Why The U.S. Won’t Pay Down Its Debt
1,239,587
Published 2023-09-10
Correction on Sept. 12, 2023 at timecode 0:11: The voice over has been updated to reflect the national debt grew $300 billion between July and September 2023.
Chapters:
00:00 — Introduction
01:39 — The role of debt in the economy
03:28 — How debt can harm the economy
06:17 — The global economy
Produced by: Charlotte Morabito
Edited by: Amy Marino
Animation: Jason Reginato
Supervising Producer: Lindsey Jacobson
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Why The U.S. Won’t Pay Down Its Debt
All Comments (21)
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Since the debt crisis could unleash carnage on the stock market leading to economic downturns. We need to be prepared for potential market volatility. how can I secure my $80K stock portfolio against declining?
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Inflation is putting my dream vacation on hold. Every penny counts these days, so that fancy getaway abroad will have to wait until this inflation mess chills out.
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I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
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The government’s debt doesn’t work like household debt because a household can’t print more money to pay its bills, lowering the value of everyone else’s money.
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"It's better to burden the future generation with debt (taxes) than to burden the current generation with taxes." Fixed that line for you CNBC.
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The debt ceiling is always rising, so don't worry. If the 2008 crisis survivors had it any easier, I wonder. My income is decreasing, I lost $35,000 this month, and I'm worried about the stock market. Fearing that because I can't contribute to my savings, I won't have enough money saved for retirement.
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They failed to mention that 70% of our tax revenue would end up paying only the interest payments
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“Borrowing is a way to not burden the current generation with debt”. So burden the next generation with our debt?
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What I got from this video as to the why’s: 1- Everybody else is doing it. 2- Spending in the now is more important than saving for the future. 3- The US is too big to fail. 4- Nothing that bad is happening.
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Don't fret, the debt ceiling always goes up. I wonder if 2008 crisis survivors had it easier. I'm concerned about the stock market, I've lost $35,000 this month, and my income is down. Worried I won't save enough for retirement as I can't add to my savings.
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Why does it feel like this is a paid ad?
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If the debt doesn't matter then the US should stop taxing us. Just keep borrowing the money they spend.
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CNBC: “don’t trust professional economists… trust us…”
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We can't ignore the potential impact on portfolios. Bonds are often considered a safe haven, and if they crumble, investors like me might scramble. I’ve been investing for 11 yrs and my $1m portfolio has never been this depleted, how i do hedge this?
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"If you don't have it, you can't spend it" is grandfatherly advice no one has ever heard.
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Why would it? Everyone in power knows the person after them will have to deal with it.
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Imagine being so bad with money that you can steal 40% of peoples income and still end up in 33 trillion dollars of debt.
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It's mind-boggling how people have the mendacity to say we don't need to pay off our debts. We are spending money we don't have on things we cannot afford.
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You remember in 1913 when the Federal Reserve set up our current money system. Unfortunately, our government has been spending more money than it takes in taxes for many years. Our National Debt is now more than $34 trillion dollars. Our money is not backed by anything, and it could easily crash with so much inflation now.
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I'm going to start telling the bank that my debt isn't real... it's just an accounting record 🤣