Why is the US in so much debt and does it matter? | Counting the Cost
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Published 2024-06-27
The figure is bigger than any other nation's debt, but does that matter when Washington issues the world's leading reserve currency?
A new report by an independent fiscal watchdog is now sounding the alarm among financial experts.
The Congressional Budget Office says by 2034 debt is expected to hit 122 percent of GDP, that would be the highest level ever recorded, barring changes in tax and spending policies.
"Swiftnomics" - Does Taylor Swift have a big economic impact?
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00:00 - U.S. debt is ballooning
12:11 - “Swiftnomics’: Taylor Swift’s economic impact
20:26 - Africa’s cocoa farmers turn to rubber
23:37 - Greece’s six-day work week
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All Comments (21)
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Pardon me but the budget goes to warmongering NOT social spending. Please, get that right.
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I plan to retire at 62 in another country outside the US that is free, safe and very cheap with a high quality of life. I could fully just rely on only my SS if I wanted to when that times arrives but I'll also have at least one pension, a 403 (b) and a very prolific lnvestment account with my Abby Joseph Cohen my FA. Retiring comfortably in the US these days is almost impossible. I honestly don't understand why people don't move to another country when they get older in retirement. It seems everybody has excuses for almost anything to not take action to better their situation.
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If the US has such huge debts why are the same imf and worldbank credit ratings applied to them? Double standards
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Why do people still work for this toilet paper? We need a new form of currency they cant corrupt
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I just wish Mastercard can do the same for me on my debt. I’ll keep borrowing money to pay off my debt. This way I will never have to spend my own money.
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Just a "slight" overspending in "defense," hahahahaha.
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I really thought you took the financial thing seriously until you got to the Taylor Swift part of it ...
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America has to sell new debt to pay off new debt. If there are no buyers, watch out.
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China doesn’t own that much US debt anymore. They have been selling and not buying new T-Bills anymore. That’s why Yellen was in China begging the Chinese to buy US debts.
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US dollar is declining as a reserve currency they should worry
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Remember when empires get to the point where spending is bigger than revenues?
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10 mins of this is a Taylor Swift Concert promotional advertisement 😂😂😂😂😂
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It's actually 34.9 trillion dollars and paying 1.6 trillion in interest and still rising by the end of 2028. America debt will be at 45 trillion dollars and paying 2 trillion dollars in interest, so yeah, America has reached it end just like Britain did
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It matters because BRICS no longer depends on the dollar for trade. Now half the world's trade doesn't require owning dollar debt.
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This is what happens when the rich and big corporation pay virtually no tax and are heavily subsidized. This is a bit of gaslighting. Medicare is not an entitlement. Every American pays into through payroll deductions. Japanese debt to GDP is far higher.
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Defense spending is the problem, period, "no contest."
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The difference: Japan huge debt , low interest. US huge debt, high interest (by comparison).
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How convinient that US can export its debt
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Americas economy : Print more money
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The US defaulted on its debt during Nixon. It can happen again.
