Why is the US in so much debt and does it matter? | Counting the Cost

The US is more than $34 trillion dollars in debt. That's almost equal to its entire gross domestic product (GDP).
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?
Will Greece's six-day work schedule work?
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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#unitedstates #economy #aljazeeraenglish #debt #greece #taylorswift #washington #finance

[@adamjin777]

If the US has such huge debts why are the same imf and worldbank credit ratings applied to them? Double standards

[@johnfoster2584]

Because they are under central bank Authority

[@joshbodert-co1xg]

Because 80% of the debt is held by Americans and American companies, not foreign investors...

[@MrBluejfo5]

@@joshbodert-co1xgyep only 5.4T is owned by foreign nations

[@JashanDeepsingh3]

@@joshbodert-co1xg I think there is difference, foreign entities borrow dollars, hence they have to payback to the US . US borrowed its own dollars from its own central bank. They can print their own money, to create a constant flow. The loan keeps on increasing but its just a number, payback isnt crucial. If payback was crucial would they go for war in Afganistan, Iraq, Syria, Israel, and Ukraine? They keep on pushing the loan bar up and keep on spending. As long as the in(printing) and out of cash is in their hands, they can go on. (I am aware about inflation, but that too is relative) They are just fooling other nations with concept of ‘dollar debt’

[@jayjaywoodland]

,.;'#@ nations are sick of imported inflation again and again (because of U$$D Over-Printing), disrupting their economic growth... while us enjoy their spending spree without feeling guilty/shame for the world... in addition, nations are also de-risking their reserves from being looted/sanctioned by us. world-wide de-dollarization is inevitable and imminent, or is it?

[@geraldmantel4955]

I really thought you took the financial thing seriously until you got to the Taylor Swift part of it ...

[@vervetech9395]

Seriously, why is she so overrated? Is the west suffering from celebrity worship syndrome? It's like a religious cult

[@Kingofthehill84]

Someone has paid them to mentioned Taylor Swift 😅😂

[@luisdavidllense2293]

Same here - I tuned out after the interview with the economist from the UK.

[@jayjaywoodland]

|}{)(* nations are sick of imported inflation again and again (because of U$$D Over-Printing), disrupting their economic growth... while us enjoy their spending spree without feeling guilty/shame for the world... in addition, nations are also de-risking their reserves from being looted/sanctioned by us. world-wide de-dollarization is inevitable and imminent, or is it?

[@thegreatone4090]

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.

[@kumarj4693]

The Chinese government still holds a little more than a trillion dollars worth of US Treasury bonds at any given time, directly and by proxy.

[@junielesparas8018]

Is that statement true ? Or evidence that you're saying because if not , it means it's a bluff...😂

[@TheRedc0met]

​@@kumarj4693China used to be number 1 holder US bonds but since China has no faith in its relationship with the US and rampant US sinophobia, they are slowly selling its holdings of US treasury bonds. Japan is now number 1 holder of US treasuries. China is the biggest creditor in the world right now. It can afford to sell paper US treasuries and buy more gold.

[@user-me2dy6ct4z]

​@@junielesparas8018 No longer that high now, nearly half from before

[@yogi9631]

Spot on bro 😎 Otherwise Blinken wouldn’t visit China that much! Begging for money to fund their infrastructure programs! End of story

[@adiadi5832]

Remember when empires get to the point where spending is bigger than revenues?

[@bornforfreetaxtothedeath..7542]

Its all been planned, devaluation off paper money benefits government, everything will cost more, then everyone will pay more tax...

[@patriayvida6850]

Pardon me but the budget goes to warmongering NOT social spending. Please, get that right.

[@idilhussein-ui5bd]

They will increase the taxes on the working class and let the rich slide as usual.

[@lightofdarkness-xd3xp]

Plain truth isn't allowed in the media

[@NoFrillz-G]

@@idilhussein-ui5bdnope they just going to print more money and increase the debt until somebody calls them out. Its ridiculous.

[@classesanytime]

@@idilhussein-ui5bd The working class is already living in trailer parks or under bridges because they can't afford to pay rent anymore! Pay tax from what?

[@termyfl2677]

Inflation is a form of invisible tax on consumers

[@madworld6801]

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

[@sutinlai-udomsin6624]

USA solve debt problem by print paper money to pay back mean it will become paper no value this is your risk that will be managed it is not USA’ s risk

[@Cheesey252]

Why do people still work for this toilet paper? We need a new form of currency they cant corrupt

[@talkingjoseph5582]

What do you work for?

[@austinstois2586]

They work for it because it is the global reserve currency and within the US the only legal tender that everyone uses

[@brianwheeldon4643]

we need a new form of politics and economics.

[@khanh604]

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.

[@geraldmantel4955]

Just a "slight" overspending in "defense," hahahahaha.

[@Kingofthehill84]

U.S national debts will reach at least $60T in the next 10 years not $50T.

[@joshbodert-co1xg]

@@Kingofthehill84 And...?

[@Kingofthehill84]

@@joshbodert-co1xg In capitalism system everything needs money to survives once the system collapse everyone's screwed only the one with money survives.

[@joshbodert-co1xg]

@@Kingofthehill84 I'm still not seeing what your point is. 80% of American debt is owed to Americans...

[@Kingofthehill84]

@@joshbodert-co1xg That's the problem though meaning 80% of Americans will become homeless overnight 😆 🤣

[@judithwyer389]

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.

[@ijatpingrhyb]

The whole western free world is broke. Rich in debt.

[@PranicEnergy]

Don't worry , the U S will have the lost decade it bestowed on the Japs.

[@merrychase9744]

the japanese yen is freefalling due to the huge debt which they cannot refinance. so whats your point?

[@DanA-nl5uo]

It matters because BRICS no longer depends on the dollar for trade. Now half the world's trade doesn't require owning dollar debt.

[@tclinn2909]

We need to fix that

[@brianwheeldon4643]

@@tclinn2909 we need a multipolar world comprised of neutral and or non-aligned states

[@ricardosmythe2548]

As of last years figures the dollar still accounted for 80% of trading globally. Many exchanges brics nations are on one side of are still made in dollars. The dollars use internationally will fall in the future but very slowly

[@holaclive]

America has to sell new debt to pay off new debt. If there are no buyers, watch out.

[@AsserYarafatso]

America invented a scam. It's called monitizing the debt. The USA prints new money to buy it's own debt.

[@d47rk]

hope the world does not rush to dump the dollar.

[@DanA-nl5uo]

BRICS is already trading without dollars to avoid US Debt.

[@DanA-nl5uo]

​@@d47rk guess you haven't followed BRICS

[@danwelterweight4137]

They will order their tributary vassal states in Germany, Japan, SK to buy their bonds and they will gladly oblige.

[@jkselama9715]

The difference: Japan huge debt , low interest. US huge debt, high interest (by comparison).

[@MissAwa515]

And Japanese debts are owned by Japanese. It can be repayed as long as Japan keeps productions. The US is another story, many wonders how the US can pay back the debts.

[@merrychase9744]

have you seen the yen? because of low rates they cannot refi,

[@xman1533]

US dollar is declining as a reserve currency they should worry

[@davosaconti1309]

That why BRICKS come into the pic. More and more countries wanting to join BRICKS.

[@oskarvomhimmel6936]

If the ICC has no Power to Enforce the Law against Netanyahu...because of the USA, who will hold the USA accountable for any defaults🤔? Itself?

[@alrent2992]

It will self-destruct itself.

[@jojotiguana]

Thank God the World has Brics...more ethical

[@golmgolm]

How convinient that US can export its debt

[@geraldmantel4955]

Defense spending is the problem, period, "no contest."

[@DistrustHumanz]

Defense spending pales in comparision to entitlement programs like SS and Medicare.

[@geraldmantel4955]

@@DistrustHumanz Yes, we wish ...

[@fakename8856]

Calling it “defense” when America starts every war in the last 50 years worldwide should be called the “war department”.

[@idilhussein-ui5bd]

And it is the only part of the govt that keeps failing audits which makes it even worse.

[@idilhussein-ui5bd]

@@DistrustHumanzSpoken like a true Uniparty Neo Liberal. Blame the working class who actually pay into these programs when they are taxed like crazy.

[@rogerboniface8086]

The US defaulted on its debt during Nixon. It can happen again.

[@artificialdelusion]

work more days, get paid more. Ok, but then what would you do with all that money? There's no time to enjoy it. Oh and then you just die eventually. What an existence.

[@halo7250]

When other countries exchange their US treasuries for gold, the debt or excess US dollar flows back into the US market. This reverses the export of inflation to the world since the dollar was depegged from gold. Eventually, the USA will be hit by hyperinflation, and the perception of this will accelerate the dumping of US debt for other safer assets like gold. Just ask yourself this question: Let's say the USA decides to resolve the debt issue. How are they going to do it? What can they do? When you look at all the possible outcomes, you realize the impossible.

[@khichu1123]

It's already happened tomatoes in save way cost $3.99 per lbs. I brought 6 for 8 dollars.

[@wowokingxoxo]

Big Mac set is 18 usd!

[@antihypocrisy8978]

The US can no longer fund chaos and conflicts if it has a large debt crisis. Make it happen.

[@LaVondaRedmond-wb8fk]

He is wrong the largest expenditure is the military and giving tax cuts to rich people through loopholes in the current tax code. It’s known as buy borrow and death. So ending those tax cut will not result in more money in the country’s coffers

[@danwelterweight4137]

No it's not. It's social security and Medicare.

[@LaVondaRedmond-wb8fk]

@@danwelterweight4137 It's the military and all the millions of dollars it wastes in lost money, equipment, and weapons left in other countries. There was waste of 778 billion out of the 916 billion budget going to defense contractors. Social Security is funded through the taxpayers' payroll contributions and if Congress would stop using the money for its endless wars then it would be solvent. Congress takes 2.9 trillion dollars out of Social Security annually. So if the biggest expenditure is SS why is Congress able to borrow money from its coffers annually and cry that its becoming insolvent?

[@seymorefact4333]

⚠️🇺🇸⚠️ So if the USA can print more money....WHY DO WE NEED TO PAY TAXES?!

[@rf2048]

Because inflation would hit 10000% without collecting taxes. Are you really that dense?

[@classesanytime]

Because the 100 USD bill itself is worthless for you as it's printed for government spendings, but you have to pay the 25% of interest to the feds! The weight on the people is ever increasing as 25% of the US GDP goes to welfare and 25% goes to the military, 25% goes to the feds to pay off interest! Only 25% is left for all other things necessary such as education, healthcare, infrastructure, public transport, government costs such as salaries, insurances etc. The moment they print money that 100 is already gone and has no return!

[@fupopanda]

@@rf2048 You don't have to ask if seymorefact4333 is really that dense. He/she is obviously that dense.

[@henryairconcepts2999]

USA doesnt print money. Federal reserve does, and they are owned by private cartels

[@94876883]

😂😂😂

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[@scottwilliam4054]

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[@vivekpraseed918]

The US national debt is one of the most misunderstood issues. National debts are not meant to be paid off and can't never be paid off. In fact it'll keep going up and up almost forever. One day very soon it'll cross a $100 trillion. It's sustainable as long as GDP also keeps up

[@danwelterweight4137]

You are so so Wrong. How do you think the British Empire went bankrupt? Cause when they got together with the French and attacked Egypt in the Sinai crisis the US government led by Eisenhower ordered US bankers to call out their debts that they accumulated in WWII through the lend and lease program. Since they couldn't pay back were thrown under the bus. As a result they couldn't afford their empire anymore and had to decolonize all their colonies. If people lose confidence in your ability to pay your debt they will sell off your bonds and demand their money back. Then you won't be able to service your debt anymore and your yields will become too expensive. Then there is the interest on the debt. The interest on the US is going to be the biggest expense in the federal budget by next decade. More than medicare, defense, medic aid, social security all of which are already underfunded. This money being used to pay interest payments is money that should have been used in infrastructure, education, health care and other things. This will mean massive cuts to everything, Austerity, unemployment, collapse in infrastructure and social services, lower economic development and lower standards of living.

[@user-gj3no1hq9h]

Much of the GDP is based on war spending and printing too much money.. There is hardly any productivity or manufacturing happening.. Rich who owns asset get richer day by day and the rest 90% of people have less savings and grappling with inflation .. Higher for longer rate to counter inflation is killing other countries and it won't be long before other countries start dumping the US treasuries to support their own currencies.. Inflationary depression is on the way.. US has to resort to cut spending and increase tax and increase interest rate to survive, but sadly none of the politicians like this and will continue the path of fiscal spending until the dollar get toasted.

[@stefanonbekend8177]

​​@@danwelterweight4137 One day the US just gona default on the national debt. Bank bail ins, interest rates can go up then. Reset needed!

[@3d1e00]

This irrelevant argument of bankruptcy needs to stop. The issue is market confidence.

[@user-jz9kw1xt9u]

American dolar is a commodity and its value is based on demand. As long can sell that means has demand.

[@danwelterweight4137]

Not when they confiscate the bonds of countries who bought their debt treasury bonds.

[@nikobelic234]

Americas economy : Print more money

[@Black_Sun_Dark_Star]

Well... instead of causing trouble overseas, use that money to modernize infrastructure and the well-being of its citizens in the USA. That will make USA more competitive and perhaps even work with the global community.

[@seanthe100]

More competitive with whom exactly? The US has maintained the worlds largest economy since the 1800s not to mention still dominating Future tech like AI

[@gezaatlo6739]

Yes, and they will add a zero to gold, and when gold is at 23k and the Dow is at 23k we can rise again

[@bryanotieno7106]

The US should borrow a leaf from Portugal economy on how they managed to get out of debt trap

[@Fleezblarp]

Big number = scary. If government spending is the cause of inflation, why is japan, the country with the highest debt to GDP ratio experiencing deflation and Argentina, who just eviscerated their government spending still experiencing outrageous levels of inflation? This model of understanding inflation appears to have absolutely no predictive capabilities and seems entirely inconsistent with reality.

[@danwelterweight4137]

Japan owns most of that money to itself. Japan debt is debt is $9.2 Trillion. Japan can afford the interest payments on that debt. That is nothing compared to the US $34 Trillion today soon to be $50 Trillion by next decade

[@nurhidayah-wj3sv]

Thank God for Brics. Waay better and waaay more ethical

[@teckmenglee8060]

technically, US will not default on its debt; but the USD used to replace the debt will be worth a tiny fraction of the initial purchase price of the USD bond.

[@user-cs8ci7je8c]

This guy has no clue of how us debt is effecting all of our finances

[@champepang6824]

There's no happy ending in sight

[@lowtech_1]

Great Economist, been drinking the cool aid.

[@ToneSoCooL3]

PORKFOOT was the news story of the year.

[@showkatkhan8209]

It will now matter that the petrodollar contract with the Saudis has ended.

[@gelinrefira]

There is no way they can pay it back. The interest payments are already choking their budget. It is still increasing.

[@samklelolatakisa1846]

When was the last time Taylor Swift released an album? Her popularity is unbelievable

[@kennie0325]

I really hope it will. We will still be on time to see the emergence of People's Republic of America, the worst nightmare of Fortune 500.

[@DonRua]

<a href="#" class="seekto" data-time="66">1:06</a> is it me? US GDP is 25.4T; 34T debt make it 134%, NOT “almost equal to its entire GDP”.

[@agogo8861]

spiralling debt trap.. just like a credit card debt...but its ok right?

[@spinningweb749]

US will ultimately need to make a choice between default or monetisation of its debt by massively printing money. Either case would led to a massive loss of purchasing power for US Treasury holders.

[@khangaming5067]

America have a juice problem 🙂🙂🙂

[@gabriellarose6126]

The US is printing money 😉

[@aahayob]

As a country, how best would you protect yourself? As a head of state for each country, you need to address this to your nation immediately, and come up with solutions peculiar to your needs! This is your time bomb ready to explode anytime. The faster you move away from USD the better you are. USA can kick the problem down the road, but you cannot. If your leaders don't address this soon then prepare yourself to face the financial difficulties ahead! This applies to everyone, including me!

[@mejust8392]

It doesnt matter how much US debt there is. As long as their printers keep working they can just print as many USD as required.

[@sweechen9762]

No need to worry about the US debt...as long as the US dollar remains the world's reserve currency. But if that ends, all bets are off. It is past the point of no return. When new borrowings go to unproductive but necessary expenditures (interest, military, government spending), the price is reducing standards of living for future generations.

[@CUMBICA1970]

<a href="#" class="seekto" data-time="400">6:40</a> "Japan has twice as much debt as the US..." But then they have as much foreign asset as their debt. Funny enough Japan (and not China as many many think) is the world's biggest US creditor with U$1.08 trillion in US treasures. Although everybody knows Japan will never sell them for they're effectively "the unofficial 51st state of the US." (something I hear a lot on Japanese media since forever, or, at least for 30 years I've been here.)

[@heinzgassner1057]

US: On the way to 120% debt to GDP by 2030 ??? It is already 123% NOW in mid-2024.

[@norasetrerkkachornkiat4138]

This so-called "director" has as mere knowledge as an undergraduate student. How could $34Trillions debt isn't equal to a disaster? And by using Japan as an example even undermines his statement. Look at Japan's economic situation and their currency now! They are nearly bankrupt and most perilous since WWII.

[@huangzongming8226]

Most of Japan's debt is owned by domestic investors where as nearly half of US debt is owned by foreign investors

[@chidubemnwaohiri113]

The debt will be forgiven because economics in the 21st century is different from in the past. The US owes her own institutions most of this debt and other countries like China and Japan have serious issues too and no one really talks about them because it doesn't really matter.

[@cbbcbb6803]

Well, it just confiscated land from Indigenous people, Northern Mexico (paying chump change for it at gunpoint), Puerto Rico, and others. If it can acquire land by legislating it to be its land, why can't it just declare that it's debt is null and void? Or do something like that?

[@eliasriane]

The US can 'afford' this huge debt since their economy and population is growing at a faster pace compared to other countries like UK, Japan and Italy. USA's economic prospects are simply better.

[@NoFrillz-G]

Sounds like you’re hoping for a green card.

[@joshbodert-co1xg]

Also 80% of the debt is owned by American investors...the government is mostly in debt to its own people, not foreign entities.

[@eliasriane]

@@NoFrillz-G ? Quite a rude and unfounded comment. Have a nice day 👍

[@lim5639]

Japan currently struggle with its currency due to lack of tools to protect their currency. US already warned Japan not to sell US Treasury to buy Japanese Yen, what tool left available for Japan Central Bank? Sell more Samurai bond to attract international interests or increase its interest rate .

[@uschischueller4643]

Tax the rich!

[@davidlee9493]

Irresponsible spending by governments catering to the irreconcilable public demands of more spending and less taxes will ruin any country eventually, no matter how rich it is. That's just common sense.

[@kevinfreund5943]

we the people follow all these politicians these people who say they have the plan. politician/corporate ceo/law is a trinity of control

[@londondave800]

Keep sending those 💲💲💲 to Ukraine.

[@mathroyal8656]

Excellent Presentation!!! Where can I obtain a copy of this US Congressional Budget Report you talk about in this Presentation?

[@jayjaywoodland]

~!@#%^ nations are sick of imported inflation again and again (because of U$$D Over-Printing), disrupting their economic growth... while us enjoy their spending spree without feeling guilty/shame for the world... in addition, nations are also de-risking their reserves from being looted/sanctioned by us. world-wide de-dollarization is inevitable and imminent, or is it?

[@NaNa-ic7ng]

America is 34trilly in the hole and Taylor swift is an economic force, fascinating situation

[@projapati90]

US Debt is expected to rise to ~200 Trillions by 2050 with daily interest payment of ~33 Billions.

[@yogi9631]

As long as world money is USD, then it doesn’t matter!!

[@seymorefact4333]

😂😭😭 $60 trillion by 2026!

[@timothyshiu2263]

Are the nations with heavy debt (greater than 100% GDP) finding ways to make other nations with saving through wars (lending military loans, selling military hardware, seizing sovereign funds, forfeiting foreigner assets, engaging in war indirectly or directly or covertly) to pay its debt?

[@amossutandi]

No, they can just print more money, which is a different problem...

[@Damnmac1]

It may default one day, but it will be because of politics not economics

[@chadsensei-ue6jn]

Because the debt of the debtor is considered assets on a bank's books. The banks own everything. Even the governments.

[@user-nv7mc8mr2k]

Debt calculation matters on the ability to repay. It doesn't matter for US as they have the ability and it also internal.

[@CHMichael]

Why is everyone elses money crashing against the mighty $$$. We need a lower rating to export more goods

[@Ecker1908]

Austerity doesn't work..look at Britain..a decade of decline.. Stopping thinking US economy is a the household budget.. As long US is growing and able service debt... They can keep increasing.. as long spending is deploying resources and growing the economy

[@lim5639]

Inland Revenue Service now eyes on Taylor Swift tax returns for extra funds?

[@phillipcalderon7521]

The biggest underground military base costing hundred billions is in????????? .

[@dirgsuite5546]

bravo Al Jazeera, you found some guy to minimalize that country the that holds the worlds currency is on an unsustainable fiscal path.

[@theythey-vc8tn]

Thankyou

[@peaceleader7315]

It is awesome to print 🖨 money 💰 to buy real things from all over the world 🌎...🤑

[@VIVABELLAVIVAHERMANO]

Mark Steyn talked about in 2011 on BBC hard talk

[@sadako2009]

come on, this title has been popping up almost every year or now and then...so what?they are still around..the problem just got kicked down the street ...lol

[@luci75d76]

Won’t default. They will print more and rise the Inflation worldwide

[@symonsmith3497]

Not long now and the world will be free from aggression.

[@inspiremotivatekids2544]

😂😂😂😂😂😂 The plaque on this planet!!!

[@ignatiuschua5268]

The guest is talking nonsense when he said that US can print money hence will not default. If that is the case, then print 10 trillions every month. US citizens will all be wealthy in no time.

[@jamesmurphy9426]

Stop depending on Social Security or Medicare

[@GIZMO3380]

😂😂😂 And they say UK is poor 😂😂😂

[@piquant7103]

What about QE which was not capital injection but money creation?

[@jamesmurphy9426]

How are we any different than Argentina Think of all the rich oligarchy loaning money to the government

[@kaeso101]

At this point now they should default on their debts

[@Buttersausage]

The safest debt In the world

[@kumarj4693]

No. The US has defaulted on her debts several times before. Their solution revolves around printing more money, further making the US dollar worthless. Some studies even suggest that the paper on which the US one dollar is being printed on, is more expensive than the one dollar bill.

[@gymnialitheia]

Well, this is just a guess..but it could be all the fireworks that we have been doing overseas that's causing this 🤷‍♀️

[@bertranbelzor9037]

It's the US, the debt analysis is quick and short. Not much to say about it. It's the Almighty US, it will rebound. Nothing can stop the US from staying the ONLY WORLD Superpower. This is a matter of Destiny. Isn't it ?

[@johnamacio4905]

Equal to GDP and most debt is internal

[@Albertwhesker-cs9mp]

They can’t tax anymore. If you tax above a certain rate it has the opposite effect since people no longer have money to spend on consumer goods

[@Tyga-gf5dp]

why are you asking the UK guy on US debt ?,,,,so u go ask American guy for UK debt?