Video Infoblog; MSNBC Accidentally Airs The Truth
Transcript
0:00
Young people have every reason to be enraged.
0:03
And every issue they see, they look up, they get angry, and they
0:06
see someone doing better than them.
0:07
And then every day it is spitballed in their face that they are failing,
0:11
that they are not doing as well as everyone around them.
0:14
We have lost the script.
0:16
Our kids are more anxious and more depressed and more obese and more
0:19
addicted, and we have made a purposeful decision to let this happen
0:23
by ensuring that people around this table stay wealthy at the cost of young people.
0:28
Author and professor Scott Galloway went on an absolute tear on Morning Joe,
0:34
perfectly explaining some of the problems that young people
0:37
are facing in modern America.
0:40
Now, Galloway was very detailed in his analysis and covered a wide variety of
0:46
topics, which will break down one by one.
0:48
First is the notion that young Americans are financially worse off now
0:54
than their parents were.
0:55
Let's take a look.
0:56
And there are people who make an exceptionally good living,
0:58
but it's all current income and they live in a blue state.
1:01
They might be paying 50 to 54% tax rate.
1:03
I bet some of those people are on around this table right now.
1:06
But if you can make the jump to lightspeed and invest in assets, stocks, housing,
1:11
then your tax rate plummets.
1:13
So in America, we've decided to try and create a super class of billionaires.
1:17
And then if they win the gold medal, we're going to give them
1:19
the silver in the bronze.
1:21
Two biggest tax deductions capital gains and mortgage interest.
1:24
Who owns homes and stocks.
1:26
People my age who doesn't know who rents and makes their money from current income.
1:29
Young people.
1:30
So we've decided that the wealthiest people in the world
1:33
should get exceptionally more wealthy.
1:36
Minimum wage second 925 stock market is screamed up.
1:40
The average 70 year old is 72% wealthier than they were 40 years ago.
1:43
The average person under the age of 40 is 24% less wealthy.
1:47
We were.
1:47
We are purposely transferring more wealth from the poor and middle class
1:52
to the and the upper class to the super rich and from young to old man.
1:57
Look, he said a lot there.
1:59
And there were points of his statement that really, really struck a nerve
2:04
with me personally, really hit home.
2:07
You know, he starts off by talking about the 55% tax rate.
2:11
If you live in a blue state, that includes the local taxes, state taxes and federal
2:15
taxes and how you don't get the tax breaks if you haven't, if you haven't been
2:22
privileged enough to afford astronomically priced houses, okay, you don't get the
2:28
kind of tax benefits and deductions that people who have built a tremendous amount
2:34
of wealth get to take advantage of God.
2:36
That really hit home for me.
2:37
And then, by the way, you add that extra layer of feeling like you're the taxes
2:43
that you pay don't actually go back to benefiting the community you live in
2:48
doesn't actually make your life better.
2:49
You see what the money gets wasted on.
2:52
You see how much money we spend on foreign wars and things like that?
2:56
Yeah. It's infuriating.
2:57
Like finally you hear someone on cable television, no less vocalizing
3:03
the actual rage that young Americans are feeling and accurately explaining
3:09
where that rage stems from.
3:11
Pausing here to deliver some honest truth, as we do in our news coverage as well.
3:15
TYT is facing challenges, guys, as the entire industry is.
3:18
You know who could make the difference? You.
3:20
If you hit the join button below, it's going to make all the difference
3:23
and keep us in business.
3:24
We appreciate you. Thank you.
3:26
Look, we talk often on the show about, having open hearts,
3:31
being kind, caring, decent and open minds and making sure that you don't cancel.
3:37
People hear people out.
3:38
So there are opinions of Scott Galloway has that I totally disagree,
3:42
vehemently disagree with.
3:43
Agreed. Yes.
3:43
But he was absolutely brilliant here 100%. Right.
3:47
And so there's two sets of folks in the country who are the most screwed.
3:50
One is the middle class because, and look, when I was poor,
3:55
I didn't pay that much taxes and I got, unemployment benefits, etc..
3:59
So, look, I had a thousand other problems being poor.
4:03
Right? But taxes wasn't high on the list.
4:05
When they're rich, they stop paying taxes to for all the legal reasons.
4:09
But that's the problem is that they change the laws so they would pay less taxes
4:13
than us, let alone capital gains.
4:16
The carried interest loophole is insanity.
4:19
Insanity where, like the top, venture capitalists in the world,
4:25
private equity guys pay way less taxes.
4:28
The billionaires, I think, on average, are paying only 8% in taxes.
4:31
Okay, so it's just a crime how little taxes the rich pay.
4:34
So somebody's got to lift that burden and it's a giant burden we got
4:39
to pay for defense, got to pay for all these different things.
4:42
Right.
4:42
So they just dump everything on the middle class.
4:45
The middle class pays the most by far. And they go, so what?
4:49
Take it okay. Right.
4:51
But and then let me just add a little bit more to that.
4:53
And then you have situations in which you know you pay your taxes.
4:56
They're astronomical. If you're a working middle class American.
5:00
And then in high tax states like California, 24 billion over five years
5:07
spent on homelessness, they face an audit.
5:11
They can't account for that money. They can't account for that money.
5:15
Yeah.
5:15
And guys so they're also risking a little bit of a rebellion here.
5:20
The top 10% controls the country. Bottom 90% has almost no effect on policy.
5:24
Right. But the top 10% is big group.
5:26
There's a the top 0.1% that's the bankers, etc.
5:30
That actually control everything.
5:31
And the rest of the 10% is filled with doctors,
5:33
dentists, accountants, lawyers, etc.
5:36
And they're coming after those guys now.
5:38
So even when I was at MSNBC and I made good money, I was not in the top brackets
5:43
at like in in that place where you can take advantage of all those loopholes.
5:48
Right?
5:48
So the doctors and the and the accounts are getting crushed now too.
5:52
So there's they're fomenting rebellion without realizing
5:56
because there's so incredibly greedy.
5:58
But now back to the young.
5:59
The people that are suffering the most are the young, because all the rules
6:03
have been changed against them and in favor of the already wealthy.
6:07
And no one in the establishment ever talks about that.
6:10
All they do is talk down to them, go, oh, you're lazy.
6:12
Entitled millennials, Gen Z boo!
6:14
So tremendous credit to Scott Galloway for accurately showing the numbers.
6:20
And this is not conjecture.
6:23
It is stone cold facts that young people have it much harder on housing,
6:28
student debt and in every way.
6:30
So finally someone said it on TV. So I'm very appreciative of it.
6:35
Yeah.
6:35
And he also said like, look, this is a system that just seeks to benefit people
6:42
like the people sitting at this table.
6:43
So he included himself in that equation, which I, you know,
6:48
I value that he said that.
6:49
And I particularly like the fact that he's telling the truth
6:54
and pointing out the reality involving these anchors on cable television, who I
7:01
would venture to say are so disconnected from what ordinary Americans are facing.
7:06
It's I mean, it shows in their coverage of various stories.
7:09
Right?
7:10
So I just enjoyed that moment where he kind of called them out
7:13
and how they're kind of blind to how the system benefits them and really
7:17
puts young Americans at a disadvantage.
7:19
Thanks for watching The Young Turks really appreciate it.
7:21
Another way to show support is through YouTube memberships.
7:24
You'll get to interact with us more. There's live chat emojis, badges.
7:29
You've got emojis of me Anna John Jr. So those are super fun.
7:33
But you also get playback of our exclusive member only shows
7:38
and specials right after they air.
7:40
So all that, all you got to do is click that join button
7:43
right underneath the video.
7:44
Thank you.
