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

January 7, 2012 - By admin

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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Comments(0)
  1. Eric in SR says:

    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!

  2. Beelzebub says:

    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.

  3. Brian says:

    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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Joseph Perkins
Joseph Perkins, now assistant editor of the Orange County Register Opinion Pages, started his career as an editorial writer for the Wall Street Journal. After serving on the White House Staff of former Vice President Dan Quayle he wrote for the San Diego Union-Tribune where he authored a nationally-syndicated column. Before writing for CalWatchdog.com, Mr. Perkins was also Business Editor for San Diego Magazine.
Chris Reed
Chris Reed is a regular contributor to Cal Watchdog. Reed is an editorial writer for U-T San Diego. Before joining the U-T in July 2005, he was the opinion-page columns editor and wrote the featured weekly Unspin column for The Orange County Register. Reed was on the national board of the Association of Opinion Page Editors from 2003-2005. From 2000 to 2005, Reed made more than 100 appearances as a featured news analyst on Los Angeles-area National Public Radio affiliate KPCC-FM. From 1990 to 1998, Reed was an editor, metro columnist and film critic at the Inland Valley Daily Bulletin in Ontario. Reed has a political science degree from the University of Hawaii (Hilo campus), where he edited the student newspaper, the Vulcan News, his senior year. He is on Twitter: @chrisreed99.
Brian Calle
Brian Calle is Editor-in-Chief of CalWatchdog.com and the Opinion Editor for the Orange County Register. His work has appeared in Bloomberg, Fox News, Forbes, Real Clear Politics, Human Events, Real Clear Markets and City Journal, among other websites and publications. Find him on Twitter: @briancalle
John Seiler
John Seiler has been writing about California for 25 years. That includes 22 years as an editorial writer for the Orange County Register and two years for CalWatchDog.com, where he is managing editor. He attended the University of Michigan and graduated from Hillsdale College. He was a Russian linguist in U.S. Army military intelligence from 1978 to 1982. He was an editor and writer for Phillips Publishing Company from 1983 to 1986. He has written for Policy Review, Chronicles, LewRockwell.com, Flash Report and numerous other publications. His email: writejohnseiler@gmail.com

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