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Investing in Real Estate with Clayton Morris | Investing for Beginners

1108: The US National Debt Crisis Is Spiraling Out of Control - Episode 1108

Investing in Real Estate with Clayton Morris | Investing for Beginners

Clayton Morris

How To, News, Education, Business News, Business, Investing

4.41.1K Ratings

🗓️ 28 November 2024

⏱️ 7 minutes

🧾️ Download transcript

Summary

The national debt in the United States is steadily increasing year after year, finally reaching a historic level. This situation is concerning, with a fast-paced growth at a rate of a staggering $1 trillion accruing to the national debt every 100 days.

On today’s show, we’re going to talk about some of the main factors brewing behind the scenes. This massive amount of looming debt proves a serious lack of financial responsibility within the US government, including skyrocketing spending habits that will have serious lasting effects for the American people for decades to come.

Transcript

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0:00.0

The national debt in the United States is steadily increasing year after year, finally reaching

0:10.1

historic levels.

0:11.8

The situation is concerning, to say the least, with a fast-paced growth at a rate of staggering

0:17.1

$1 trillion accruing to the national debt every 100 days. The recent total in January

0:23.2

of this year was a record-breaking $34 trillion, we're almost at $35 trillion. And maybe by the time

0:28.4

you're watching this video, yes, we'll be at $35, maybe $36 trillion. In previous years,

0:34.3

there was a general sense of complacency regarding the national debt.

0:42.7

Not anymore. It's true that the United States has held debt since its inception, but it's no longer feasible to bury our heads in the sand over this unsustainable trajectory.

0:47.3

Many economists warn that this mounting debt could throttle down important social programs,

0:51.3

raise the probability of financial crises. What's going on with this

0:55.2

immense amount of debt? How did we get here? So on today's show, we're going to talk about some of the

0:59.7

main factors brewing right now behind the scenes. This massive amount of looming debt proves a serious

1:05.7

lack of financial responsibility within the U.S. government, including skyrocketing spending habits

1:11.4

that will have serious lasting effects for the American people for decades to come. This number,

1:17.0

let me repeat it for you, $34 trillion. It encompasses decades' worth of debt for the country.

1:22.7

This includes war, programs like food stamps, education, funding national parks. And outside of that,

1:29.4

one of the main factors that has contributed to this massive amount of debt, and especially

1:33.7

the rate at which it has grown, is its pandemic-related spending. Gobs of money were thrown

1:39.3

at the problem from vaccine development, how'd that work out for us, by the way, to grants and subsidies,

1:45.6

getting these biopharmaceutical companies totally off the hook, economic impact payments,

1:51.2

funding for health care, and so on. You can see how this easily and quickly and added up for

1:55.8

the American people. Another issue that has amassed tons of debt in recent years is immigration

...

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