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5-Minute Videos | PragerU

How to Solve America's Spending Problem

5-Minute Videos | PragerU

PragerU

Self-improvement, History, Non-profit, Business, Education

4.86.9K Ratings

🗓️ 5 January 2019

⏱️ 6 minutes

🧾️ Download transcript

Summary

Everyone complains about America's debt, and rightly so, but how do we get out of it? As Cato's Michael Tanner explains, spending on entitlement programs -- Social Security, Medicare and Medicaid -- has exploded in recent decades. We must slow their growth or they will soon swallow the entire federal budget. In five minutes, learn how America can preserve these programs and get out of debt. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Both Democrats and Republicans complain about America's national debt, what illumine crisis

0:05.9

it is and how we have to do something about it.

0:09.3

And well they should.

0:11.0

The numbers defy comprehension.

0:13.2

Currently, the debt stands at around $17 trillion, much of that coming in just the last

0:19.3

few years.

0:20.9

To put it simply, our government spent $17 trillion more than it took in.

0:27.3

That's one huge deficit, wouldn't you say?

0:30.3

How did it happen?

0:31.9

To answer that, we have to focus on three programs, Social Security, Medicare, and Medicaid.

0:39.9

Social Security is a government pension program for people over 65.

0:45.0

Medicare is a government health insurance program for people over 65.

0:49.8

And Medicaid is a government health assistance program for people who can't afford to buy

0:54.5

insurance.

0:56.8

The debt picture has admittedly become a little more complicated and more severe because

1:02.0

of the massive increases in government spending on unemployment benefits and other federal

1:06.6

assistance programs related to the 2009 recession.

1:11.1

But the big three, Social Security, Medicare, and Medicaid remain at the center of the

1:18.3

problem.

1:19.3

In fact, spending in every other area, including defense, all other appropriations and other

1:26.5

federal entitlements, those significant, make up a smaller share of the economy than has

1:32.3

historically been the case.

...

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