America's Debt Crisis Explained
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Fact: America's national debt stands at $17 trillion. That's a tough number to grasp. Most people will never come close to making $1 million in any given year. How can we understand the magnitude of the hole our country is in? Well, imagine you owed your credit card company $200,000. On top of that you have to pay them about $4,000 per year in interest. You are bringing in $150,000 per year, but you are spending way more than that. How are you going to ever pay back that $200,000 debt? And what happens if you default? Well, that is America today. The problem is clear. And we brought Michael Tanner, a senior fellow at the Cato Institute, to propose a solution. https://www.prageruniversity.com/donate.php
Comments
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Obama called Bush unpatriotic when the debt was doubled from $4.5T to $9.0T. Obama increased the debt to $19.5T. What does that make Obama?
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RIP me and class of 2020
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Reagan tripled the national debt and gave it the foundation to become the laughingstock that it is today.
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Did I just saw a normal video in this channel? Wow I'm impressed.
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Not even the governament can do something right...XD
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Cut regulations
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i like how jewish people of prager universoty like to how hope after they took all the money out
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Republicans and Democrats are both idiots. Raising military funding and funding for socialist programs won't fix this big problem we have. We have to cut military funding to 2% (which is the requirement for a member of NATO) and reform and put less funds into our socialist programs (because they're outdated and broken af).
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Remember though, as a member of NATO we have to spend at least 2% of our gdp for military purposes. So we can't cut military funding that much...but their is welfare and social security that we may be able to cut...
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Cut funding to Israel.
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This is very misleading and I suspect you know that as if you didn't you wouldn't be in your position.
It's impossible to be debt free when a country uses debt based fiat currency, deficit spending and allows frational reserve lending to create more currency from thin air by multiplying base currency in the form of even more debt. Our taxes and in particular, income tax is used to pay interest, dividends and capital on base currency which is due to the wealthy global banks that finance the fiat currency.
I could go on but instead I'll finish by saying this system is inherently evil. -
Throwback to when our debt was 17,000,000,000,000
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A lot of americas debt is based on the petrodollar. Countries have realised this and have taken steps to trade oil without using the Dollar since they realise eventually the dollar will be worthless.
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Nuubs im sweidhs BITCH.
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So I guess this only applies to economics, not the environment/global warming though, right?
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if anyone here has ever been in debt, you will realise how hard it is to pay off...its like being on drugs
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I showed this to my middle school friends. They couldn't have cared less. Such a shame.
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nope, study MMT
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The difference between us and Greece is that they cannot print money while they are tied to the Euro, but we can. our limitations start when we can no longer lower the interest rates to make the payments cheaper. At that point the only way out is to literally print money. we all can imagine the affects from it, but the options would be to print money or collapse. My guess is that we will print.
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You know what happens when you can't pay the bill at a restaurant? You roll up your sleeves and and head to the sink in the back. There should be some non-monetary options for the government to take to reduce the debt. We should also find ways to make some government programs self-sufficient.
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