Interest on the U.S. debt is really driving the growth at this point, says Maya MacGuineas

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Күн бұрын

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@HodgeChris 4 ай бұрын

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@jeepin4life 6 ай бұрын

What people don’t seem to know is it’s too late to fix the debt.

@HTHAMMACK1 6 ай бұрын

The government doesn't have any interest in fixing the debt.

@ScentlessSun 6 ай бұрын

It’s not too late.

@jeepin4life 6 ай бұрын

@@ScentlessSun I disagree. Strongly…if we stop spending we go into a depression. Inflation is quickly getting out of control of the fed. We are losing our edge around the world. Very soon, our income tax won’t even cover principal on our debt anymore. Also, just to sprinkle some extra collapse on top of it all, we will forced to enter wwIII very soon.

@jeepin4life 6 ай бұрын

@@ScentlessSun everything is about to implode. In 10 years I would bet my life we will not be the most significant world power anymore and that’s the best case scenario I see happening.

@iceeofficial5318 6 ай бұрын

Hyperinflation last hope

@lakeguy65616 6 ай бұрын

Interest on the U.S. debt is really constraining growth

@prolific1518 6 ай бұрын

Incorrect. Debt spending is propping up the economy. Intel just got more handouts. Biden is debt spending to hire people for government jobs. The only thing holding up this economy is government debt spending and consumer credit cards.

@rickhayes-oh2zm 6 ай бұрын

you won't make it to 2030

@jonnybinder 6 ай бұрын

That's my thought when I saw 2054... lol as if

@ericp4573 6 ай бұрын

The treasury department has 100k employees? These jobs need to be cut asap.

@ericp4573 6 ай бұрын

And another 100k in the department of agriculture 😂

@ericp4573 6 ай бұрын

Also the EPA and the Labor department together account for another 30,000 jobs. If we cut all these jobs then we’d save probably trillions of dollars

@jimbobjim2310 6 ай бұрын

I was in the military and the usa government paid $1800 for a craftsman screw driver. The contractor that supplies tools to the military heavily funds congressman with campaign contributions so he always gets his contract renewed. He picked the tools up at Sears for $2 and delivered them hours later making $1798 profit off each.

@stevewilson4718 6 ай бұрын

Isn't this corruption? How is it allowed

@jareddias7932 6 ай бұрын

This country is a joke. Everything is for maximum profit possible at all costs. Look at the housing crisis in 2008, look at super pacs, look at health care, look at pharmaceuticals. There is greed, corruption, and fraud at every level. @@stevewilson4718

@nishadhruna4487 4 ай бұрын

Can a Congressman be sued for arbitrarily handing out such contracts?

@nishadhruna4487 4 ай бұрын

Isn't that the Congressman getting kickbacks for favours..? So really illegal and criminal?

@GregRyanFitness 6 ай бұрын

Interest on debt and growth in the same sentence, LMAO!

@MegaPapa8888 6 ай бұрын

No way you can cut Social Security, Medicare without cutting defense.

@weirdshibainu 6 ай бұрын

Defense is only 11 percent of the budget. Entitlements are almost 50 percent. Pork barrel waste is the issue

@sbkpilot1 6 ай бұрын

they are going to try to steal from the higher income people to fix this, there is no way they can cut SS for those at the bottom as they will simply starve and be on the streets. They will try to steal it from those who have planned well for retirement.

@Xyz99899 6 ай бұрын

@@weirdshibainu She said cut budget across the board = including defense...

@weirdshibainu 6 ай бұрын

@@Xyz99899Ok...then stop waving Ukrainian flags and stop wearing the pins. It's pork barrel that really costs..and that's in every program.

@Xyz99899 6 ай бұрын

@@weirdshibainu oh yes def, stop getting involve and starting conflicts.

@zwatwashdc 6 ай бұрын

Cut the corruption, the waste and all the patronage.

@agent481989 6 ай бұрын

Our weapons manufacturers price guage the crap out of the pentagon. American companies charging the gov (tax payer) that much of a mark up is very unpatriotic and shouldn't be allowed.

@josephpeeler5434 5 ай бұрын

We have to cut everywhere, especially military and entitlement programs. It is either that or they are forced to resort to printing press.

@agent481989 5 ай бұрын

@@josephpeeler5434 lets focus on military first. We need a strong one but the profit margins are unforgivable. . Lets naje sure we don't go slasher on entitlements while giving upper class tax breaks.

@davidchace4760 6 ай бұрын

Worries about fiscal responsibility are no justification for re-electing Donald Trump. Nikki Haley might have been the best option for dealing with that. Hopefully AI and other new technologies will boost productivity enough to offset some of these concerns.

@mitchco6704 6 ай бұрын

Yes. Great point on potential productivity gains

@markwilliams7091 6 ай бұрын

Hmmm...If only there were a currency that the US government can not debase.

@dougmanzo9648 6 ай бұрын

Bingo

@Steven-xf8mz 6 ай бұрын

166% by 2054? lmao, i bet it'll get to 166% in less than 10 years for sure. Everyone who talk positive about Debt all say similar lines around "it is okay as long as gdp growth is in line." 2 things that's wrong, and every Fed is wrong too. 1. GDP Growth isn't outpacing Debt. 2. When GDP contracts, Debt doesn't shrink by some magic, debt grows even more under bad economy. one more real slowdown, we'll see an additional 10 Trillion debt easily..

@jayhay1237 6 ай бұрын

Overspending government with the Fed supporting, but the Fed squeezing the tax payer at the same time? WTF?

@slovokia 6 ай бұрын

No wonder the Fed is talking about tapering QT - they need to keep financing the US debt short term.

@mrfrisky5887 6 ай бұрын

just print your way out

@roberthanson5157 6 ай бұрын

Why do they always say that social security ( which is something that comes out of our check) at least working people, is “ going to be depleted “ and never welfare is going to be depleted? Seem to have plenty of money for welfare.

@kim-one1046 6 ай бұрын

Benefits will be way different and less than what they are now. Social Security is owed over $6.1 Trillions Dollars.

@michaeltoma9329 6 ай бұрын

Social security is easy, remove the income cap on the tax

@TonyLauLetta 6 ай бұрын

hey why not? personal property means nothing in the US anymore. what's mine is yours.....

@cashmonyz 6 ай бұрын

finally someone agrees with me!@@TonyLauLetta

@KungPowEnterFist 6 ай бұрын

Right, because it makes sense to work super hard in your career over several decades and then the reward in the last 10 years when you are finally making a good salary is paying an additional 12.4% of your salary that would have previously not been taxed into SS while getting virtually no benefit in return.

@michaeltoma9329 6 ай бұрын

@@TonyLauLetta Ahhh another one of the taxes are theft losers….

@michaeltoma9329 6 ай бұрын

@@KungPowEnterFist Many many people of retirement age count on social security to not live in abject poverty. Arguing about removing social security isn’t helping those people who work hard their whole career in the way you think it is. I’m not worried about wealthy people not benefiting much from it overall.

@JonHassellProphecy 6 ай бұрын

Now they bring this up, ok

@Vincent-ll5yp 6 ай бұрын

waiting on the CNBC realization in order to fix the budget they can't tax incomes because most of the country is working poor... guess where the money is... you guessed it, shareholders and people who hold assets.... tough pill to swallow.

@travelbug69 6 ай бұрын

When it comes to social security and Medicare, I just don’t understand why the payroll tax cannot be adjusted to collect a bit more for both programs. I for one would be okay if I know the money is being put towards those programs to shore them up. Am I missing something? Please, by all means feel free to correct me.

@josephpeeler5434 5 ай бұрын

Why not cut all welfare programs? You do you. Everyone else does the same.

@nishadhruna4487 4 ай бұрын

@@josephpeeler5434You Can't cut all welfare programs, esp SSI... the people PAID for it for one and it's the sole source of income for many... Cutting Defence Spending and Corrupt procurement by Defence Congressmen (see above comment about govt paying $1800 for a $2 screwdriver!😡 ).. should be the first step. Secondly, stop doling out cash to Ukraine, Israel and yes, even Taiwan... That money comes back to the US but ONLY FOR DEFENCE AND CONSTRUCTION CONTRACTORS... While the funds that were used to donate to these countries is TAX PAYERS MONEY!!

@Dan-z6b3d 5 ай бұрын

Many big spenders say the debt doesn't matter usually because they say well the GDP is rising so debt is under control ... But this is BS... Why.. In 1964 I was makig 2 dollars an hour and my wiffe was making about 1.50 and we rented a 2 br apt in silicon valley for 60 dollars a month. about 3 days pay todaythat sppartment is 3000 a month or at least 2 weeks pay. But everything else was less.. you coould buy a hamburger for 24 cents.. gas was 31 cents a gallon.. My wife had a gull bladder operation it cost 850 dollars.. A new car cost about 2000 and the sales tax was 40 dollars today that car would cost at least 30 000 and the sales tax would be 2700 so the cost of the car went up 15 times but the sales tax went up 70 times and these economists say everything is great

@james-kh7oi 5 ай бұрын

Per the CBO, when Trumpty was in office, we had a plus 2% inflation with a plus 4% GDP, which would bring the US debt to Zero in 30 years, 2% inflation with a 5% GDP, debt in the US would be Zero in 22 years. It depends on who you vote for...easy.

@howard-c6h 4 ай бұрын

The debt problem is not unsolvable, it's just someone has to do something widely unpopular. But no politicians will because they need to win the election.

@MarekKolenda-cr8vr 6 ай бұрын

Powell and Fed play political games before November elections.After November be different

@ahmedalsharman 5 ай бұрын

Gold should be now around $8000

@beatmanbeatman498 6 ай бұрын

Raise the tax cap

@beatmanbeatman498 6 ай бұрын

@jonahstephanburriss4937 it actually is the only answer to so many problems. Try it for once.

@davidblick2192 6 ай бұрын

Vote in Republicans. It might help some.

@davidjackson2179 6 ай бұрын

Never has so far. Trump and Bush spent like drunken sailors.

@etalors9830 6 ай бұрын

Cut defense spending in half and let everything adjust to that.

@susanrushin7002 6 ай бұрын

Joe, why can’t we increase revenue without impeding growth? Provide tax incentives for growth vs decreasing corporate taxes, regardless of growth. Cap ex spending and hiring in the US yields a lower effective tax rate via incentives vs giving away the farm to fund stock buy back programs.

@ScentlessSun 6 ай бұрын

I think we might need to do every single thing we don’t want to do. Raise taxes (start on those with more available cash), overhaul corporate taxes (there should never be examples like in 2020 where Amazon had record profits and paid zero federal taxes), cut many social programs, be smarter about defense programs and procurement (some cuts will have to happen), raise the retirement age, remove the income cap on social security, implement a line item veto to cut pork spending on bills, overhaul Medicare and Medicaid so drug prices are not insane. adjust who qualifies. double down on finding fraud. cut the number of federal jobs slowly. on and on. In general just be more responsible.

@Bradgilliswhammyman 6 ай бұрын

what social programs you want to cut ? Most are for poor mothers with children.

@ScentlessSun 6 ай бұрын

@@Bradgilliswhammyman "I think we might need to do every single thing we don’t want to do…" I don’t want to cut any, but we are backing ourselves up against a financial cliff. If we go over it, the Great Depression that happened in the 1930’s will look small.

@nishadhruna4487 4 ай бұрын

@@ScentlessSunYou can and should overhaul Medicare And Especially, Medicaid.. Double down on fraud... Go after Big Pharma and cut down on drug prices paid for Medicare Medicaid recipients, Yes raise taxes on corporations as u so clearly prove this need by the Amazon 2020 example... Cut out the MANY loopholes to avoid paying taxes by the wealthy...Also, a wealth tax is completely appropriate... Defence Spending is the Big Gorrilla in the room... Corrupt procurement practices MUST be exposed and changed.. Another MUST, pork barrel line to be ruled out Completely... BUT, SSI payments must be fixed and continue as before because these have been paid for by the people over many years of hard work... And most people in this country have no other source of income when retired.. If all the above cuts and changes are properly implemented, SSI need not be touched as is only fair, just and absolutely essential for everyone's benefit... The income level for the wealthy to pay into SS should be raised as well... But u CANNOT raise Retirement age beyond 67... That again is a sneaky way of cheating the common man/woman, out of their dues... It may be a dangerous world out there, but the US is way ahead of every country with re to Defence and can CONTINUE, to be ahead, with a significant cut in Defence Expenditure... Just make the tough decisions in This department.

@peterbedford2610 6 ай бұрын

When the interest payments hit $1T, will the Fed intervene in the treasuries markets?

@Oldplace-xc7pb 6 ай бұрын

Our country is circling the drain

@hobo456 6 ай бұрын

So is student debt forgiveness

@bfreezy7 6 ай бұрын

These comments are ridiculous. It’s funny how people can hear the fact based dialogue in the video and create fiction out of it.

@Bradgilliswhammyman 6 ай бұрын

nothing fact based in the video, just partisan nonsense.

@grandmiserthe3rd434 6 ай бұрын

Communism can be expensive .....!!!

@ameryasin9351 6 ай бұрын

We are spending a lot of money on useless projects, we are spending a lot of money all over the world to make sure everybody understand we are the boss. We are spending a lot of money all over the world to keep our troops and our stations. The list goes on.

@TBoy1247 6 ай бұрын

"We can't cut spending now because the next election is the most important election in the history of Democracy"! (Copy and reuse every 2 years). And we think we can compete with China.

@parthpatel3887 6 ай бұрын

I love when old people advocate for cutting Social Security when they know that by the time a bill like that passes, they will already be gone and collected their share.

@IvanAlvara-d1c 6 ай бұрын

What about immigration

@brentalbrecht4837 6 ай бұрын

Let the people keep and invest the social security taken. Grandfather people in and then slowly on a percentage till the people can keep all of their own money. Keep that money and invest it ourselves. The biggest kicker is that then when a person passes away the have wealth to leave to the next generation. With social security you could pay for 30-40 years and collect it for one day or one year and then when you pass away you don’t get a cent of your money it’s just poof government overreach

@jayhay1237 6 ай бұрын

Quick fact: it was originally SSI. The I stood for insurance. It was a policy that you paid for your future. But dropping the I made it easier for the government to pilfer. In order to give the insurance that you paid for to someone else that didn't pay in?

@acornsucks2111 6 ай бұрын

What is she taking about the "fiscal responsibility act."

@michaelboguski4743 6 ай бұрын

As long as Capitalism defeats Chinese and Russian Socialism, Growth "Pays it Forward". If you don't like paying more interest, change the Tax Code.

@sandybeach3576 6 ай бұрын

Happy times are here again 😅

@chopinmack5418 6 ай бұрын

Don't worry ! Sleepy Joe is working on this !

@danahopkins5175 5 ай бұрын

Maybe if Ukraine didn't get over 100 billion

@masterstacks2030 6 ай бұрын

how can you not be bullish on bitcoin after looking at the government balance sheet

@rickhayes-oh2zm 3 ай бұрын

pass the debt to a lower human.

@FriendlyTwo 4 ай бұрын

US must keep spending. Keep the movie going. Let’s see the mess gets bigger. Give more money to finance wars. Raise more Geo-politics tension to reduce trade. A bunch of idiots given so much power.

@lmankj 6 ай бұрын

What absolute rubbish, they have no idea about monetary policy.

@hookshot1986 6 ай бұрын

Reduce income taxes for people making less than a million. Create a 3% wealth tax over $50 million. Increases growth and tax revenue. Low-income consumers spend, high-income save or invest.

@eyelovecolorado2195 6 ай бұрын

Who the hell cares!! The stock market is going up, up and up!!! 😂😂

@beaulieuRule 5 ай бұрын

im looking at your taxes brackets for the US and you are lower compare to many rich countries

@karlroth7082 6 ай бұрын

Let Donald trump take on the debt.

@headspaceandtiming2114 6 ай бұрын

We can easily cut spending. Everything on the table. Start with entitlements, work requirements for welfare or nothing. Social Security was not meant for a stand alone retirement income, slash it for everyone. Defense, it can be cut if our economy is strong.

@weirdshibainu 6 ай бұрын

You don't know what you're talking about

@weirdshibainu 6 ай бұрын

@erickanter4090 Its 11 percent of the budget. Funny how you're complaining about neocons as Biden shovels money and weapons to Ukraine

@weirdshibainu 6 ай бұрын

@erickanter4090 It's 11 percent of the budget. It's Dems that are feeding the war in Ukraine

@headspaceandtiming2114 6 ай бұрын

@erickanter4090 Just like Welfare, Social Security and Medicare are "untouchable". I get what you are saying. It will take a new breed of Congress(elected by us) to make this happen. This needs to start at the local level of Government. Really, we have no choice.

@Bradgilliswhammyman 6 ай бұрын

speak for yourself, those are things we pay into our entire lives...not entitlements...politicos and the uneducated need to stop calling them that.@@headspaceandtiming2114

@Vladkazenski7777 6 ай бұрын

Raise the age? Lady do you understand how hard it is to find a job when you are 60 let alone be 67? Get out of the bubble

@hobarttobor686 6 ай бұрын

responsible federal budget? HAHAHAHAHAHAHAHAHA!!!!

@Alpharizzchad 6 ай бұрын

You took it. From our paycheck Now pay it back.

@Jackson-l3r 5 ай бұрын

What’s fascinating about Bitcoin, is if you received 10 Bitcoin 7 years ago, it is still .000048% of its total max supply today. Must be how genuine money retains its value ?🤔

@miken7629 6 ай бұрын

Here is how to increase revenue to balance budget, implement CBDC. All CBDC's will be tracked and there will be transaction fees on ALL financial transactions similar to a national sales tax, this income stream is potentially so large it could replace income tax, we probably need both to balance the budget, transaction fees are progressive in that people that spend more pay more of the fees.

@mrfrisky5887 6 ай бұрын

you pay both … i will keep my money

@miken7629 6 ай бұрын

@@mrfrisky5887Like they would give you a choice, all government is thinking about is how much revenue they will get from CBDC, that is the only reason they are planning for it.