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The Indicator from Planet Money

Is the federal debt REALLY that bad?

The Indicator from Planet Money

NPR

Business

4.79.5K Ratings

🗓️ 1 May 2024

⏱️ 11 minutes

🧾️ Download transcript

Summary

Sandwiched between a burger joint and an oyster bar in New York City hangs a daunting image: The National Debt Clock. And that debt number? It just keeps ticking up. How deep in the hole are we? Nearly a hundred percent of gross domestic product. And counting. Today on the show, the federal debt. Is it time to freak out? Or is there nothing to see here?

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Transcript

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0:00.0

NPR. Darien, I heard you made a special trip to Times Square last week.

0:17.0

I did, I went very close.

0:19.0

I'm standing here looking up at this sign called Our National Debt.

0:24.0

Okay, so you picked the nerdiest sign in Times Square to look at.

0:29.0

Of course, I found this National Debt sign on a side street.

0:32.0

It was kind of hidden between two

0:34.0

restaurants, burger and lobster and mermaid oyster bar. Oh sounds decadent and so is

0:40.7

our spending I assume the number is pretty high.

0:43.5

It's rising up and up and up in bright yellow letters.

0:47.9

So what are we up to now?

0:49.5

Are we approaching 100% of gross domestic product.

0:52.8

Yeah and one measure the US government has a collection of IOUs adding up to about a

0:57.2

years worth of output. On that day the number was more than thirty four trillion

1:02.0

dollars and I asked the people passing by That number was more than $34 trillion.

1:03.4

And I asked the people passing by to look up at the sign and tell me what came to mind.

1:08.6

Wow, that's crazy.

1:12.1

I think it is concerning. Yeah, ceremony. A lot of money.

1:17.0

A lot of money facts. This is the indicator from Planet Money. I'm Waylon Wong.

1:21.6

And I'm Darren Woods.

1:22.7

Today on the show, the big number hanging over all Americans,

1:27.1

the federal debt.

1:28.5

Is it time to freak out, or is there nothing to see here? That's after the break.

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