$1 Trillion in Interest Every Year: The Crushing Reality of Federal Debt
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- čas přidán 17. 06. 2024
- Our government is now so deep in debt, that taxpayers must spend a trillion dollars a year...
Just on the interest!
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Our politicians won’t address our ever-growing national debt.
Instead, they brag about how much they spend.
The few times they do mention our debt, they lie.
Biden: “We literally cut the federal debt in half!”
Give me a break!
Our debt is now growing by a trillion dollars every 100 days.
It’s crucial that we cut spending, or at least, slow its growth.
Here’s our video on what might happen if we don’t:
The average person had no clue how bad of shape we’re in. Politicians have ruined this once great nation
we're fine. they control interest rates so the debt can never be unsustainable
@@grimaffiliations3671 You should learn about the Austrian Business Cycle Theory.
Them controlling interest rates is also part of the problem.
@@grimaffiliations3671 You don't understand.
"They" don't control the interest rate that lenders EXPECT to receive.
The debt must be continuously refinanced, when bonds become due. Lenders can choose to cash in
and take their money elsewhere if interest rates are not high enough.
@@grimaffiliations3671 low interest rates lead to inflation. What happens when the FED can't afford to raise rates to combat inflation for fear of defaulting on the national debt?
We might not have to wait long to find out.
Lest we forget the voters wanted the "gimmies," and handouts.
3 biggest lies were sold in the history
1. Taxation is a duty
2. Inflation is necessary for the economy
3. Debt is fine
4. Hyperinflation will never happen!
taxation is indeed a legal duty. Some inflation is good for a healthy economy. Debt is fine in many contexts
@@grimaffiliations3671 You've sure drank the Kool-Aid!
@@grimaffiliations3671 Legal obligation is not the same as a legal duty.
@@kevinp1727 kool aide of reality
"If Socialists understood economics, they wouldn't be Socialists." - F.A. Hayek, Nobel Laureate economist.
The GOP congress with a Demo Pres balanced the budget for the first time in nearly 50 years in the late 90's. They said they would have several billion over the next few years (which could have paid off the debt). Both parties then said how they would spend the money. 9/11 hit, and the recession, wars, the rest, but in the last 24 years the balance of power has been remarkably equal in both the presidency, the house and senate. Yet this year alone we will add to the debt equal to what the total debt was the last time the budget was balanced. Its not about Dem, GOP, conservative, liberal...we are screwed because the clowns have refused to hold those in power accountable...the clowns are the voters.
@@markinman8156 The price of tea in China is currently 130 yuan per kilo.
@@markinman8156 They didn't balance anything. The internet boom arrived giving birth to countless companies and growth. This had nothing to do with politicians.
@@markinman8156 The only way the voters are the "clowns" is if voters are being lied to.
If "journalists" actually did their jobs and refused to pick sides, the average joe out there wouldn't be a "clown" but informed voter.
MSNBC, ABC, CNN, the Times, Fox - all spin according to their political agenda
The more "average joes" they reach, the more their spin influences policy and elections.
Denying this shows you are partisan...or deranged.
When the debt collector shows up to the door, do you tell them you're going to cut your spending?
No, you give them money.
The tax man is the only one that solves a debt crisis.
The idea that cutting spending reduces debt has been disproven repeatedly.
It's misinformation.
You go collect taxes from the creditors.
And you thought that finance wasn't feeding you BS? That's really special.
No more tax cuts that blow a hole in the budget.
No more tax strikes from international Capital.
Those are the causes, and your solution.
From now until you get it, there's going to be a lot of political issues.
Here’s an idea, stop paying other countries our tax dollars.
That would be nice, but wouldn't solve the problem at all, this would only scratch the surface. Way more drastic measures must be taken.
@@frankstrawnation So, keep on keeping on? Print that money and give it to people who hate you?
We have alliances with others countries and that isn’t free
Yeah the U.S. needs to get off its ass and build durable, and rugged products again. It was a big mistake to outsource our self sufficiency to others.
@@MarcABrown-tt1fp Frank Zappa recorded Flakes, which illustrated the American fascination with things. Predicted the future he did. Writing like Yoda, I am.
Makes me sick every time I pay taxes knowing how it gets spent.
Here's the kicker, taxes don't actually fund anything they do on the federal level. They make us pay federal taxes to lower our purchasing power in order to regulate inflation. Once we pay it, that money gets debited out of existence. The money we use to pay taxes comes from the government in the first place, so we're not giving them new money when we pay taxes, we're simply offsetting what they already spent
Outstanding work john
I'm sick of it too...
So I might be changing my income model.
I'm building a house this year.
If I build a new primary residence every 2-3 years and sell the previous one I can make up to 500k profit tax exempt (250k single, 500k married) using the section 121 capital gains tax exemption.
$250k a year tax free is the equivalent of $390k as a w2 employee.
@@grimaffiliations3671 If we're paying the debt, we're funding the bullshit, no amount of mental gymnastics will change that.
That's why I haven't paid a federal tax in almost 10 years.... Local/state taxes are minimal and sometimes necessary, but I'm self employed and have skirted (some say illegally) federal taxes on everything except for mandatory filing over $10k. If not paying my sub $100k bill is an issue... I can point you to much more obvious and much more serious examples of not paying taxes.
If the govt can print all the money it wants, why do we pay taxes?
It's a shell game.
the same reason african tribes had to pay a hut tax to the British, taxes create demand for their currency.
To keep us chasing the fake paper
Don't be a fool. Every dollar printed reduces the value of existing dollars (AKA inflation)
Every dollar printed raise the value of assets (e. g. houses, cars, machinery ) and food, energy, retail goods.
Move to Zimbabwe if yo think money printing is a good idea.
@@reasonablespeculation3893I believe the purpose of the comment was to point out the ridiculousness of printing money by questioning why we pay taxes if printing money was a viable solution. A rhetorical question.
Our economy is struggling with uncertainties, housing issues, foreclosures, global fluctuations, and the pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
With the US dollar losing value to inflation and other currencies gaining traction, uncertainty looms. Yet, many still trust in the dollar's perceived safety. Worried about my $420,000 retirement savings losing value, I seek alternative security for my money.
With my demanding job, I lack time for investment analysis. For seven years, a fiduciary has managed my portfolio, adapting to market conditions, enabling successful navigation and informed decisions. Consider a similar approach.
This is definitely considerable! Do you think you could suggest any professionals or advisors I can get on the phone with? I'm in dire need of proper portfolio allocation.
Just research the name Desiree Ruth Hoffman. You’d find necessary details to work with a correspondence to set up an appointment.
I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
It's over for the U.S. - there's no return from this
Just like our edjewkayshun seestum for the past 50+ years.
Eh, it's just a cycle. Not the end of the world.
@@Joe-ti7qd I'm not holding up hope for the U.S.
I cannot believe anyone with a brain would ever say "the govt can just print more money, relax!" That's a giant failing of education and of basic cognition
At least america is in debt fiat currency and not real money gold and silver
They really scare part is they wouldn't say it in public unless they'd said it private a hundred times to their friends and colleagues and none of them had told them it was a stupid idea.
This destruction of our currency is NOT a mistake made by stupid people without a brain.
It's intentional, because what the global-government powers really want is for everyone to be on a one-world digital currency, but first they have to destroy the worlds strongest currencies, which would be the dollar and the pound.
In other words, they're doing this on purpose, and people look at me funny when I say this, but it's by their very own admission that they want to end all the individual governments and currencies of the world and create a one-world government with a single currency that everyone uses for trade (which is not based on anything but 1's and 0's, and likely will be unable to trade this currency for real money like gold, silver, etc). Combine that with their wish to get rid of fossil fuels entirely, and, well, if you don't see the trend at this point, maybe it's you who doesn't have a brain.
AKA denial and evasion.
It's not a failing of education.
These people are psychopaths, who firmly believe that, although YOU will be totally fucked, THEY will be just fine, living in their gated communities and paying for private security.
If our government was held to the same standards as citizens. None of this would have happened.
they're not a standard citizen, so why should they be held to a citizens standards? Balanced budgets are good for citizens, but they're bad for the government
@@grimaffiliations3671 Governments are not immune to the effects of too much debt. They are resistant to it, and they can pass some of the problems off to the citizenry for a while, but eventually the government will have to pay the piper, just like any citizen. The really important difference is a citizen screws up and they can go to family and friends for some help. When the US government goes too far and things go wildly sideways, who will help out the US?
@@TwilightMysts what counts as too much is determined by the share of the debt in relation to gdp. And countries that take up debt exclusively in their own currencies like the US have a much higher debt to gdp threshold compared to even other nations. The US government cannot default, unlike a private citizen, since it makes the money it owes
@@grimaffiliations3671 you might want to take a macroeconomics course, bud. LOL!
If we, the taxpayer, did what govt does, we'd be in prison. 😏
everyone says that the US owes trillions in INTEREST. But to WHO???? They never say WHO we owe this interest to!!!
The banking cabal and people who hold US treasury bonds
China and Japan
A considerable portion of the debt is held by individual Americans in the form of bonds. Last I knew China was the country with the largest bond "investment"
Bond holders
@@WillpowerCinema Where did they get the money from?
So frustrating that the media will not cover this. The current president says we have a reduction in the deficit this year, yet the truth is we are 1.6 trillion in debt just this year.
Thanks John for telling the truth!!! Folks please vote these people out.
1.4 trillion last year. 1.7 trillion in 2022 and 2.8 trillion in 2021. Biden is burning through the money!
Because voting worked so well for the past 10 decades? "It is the right of the people to alter or abolish". ABOLISH, OBLITERATE, DESTROY!
The ONLY solution is less government.
No, it’s getting rid of the central bankers and their Fiat currency!
You spelled military wrong
If with "less government" you mean "zero government", you're goddamn right.
*less government spending. Essentials only.
As the late great Ronald Reagan used to say.
You don’t hate the government as much as you should.
Probably you're right, but I don't know how to hate it more.
...or as much as the government hates you.
@@rdf256 Com'on now, the government doesn't hate you! Why would a farmer hate his tax-chattle??
Anarchy is starting to become an attractive idea
I hate the whole concept of “government”. Ours only takes our money but gives nothing in return (especially where I grew up). Just like a busted vending machine.
SAVE OUR KIDS, from tyranny of debt.
.
35 trillion & counting
We can always put the Hawaiian and Aleutian Islands up for sale! They are not needed anyway.
by 2035 we will have defaulted.
“Default, print money, or raise taxes.”
Excuse me sir, what about cutting spending?
I never get tired of John Stossel. He always has a common sense take on life. And his views don't change.
What's scary is that our national debt is now over $34 TRILLION!
What’s also scary is that most Americans don’t care they just want good economic times (next four years) otherwise they’ll vote for someone else.
And here I thought it was only a billion, 300 million, trillion dollars. SMH
@@johnl.7754 This is why the politicians refuse to cut spending or raise taxes to pay the debt.
If they do, they will not get re-elected no matter how good the economy for people is.
💯
What's wrong with changing your views when you learn new information?
To quote Dr. Phil: “If we ran our households like the government, we’d all be in jail”.
Holy crap, ultra based Dr Phil!
drphil:Just another moronic windbag who does not understand US govt monetary operations
the national debt is THE single biggest threat to this country
35,000,000,000,000.00 TRILLION 18 TRILLION IN CONSUMER DEBT - MOST WILL NEVER BE REPAID !
I still remember in the early 90s when Ross Perot wanted to diminish the debt of $4 Trillion.
And ron paul in 2012!
Ross Perot got Bill Clinton get elected twice...he is hugely responsible for what is happening now.
America would be a better place if Billionaires could pay people off to get into the White House. Our elections are too manipulated and controlled by the secret cabals that own the media and all the levers of power for even a billionaire to make it into the White House. Donald Trump was an exception to this rule and we all see how the secret cabals are using the courts to keep that from happening a second time.
Man This!!! Yep I remember it completely too, and had he been able to do so and put some roadblocks up when it came to going back into debt, we could have had a totally different economy and a much stronger currency. I didn't care for some of his ideas, but that man was a very good economist and could have changed the entire thing had he won.
Ross Perot gave us two terms of B-ill C-linton and started all this mess.
If unlimited debt doesn't work for an individual, how in earth can it work for a country?
Because a country can print fake money as much as it wants?
Countries don't have to retire and die
It works great for the people that collect interest on that debt. It's the same people that gave themselves all those tax cuts.
Doesn't pay taxes, collects interest on debt, and sets public policy... What a very privileged position in a Democracy.
The argument is that if the economy grows faster than the debt it's totally fine. They fail to prove they actually have a way of doing that, but that's the argument they make.
@@sn5806 then it's not fine... You have individuals in your economy who are trying to inflate the value of their assets relative to gdp. It's mathematically incoherent to allow this to continue.
Always annoyed how leaders keep jumping back and forth between "debt" and "deficit." They do know the difference.
Cutting the deficit has zero to do with debt.
There is a big difference between things needed and things wanted.Our government must cut all non essentials,but no one is willing to go that.
One thing our government needs to do is stop these omnibus bills that are thousands of pages long with billions hidden in the fine print.
Line item veto.
But constituents DEMAND their politicians deliver. So the game goes on.
These politicians are old as dirt. They will spend all the money for their own luxury and amusement, while the rest of us will pay for it for the rest of our lives and beyond.
It's not money genius. If it was lawful money they couldn't spend it
Too old to care
Yup. People keep asking how they racked up so much debt. Easy, they sold the future.
@@user-nq2oz8tf2l
Yes, absolutely right. They sold the future and stole it from the children and those who aren't even born yet...
@@ColdPotatoI TOO
I totally agree both parties are out of control.
John Stossel should be the moderator for the Presidential debates.
John we never get tired of you bringing the facts to the public.
People are like: we'll just print more, nobody is looking over us.
But the truth is every time you make more - you get poorer. Everyone. EVERYONE.
Not everyone.
If you own assets (Stocks and Real estate) you will do fine (until the collapse).
That inflation they are happy with.....
You're delusional and listening to financial misinformation.
Taxes pay back debt.
Giving yourself tax cuts and blowing a hole in the deficit creates debt.
AND, allowing Capital to go on tax strike creates debt.
Lots of people need to be disinvited from appearing on news outlets for spreading garbage on this one.
Not if you own assets, whose prices will be inflated. Or if you're a politician.
yes prices of assets will be inflated but those numbers has the same value
Completely wrong, the rich get much richer when they print more, plus if you own assets they will go up with Inflation
These politicians don't care because they won't even be alive to deal with it.
I'm a bit confused about how the debt works. The interest is the bit that confuses me... Who is that $1 trillion interest owed to?
I looked up a list of countries that the US sends foreign monetary aid to in 2022, and it's all over the place: from Ukraine, Israel, Ethiopia, Afghanistan, Yemen, Egypt, Jordan (just the top 7), to North Korea, France, United Kingdom, etc. on the lower end of the list. The US apparently gives more money in foreign aid than any other country in the world... so what country is funding that as the US racks up debt like crazy?
If America is sends practically everyone foreign aid money, then who is America's lender for such a huge debt with $1 trillion interest every 100 days?
Japan owns the most US debt I believe, followed by China. Then the UK, Belgium and Luxembourg. Those 5 countries owned more than half of the US debt, at least as of 2023. I think Canada is fairly high on the lending list as well.
I remember Japan being the 1st country to own over a trillion is US debt. China is close to that as of 2023... probably over a trillion by now. UK was around 700 billion in 3rd place for owning US debt. these are all 2023 numbers. So it's more by now.
wait... so the US gives foreign aid money to the UK AND the UK owns US debt a the same time? So the UK is in part paying for their own foreign aid? what the hell is going on?!? why does the UK even need foreign aid from the US?
@@maddisonprice5719 Japanese debt is 9.2 trillion US dollars so where did Japan get over a trillion from that the US owes them? Same with the UK, Belgium, Canada and Luxembourg. All massively in debt but apparently must have loaned the US massive amounts of money. It's a scam isn't it? The World's central banks printing ficticious money out of thin air.
"Who else is going to regulate speech?"
What a terrifying thing to hear from a politician!
Watch that again. Watch his face. He was obviously being sarcastic.
Until you realize that the FCC's job is to keep filth off of the airwaves.
It was a joke about TV regulations.
@@franksnyder3305 yet he enabled that monster by voting to fund it
Our politicians aren't wise enough to run an ice cream cart
They can't fix a sandwich.
Or run a casino. How do you lose money on a casino?
Oh they could run an ice cream cart... right into the ground within the first 20 minutes of opening.
Don't insult the ice cream cart.
Not even a kid's lemonade stand.
I love how some people say that we can increase our debt as infinitum without consequences.
We will end up printing money and inflation will go crazy. Look at Argentina, that’s where we are headed.
Printing more US Dollars is a flat tax on EVERYONE who uses them from the drug lord in South America to the home builder in the USA. If you use USD you are paying for someone else's student loans, US military, etc...
What is so scary is that we are right now on an unsustainable path. Does everyone in America realize that?
Nope. 99% do not
They are more upset when their local sportsball team loses or their favourite character in some vapid television series is killed off than when the government destroys their wealth and their future prospects.
It is sustainable if your goal is indentured servitude
@@ArshAZ83 "Don't ask question! Just consume products!! Then be excited for next products!!!"
No, they don’t. THAT’S the problem!
We’re not tired of you complaining about the debt!
Our government is out of control like a rich girl with her daddy’s AmEx card and no curfew.
does the rich girl make the money? cus the government does
@@grimaffiliations3671 The only way the government makes money is by printing it.
@@grimaffiliations3671 The Govmnt can PRINT money. I hope you understand the consequences of an
inflated dollar supply. Govmnt doesn't make money or produce anything.
The Govmnt has the power to take wealth and redistribute to those deemed worthy.
@@grimaffiliations3671 The state government is a non=productive because they must steal (taxation) in order to function. They "make money" in the same way your friendly neighborhood robber relieves you of your wallet, promising he or she will do good things with it. Even then, they fail at not going into debt. Which they equally expect us to pay for through more stealing of our currency we worked for.
@@grimaffiliations3671 No, the government _prints_ money, often without the requisite economic activity to justify the printing.
Excellent video !! Thank you, John Stossel ! America needs to hear this.
I love how they both accused each other of ruining America.
With the population decreasing. 😂 were in so much trouble
What do you mean "we" white man? It's not MY debt! It's the debt of the gov't, NOT the American citizens. Let the gov't pound sand.
The US population has a net increase of 1 person every 16 seconds.
@@elcheapo5302 The birthrate isn’t sustaining itself.
@@floridaman7 Not true. Check the Census' population clock and you will see the US and world populations are constantly increasing.
With the destruction of the middle class making homes, kids, unaffordable for the average citizens today and these gender affirming mutilative procedures, it’s no wonder. Yet p in he ads such as Chuck Schmucker justify importing tons of illegal Gimmiegrants to make up for it rather than fix things locally.
Politicians don't care about long-term issues, but just their careers. Their salaries should be penalized for the percentage of increased debt they institute. There has to be a short-term penalty to motivate addressing long-term issues.
Why should their be a penalty for running a healthy deficit? The governments deficit is our surplus, so getting rid of government deficits means pushing the private sector into deficit. And unlike the government, the private sector can't sustain deficits. It will collapse, and stay collapsed until the government starts running deficits again
@@grimaffiliations3671lmao you have no idea what you are talking about. Private sector is far superior compared to government. We need to reduce the federal government by a third within the next 20 years. It just becomes the blob and gets caught up in everything.
Their "salary" is meaningless when they become millionaires from insider information, "stock trades", and BRIBES !
@@grimaffiliations3671 This guy has been boot licking the government across many comments he's replied to.
Deficit is still our problem, the government expects us to pay for it when that bubble pops.
@@century2298 not to mention how they all seem to have time to write books about their time in office 🤣🤣 supposedly raking in further millions
They succeeded. We've gone from "too big to fail" to "too big to be held accountable" to "too big to conceptualize".
Like many civilizations before, they rise and they fall. Unfortunately the USA as we know it may no longer exist by the end of this century
The economy is grappling with uncertainties, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
Things are strange right now. The US dollar is becoming less valuable because of inflation, but it's getting stronger compared to other currencies and things like gold and property. People are turning to the dollar because they think it's safer. I'm worried about my retirement savings of about $420,000 losing value because of high inflation. Where else can we keep our money?
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
John is the only journalist to talk about these issues. Please never give up!
Not the only one.
@@rongreen4231 reason makes something but still not at that level of conviction I think. Who else do you have in mind?
There is no way we come back from this.
there is, just stop issuing bonds
@@grimaffiliations3671then how do we cover deficit spending?
There is. Under Eisenhower, America drastically reduced her debt from the Second World and Korean wars. It just requires a government that is financially responsible and willing to say no to spending projects.
We need our own Javier Milei.
Argentina is doing great under him.
We had the chance with Vivek Ramaswamy, but good hell did so much of the Republican base show it's bigotry towards him for his skin color and religion...
I hate to be black pilled, but the average citizen is far too dumb to understand what's going on, and we won't see these same people understand what's going on until they've personally lost everything, voted in heavy handed socialism, and voted away their rights.
@@Pan_Z That's because they doubled the workforce in a couple of years bringing in massive tax windfalls. Not going to happen this time unless we can use robots to double our workforce again.
Every American household is in debt up to their eyeballs. How would we expect them to run our government any different? We want want want way too much stuff and what that all costs money.
This issue worries me greatly. This is why we need a balanced budget amendment.
I’ve always used this metric to understand the debt. There are approximately 100 million households in the country. So a billion dollars is 10 dollars per household. So a trillion dollars is 10,000 dollars per household. So the debt at 34 trillion is 340.000 per household. If we are adding 1 trillion dollars for every 100 days that’s 10,000 dollars every 100 days. Now bear in mind that the majority of households pay nothing in taxes if you think this calculation is pessimistic. We’re doomed.
The majority of those households think the Govmnt Has LOTS of money. The situation is truly pathetic.
These are the consequences of zero education, in K thru 12, regarding finance and economics.
Instead, the public school system intentionally keeps students ignorant, and distracted with utter nonsense.
34 trillion divided by 330 million Americans is $100,000.00 per person. Average US salary is $38,000 per year. That means 3 years of slavery for every US citizen, where all your work goes to pay off the debt and you get nothing. Enjoy the servitude to your government.
Pay nothing in INCOME taxes. We all pay other taxes.
Its kinda cute you think the debt is 34 trillion, lol. That's the operational debt not the real debt.
@@Despiser25please elaborate. Are we not actually in debt then? We're clearly spending WAY more than we create, so what exactly does this term "operational" mean in your eyes?
artificial world
much respect John
77 years old and still a good man telling the truth
It's not the politicians that are the problem, its the voters. If you want to get reelected, you talk about more spending, not less.
Vote for me. I'll give everyone a million dollars. We'll all be millionaires! All problems solved forever, hooray!
I said basically that in a leftist chat, and not a single person told me how dumb that thinking is.
And both Biden and Trump are dependent on the selfish seniors for votes. Who can be more selfish than children and senior citizens. "I'm 90YO and I want a hip replacement and I don't care how much it costs Medicare and I don't care if the younger generation goes without". Me, me, me!
They will definitely try to print away the debt before they do anything else. Printing it away requires no effort and creates the least amount of immediate pain.
Hearing how governments spend and waste taxpayer money is appalling. Vote these people OUT!
I keep saying, vote out ALL of Congress and POTUS. That's not cruel; it just means one-term-term limits. Then they return to productive society.
If everyone would do this, INSTEAD of asking for MORE from g'ment, we might have a chance.
@@Bill_Woo Every 12? years we could have an entirely new Congress. If We the People wanted.
Because "voting people out" worked so well for the past 10 decades. /S
you have 2 choices,, repub or demo
haha
This is the most important topic and no politician wants to address it.
I remember in high school studying about the Weimar Republic in Germany of the 1920s. It was 50,000 DM for a cup of coffee. This is where we are headed. Good report John - thank you!
I also learned about in School way back in the day. I asked my grandparents to tell me about their experiences during the depression era since they were teens when it happened. They told me the one thing they were absolutely grateful for was 3 square meals a day, because they were raised on Farms and food was never an issue. if you had Gold and Silver you could still buy or barter/buy whatever you wanted in the Weimar Republic. They also said you could literally buy a house for 1 to a few ounces of Gold.
Great segment. Good job. RFK Jr is talking about it by the way.
There is an option four. Drastic spending cuts. Plenty of people are watching Argentina right now to see how President Milei's cuts are going to play out.
US aint Argentina, and spending cuts aint necessary
But 80 year olds run our country.
They want to live it up! Not cut back
@@grimaffiliations3671 must be a bot or a government worker.
@@grimaffiliations3671 Sure..... and the Earth is flat.
@@grimaffiliations3671 lmao no we aren’t Argentina, but we are certainly following Venezuela’s footsteps. You must be a fed who keeps saying we aren’t spending. I spent 12 years in the military and I promise you we are overspending at an astronomical rate. We had to pay $100 for a Philips screw driver because of the contract with our defense contractors. Tell me that ain’t fishy.
Money printer go buuuuuuuurrrr
I’ve heard this all my life. Yes I think there is a breaking point but at 63 years old I’ve yet to see anything change
I am not American and this worries me
This debt is Americas biggest national threat
The debt is not just a national (U.S.) threat. If the worlds reserve currency collapses, it's a world problem......
We are in SO MUCH trouble
not really
@@grimaffiliations3671 Not really? So China mobilizing and preparing for war is no biggie? So America conducting RIMPAC ops to prepare for China is no concern? Countries around the world are gonna wanna collect their money at some point bud... and if we don't have it, welp, guess what?
@@grimaffiliations3671 Yes really. Maybe you and me won't see the shit hit fan but someone will.
Well keep voting clowns in
@@erickanter Nope. They could stop selling bonds and adding to the debt at any time
Cutting employment of the unnecessary employees by 65% and cutting the salaries of all elected officials by 50% plus taking away their Cadillac health insurance and their travel costs is on their dime is a great place to start cutting spending.
Preach
That's a good start.
and ban trading on the congress floor. want to buy stocks, do it on your own time.
Also make it a felony for sitting members of congress, the senate and the president and vice president to own ANY investments that policy can directly affect, like stocks, bonds, real estate, cryptocurrency, etc. Have the federal government shove their nose into their business, like they do when they means test us for a government loan, to make sure the only source of income they have is their government salary. Art and antiques will be exempt since policy really doesn't drive those values. Also expand that to their family and close associates as well. No more insider trading. Consider it the sacrifice they make to serve the country. Also call lobbying by its real name, bribery and make it a capital offence.
Make politicians pay taxes
We simply must suffer before we will be willing to address this issue. As a country, we are addicted to easy money. Just look at the stock market waiting for the FED to reduce interest rates. Absurd! We are going to have to hit rock bottom, reorient expectations and then move forward in a better direction. Unfortunately much pain ahead. It is necessary
I've encountered a lot of MMT proponents, and their main failing is presuming it is the United States Treasury, printing that money when, in actuality, it's the Federal Reserve. And the assets on the Fed's balance sheet, as of this writing, are nowhere near the total debt held by the public. And while the Federal Reserve is a quasi-independent government agency like the United States Postal Service - meaning it's NOT a private bank like so many say, since it was created by and answers to Congress - it, again, doesn't hold even a majority of the outstanding Treasury bonds.
And the moment those bonds stop finding buyers, all hell is going to break loose.
But according to Modern Monetary Theory infinite debt is fine. That’s how smart they are.
Then they changed their mind on MMT
they don't say that. They says "right size" deficit is the size that meets the collective need to pay taxes and desire to net save USD. They also acknowledge that issuing debt at all is an optional policy choice
@@grimaffiliations3671 same thing. Since the “collective need” is infinite
@@TheMichaelMove the collective need to pay taxes is not infinite
@@grimaffiliations3671 what’s the “right size” level of inflation they feel fits the collective need?
I miss early 90's American politics, when both major parties discussed how they'd balance the budget.
Now both parties ignore balancing the budget.
They never did anything about it but at least we were having those conversations. Some politicians even had proposals to pay off the debt!! Who even talks about such a thing now?
@zimfan101 the federal government ran surpluses during Clinton's second term. Every since then it's been deficit after deficit.
We're past ignoring balancing the budget. We're in the "what's a budget?" stage.
Yes, let's go back to when they pretended to care.
I was out of town this past weekend. I stopped at a Burger King to get the family lunch. $38 dollars total, but after tax, it was $46. I told them that's 22% tax and wrong. They said no, it was 9% tax, and the rest was added fees and additional tax the city adds because it's a tourist town. Kinda like the tourism hotel tax. It was bs. Over $8 in tax to eat a burger. I'm never stopping there again.
It's sad that there are so few that can see the reality the few that can it's like watching a car crash in slow motion. Keep keeping on Ron Paul
Stossel always skips over the fact that taxation is extortion. Peaceful people are threatened with violence to force them to obey and pay like slaves.
You are right
We have to repay what we borrowed. Thus, taxation.
@murphy511 I've repaid EVERYTHING that I have ever borrowed. Including 7 years in the Military during war. Everything I paid my taxes it seems to have been sent to Ukraine and China where ChinaJoe has his son brother and granddaughter making millions through 33 plus shell companies.😢😮 😡 😡
@murphy511 "We" didn't borrow shat. It's the corrupt politicians that have done this. They no longer represent the people. Taxation without representation
@@murphy511 I didn't borrow anything. Nice try though statist boy. It's NOT my debt!
Only reason were in debt is money they give away comes back as kickbacks to our politicians
we're
I dont understand how people dont understand this. The amount of debt we are in is basically past the point of no return. No matter who wins what, and who does what, we are in a hole that we cannot get out of. Its only a matter of time. I try talking about this issue occasionally and its no use. Alot of people seem to think that its all just fixable by the stroke of an executive order. The rounds are out, we are just waiting for the impact at this point.
15% of our budget is going towards debt payments. Wow. As someone who does a monthly budget I can’t imagine losing 15%.
The interest payment equals 76% of income taxes collected.
This is actually something I argue with people about regularly. It usually ends up devolving into but Trump or but Obama or but Biden and it’s like I can’t get through peoples thick heads that it doesn’t matter who you vote for the problem is systemic and growing. Both parties always vote for more spending no matter what they say.
Can't wrap my head around people that claim to be conservative or constitutional and are still a die hard Trump supporter. Most Dem voters I know the debt isn't even on their radar.
What's crazy is it will only get worse regardless of who's in control. And the other thing that's crazy is gold is only $2,300/ounce and silver is only $29/ounce.
You and RFK Jr,- thank you Sir...
These guys have no idea how to play sim city 2000.
If only the military escorted the bastards out of office when the debt became unsustainable like in that game...
You keep going John, we’re listening.
Because preaching to the choir accomplishes so much.
They need to go through the expenditures virtually 'line by line' and cut wherever you can... it literally deserves that degree of scrutiny... There is one other strategy unmentioned - that is to increase productivity beyond the rate of interest on the debt... e.g., if the interest is 3% then growth needs to be beyond 4%...
Politicians respond to voters. Voters are economically illiterate, hate taxes, and want free stuff. Politicians recognize this, so they give free stuff. But to avoid raising taxes, they borrow, or print money. The long term consequences of those choices are dire, but not felt immediately, or directly by voters, so it’s a great short term play.
We need to cut entitlements and promote assisted suicide, but given they're so dependent on the selfish senior votes, nothing is going to change.
it's not federal and it's not a reserve.
Nice username
Nobody in Government is talking about making it more affordable. Not on any level. Local/school, State, Fed. It's ALL getting more expensive and the "product" keeps getting worse.
Keep up the quality stossel!!!
Was watching an old "Schoolhouse Rock" DVD with my girls, and the 1996 song "Tyrannosaurus Debt" played.
The kid song covers the origin of national debt, the meaning of "deficit", the consistent difficulty the government has paying debt down, and the massive trouble we will face if the debt keeps rising.
They note the debt had just passed $5tn
Guess more future voters should have watched "Schoolhouse Rock"
These people that say that "modern" monetary policy won't ruin the country (printing more money instead of lowering spending) are the same people that said subprime real estate loans would ensure more Americans could own homes. We know how that ended!
Gotta love how they use the word "modern" to imply this hasn't been tried and failed repeatedly and consistently throughout history. Kinda like attaching "real" to "socialism."
We’re in debt to ourselves and our own 401ks what are we talking about
the audience of this channel is beyond stupid
remember when you were a kid and you said you wish you had a bajillion quadrillion drillion... your gonna need more than that to pay off the debt
Politicians thought the "Double it and pass it to the next" memes were to popular to ignore
They invented it!
Buy gold. Buy silver. Learn to grow your own food. Buy more ammo. Do it while you still can.
Yep
If you haven't been doing this for the last 10- 15 years now, it isn't the time for it. You have already lost. Buy ammunition, water, and food. You're not making anything from precious metals in this age unless you have been in this game for a long time.
Yea its almost too expensive for most ppl now
@@chriszaiser I think he means having precious metals will be important because they will always have value, unlike paper money.
Chickens are easy to raise even in a small suburban home. Keep your ammo in a cool dry place
This is the stupidest time in this nation's history. Saddest part is that no one will call this out. Buy gold and silver now, as that's your protection against the inevitable inflation. We cannot even print enough money to pay the $1 Trillion in interest each year..!!!
Gold and silver do not have inherent value on itself. You cannot add value to the economy by hoarding either one of them. It only benefits speculators with a commodity.
Everyone is afraid of shutting off the government spigot. There is a real phenomenon of people wanting to spend money when they see other people spend money. This is how all stimulus programs function. The problem is that someone has to pay for it eventually. You can't print your way out of debt. People will stop doing business with you completely, even when you're dependent upon them.
Can’t wait to work two full time jobs or be sent to jail for not paying my “fair share”
I love how you included both sides of the political isle. This really reveals the deep corruption in our country
We're doomed with these two nominees, literally the worst thing that could have happened in 2024 - two old guys running, not a care in the world about the debt because they won't ever have to suffer the consequences.
And what are they thinking? Push comes to shove, we'll sell off the Hawaiian Islands and the Aleutian Islands in Alaska.
Fun Fact: In 2021, Janet Yellen U.S. Secretary of the Treasury had an opportunity to refinance all Federal debt at 1.8% fixed for 30 years . This "oversight" will cost We the People Trillions in interest payments.
The MAJOR problems with government today…. At all levels. (Fed, state & local)
1) Congress and POTUS consider themselves “lawmakers”, not the people’s representatives.
They believe they must constantly create new laws rather than being caretakers of the Constitution.
2) New laws means more spending and raising taxes… along with borrowing and printing more money, which is another direct TAX on everyone !
3) The majority of PEOPLE are ignorant of the Constitution and the LIMITATIONS on government… which is why this continues to multiply out of control.
Presidential candidate Ross Perot in 1992 hammered on the federal and even had charts in the debates showing how he would fix it. All they talked about was that Perot was a billionaire. We eventually got a billionaire president anyway, just someone else.
Perot was an hypocrite. His companies milked for Federal contracts like any other . EDS and Perot Systems. The bulk of their business was in GSA contracts.
John is a national treasure. A true journalist.
Imagine living your life were you can spend whatever you want with no limits and you never have to worry about it.
We also need to stop giving money to other countries. The USA is pretty much the world's bank, and every country gets money from the American taxpayer.