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PragerU: Five-Minute Videos

The Bankrupting of America

PragerU: Five-Minute Videos

PragerU

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

4.76.8K Ratings

🗓️ 11 October 2021

⏱️ 6 minutes

🧾️ Download transcript

Summary

What happens when you spend money you don’t have? Everyone knows the answer to that question. But what happens when the government does it on an unprecedented scale? Sooner or later, all debts have to be repaid. The question is, who’s going to foot the bill? Economist Stephen Moore has the answer. Get notified when PragerU's new short documentary drops! PragerU.com/tradingup

Transcript

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0:00.0

What's up podcast Chris Barber here with a PragerU social team this week PragerU is releasing its latest short documentary called Trading Up

0:07.5

Which is going to inform people about the valuable benefits of a career in the trades and the great pride trade specialists

0:12.8

Drive from their work despite our current cultures narrative that everyone must attend a university

0:17.9

So check out the new trailer for this one at PragerU.com forward slash trading up and sign up to get notified when we release this new short doc now to today's

0:27.0

episode enjoy

0:35.3

I'm here to collect your $600,000 share of the national debt. What we don't have $600,000?

0:41.9

I wasn't talking to you. I was talking to your baby have a nice life

0:46.7

This isn't a made up horror story. It's real is the unpaid credit card bill our kids and our grandkids are facing

1:01.6

Money they didn't spend will have to pay

1:05.6

The Democrats point their finger at the Republicans

1:08.7

The Republicans point back at the Democrats

1:11.2

The truth is that the politicians of both parties have brought us to the edge of this financial cliff

1:17.7

They say they're spending all this money with the best of intentions

1:21.0

The trillions are needed to end hunger and reduce inequality

1:24.6

Provide everyone with free health care and save the planet from global warming

1:29.2

But there's no way around the simple math you can't spend what you don't have not indefinitely

1:36.0

That's have to be repaid

1:38.0

We've been sweeping this problem under the proverbial rug for decades, but now we're running out of rug

1:44.8

During the year of the COVID crisis a Republican president Donald Trump approved a massive increase in government spending

1:51.6

His reasoning went like this we shut down the economy. We have to help people out

1:56.3

Did he go too far? Well, maybe but just about everyone agreed something had to be done

2:01.6

Then Joe Biden a Democrat president entered the White House and called for 1.9 trillion in additional spending

...

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