Impact of U.S. debt on Generation Z
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- čas přidán 7. 05. 2024
- In a recent op-ed, a former White House economist and a former Labor Department employee warn of the burden U.S. debt will have on Gen Z and blame mistakes by the Treasury Department when interest rates were low. CBS News business analyst Jill Schlesinger has more.
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They don't care about any of us.
They really don’t. They only care about themselves. It’s almost as if they know the world is ending and are hoarding all the good stuff to themselves and their families.
Murica 😂😂😂
This is why people are scrambing for quarters nickles and dimes
They said you have deep pockets. You can pay for it😂
Because you don’t care about anything about them. Educate yourself yourself b4 complaining.
Boomers: Go to college or you won’t be able to get a job
Also boomers: Why did you go to college when you know it’s expensive
And yet not everyone fell for that.
Im a millennial and I would say the same thing. I was also raised by boomers.
The American Dream is to leave.
Moving to a different country this year. People will say “good, don’t let the door hit you on the way out” as they sit at the kitchen table while the kitchen is on fire
@@monke234saru I'm right behind you. I'm looking to move either to Thailand or possibly Ecuador if things improve there. But America constant inflation and debt ceiling ever increasing is making the country unlivable.
@@ca60453 A lot of countries will have scholarship for graduate programs where the tuition is paid and they give you a monthly stipend. If you don’t have a bachelor degree, a skilled worker visa could work too.
@@monke234saruright there with you my brother
😂😂
Lots of angry young people with nothing to lose is a recipe for disaster for the country
Yup, and we more than angry
Large awakening in the younger generation right now
The entitlement is real
@@lashunnalove8336 keep gaslighting
@@lashunnalove8336. Evil mind you have. Shameee
I'm 25 and I will never see a dime of social security, why should the people today?
They paid into it their whole career.
@@topicalstormofficial I don't care, I'll have to pay into it and will never see a dime
Stop stop misinformation. That's not how SS works. There is zero chance you'll "not see a dime". Even if the funds run out, it just means you don't get full payout.
And unless you make a lot of income, you usually get more than you pay into it anyway (if you live long). High earners don't see the ROI low earners do which I think is why they capped the limit
Do you really believe that? Have you looked into all the facts around SS? Are you able to predict the future? How do you know what the world or the US will be in 40 years?
I guarantee you will see something. It may not be 100% of what they say you will get but remember in 40 years Gen Z and millenials will be running the country. They can easily change policy/tax structures then.
If people paid their fair share of social security then the fund wouldn't be running out! The problem is people are taking out more than they put in.
Boomers don’t care about their kids. Plain and simple. Out of sight out of mind
Why should they? Most are ungrateful and they’re on their way out anyways.
As a millennial and electrical engineer. I did everything right, and I still can't afford a home for my wife and kids. The boomers only care about their free money they get every month. I teach my young children that retirement is out of the cards and to not bother.
Fair wealth redistribution is needed badly.......
@@lppoqql 😂 try working maybe a couple jobs. Maybe start a business. Literally just try and this country is made for you to succeed.
@@sheepman6291 telling younger generations to 'not bother' saving for retirement is bad advice.
In 2010 I was able to rent a four bedroom house for $900 a month now that same property would cost 3 to 4 grand. This is not fair for the younger generation.
On the brightside your landlord is making an extra 2-3 grand a month.
“I’m sorry that that’s a bummer” she said to the millions of destitute young people begging for help. This segment was tone deaf, and that’s putting it nicely.
GenZ aint paying for this and they aint having enough kids to pay for this
AI can do it
It's not only the Treasury Department that messed up, but the Fed for keeping interest rates too low for too long. Everyone - consumers, corporations, and governments - filled up on cheap debt, and now it can only be refinanced at much higher rates. We are in deep trouble.
8
YOU are in deep trouble because I don’t have any debt whatsoever
@@hera7884Murica 😂😂😂
It's planned bro it's planned
Only idiots need to refinance.
Lots of laughter in this segment for such a serious topic.
It doesn’t affect them or they’re standard of living
They earn more in a day than you in a week 😂
Time to revolt, kids. Things will never get better until you do.
Yep.
You will own NOTHING. That is the goal!
Well then there would need to be an army raised.
These companies are predatory as all hell. I got out of debt and they kept sending card applications and so called benefits, nonstop in the mail. I tear them up every time and it shows how much they want young irresponsible people to get into debt.
She didnt even mention tax income is less than total interest.
The government would probably attempt to charge unrealized gain tax upfront.
Ronald Reagan single handedly destroyed the middle class American. Nothing ever trickled down and now we have people who are billionaires and will probably soon have our first trillionaire at some point. And that trillionaire will likely drive the same roads we drive on, use the same public utilities we use, and never pay a single dime in taxes. Let that sink in.
@@JamesJohnson-sl3ui aka inflation.
@@harveylin3548 no. That is not an example of inflation.
@@thedude5040 who the hell are you to define it?
They’re laughing at all of us.
They won’t be laughing when the country collapses.
Financial crime of the century
Crazy how they laugh in our faces and treat the situation so lighthearted
They have to laugh or the lemmings might get scared of the horrific news.
Lol, it is not their problem. Your problems solve them yourselves, the new American spirit. .😅
I know right. Calious individuals. I hope they don't mind me laughing at their exits
"The absolute number doesn't matter, we're never going to zero." What a hideous statement.
Hideous but probably true.
Sovereign debt isnt the same as personal debit. Its to your advantage internationally to have a national debt.
We used to have a surplus believe it or not
@@ndantona92only if you count money in volume or weight
@@markclub8330 Yup, when Bill Clinton was president. It used to be normal to have a budget close to being balanced. Now, it's scary the amount of debt the United States has.
so the USA has a bad credit score???
It’s been downgraded by Fitch, yeah.
Boomers leaving us with 34T debt then going to makes us pay for their MCmansion
Look at the US Debt clock in real time. Tell me how many millions it is going up per minute. It is still ticking. $34T is not the final number.
Who TF put this government in charge of our money?
Boomers
YOU did.
@@ttrinh0313 have you ever voted ?
@@Sondan1988 look up the average age of US politicans for me, im sure you can figure it out. once you do, youll realize boomers are ruining this country LOL.
So you’re telling me we’re borrowing money to support Social Security because we spent the peoples money that was supposed to go towards Social Security on something else because we don’t make enough money on our imports and exports
Gotta thank your Congress for all that pork barrel spending!
@@jimknarr and it’s not just been the last or current administration, but it’s been this way for the last 30 years and they expect us just to roll over
Don't worry that's why they opened the border for 10 million new slaves to support the SSS (social security scam)
Yes Biden spent the money on illegals and wars.
Also social security would never run out. Long as them banks hold all the gold. The national debt is just paper backed by no real value
The old geeks made sure to mess everything up for us before they took their dirt nap
Anyone that talks about the debt without talking about getting rid of the taxcuts for the rich shouldn't be taken seriously.
Agree
@@jimknarr Hfy!
Except that they totally should. Tax receipts as a percentage of GDP consistently have hovered between 16 and 19% ever since the 1950's, whereas federal spending as a percentage has steadily increased from 15% in 2000 up to 22% today. Washington does not have a taxing problem, it has a *spending* problem. All tax increases do is feed the government even more money to waste.
@@mlh5434 And what was the tax rate in the 1950s? Unless you want to to go back to that tax rate, quit mentioning the debt if you don't also first start with getting rid of the taxcuts for the rich (as a good will gesture). You want the poor and the middle class to take the first step when the rich are doing stock buy backs and buying second super mega yachts with their taxcuts.
@@twalrus1 The top rate of tax in the 1950's was 90%, yet revenues as a share of GDP today are HIGHER. Every study on this topic demonstrates that the rich pay more as a percentage of the tax burden every time their rates are lowered, because at a certain percentage, it makes sense for them to actually pay tax instead of avoid it by sheltering it in tax havens. The poor and the middle class pay virtually no taxes, so I don't need them to really take any steps at all. The rich provide essentially all of the capital formation in the country, while also paying the lion's share of the taxes.
Boomers said “F#%* You Kids” 🤣🤣🤣🤣🤣🤣🤣
They didn’t think it through and why should they? By the time it’s a big problem , it won’t be theirs!
Well said I second.
😂
Why shouldn’t they take care of themselves?!?! The generations before them had to and managed
@@ronblauvelt7457 you clearly didn’t watch the video
Weak men create hard times... Hopefully we're strong enough to survive them but it's very hard to have hope for my future anymore
Sorry 😢
In 2024 over 11-12,000 are turning 65 each day in the US. Those numbers are staggering even more when we consider how many people are applying for SSA benefits. The tax burden will probably be immense for decades to come.
SS was a pyramid scheme for sure... the first generation that got benefits definitely didn't contribute enough and it just has a domino effect
I’m a 23 Year old dedicated and driven, and I am outraged
Me too. Unless I have money leveraged in the stock market, I keep making less due to inflation. We should be revolting that billionaire robbed us and are making us pay for it.
You can thank your Congress for all that pork barrel spending!
Good news is you only have 47 years left to work😂
@@user-fk4rc4dm7r no more social security so we’ll never be able to retire
@@jsperez240s&p 500,msci,vwce, 401k and the other one ect.
It's all going to come crashing down eventually
GenZ is getting saddled with debt they’ll never be able to pay
Good thing they all live at home with their parents
@@NotAllWhoWanderAreLost641 the key is to not take on debts you can’t afford to pay back. College for most people is a waste of time
@@user-nw6sg3wo2wthe irony of saying ”the key is to not take on debt you can’t afford to pay back” on a video talking about the U.S. national debt
@@Dangineering you missed the point. It’s GenZ who wont be able to pay the “governments” debt in the future
@@Dangineering people are given a free pass to make bad financial decisions. No a psychology degree isn’t worth 200k of student loans
You don't OWN a home 🏡 if you have a MORTGAGE.
Your landlord simply changes to a bank 🏦. 😳
Yeah and banks raise your mortgage all the time!
Except you can HELOC
"You don't OWN a home if you have a MORTGAGE. Your landlord simply changes to a bank."
What an absurd thing to say. Once you repay the mortgage the property is yours - unlike a rental. Even as you repay the mortgage you own a greater and greater proportion of the property on a typical repayment loan.
@@user-fm6ns5nb4j No you don't own the home. If you don't pay your rent (property tax) you will be evicted.
@@Highside713 or HOA fee if you live in an HOA community
I’m sure the younger generation would be perfectly fine with paying high taxes as long as the taxes are used wisely. High taxes with free education, healthcare, transportation is completely better than high taxes and $800 bn going to the military and programs being cut.
we can't afford it tf u mean. I have to take out a loan to pay taxes already
That won’t solve the housing market. We would be the generation not to own anything
@@picklesuhk2945 think about why you can’t afford it 🤣 yall keep coming at me as if im wrong about something. If you’re not paying for gas, or student loans, or medical bills, what do you think will happen with your money? Will you have more or less to spend?
@@isaacvarela667 i have no debt, student loans, or medical bills. I have been let go twice within 2 weeks or starting because the company hired too much. I cant afford to move out of my parents house. It is ignorarant to think that my generation can afford more taxes when we already cant live on our own.
@@picklesuhk2945 I’m not saying we can afford high taxes right now lol. But it would be a hell of a lot easier being able to get necessities for free, paid for by our taxes, while we get to use the extra money on ourselves. If you can’t understand how that works, stop commenting.
Note to self....don't let the government manage your money.
Broke as hell America......
Amen.
Oh, no, there are a bunch of economists out there who will tell you that it doesn't have any effect at all. The national debt, the deficit, none of it matters. Just like climate change either doesn't exist or doesn't matter. Pollution doesn't matter. Overpopulation doesn't matter. None of it is a problem.
Actually our population is shrinking... which is exactly the problem... decades of wealth redistribution from young to old lowered birthrates while our current welfare system is setup as a Ponzi scheme. So in essence, asking fewer people to pay more of their income for their elders
Overpopulation is not really going to happen, given the trajectory we see today.
With that said, your point is valid. People turn a blind eye to future problems all the time
@@dailyrant4068 Really? We're at 8 billion globally and it's projected to reach 10 and a half billion by the end of the century. The population only reached 5 billion in 1987. Just because some of the more developed countries aren't having as many children doesn't mean the whole world isn't.
@@mattbosley3531 yes but as everyone gets more developed it’ll only happen. SK hit a bottom low now of .6. Once China really gets Africa growing, it’ll only accelerate. Stop looking at the world stuck in the past decades. We now produce enough food for everyone, it’s just distributed unevenly
I mean… none of it is a problem unless you make it one. I’m a 31 year old male and I exited out and stopped caring about any of it. Life is grand now. I focus on my life and enjoying the little gifts earth gives to us. If it all falls and society collapses I got what I wanted out of nature and life and that’s fine with me:
follow the money...who is the interest being paid to?
People like me and yourself. If you have any investment with bonds, then the US tax payers are paying you interest for the money you lent them. I lend the government directly through an account with the treasury department. Anyone is able to do this. The smallest amount of us debt you can purchase varies on the type of product but some are as low as $25. For short term loans I typically buy between $200 to $20,000 just depends what my personal money goals are during that time period. If you have a reoccurring fixed cost for, say, insurance, you can put that money in a treasury bill and earn interest in durations of 4,8,17,26,or 52 weeks. The interest rates are typically higher than CDs. There are other products for longer terms.
This is wrong. I teach all my children to buy Gold and live in tax free states.
There are no tax free states. Some are lower tax than others, but all states take taxes.
Leaving the US or at least moving some assets outside of the country would be a more serious move.
@@doubles1545 Wyoming is close.
@jacobclement8150 California charges 7.25% income tax + 7.25% sales taxes + (.71*1,000,000(cost of home)) in property tax. If you run a business or invest in stocks taxes cost more. California has a high capital gains tax. Go back to school my friend and learn how to do math.
Why does any of that matter? If society collapses your pretty gold bars won’t mean much. You can’t eat or drink those. You should teach your children to hunt and garden. Be in touch with nature again. That would go ALOT further than an overpriced chunk of metal.
They will just let the dollar die. And that is probably bad for people with dollars.
The rich have gold so very little skin in the game.
We are paying to help others as we are drowning in debt. Please make it make sense.
Or just stop spending on so many programs that aren't sustainable
I know slackers of all ages who just mooch off the system. They lounge around while the rest of us work long hours.
From all socioeconomic classes as well
1 oz of gold should be $100 however it is 2,300 this is called inflation recession depression keep printing money eventually one ounce of gold V $50,000
As a mining engineer... I am very ok with this
Leave it better than you found it was a hog wash lesson. Listen to your elders they said 😂.
Gotta thank your Congress for all that pork barrel spending!
@@jimknarr The next kicker is either side persuading the young to vote, power of the people am I right 💀
I'm going to leave it better for my kids. I know my older generation failed me, but I'm not going to fail my kids. I'm going to break this chain and that's a promise!
Cut the military budget in half for starters.
"My mercenaries, I mean my world police are necessary."- 🇺🇸
military
This is one of the best explanations of national debt that I've ever heard. Thank you.
Maybe not spending a trillion on military would help maybe 16% less
Good thing I'm good with being single and just watching Netflix, playing video games and riding my bicycle around lol
No, Millennials are suffering now. We finally got settled into careers and now it’s time to buy a home. The US was like nope!
I’m 25 and am wasting my money paying for social security I won’t EVER see!! Makes me so mad!
I work with rain tanks solar energy and greywater, vegetable gardens etc. when they come with pitch forks, because there’s no more air to breathe or water to drink, what will you tell them?
In America what do you actually get for all these high taxes? Then Taxed again on property, city, county, gasoline, utilities, car registration, insurance, and on and on and on?
I think it is also worth mentioning. Trump had cut $2.5 billions in tax revenue for giving the very wealthy a tax cut and at the same time increase spending at $2.3 trillion which is being borrowed. He had tried his hand in Reaganomics and this is what it looks like $8 trillions later in debt and ballooning interest payments.
Imagine blaming Trump for literal decades of mismanagement. At least under Trump we were energy independent, gas was cheap, food was cheap, etc. Now with the current potato in chief, we get $6 eggs and 3 wars 😂
@@sambulthuis287 Just telling you how it is. Not leaning on one side or the other. Another fun fact 53% of price increases is simply due to corporation rising prices to increase profit margins. The other is yes due to devaluing of the dollar when $14 trillion was borrowed during to pay for COVID. We consumers are being gouged with the false narrative competition is keeping prices low but in reality companies are finding ways to stay out each other way and price fixing.
How high will taxes have to be for them pay off the debt? Does this mean we just end up taxing the people of the United States at a 60% rate? It’s already climbing up to 45%. There should be a cap on how much we’re taxed and the government should be limited on how much they’re allowed to spend WISELY!!!
There weren't 'mistakes made' by the treasury department. This accumulation of debt was intentional.
Rick and morty was right in the insect episode. “Who’s paying me to tell this guy what to do?”
Thanks, guys.
Thanks mom and dad. How you really f***** up this world for me and my kids.
She said they probably won’t cut the programs, which means the programs will probably be cut.
The question is why wasn’t this done a decade ago not even this current administration or the last one why have we been borrowing money from the poorest people and then borrowing money from other countries on top of that?
Gotta thank your Congress for all that pork barrel spending!
Our Presidents are way too old. They are the Boomers. That's why they are so cringe
Sorry, but it's very difficult to consider national debt while our government keeps giving away hundreds of billions of dollars to foreign countries.
My two main points for Gen Z and newer gens, would be to cut down on expenses, be as cheap as possible, cut programs.
And what investor that's trying to make profit and enjoy it, would lock in a 50 year, much less 100 year, rate with low interest? If you invested at age 18 for the 50 year Treasury note, you'd be 68 when get your principle back and you'll have gotten low interest when there are higher paying opportunities.
Who is going to buy 50 or 100 years T-bond at rock bottom price? Inflation could eat you alive. This Todd is outrageous, the comments is ridiculous.
Keep in mind that the debt accumulated over the entire history of the country was $26T when Biden was elected in 2020. In the past 4 years, we have accumulated another $10T in debt. This rate of increase is absolutely, objectively unsustainable. Major changes need to be made.
Actually, Treasury Dept data shows the gross federal debt rose by about $7.8 trillion on Trump’s watch.
So far, debt under Biden’s watch has risen by a little less than $6.7 trillion. That’s smaller than Trump’s total - but again, Biden is on pace to hit or exceed Trump’s mark by the time his term ends.
Can't think of a situation where I would find a 50 to 100 year bond at 1 or 2 percent appealing. I think they would have a hard time finding those willing to hand over money for that
Not only that, but at the end, you are also paying interest for that entire amount of time, so it's not that it will be cheaper in the end, it's just that you would be spreading it out over a longer period of time, essentially ensuring that gen z's taxes would never be used to pay off the outstanding debt, only the interest. But there will be a point in time where you have to pay back that principal.
@@Hans-gb4mvprinting money or default that’s what the government is planning
No buyers of treasury bonds low interest because the full trust and confidence on the dollar and economy are no longer there.
Cut programs and cut costs
The liberals will lose their minds when the gov cuts Medicaid and gender reassignment benefits
Then usa can’t be globally power 😂… 34 Trillion … it will take 20 years if they pay 2 Trillion every year…
Usa can’t afford above 2 trillion otherwise usa economy crash jobs losses …
In 20 years china will overtake usa … BRICS will overtake usa by huge …
So usa wants war …with China without having loss …
So they can stop china growth ..in meantime usa solve their debt crisis…
They bait India …
Usa keeps busy russia in ukraine .. so can keep russia busy in ukraine… usa will fund ukraine and use europe against Russia…
But the problem is they want a country to fight with china …
Now they are baiting philippines .. so they can get reason to destroy china…
We need to cut the military budget in half.
At least
@@vladseva2327 Hope Russia is not listening.
@reglook1 it is irrelevant - we just need to bring our financial house in order.
@@reglook1True they'll realize what a great opportunity when we're only spending 5 times what they spend on their military rather than 10 👍👍👍
You know we can....CUT SPENDING
She acts like it is not even an option
Rates have been around 6 to 7 percent traditionally.
I'm GenX, Bachelors in Computer Science and Masters in Cybersecurity and I didn't understand a word of what they were talking about. I've paid off my mortgage and have been maxing my 401(k) for decades, but I've never understood all this economics stuff. Is there a video out there that can break this all down "Barney style?"
How much will it be in 3 months from now? How fast is it going up?
It’s pretty bad.. i work for a big finance firm, for perspective, if we do not correct our direction in about 5 years we are going to self implode due to the interest ballooning to much
Normalize tax fraud
Is all the BILLIONS semt to Israel and Ukraine
Boomers: 30% of population
Gen Z: 10% of population
Boomers: 67% of all members of Congress
Gen Z: Less than 1% of all members of Congress
Vote these octogenarians out
I m Gen x and it ain't easy getting old nowadays!
start your own business, live outside the US! there problem solved!
Still gotta pay taxes unless u renounce citizenship and pay the exit tax
America has worldwide tax. Did not think that through huh.
This is what happens when you have politicians with an out of control spending habit and the taxpayer has to pay for it and now our dollar has lost a good bit of value
“Hard times create strong men. Strong men create good times. Good times create weak men. Then weak men create hard times.” - G. Micheal Hope. The generations before us had the good times and ruined it for the rest of us. Now because of the mess they created, our generation and ones after will work to make a better world despite the mess we were handed.
Why worry, the 18 million strangers roaming our country will break us.
We need higher rates, the problem is high prices .. particularly on Housing. Interest rates reach 20% in the 1980s to curb inflation from late 1970s, and guess what .. it worked 💯💯💯💯
Yes, but the difference is we did not have anywhere close to the levels of debt both private and public that we do now back in the '80s. We can't afford to have those interest rates without breaking everything
The woman in the light blue dress explained this in a way that I could actually understand. She is a clear, concise communicator, because all of this usually seems super confusing to me.
Geez. I'm no genius, and I knew this was going on all along. Never did know what they were thinking.
Plan B.... Rent and follow the principles of the fire movement or Financial independence... if you want to ignore the retirement part. Either way.... That's the answer.
… I’ll be frank I got away with subscription. If I have to buy it’s local small shops. I try to avoid big corporations period.
I invest in some public companies and so keep track on what they are doing. I remember one company announced during covid that they were going to borrow a lot of money for like 30 years because the rates were so good. They didn’t have an immediate use for it, but said they would figure that out and it was best to act when the window was open. It struck me as either really shrewd or really foolish (borrowing money for an unclear need), but history has shown it as very shrewd. History has also shown why the US treasury is very foolish.
This makes no sense, no country would ever lend the US billions of dollars over the long term at record low interest rates, they’d do the forecast and risk calculations just like your local bank.
The local banks are the ones that hold treasuries, that's why a bunch of them started collapsing recently like SVB.
who is going to buy a 100% zero interest bond? you are locking in your money for 100 years without any return? might as well keep it under your mattress.
Every person in the US debt comes to $3000 per trillion dollars, or $102,000 per person, and does not include interest.
Trillion T Twelve zeroes. I didn’t know she was a rapper too
Didn’t mention how we could have a wealth tax or raise the corporate tax back to what it was….
Simple solution. There are 55+ only communities. Just implement 55+ taxes for the next 8 years to pay down the debt. Let the boomers contribute, for once!
You realize the older Gen X are in their late 50's now. Most boomers are 70+ now.
im in debt, your in debt, we're all in debt
The things that made life worth living are no longer worth it. I have become a hermit because of how intolerable it has become leaving my house. Every time I leave there’s at least one case of road rage. Social outings? Forget it, everything is over priced over saturated the people are AWKWARD. Everyone has so much self interest it’s impossible to meet good people. I’m working on myself, saving all my money as I live at home with my parents. I have no interest in following social norms at this point - I’m just trying to survive and have a pleasant time with the time I have on this earth. So done with everything going on, I’m distancing myself from it all
Every young generation foots the bill. The Republican Iraq wars cost my generation trillions.
what about inflation!?
I’m surprised the government hasn’t declared marshal law to use all the retirement savings to pay off the country’s debt.
Maybe if they stopped sending money to Ukraine and Israel and stop giving used tax breaks to billionaires stop making mistakes and bad decision making maybe we'll get somewhere in this country and we definitely need to stop printing money
This makes me so angry! We are supposed to leave things better off for the next generation, not rob from them!
"We've made obligations and we can't do anything about them"
YES, YES YOU CAN ITS CALLED DOWNSIZE, SPEND LESS.
Everyone should take out as much student loans and credit card debt as possible, buy crypto with the money you earn while debt covers your living expenses, and refuse to pay anything back until the system breaks. Personal defecit spending. Just like our government haha.
They don’t really care about us. - Michael Jackson.