Does National Debt Still Matter? America's Gamble
Fiscal hawks have been sounding the alarm about rising debt levels for decades, but their nightmare scenario of runaway inflation hasn't come to pass. How do we know if this time is different?
Full text, links, and credits:
------------------
Subscribe to our YouTube channel: https://www.youtube.com/ReasonTV
Like us on Facebook: https://www.facebook.com/Reason.Magazine
Follow us on Twitter: https://twitter.com/reason
Reason is the planet's leading source of news, politics, and culture from a libertarian perspective. Go to reason.com for a point of view you won't get from legacy media and old left-right opinion magazines.
----------------
In 2010, when former White House Chief of Staff Erskine Bowles and former Sen. Alan Simpson (R–Wyo.) were appointed to co-chair President Obama's deficit-reduction commission, the Congressional Budget Office (CBO) offered two projections on the future of American debt. One forecast saw debt ballooning, and the second was much more moderate. Current projections are somewhere in the middle.
And in the 11 years since, America has also made no meaningful structural reforms to deal with the problem.
Congress has doled out more than $4 trillion in response to the COVID-19 pandemic. The U.S. national debt held by the public is currently almost $22 trillion, or about $67,000 per citizen, surpassing the country's annual GDP for the first time since World War II.
On the current path, the CBO predicted in March that the debt would grow to 102 percent of GDP by the end of 2021, to 107 percent by 2031, and 202 percent by 2051. It also predicted that by 2051, the federal government will be spending more than a quarter of its annual budget just to pay interest on the principal. But those estimates came before President Joe Biden signed the $1.9 trillion COVID-19 relief bill, which made the long-term budget outlook even worse.
What is the risk to the U.S. economy? Fiscal hawks have been sounding the alarm about rising debt levels for decades, but their nightmare scenario of runaway inflation hasn't come to pass. How do we know if this time is different?
Produced by Zach Weissmueller and Justin Monticello. Graphics by Lex Villena and Isaac Reese.
Photo credits: Michael Debets/ZUMA Press/Newscom; Dennis Brack/DanitaDelimont.com/ "Danita Delimont Photography"/Newscom; Chuck Hill/ZUMA Press/Newscom; SHERRI LAROSE/KRT/Newscom; Dennis Brack/Newscom; BRIAN KERSEY/UPI/Newscom; Jeff Malet Photography/Newscom; The White House/Sipa USA/Newscom; Ron Sachs - Pool via CNP/Newscom; Paul Chinn/UPI/Newscom; Morio Taga/Jiji Press Photo/Newscom; Craig Kohlruss/ZUMA Press/Newscom; Hindustan Times/Newscom; Tom Williams/CQ Roll Call/Newscom; KEVIN DIETSCH/UPI/Newscom; Marios Lolos / Xinhua News Agency/Newscom; Michael Debets/ZUMA Press/Newscom; Marios Lolos / Xinhua News Agency/Newscom; picture alliance / Robert Geiss/Newscom; AA/ABACA/Newscom; Abaca Press/Eklund Robert/Stella Pictures/Ab/Newscom; CNP/AdMedia/Newscom; Julien McRoberts / DanitaDelimont / Danita Delimont Photography/Newscom; Graham Oliver/Newscom; Paul Chinn/UPI/Newscom; Jorge Nunez/EFE/Newscom; WASHINGTON POOL/SIPA/Newscom; John Gastaldo/ZUMA Press/Newscom; Harry Scull Jr./ZUMAPRESS/Newscom
Видео Does National Debt Still Matter? America's Gamble канала ReasonTV
Full text, links, and credits:
------------------
Subscribe to our YouTube channel: https://www.youtube.com/ReasonTV
Like us on Facebook: https://www.facebook.com/Reason.Magazine
Follow us on Twitter: https://twitter.com/reason
Reason is the planet's leading source of news, politics, and culture from a libertarian perspective. Go to reason.com for a point of view you won't get from legacy media and old left-right opinion magazines.
----------------
In 2010, when former White House Chief of Staff Erskine Bowles and former Sen. Alan Simpson (R–Wyo.) were appointed to co-chair President Obama's deficit-reduction commission, the Congressional Budget Office (CBO) offered two projections on the future of American debt. One forecast saw debt ballooning, and the second was much more moderate. Current projections are somewhere in the middle.
And in the 11 years since, America has also made no meaningful structural reforms to deal with the problem.
Congress has doled out more than $4 trillion in response to the COVID-19 pandemic. The U.S. national debt held by the public is currently almost $22 trillion, or about $67,000 per citizen, surpassing the country's annual GDP for the first time since World War II.
On the current path, the CBO predicted in March that the debt would grow to 102 percent of GDP by the end of 2021, to 107 percent by 2031, and 202 percent by 2051. It also predicted that by 2051, the federal government will be spending more than a quarter of its annual budget just to pay interest on the principal. But those estimates came before President Joe Biden signed the $1.9 trillion COVID-19 relief bill, which made the long-term budget outlook even worse.
What is the risk to the U.S. economy? Fiscal hawks have been sounding the alarm about rising debt levels for decades, but their nightmare scenario of runaway inflation hasn't come to pass. How do we know if this time is different?
Produced by Zach Weissmueller and Justin Monticello. Graphics by Lex Villena and Isaac Reese.
Photo credits: Michael Debets/ZUMA Press/Newscom; Dennis Brack/DanitaDelimont.com/ "Danita Delimont Photography"/Newscom; Chuck Hill/ZUMA Press/Newscom; SHERRI LAROSE/KRT/Newscom; Dennis Brack/Newscom; BRIAN KERSEY/UPI/Newscom; Jeff Malet Photography/Newscom; The White House/Sipa USA/Newscom; Ron Sachs - Pool via CNP/Newscom; Paul Chinn/UPI/Newscom; Morio Taga/Jiji Press Photo/Newscom; Craig Kohlruss/ZUMA Press/Newscom; Hindustan Times/Newscom; Tom Williams/CQ Roll Call/Newscom; KEVIN DIETSCH/UPI/Newscom; Marios Lolos / Xinhua News Agency/Newscom; Michael Debets/ZUMA Press/Newscom; Marios Lolos / Xinhua News Agency/Newscom; picture alliance / Robert Geiss/Newscom; AA/ABACA/Newscom; Abaca Press/Eklund Robert/Stella Pictures/Ab/Newscom; CNP/AdMedia/Newscom; Julien McRoberts / DanitaDelimont / Danita Delimont Photography/Newscom; Graham Oliver/Newscom; Paul Chinn/UPI/Newscom; Jorge Nunez/EFE/Newscom; WASHINGTON POOL/SIPA/Newscom; John Gastaldo/ZUMA Press/Newscom; Harry Scull Jr./ZUMAPRESS/Newscom
Видео Does National Debt Still Matter? America's Gamble канала ReasonTV
Показать
Комментарии отсутствуют
Информация о видео
Другие видео канала
The National Debt: Last Week Tonight with John Oliver (HBO)The Insane Logistics of Shutting Down the Cruise IndustryPublic Debt: how much is too much? | The EconomistThis LA Musician Built $1,200 Tiny Houses for the Homeless. Then the City Seized Them.How Prussia Ended The French Empire: Franco-Prussian War | Animated HistoryHow Bankrupt American Cities Stay Alive - Debt [ST04]How To Fight Deplatforming: DecentralizeCBSN Originals | The Student Debt DilemmaWhy Printing Trillions of Dollars May Not Cause InflationWhat Representing Men in Divorce Taught Me About Fatherhood | Marilyn York | TEDxUniversityofNevadaKrystal Ball: The Next Housing CRISIS Is Here And The Villains Are Exactly Who You'd ExpectWe Are Living Through The Scariest Economic Experiment In History Right Now...And No One Knows ItSaagar Enjeti: 60 Minutes CAUGHT Lying About Ron DeSantis Vaccination CampaignTwo theories for an unsolved Soviet mysteryDr. Michael Burry New Doomsday Prediction | “The Dying Of Money” SummarizedCalifornia’s Teachers Unions Are Still Fighting to Keep Children at HomeLet Crowder SpeakUS debt will explode under Biden to $78 trillion (Full show)Saagar Enjeti: Lab-Leak Hypothesis Could Reveal EPIC Screwup Of US, Fauci AND ChinaDoes The National Debt Matter? | What's Next For The U.S. Economy