U.S can no longer hide the fact that its bankrupt and living beyond it means.🤣🤣
@Worldaffairslover
Жыл бұрын
Our debt doesn’t matter
@Anuchan
Жыл бұрын
Since the debt is in dollars, and we control the value of the dollar, the debt is an artificial construct. True bankruptcy comes when we can't keep up the interest payments.
@izdaleb
Жыл бұрын
@@Anuchan first the rich dont pay taxes then they turn around and lend that money they didnt pay in taxes to the federal goverment and charge intrest on it its quite a scam they owe the money to themselves and drives up asset prices and make more money and try to say its the peoples debt! and we need to cut support for the poor and retired and disabled because they dont contribute to society!
@jimmylee1776
Жыл бұрын
Raising the Debt Ceiling is kicking the can down the road - deferring the date of bankruptcy.
@Anuchan
Жыл бұрын
@@jimmylee1776 Actually it's not, because the economy is growing. Fiscal responsibility would be tying the debt ceiling to economic growth, but politicians prefer an uninformed public.
@njm543
Жыл бұрын
We did default when we went off the gold standard
@KingDPenguin
Жыл бұрын
All politicians should be working for free until it's solved.
@phoque121
Жыл бұрын
Until the XIX century, that is how the British Parliament operated. MPs didn't earn salaries. The problem is that only people who were already super-rich could afford to serve Parliament without receiving for it. Ordinary working-class people had no chance of representation
@Agent-cu5pv
Жыл бұрын
The big question is how many countries will go bankrupt if US defaults??? lol.
@Worldaffairslover
Жыл бұрын
Global financial nightmare
@ProfessorFlowers
10 ай бұрын
The US spends 877 billion dollars on our imperialist military, maybe we can reallocate money from there...
@jimmylee1776
Жыл бұрын
The US debt is about 130% of the country’s GDP. Raising the Debt Ceiling without proportionate increase in GDP, will not be good for the US. The ratio will exceed 130%. No country can continue to borrow money without repaying the debt. Sooner or later the country will face bankruptcy. Raising the Debt Ceiling is kicking the can down the road - deferring the date of bankruptcy. The US needs to cut spending drastically- to avoid budget deficit, year after year. Spending on military has to be reduced substantially. Having 800 military bases around the world to maintain hegemony, is a noose around the neck!!! Many foreign nations are already selling their holdings in US Treasury bonds & investing bin gold. Japan & China are the largest bond holders. In the past 2 years they sold hundreds of $billions in bonds. If the international community is not investing in the US Treasury bonds, where will the US government obtain cash to run the country? The US will face bankruptcy. As long as the US government does not cut spending & prevent budget deficit - the nation will go bankrupt. Good luck & best wishes from 🇦🇺
@kelvintx3
Жыл бұрын
maybe we should compare how much we pay for item like chicken, food 50 years ago and how much we are paying now. are we really getting richer or poorer with higher debts
@federalreservewolflegend3523
Жыл бұрын
Crud son. I USED TO fill an entire grocery cart for 100.00. The Israelis printed my money to dust!!!! I saw a guy bought ONE cart....500 bucks. Go HOME Israelis!!!!! GO HOME!!!!
@cupguin
Жыл бұрын
This is the kind of boring nuanced conversation about American fiscal policy that should happen more but is a lot less interesting than the hyperpolarized and hyperbolic language that dominants the public sphere.
@stlo0309
Жыл бұрын
true lol
@CHMichael
Жыл бұрын
It's not money - it's % of gdp. We do this theater for the people every time. ... it's already decided. This is the bla bla bla to make one think people have a choice when casting their vote. There are so many levels before a actual debt holder isn't getting payed.
@eymeeraosaka2954
Жыл бұрын
Why are these people babbling about the debt ceiling when it is a non-event anyway? Since the 1960 the debt ceiling has been increased more than 70 times already so why is it any different this time? Are they trying to gaslight the viewers into believing there is no limit as to how much debt the US government can issue? If the US can just print $120 billion to give to Ukraine, is the US government fiscally responsible? Why then do they think countries of the world are now de-dollarizing? Is this a sign that countries of the world are confident the US will be able to repay its debts?
@tonysu8860
Жыл бұрын
Sophisticated global investora already know, but lay people should also realize that if the US ever defaults on any sovereign debt, it won't be because the country is a failed state that can't pay its bills like Sri Lanka and other countries on the Brink like Pakistan and Sudan.. Any default would be caused by domestic political recklessness refusing to pay its debt obligations, not because of inability to pay. For most of the past 20 years plus when the National Debt rose from a few trillion dollars to what it is now, the National Debt made sense... The US was growing at a steady 3.5% GDP per annum while interest rates were less than 3%. In that light, the US was even making money on its debt although that wasn't the purpose. But, the Pandemic bumped up the US National Debt from about $22T to about $32T in a little over a year. Numbers will need to be recalculated. Whether new debt levels especially at higher interest rates (because despite lay people talking about "printing money" out of thin air isn't really done and would spell doom for any economy) means that the US should delay or refuse to implement new spending is a matter of opinion. If the US can afford it, proper spending that improves the health, skills and productivity of the people is always good but is the country approaching a time when those kinds of investments are unaffordable? If not, then the US shouldn't delay and should boldly invest for the future. If the US is approaching a point it can't afford those investments, then spending should not be authorized. I doubt lay people can do these calculations and politicians probably have the wrong motives for whatever they support but htats democracy...
@JessicaSunlight
Жыл бұрын
Depends how much people in USA are willing to double pay or triple pay for everything from gasoline to whatever .If people ok then it can go forever until it crushes unto oblivion. Its a land of "of the people by the people for the people" if people ok then it will go on until people decide enough is enough.
@KashifKhan-ez8px
Жыл бұрын
The last minute is what it’s all about.. taxes and the global inequity thereof. While the US system has many advantages presently from debt in their own currency(making default self inflicted) to the ability to export inflation.. the bigger hurdle politically is tax. Looking longer term this is where there is a cross road coming where global tax minimums, reduction of trade in currency(particularly petro-dollar), tax haven regimes being challenged and a rejection of the devaluing of commodity or other services to the benefit of the US is happening. Right now it is slow.. but as with everything, when the benefits of a more stable trade currency or system comes, the debt will be so huge that they will be in an endless hyper inflation cycle. I think the past where countries overlooked the abuse of these differentials which made other countries attractive is long gone as US leaves the globalization era.
@phish_1
Жыл бұрын
OMG! A lot of senior American citizens are very poor because of debts this is why they are still working!!! They will probably work for the rest of their lives to pay for their debts! I have a male work colleague who is fat and struggling to breath but still working! He’s already wearing oxygen in his body yet still working! I think he purposely work while sick so he will get a free hospitalization 😂😂😂
@tonysu8860
Жыл бұрын
This video might have been published only 3 hrs ago as of this posting but Speaker McCarthy supposedly was able to cobble together enough support to propose a bill that would raise the debt ceiling many days ago. The catch is that his bill lacks specifics, only that programs like SS would be untouched. The bill doesn't say exactly what programs should be cut because detailing specific bills would cause hard opposition of the supporters for those programs.
@GoodVibesNewlevel2023
Жыл бұрын
What happens if the US government can’t pay its debts??? Say hello to the United States of China 😮
@W_Bin
Жыл бұрын
Thanks, very informative discussion. Interesting - the expanding gap between rich and poor in USA paid for by debt. 22:36 "it's not about the level of debt it's about the trajectory of debt if US hadn't done the Bush tax cuts the bipartisan extensions and the Trump tax cuts then debt would be declining forever as a percent of GDP". Ordinary people of USA - stick with Biden.
@virupakshawalla5734
Жыл бұрын
Republicans let Trump spend while growing lol. They never get over party nonsense.
@bitcoindaddy1
Жыл бұрын
Not can’t, they won’t…
@spinningweb749
Жыл бұрын
US will not default. Coz they need to borrow more to finance the huge deficit. 😂
@paultsoi4918
Жыл бұрын
There is no limit at all my friend
@torablack
Жыл бұрын
how about spending some of the unspent COVID money to pay off some of the debt?
@richarddecker9515
Жыл бұрын
Feeding the poor is more important to me than throwing money at climate change
@jcmc9378
Жыл бұрын
Hmmn ... I wonder if the climate will affect food production? these people literally think in 1 dimension. that's why humans are doomed
@infoseeker1187
Жыл бұрын
How about reducing the defense budget from 10+% to 5% for a start?
@mohamedsalinaina445
Жыл бұрын
USA 🇺🇸 your action has very great broblem in the world 🌎
@ChristineLavin-es3cm
Жыл бұрын
We can pay our debts with the help of NASAS mining expedition on 16 Psyche!! It's gold,,silver, nickle
@tonysu8860
Жыл бұрын
It should be noted that the US really does spend an extraordinarily low amount of money on specific sectors including the military despite the Ukraine war and the Chiense threat. Unless the US is threatened directly, military spending is unlikely to appreciate greatly even when Russia has reportedly transitioned to a wartime economy with over 20% dedicated to its military. The US has enormous stocks of superior weapons it can give to its allies including Ukraine and Taiwan without severely impacting its own weapons stores. Spending to increase ammunitions numers only in the double digit millions of dollars which is hardly noticeable in a trillion dollar economy.
@Sonny111
Жыл бұрын
Crazy
@jrivera2240
Жыл бұрын
Hundreds of years 😅
@tonysu8860
Жыл бұрын
This panel somehow overlooks a major component of the US economy that can't be touched... The scope of the entitlement programs. When Social Security retirement was created with a retirement age of 55, that was the median life expectancy of its citizens. Today, the median expectancy is over 86 years which means the Americans today are literally ensured to be supported for about equal to their entire life as part of the labor force and shortly will exceed the years they work in their lifetime. Only the United States can provide for their citizens in this way but calls into question whether it's good for a nation's people to spend more time being raised and playing at the nation's expense than working. Regardless, this is what America as a whole is willing to do for its people and the type of lives that are provided.
@happykitten5695
Жыл бұрын
🙏💛☮️
@mohamedsalinaina445
Жыл бұрын
DON USA 🇺🇸 allover world 🌎
@adidutta5863
Жыл бұрын
US citizen choose Economy over green, social agenda, that is why they give Gop the majority,,
@tonysu8860
Жыл бұрын
The GOP currently has a majority in only 1/2 of the 3 branches of government and one of the branches of government is supposed to make decisions apolitically. And, it's very narrow sighted to believe that an economy can't benefit from Green Energy and a broad social agenda. Because Green Energy is today far cheaper when building a brand new power plant and the ongoing cost of energy after the cost of construction is nearly zero before possibly adding service of delivering the energy, any economy that transitions early enjoys a substantial advantage over economies that continue to use fossil fuels. And that doesn't even account for the economic activity of constructing the power plants and delivery infrastructure that also contributes to the overall GDP numbers. Depending on what you might consider "social agenda," fundamentally all economies depend on its labor force before applying the benefits of technology that can improve efficiencies. That means that anything that improves the raw numbers of people and their ability to work which includes their health, education and positive mental approach will improve productivity. A "social agenda" generally does all those things to make people happier as they work and to be healthy enough to work more days without being sick or injured. And, it makes sense to increase the numbers of people which is why there is so much concern about demographic implosion among more advanced societies. Fewer people mean less economic output and everyone in that society suffers. Increase the numbers in any way you can by producing more babies, increased migration or extending the years people should work during their lifetime all increase economic output. The problem in the United States is that there is one political party which is not only very bad at business but is always pushing for changes that would harm the US economy in every way at every turn. They're not for increasing numbers of people that would increase the work force despite current low levels of unemployment and long lists of unfilled jobs. They're opposed to spending on making its people more productive. In fact, they would rather spend the minimal amount and expect somehow that the work force would be smarter and do their jobs better all the time through some magic wand.
Пікірлер: 61