The National Debt Hits $35 Trillion – How Bad Is It Really? | I Allegedly

➡ The speaker discusses various issues including the financial struggles of Columbia sportswear and a Miami condo project failing its 40-year certification, leading to potential bankruptcy. He also mentions the rise in injuries from electric bikes, job losses due to a carpet store going out of business, and half-built houses being torn down in Essex. Lastly, he talks about McDonald’s admitting their food is too expensive, and the potential impact on their business.

Welcome back to I Allegedly. I am Dan and I’ve got a good one for you today because today’s a glorious day. It is fantastic. Think about this. We are mathematically about to hit 35 trillion dollars in deficit and man oh man some people are truly worried, some people don’t care, some people just don’t think about it. But we get a lot to cover today and with that, don’t forget to share the video, don’t forget to comment in the video, let me know your thoughts, but got some good ammo on this one because you know as the Fed makes their announcement today and we’re all supposed to be happy that interest rates are not going to go up and that you know September is going to be this glorious day, it is ridiculous guys.

We have a huge problem and that our national deficit, the debt that we owe, is at 34.99 trillion dollars which is 35 trillion dollars guys and I this is concerning to JP Morgan. One thing that you guys can do that you may want to look at is no matter what industry you’re in or you want to be in there are newsletters, there are ways to get a hold of people and one thing that I have learned is especially rich people, rich people have you know things that we can use as tools and JP Morgan has this thing called a market update and it’s for private banking which I’m not a private banking member at JP Morgan.

So these newsletters get sent out to the rich people and when they get these newsletters sent out then they sit there and then they they comment and you really do learn inside of where people are at right now but I want you to talk about this because the title of this thing which this is below how worried should you be about the US debt and deficit you know pretty worried because here’s the thing if you have a business or if you have a person that is riddled with debt and they are tapped out and they are at the end of their credit line that limits what they can do because they’ve got to spend their money to satisfy the debt, to service the debt, pay the interest payments.

I have a friend we’re talking about her finances and she said, “You know, this is killing me every month.” And that’s what people have to look at; it’s what you have to deal with when you have these situations. It’s no different for the United States of America when you look at how we owe all this money right now; it limits everything that can be done. But when you talk to the wealthy people at JP Morgan, you know, the market update they say is like watching paint dry.

But what risk do high levels and wide deficits really pose? Well, what it poses is that high debts and high deficits limit fiscal flexibility. You can’t do other things right now; our country makes it so that all we do is pay debts. We can’t innovate, we can’t defend ourselves, and it makes it worse by doing this. And again, you’re not supposed to think about this, you’re not supposed to worry about this, but this is a concern.

I am telling you, the Dave Ramsey way of life, and my brother David for that matter, it really gets down to living debt-free. And to do that, you have to have sacrifices or you just get a lot of winning, you know, and you just don’t have to worry about it. But that’s not how it happens to most people; they make their riches over time. So with that, you have to look at ways to cut back.

Our country is in real trouble as a result of this, but these high debt levels could increase borrowing costs. Yeah, I mean, this is crazy when you read this, but guys, no one’s talking about this. This is why you’re seeing things like gold and silver spike up again. If you have any extra money, buy gold, buy silver, especially silver right now because you’ll be able to sell it very quickly. And if you buy it for thirty dollars an ounce and it goes to fifty, you’ve made a tremendous amount of money on that.

So something to think about when it comes to this stuff. But this is concerning, guys, because people just cannot afford to live in this fashion anymore. A couple of things I want you to think about that are pretty wild, and that is Fresno Falls Cafe—oh, excuse me, Somebody Calls You Somebody Falls Cafe in Fresno is a restaurant, and Manny Perales owns this. Manny’s been paying about a thousand bucks a month for his electricity. Well, not so fast; in the last two years, he just got hit with an electrical bill increase and it’s $21,000 a month.

Hey, you guys wonder why a bacon, lettuce, and tomato sandwich is $18? That’s it; this guy’s gonna have to close certain days just to get by, but he’s done, guys. It’s double his rent; this is what people don’t get. This is where businesses are getting destroyed right now. Where do you get $21,000 from when you paid a thousand before? Seriously, do you have a $45 cheeseburger? Enjoy it.

It doesn’t work, guys; you cannot make enough money when you own a restaurant right now. It is absolutely terrible. That story is below too, but when you hear these figures, it makes people sit there and realize that there’s a real problem. There’s a real problem everywhere right now. Now, here is the thing that floored me, and I want you to think about this: the IRS agents that are out there.

There’s a great story below about how 5,000 IRS agents and contractors owe nearly 50 million dollars in unpaid taxes. So, wow, guys, I mean, this is the place to work because what I’ve been told in the past is if you’re an IRS agent, you can’t owe money. You have to live a life that’s, you know, squeaky clean, and you can’t owe them any money. And they’ve got 5,000 people that owe 50 million dollars and haven’t paid taxes.

They have people that are on payment programs that are not making their payments. Isn’t that wild to think about? So something to think about, guys, and again, I joke, yeah, go work at the IRS if you owe money. Go work there; they generally don’t hire people that do that. They generally fire people who do this, so this is a different world that we’re living in right now.

Stop-and-shop Connecticut just announced a bunch of closures. They’re going out of business. These stores are having trouble; people are not spending the money, even on these small stores that are quick-stop type stores where you go in, you drive in, let’s get a coke, let’s get chips, let’s get the lottery tickets, and go on our way. I don’t spend the money right now, guys. I’m telling you, I’ve thought about this, and as I preach this stuff, I really don’t spend the money like I used to like that.

I just don’t. When I go out, I have my meetings and I’ll have a lunch meeting or whatever, but I mean, I eat at home a lot now. I’ve been buying groceries like the UK people have recommended that I do, where you buy what you’re gonna eat that day, and it works great. You don’t waste food, but these small convenience places that people go into, people don’t have the extra money right now.

That’s a huge problem with that. And the other one was TD Bank. TD Bank in Massachusetts is announcing major closures where they’re gonna start closing more branches. And you’re gonna see this, you’re gonna see more banks that are just gonna close branches down because things are not good. They want to get to more of a digital banking, which we all hate.

Let’s face it, nobody wants to deal with digital banking when you walk into a bank. “Oh, hey, let me help you with your deposit.” “Just put it in the ATM.” “Will there be a hold on it?” “Well, I don’t want it.” “Whatever, I want cash back.” “Well, how much cash do you need back?” “Why don’t you take that, put the deposit in, and take the cash out of the ATM?” “No, no, you know what? I want a teller to help me with this.”

And you want to have a good bank right now, have customer service for the little guy, because man, it is just dwindling down. But read the letter to private banking, and this is the other thing. I don’t care what industry you’re in. If you sell roofs, if you sell termites, if you sell boats, there’s industries for everything. The banking industry has tons of resources that you can get that are totally free that are basically insider-type stuff.

But it tells you news and what’s going on. Real estate lenders, I’m telling you, there’s just so many different resources that you have out there. And I always tell people to look for this stuff because it’s absolutely fantastic to get things like this. But the private banking—send it, guys. Send it over to us if you guys have anything like that, that you think is good and relevant, and I’ll share it with the audience.

But let me know what you think about that. I love coming out here to Newport Beach by the park. You’ve got the—you guys saw the lighthouse behind us. It’s just really nice, a great place for kids. There’s a restaurant right here, Lighthouse Cafe, that’s pretty cool. But remember, I filmed the other day, and right where I’m pointing, right there, was where I was at the other day with the other side of the boats. Just a beautiful spot though.

Okay, so let me know what you think so far. Now, a couple of things that are concerning, and that is you have people out there in certain industries that are taking huge hits. Columbia Sportswear, they sell hiking gear, they sell the pullovers—they’re great, I love them. They just announced their numbers for the last quarter had a 12 million dollar loss. Guys, people are not spending the money on hiking and camping gear.

I’m trying to think, I have like one of those pullovers someplace, and they’re great, they’re fantastic, but you don’t buy much of them. But also, right now, do you want to go hiking? Do you want to spend this money right now? So no. Next thing, Dr. Marvin sent me, and this is what you’re going to hear more and more of right now, and this is really concerning.

A condo project, Aventura in the Miami area, failed its 40-year certification. So the homeowners that are there are like, “Wait a second, we’re paying 1,100 bucks a month for our HOA dues.” So they’re paying $1,100 a month. They’re bringing in—the HOA—think about this figure—654 units are bringing in 8 million dollars a year. 8 million bucks a year. What are they spending the money on? They’re not spending it on doing improvements.

They got a notification letter from the city that they better fix this place between now and November. What happens if they don’t fix it? The HOA doesn’t fix this? Are they gonna go to the homeowners and say, “Hey, yo, it’s another 200 grand each?” They should be furious. I think that these things are mismanaged. I think that they’re paying huge salaries and things like that.

But imagine this: just pay $1,100 a month and you find out that your HOA doesn’t pass certification. You’re gonna see more and more of this. You’re gonna see so many homeowners associations that are gonna go bankrupt too. But you’re gonna see these condos where people are gonna unload these condos because of the fact that this work was never done. They start getting letters back in 2022 about, you know, corrections they needed to make. It’s not like they’re broke. It’s not like, “Hey, no one’s paying us,” and they didn’t do the work.

So that’s concerning. I would be furious over this. Beautiful boats out here today. So let me know what you think about this because you haven’t seen anything yet, guys. You’re gonna see so much more of this. All these businesses that are affected, the hiking industry, the extracurricular activity out there is a real problem. You know, the other thing that I get a kick out of is mountain bikes and these electric bikes.

Kids ride these things; they go 40, 45 miles an hour, and the injuries have gone through the roof. And again, when I dated the nurse, the one thing she said is, “Don’t fall after 50. Do yourself a favor. Don’t do anything that’s gonna make you fall. Don’t jump out of a plane, don’t parasail, don’t bungee jump, don’t ride an e-bike.” Now, there’s some people that like to ride motorcycles, but most motorcycle riders do it responsibly with helmets and leathers and protect themselves, and still fall and get hurt.

But these e-bikes, the injuries that you see inside of the emergency rooms have just gone up exponentially, and the injuries are horrible right now. So don’t ride those things, guys. Wear a helmet. “I don’t look cool wearing a helmet.” Okay, remember that. Does this stuff, I mean, you know, it’s funny when you’re 25 and you fall, you sprain an ankle or something, and two days later you feel fine. You don’t want it at 50. Look at my hair do this. It can’t handle wind. Okay, I think I want to break a leg? Come on, guys. I’m gonna finish this video with these last couple of stories.

And Stephen from the UK came through again, sent me something from the Daily Mail and the Mirror that are fantastic. But this is gonna come here too. Carpetright was the carpet store that was their original company. We talked about a few weeks ago how they were going out of business. Now the damage is done, guys. You have thousands of employees, like 1,100 employees, that are losing their jobs. You have hundreds and hundreds of customers right now that cannot get their jobs completed, cannot get their deposits back, and the company most likely is going to be in their form of bankruptcy called administration.

Now, speaking of administration, there was a housing tract there, and I’m telling you, you’re gonna see this. The second part of this makes no sense. 141 houses get built in Mountain Grange, it’s what it’s gonna—Meadow Grange is what it’s going to be called—in Essex. It was going to be this nice community with 141 houses. Now here’s what’s crazy about this: the 141 houses are half done. Just gonna rip them down. Can’t find somebody to complete it, can’t get a loan to complete it, done. So they’re just gonna rip it down.

Now the people in the neighborhood are completely upside down, totally furious about this. The only time I’ve ever seen this, guys, remember the movie Lethal Weapon 3? The third one, okay, 1992. Anyways, Mel Gibson, there was a housing tract, I believe it was Lancaster, California, that wasn’t complete, and the movie company bought it and burnt the place down. That’s the ending of the movie. Check it out, go watch that movie again, and you’ll see this.

Now here’s one thing that also came out about McDonald’s, and I’m gonna finish this video with this. They announced their final numbers and they said, “Yeah, we have a problem with perception.” You know, they’re gonna have the new McArch, which no one cares about. No one cares about a new McDonald’s hamburger out there. But we’re too expensive right now. Imagine McDonald’s saying that, admitting that, that they’re too expensive. They are, and it’s crap food.

So I think that’s needless to say, you’re not gonna see the Golden Arches logo on an I Allegedly video anytime soon. But guys, come on, sign of the times. So all this new construction, isn’t it wild? See how they have to wrap that house when they do the construction down here so there’s no dust for the neighbors? The headache at the beach communities.

Anyways, comment, like, subscribe. Let me know what you think, and hey, listen, 35 trillion dollars, it’s no big deal. Write your, you know, your fair share. Write a check today. Send it to hello at I Allegedly, okay? I’ll see you guys soon. Check your email if you’re on the email list. Make sure you check your spam filter. I’ll see you guys soon.

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