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I know you are but what am I 

I was a kid in the 60's.. This phrase was not used by older sophisticated persons.. It was simply a juvenile response to juvenile name calling.. Some dumb kid would say: "You're Stupid" the simple and quick response would be "I know you are but what am I".. Sometimes (probably when first used) a good come back to one who was truly stupid, because it confounds them, confuses them.. "Uh uh uh, um, you're stupid?"
In actuallity, the phrase would go back and forth, several times.. "You're stupid", "I know you are but what am I" "You're dumb", "I know you are but what am I".. "What a jerk", "I know you are but what am I", "Jerk", "I know you are but what am I"...

Just a juvenile thing.. Used so often though (way back when) that til this day, I use the phrase in response to good compliments.. Most people my age, or close too, enjoy and laugh :)

Example: "You're cute" my response "I know you are but what am I" :)
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I know you are but what am I 

The best come back to any insult in the history of the planet. Using this phrase will completely destroy and annihilate your component, so only use of absolutely necessary. (Say they think Sam and cat is a good TV show)
Fred:Our mom just died

Joe:I know you are but what am I

I know you are but what am I 

Basically you can't come back from it unless you use an Uno reverse card. An op roast for kids 7-10
Gay1:your mum gay lol
Gay2:no u

Gay1:uno reverse card

Gay2:I know you are but what am I

Gay1:fuck

I know you are but what am I 

A great comeback or a phrase that will wreak havoc. This phrase and be used to simply annoy someone or to say for the heck of it.Also it can be used in a conversation.
1)Ruben:Your a butt cheek

Tom:I know you are but what am I?

2)BOB:I'm going to be Albert Einstein

Rick:I know you are but what am I?
BOB:Beats me it's up to you

I know you are but what am I 

The gen z way of saying haha bitch I won the argument

It is literally the worst comeback of all mankind

I know you are but what am i 

Oh haha, very funny you're not creative enough to come up with an insult.
John: you're so fat and ugly
Billy: I know you are but what am I?
John:AAAAAAAAAAAAAAA

I know you are but what am I 

A comeback that breaks everyones ankles in a matter of seconds
kid 1: Your super fat
kid 2: I know you are but what am I