Economy on the Joe Rogan Experience

“the problem in America and I talk about it in a section in the book, is not income inequality but income equality. If you look at the bottom 20% and compare th…”

Dr. Phil claims that only 5% of the bottom income quintile in America works full-time compared to 95% of the middle income quintile, and that welfare benefits erase most of the income gap between them.

“And then they spent $5.5 trillion counting stimulus checks, unemployment, extended unemployment benefits, $4.4 trillion of which went into savings and checking…”

Dr. Phil claims the government spent $5.5 trillion on COVID stimulus and unemployment benefits, and that $4.4 trillion of that ended up in Americans' savings and checking accounts, proving it wasn't needed.

“We don't talk about it in the corporate media. 60%, 60% of Americans are living paycheck to paycheck.”

Sixty percent of Americans are living paycheck to paycheck.

“You got the top 1 percent owning more wealth than the bottom 93%. You got CEOs, large corporations making 350 times what their workers make.”

The top 1 percent of Americans own more wealth than the bottom 93 percent, and large-corporation CEOs earn 350 times what their workers earn.

“You got three Wall Street investment firms. Blackrock, you're familiar with Blackrock, their child. Vanguard and Sage Street. Exactly. Yeah. Check it out on Go…”

Three Wall Street firms, BlackRock, Vanguard, and State Street, are combined the major stockholders of 95 percent of American corporations.

“the United States is really 37 trillion dollars in debt we can't sustain this”

The United States is $37 trillion in debt.

“wages are actually lower now than they were 52 years ago. Okay? And during that same period, period is a massive transfer of wealth from the bottom 90 percent …”

Inflation-adjusted wages are lower now than 52 years ago, alongside a massive wealth transfer from the bottom 90 percent to the top 1 percent.

“You have one man, Mr. Musk, owning more wealth than the bottom 52 percent of American families. One man, 52 percent of American families.”

Elon Musk owns more wealth than the bottom 52 percent of American families combined.

“So I took it from almost 40% down to 21%. Now I'm bringing it from 21 down to 15, but only if you make your product in the United States, which is great. Peopl…”

Trump claims that cutting the corporate tax rate from ~40% (35% statutory plus state) to 21% increased federal revenue in the first year compared to before.

“That will cost $2.2 trillion... We do this through a tax on Wall Street speculation, which will bring in $2.4 trillion. We bailed out Wall Street 11 years ago.”

Sanders claims cancelling all student debt and making public college tuition-free would cost $2.2 trillion, fully funded by a Wall Street speculation tax projected to raise $2.4 trillion.

“I'm for having countries pay us billions and billions and trillions, even dollars. I took in hundreds of billions of dollars from China. Nobody took in 10 cent…”

Trump claims he personally took in hundreds of billions of dollars from China via tariffs, something no other president ever did.

“AI is going to draw more electricity than anything else in the United States, more than steel production. Ok. Used to.”

Carlson claims AI data centers will become the single largest electricity draw in the United States, surpassing what steel production used to consume.

“Well, they've had massive results. They've increased the homeless population dramatically. If you pay for something, you get more of it.”

Carlson claims California's homelessness spending directly caused a dramatic increase in the homeless population, framing government aid as the driver.

“Retail and sales, 30% of malls are closing in the next four years. So the danger here is to think of it as artificial intelligence is coming.”

Yang claims 30% of American malls will close within four years (from 2019).

“the roosevelt institute studied this plan of everyone getting a thousand bucks a month and projected it would create two million new jobs and grow the economy …”

Yang cites a Roosevelt Institute study projecting UBI would create 2 million new jobs and grow the economy by 8-10%.

“a value-added tax at even half the European level generates about 800 billion in new revenue. And that gets you all the way there.”

Yang claims a VAT set at half the European average rate would generate about $800 billion a year in new US federal revenue, calling it the final piece needed to fund his $1,000/month universal basic income.

“amazon's getting 20 billion dollars of commerce every year and is now tipping your malls and Main Street stores into oblivion”

Yang claims Amazon generates $20 billion a year in commerce that is driving mall and Main Street closures.

“we're spending about $1.5 trillion right now on 126 welfare programs”

Yang claims the US currently spends $1.5 trillion a year across 126 different welfare programs.

“Over the last 30 years, the top 1% has seen a $21 trillion increase in their wealth. The bottom half of America has seen a $900 billion decline in their wealth.”

Sanders claims that over the last 30 years the top 1% gained $21 trillion in wealth while the bottom half of Americans lost $900 billion.