the folks out there that are saying, okay, I hear what you’re saying, what can I personally do to help turn this country around?
Well, our country is extremely vulnerable: you can walk in and take it. David Barton points out that the Fort Worth school board that went to this idea that girls could be boys and the boys could come in and wrestle with girls and squeeze their heads and all that, and they can say, oh, because I felt like being a girl today, that’s silliness.
The school board member that proposed that got 1,100 votes in a school district of 800,000 people. Now the people that want to undo America show up at the polls, we show up teaching Sunday school, mowing lawns, coaching literally and we allow them to steal our country. In answer to your question, Rick, what can we do? You need to know if you don’t know, the scripture says we’re to pray for those in authority. If you don’t know the names of the people on your school board, there’s no way that you can pray for them or be interested in instead, that’s essential for us to live peaceful lives. Yeah.
So therefore, what can you do? You can get involved in the school board, run for office, and know every one of the people that are elected to make sure that you and your friends, half of all evangelicals are unregistered to vote, make sure that you do what they are doing, the people that want to bring down your country. And if you don’t, we’re going to stand to look at those patriots who sacrificed their lives and their future and said, I didn’t even bother to do my part.
Yeah. Yeah. Well, the good news, I’ll tell you, man, I saw the results this weekend in Texas school board elections across the state, and a lot of folks that ran against critical race theory and all of this nonsense won their races. So we’re seeing some really good turnaround at the local level.
When we show up, we win.
That’s right. That’s right. Bob McEwen, God bless you, brother. Thanks so much for your time today.
Thank you, Rick, all the time.
Stay with us, folks. We’ll be right back with David and Tim Barton.
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We’re back here on WallBuilders Live. Thanks for staying with us. And thanks to Congressman Bob McEwen for joining us as always. Back with David and Tim. And guys earlier, David, when you were going through how much debt there is and how long it will take to pay it off at 123 trillion in commitments going forward, the only analogy I could think of was you got the family home, you’re 85 years old, and you decide, you know what, I’m going to somehow take out debt that’s twice the worth of the home, I’m going to spend all of it partying in my last year and hand that debt to my kids, and my grandkids. I mean that’s essentially what we’re doing. We’re buying things that our kids and our grandkids are going to have to pay for.
And Rick, as you point out that it’s something that no responsible individual, no grandparent is going to do that. Because they care about their kids and their grandkids, they care about what they’re giving.
You say, nobody’s going to do that. But I hate the bumper stickers I see on the back of RVs where says, “I’m spending my children’s inheritance”. I mean, there’s a mindset that says I’m going to do that. And the Bible, great verse is Proverbs 13:22, it says a wise man leaves an inheritance to his children’s children. You should be thanking two generations ahead. And you’re right, Tim, no wise responsible adult is going to do that to their kids. But we’ve got a lot of irresponsible people.
Well, and it’s one thing too, to say that even this bumper sticker, I’m going to spend my grandkids inheritance. Okay, it’s was one thing to be said, if you made that money, and you choose to spend it, you do have that choice to do. But you would not be in the category of what the Bible says makes you a good person. Because a good person doesn’t just leave an inheritance to their children, it leaves to their children’s children.
And one of the things that Congressman McEwen pointed out is when you start purchasing more stuff than you’re able to pay for, it will collapse on you. Right? Which is kind of the point, Rick, of what you were saying when you are now going to take out a loan and it’s worth twice the value of the house and then you spend it all. That’s going to collapse down. And in this situation, not only does it impact the grandparent, it impacts the future generations. And that’s what we are seeing happen. The irresponsibility of the spending is going to have an impact on future nations. And guys, super fascinating, I did not realize that the US government was considering the Chinese Yuan as a viable option instead of the US dollar.
Yeah, it’s crazy what’s happening with China. And Bob made the comment, and he says that when you get into debt, you make yourself vulnerable. And one of the things is when you get into debt and things start to collapse, you say, hey, we need some money, who can loan it to us? Right now, this is how China is owning most of Europe. They’ve gone in and said, hey, we’ll pay your debt. And so what’s going on in Italy, what’s going on other countries, China has paid their debt. China’s now building infrastructure and highways and roads throughout Europe, because the European nations got into debt and needed help. China owns them.
And so we know from Proverbs 22:7 that the Bible says that the borrower is servant to the lender, in other words, you really kind of become the slave of the person who holds your note. And China would love to hold the note of the United States and we just gave them ways to do that. So it’s unbelievable that we have China who is a global enemy, who wants to see us defeated, and we’re giving them economic standing, and we’re looking to have them help pay off our… Crazy.
Well, and not just having them help pay off our debt. But where you are seeing, under President Trump, there was an “America First” policy, that we’re going to do what’s best for America. But what we’re seeing for many politicians is they don’t want America to be a leader. They just want America to be one of many leaders on the global stage. And this is why we’re saying that, hey, it doesn’t have to be American dollars, use the Chinese Yuan. And, and China now does have a lot of us debt.
And this is something we’ve talked about for a long time over various programs, and in many conversations off air. That if China calls on that debt, and we’re not able to pay it, which right now we don’t have the assets to pay it, at least not the monetary assets, so what would they do? They say, okay, well, then we’ll take all of your destroyers, right. You can pay us off with destroyers or we’ll take Alaska. There would be something that would not be beneficial for America for these communist nations to then have control, because…
Let them take Texas, they might give it back after they’ve had it for a while. I mean, that might be one they didn’t want keep.
Well, yeah, suggesting that the Texas would not be very conducive to communism. And unfortunately, there might be some major cities that would embrace that. Nonetheless, the notion that if China calls its debt, America doesn’t have a really good way to pay for it, this is something that also when people are in favor of America being just one of many players in a world stage, they don’t understand that not every nation has the same morals, the same ethics that America does, where even though America has drifted very far off its biblical foundations, moorings and roots, we still generally believe in basic biblical principles, that you should treat other people the way you want to be treated, that you shouldn’t be selfish and help other people and the Good Samaritan.
And there’s some basic values that you are taught. Now not everybody lives according to that, obviously, but those are still central values to America. And in the midst of that, those are values very contrary in communist nations, that the communist ideas and regime is something that is fundamentally destructive.
So when Americans are suggesting that we should not promote American values and ideals anymore, and instead, let communists come in, and let communists be the ones now in charge, ruling over things, that is way more destructive than most people realize, because they don’t understand what communism does and where that ideology and regime comes from. And this is part of what Bob pointed out that the internationalists are ultimately destroying America, because they care more about the world than they do America.
And this is where President Trump did a very good job of recognizing the role of any government leader is to take care of their people first. That is where it starts. You start with your people, and then you take care of other people outside of that. It starts with America first. And right now our government’s not doing a very good job of that.
And again, get that mp4, get that DVD of Bob McEwen “Politics: Easy as PIE”. It really helps lay the background for what we’ve been talking about today.
And we’ll have links today at wallbuilderslive.com, so you can check out “Politics: Easy as PIE”. Be sure to share this program with your friends and family. Tim, so right, we’ve got to teach these things. We’re allowing the communist idea of how our culture should work to be taught in our schools. We’ve got to counter that. And you can do that by sharing the truths that you learn right here on WallBuilders Live. So visit that website today wallbuilderslive.com, share the program with your friends and family and become a force multiplier to help save our constitutional republic.
Thanks so much for listening. You’ve been listening to WallBuilders Live.