Here's Why America Just Went Bankrupt and All Our Savings are Gone
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- เผยแพร่เมื่อ 12 มิ.ย. 2024
- America is Officially Bankrupt and All Our Savings are Gone, DIY and car review with Scotty Kilmer. Americans and the government is about to run out of money, is this end of Ford, GM, Chevy, Cadillac, Dodge in America? Will Chinese cars replace American cars in the future? Why you won't be able to afford food and gasoline next month. The truth about America's money and car crisis. Car advice. DIY car repair with Scotty Kilmer, an auto mechanic for the last 56 years.
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California probably does have the most chargers. The fact that they don't have enough electricity is just a minor detail.
@@PruneHub I live in California and electricity prices are outrageous. I've been to L.A. not too long ago and there is a massive amount of Teslas all over the place. I can imagine the problems.
Thank you Scotty for keeping us all in the know. Seems our government has been bubbling as usual.
the national debt is not a flaw -- it's a design.
Based.
You've done your homework.
Correct. Its obvious at this point
Correct it's destiny to be flawed in the end sadly enough it's the further folks where no longer inn 2008
The plan is feudalism. The owners and the renters. The 1% and the poor. Plain and simple. The few control the many. 🎉🎉🎉. Buckle up people. We are so screwed.
I agree because when things don't make sense it always means there's an ulterior motive.
Government debt is so troubling, even Scotty is talking about it...
Inflation so bad, not even Scotty can afford a used Toyota Corolla.
It was inevitable
Government debt is only troubling when repubes are not in power. There was zero talk about the debt when taxes were slashed during the last administration that ballooned the deficit and the debt.
It truly is an endless money pit.
New viewer ?!
He’s always recapping big government failures like GM bankruptcy.
Politicians buying votes with other people's money. In this case, buying votes with other countries' money. Also, the reason so much of America's tax payers' money flows out of the country, is mail box BRIBES flowing back into the wallets of politicians under the guise of campaign contributions, and foreign contractors getting billion dollar contracts with financial connections to U. S. politicians' families. "Foreign aid" money trails are harder to follow when the trail goes across the ocean.
Dont worry US politicians protect us and democracy and freedom. Money is no issue they will keep running they will have a solution for everything. The US administration not an average joe speaking so the way it working it’s complicated and completely different than individual level
You all need to read "The Decline and Fall of the Roman Empire" very scary books written in the early 1800s
@@PD-yd3fr Scary? Just because we're following their collapse virtually to a T?
DJT never pays his lawyers, it is all PAC money, even completely incompetent Alina Habba and her 2 brain cells.
Worthless government 😢
The country can never recover from that amount of debt.
It will recover
@@mortenh.o.703How do you know that?
Best thing for the individual to do is to keep personal debt at a minimum.
Its not supposed to. Its supposed to keep us and our labor in debt to the federal reserve. As long as the fed keeps getting their interest on the make believe money they "print" (backed by nothing), it doesnt matter. Its a money matrix and the only real part about it is we get taxed on our labor to pay for nothing fiat currency.
Paying for wars, that's not ours 😢
No infrastructure no travel- total control
Probably a bad idea to make the country so car dependent. WHOOPS!
It's not the cars that is the problem it's industry and planes
Huh?
I live in the UK and watch, listen to financial news from around the world. When I see how much the USA borrows every year and the debt swells and swells each time they reach the debt ceiling. If I had a credit card and kept borrowing until my wages stopped covering the debt, I would have to borrow more and more, eventually I would become bakcrupt and lose everything. This will happen the United States eventually.
Right - ALL BY DESIGN! COLLAPSING OUR ECONOMY IS ALL BY DESIGN!
It would have happened sooner, but US is unique as world reserve currency.
It is actually fairly simple. The United States either has to cut spending or increase revenue.
But they'll never Vote in Political Party that tries to do either of these things, so yes, they're fucked.
Once the USA cleans up its campaign contributions systems, then there is enough money for everyone, especially on social goods. The fact that public money has to flow somewhere and come back as campaign contribution seriously unbalanced the economy and shuffles money into unproductive activities. Luckily national finance works differently from personal credit. Governments can and does act as the sole issuer of their currency, which is something a personal debtor can't do. Very different circumstances. Not saying governments can get off scot-free without consequences, just saying the whole thing won't just collapse like declaring bankruptcy.
They are the number one economy, a global power, the world reserve currency they can afford it
Thank you Woodrow Wilson! Your legacy is intact
Oh so you know about this bastard selling the United States out to the Central Bank.. The creature from Jekyll Island 🤔. The Titanic ordeal wasn't an accident 😮.. We have been lied to big time!! Nothing is what it seems!! From Titanic to JFK we know everything!! 🇺🇸 1st 4ever
In Australia governments are trying to push citizens away from natural gas in the home and away from ICE cars. In my state all new houses cannot be connected to gas. Of course the infrastructure isn't ready to power everything on electricity, as there needs to be a whole scale upgrading of the electrical system. This includes both power generation, electrical distrubution (power lines and underground) and often forgotten upgrading of older home that were designed to run on gas and even older technologies. My 1950's home needs to be upgraded, as I can't even do fast charging using the current whole house electrical current capacity. Then there is the irony that while solar power is great in the day, most people charge thier electric cars at night and how does Australia generate electricity at night? Coal.
At least the debt has forced governments to limit intervention into subsidies into electrical cars, but it is mostly insanity without a plan to design or pay for it.
@michaelscarport In Victoria. The irony isn't lost on me that there is plenty of gas for export. Apparently exporting gas by transportation and burning it overseas doesn't lead to any emissions.
We have just announced our largest ever offshore Wind Farms. Far from enough, but it's a start. And Solar isn't a scam. Mine is saving me a fortune, certainly less than I paid for it. Personally, I reckon we should also pursue Nuclear Power and weapons. As an Island, once we had a few Nuclear weapons, we'd hardly need an army. No-one is sending an invasion fleet towards an island with nuclear missiles...
surely they are smart enough to not do it until people have some sort of workaround right? don't spit in the old well before the new one is built or how the saying goes
After decades of subsidies, Wind and Solar account for less than 6% of the Primary Energy usage in the USA (EIA). An irrationally urgent transition from the use and production of oil and gas, increases the cost of all forms of energy. This is an important factor with the current inflation. It also damages our manufacturing competitiveness and ultimately our national security.
Identical scenario as in EU. Identic to the letter.
I don't think they even borrow the money any more, Scotty. I think it is more or less printed into existence by the FED, which is the US government's captive finance arm, and issued to the treasury as required. There is basically so much of it printed into existence that there is no way to audit how much is actually in circulation.
I don't think most of it is literally "printed" or physically in circulation, it's just zeros on a bank account.
Do you think there are groups dedicated to finding and destroying “dirty money” to maintain circulation?
You are talking about the money supply, not the debt. Debt is issued in the form of bonds, which are purchased on the market. Printing more and more money leads to bad things, like in Argentina.
@@brianstansfield4367Printing money is normal. Printing way too much leads to bad things, ie. hyperinflation.
@@joojoojeejee6058 Exactly my point. The OP has things confused.
Scotty Kilmer for President!
The Electric Grid does not have the DRAW available for EV's
If our political elites were actually serious about everyone converting to EV, we would be building new electric generation power plants like they were popcorn. But we're not. California going EV really is a joke because even now they have summer time brownouts/blackouts and they aren't building any new power plants to supply the demand.
It's being done on purpose.
Absolutely
Scotty, in Oakbrook, IL, Teslas were lined up dead in parking spaces near the charging stations because they could not get the charging connector to connect to the car. Apparently, some ignorant people who were done charging their car just dropped the cable onto the slushy ground and when it got -10 below the connector froze up. I saw that coming.
Scotty, you need to start a financial literacy channel. You speak absolute truth. I really hope youtube pays you well, because you deserve every penny.
Sometime ago Scotty said he earns roughly 1/10 of a cent for every view.
Yeah, no. He ignored the trump tax cuts, the trillions pumped into the market by the fed in 2020, and the free money PPP loans handed out. These all ballooned the deficit and debt. He also ignores that countries like Japan are at 226% debt to GDP and are doing just fine.
My family now only buys things that we need not want. 😭🇺🇸
The problem is when you print money, it’s a wealth transfer mechanism. It transfers the wealth from people without assets to people who have them. When you have to work more to get the same stuff you are getting poorer. Homes are out of reach for the current generation, I wouldn’t be surprised if cars as they are today will be out of reach. Where the quality of the car that’s affordable will be significantly worse. Historically when society’s get in this situation you have mass unrest. Like the wealth divide in France is what led to the French Revolution. This isn’t the first time this has happened in history.
We're becoming the next Argentina or Venezuela.
thats right, rich people and government loves inflation. They have a lot of assets and a lot of debt, so inflation increases the value of their assets and reduces the value of their debts. But everybody else hates it, especially poor and middle class that has almost no assets, low debts, and just a 9-5 job which all get crushed in inflation.
86% of global transaction include the use of the US $. This reality allows the US economy to run at an additional deficit. It's the price we pay for the USA allowing the rest of us to use the dollar. But this position at the top of the tree has to be defended because there are plenty of countries that resent the USA being able to operate in this way. The line of scrimmage is in Ukraine.
The county board here in Milwaukee supposedly avoided bankruptcy. I just found out last night that they raised the county sales tax rate to 8.4% on January 1. It was 5.6%. That's a 50% increase in one abrupt surge. Don't move to Milwaukee, it's getting exorbitant here.
Tax, spend and redistribute is the liberals motto. Until people stop voting these liberal, self serving politicians into office, nothing will change!
I don't think any of these newer vehicles Even the non-hyber ones are going to be worth much of anything when we go into MadMax mode for any length of time ..And I do believe it's all by design
Get a horse or mule, at least a bike lol
Mad max mode is a real reality somewhere else but not in this realm
I think they are spending like there is "no tomorrow" because they know that there is technically "no tomorrow". What do they know that the general public does not know? WHEN IS THE END DATE?
This coming Wednesday. Say good bye to everyone you know.
Most current US politicians are old enough that they don’t have to worry about tomorrow
😂
I worked at a small H plant. It used massive amounts of electricity and water.
Scoty, we can't see things that are on your phone, even with a 20 " monitor.. but i love your channel, watch it everyday.
Have anyone seen the movie " DON'T LOOK UP " ??
Maybe that's what needs to happen, so the entire world can have a clean fresh start from scratch.
The more bad news I hear the more I'm convinced that something apocalyptic is going to or need to happen, so humanity can start from zero, again..
the bible says just that...
You forgot that the US treasury can PRINT MONEY and the US government can essentially BORROW FROM ITSELF. (-> inflation, but that's how it goes.)
Why do they tax us?
@@floridaman5125 So you keep working. If no one is working in USA, USA is dead.
@@floridaman5125 If they just printed money and/or borrowed from themselves, those dollars would rapidly become worthless.
The government doesn't borrow from itself. It borrows from the (international banks) federal reserve.
they can but there's 1 big difference between loaning money from itself vs printing it. Paying back the loan destroys the money, so the money supply only increases temporarily and then it will be reduced again after they start paying it back but if they just print money then that money doesn't disappear and it would cause inflation long term.
So uplifting this guy.
I've been watching your videos for years now and I'm curious if you've ever thought about a Podcast?
My 401k IRA's have lost thousands in the last three years, there is NO interest on savings, too old to go back to work, prices for everything have gone way up. My golden years look more like rust.
I'm still not crazy about hybrids. It seems a poor tradeoff of complexity for gas mileage.
Scotty, you are a Stable Genius!
FYI, the debt won't ever be paid off, the politicians know this and keep borrowing.
Spending more than your bringing in is the problem, not Capitalism.
The debt has never been this high, and neither have I.
The mountain lion, approves.
Truck idea is beautiful
Gday Scotty! Just like to mention that Toyota has the technology to run an engine purely on water! They've been ordered to stick to electric or Gasonline cars only. In saying that there seem to be only a few steps to run an engine on water. Stanley Meyer was successfully on old VW engine.
The government put the cart before the horse with EVs, as usual.
One word. Joe.
haha cool to see you mention burbank ca thats where i live
In my home town, truck owners just bought a 5-pound bag of sand or 2 to keep things from rattling around in the bed.
In winter, the battery capacity is halved! It makes no sense to make cars that you can admire and look at, instead of making cars that are practical for everyday use! There's nothing wrong with practical fuel cars looking nice, but as it is for now, battery cars suck!
My belief is that the only reason the government debt bubble has not burst is that all the other governments are doing the same?
Basically. Every other developing nation barrows too. Eventually it will cause a world economic reset...
correct ;;;
Nice rant. Whatever happened to staying on topic? I liked hearing about gas and oil additives, batteries, tires, which brand sucked and which one was good.
Home prices are exorbitant! Keep interest rates up and keep quantitative tightening!
Great video.
CNG vehicles also died because of lack of fueling stations.
Here in Thailand there all over the place. Taxis, mini buses, medium and and heavy trucks use CNG. Cab over semi trucks usually have a bank of 8 to 10 tanks behind the cab as well as a diesel tank...their dual fuel. Regular people can have their cars converted if they want.
@@hyballs In the Los Angeles area/southern California all the transit buses are CNG. In Los Vegas all the taxis are also CNG. Sadly nobody else switched to CNG because of the cost to purchase and maintain fill stations. Plus these vehicles can not be stored indoors due to the dangers of leaks and possible explosions.
Hey Scotty, I just found out that my 2009 Toyota Corolla is a Decepticon, what should I do?
Deception ? How so ?
Clearly report it to the autobots.
@@SiXiam thanks, will do!
Is it a oil burning Nightmare?
@@waleyefish9026 only when it transforms into a giant robot.
The HRV has the same thing - something how it was adhered to the frame on the lower corner/s.
Honda has a warranty extension out for it.
I usually watch Scotty for car stuff, I clicked on this because somehow I knew he’d make this easy to understand
Scotty's investments are probably falling faster than a cell phone sucked out of a plane.😟
he said he was a millionaire 3 times over mechanic business, his old house and youtube.
He's smart enough to still have income rolling in.
The market has been melting up since October lol. He could make around 150k a year completely risk free with 3 million and the current rates. I’m sure he’s just fine.
not gonna lie, i was hoping for hydrogen to get us out of this electric motor nightmare.
@@SebiAlan-tq3xqits due to motorised vehicles that we have the modern world we live in and without these things mankind will go backwards and life expectancy will start to be reduced
@@KPrent82 Um, life expectancy is being reduced and has been since I was born in the 50's! Gates and Friends are Eugenists (depopulation!) - it has nothing to do with cars ....
Each president competes with the last to see if he can build up more debt than the last. The goal is to have our next generation of children be literal slaves .
@@SebiAlan-tq3xq we have opportunity to do whatever we want, the way the creator intended was to have bare feet in the ground and living off the land. Even the federal income tax is voluntary , it’s only mandatory for federal employees, if you don’t file for taxes than you can’t be apart of the social security system and will not receive government benefits
Hydrogen costs a lot of money
It has to be regulated. Thanks reagan.
Scotty noticing that people can't afford cars and noticing he has such a good personality that he can talk about other important things
Tax cuts for the wealthiest among us has you and I on the hook. Talk about that !!!
The bladder sounds like a good porch pirate device to hold them there till the cops come
Pleased to hear about your new prepper and home tunneling channels. Very timely!
This guy is basically my dad. PROTECT THIS MAN AT ALL COST!
My truck is a 2004 and my wife’s car is a 2008! Hoping to stay under 2012 for the next one 🤞
I charge my tesla in my garage when I get home from work. Pretty straightforward. Never had to use the superchargers yet. I drive the Lexus for roadtrips.
Honda have the same problem with rear glass in HRV
It's just a number!
Taxing could go higher, we are actually in historically low tax environment. The problem is higher taxes slows economic growth. The actual solution is to grow the economy so that plenty can be used to pay down debt. But the worse part is they keep spending and borrowing so the growth doesn't help.
you cannot pay that debt. Its logically impossible. The federal reserve is private ! They charge interest on all money created, including the money to pay back the debt!
Yes we are in a mess
Always nice to hear you saying anything about any subject even when it's not car related! I haven't watched news on TV for years and barely read newspapers or whatever the traditional media still publishes on Twitter (here in Canada, the government owned/financed news media lifted their nose on Twitter since Elon Musk bought it but now, they seem fine with it since they've been kicked out of Facebook!) and so few are still watching TV or reading printed media! But I just can't miss your show, I'm addicted!
please talk about car stocks!
DOOMED.
A debt-based currency can only end in absolute failure. It is all over but the shouting Scotty.
Thanks Scotty 👍 I love my Toyota Tundra crewmax limited 💪 on my way to the million miles Tundra club 🔰
Our national Debt is scary stuff.
‘The déficit is the $ that has been spent, held in bonds, that has not yet been collected by taxes’ - Warren Mosler
It basically says money has never been worth anything. It's just paper.
that shopping cart 🛒 looks like it would crumble 😢
My wife’s 2008 side ( passenger) window just pushed out and exploded one day…some people standing close said it just pushed out like a bubble and just popped….
I dont remember where i saw it but I saw huge screen with our debt ticking up like a time clock.
Google "National Debt Clock real time."
Well, that was a ride
If it's any consolation Scotty at least we're not going through a depression. What in the series size Scotty yeah interest rates car prices rent is still high especially in California.
Umm it’s not so much “borrowing”. It’s quantitative easing or printing new money. It works a little differently on the federal reserve level than your personal finances
How stupid are politicians. Government doesn’t choose what people buy it’s the people who choose . I can not believe how these idiots have now power
7:25 thats just stupid *good call to expose them Scotty man the world neeeeeeeds you*
I have a 12runner. That is of course 3 4runners all new 2024 last of the 5th gen no gdi no electric no turbo no hybrid. I love my 12runner.
The government takes in about $4 trillion each year and spends $7 trillion. Now that’s what you call an unsustainable financial status. If we did that with our personal finances we would be in “debtors prison”.
Most people are in debtors prison.
That is exactly where we are, the U.S. is in Debtor's Prison b/c of the politicians y'all voted for
Thanks Mr. Scotty. Very alighting content. I was happy to ear you speaking about the stuff.
not a bad idea for the air bladder toneau cover, BUT wouldn't that be like Neuton's 3rd law of motion? By pushing down on the cargo, wouldn't the toneau cover be susceptible to bulging up from the pressure?
I saw a picture of a Tesla towing a running diesel generator. At least it's better than coal fired.
Well Scotty I am assuming that this sort of situation applies to us down here in Australia as well. What I find really confusing is who on Earth has enough money to lend such obscene amounts to our governments?? It has to be some sort of coverup and we as the people in the general population are just kept in the dark.
I'm not really sure how this works but I think that I heard that the US government receives loans from big businesses and very wealthy Americans. To the best of my knowledge, wealthy people pay an enormous amount of taxes. At one time I heard that during the Bush Jr administration, wealthy people were paying about 27 or 28 percent. After that, the tax rate went up to about 35 percent. The last I heard, I believe that it went up to about 42 percent. Can someone please check those numbers to verify and correct them. I have a very bad memory. If the United States is borrowing from wealthy businesses and very wealthy people, they should probably lower the corporate taxes and the individual taxes. Preparing for war does not help matters. Engaging in war makes matters worse. Live in peace and prosperity. Help people with good product ideas. Help people with good business ideas. The United States of America is very well known for high tech. Promote business and trade. Make peace with our enemies. Share ideas with all nations. Eliminate poverty through helping poor nations to develop. Work together as United Nations to make this Earth a paradise. Elect honest politicians. Allow the voices of all people to be heard. Use militaries to keep the peace and to maintain law and order. We can accomplish this by working together.
Pension funds. Do with that info what you will.
Australia's Debt is nowhere near the USA's. And the USA has promised its elderly people Social Security and Medicare funded by a Government that has no money. Our Medicare is funded, (less than it should be), and our 'pensions' are all covered by our enormous Superannuation Schemes. Superannuation - About the only thing we can thank Paul Keating for. (But he's still an arsehole. He just managed to get one thing right, amongst a litany of other failures).
I was wondering the same thing. WHO?
It’s peoples money mostly , education is important, for example in my country most of ss money is invested in national debt, most usa debt is owned by Japan. $1,098.2. 14.52%
China. $769.6. 10.17%
United Kingdom. $693. 9.16%
Luxembourg. $345.4. 4.57%
Cayman Islands. $323.8. 4.28%, type of companies invested Fed and gov't accounts Foreign
Mutual funds
Depository institutions
State and local gov'ts
Pension funds
Insurance companies
US savings bonds
Other
A sovereign country that borrows in its own fiat currency can never be forced into bankruptcy
Too complicated for Rightwingers and simpletons
Citizens are living on credit cards. It can't go on forever. That's the plan though. CBDC with social credit score to "save" us.
No but if no country wants to buy your bonds to finance your debt regardless of the interest rate offered, what will that country do?
@@ortizpa86 Did you ever ask yourself is that normal??? Is it possible??? How would other world countries react (well, they already did)??? Yeah, your brain is not on that level, but it's ok, in 75 years it will get to that level.
Enjoying the yield on my US treasuries.
The biggest tell tale sign most of America is ignorant, naive, in denial etc. is the plain lack of understanding of "balance of trade".
Not anything technical but the understanding of money in vs money out. Simple and basic.
Not even the curiosity to understand why it has been imbalanced for so long and the consequences.
Our debt has always been high through many years of different presidents and congressmen.... Please get back to car repairs.
I listen/watch for car info, not economic info from a mechanic, as gifted as you are.
Please stick to what you know best.
Everything he said is true, why does that piss you off democrat?
It's Scotty's channel, he can say what he wants.
@@georgenovotny4421he cant be democrat..they ride bicycles and complain about frozen battery teslas to save the world. They dont watch diesel and gasoline fuel fixing mechanics like Scotty.
A lot more truthful and informative than the nightly news.
I'm thinking of getting a hatchback and a 5000W generator, then charge a fee to rescue dead EVs 🤣
Giving them enough charge to get to a charging point heheheheheh
Bro, that actually may be a great hustle in the near future...
I wouldn't laugh - it's not like getting either a tow truck or locksmith to show up is free. I just think you're grossly underestimating how big a generator you'll need. A minivan or van would likely be the more appropriately sized vehicle for carting that generator around.
No taxation without representation.
Rear glass shatters .......Needs a software update...
All governments run on debt. The issue is the amount. Both parties do it as well.
2am in morning (in Asia) I got notification of this video, brains: sleep or Scotty? Guess what brains chose? 😂
How does Honda make the gasoline engine turn off on their Hybrid CR - V
The federal budget does not work like an individual or family operating personal finances. People need to understand this concept first before then further tackling the incredibly complicated subject of how governments manage money supply, budget, borrow, tax and spend.
All modern countries do that. You cannot have an economy working without someone losing money and that someone in most country is the government. A country without any debt and need to borrow every year would be a country with a dead economy. It's a problem without a solution.
It’s really just become a part of doing business. It’s not looked at negatively by people in the know, it’s a strategy.
Hey Scotty, Toyota is selling a Hydrogen car now around 60K. What do you think of those?
I'm not Scotty but I imagine hydrogen cars will be worthless eventually. Why? The goal of the Globalists is TOTAL CONTROL and EV's is how they will do it to all of you!
Hydrogen class 8 trucks only for shipments from Mexico!
They went more fuel, then they gotta head straight back 👍
Cut the defense budget? 🤷♂️
Yup I have so much debt it's never going to be paid off in this life.