the video is 19 minutes long, but it is well worth it. I know he is not an “economist” as a friend pointed out to me. but the information is merely being passed along, and broken down to make it much more simple to understand.
this is not a slam on either party, so don’t get it locked by complaining about the left or right.
its just pretty scary to think about how big of a hole we are in, and the fact it is almost impossible to turn back at this point.
I didn’t watch the video but can safely assume it was about the national debt. This country brought this all on it’s self. The population (me included) jumped on the credit bandwagon presented by credit cards and later easy credit. All that has done was put many in deep financial straits and strengthen the banks and lending institutions.
Those still alive from the great depression just shake their heads.
At some point ALL debt must be repaid. It doesn’t matter if it’s personal debt, business debt, state debt, national debt………….it ALL must be paid back at some point.
Shame on us for being so short sighted as to not realize what we have done.
The government spends…borrows such astronomical amount of money that it becomes abstract. The brain can’t even conceptualize the monetary values they are spending.
You can see how abstract by this demonstration. Disclaimer: Although the video mentions Obama and the cuts he was talking about, it is very old news and you could just as easily substituted any politician. Or just watch the intro where he shows the stack of pennies, how much they are worth in scale and then shows you the table of pennies that is spent by the Federal government.
Video
Good vid. Agree everyone should spend a few minutes watching.
-J.
we are screwed…
x2
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Good vid. Agree everyone should spend a few minutes watching.
-J.
how much shelled out to each state (roads/bridges etc), oh bullets for our troops, the income statement would show alot of detail, The biggest for Congress salaries?
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the income statement would show alot of detail, The biggest for Congress salaries?
Explain that statement..
I did not watch the video but I can just imagine the excuses (if any) that are made/talked about.
I don’t agree with the people who think we all are part of this. Looking back there was a year or two when it was said by one president that “everyone should be able to live the American dream of owning their own home.” Interest rates plummeted making the US dollar worth nothing today and many irresponsible people spent money they did not have. The money was obtained by deregulation of the banking system during that presidents terms and has since bounced back and forth from having some regulation to none at all. Irresponsible people sucked every little bit of equity out of their homes, cars and other items they owed on causing huge bills which led to using credit cards with monsterous interest rates. Others finances their new home with little to nothing down and then wanted new cars and were able to borrow 120% of what their house was worth to cover the cost. Mean while there are a few like my wife and I who continue to be responsible and afford what we have on a lower middle class income. We will continue to pay for the irresponsible, people who say there are no jobs that pay as well as welfare, and others who, by choice, can not seem to get off there aXX and get a job. We will continue to watch as rates fall and this vicious cycle repeats itself once again or until someone in the gov’t gets it through their head that we need to get some value back in the dollar again. But the bottom line is the dollar. Without it being worth something neither are we.
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I did not watch the video but I can just imagine the excuses (if any) that are made/talked about.
no excuses are made, it just talks about how spending as a whole in this country is out of control, and there is not enough money to fix it, even if we took everyone’s money.
a little fact i learned that i did not know.
from George Washington’s first term, to 1989, 2.2 trillion is the total amount of deficit added up for all those years.
just in the last 24 months we have hit that mark in growth alone… 
there is no turning back, this money train is going to crash, its just a question of when, and are you preparing yourself for it to happen?
there is no turning back, this money train is going to crash, its just a question of when, and are you preparing yourself for it to happen?
So, what do you suggest we do? We can hoard a bunch of “green” cash but what good will that be? Should we be “prepping” like on TV? Maybe build a concrete bunker and fill it with guns and food?
I agree we are in trouble. But I don’t know the solution either. I remember being a kid and the teachers showing us how to hide under our desks cuz the commies were going to “nuke” us. Isn’t this just another threat in another time?
Solutions????????????????
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Solutions????????????????
Quit spending so much???
Open’s ones eyes to the amount we are in debt for sure…. my question is, why would the ball players (NFL, MLB, NBA, PGA and NASCAR go away after 1 year ? I thought they always said “they would have played for free”…??? 
I am in… who should I make the $44 check out to ???? 
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Solutions????????????????
Quit spending so much???
That is step one. In order for that to happen you have to put people in office that don’t want to spend your money, no easy task from I have seen over the last 30 years. The economic philosophy that we can spend our way out of a problem appears to be more wide spread in government than the bird flu ever was…
sounds easy! with a little spending cuts of say 2 billion a year and tax every US citizen about $2,100 buck extra every year and we will be just scratching by!
And hey if we cant stop spending and need to raise and cant have any cuts whats an extra $7,000 extra in tax for every man woman and child each year just to keep from falling further in the hole!
Good thing the smart people are in charge of our spending!!
For everyone that replied “I didn’t watch the video”.. go back and watch it.
Money, we can print more of. What could possible go wrong. 
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For everyone that replied “I didn’t watch the video”.. go back and watch it.
I agree the first 18 minutes was worthwhile…but then the last minute was stump time, like one vote this fall will wipe it all out… loses most of the credibilty he was building, he is just another mouth now 
I thought this would fit pretty well, its a very interesting clock to say the least… these are real time numbers, or so they say anyways
Forget it.! Your vote doesnt count…Only the BIG MONEY AGENDAS COUNTS.!….SO GO FISHING..YOU WILL LIVE LONGER 
……………rrr
Perhaps B K can bail us out with all his fish bucks??? 
The largest amount of that debt is owed to nations like germany and china. These nations have no intention to actually collect this money, however, because we are easily their largest national market. As long as the american economy maintains small growth (as it has) we will maintain this status, and be fine. Their would be no use in attemtping to collect our money when the current system pays these nations much better and more consistently.
Phew, I was worried that we were in trouble.
Wait, so what happens when the economy breaks the natural business cycle and we stop growing, dare I say start to contract?
or gas prices got to $15 per gallon because of a war in the middle east…
Or countries like Greece refuse to fix their same debt problem and cause the European market to flounder…
As much as I LOVE a good debt discussion… I really think there are a lot of misconceptions about who holds our debt.
Who? Us!
All you ever hear is China, China, China but they sure as heck don’t own all our national debt.
You can do some internet searches and sort through the results but about 36-37% of our national debt is held by foreign countries including China. Japan is a big holder as well. China holds less than 10% of our national debt.
The #1 holder of our national debt is the US Federal Reserve & Intergovernmental Holdings (Social Security & Medicare Trust Funds). Personal Investments, Savings Bonds, Pension Funds, Mutual Funds, State & Local Governments, Depository Institutions (Banks), Insurance Companies, Etc make up the remaining 60% or so.
For the most part, we’ve bet on ourselves. As long as the US Gov’t continues to make good on its debt payments, your retirement account is probably benefiting someway. I think the fallout from default is bigger than any of us can imagine though. The economy of the last 3 years will be considered robust compared to the economy after a default.
“how much shelled out to each state (roads/bridges etc), oh bullets for our troops, the income statement would show alot of detail, The biggest for Congress salaries?”
HOW ABOUT JUST PLAIN GIVEN TO SUPPORT OTHER COUNTRIES. I say pull our $$$ back and take care of our own business!
How about we get rid of the Energy department, does anyone really think they are helping us become less dependent on foreign oil or any other energy sources ?
The federal education department is next up, why do we need that if every single state in the nation has one also ? We are the United States ( a republic ) why the need for some federal centralized education department.
The next step is term limits at all levels of government ( Local, state, & federal) , 2 terms and you are OUT, and you cannot run while in office. Way too many people who make a career out of being in office. Get out there and get a job like the rest of us to pay down the debt you are running up, ( 15,721,741,405,909.00 by last count)
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