America's Greatest Challenge: $35 TRILLION DEBT CRISIS
Summary
TLDRThe transcript discusses Biden's proposed budget for 2025, highlighting an 18% increase from 2023 and a projected deficit of 1.78 trillion. It emphasizes the growth in national debt and interest payments, suggesting that addressing entitlements, defense spending, and taxation is critical. The conversation points to the challenges of managing federal spending and the impact on the economy, proposing potential areas for savings and the need for a multi-decade effort to change the dependency on federal spending.
Takeaways
- ๐ Biden's proposed budget for fiscal 2025 is $7.3 trillion, marking an 18% increase from 2023.
- ๐ฐ The projected deficit for 2025 is $1.78 trillion, averaging a yearly deficit of $1.6 trillion over the next decade.
- ๐ National debt is currently at $34.5 trillion, with interest payments on the debt set to increase significantly.
- ๐ The budget highlights a need for conversation on both spending cuts and revenue increases through taxation.
- ๐ธ Defense spending has grown modestly, while entitlements, interest payments, and non-defense spending have surged.
- ๐ Potential savings could come from changes in Medicare reimbursements for chronic disease treatments.
- ๐ฐ Shifts in defense spending towards unmanned vehicles and cyber initiatives could lead to significant savings.
- ๐ Economic studies suggest that increasing taxation beyond 20% of GDP can lead to negative GDP growth.
- ๐จ The current economic model is heavily dependent on federal spending, with a large portion of the labor force directly employed by or benefiting from the government.
- ๐ฆ Strategies to address the budget deficit include freezing federal spending and reevaluating entitlement programs.
- ๐ Countries with higher debt-to-GDP ratios have not necessarily faced economic failure, suggesting a complex relationship between debt and economic performance.
Q & A
What was the proposed budget for fiscal 2025?
-The proposed budget for fiscal 2025 was 7.3 trillion dollars.
How does the proposed budget for 2025 compare to the budgets from 2005 and 2015 in terms of defense spending?
-Defense spending has grown modestly during the period from 2005 to 2025, but entitlements, interest payments, and non-defense spending have increased significantly.
What is the projected deficit for fiscal 2025?
-The projected deficit for fiscal 2025 is 1.78 trillion dollars, which is similar to the deficits experienced in 2023 and 2024.
What is the current national debt of the United States?
-The current national debt of the United States is approximately 34.5 trillion dollars.
How much interest will the US owe on its debt in the next fiscal year?
-The US will owe 965 billion dollars in interest on its debt in the next fiscal year, which is 65 billion dollars more than the proposed defense budget.
What is the projected average deficit per year over the next decade?
-The budget projects an average deficit of 1.6 trillion dollars per year over the next decade.
What are some potential areas for budget savings?
-Potential areas for budget savings include changes in Medicare reimbursement for certain drugs, and a shift in defense spending towards unmanned vehicles and cyber defense, which could save between 500 billion to a trillion dollars.
What is the concern regarding increasing taxation levels?
-The concern is that when taxation levels increase north of 20% of GDP, GDP growth can go negative, leading to a spiraling problem where government spending needs to increase to support economic growth, creating a dependency on government spending for economic stimulation.
What was the government's spending as a percent of GDP during the Clinton surplus years?
-During the Clinton surplus years, government spending as a percent of GDP was around 18.8%.
How has the spending level changed since the 2008 financial crisis?
-Since the 2008 financial crisis, spending levels have increased significantly, reaching up to 25-30% of GDP during the COVID-19 pandemic, and while it is starting to come down, it remains higher than the pre-crisis levels.
What is the proposed solution to control the budget deficit?
-One proposed solution is to freeze federal spending at its current levels until the federal net outlays as a percent of GDP decrease to 20%.
What is the projected population growth for the United States by the end of the century?
-By the end of the century, the United States is projected to have a population of around 400 million individuals.
Outlines
๐ Fiscal Analysis of Biden's 2025 Proposed Budget
The paragraph discusses the details of President Biden's proposed budget for 2025, highlighting the total amount of $7.3 trillion, an 18% increase from the 2023 projected deficit. It compares this budget with those from 2005 and 2015, noting the modest growth in defense spending, while entitlements, interest payments, and non-defense spending have seen a significant increase. The discussion also touches on the national debt, which stands at 34.5 trillion, and the projected average deficit of 1.6 trillion per year over the next decade. The paragraph emphasizes the need for alternative solutions due to the difficulty in cutting expenses, suggesting a conversation around revenues and taxation.
๐ฐ Addressing the Dependency on Federal Spending
This paragraph delves into the challenges of addressing federal spending, emphasizing the need to freeze spending rather than increase it. It highlights the increase in spending during the COVID-19 pandemic and suggests that the current spending level is unsustainable. The discussion includes statistics on the number of Americans employed by the federal government and those benefiting from it, suggesting a significant dependency on federal spending. The paragraph also touches on the idea of a dedicated multi-decade effort to unwind this dependency, expressing concern over the shift from a lightweight overseeing organization to a more dominant economic player.
๐จ The Impact of Federal Spending on the Economy
The focus of this paragraph is on the impact of federal spending on the economy, discussing the idea of a ceiling on how much can be extracted from an economy, suggesting a cap on federal spending at 20% of GDP. It explores the concept of an optimal tax code to achieve this target revenue and the historical context of tax rates and government receipts as a percentage of GDP. The paragraph also addresses the issue of special interests influencing federal spending and the lack of productive economic value created by certain types of federal spending, such as defense contracts.
๐ Economic Dependency and the Future of Social Security
This paragraph examines the economic dependency on federal spending, particularly in areas such as housing, healthcare, and education. It discusses the inflationary effects of government subsidies in these sectors and the need for reform. The conversation turns to the future of Social Security, with suggestions on adjusting retirement age and benefits, and encouraging earlier participation in savings programs like 401(k)s. The paragraph also mentions the distribution of wealth and the potential for individuals to opt-out of Social Security if they do not require it.
๐ Robin Hood's Incentives and Generosity in High Stakes
The final paragraph shifts focus to discuss incentives in financial services, specifically highlighting a promotional offer by Robin Hood. It mentions a gold card promotion and the company's strategy to provide a full suite of financial services. The conversation also includes anecdotes about generosity in high-stakes poker games and the culture of tipping in various settings, emphasizing the human aspect of financial interactions.
Mindmap
Keywords
๐กBudget
๐กDeficit
๐กNational Debt
๐กEntitlements
๐กInterest Payments
๐กTaxation
๐กGDP
๐กFederal Spending
๐กSpecial Interests
๐กEconomic Growth
๐กDependency
Highlights
Biden's proposed budget for 2025 is $7.3 trillion, an 18% increase from 2023.
The 2025 budget projects an average deficit of $1.6 trillion per year over the next decade.
The national debt is currently at $34.5 trillion.
Defense spending has modestly increased, while entitlements, interest payments, and non-defense spending have significantly jumped.
The US will owe $965 billion in interest on its debt next year, which is $65 billion more than the proposed defense budget.
By 2026, the US is projected to surpass $1 trillion in interest owed on its debt.
There is a need to discuss alternatives to address the areas of spending that continue to grow uncontrollably.
The conversation may need to shift towards revenues and taxation to address the budget deficit.
Economic studies show that increasing taxation levels beyond 20% of GDP can lead to negative GDP growth.
Federal spending as a percent of GDP was around 18.8% during the Clinton surplus years.
During the COVID-19 pandemic, federal spending increased to 25-30% of GDP.
There are about 3 million Americans directly employed by the federal government.
Federal spending flowing into the economy is about $3.5 trillion a year.
Approximately 50 million people in the US rely on Social Security.
There are 12 to 20 million people in the US paying more than a 50% tax rate.
Federal spending levels have created a significant dependency on the government for a large portion of the labor force.
The federal government has become the primary customer or employer for much of the labor force in the United States.
There is a need for a multi-decade effort to unwind the deep dependency on federal spending.
Federal receipts as a percent of GDP have historically not gone above 20%.
The US debt to GDP ratio is still relatively reasonable compared to other countries.
The US is the only Western country forecasted to grow at reasonable rates above replacement population.
Transcripts
all right so let's break down Biden's
proposed budget of
2025 proposed budget was 7.3 trillion
for fiscal 2025 that starts in October
of 2024 it's up 18% from 2023 projected
deficit 1.78 trillion which is similar
to the deficits we ran in 23 and 24 the
budget projects an average deficit of
1.6 trillion per year over the next
decade national debt as uh freeberg was
alluding to is in say it's at 34.5
trillion but we made some charts here to
go through all of this let's pull up the
first chart and this is comparing
Biden's proposed budget in 2025 with
budgets from 2005 and 2015 defense
spending has actually grown pretty
modestly during that time but
entitlements interest payments and
non-defense spending have jumped
significantly us will owe 965 billion in
interest on its debt next year that's 65
billion more than the pros defense
budget
and in 2026 the US will surpass 1
trillion on interest owed on its debt
and we'll talk about that more in a
minute but let's start here with this
first chart anything jump out to you
chth here that's notable and worth
discussing all the areas that we need to
cut we can't even have a conversation
about so they'll never get cut and
they'll keep
growing so I think that we probably need
to figure out what the alternatives are
so if you can't have a conversation
about expenses the only logical place is
to have a conversation about revenues
and what that means for the government
is in
taxation and so I don't know Jason what
we do
here there could be a couple of saving
Graces so there are some things
happening for example on the Medicare
side that could be profoundly disruptive
they are now I'm not again I'm just
going to put this out there as it's
happening I don't know if it's good or
bad but they are looking at reimbursing
things like wovi and OIC and whatnot if
you look at the underlying costs of
those kinds of chronic diseases diabetes
heart disease
Etc and you put a large swwa of the
American population on those drugs the
reimbursement value of those drugs
versus the cost of actually The Chronic
Care Management would save you many
hundreds of billions of dollars a year
so that's something second is on the
defense side there's a large portion of
that budget that's migrating away from
traditional tactical Warfare to things
that are unmanned vehicles and cyber and
whatnot that could save two or300
billion dollars there so there are
places where you could save 500 billion
to a trillion
dollars but I think it's going to be a
almost impossible conversation and it'll
happen by accident so then the only
forced conversation that I think we are
going to have as a society is around
Taxation and that's really bad
for you know a lot of people that don't
believe that's the path to generating
growth one of the challenges is that
there are and and we should reference
these in the show notes Nick but there
are well researched economic studies
that show that when a government tries
to increase the taxation level north of
20% of GDP of that economy that you
actually see GDP growth go negative that
there's a certain natural equilibrium on
which you can tax the system beyond that
level investment dollars go down and
growth begins to shrink and that's what
triggers the spiraling problem because
then the government spending needs to go
up to continue to grow and support
growth in the economy and it creates
this inevitable totally spiral L would
you call this the Atlas Shrug the Atlas
Shrug effect is investment goes down
there's a Fred chart yeah showing
percent of GDP that's federal tax
receipts and then percent of GDP that's
spending exactly and and then the Gap is
your deficit okay and freeberg is right
that I think in the absolute best
economy or best years of the best
economy so it's like you know the best
year of the Reagan boom and the best
year of the Clinton boom when we had the
government surplus I think the
government was extracting just shy of
20% of
GDP and in the 70s when marginal tax
rates were at 70% so before the rean tax
Cuts we were actually extra extracting a
lower percentage of GDP so there's only
so much blood you can get from a stone
if you raise tax rates on a marginal
basis high enough the economy performs
worse and you actually end up collecting
less or people spend a lot more money on
lawyers and accountants to basically
figure out more structuring schemes to
avoid paying taxes so the years in which
we've got the highest percentage of
Revenue out of the economy are in good
economic years where we've had
reasonable levels of Taxation as opposed
to the highest levels of Taxation and so
the problem is with the spending I mean
we used to be able to keep spending to
somewhere
between i' would say in the best years
of of the years of the Clinton Surplus I
think spending as a percent of GDP was
like
18.8% it's around
20% of GDP goes to federal spending
that's that was normal we but then the
spending got out of control during covid
and it went up to like 25 30% of GDP
went to federal spending it's starting
to come down but it's still way too big
a number anyway my my point is that a
starting point for dealing with next
year's budget is free spending just
freeze spending you know the 18%
increase is not a good idea if we want
to get this problem under control freeze
the spending we can talk about taxation
but you're only going to get so much
blood from a stone an increased spending
is stimulatory and so works well in an
election year I would say we took two
major crises and we had crisis level
spending and then we normalized that
spending and allowed it to carry forward
starting with the 08 financial crisis
with our monetary policy and then being
accelerated with covid and and our
fiscal policy I'll give you guys I I did
some back of the envelope math I'm sure
there are economists who have done a
better job of this than I there are
directly three million Americans that
are directly employed by the federal
government there's 167 million workers
in the US so 3 million are directly
employed by the federal government if
you take the rest of the federal
spending that flows into the economy
it's about three and a half trillion a
year and assume 30% of that Capital goes
to equity holders and businesses that
own businesses that benefit from that
spending and the rest flows through to
labor that's about 133% of GDP flowing
through to labor and assuming average
annual income that's another roughly
4550 million people that are directly
benefiting that are directly earning
income because of federal spending
there's another 50 million people in the
US that rely on Social Security and
here's another important statistic
there's somewhere between 12 and 20
million people in the US that pay more
than
50% tax rate today so those people are
effectively working for the federal
government because half of their their
income goes back to the government so
when you add this all up there's there's
over 100 120 million people in the US
that are directly working for or getting
paid by the federal government in the US
that is such a significant percentage of
our economy that is such a significant
dependency on individual income on a
federal
government it I I don't want to use the
term socialism but the the ability for
us labor to earn is so largely dependent
and largely driven by federal spending
at this point it becomes this critical
Lynch pin to enabling progression
economically to enabling the labor force
to continue to participate that the
federal government is now the primary
customer or employer of most of the
labor force in the United States today
that is a deeply and profoundly
different circumstance than what I think
the founding fathers envisioned when the
federal government was supposed to be
this
lightweight overseeing organization of a
Federated Republic of states and
unfortunately I think we find ourselves
in a condition as Jamal points out
that's very hard to get out of this is
going to require a dedicated multi-
deade effort to create a slow unwinding
from this deep dependency that our labor
force has on federal spending and I I'm
just like so shocked that this isn't the
the critical problem of our day that
we're not all spending time on folks
have pointed out that this only goes one
way at this point hey Nick can you bring
up that first Fred chart this is federal
receipts as percent of GDP and it goes
all the way back to World War II to
freeberg point we've never gone above
20% look at that and we've had tax rates
as high as 90% I'm saying top marginal
tax rates as high as 90% I think after
World War II because we're trying to get
out of the deficit that was created by
the war spending you can't get above 20
yeah exactly the economy shrinks no but
hold on the the I I gave you this oecd
report it says that since 2000 we've
been in the mid 20s and the oecd average
is 34 in terms of tax to GDP tax to GDP
is this this includes state and local
then
right probably yeah yeah I just showed
Federal I think this probably includes
state and local which by the way is a
whole another BWI because I didn't
include those numbers in my employment
statistics the US Bureau of Labor
Statistics estimates that about 20.2
million Americans are employed by local
and state governments directly employed
by local and state government so again
when you add this all up the majority of
the US Labor Force is employed by the
government or is a beneficiary of the
government as the primary customer or is
supported by government entitlement
programs if you go back to that Fred
chart for a second I mean if you if you
basically acknowledge the point that 20%
is the ceiling on how much we can
extract from an Economy based on 80
years of data okay with all sorts of
differing tax schemes then I think what
we should say is that federal spending
will be capped at 20% of GDP yeah we
should you see what I'm saying like if
we can't goove 20% on receipts cap cap
federal spending be a constitutional
amendment right that's it and then and
then on the revenue side we should say
what is the best tax code to achieve
that 18 19 20% because what we do right
now is we just say well just tax the
rich but what we've seen is we've been
taxing the rich as high as 90% in the
past and you didn't get more Revenue so
we should be much more scientific about
saying well given that our Target is
let's say 20% what's the best way to do
that and no one really has that
conversation no none of the
conversations have to do with data or
building a a bulletproof system the same
thing we could say about immigration
where we try to talk about the numbers
here of what's a reasonable number of
people and tying that to an actual
number um and it's pretty obvious we
should have one immigration policy when
we have 5% unemployment and a different
one if we had
God forbid 15 or 20% unemployment can we
just say TI to the unemployment rate the
fundamental structural problem I'm
highlighting is that we've created an
economy that is so deeply dependent on
federal spending that the federal
spending levels are what support so many
employed and so many companies in the US
you're answering your own question
that's why I can't stop right I don't
think the real economy that creates all
the Innovation and all the value and all
the the the good paying jobs I think
that is separate from the deflationary
economy that's the that's the true
market based deflationary economy the
problem is once we've layered in all of
these layers of dependency from federal
dollars flowing into businesses or into
people's pockets it's very difficult to
back out of that I don't call that
dependency I call that special interests
I think there's a lot of special
interests who are basically looting the
federal government and taking all this
money and then they turn around and use
some of it to to donate back to the
politicians and Lobby for more spending
so what you're calling dependency is
really more special interest meaning
that I don't think we need to have this
level of spending in order to have a
successful economy I think it makes our
economy less successful yeah it's still
stimulatory because sax remember Mitch
McConnell when they were talking about
supporting Ukraine his primary argument
as you remember was that all of these
dollars are going to go into defense
contractors Pockets which is going to go
to employees Pockets which is going to
stimulate our economy that's the
fundamental thinking
know but that's the thinking behind it
right I mean that's the political system
that okay let me just walk through this
real quick if the government prints a
bunch of money and hands it to people as
stemy check we all understand that
creates no economic value it just
creates inflation okay now if the
government does the same thing but
instead of a stimy check pays people to
dig holes and fill them back up that's
the exact same thing no economic value
just inflation now let's say the
government pays people to create bombs
that create holes in other countries
exact same thing no economic value for
the country it just creates inflation
here why is that because the only thing
that creates economic value in the
United States is the production of goods
and services that people can actually
consume and use and that they want and
so federal spending on basically make
work projects or things that people
don't really want or they don't use or
even worse bombs that get dropped on
poor people in other countries none of
that creates any value
but I don't think it's a real economic
dependency I think it is just a special
interest that keeps lobbying for all
this St what about housing and health
care and education because those are the
three biggest line items and it's been
inflationary across all three of those
line items in the US economy the federal
government has stepped in to provide
broader access to housing broader access
to healthcare and broader access to
education and in the process that's why
the price goes up yeah you know there's
that famous chart showing inflation by
category and all the categories where
the federal government provid subsidies
the prices have gone up and all the C
healthare and housing and hous the more
the government tries to subsidize it the
more the providers realize a second we
can charge whatever we want govern
there's one customer and they'll always
pay one customer that's got to be
completely reformed yeah here's a chart
of all employees in government and I
think this Fred chart includes all
employees in government which would
include state and local and as you can
see we're yeah that's right it's 20
million local in state 3 million Federal
and then the math I was highlighting was
just my back of the envelope math where
there's 50 million people that are on
Social Security in the US plus if you do
the math on how government spending
flows into employers into employees
pockets it's about another 45 50 million
people that benefit from federal
spending in the US we're already kind of
at a point of maximal dependency if you
will yeah I mean if you look at this
chart we have had 20,000 people working
in government since the late 90s yeah 20
million since the late 90s it's it's now
hitting a peak and the question is you
know how far up does it go from here
it's 23 obviously the country is growing
as well each year so as a percentage we
don't have the percentage but as a
percentage of Americans it hasn't grown
that dramatically but it certainly feels
like this could keep going in the wrong
direction the one thing to keep in mind
from all the
doomsday I would just offer you two data
points the first is that our debt to
GDP either historically but also in
relation to other countries is still
relatively reasonable and what that
basically shows is we have a lot more
debt that we can issue which means that
there's a lot more deficits to run not
saying that it's right yeah before the
great financial crisis it was running at
50 60% our debt as a percentage of GDP
and to your point jamath it's now at 1.2
it's
120% other countries have much higher so
we have a lot more to run yeah so Nick
if you want to just throw that up and so
it means that the countries on the right
haven't failed they haven't done great
necessarily but they haven't failed in
the way that we would Define failure and
it's not as if the countries on the left
are crushing it the way that we would
Define crushing it and so it's not clear
that there's a real correlation between
debt to GDP and the performance over
large longitudinal periods of times as a
country that's the first thing I'll say
the second thing is if you actually look
at all of these countries the thing to
keep in mind is where are populations
growing and shrinking because at a very
basic level jcal you you mentioned this
earlier but when countries are shrinking
there's no fundamental ability to grow
GDP and you're just debating how much it
shrinks and the interesting thing about
the United States is we are the
only Western country that is forecasted
to grow at reasonable rates above our
replacement population and so you know
by the end of this Century we'll be
around 400 400 odd million individuals
and other countries will have been cut
in half and so again there's some
positive news as well now to your
earlier point the problem is politicians
will use this as a reason to continue
spending because they won't be forced to
and that's not a great thing but this is
probably why the status quo would go on
for a very long
time h
so grab the bag get your bag figure
figure out what your figure out what
your thing is I don't know man I just
want people like voters to people to
just they're not going to get your bag
like everybody else problem we have is
if okay Nick can you pull up the the
Fred spending chart we've talked about
this a few times well okay so if you
look there there's a huge Spike because
of Co because of all that covid stimulus
that was air dropped in the economy I
think we're now down to about 22% for
2023 mhm but that that's a big number
you know we talked about how the
absolute Max you can extract is 20% so
what they should do is just freeze
spending until the federal net outlays
as a percent of GDP is down to 20% that
would be the the simplest thing such an
easy solution what's great about it is
it takes out the politicians making this
partisan hey there is a logical amount
of you know taxation we can do before we
freeze up the productivity of the
country which if you talk to anybody
when taxes get high people just start
getting into protecting their wealth I
think you alluded to that with
strategies as opposed to investing the
hard part of it is that I mean look I
think we should do it you know 20% cap
and free spending till we get there the
the hard part is that our interest
expense keeps growing because as our
debt rolls onto more
expensive higher interest bonds than our
interest expensive is increasing just a
few years ago our interest expense was
only 300 billion a year now it's over a
trillion a year and that's just going to
keep growing and growing and then the
other thing that's going to grow is all
the entitlements related to to
demographics so the country's
demographics are getting worse and so
the inment expenses are going to go up
so even holding it to 20% if we could
get there is going to take some work the
L I don't know if you read Larry Fink's
letter from Black Rock it was really
good you talked about you mean his 2030
business plan JL basically yeah it's his
way of extracting value from it but he
did make some sing points in it as
opposed to just him talking his book of
why you should do his retire your
retirement savings with black rock is a
fair point but just getting the what age
do people retire at that discussion we
need to have and we we're not having
that as a country and then what
percentage of benefits do people get at
different how do we incentivize people
to stay in the workforce well at a
minimum don't you agree we should just
allow people to out of Social Security
and in a simple way of saying I don't
need it and I'll take care of myself use
these proceeds for somebody else that
could use it that who has a better need
for absolutely yeah I mean and then
getting people to participate in the
401ks you know at an earlier age and
defaulting those to on as of defaulting
them to off there's a lot of small
behavioral things we could do in this
country to get people saving
earlier wow I uh I saw that Robin Hood
was running a scheme where if you moved
your Roth IRA they gave you 3% cash back
and I thought is there an upper bound
limit on what on how much you could move
over because I wonder if I could I think
you have to keep your money in there for
five years yeah but that's okay I'm just
wondering like will they really write
like a hundred million check if you
MoveOn Robin Hood just sent me something
so we had a portfolio company called X1
which was making a new like credit card
and credit card app it was like awesome
I don't know if you guys used it
anyway they got acquired by Robin Hood
and so the guys here just sent me their
new Robin Hood gold card card yeah this
thing is the heaviest card here just
listen to it drop hold on me tell my
micone don't cut yourself don't cut your
toe
off apparently it's got $1,100 worth of
gold in it I have coming myself and i'
I'm proud to say I've sold no shares of
my Robin Hood I keep all my Robin Hood
shares if my if I move my Roth iral
they'll have to give me the whole
building you give you a goldplated
building actually they they sent it to
me in a uh Louis Vuitton with a Louis
Vuitton wallet this is like unbelievable
yes it's got and look they got a
$50,000 got a $50,000 ad on the got like
a little LV wallet there oh I like there
you have it folks send to Louis Vuitton
wallet get a free $50,000 ad on the Pod
sign up now for your Robin Hood gold
yeah but what is it a credit card yeah
it's a credit card it's a credit card
yeah their their their whole plan was
was always to provide the full Suite of
services do you guys carry credit cards
and
money do you have any money my wallet
but I always carry money you have money
I always carry money yeah like to tip
tip people or something always have some
cashish never you always got to have a
couple of hyy just in case it's a really
bad habit you got to keep a couple of
hyy in the bag you put the 100 on the
outside J account there's a bunch of
ones no we don't do that you get caught
doing that in Brooklyn you get your ass
on the outside no no no no you what we
do is we get rid of the ones the fives
and the tens you just get rid of those
you don't even keep them in circulation
that's that's the best line um I get
cash when I go to Vegas but that's the
time the best line ever was this woman
comes up to Sammy Davis Jr and she says
hey uh C can you um can you can you
break uh you know this whatever amount
of money and he just pulls out a hundred
and gives her a hundred and
she says no no can can you make change
he says that is change baby that is
change that's what he considered change
was the hundy there was a story out of
juu so you know Triton poker yes okay
I'm not gonna say who it is but there's
a guy that was playing the high stakes
cash game and apparently so he lost like
eight million bucks okay he tipped out
450k in 25K chips to like the staff and
like the person giving him a massage and
stuff so it apparently became a
free-for-all trying to get into this
game where everybody was like are we
pulling tips are we pulling tips and
they were like no we're not pulling
tips just Flags he was tipping off Flags
wow that is incredibly incredibly
generous
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