Deficits & Debts: Crash Course Economics #9

[@joemyk]

Host: What if a global pandemic... Me: *pauses the video and jumps to comment section*

[@et778]

Same 😂😂

[@MrPhilosomanic]

That pandemic joke hits different now

[@kamarassakka9922]

did she just single handedly predict the corona virus

[@carinaklingelsmith371]

was literally just thinking that bc WOAH she actually kinda did

[@iuliananghel8626]

Also putting a picture of a coronavirus O_O

[@sharenkoshy1416]

I was just about to comment on that. Even the picture of the virus is the same

[@mysuperpuffle]

The only reason i came to the comments

[@jayswag2493]

Is this why my macro teacher made us watch this?

[@СергейГалиуллин-п9ю]

*Main outtakes of this lesson* 1) _Budget deficit_ - the amount by which a government's spending exceeds it's income over a particular period of time. a. _Debt_ - the accumulation of budget deficits. b. In the same way our GDP grows every year, due to population growth and productivity increases. And our ability to sustain debt grows along with our income. 2) _"Default"_- the investors who loaned the government money lose billions and the government loses all credibility, and it causes massive recession. 3) _Debt ceiling_ - limit on the amount of national debt that can be issued by US Treasury.

[@rhondell5724]

a crash course of the crash course

[@gregson99]

and fix nothing and further decrease our country's stability.

[@CB-vw5gj]

dont be a nerd

[@salomonprietoprado3589]

Сергей Галиул

[@outofmoneyman]

Oh man you are cracking it. Thanks for the highlights!!

[@federicopavone9997]

Someone watched the pandemic part and thought "here's the big idea I was lookin' for"

[@mothw.9620]

Federico Pavone When I heard that, I wondered if anyone was still watching who was going to mention the current pandemic 😂

[@julianceballos8795]

She totally predicted the corona virus, that was the craziest thing ever. In conclusion we can expect the debt to continue increasing and making it difficult to pay off. Mathematically it would be more difficult but not impossible. I am still optimistic about this situation.

[@mollie4960]

What if there’s a pandemic that whites out half the population ‘What if’ yeah *nervous laughter*

[@punkrock666]

Is coronavirus turning everyone white? Less exposure to the sun or what? I don't get it!

[@mollie4960]

punkrock6660 no I’m just dumb 🙈

[@seyamrahman1002]

punkrock6660 lmfao ‘white out’ as in erase

[@mollie4960]

Seyam Rahman Yes, there are so many layers

[@EhXKoRR]

Lots of people stuck in quarantine suddenly interested in economics I see

[@scorpisces182]

when she said pandemic, I double-checked the date this video was uploaded (2015), and then I almost pooped my pants.

[@LisyRuiz]

i’m from the future. the epidemic thing was right 🦠 zombies still tbd. 🧟‍♀️

[@Drewrejee]

I think the zombies are the people who wont stay home and are carrying the virus and also the brainless taking all the toilet paper lmaoooo

[@mustyHead6]

@@Drewrejee hey i really liked your drawing, why don't you post more

[@sonji72]

Zombies could be created by the Covid-19 vaccination!!!!!!!!

[@WickerMan504]

Watching this to study for an econ test during the COVID-19 pandemic is... interesting

[@vaibhavjadhav3306]

This comment was made during Coronavirus pandemic. Will look forward to see this back after years. God bless you 🙏.

[@bharathharikumar9124]

"Global pandemic" *Evil laughter* from adrienne hill

[@hithisismira]

**Watches this while in covid lockdown**

[@forloop7713]

6:40 that did not age well

[@jackruefli8163]

6:42 did they show a coronavirus cell? Wtf

[@sayebkhan8098]

This definitely aged well with Adrienne telling us how boomers are the problem and then predicting a pandemic and now we're in a pandemic that will eliminate the boomers. Maybe after all this will be beneficial to the economy

[@IncredibleIceCastle]

Eliminate the boomers? Give me a break. Not even close.

[@williamvanlaere]

Did anybody else realize that disease was the Corona Virus? Damn Crash Course predicting the future....

[@AVNJ]

Crash Course with some more AWESOME economics stuff! Our generation is lucky to have these videos!

[@SynThenergy]

MIND BLOWN! Government debt as a percent of GDP? that's such an fantastic way to evaluate things! This is an awesome educational series

[@5LifePath]

1:30 Ah the good old days when US debt was only 18T

[@ErikPT]

@bongo155 Yeah but, we still need to fix the budget deficit since the Fed warned Congress that we must balance the budget by increasing revenue or output in time we'll be balanced.

[@nextsc4663]

@bongo155 At one point, we won't be able to sustain this debt and we should be looking in the long term. You either got to increase revenue through areas such as taxes, or you have to decrease spending. Pretty much everybody from both sides of the political spectrum agrees that the debt/deficit needs to be curbed somehow, but which of the two is the big debate. Personally, I am in favor of reducing both taxes and government spending, but if people saw how much polices such as universal healthcare would truly cost, they would be against adding fuel to the fire.

[@nextsc4663]

bongo155 Yes, the government does spend unnecessarily. The issue isn’t just what its beong spent on, but its also about how much. The government does spend more money on the military than necessary, but the same can be said about much of the welfare programs that make of the majority of its budget. Those programs are ineffective and are often times wasted. There are certain areas where the government should be involved, and certain areas where it shouldn’t. There are a lot of areas where the government is involved, but shouldn’t. Cutting down on those will reduce spending and reduce the deficit. Tax cuts on the supposed rich/corporations are actually tax cuts on thr middle class as well. Most tax cuts reduce taxes for working americans, and improve unemployment by giving companies more money to work with, allowing them to give raises, employ more people etc.

[@nextsc4663]

@bongo155 Its not just my political opinion nor does 'every piece of data and research says good welfare programs benefit a society". There are many studies that in fact prove how the government welfare programs are ineffective and are wasteful. Look at how much we have spent on welfare and how much of the government budget goes to it. Then look at the results. Welfare is not working despite how much money we keep throwing at it. The majority of the government spending is spent on welfare programs NOT infrastructure. Comparing the US to the Scandinavian countries is more apples to oranges than a fair comparison. First, they are successful off their oil and natural resources. This growth was due to capitalism, not their supposed socialism. When countries like Sweden rolled in socialist policies, the economy tanked significantly. And the Swedish economy is still not as good as it may seem. Second, they have ethnic homogeneity, and a strong social trust+culture. People trust each other, and crime rates are low. However, take a look at the refugee communities in the Scandinavian countries and how they are doing. Not so good right? The problem isn't that we are brainwashed into the libertarian movement. Quite the opposite: colleges and many of our educational institutes continue to spread leftist ideology to the next generation and brainwash them into socialist policies progressivism. Libertarian-ism isn't some big lie told to the poor by the rich. The government really IS inefficient and wasteful. The larger the government grows and the more power it has, the further it inches to tyranny. We are a country built on the free market and a minimal government. Just take a look at the constitution, which places the inalienable rights of every human above the government. Tax cuts do improve the economy. Nobody can deny the state of the economy right now under Trump. Unemployment is down historically and wages are up. And with a better economy, you can generate more tax income even with a lower percentage. There is bipartisan agreement that the budget deficit and debt should be controlled. There are many reasons for this, but we are essentially digging ourselves into a hole. Even with low interests, we are still paying a huge percent of the budget to that interest. 22 trillion dollars is an incomprehensible amount of money. That is money that could be spent in a more useful area. And should something like a recession were to happen, out debt will be a further burden. The solution isn't to try to generate more revenue by increasing taxes: you could suck the rich dry and not have enough. Thinking long term, you need to cut down government spending on programs like SNAP where billions go wasted on junk. Otherwise, the hole will only deepen, with interest costing us even more. The last time I checked, the debt to gdp ratio was in the 110%s. The US gov. can go broke and nearly has on several occasions. One thing that keeps the dollar's value is our military prowess, though at a certain point, the rewards are minimal for every extra dollar spent on it.

[@alotan2acs]

@bongo155 Intragovernmental debt influences inflation.

[@marcelloascani]

I'm italian, i didn't know italia was so bad!

[@someguy6369]

So basically we have to take granny and grandpa out to fix the economy?

[@paxshmitz2665]

Who needs boomers anyway. They always complain about the millennials and younger generation so we need to help them move on.

[@Deus888]

Or stop being sick

[@paxshmitz2665]

@Mama Warbucks A joke...

[@paxshmitz2665]

@Mama Warbucks Moron.

[@paxshmitz2665]

@Mama Warbucks Fairly sure your joking. But if not you have serious cognitive disorders.

[@John_Mason]

I know these have to be simple videos, but you missed some very important points. For example, the Federal Reserve Banks are major lenders to the federal govt and the US dollar is a global reserve currency. Basically, the US is in a very, very different situation from other countries like Spain or Greece. Technically there isn't a true lending limit for the US. It's not the same pool of savings that most commercial lending is handled from. The Federal Reserve does, basically, make money out of thin air to purchase US treasury notes. It's not finite. Now that being said, they have to keep a very close eye on inflation and growth. They also face political pressure from time to time. Yes countries like China and Japan also own a lot of US debt, but that's for simple currency conversions. They basically don't have a choice. The real limit, if there is one, would be if the federal govt forced the Reserve to lend so much that inflation would skyrocket and the rest of the world dropped the US dollar as a reserve. That's a really extreme situation that I doubt would happen any time soon. Not sure what it would be, but it would be far worse than a technical recession or default.

[@rjr81]

+Aquilen Central banks are part of economics in general. Analyzing debt and deficits without considering the role of the central bank will give flawed answers.

[@John_Mason]

+Aquilen They kind of started general and then went specific at the end. For example, talking about the US debt ceiling restrictions. It's basically a really flawed video in my view. This probably should have been broken out and explained better. Debt in Greece and debt in the US are different and the mechanics are very different.

[@joeking9576]

+John Mason You are very right that Greece and the US are in different situations. The US can and does print dollars. Greece can't print Euro's. WHEN its required that the fed start "easing" again the dollar is going to start coming back down off the temporary high its been on. China has been recently selling billions of dollars in treasuries. When we get QE4 China will probably accelerate their selling.

[@julianalbertoarcesanchez964]

+John Mason yes the Federal Reserve Bank can print money... but that increases the total amount of US Dollars, and that leads to higher inflation. So it is not possible just to "print more money". Look at the case examples on Venezuela, as the Government revenue keeps shrinking by producing less oil (and oil prices as they are) they run a very high deficit, that they cover by printing (read borrowing) more from their central bank, which has caused a "Government reported" inflation of 68% for the last year.

[@John_Mason]

+Julian Alberto Arce Sánchez The difference here is that Venezuelan bolivar isn't a global reserve. They have to peg themselves to the dollar and Euro, etc or end up out of sync, hence inflation. The US is a different situation. Yes, smaller countries can't simply print more money, though many try :)

[@sparshporwal5383]

The US debt now stands at more than 31 trillion dollars and the debt ceiling has just been raised. Awesome predictions!!

[@bernt_macaroon]

Anyone else here after Covid19?

[@cyrus5958]

At 5:12 you say Norway but show the Swedish flag

[@josephfox9221]

+Sam Leduc how did you even see it?

[@swat67ify]

Nice spot xD

[@arog7493]

+Joseph Fox Put the speed to 0.25 and 0.50 and it's easy to spot. :)

[@josephfox9221]

Andy Rog now im just going to assume people watch slowed down videos to spot such things lol

[@arog7493]

Joseph Fox I imagine he wanted to see what countries were on the list as it was a bit hard to see in the video, I did the same thing. Haha

[@bestcity0979]

This series predicted 2020!!

[@marcgerges1380]

Guys this is brilliant because you make it so elegantly simple to understand these terms. Thank you!!!

[@caleb.39]

"what's wrong with you?" "today we're talking about deficits and debt" [cheerful music]

[@johnatlas3452]

"Remember, we try to keep it real around here" I lold

[@mishuhishu94]

what does the chart at 2:58 suppose to convey? what is a negative % of GDP? how can debt be a negative % of GDP?

[@judemozu8719]

4:32 wrong. Private banks do something called fractional reserve banking. They can loan out money that they don't have. That's why we have an economy of debt. Because there will always be more debt than money to pay off the total debt

[@screwdrivers6511]

Then they're still correct because banks will only a loan a certain amount of money even if they don't have it. Even if the bank is loaning money it doesn't have that doesn't mean they can loan all they want

[@DominicChase]

A 7-minute crash course? :( We love you guys... 2 episodes per week please?!?!? :)

[@franticranter]

6:41 she full on jinxed it. that's a picture of a coronavirus aswell

[@pawan2647]

Love the way you present things, more powers to you !!!

[@caroaroaroline9999]

so... zombie apocalypse next?

[@CycleGirl-77]

Is anyone using these videos for home schooling? They seem really good and a lot more fun than reading a chapter in a book.

[@pinetrees92]

when the US debt is currently at $33 trillion...

[@rachelstephens2597]

I love you Mr. Clifford! We all miss you!

[@Vjdkgaming]

5:11 why is there a Swedish flag with the title Norway? :D

[@BeigeRattlesnake]

Fantastically unbiased presentation. Very nice!

[@alinapace4859]

This one was way too short. ..

[@kunalsingh6413]

Indeed it was.

[@GeterPoldstein]

Even on an ultra-simplistic level, I think this episode left out important concepts. The most basic: borrowing money is a sensible thing to do if you can make productive use of it. If I borrow money from a bank, use it to start a successful business, and turn a profit on top of my interest payments, the debt is a huge win for me. Since the US can borrow money practically for free and put it to uses that increase employment, i.e. GDP, there are really good reasons to borrow at a moderate rate.

[@jaxonvocana4996]

When a six year old has been actively seeking employment for the last four weeks...

[@inayaway5099]

LOVE THAT INTRO OMG

[@__adj]

6:37 - scarily relevant right now

[@RGLove13]

6:44 I found waldo

[@PwntifexMaximus]

Dudes, the pool of money is infinite. It's called printing and fractional banking. Inflation and debt have no limits since the gold-standard was abolished.

[@AndyFromBeaverton]

+George W Bush Bailing out of the gold standard during the great depression is what finally turned around the economy. China was on the silver standard during the great depression and they didn't suffer a depression during the same period.

[@lcmiracle]

Oh hi Bush

[@michaelbarton2549]

+George W Bush Get your hat back yet?

[@michaelbarton2549]

+John Marlowe You know it's a joke right?

[@TheBalancedAmerican]

+John Marlowe _" debtors [creditors?]...demand repayment in another currency or with actual assets"_ Creditors can only demand payment in the currency in which the contract was written...yes? ;) _"Foreign debt will eventually result in foreign ownership of US property"_ If they want to purchase US output, yes. But dollars can settle transactions with almost any country, so foreign dollars reserves can circulate between foreign countries as easy as with US entities. =)

[@martthesling]

We are now at 30 trillion in debt. It was a good ride, boys.

[@Mamjam22]

What’s great and sad about re-watching crash course is old lessons are not learned … same mistakes again and again

[@hoanglinhphuong2634]

Watching this during an actual pandemic got real...

[@Jglabel262]

6 years later. It’s 30 trillion.

[@pravneetkaur2010]

At present, I don't work because m too small for that but will definitely become a patreon when I start working... Thnx for providing these awesome videos

[@JaimeLancasterHumboldt]

Thanks for all of this great content - using for assigned watching in a university course.

[@karthickraja2436]

Thanks for this Wonderful Course Team!

[@jedimasterham2]

I'm saving my dollar bills, primarily for sentimental (not monetary) value.

[@minecrafteriron6215]

ALL HAIL CRASH COURSE!!!!!!!!

[@heartache76]

me: what if that 6-year old- other crash course fans: impossible

[@andrescanseco4949]

That was four years ago , can you believe it now is over 23 trillions. I can't believe it so much money ,it has been significant increase.

[@sebastiandevida4685]

so 25% in health and still shitty as hell?

[@connorshea9085]

+Sebastián “SebaUruKiller” De Vida American efficiency

[@Aleph-Noll]

+Sebastián “SebaUruKiller” De Vida because the prices are inflated due to private businesses owning the american healthcare system. that's the biggest reason it should be socialized

[@RochesterOliveira]

+Sebastián “SebaUruKiller” De Vida that's funny. You guys should pay a visit to Brazil and experience the great "free" healthcare system and your definition of "shitty as hell" will be revised!

[@RochesterOliveira]

+Alejandro Tejeda specially you bro. You should see how free stuff and socialism really work. It's funny, it just doesn't

[@mihailung1720]

+Sebastián “SebaUruKiller” De Vida It would be many magnitudes shittier without that spending.

[@mark-davidchandler5895]

2020 Here, can we get an updated version of the monetary, debt and tax policy? Seems things have changed.

[@jiayilim1986]

the thought bubble animation is getting better and better! please don't lose the style!

[@the5h4rk]

At 1:00 Cliffordonia owes its debt to no one but itself. Running deficits is actually the only way it can issue currency to its people. A total debt of $300 just means that it's people now have $300

[@saranshparimoo4245]

As I am moving forward through this economics series, I am not able to recollect the past videos, I feel like going back to 1st video, What's the best way to remember the major crux of each video?

[@LBJultrafan23]

Take notes. Welcome to class.

[@erics9801]

lol I loved that opening with Jacob

[@nolanthiessen1073]

"Balance the budget at all costs! Even if it slows growth, and dips us into a second recession." - Stephen Harper

[@PrivateAckbar]

+Nolan Thiessen Economic growth means two different things from the point of view of Keynesian neo-mercantilism and classical deductive economic theory. For classical economics (and I would think most common sense people not inducted into interventionist philosophy) economic growth means capital accumulation. Capital accumulation means abstention from consumption. SAVINGS and INVESTMENT. And an increase in the amount of capital per head of a countries population that translates into a rising material standard of living. It doesn't mean movement toward the socialist millennium, either through class war freeing the fetters on the "material productive forces", or through central banks artificial credit expansion. It doesn't mean unsustainable credit booms, and it doesn't mean debt accumulation.

[@nolanthiessen1073]

***** The problem I have is in using "rising material standard of living". Yes, people today have more material than in the past. But if you look at other measures which look at quality of life, etc you find that we are worse off than in the past (i.dailymail.co.uk/i/pix/2013/07/12/article-2361857-1AC82905000005DC-989_634x449.jpg)

[@PrivateAckbar]

***** 2 and a bit short clear paragraphs.

[@PrivateAckbar]

***** Abbreviation: Keynes' system leaves out the concept of capital accumulation and substitutes inflationist fallacies already refuted by 19th century economists.

[@justadude4938]

+Nolan Thiessen That link leads to an image. Which measures are you reffering to when you said life weas better in the past, and how far back in the past are you talking about? And did you, by any chance, learn about the Black Death in history class? Because we don't deal with stuff like that anymore, which I feel is a good indicator quality of life has improved.

[@gent8940]

+CrashCourse Lots of problems with this video. At 04:13, there is the INCORRECT narrative that "savers" lend their money to "borrowers"--and that there is a "limit" to how much can be borrowed. This is saying that money only ever gets shuffled back and forth. If that were true, then we would never be able to say that the money supply has increased over time (and it has--2200% in 30 years in the UK for example). People in the 70s weren't dealing in "trillions" as we are now. Obviously, retail banks have the power to issue loans at many multiples the amount that is actually deposited in their coffers by "savers". After the 2008 crash, we learned that this was sometimes 33 to 87 times the actual capital they held. Banks have the power to write a loan out of thin air, many times the amount they actually hold in their vault! You also don't differentiate between Public Debt (held by governments, who all owe each other and can rig rating agencies to give them solid credit when they don't deserve it--the US obviously doesn't pay its debt back, if it has wracked up $18 Tr and counting, yet it has the highest ratings) and Private Debt (held by individual and businesses) which is immediately detrimental when they default.

[@edouarddubois9402]

I swear, sometimes it's like people in the 20th century thought:

[@koellekind]

+Edouard Dubois I also have that exact impression sometimes. But regarding the environment, we all keep going down the crazy road. As soon as you live in a place with heating, you already use up more of the earth's resources than what's your "share". Adding a car, buying beef and food that came from the other side of the world etc., you are quickly at 2,5 your share. I guess it all just happened because of the economic thinking: "We need more profits, so let's do this and that". Economy-wise, it's not smart to look at long-term problems you won't be the one to pay for. We'd need a completely different system...

[@Beretta249]

+Edouard Dubois That's basically it. The Boomers were born into the greatest distribution of wealth in American history. They spent that legacy getting high and deciding that instead of changing the power structure they would ignore it. Amazingly, that didn't reform the nation. =P They then panicked when reality failed to mirror their non-ambitions and when they had kids, my generation, they'd sold out and given up. And here we are.

[@Beretta249]

+Edouard Dubois That's basically it. The Boomers were born into the greatest distribution of wealth in American history. They spent that legacy getting high and deciding that instead of changing the power structure they would ignore it. Amazingly, that didn't reform the nation. =P They then panicked when reality failed to mirror their non-ambitions and when they had kids, my generation, they'd sold out and given up. And here we are.

[@xaviersoto3978]

You should be a politician, sounds like you got a plan........

[@epiphannytaylor3211]

Interesting closing statement

[@nurnadhirah8823]

But during the pandemic, government spend bilions for economic stimulus package to help businesses stay afloat. And in some countries, the economic injection drain country’s revenue and causing fiscal deficit.

[@lauraestavan8343]

Crash Course is just amazing!

[@njmudaliar]

The national debt is a huge drag on GDP growth. That means fewer jobs and lower wages. We need big spending cuts across the board to erase the deficit and start paying down the national debt.

[@nolanthiessen1073]

+Naveen If the government cuts spending drastically it can reduce investor confidence and result in private enterprise also shrinking. I'll try to find the paper, but a recent report found that economies which went the austerity route (which you're proposing) after 2008 saw a -1% GDP growth rate, whereas countries which used the Keynesian idea of increasing government spending to increase private enterprise confidence saw a +2.5% GDP growth rate.

[@Van_frederick]

+Nolan Thiessen this is interesting thank you

[@chanachon56]

+That Guy Rich guys = investors investors = investment more taxation = less investment less investment = less jobs for average people less jobs for average people = ..... you get the point right?

[@SillyPutty125]

+That Guy We should continue to run a deficit, because running a deficit grows our economy faster than the interest on the money that we borrow to do so. It's the same reason an entrepreneur can take out a loan, spend it on building a business, pay off the loan, and still have money left over. The issue is that the deficit is projected to rise to unsustainable levels in the coming decades. As discussed in the video, this is primarily due to social security and medicare costs rising as the baby-boomers retire and people live longer. This means that eventually, we need to adjust these programs in some way.

[@SillyPutty125]

+That Guy I agree. I'm just saying that the deficit isn't (currently) a problem. We should shift more of the tax burden onto high income earners and raise the minimum wage to help combat income inequality. Most economists believe that we're getting to levels of income inequality that is starting to negatively affect growth as a whole. If the lower class can't afford to buy products that companies sell, then that ALSO hurts the companies that sell them.

[@DraganAlves]

The hosts are less annoying this time. Fewer dumb jokes. I like this change in direction.

[@JamieHitt]

Was looking forward to this video. Don't get me wrong, it was great. But it ended just as it was getting started. You left out so much. Great candidate for a part two and three.

[@amanjaiswal2009]

You guys are awesome. Econ sounds more interesting now.

[@yungthunder2681]

"they deserve it, they worked hard." The elderly in America are entitled af and are the root of the problem

[@Kayclau]

Yeah, but they're old and deserve to be taken care of just for that.

[@Hahaha00003]

Anyways, as a beginner to economics I find this one of the episodes that are easier to understand!

[@ShivamMishra-js1rg]

@6:40 she predicted the future. She was talking about COVID-19.

[@stas4112]

Some notes if anyone needs em! -Deficit and debt are not the same thing, deficit = the amount by which a government’s spending exceeds its income over a particular period of time / debt = the accumulation of budget deficits -Good to measure debt as a % of GDP (as it signifies the ability to pay back the debt) → USA is not #1 on this list -Government spends ¼ of GDP on social security, ¼ on health care a lot of which is on elders → which is expected to grow as baby boomers get old -Fears with debt include the fact that government borrowing can lead to fewer loans for businesses and consumers, or the Greece effect which is when people are skeptical to lend money or lend money at a very high interest rate → this is called “Default” -Debt ceiling = USA’s limit on the amount of national debt that can be issued by the US Treasury → a useless number because it has nothing to do with deficit, so the government can keep doing what they want -The plans seems to be to reduce health care coverage for elders and wipe out a large chunk of the population

[@MaceyMagic13]

of course I see this after I took my financial test this morning ugh

[@Econotrix]

I'm from India n I like all your videos. These are very interesting n educative. Thanks.

[@harperonline]

Why oh why to these neoclassical economists think that when people lend money it comes from people's savings? Banks just create the money! #FractionalReserveBanking

[@gregson99]

and the dollar shrinks....

[@SarahJones-pr9wr]

Love the hosts great work!

[@evilmindedsquirrel]

I would like to make a small correction. Neither conservatives nor liberals are actively trying to lower the amount of defense/military spending.

[@teerificbitch]

Well who wants to be the guy that says i want to cut 10,000 jobs in the civil or defense sector, so that we can reduce government spending? People forget that government spending is also economic spending and growth as citizens are earning a salary. It's not money thrown into an empty pit where they burn and disappear dude. If USA spent $700billion at Lockheed Martin, Lockheed Martin's shareholders and employees are benefitting with increased job numbers, and investment returns. Where do you think that ends up? Right back into your walmarts, high street retail shops, coffee houses, GM & Ford, Amazon purchases etc etc etc. The problem however, is if people are buying FOREIGN MADE goods at a rate that goes way beyond America's export values Then that deficit is in fact the one that is the Dangerous bit, because money is LEAVING your economy to another country. You're saying good bye to it instead of having it remain in your circular flow of income.

[@marypusineri6291]

at 3:02 the graph shows debt adjusted inflation as a negative percentage compared to the GDP. What does this represent, considering the us doesn´t have negative debt?

[@sudeepjoseph69]

6:41 corona time

[@Supervalu89]

Great video, but in the countries that defaulted on their loans @5:10, you've got Norway listed with the Swedish flag.

[@h.i.sjoevall4213]

5:11 Anyone else saw Norway with Swedish flag? :))

[@ET_LWO]

Thank you for your work

[@balakrishna6426]

hello...I am from India and I'm following your videos on finance for quite sometime now and you guys r doing a great job at educating people in the simplest way ... could you pls make the videos available offline too as that would help me carry my iPad around without having to search for WiFi .?? please!!

[@benaaronmusic]

Thanks for the crash course, CrashCourse.

[@GeorgeVajagich]

the deficit prediction is wrong I will become president in 2036 and reduce the deficiet

[@jamesmeow3039]

Hurrah

[@tiger21823]

Thezebraherd wow man

[@thomaswinkler9610]

not with that picture...

[@GeorgeVajagich]

Thomas Winkler lol

[@dibasaleh3143]

I needed the economic crash course commented on one of your videos asking for this course so I just want to THANK YOU for making it and now will you PLEEEEEAAAASSSSSS make physics crash courses and math(calculus, trig) courses!!!!! Thank you

[@maryhornsby8338]

So your answer to "Is this debt going to hurt us?" is "Well half the population could die from disease in the future, then it won't be an issue." Ahuh. I would really like to know how long experts are predicting it will take, at our current rate, for us to hit Greece levels of panic.

[@josephfox9221]

+Mary Hornsby none really. it would be a long time from now. you would see Japan default before the US given nothing major changes the US may have the largest Debt but not the largest Debt to GDP ratio that would be a better indecator to when a Oh sh*t event happens also known as a OSE

[@robertgalliher4787]

+Mary Hornsby There seem to be two major families of opinion among experts. One group says it won't happen any time soon, maybe next century or the one after that. This includes most of the mainstream economists. The other group says hitting Greece levels of panic would be a political decision as the economy of the US can't ever hit that point. Most of the remaining economists are in this group. There is also a third group that calls themselves experts. They claim that the US should already have hit Greece levels of panic. They offer a wide variety of reasons for why it hasn't happened. Since all the explanations I've examined in detail boil down to conspiracy theories I don't treat this group as experts. Having said that there are a handful of economists whose popular works, in contradiction to their professional works, support this claim.

[@mankytoes]

+Mary Hornsby The Greece comparison is used to cause panic, in all different countries. It isn't comparable. Greece was in a false economy, caused mainly by the shared currency of the Euro. The USA is still mega productive. There's no point in talking in terms of centuries ahead with economics, there are just too many variable factors. Could someone in 1900 really have predicted what things would be like in 2000 with any accuracy? We know that many tried, and no one did.

[@ibyvrcrdd9903]

Mary Hornsby involuntary US default is impossible, because it is a sovereign currency issuer which borrows in its own currency, unlike Greece. This is precisley why the Euro is theoretically flawed. It has 19 seperate treasuries but only 1 central bank.

[@dumbdeep3036]

If anyone wants the worldwide economy to collapse. Its in everyones best interests we don't collapse, at least the rich countries.

[@wartortle55]

MR CLIFFORD HAD HIS OWN KZbin CHANNEL THAT TALKS ABOUT ECONOMICS. WHHHHAAAAAAAAAAAAT

[@wartortle55]

ACDCLeadership

[@mike112901]

did she just predict wait some one els said that ne never mine

[@dotter8]

3:22-3:54 Is that before or after paying interest on the debt?

[@Brantley923]

We need more Mr. Clifford!

[@bekindfellowhuman]

people watching this after 2020 knew that they had to open the comment section