John Oliver thinks he can get away with lying about
and the national debt. We won't let him! Also, Charles Barkley made a common sense statement on race that pissed off liberal Twitter.
was busted cheating during his press conference. And the truth about Pete Buttigieg and his bike.
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DEBUNKING JOHN OLIVER'S NATIONAL DEBT SEGMENT
John Oliver released a video on the national debt. SOURCE:
CLAIM: The economy got worse under Trump's tax cuts.
TRUTH: Tax revenues consistently rose under Trump's tax plan. SOURCES:
$3.3T in 2017
$3.5T in 2019
INCOME: Average household incomes increased by $5K, compared to $1K under Obama. SOURCE:
BUSINESS: Corporations came back from overseas and brought $1T in profits. SOURCE:
CLAIM: Spending on social programs is better than tax cuts for the rich because of the benefits they provide.
TRUTH: Social Security, Medicare, and Medicaid composed 46% of the 2019 federal budget. SOURCE:
⅓ of doctors don't accept new Medicaid patients. SOURCE:
SOCIAL SECURITY: Social security payments are set to run out in 2034. SOURCE:
There is not enough revenue to sustain the program.
And any tax cuts are marketed as "for the rich" because the rich are the only ones who pay net taxes.
The rich will leave if taxed too much, and the bottom income earners will bear the brunt of the tax hike.
The bottom 20% pay a net negative of 56%.
In comparison, the top 1% pay 34%.
CLAIM: "So long as the economy grows at a rate greater than the interest we pay on our debt, we come out ahead."
Obama's economy maxed out at 2.6% and ended at only 1.9% growth.
CLAIM: Oliver and Dems claim the problem isn't excessive spending but lack of tax revenue.
TRUTH: Despite top marginal income tax rates ranging from 90% under the New Deal to as low as 30%, tax revenue has consistently remained 17% as a percent of GDP with a deviation of only 1.2%! SOURCE:
If you taxed all revenue over $1 million at 100%, you would only pay off about ⅓ of the deficit. SOURCE: