Officials Just Announced America is Bankrupt
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- เผยแพร่เมื่อ 16 ก.ย. 2024
- America is Bankrupt. Officials Just Announced America is Bankrupt, DIY and car review Scotty Kilmer. Why America has no more money and where do we go from here? What happens when America is bankrupt? How will America's bankruptcy change the world? Countries that are going bankrupt. Car advice. DIY car repair with Scotty Kilmer, an auto mechanic for the last 55 years.
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"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."
Henry Ford
Anything to speed up the r/Collapse.
The same revolution that Henry Ford helped out over there in Germany? Ford knew all about banking. 😂
wow!
Nothing the politicians (both "sides") say or do will affect them , until americans realize that war is on their steps , none of your weird sex arguements will mean a thing... China probably has more nukes than america, they build everything for the sluggish americans, russia has more nukes than america but your government (all sides) want war with both.. and you gotta wonder why they wanna pop control you all? Handle your business before it handles you.
"Within a few years Hitler will emerge from the hatred that surrounds him now as one of the most significant figures who ever lived" JFK
"He had in him ( A.H.)stuff that legends are made" JFK
It's a strange world we're living in when a car mechanic is wiser than most of the nation's political leaders. Scotty for President.
That's always been the case.
He's got my vote.
After he fixes all the cars and trucks on the road he'll have my vote.
Get rid of all welfare programs and let we the ppl vote on government ppl pay and benefits. Same with jails
Scotty for Secretary of Transportation!
Most politicians can't even balance their own finances.
"Budgets balance themselves." - Justin Trudeau
I totally agree with that they need a stricked budget
China helps them .-)
The prostiticians are great balancing their finances! They peddle influence at the expense of the citizens! The prostiticians have found a way to completely and endlessly supply themselves with the bribes!
@@OutRAjious 10 million we have record of so far.
they ruin everything they touch
Demon rats always do.
{{{they}}} sure do
Gonna get scotty in trouble.
OY VEY who is "they"?!
I think of burt gummer of tremors 3. "You guys do what youndo best! Find something simple and complicate it!"
Ron Paul has been saying it for decades… America should have listened
Unfortunately, I somehow feel that my fellow American's are a different breed than the Greatest Generation and simply don't care to care!
C.B.D.C
-CENTRAL
-BANK
-DIGITAL
-CURRENCIES
His neighbor should have given him one for me
@@SunofYork what?
@@anthonyvigil7567 You didn't hear about Paul's neighbor punching his lights out on the lawn tractor ? When Paul was asked if his definition of libertarianism meant that a black person could be refused entry to a shop on account of his color, Paul said YES it's private property...Are you ok with that ?
Did not take a college education to figure that one out. these endless wars we’ve been in.🙁
I wonder how much the govt has spend on war ?
r/Collapse is where all the cool kids hang out.
Things are getting bad. Hold on tight
And dont rev your engines too much for now
It's been bad for decades.
It has not even begun yet stay tuned
I totally agree and its only gonna get worse
no worry, government will use credit card to pay credit card , then when it passes, will act like they did all Americans a big favor and there ego's will be bigger
We are insolvent. We can't even pay off the interest fees on the loans. If this was your car, the dealer would have repo'd it already
Outstanding explanation of how the monetary system and government really works. Not only a mechanic...... but a brilliant economist. Thanks Scotty,
Scotty, “we the middle class” 🤣😂🤣😂
They are spending money on programs we dont want.
Like saving the lives of non-whites ?
What was it 3 million for Michelle Obama walking trail. Could have house quite a few veterans for that amount a money.
@@FloridianSon And you just totally omitted the fact that we're sending billions to Ukraine and other foreign countries. Ehh?
And illegals eating the system
We have the same problem in Australia. Both sides of government blame each other. As Milton Friedman said, all inflation is created by government, and, inflation is indirect tax.
You have a point, but at least the Labor government is at least trying to be fiscally responsible by paying some of the interest off..
Agreed. Indirect tax as their actions or lack thereof demand our sacrifice.
Well you can blame America for setting a bad example!
Australia is nothing in the world, but a big one in the West.
It never ends well when counterfeiters are in charge of the monetary system.
And running an empire.
Exactly, though smelling ink from money being printed to pay for ill conceved wars is a good wake up call. Todays 100K Trucks will seem like a bargain...good by savings
None of their money is actually counterfeit but they just can't stop creating it. 🤑
We could all just create our own form of money/barter amongst ourselves and then it wouldn't matter what the fed reserve does.
Brandon demanding to spend more of YOUR money which he's trying to spend on green energy. This is the fault of people who didn't like mean tweets.
I doubt Obama would’ve moved to Martha’s Vineyard if he were worried about the oceans rising.
trump increased the national debt by 30% in his only term as president by giving tax breaks to the rich.
@@hvega8199 let alone living in a 30 million dollar mansion close to a cliff lol
dont forget ukraine!
Orange man lost.
The governments interest on the debt is roughly 582 billion a year. The list of low life politicians responsible for that is very long.
It's been both sides of the aisle from day one....not gonna change anytime soon, if at all.
@@dragon2knight it’s up to the people. It could be changed if the people use there power.
@@FromTacoma That's an illusion my friend, the corporations run this country and they will continue to put their bought and sold politicians in office. He with the most money wins in this sorry excuse for a country we live in. As it sits, neither side of the aisle will fix this as they are all owned by the super rich.
There is no constituency for fiscal conservatism. Who wants to be the "bad guy" that makes the country live within its means... and besides, everyone wants to vote themselves free stuff so its not like anyone would vote for a fiscal conservative anyways. The kids and grandkids can deal with it... sucks for them. The politicians like to promise their side everything and they know they will be dead/out of office by the time the bill comes due. Also, once you expand benefits, it is almost impossible politically to undo it because people come to view them as entitlements and you will be the scapegoat for doing the responsible thing.
@@FromTacoma what power? 2A ?
There goes all the hard work people put into their 401 K for retirement
401k? Save for retirement? If your dead before 65 did it even matter if you saved for retirement. I guess if you have family members or significant other then they can get some of it.
My parents savings and 401k were wiped out in Global Crash 2008-2016. Dad's pension was reduced after the company he worked for for 30+ years filed Chapter 11. Dad had a coronary and died before he could collect SSI. I wanted my parents to enjoy their retirement together, sadly, that wasn't the case. RIP Ace! On the plus side, even though the VA would never treat him for exposure to Agent Orange, they were kind enough to bury him!
@@TheCompbuzz need have million dollars give or take to be able to retire how it seems the future will be.
That is very true I heared that Social security is running out by 2033 it be complety depleted
@@Kyle-sv5lk That projection is based on America retaining "world reserve currency" status till 2033. China, Russia, and the Middle East will not allow that.
How much did they give Ukraine?
Its always a good day when scotty posts 🔥🔥
We the people get hosed AGAIN. PERIOD !!!!!!!!!
Its been like this for decades and yet people were just ignorant.
Is that all part of build back better
No.
Thanks again Professor! Another great learning experience!
Future generations will pay in the form of a much lower standard of living , fewer choices, and a life under massive restrictions as what they can do and own. We're clearly headed in that direction now.
Or they can stop playing the rigged game previous generations passively tolerated.
And people wonder why I don't have nor want to have any kids............ THAT'S WHY. 🤔
You could move to Hungary. It is the only Fascist country in Europe. Fleeing American insurrectionists welcome.
@@electron7659that’s YOU. Meanwhile, Bubba is doin his sister and spitting out babies left and right…
If republicans win that will happen in 50 years, if dems win that will happen in 100. We're screwed either way.
Just imagine how bad the debt and deficits will be in 10 or even 20 years…
That's if this country is around by then.
@@michaelbarnes7351 We won't be
Hopefully before then China rises up against the CCP and then implodes into different countries.
@American Girl We will all be forced to speak Chinese. All the the Mexicans will go back to Mexico.
200 trillion /insolvency and China calling in the debt and owning most of America
It certainly doesn't take an economist to figure out that they are bankrupt
Are you an American / US citizen? If so, please substitute “they” with “we”…
WE Americans are bankrupt, whether you know it or not…WE are bankrupt
Thank every politician over the past 40 years and ALL of the banks, ESPECIALLY the “Too Big To Fail” banks….THEY have cashed out all wealth of American people for GENERATIONS to come…
They're not
Yup. Anyone else notice that no politicians say the words “balance the budget” and if you’re old enough, they used to say “we need peace” I haven’t heard either of those statements since Reagan
I'm glad I'm old, I feel sorry for those who will have to keep on paying, we all know it will never get payed off !!!
Not unless the creditors of US debt collapse before us. China is the big one that needs to collapse so US deficit shrinks.
@@manoftruth0935 CCP cannot possibly collapse fast enough to keep them from starting a war. They won't just slink away.
@@manoftruth0935 China will not fall as long as the US Government and the manufactures keep buying and making things there.
The homeless don't have to worry about it. The ones who ask for free handouts don't pay taxes anyways. I am not talking about the other homeless who do work, but can't afford rent or don't want to waste their money paying rent.
@@manoftruth0935 that can be arranged
Thank God Iam at the end of my life ( 88 years old) and I hope I can live this out before the bottom falls out.
It's going to be worse than the Depression
Well, yeah! Like they didn't have a Fentanyl crisis for starters!
I'm not an economist, but I know more than Yellen. She's a national embarrassment.
They all are.
These politicians know exactly what they are doing. They are serving the interest of the rich. All we see is political theatre
We’ve been broke since Nixon unfortunately 😭
We changed economic systems so you can't compare them accurately.
Nixon ended the costly Vietnam War, so don't blame him!
@@elliotalderson4568 Nixon did that lmao
Kennedy actually. He was president in 1960.
You forgot LBJ. He did the massive buildup in Vietnam. We're still paying for that fiasco.
The USA doesn't print its own money, so the government must borrow from the Federal Reserve Bank, with interest.
Its ridiculous
Unconstitutional
@@soulshine8531 Exactly, and they all know it. So who is really in control?
That's why I call the USA the United Scammers Association.
Let me know when the revolution begins here in America.😏
If Americans had the guts for that kind of fun they would’ve done it years ago
@@MrLeerolljankins You probably speak German.🤔
@@Jaye-ts3ko I don’t speak retard language
Would take 1960 wages if the money was 1960 value.
Hi Scotty! Thanks for all you do!!!
Evening and thank you!
The facts are that a big part of the reason why the federal debt has been going up has been because of substantial tax cuts to large corporations and the super-wealthy (not so much to you or me) since the '80's and especially with the 2017 so-called "tax reform act" with dubious benefit to the economy at large, and it's not just because of increased federal spending or increased interest on the federal debt. How convenient for some who pull over your eyes that it's left out of the discussion of the debt ceiling.
Media and politicians are arguing about the 2 choices they have - raise the debt ceiling or decrease spending on social services. How convenient they leave out of the conversation the third option of raising taxes on the rich. Create a property tax on stocks or bonds, remove the tax cap on social security tax (only pay on first $~160k of income), lower the threshold on inheritance tax (used to be $600k, now you can inherit $25m), increase corporate tax. Trickle down economics is a lie. The 3 richest billionaires in USA have more wealth than the bottom 40%. Tax the rich.
Millionaire government has three accounting books: one that says is bankrupt to raise taxes, other that says there's good cash flow to borrow more foreign money, and the third that says the great ripoff to us taxpayers is producing a lot of underground profit, Then, Miss Secretary of Treasury wants to further ripoff our poor pockets while she drives a free government luxury EV.! Thanks for the video.
This is why we need more economics/financial education in schools before kids get out in the world. More critical thinking. Better able to navigate the world. Ability to better comprehend what the representatives are doing. More accountability from politicians. Thank you for sharing Scotty!
Although I totally believe they do not want a well-informed, well-rounded populace.
@biffxannen I agree, what I said up above^^^. Heaven forbid we do right by these upcoming generations.
You are correct, but I think our politicians need MORE economic and financial education!!!!!!
Loopholes from early generations float their lifestyle.
America should had never given money to Ukraine.
gotta launder tax payers money somehow, now that we left Afghanistan
They are doing it because they have wanted war with Russia and want to cause regime change there again
Wrong. What else should we have let Putin steal? Europe?
Only one other country besides the US has a debt limit. It’s a ridiculous pantomime.
If you are referring to Yellen ... she doesn't know how the system works even after being a Feds chair.
It's essentially meant to be a wild goose chase but you'll never get it because it's designed to crash.
They are failing and should be fired.
One major fact is, manual transmission will give a phenomenal gas mileage. No need for hybrid cars.
I could watch a TH-cam channel dedicated to news from Scotty. Think about it and let us know, Thanks Scotty!
America’s Bankruptcy shocks the entire auto industry
To make matters worse the credit card industry is totally unregulated and has been for the last 15 yrs but now they are charging 30%interest! Totally ripping off the working class!
Hay Scotty, been watching for a few years. You are the most knowledgeable mechanic I have seen. I have an 09 Dodge (I know) Caliber, everything runs fine as far as I can tell besides when I drive for around 50+ min at higher speeds (65-75 mph). Then my transmission starts to overheat. Should I get the fluid changed or is there something else going on? It has 216k on it, is there anything I can do to make it last to at least 300k? It was fine all winter but I feel with this summer it's going to get worse and I won't be able to drive as far without having to pull over and let the trany cool down.
You have a couple things that could be causing this issue. You may have a problem with your radiator or your trans cooler. At that mileage it wouldn't shock me to hear that the coils are all dirty. You may try cleaning them with water or even aluminum safe coil cleaner. If that doesn't fix the issue then I would look into finding a tech that has a thermal imager to do a diagnostic.
@@TheTH-camMechanic Thanks for the info, I doubt much has been done to this vehicle over the years but I try to take the best care of what I have. I might have a small leak of coolant somewhere but I believe the radiator is fine, I'll give it a better look when I change the oil this weekend. The coil packs being dirty wouldn't cause the transmission to overheat though, correct? Just make it a little sluggish on the throttle.
You have to know there isn’t one bar of gold left in Fort Knox.
I believe that too... highly doubt there's anything genuine there that hasn't already been stolen.
If the corrupt billionaires and corporations were properly taxed and their welfare (subsidies) payments were ended the government wouldn't need to borrow money from those same scumbags.
Nailed it
We need to stop the welfare system. I go by public housing and they have better cars than me and I work two jobs. Stop the handouts.
It's not only monetarily bankrupt but it is ethically bankrupt too!!!
Thanks for the honesty. Not hysteria.
Scotty always honest 👌
Great to see Scotty looking at broader subject areas. A mechanic must be realistic and unbiased. This is bound to be a sound basis for useful commentary, and brightens up my afternoon fixing this wall in the Atlantic squalls.👍
The USA needs a new transmission
Politicians will argue about the solution is either raise the debt ceiling or decrease spending on social security, Medicare etc. Notice how they never mention the third option of raising taxes on the rich. It’s because our politicians serve the rich. Create a property tax on stocks or bonds, remove the tax cap on social security tax (only pay on first $~160k of income), lower the threshold on inheritance tax (used to be $600k, now you can inherit $25m), increase corporate tax. Trickle down economics is a lie. The 3 richest billionaires in USA have more wealth than the bottom 40%. Tax the rich.
We’ve been bankrupt since 1964, it’s also the reason Nixon had to take us off the gold standard.
because Nixon took us off the gold standard
Never liked Honda/Acura Transmissions on all Three(3). Shift like cr&p. Enough to not buy one again.
political commentary.... how refreshing, don’t have enough of that on the internet
Because it's real and here ... don't worry we'll all be bums on the street.
@@communismisgarbage because there are a billion other sources for whichever your preferred brand of propaganda is on the internet. Go there.
Enjoy your bumhood then... if that’s your dream.
To the guy with the Xterra, I have a 2008 with around 170k miles. Scotty is right. I had this exact problem only mine completely failed on the way home. Plastics cracked. Also be sure to check the heater hose inlet. Its also plastic and after I replaced my radiator that failed shortly after and caused problems. They make a newer version made out of metal. Easy install and pretty cheap. While you're replacing the radiator you may as well replace that too.
UK, Ireland and Belgium also hold significant amounts of US debt besides just China and Japan.
I think the dollar today is worth about 19 cents total...Once apon a time,one could buy 10 boxes of Mac & cheese for a buck...Now you can't get a box for a buck...Not around here anyways...It has gotten ridiculous...
I grow up in the 90s 10 dollars was good for me for food.
You mean to say "scaling" in the radiator? Rust is corrosion, but scale comes from hot water in heat exchangers
Theyve been bankrupt since they were founded
I appreciate how Scotty can explain finance and economics in layman's terms that everyone can understand. The other major crisis is, thousands are crossing the US-MX border in San Diego as I write this!
It is sickening that our government cannot control its spending.
but they control the intake... tax cuts & 1800 page tax code... enough said
Good for You.
This is what a country that values diversity over capability looks like.
The solution is simple. Every year the percentage increase in the national debt also causes a decrease in the salaries of the congress people and the president. So if a one-year national debt increases by 10%, their income will drop by 10%. They will suddenly become very, very conservative in spending money. The problem is the legislators would have to vote for it and they never will as they are focused on becoming rich, which is their priority.
We have a 2023 Jeep Grand Cherokee L and there were two scary down shift issues when we were exiting off ramp and entering one. Have you heard of this before.
Scotty always makes everyone’s day better 😊
Fear mongering makes someone’s day better?
@@vidguy007 You’re right on that one 😉
Never a borrower or a lender be wise words !! Living without debt around your neck is real freedom, I learned the lesson the hard way in 2008.
It's gonna be bad ..
C'mon Man you know the thing
I think you are Correct
They have a printing press that spits out 100’s faster than you can talk
They needed to keep driving 1994 Toyota Celicas. That’s how you solve this problem TOO MUCH SPENT ON UNREIABLE CARS 😂
Absolutely true!😆
We're heading for a global financial crash.
@@walkersky100 Don't worry, the government will hyperinflate your currency before defaulting on its debt.
@@walkersky100that goes to show you how uninformed young people are. The idea that a "reset" will help them is quite comical. They will own nothing.
@@MrBrndin I couldn't have said it better myself!
Well quit voting for it and it MIGHT change ;)
New world order. We are in the end days
Thax Scott, we are spending and leaving our bill to our children !
No wonder sucide rates going up
Disgracefully.. Criminal typical US chritians
What is very scary about this debt...is WHO we owe that debt to??
Economic wrecking machine they are.
The window of opportunity didn’t go to waste for the WEF.
Never change solenoids on honda/acura trans. You have to replace the Transmissions!!! I'm a certified Honda Master Technician/shop foreman at a honda dealership. We also need to change our Government
Stay away from politics Scoty .Stay with fixing cars please.
It's no wonder my parents' generation all went insane 30 years ago at least the smart ones because they knew what was coming and we've all just been gradually watching it happen all around us. I never ever envied the generation that had nuclear warhead drills growing up in school in the '70s and '80s.
It wasn't that bad (the drills). They just told us to get under our desks and that we would be having pizza for lunch lol.
I bet they still got millions to send overseas...
Some times those BMWs get PCV valve and Intake leaks that make them smoke. Not always the Valve Seals.
That's what happens when you spend money that isn't yours. Just like everyone in the United States. You have to cut back so you can afford your daily expenses. It's OK with them to give themselves raises as the people have to pay the price.
It was due to the purchase of a building in New York City, and a payoff of the national debt for that purchase. Apple is also included because that is not the owner. Whenever you're doing business aspect the company is owned by the person who made the stop if the person who made the stuff isn't the owner that means they lose money underneath the accounting basis.
scotty, you were supposed to just be a car guy! lmao! now that youve spoken the truth, you better watch your back. as always, youre on the money, but people in power dont like that
Congress needs to REPAY the loan they TOOK FROM Social Security!!!
"And when Alexander saw the breadth of his domain, he wept, for there were no more worlds to conquer." Benefits of a classical education.
Before they knew what happened we will be sitting on a beach earning 20%!
How Large was Alexanders Debt?
He also died at 32. So I guess he didn't care what his Student Debt or Credit Card Statement looked like.
sir your right this world need good ppl like you honest
kids that are not born yet are already in debt
Krazy Eddie at work... 😂
The best news channel
At least it's the truth unlike CNN
Well that's why the federal government keep raises the retire age because they want us to work until we are almost dead to pay there spending addition.
US has defaulted before. There have been at least 4 defaults, 5 if the 2013 "crisis" is considered a default. A few slight of hand tricks by the Fed kept the payments going despite running into the debt limit in 2013, so not a "default - default" but the same situation as now. 6 if the transition between the Articles of Confederation to the Constitution is counted due to the change in policies. Of the others, 2 were due to wars (1812 and Civil War), while the others were financial crises (like today) in 1933 and 1979. We all survived okay.
Morally or financially?
Both😢
The simple answer , reduce the size of government .
Shocking...
Love from Clarksville Scotty
Why do think they are advertising electric cars