$20,000,000,000,000 in debt and rising
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- Опубліковано 22 жов 2024
- Now that Trump’s made a deal with Democrats, our national debt is higher than ever.
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Democrats and most Republicans got spending they wanted, plus suspension of the debt limit. Trump got hurricane Harvey relief spending that he wanted.
But this is a bad deal for us taxpayers and everyone's children. Our debt now exceeds the value of everything that America produces in a year. Soon, warns economist Ed Stringham, we'll be like Greece; forced to make sudden cuts because we cannot borrow more to finance our spending addiction.
Stossel fears that the U.S. government will then just print more money. That's what countries like Venezuela and Zimbabwe have done. That didn't work out well.
Let's avoid that fate. Cut spending, now!
Actually, the federal government could avoid a crisis if it just reduced future spending increases to the rate of inflation. But the big spenders won't even do that.
Produced by Maxim Lott. Edited by Naomi Brockwell.
They've taken down the national debt clock in Manhattan. It's not a problem anymore.
And that's how Trump fulfilled his promise to eliminate the debt.
NEVER was a problem.
30 Seven that’s funny... I got a chuckle
Too big to count.
Considering 50% of people pay no taxes and get huge money back it is a buy votes move..
For me, this will ultimately become the real litmus test for any president. Until we get a president that flat out cuts the budget in half in his first term, no matter who it pisses off, this will never change.
Flat out 50% cut, period. What you used to get, you now get half. Fire whoever you have to fire and let them get real jobs.
Maxwelhse Congress is in charge of the money. The president is there to either sign their proposed budget or reject it. He had no control over what they put into it. We need to start electing more fiscally responsible people to congress if it's going to change.
He can reject it until they do what he wants... We're never going to get 50 honest fucks in the senate, and forget the house, but we MIGHT get one honest one in the oval office.
The President can veto the appropriations bill, then Congress would just override the veto.
At this point, the President would have to charge them with treason (since the Constitution explicitly enumerates the powers of Congress and they are over-stepping their authority with un-constitutional spending).
Anyways, that's what I would do: Charge them with treason and execute them on the spot.
That would get spending under control REAL QUICK.
Just ask the Congress, majority voted for increased spending.
This is literally my dream. I love cutting down budgets to operate in greens. I'm surprised I am not an accountant but in the construction business instead.
Oh well, POTUS is far away for me as I am barely 25. Maybe in 30 years or so.
nobody will ever do anything about the national debt other than add to it.
Doesn't take much to see that huh? Sad what is wrong with everyone else.
One day it will crash a burn.
then shrink government
Ben Chesterman- how do you do that? seriously.
mark sicotte watch some Ben Shapiro videos, he gives answers to these questions.
Even if we stopped spending, our $500 billion in interest payments would add to the debt. Huh, there's something to do. The media criticizes Trump for his deficit yet they didn't criticize Obama. A decent chunk of Trump's deficit is the interest paid on Obama's spending.
I cannot believe how little subs you have.
no way czecher watched this video
Our govt just doesn't have any common sense. People have to suffer at the end.
Vivien Ho i know right they are like will let the younger people deal with this mess
The younger generation is fucked.
DEATH
Our gov is full of common sense, common sense is retardism, now GOOD sense, that is quite rare. The gov is ran but cults of the jesuits and freemasons, this is the best they can do.
Patrick TheBaptist I agree
Thomas massie is great. He's my congressman
seems like a good guy
Stossel 2020!
Hank Chinaski he's nor corrupt enough, even trump is slightly corrupt to be president
Arthur Eskidjian "slightly" LOL
Arthur Eskidjian it's not up to the president, it's up to your local elected government officials, your congressman and senators, then your governors.
Hank Chinaski I don't think he would be a good president. He's a great educator and knows a lot, but he doesn't seem like a leader. Also it doesn't seem like on to deal with congress. Sorry if that's a little too ranty.
Thomas Massie, Justin Amash, Rand Paul, Ben Shapiro. Pick a combination.....any combination.
I agree with common sense. Therefor.. I agree with John Stossel.
Only 5 short years later and we're at almost 32 trillion.
You always make me feel so warm and fuzzy inside
TAZ Tactical even when something bad is gonna happen.
The number is so long that i can’t read the title without pausing and counting each 0 of the number. Unbelievable.
The Crash is coming. When it does there's going to be a lot of death and killing.
At some point it's going to happen. The U.S. is not a magically country where we can just spend, spend, spend away and nothing will never happen. We're lucky to be the U.S. where we have been able to get away with this because of the dollar is pretty much the world currency. There has been talk to get off the dollar and go with the Euro. Especially when it comes to OIL, and that's a huge one. I don't think the world has enough faith in the EURO yet to take that step. At the end of WW2, Germany's money wasn't worth CRAP!!! GERMANY!!! We're not talking Venezuela, and yet that WILL be the U.S. at some point. I just hope I'm dead before that happens down the road at some point. It's not going to be pretty.
Now would be the time to learn self-sustain abilities. Learn new trades and not be reliant on services.
Yes it will come, the question is when? Maybe in a year, maybe in 50 years. Who knows?
"THE CULLING" ROFL
Erwin Nijs usa does not have the might to stop China doing what they want.
If you want to get away, move. New Zealand is a safe place financially. If you choose to stay, stock up on essentials, bullets, food, etc, move away from cities
Like to at least get awareness for people who we can help
NZ is an outstanding bugout location...if the Kiwis let you stay.
run by a socialist now , going to head down the toilet like America 8 years
NZ is almost impossible to get permanent residence unless you have a million to invest. Not realistic for most of us.
Whos going to pay for it?
Politician: "Your future generation of children will pay it off over the years"
Liquidate the government. All of it.
Let Freedom reign.
Next question.
What's next?
Max Freedom that doesn’t happen peacefully.
You lose government, violence reign supreme.
3 years later and that number is almost 30 trillion.
I love the way this video begins: no stupid and cheesy introduction but Stossel gets right to the point. If only all videos started this way.
Let's be honest, no one will do anything until it's too late.
Maybe, maybe not.
I'm also JUST watching.
Update: 33 Trillion and counting. only 6 years later.
I'm like why can't millions of Americans just rebel by not paying taxes
But i heard that if we did THEN our economy will crash so we've been setup to a "NO WIN" situation either way!!
For now, we slowly BUT SURELY going to fall!!
But more of us are waking up!!!!
“The few who understand the system will either be so interested in its profits or be so dependent upon its favours that there will be no opposition from that class, while on the other hand, the great body of people, mentally incapable of comprehending the tremendous advantage that capital derives from the system, will bear its burdens without complaint, and perhaps without even suspecting that the system is inimical to their interests.”
The Rothschild brothers of London writing to associates in New York, 1863.
“I am afraid the ordinary citizen will not like to be told that the banks can and do create money. And they who control the credit of the nation direct the policy of Governments and hold in the hollow of their hand the destiny of the people.”
Reginald McKenna, as Chairman of the Midland Bank, addressing stockholders in 1924.
“It is well enough that people of the nation do not understand our banking and money system, for if they did, I believe there would be a revolution before tomorrow morning.”
Henry Ford, founder of the Ford Motor Company.
So true
Next time somebody says that the USA is Rich, laugh in their face.
Well, the USA does have the largest GDP and a pretty good GDP per capita
TiconderogaX prove we have all that gold plz... no audit has been done ever so plz stfu u wanna be hack acting u got a degree in poli sci or any degree for that matter.
Keep funding isis
Hongkong is the richest country
@PringlesKing William lol
I wish we only had this much debt today... almost $30T now
I cannot even imagine beginning to explain to someone how much I hate the government.
A year later and it's up to 21 trillion
NOW $22 TRILLION DOLLARS!!!!
it is true, a collapse is coming!
I always thought those people hoarding gold were crazy, maybe not.
20 trillion in debt?! How?! VISA cuts me off at $20,000?!
Stossel always been one of the best.
Hi,
the debt is $28 trillion now!
Bye!
This video aged like fine wine.
Will keep aging like a fine wine
Wow, he didn't mention that just the interest we pay on that is *$475 BILLION A YEAR* , and that isn't even reducing the debt. It's immoral and unsustainable.
I think we absolutely HAVE THAT MONEY ALREADY ... 1) Telephone companies 2) Power companies 3) Water Works 4) Universities ... and on and on. After all these years paying, banks now say we collectively owe them $20 Trillion? No way, ... nope.
Of course these politicians are generous with everyone else’s money. It’s not theirs to begin with! Their entire salary is paid for by me and you.
You're a good man doing good work Mr. Stossel. We could use your style of reporting up here in Canada.
God Bless...Thomas Massie.
Put term limits and problem solved
"If the American people ever allow private banks to control the issue of
their currency, first by inflation, then by deflation, the banks and
corporations that will grow up around them will deprive the people of
all property until their children wake up homeless on the continent
their Fathers conquered.... I believe that banking institutions are more
dangerous to our liberties than standing armies.... The issuing power
should be taken from the banks and restored to the people, to whom it
properly belongs." - Thomas Jefferson
Can't the US just refuse to pay its debt? What could happen?
Yes; let's try it. I do it all of the time in my life and nothing has happened :D.
@@JesusGodHolySpirit3 I mean, for real. What would China do if the US refused to pay its debt? Would they invade the US? I don't think so lol.
@@mehdicharife2335 We as citizens of any country should not buy CHINESE cheap crap. Enough is enough. Also NOTE do you know China has a large military bigger then usa well they fuck a lot and have one chinese baby policy and other issues, but in all honesty why is US nation in debt at all if it's the RICHEST country in the world? It looks pathetic to be in debt and be called rich in one sentence.
38 billion dollars a day on occupying Iraq and Afghanistan yet 20 million people don't have healthcare. What lousy priorities America!
We need to go back to the gold standard.
AGREED!! We MUST!!
“… our whole monetary system is dishonest, as it is debt-based… We did not vote for it. It grew upon us gradually but markedly since 1971 when the commodity-based system was abandoned.”
The Earl of Caithness, in a speech to the House of Lords, 1997.
I hate how politicians think they can get away with this because they won't have to worry about it being that they're old and won't be around much longer, making the next generation suffer for it.
i hope to see a full feature docu film from stossel regarding these economic issues. please, make one please.
The largest budget items, are social security, medicare/Medicaid, federal pensions and military. Basically we are in debt, because we have to pay people not to work.
At time of writing, national debt is 85 trillion. What the hell?
Finally a fair criticism of problems with the Republican Party! I'm a Republican but I think our party needs to improve. Thanks Stossel.
Unfortunately my generations and the ones after mine are also messed up
more like 120 trillion with unfunded liabilities figured into the equation. We're doomed #TICTOC
John is slamming it...best of health to ya Stossel.
I have a bigger problem with the $5 trillion in unfunded public pensions owed to teachers, police, firemen, and other state and city workers. Of course those workers better start worrying too. Check out the you-tube vids about the four workers in Loyalton CA who lost half of their pensions from CalPERS.
So........why doesn't anyone try to fix this?
i cant imagine someone printing a 100 billion bill as if its a good idea
Eventually this becomes the kiss of death - for our country. This is the path Venezuela choose. We can hardly be their critic.
I would like to volunteer in paying off the government debt
quick
Who do I call?
Too big to fail. Reverse bailout will do the trick.
just like they bailout the banks in 2008 through OUR money!!!!
Ahhhh...the good old days. Only 20 tril.
Why is there a "debt ceiling" if Congress can just override it whenever they choose? What's the point?
You devalue your currency like Venezuela if you keep printing money.
You shoukd know better than this Jhon, it was never 20 Trillion. Things like Socials Security aren't accounted for, Its closer to 200 Trillion.
Make a video about who do the US owes to, who are the owners of the fed.
The big issue is the interest on that debt. The money accounting for the interest physically doesn't exist.
We the people are being enslaved by this debt. Who is pulling the governments strings?
satan
So is it the size of debt that matters? Or the speed of increases?
Not as obvious an issue when interest rates are low..But when it goes to 5% and higher the debt servicing payout will be greater than the military budget.. We need to have Term Limits to get the special interest spending out of the budget..6 years maximum for the Senate and House then move up or move out..No need for pensions or other benefits.. make salaries for Congress 2X the national average..
National debt is such a joke anyway. How you gonna repay money with money that doesn't even exist? Our whole banking system is based on debt.
So let's spend some more!!!
Wonder if Massie still has that debt clock. He was just the deciding vote on moving the debt ceiling bill through to a vote on the floor. Never trust a politician.
I cannot say anything about people with a family or kids because I am pretty sure going into debt cannot be avoided in that situation. As a single person however, I made a decision to be debt free and with an emergency fund that could carry me through for several months and very happy I reached that goal. I finally figured out that all this crap that I thought would make me happy did not and wished I had figured that out years ago. I just wished our elected officials in congress would adopt the same the mind frame that I acquired when I finally woke up. Constantly throwing more and more money at things is not always the answer.
Stossel, you are my hero!!!
All the citizens will be left holding the bag
My generation is going to have to pay for all of this. How can people keep voting our nation deeper and deeper into the hole we've dug ourselves into.
Perhaps rather than worrying about the debt ceiling, we just worry about balancing the budget. We allow a budget to pass that will increase our debt, which is the opposite of what it means to have a budget. And conflating inflation (printing more money than you have wealth) with budget deficits or debt ceilings shows a complete misunderstanding of economics.
Our debt problems can be solved so easily.... Get rid of regulations, taxes, and laws.... Why can't people, politicians, see this? We need to make people responsible for themselves once again, and we will be prosperous.!
You're a real bummer, John, especially when you tell everyone the truth.
Half way through 2021 and that ONLY 20 Trillion seems like a distant memory as 30 Trillion is about to be the new reality.
And that's why i do not file a tax return ( since 1997 )
Easy when you don't owe much taxes. :)
Secret: THEY DON'T CARE, EVER!!
My state has the least debt out of 46 US States, are we gonna have to pay the debt that other states are having?
No mention of the Federal Reserve and how 100% of our income taxes does not even cover the interest on the debt we owe to the Federal Reserve for printing our money. We should be printing our own money, not borrowing it from the Fed.
The strangest thing of all is how few seem to care how far it goes up. Washington in general wants to just pretend it isn't there. They just ignore it. As scary as our debt is, I think everyone thinks that is the way it's supposed to be. I am really concerned about this. I so wish our elected officials were worried about it too.
We're following Spain's trajectory:
Spain used to be the industrial center of Europe. Spanish steel was world renown. They became wealthy and financed the Armadas which conquered half the world. They then imported tons of cheap gold and silver, which destroyed their local economy. Instead of trading goods for goods, they paid people and firms in other countries to furnish their desires with cheap imported gold. At the end of the Spanish empire they defaulted 4 times in a row
“Starve the beast” is a political two-step that first generates deficits through tax cuts and, second, points to the alarmingly high deficits to attack government spending and reduce entitlements. Credited to an unnamed Reagan administration official in 1985 and long associated with Reagan economic guru David Stockman, the notion of “starve the beast” emerged from around the time of Reagan’s 1981 tax cuts, which were not paired with simultaneous spending reductions.
That number....wow
This is why i am glad to be British, with a "mere" £43 billion debt, and we still think of it as too large.
on this very very serious problem everybody is smiling as if it is a joke.
Thanks Obama. Stop spending ... Social programs, military, nothing is sacred.
Angryboy it's been a year with Donald Trump already stop mentioning Obama what he did is done
What an intellectually lazy comment there Angryboy
it hasn't been 8 months for tRump yet let alone a year.
Why should he stop blaming Obama? Obama was still blaming Bush for everything bad that happened even after he won a second term. The mess Bush left for Obama pales in comparison to the mess Obama left in his wake.
Every single POTUS since Calvin Coolidge has increased the national debt and spending.
I like the number with 50 zeros. it's my favorite :-)
And just three years later the debt is 40% bigger.
20% increase in defense spending? A trillion spent on the war on drugs.
Increase taxes on the top 20 percent (who hold 85 percent of the countries income), decrease military budget (its 598 billion dollars a year), pass single payer (it costs less per capita, every study shows that), invest in infrastructure to up the efficiency of the economy (our infrastructure gets a rating of D) and open up seed funding to startup companies to increase market competition.
Seems like a fair balance to me.
Mr STOSSEL. Why have I not seen your show on FBN recently? When it's on the schedule some other program is aired.
He's right. Something bad is going to happen.. Sad
Stretching rubber band, till it snaps lucidly gives you idea how this catastrophy will ensue those who ain't responsible for the strech in the first place; yet those who actually strecthed it out won't even get the impact of their own malicious act.
End the Fed
1:46 you're great Stossel but that isn't peace time and we still aren't at peace
debt to who ? who should be paid 20 trillion $.
It's really sad the Stossel wasn't able to describe what bad things are going to happen. I don't think he understands the situation. The FED can keep printing money forever. Running out of money isn't the issue. There is a much bigger issue at hand.
Not like it will EVER get paid back. Why bother counting any more? And who's the idiot that keeps loaning the money? They're not getting paid back... their loss.
I’ve been hearing about the debt “crisis” for the past 40 years. So it’s now at 20 trillion. If it is that high, what difference does it make at this point? If it goes to 200 trillion, who cares? Look, 20 trillion is a ridiculous amount of debt, and yet everything is the same if it was 1 million in debt. Again, what difference does it make?
@Magnus Rasmussen
DUDE, you opened my eyes about the Global DEBT!!!!
Cut military and social spending in half.
"Something bad is going to happen." The question is not 'if', but rather 'when?' and 'how bad?'. We need to work fast to MAGA, so we can endure the coming storm.
Agreed, but we must each address to EVERY mayor, Police Chief, the Vice President and THE President!!!!
If not, BOYCOTT ALL the Banks, the federal reserve and the IRS to DEMAND THEIR ATTENTION!!!!
We're not stupid, they're trying to destroy America and we're waking up!!!!