The Biggest Threat to the U.S.? (Worse Than You Think)
ฝัง
- เผยแพร่เมื่อ 28 พ.ค. 2024
- Not yet subscribed to @visualeconomiken? Check it out here: • Why Is the Wealthiest ...
The United States faces a major threat. We are all aware of the huge budget gap in the federal government. However, even more worrying than the deficit is the depletion of the two funds that keep the country's social spending going. In this video we tell you all the details about the fiscal bomb the USA is facing.
Join the VisualPolitik community and support us on Patreon: / visualpolitik
#Crisis #America #VisualPolitik
I was in the United States last month and saw a lot of homeless people in plastic huts and a lot of garbage, I thought to myself, so much money for war and weapons and the population of the world's largest economy living on the streets. When I arrived in Brazil, which is where I live, but I am French, but I have Brazilian citizenship, I also see the same situation, but the GDP of Brazil and France compared to the USA is nothing. I think it's very shameful for the US. I was talking about this with my American friend and he was very embarrassed.
Most people that are homeless and living on the street have drug habits that lead to them being on the street. Homelessness is nothing for a country to be ashamed of cause every country has issues and the us has a lot of wealth but also spends a lot of money protecting Europe and has one of the biggest populations in the world.
There's one factor you have to understand, and that is...culture. Because of the 'red scare' propaganda during the 20th century, a lot of people of whom are elderly today, were 'scared' intentionally by the government to be against communism, and it went overboard. Because they embraced the idea so strongly, it got passed down the generations. The issue with this is, is they often confuse 'charity' with 'communism' or even 'socialism'. It's quite disgusting, being American myself, how selfish people are. A lot of people don't ''like using their taxes on people they don't know''. More often than not, it is not the fault of the homeless person that they're homeless, but usually greed and/or mental issues that keep them from trying to break this cycle. Often too, despite social programs, homeless people sometimes just...don't want help, they'd rather beg on the streets, its quite unfortunate. There is no safety net for if you lose your job or contract an illness, it's quite 2nd world in that regard. I'm afraid it'll be a long time before this country gets on par with the rest of their Western counterparts.
One thing being overlooked is how debt is organized and structured. Almost all US government debt is at a federal level, $32T national debt vs $2T local debt. China's national debt is $13T but local government is even larger at an estimated $10-15T! China's Total Government debt to GDP ratio is much higher than the US's, something like 180-200%.
China has a household saving rate of 40% of its GDP that is around 8 trillion USD annually .
So it won't face problems like america
@@ajx9747 Yah... but where is all that savings going to? Banks throwing out loans for ghost cities or over-priced real estate. The real estate bubble is coming to a close, Chinese real estate sales are down like 60% from 2019 (America only saw a 40% drop in the 08' bubble burst).
Sorry you numbers are wrong. You can get some idea from Wiki national debt of china which has a slight dated break down. Ray Dalio does not think Chinese public debt is a problem as their household savings rate are very high and virtually all govt debts are local currency.
@@ajx9747
They are also a net exporter, aka they produce more than they consume.
They are also the largest creditor.
On top of that, China is a party-state with the most/biggest state-owned enterprises.
Meaning the central government has a very strong grip on their own economy, unlike the U.S where the government rely heavily on private sectors to boost economy.
In short, China debt is also a big problem but it won't be catastrophic like the U.S.
Saying someone else has a problem doesn't fix yours. The US and China and any country with massive social spending has a problem. Too much spending.
To put something in perspective.
The us has 2.9trilion saved for pensoiners.
The Dutch with only 17mil people has 1.4trilion saved.
So it looks like the us has set Penney's aside for there old
Senators and government leaders should be charged with treason at this point.
It's not senators and government leaders' fault solely - it's human beings. For as long as humans exists there will always be something to envy, something to take advantage of, something to want, something to need, something to get angry over, something to fight over.
No matter how benevolent your intentions or your systems are, human flaws will always get the upper hand.
It’s literally a representative government as in YOU VOTE FOR IT.
I am sure it will keep on going on until the citizens are well and truly fucked. We have not practiced government for the people in a long, long time. To my eyes, our government does far more grandstanding than governing. It's an absolute shame.
You will find in the GOP and right in general, that they would rather end any safety net rather than raise taxes on 1% or corporations.
You literally vote for the people you are complaining about. It’s a representative government
@@aidan11162where there are only 2 options (parties), it's difficult to choose.
oof. I usually like the analysis on this channel, but I suspect visualpolitik does not understand the cumulative effect of high constant spending. they even showed a nice graph of defense budget spending but didnt take it far enough to look at the cumulative size of that spending. it's well into $6 to $7 trillions. tack onto that the trillions of tax cuts and forgiveness measures for the top earning percentile of the population passed during the Bush, Obama and Trump administrations, cumulatively total in the trillions. not to forget money cannon measures such as the PPP act, bailouts for the airline industries, bailouts for banks during the past 2 decades. these alone account for more than a 3rd of all national debt, which is overwhelmingly significant. all of these measures have not made congressional budgetary spending more cost effective such that the public can see an ROI of tax dollars, due to increased efficiency in the private sector contractors, products and services consumed by their government. instead tax payers have seen price gouging of public coffers even coming from institutions of higher learning. administrators across the whole system are either blind as bats, or entirely negligent and reckless, if not corrupt to know the gross incompetence and mismanagement but they continue on the same course because of the lack of willpower to take the corrective measure for long term welfare of the state and not just their own.
Shame on us the people who watch and let it all happen. 😂
There are a lot of people in the US with a lot more money than me who pay a far lower percentage of tax on either their income or wealth than I do. And the IRS is always having its budget cut....connection? Also, Congress does the spending, not the Presidency - the President only spends money authorized by Congress, that is what the whole debt limit is about. A fifteen minute video on US fiscal problems and the word 'tax' hasn't been used once....one wonders why....
They literally said that the US is facing deficits even in the face of record tax revenues. You could confiscate all of the funds held by every single billionaire in the US, and it wouldn't account for more than 10% of the US federal budget. The issue of the deficit is systemic, and it cannot be solved by simply taxing people more. It has to be squeezed from both ends, through higher taxation and lower spending. Otherwise you are facing a government budget that contributes more to debt repayment than it does toward any other sector of the government. Which is what is projected in the next 20 years.
@@DeviousDumplin Nope. They did not mention taxes, and the so-called 'record taxes' are a function of the US having a larger population, not a matter of those who have a lot paying proportionally more. For one thing, all income should be taxed for Social Security instead of stopping about a few hundred thousand. No more of this "you are rich so you get to pay less taxes".
@@qwertyuiopgarth Rich people don't get social security. The whole idea of social security is that you pay in, and get paid out from it.
The rich hire ex irs agents for a reason.
@@DeviousDumplinuh… rich people most certainly do get social security when they are at retirement age if they paid in long enough to qualify. I think it’s like 10 years?
It’s not much of a “control system” if they keep extending it.
Regardless, the US will have to support their aging population, whether through SS or other means; or you will have people questioning why they should be paying payroll taxes in the first place (which would spiral things even further).
It's already known the tax code is joke, with an estimated 21 trillion unaccounted for (and untaxed) in offshore accounts.
This strikes me as less of a spending problem (although that will have to be decreased) and more of a taxation problem.
At its core it’s a belief problem. People think that they should be cared for by someone else and not themselves.
Great question to ask. Why pay payroll taxes in the first place? Anyway the value is going to zero or the dollar will have be devalued so much the value of all savings will go to zero.
Let's privatise most of these resources and stop these Governmental programs. All a spending problem. the only tax problem is the penalization of success through the various taxes.
Government has no business in business. Maybe courts (through there's arbitration and private mediation and courts). Maybe national defense/civil defense.
Definitely a people living too long problem. They gotta quit regulating cigarettes, speed limits, give tax breaks for motor cycle and racecar ownership, make extreme sports part of school
I'm already questioning why I paid into a system since I was 16. I'm 40 now and been fighting with disability for almost 3 years now. I would of just been better off working under the table that whole time and all the money I would of paid in taxes just shove it away for times like this.
@@Iamthestig42069This comment reminds me of my younger self. I love that kinda of satire 😂
Glad you talked about this.
the US has raised the debt ceiling 78 times since 1960. that averages more than once a year.
Ronald Reagan alone has raised it 18 times. Considered by republicans one of their favorite presidents.
in 2012 election cycle, the national debt/deficit was one of the hottest topics of discussion (at least on republican side). Now it seems neither party is really interested in this topic, even though the debt more than doubled since 2012
Well the populace doesn’t care so why should the elected officials? It’s literally the populaces own fault.
@@aidan11162 We all want to pay less or no taxes, for others to pay more and to get more freebies for ourselves and less for others.
We are all selfish and accuse others of being selfish.
Republicans only care about it when a democrat is in the whitehouse.
They’ll cut taxes and raise military spending like there’s no tomorrow when they’re the ones in charge.
Democrats often raise the deficit too, but it’s usually in a desperate attempt to keep the economy afloat.
It's too far gone, we are going to default sooner or later.
Really enjoy this program, the gentleman speaking is so enjoyable to listen too plus very knowledgable on the subject.
Hes reading a script... They have no idea what they talking about
@@bolsa3136 hi Bolsa I know it’s a script lol It was me who wrote it HA HA only kidding. isn’t all news and documentaries script read. But the gentleman made it look so easy. He must be a great actor.
I hope you have a wonderful weekend.
Interestingly enough, the small city here I live had a balanced budget, meaning that they did not spend more than the revenue they took in, until 1933.
Since then, 30% of the budget comes from real estate taxes and the rest from state and federal tax revenue subsidies.
So, if the federal government stops working, then the state government stops working and if the state government stops working, then our local government stops working.
Theoretically, we could all wake up one day and nothing will work.
How about the obvious solution….the US Government stop over spending every year. It always amazes me the media seems upset that there are those in congress who want to halt madness by decreasing spending or cutting future growth in spending.
It was so simple... how could no one think about it???
Well let break that down just a little bit. You could spend less, a policy I happen to agree with. Or increase your income, same decision every person has. Obviously you could increase taxes or other forms of income to the federal government. But that is obviously most people don't want THEIR tax dollars going up so think someone else should pay. For spending reduction, what is your choice to cut? MIlitary spending? Social Programs like social security? Welfare? No matter what you cut you can count on people complaining.
Excellent
As long as the US government can find a way to pay the interest on the federal debt, then we'll be ok.
But that's the problem. The debt principle isn't being bought down because the interest on the debt is so high, that's all they can afford to pay off.
The US government is like a consumer who only makes the minimum payment on their credit card debt.
The problem will only get worse. The presidents are only in their term for 4 to 8 years, so they will not plan far ahead. They will leave the mess for the next elected president. Additionally, doing what is necessary -- cutting spending -- would hurt the economy. So why would the president do something that would make him very unpopular?
Proves monarchies are better.
@@JK-gu3tl Monarchies defaults many times.
@@JK-gu3tl You need a educated citizens who wont fall for populism. Yea, won't happen in the US.
@@hisvin Give me an Amish monarch.
@@JK-gu3tl Buy a time machine.
I think you missed a potential solution - increased taxes.
The social security problem, for example, could be addressed by deleting the cap that effectively makes it a regressive tax.
It’s kind of sad that people always point to defense as the area to cut. Technically it’s one of the ONLY things that the Fed is supposed to do
This! Defense is a necessary evil. We are the top dog in the world, and if we cut defense spending, we will have a giant target on our forehead. We can control most factors within the US, but we can not control the regimes that would love to see our collapse.
Because defense spending is one of the most wasteful
As much as I dislike war, and armed conflicts, I don't know if the world would be better off had the USA never developed into the global power that it is.
The military industry complex is... terrifying, as is the sales of arms.
I don't doubt that there are people making exorbitant amounts of profit on the taxpayers dollar. Might be room for improvement there.
@@mukkah
Nationalization of Lockheed Martin and Boeing would be a good place to start.
Not really. The amount the US would need to spend to defend its own territory is infinitesimal relative to the amount needed to project power and defend other countries. It's very easy to understand how Americans feel taken advantage of and disrespected. Why not minimize the chance of my mom dying of cancer, rather than minimizing the chance of Europeans killing each other again?
How ethical is to get the whole country in debt and make people that haven't even been born to pay it
This has a very simple solution. If default is not an option, pass a law that any administration that has to raise the debt cieling is automatically impeached.
Impeachment does nothing, ask Clinton and Trump.
If we can’t go further into debt, we won’t be able to pay our bills.
🙄
I think the roughly 30% social spending of the US includes private social expenditures. Public social spending in the US is inly about 20% of its GDP
Would American congressmen buying $900,000 of defense contractor stocks right before they secure a $3.5 billion contract add to the issues? 😂😂 America needs to BORROW MOAR but from the RIGHT places 😂
Please do a video on what the fix should be
You forgot the Fed Reserve full auto printing money ad infinitium
Us debt to GDP to GDP would surpass 150% of GDP by 2030-2.
Assuming 4% interest rate.
It will be paying 6% of its GDP on interest spending.
They are basically borrowing from themselves... As long as dollar is world's reserve currency, it will be fine and dandy.
@@viktorianasand considering a lot of countries depend on the us for protection for their country, good being shipped across the world, and their own currency is tied to the dollar it will be for awhile.
Basically the US Debt, rewrites the book on accepted economic policy. Eventually a creative solution will be found that we cannot perceive now... or the whole thing will just fall apart.
Yup, “debt as an asset”. If you’re going to have debt you might as well have all of it
A 25 cent gasoline tax? Cause most experts say a 25 cent gasoline tax for debt repayment would pay off the national debt in a decade and keep Social Security/Medicare funded for the next century. The only reason the US hasn't done it, is cause the Fossil Fuel industry has spent billions lobbying against it.
@TK199999 it's already taxed
The US government owns almost 130 trillion in mineral rights so they have something they could theoretically use as a way out
There's always more debt in the system than there is money to repay the debt. So the only way things can ever continue is with more debt.
That's unfortunate
How long will this last?
"The highest GDP to debt ratio" - that's a good thing. :)
I of course agree that this is a huge problem that only gets bigger and bigger as time goes by, but it has nothing to do with what happened now. The same article could have been broadcast ten years ago.
true
There is always the out... It's called Taxes ...
We need to audit the fed
Some in Congress proposed to do that. The Fed said NO.
It is ironic that despite the sanctions imposed by the US, Russia has substantially less debt than Western countries. It is a harsh reality to accept that Russia has never been as invested in globalization as China, which could be an uncomfortable truth.
Russia is a two industry town: hydro carbon extraction and arms sales. Russia has lost its largest customer for the first and China/India aren't making up the difference. With its own need and the poor performance on the battlefield, the arms sales side has also plunged.
Russia may not have a debt problem, but it has one heck of a revenue problem.
Have you seen their official deficit statistics? At this rate, they will be out of reserves by the end of the year, and they have no access to debt markets.
@@Rob_F8FPeople always say the things you mention. But why are the IMF reports of this year showing that the Russian economy is still growing? Seems to me that the west has and continues to overestimate the effects sanctions will have on Russia.
Both the Russian and Chinese systems are dead in the water already. They just don't know it yet
Russia doesn't have debt because no one will lend to them. It is not a sign of Russian strength.
His teeth disturb me.
You only talk about the spending side !!! But what about the constant reduction on taxes since WW2 ???
We will need to eventually figure out a solution eventually before things go down hill. Especially in regards to Social Security because if it becomes more and more of a money sucker, alot more than Defense will suffer from possible diverted funds if in the event that borrowing possibly becomes less doable.
You forgot to mention the two recent downgrades of the U.S. by credit rating agencies!
$2.9 trillion dollars for social security gone in ten years?
Only in America...
💸💸💸😂😂😂
Military spending have been stagnant? 😂😂😂
Nice
The solution is a constitutional amendment which requires what I call, an "escalating majority".
You increase the debt with a simple 50% majority, but then, everytime the debt comes up for renewal you need another 5%.
55% majority, then 60%, and so on.
Another measure that should help quite a bit is to stop the practice of underfunded budgets. For a long time now US governments and parliaments have gone for a "kick the can down the road" approach to budgeting. They pass budgets with expense higher than income and then later, when the money inevitably runs out, they all put on their fakest pikachu surprise faces, blame each other and start bickering about raising the debt ceililng. If the debt ceiling had been set as part of the budget, they would have been forced to be act more responibly.
How to get Russian/Ukrainian levels of vote meddling "Oh, whoops, how'd we get 120% of the votes for approval? Oh well, gotta go with the results now.😊"
Fraction reserve banking is based on ever growing debt. When we pay off debt we are destroying money and there’s more debt than money in the economy.
That’s why the ever growing debt is vital to the current economic system to keep the markets lubricated.
Both!
6:07 graph y axis should be trillions, not billions.
I like your t-shirt. Just one thought - it would be better if it said “No GPU drivers“ - it can cause artefacting on your screen. If i understand the joke correctly, this suppose to be joke about how pixalated graphics (from times before internet) is old and “dinosaur“. It doesnt make much sense tho, pixel graphics is still very popular today and you can argue pixel art have its charm and more character than 3D models. And yes, iam nerd.
And why no emphasis on raising taxes and how reckless tax cuts have hampered government revenue.
Despite all the attempts of the BRICS countries, the dollar is still the international reserve currency, and by a huge margin,
And not only is this not going to change in the foreseeable future, on the contrary, after the collapse of the economy in Russia and the weakening of China, the chance of their success is even smaller than before.
IT ENDS VERY BADLY!
You mention spending whthout mentioning revenue. Put the tax rate back to the time of Clinton and the deficit vanishes and there is still monety for defence and social programs
This video is only focused on one side of the dept. Spending. Nothing was covered about massive tax cuts on corporations in 2018 and how the taxes were shifted to normal working people as opposed to businesses. Spending is only half of the issue, revenue is the other half that wasn't really covered.
But do they need to find a solution? There is always high demand for the currency and the currency is floating and mintable, so some MMTists would argue as long as the reserve status continues debt isn't an issue.
Dollars going to be a toilet paper?!?!! KARMA is real...
The downside of supply side economics.
We are witnessing the demise of representative government. Unfortunately, the self-interest of elected representatives - near term reelection by bringing home the bacon - does not lead to fiscal responsibility. The challenge is to align those conflicting interests. Absent that alignment George Washington was right.
"Unfortunately, the self-interest of elected representatives" bingo
It's so gross, too. To shite on your brothers and sisters for their own self greed. The truest mark of a vile human being.
Wish I had some strength and idea of what to do in opposition to the wrongs of our leaders (Canada here, and they have lead us far astray in my lifetime)
Will keep looking to said fellow brother and sisters of my world to bring smiles and purpose to life though, so it's not all doom and gloom. Still have to exist everyday, at any rate.
I am an American who is very upset about both parties overspending for decades now. But I fear the American people have figured out that if you have the world's reserve currency you can for some length of time get more government for less money and vote yourself in freebies. I think this will only get worse and worse, American voters are no longer fiscal conservatives so neither will our politicians. This is fundamentally a problem that eventually always happens with a democracy. It will solve its self eventually most likely by inflating it away, so I wouldn't keep too much of your net worth in cash or other assets that can be inflated away there is no way we will vote to cut spending and increase tax's to pay it down and no political parties are in favor of drastically cutting government services and regulations to grow our way out. If anything Bidenomics is the voters favorite policy and that's doubling down of fiscal malpractice. Like how Biden is encouraging student loan borrowers to not pay their fed student debts.
And we complain about communist China spending it's way out of economic failure!
😂😂😂💸💸💸
What is that for a graph in 8:43???
0, 1, 3, 0???, 6... Makes no sense
No not yet. There still 50 years ahead
👏👏👏
What are you talking about? Debt payments continue regardless of any agreements
Since 1975, almost $50 trillion has been shifted to the top 1% from 98% of Americans. Notice when the debt begins ballooning. Instead of compensating people equitably (53% of the recent inflation is due to corporate greed not real economy issues). Look at the research on the emergence of an American plutonomy. The part of the economy out of control is the complete dominance of policy making by plutocrats beginning in the 1980s.
Surprised to hear the Congressman Richard Gephardt has retroactively become a Republican.
Yeah, they corrected it at the bottom of the left corner of the screen.🤣
Sweden has moved the pension system entirely out of the government budget. It is a separate self financing system. (Though overlooked by a cross partisan parliment comitte.)
A budget balancing law has been in place for 30-40 years. Government is not allowed to pass an unbalanced budget. (Well, it has to be balanced over a cycle of contraction/expansion.) Of course such a law rests on all (major) political parties agreeing to adhere.
This is however the case with most democratic institutions. The simply work because agents in the system agree on playing by the rules. (That's why Trump is problematic.)
In reality, Swedish pensions have become very austere compared to neighbouring countries, putting the system under political pressure. Maybee the system is actually overfinancing it self? At the same time politicians from other countries come visiting to study the Swedish pension system, as it designed to be demographically resiliant. But will the system survive another 40 years? If not, then well it wasn't after all a generational or demographically resiliant system, since average lifespan is at minimum twice as long. (Minimum retirement age has also been raised, and is planned to be raised every once in a while, as life expectancy increases.)
What about budgetary dicipline then? Well, for quite a few years, Sweden has been able to borrow money (sell bonds) at 30 years for a NEGATIVE intrest! Now in that position, I would argue you could well overspend in reasonably time-durable things like infrastructure, energy production and education and health.* Even some rather questionable investments might be acceptable, given negative intrest. I mean, the debt will just "evaporate" with inflation, you'll never have to pay anything back! Basically one just has to take care not to completely overheat the economy. (*Remember what constitutes an investment is defined by how long you can profit from the expenditure. It has nothing to do with the nature of the expenditure, even if we tend to use that kind of short-cut reasoning.)
Ultimately the bottom line is of course the trust in the dynamics and stability of the economic and political system that decides how much a country can borrow. Sweden, Germany and the USA don't have to worry that much about confidence in our countries. It seems we worry ourselves more with balancing our checkbooks, than the people lending us money. If that balance changes, well... but there is so much that can be done to remedy such a situation, that I have a hard time seing it coming in any abrubt way. If it happens, it will be a slow downward process, and the brakes applied will ofcourse be intrest rates.
DOUBLE IT AND GIVE IT TO THE NEXT PERSON 😂
this won't solve the problem but force the top 1% to pay their fare share in taxes. No more loopholes.
The singularity approaches. Silly man.
Who cares who's going to be rocked- catastrophic?? Cats going to be out in the streets, dogstrophic- dog's are licking empty dinner bowls, crowstrophic- shed a few tears for the crows. Men are free- free free free!!!
i find it funny as an american,
debt collectors hound me should i have debt but nobody hound the usa government
Everyone says the USA is too much free market but no one understands it, tax is killing it
Grant!
Why not printing more money or reduce military budget. LOL.
Oh, right…
I see VP isnt Company underbow but military intelligence armed….nice!!
Good video! Could you make a video about the future world order? (usa, china india, ...)
0:00: 📉 The US economy narrowly avoided defaulting on its debt in May 2023, but the danger is not over as the country still has one of the highest GDP-to-debt ratios in the world and will face greater risks in the future.
4:20: 💰 US presidents have expressed concern about the growing public debt, but it continues to rise unchecked, with the debt ceiling proving to be useless.
7:05: ! The US debt ceiling has consistently increased over time, causing controversy between the White House and Congress.
10:31: 💸 The US government's level of spending and budget deficit are causing the public debt to skyrocket, despite high government revenues.
13:17: 💰 The US government's increasing military spending and worsening public finances are causing concerns about the country's ability to meet its financial obligations.
Recap by Tammy AI
Time to save physical gold
Creative accounting huh. Enjoy the ride.
is a direct correlation between record breaking debt and record breaking profits for corporations and mega billionaires
So much for a claim -- surely your direct correlation can be easily explained.
@@markalexander832 yes corporate welfare
@@htodudenyc Corporate welfare is largely a fiction. Corporations don't pay taxes in reality -- the costs are passed on to consumers or shareholders. Whatever you pay for an iPhone or a gallon of gas has the cost of corporate taxes embedded in it. And the corporate welfare I assume you reference is a function of the tax code designed for the benefit of politicians, so that they can trade tax benefits for political donations or lucrative potential employment later. Government debt is an entirely different matter, generally the result of stupidity and corruption on the part of politicians. They won't pay the cost, you or your children or grandchildren will.
@@markalexander832 who cares what you think , the reality is corporation and rich people are becoming mega rich and the money for that must come from somewhere and that somewhere is the people and the government
Camera clicking is archaic and annoying.
It's a yearly ritual, a dramatic device.
The US is in a debt trap. It has a gold reserve of 480B but it will pay >1.2 T$ in govt debt service for the yr 2023. By the end of 2023 it would have added another 3T$ debt to its total govt debt and the long term interest rate continues to go up because of debts buyers having to discount for expected inflation. It's out of anybody's control. The Fed is sitting on massive losses from years of buying debt at low rates during long periods of QE.
The only reasonable way the US could deal with such debts are a balanced budget, and in all likely who repaying due debt with minting.
While aging population problems cause severe problems, they are not the solvable root problem. The primary problem in the US is that only Congress in conjunction with a president can reform or accomplish anything. By the admission of both parties in their guidelines and in actual practice, Congress does almost nothing but briberaise (it is not properly called mere fundraising). The donor class will never shoulder extra weight in taxes or other obligations and unlike in America of old, they can directly purchase both parties meaning all nonwealthy voters are being taxed without meaningful representation. Fed Bankruptcy and student loan laws are drafted in-house at the bank lobby since 2005. This is relevant to debt overload and mismanagement as the result is that nothing in the interests of voters who are not whale donors is ever fixable or improvable or addressable at all like it might have been 60 years ago. When 98% of your population or more do not exist in the halls of power, it necessarily downgrades any government action and replaces the republic with a dictatorship of lobbyists, albeit in somewhat narrow ways. This is why the US gets downgraded in foreign credit and corruption ratings-because it should be in the circumstances. There is NO movement in the US from more than about a dozen ineffectual voters per state to fix campaign finance or even to understand it at all and there may never be.
The only thing I have debt for is my house and that’s almost paid off. 3 more years. It’s been 10 I been paying it. I have 2 jobs just for this.
The funds run out in 2031 according to scenario 3 on the SSA chart. Now I know where Vision 2030 by WEF comes from.
Why all this focus on the White House? Congress sets the budget, Congress raises the debt ceiling. The White House/Executive branch can only spend what congress approves. The question you ask shouldn’t be why is the white hose addicted to debt but why is congress.
Gephart was a Democrat.
I like these videos but there’s something about the style of presentation I find so irritating. Don’t know why
😂😂😂 You cannot default on debts that you owe to yourself
America Numba 1 Lets freaking GOOOOO
US MUST BALANCE THE BUDGET AND STOP SPENDING OTHERS’ money,
The issue isn't the debt and spending, but how it is spent, and if that printed money will be used to buy too much to skyrocket inflation. If the world burns before that, thumbs up. If the debt was overwhelmingly on police, border security, the military and for infrastructure, the right would not complain. Even if the old will loose their retirement from inflation, and eventual taxes. If all that debt was on social welfare, education and the environment left wont complain, especially if the only cost, the old will loose their savings. Servicing the debt is the only problem. If world burns, just magically right it of, no problem again. Yay. Hitler solved debt by invading. If everyone is paid, no supply shortages, everyone else on fire, you have the biggest stick by far, there is no debt.
It was all spent on the military or military operations, wtf you talking about ''the military expense has stagnated for the last 20 years?'' 6 thrillion spent on iraq and afghanistan wars and now 200 billion spent on ukraine, so far, all on top of the existing military budget.
When poor people run out money there is no financial crisis, when rich people become short of money there is a huge financial crisis !
But but Bidenomics selected statistics told me things were great, its just me who cant afford beyond necessities.
I love how all none Americans are chiming into US.
every nation rise and then falls,
no country stays up forever,
its cyclical
Nice not mentioning only the US and Denmark have debt limit bullshit. Every other country basically makes a budget and that's it.