U.S., CA Debt Explained in 3 min.

John Seiler:

The following 3 minute video explains what’s wrong with government debt. It specifically concerns the federal debt of $15.2 trillion (the number has gone up since the video).

But it also applies to California’s $500 billion debt for government-worker pensions.

Where’s all that money going to come from?

Jan. 7, 2012

 

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  1. Eric in SR
    Eric in SR 7 January, 2012, 13:19

    That cruel, heartless banker! I am just glad he finally came to his senses and granted that man’s request after his darling little daughter came with him back to the bank! Otherwise I would have DEMANDED that Congressman Barney Frank and Sen. Christopher Dodd intervene and DO SOMETHING!

    All sarcasm aside, this video really puts our crazy budgetary situation in perspective. Thanks for sharing this, John, and I will do the same!

    Reply this comment
  2. Beelzebub
    Beelzebub 7 January, 2012, 20:36

    And, as usual, the dems will blame the pubs and the pubs will blame the dems – when in fact they are BOTH equally responsible for the mess we’re in. Every single republican congress critter in OC and 90% of the republican congress critters in California recently voted to increase the debt ceiling by $2T while conning the country to believe that a “stupid committee” would come to our rescue with big budget cuts. How did that work out?

    Look, from FY’s 2008-11 the Fed deficit went up $6.1T. The Fed balance sheet grew $1.98T. Fiscal and monetary stimulus averaged $2T for each year. At the height of the real estate bubble property values totaled $24T. Values dropped 35% leaving us with a total destruction of $8.5T in wealth. Now factor in all the public debt (states, etc….) along with private debt. Whatever gains we’ve seen in the stock market are a direct result of massive bailouts, quantitative easing (money printing) and perpetual artificially low interest rates. In other words, it’s all phony funny money without substance. Our REAL GDP is being overstated by at least a factor of 3.

    The con game marches on while the sheeple get poorer and poorer and can’t understand why.

    Reply this comment
  3. Brian
    Brian 10 January, 2012, 13:17

    Well this video clearly shows the best way to deal with debt. The real problem is that our kids don’t have their own kids soon enough to help us increase the limit more, so it’s definitely our kid’s fault we are in a bind!

    Seriously, great video. I hope it gets lots of coverage and opens a few more eyes.

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