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Americans are flocking to ‘low-income tax states’: Dave Ramsey - YouTube
Channel: Fox Business
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and many of them don't know where to
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start so let's bring them some answers
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here now is dave ramsey a radio host and
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author of baby steps millionaires uh
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dave thanks for joining me i have a
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question i want to ask you from one of
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our viewers it's julia h and she writes
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i'm preparing for retirement in one and
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a half years i'm thinking of moving out
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of california and looking at tennessee
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or south carolina is there a
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questionnaire or checklist to identify
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the best strategies to maximize taxes
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and stretch funds to live a good life i
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don't know if i should sell or rent my
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california home how do i draw my funds
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in retirement
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so dave what advice do you have
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for our viewer
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well she's got a lot going on i live in
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tennessee and we've got a lot of
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california refugees have moved in
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to trying to get their lives back so
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anytime you move away from a state for
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whatever reason always sell your home so
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she's going to sell that california home
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and she's going to move to south
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carolina or to tennessee
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both of those states have no income tax
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and so her tax situation is going to
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change pretty dramatically
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as far as drawing down on her retirement
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accounts we don't have much information
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from this particular email so sit down
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with your financial advisor if you're 70
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and a half there's a required minimum
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distribution that begins on a standard
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401 k or traditional ira but you can
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look at the nest egg you have and set it
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up your budget to where you live off of
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the golden eggs that the goose is
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producing and that's what you're going
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to want to set up so dave just thinking
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about you know your finances is it smart
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to get out of one of these high tax
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states and get to a low tax no tax date
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well based on the population movement
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apparently it is
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we're seeing a tremendous move out of
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california and out of new york and most
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of them are moving to texas tennessee
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florida uh alabama these types of states
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where there is no income tax and where
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also where the reaction to covid was
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much more free and open and it wasn't as
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draconian and so i i think that has been
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the
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it's causing it's called a whole
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population shift in the united states
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well dave if you're in a no tax state
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maybe i'll take that as good advice
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maybe i should get to a no tax state
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myself but dave i want to bring back in
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our panel we have uh sandra john and
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michelle and dave i know you've been
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listening to their stories and uh do you
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have any advice for them in what you
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heard from our conversation
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well i mean sandra you guys are both
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veterans uh thank you for your service
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we appreciate it and and as an american
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i wish we were paying you enough for
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that you didn't have to deal with all
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this you served your country and your
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retirement should have taken care of
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that and i i'm kind of ashamed that we
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haven't done a better job for you after
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what you've done so uh the the thing for
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all three of you is and i learned this
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when i went broke years ago and i've
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taught people this all over america is
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when you do a written budget and you
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make every dollar behave
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you it goes to the most important things
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you prioritize and you know when the
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inflation is squeezing some of the
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dollars out you're going to end up
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squeezing out some of the luxury items
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or or things that aren't pure
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necessities
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and so you you know you're already doing
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that you're shopping carefully at the
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grocery store you're limiting your
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drives and so forth and uh you know
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michelle i mean where you're down to
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noodles and no meat um that one broke my
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heart hearing that you single moms or
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warriors in our culture you're a warrior
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princess girl you can do this and um
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i i know in the notes that i got that
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there's an extra car involved and an
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extra car for teenagers is a luxury
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and uh when you're when you're heating
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up noodles with butter you're not in
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luxury zone so you're gonna be selling
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that car uh even if it hurts somebody's
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feelings and i got a feeling that the
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teenagers aren't gonna like dave ramsey
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but that's nothing new so
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but you know
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you're doing all you can do with what
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you got you're working your butt off and
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you're paying attention and our our
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government ought to do a lot better job
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of managing the pump and managing the
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energy independence which would allow
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these gas prices to stay down and the
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white house has frankly done a horrible
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job for you
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and uh so but but you you can't control
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them they're just doing what they're
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doing over there so you can do that do
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the things you can do with what you've
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got and uh you know john and you're
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you've got a situation you've got a lot
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on your plate man a young family you got
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a lot of balls in the air you're doing
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you know mom wife's in grad school
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you're looking to buy a house you're
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trying to do six to three things at once
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and uh you got a lot of real important
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things that you're considering and uh
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what we've had to do with the ramsey
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household and what we've taught people
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to do for years is not try to balance
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all of those things instead prioritize
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them if we could only do one what are we
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going to do
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if we can only do two
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of these things what are we going to do
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and it may mean the house move up
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in-house waits a little while until mom
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finishes grad school it may mean mom's
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grad school waits until we get the house
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i don't care which one you choose but
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you're probably going to choose one over
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the other
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and do them in an order it's not to say
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we're not ever going to do them but
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which ones are first instead of trying
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to do them all at once which means
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absolutely nothing gets done except
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stress
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you know i'm so grateful for the panel
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and sharing their stories and the
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difficulties they're going through right
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now but dave i want to ask you this
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because i find this a bit frustrating
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when you listen to pete buda judge and
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other folks in the administration and
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they talk about rising gas prices their
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answer for that is they say you should
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go buy an electric car
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well we listen to stories of families
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and michelle's going listen i'm almost
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in tears i can't i can barely feed my
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kids and the answer to people is go buy
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an electric car
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um what's yours have you priced an
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electric car
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i mean seriously jojo i mean my goodness
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gracious that's absolutely asinine
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the cost of an electric car and then by
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the way you got to charge the car and
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hello with the electric bill
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and so you know this isn't free
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so here's the thing it was a green
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electric car petroleum hating series of
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policies that have driven the
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oil independence that we did have
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completely off the map and so parts of
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this inflation that we're experiencing
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are not joe biden's fault but 100 of the
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gas thing
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lands on his desk he completely has
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screwed this up
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and it's all in the name of green
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policies or pro uh energy policies or
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anti-petroleum policies and you're going
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to see it other places because guess
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what the street they're putting down in
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front of that new housing it's asphalt
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that's a petroleum product the the
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shingles that you're putting on those
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new houses that we're talking about the
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prices going up on so much that's a
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petroleum product and so you're going to
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see this land in a whole bunch of other
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places and uh the unintended
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consequences of these uh green policies
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without having thought it all the way
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through and are done at least a gradual
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shift instead of just shutting the
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faucet off the supply demand curve is
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just ridiculous you know
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so true dave listen dave thanks for
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giving us advice and sandra john and
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michelle thank you for sharing your
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story we'll be right back thank you
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