Debt Ceiling: Economist James K. Galbraith Warns GOP Proposal Would Gut Social Safety Net
HTML-код
- Опубликовано: 18 июн 2024
- U.S. Treasury Secretary Janet Yellen has warned Congress that the United States could run out of money to pay its bills by June 1 unless lawmakers raise the debt ceiling. House Republicans last week narrowly passed a bill to raise the debt ceiling, but only in exchange for sweeping spending cuts to numerous programs, including student debt relief, food assistance, Medicaid and renewable energy. Democrats, meanwhile, are pushing for a vote to raise the debt ceiling without imposing cuts, even as the constitutionality of the debt ceiling has been questioned by some legal scholars. For more on the debt ceiling, recent bank failures and other economic news, we speak with James Galbraith, economist and professor at the University of Texas at Austin.
Transcript: www.democracynow.org/2023/5/3...
Democracy Now! is an independent global news hour that airs on over 1,500 TV and radio stations Monday through Friday. Watch our livestream at democracynow.org Mondays to Fridays 8-9 a.m. ET.
Support independent media: democracynow.org/donate
Subscribe to our Daily Email Digest: democracynow.org/subscribe
If you appreciate what we do, please consider making a donation to power our independent journalism. ➡ bit.ly/41XJggw
If we appreciate what you do? You mean spin every single thing that exposes the Marxist Demorats for who they really are? Your name is an absolute misnomer.
DONT FORGET TO SUPPORT MORE WAR!
100 BILLION FOR UKRAINE AND THE EXPENSE OF THE PUBLIC!
CUTS CUTS CUTS LOVE IT
*"We will link to the piece you wrote, “The Debt Ceiling Explained. Once More, With Feeling…” - WHERES THE LINK?*
🔥No refund on Student debt for people
that used it to partying, get cool stuff and buy expensive food they Can do themselves 😎👌🏽🔥
🎉🎉 😂
The financial system has been artificially pumped for over a decade to ensure big pockets were lined; and now those same hands will make a fortune in the largest transfer of wealth in human history by shorting it on the way down. Inflation does have a roll, but that's to keep everyone panicked, and focused on their bills and expenses, rather than focus on the capital crimes of politicians and corporations,I'm still at a crossroads deciding if to liquidate my $338k stock portfolio, what’s the best way to take advantage of this bear market?
@Patricia Martin I agree, I've been in constant touch with an Investment advisor for approximately 17 months. These days, it's really easy to buy into trending stocks, but the task is determining when to sell or hold. That's where my advisor comes in, to help me with entry and exit points , I've accrued over $337k from an initially stagnant reserve of $148K all within 18 months...
@@biankabrodeur01 I need a guide so i can salvage my port-folio due to the massive dips and come up with better strategies. How can one reach this advisor?
@@geraldantonio3160 Having an advisor is essential for portfolio diversification. My advisor is Stacie Kristal Weber who is easily searchable and has extensive knowledge of the financial markets...
@@biankabrodeur01 Thank you for this amazing tip. I just looked the name up, wrote her and scheduled a call...
Cut the Defense Department.
wont matter
@@blakebortles6098 Really? LOL. I mean... You're right. It's just a tiny amount of the govt spending.
@@TheNotSure the money masters type it in
End the war on drugs
That does mean we don't support Ukraine and I don't think a single neocon Biden voter would want that and I'm pretty sure most of you reading this are neocon Biden voters.
They should stop saying it only affects poor people, because then all the "middle class" stop listening under the false belief that they won't be impacted.
🎯
Lol. Who's fault is that?
We are all impacted by the democrat IRS plan.
Wake up bunkie, the middle class is poor
Well stated. I couldn't agree more.
Interesting when the budget needs balancing we always look at the poor and middle class and not the wealthy and corporations. Bologna.
Socialism for wall st, rugged capitalism for main st.
That's true, but we're the one's that keep voting the same people in.I Personally I'm sick and tired A voting for someone just because there better than Republicans,(who isn't). I want to hear more from Mary Ann Williamson because she appears to be for the people they're going do everything they can to not let her be recognized because she's talking about getting deep in these grifters pockets.
@@sydneyrobinson5107 Her background concerns me, she's intelligent, and I agree with her message, but I sense a lot of need for attention, which we have recently learned does not typically accompany a stable character.
@brooks That may be true. But at the very least she deserves to be herd and debated, so we'll have a better understanding of who she is. But to silence her or anyone that's running for president Is just wrong. Biden said it himself.The only thing he can offer, is he's not Trump. I personally am sick and tired of voting for democrats just because they aren't republicans. I want to hear the alternative to both. The corporate world is trying to black ball her. She's talking about getting to a lot of deep pockets
Cut corporate welfare too. Things like "green energy". Spare nothing.
It was a very bad decision to remove the Glass-Steagall Act in the late 1990s, which led to the spectacular failure of huge banks during the financial crisis of 2007-2008. To prevent another disaster, Dodd-Frank and this statute both need to be reestablished right away. What happened with SVB is only the beginning of what will happen if nothing is done to address the current situation.
Wall Street pitched so-called quality stocks with high profitability and low debt, as a kind of insurance against whatever the economy might throw at you. Quality stocks have underperformed the S&P500 this year, My $200k portfolio is down by approximately 20 %, any recommendations to scale up my returns on investment
@@graceocean8323 People do downplay the importance of expert counselors up until they experience the consequences of their errors. I wanted to stay afloat between the COVID outbreak and my early 2020 layoff, so I started looking for license advisors. My previously stagnant $325K reserve has so far created significant returns from subsequent investments owing to expert leadership by my FA, who can be found online. I was fortunate to come across someone with her level of practical knowledge and years of experience, and she helped me.
@@hannahdonald9071 We’re only just an information away from amassing wealth, I know a lot of folks that made fortunes from the Dotcom crash as well as the 08’ crash and I’ve been looking into similar opportunities in this present market, could this coach that guides you help?
My Financial Advisor is JEANNE LYNN WOLF. I found her on a CNBC interview where she was featured and reached out to her afterwards. She has since provide entry and exit points on the securities I focus on. You can run a quick online research with her name if you care for supervision. I basically follow her market moves and haven’t regretted doing so.
Right now, I'm literally hanging on by a straw, so your advice couldn't have come at a better time! I'll look her up on the internet and then give her a call.
It doesn't matter if you vote left or right. We can all agree on one thing: Politicians don't give a damn about its voters. They only care about their interests and what matters to them. I know i'm stating the obvious, but some words need to be repeated as often as possible.
Nobody gets to vote left in America when the only two options are both corrupted right-wing parties. So in that context, it matters little...but it still matters when one of these two parties is marching headlong into fascism.
The problem is that people are kept so busy trying to survive that they have little time to be actively involved in politics. Democracy is NOT a spectator sport...citizens MUST be involved to avoid this very situation that America has now.
I've said this all along too preceding George W Bush, Thank You for repeating this obvious fact!!! George Carlin been had that memo!!!😂😅
They care about what the corporations and billionaires that own them care about, more money and power for them while not being held accountable to the rule of law. There is no real Left in the USA, only the far right Democrats and the extreme nightmarish Fascist far right Republicans. Enjoy the nightmare.
@@ivandafoe5451 Exactement
Well then, democracy has no place here. Sounds good for conservatives! Politics can't help.
"Gut the social safety net" is the height of absurdity. It's already been gutted. What's next, an additional tax on the poor?
They never mention the $8,000,000,000,000 wasted in Iraq and Afghanistan, it's always food assistance for hungry children that is the problem. The public is so stupid when it comes to how they should spend our money.
@@ponzo1967 Yeah, it's those "welfare queens" right? And "lazy people who don't want to work"? Not $100 billion on a proxy war with Russia when the US refuses to consider peace negotiations.
Biden's Infrastructure Bill includes a Mandatory Energy Austerity Plan to 2030, that will reduce our access to fuels, ban gasoline vehicles, force conversion to all-electric _the grid cannot support,_ and increase our commute costs, heating costs and food costs over 250% in just 7 years. *A Poor American Holocaust!!*
Yes! Tax the poor more,has been mentioned in the House!
@@ponzo1967e You are stupid if you think the public makes decisions on what to spend money on!!! Republican politicians are responsible for that.
The US Government should be held to the same Moral Codes as the Public it supposedly serves...
The government budget is completely different than a household budget. The government can legally create money, where the people can’t.
Republicans are playing games with the full credit of the country!
What did concepts Socrates, Plato, Aristotle, Cicero's Orations, schools of thought have to do with the writing of the American constitution? What roads of twists and turns did philosophy, world histories, the Renaissance have to do with its implications , theology, religious divisions play on the domineering powers of thought, reason pays to degrees of power? Why was Latin stopped being taught in our higher education and American textbooks written to do damage that did affect the direction of transformational learning?
they are puppets matters not
Yeah, the public was supposed to have that power. Too bad we're not into democracy.
@D
When one knows , one doesn't i when one doesn't know, one may.
What did Zarathustra have to say? That was before Aristotle and Alexander the Great? The Persians? Who translated Greek into Latin?
Who translated Latin into German? Perhaps all the centuries of those who knew the meaning of what powers drove whom? Histories grow with philosophical arguments as mankind unfolds through languages, mixing and cultures traveling as religious divisions brought wars.
There is a universal love in all faiths or those of no faiths when one finds what really matters is a universal consciousness of all hearts' beatings when one learns what love is not.
Several of the biggest market experts have been voicing their opinions on exactly how awful they think the next downturn would be, and how far equities may have to go, as recession draws closer and inflation continues well above the Fed's 2% objective. I'm trying to build a portfolio of at least $850k by the time I'm 60, therefore I need suggestions on what investments to make.
There are many other interesting stocks in many industries that you might follow. You don't have to act on every forecast, so I'll suggest that you work with a financial advisor who can help you choose the best times to purchase and sell the shares or ETFs you want to acquire.
I've been in touch with a financial analyst ever since I started my business. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders.
@@JaykeTurner Mind if I ask you recommend this particular professional you use their service? i have quite a lot of marketing problems.
@@RebeccaLee-ks4cq Heather Ann Christensen, one of the best portfolio manager;s out there. she;s well known, you should look her up
@@JaykeTurner Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
Our government spends like a drunken sailor, then we wonder why we can't pay our bills. Truely disgusting and our politicians are never held to account. We are completely bankrupt, and still politicains won't face the music.
stop stressing out, if you are over 30 it is not your problem. if you are under that or care about how the kids will need to pay it off, its too late anyways.
It's the Pentagon's budget that's bankrupt the treasury and our morals as well
Let's not cut our spending abroad. Let's cut programs that keep millions of Americans alive. This government is a dumpster fire.
cut spending on military and you solve your debt lmao trololololololol
you don't get it.
Due to mass donations from the west to Africa during the 70s-80s Millions of lives were saved from starvation.
Yet the population also BOOMED being fed by those donations.
Then you had the 1990s recession in the Western World and the mass donations mostly stopped.
End result.
More people have now died from starvation in Africa then if the WEST had never got involved with mass charity drives and mass funding of anti hunger programs in Africa.
That is the TOTAL human
Misery
Death
Would be significantly LESS if the West had never got involved.
The West didn't cause the African population to explode due to increased food, that was a side effect.
The west didn't cause governments to become unstable due to sudden mass starvation, that was starvation itself, which caused even further deaths and starvation.
It was not done with bad intentions, but it still killed millions.
Social programs are OFTEN counter productive, harming rather then helping.
Sometimes pain cannot be avoided, taking measures to avoid it just increases the total pain and suffering that will end up due.
I can point out that long term Democrat run states and cities often have massive social funding programs compared to long term republican cities and states... yet also have the highest number of homeless, drug addicts and others per capita.
If you do everything for a child, you are harming that child by taking their ability to learn to stand on their own two feet.
Same with adults, if the government decides to do everything for grown ass men and women, its taking choice away from them, taking away their free will.
Democrats love social programs, it gives them slaves that are to fearful of ever living their own life and so will vote for democrats just because they don't want to lose their meal ticket and they live in fear of having to be adults themselves.
Most social programs in the US are not done with good intentions, they are done with the goal of creating more slaves that will have no choice but to vote for democrats.
That's what the GOP want: cut programs that keep millions of Americans alive
This has been the Republican agenda for a long time. They've wanted to gut social programs for as long as I can remember being interested in politics.
That's the great thing is all we have to do is cut back one third of the military budget and we could afford M4A fully paid for right out of the gate.
Cut everything. Sustain spending at or below the income tax revenues. Especially cut Ukraine.
The US government doesn't have any money. That's why the debt is more than 30 trillion dollars. A trillion is 1,000 billion. A billion is thousand million. The government gets money by legal confiscation called taxes. Even if you don't pay income tax the people who provide services and produced products do pay and their taxes are built into the prices we all pay.
The other way the government gets money is by debt, but they just can't use a credit card they have to issue treasury bonds or treasury bills or treasury notes, and then pay interest on these until they have to pay the money back. Which means they have to borrow again sometimes at higher rates like when the Federal reserve raises all interest rates. These bonds don't get amortized like a mortgage.
When the govt borrows so much money and spends it or passes it out, the money gets released into the economy -- and noticeable inflation results.
When interest rates pushed up to cool economic activity don't crash the economy, then they just get built into the cost of living and the cost of doing business, fueling even more inflation. Yes higher interest rates can and do contribute to inflation.
Inflation is an across-the-board reduction in purchasing power and functions like a tax on earnings and savings and even borrowing.
This is not hard to understand. But Democrats seem to keep wanting to buy votes with other people's money. Now Bernie Sanders is calling for even a higher minimum wage by simply telling people how to spend their money. The outcome will be less hiring and more job destruction, promoting more poverty.
This is great for the Democrats because they are in the poverty business -- always talking about it and making promises about it and creating more of it, but only a few people get handsomely compensated for running social service safety-net programs.
And when we don't have enough poor people they open the borders and bring in more, to bid down the cost of wages and bid up the cost of housing -- and clamor for additional subsidy programs.
Now we've got virtual child labor enslavement with unaccompanied minors being disbursed around the United States to be exploited by so-called sponsors. Susan Rice responds by quitting her job at the White House. Brilliant. Or maybe self-preservation.
Everything is going according to plan and it is all by design. There is plenty of outrage on both sides of the political aisle as the propaganda machine pits us against each other.
At some point with rising debt and rising interest rates, all of the government revenue can't do anything except service the debt -- paying the increased interest rates.
Even the banks have got themselves in trouble again. Last time they got bailed out and no one was held accountable, once again. The phrase for that is moral hazard.
We're getting rid of the guard rails and we're heading off of the roadbed enroute to the cliff. The elitists want to control everyone with a electronic control grid and behavioral modification and all kinds of restrictions and deprivation and fear. It's looking like this country is earning that fate. I'm sorry to be part of it.
If I were to say that we're all stupid, the liberals would just focus on the negative label instead of smartening up. So I won't.
But being in denial about our understanding and our choices doesn't keep the people with their hands on the levers of power from thinking it -- and acting on it.
Ps. I thought I would learn something from Galbraith, maybe because Goodman asked him to explain, or maybe because he has a famous name -- but he explained nothing. The more things change, the more they remain the same.
It's Monopoly money anyway 💵💵💵💵
Fiat.
Okay. They're monopoly bombs and missiles. It's monopoly poverty and early death. Americans believe you &. Nobody thinks they can govern America. It's a board game, you know. It's fake.
It's a game that is played for real. You like living in a house, electricity or transportation; Print bond, print money, use money buy bond, use taxes to pay interest on bond. It would be better if those at the top were not allowed capture all the benefits from the game of capitalism. The game of Monoply was created to teach us how capitalism always ends. Like war, do we have choice to play or not? Enjoy today.
@@Rustea314 When one entity is granted an infinite line of credit, then captalism ends. Because the supply of goods and services is limited. The illogical nature of creating infinite demand cannot be allowed. People by their very nature can envision infinite demand. People associated with an entity capable of being grant an infinite line of credit. Shall decide to create infinite demand at some point. They always do.
We're at the end of the Monopoly game.
It doesn't really matter what the President says. It is what the Congress does and who Congress really represent.
Everyone has been preaching "buy now, stocks are at a discount" but I've been buying stocks since the beginning of the year and yet nothing's changed, but I've been reading articles of people still in the same market pulling off over 350k in just a couple months, what am i doing wrong?
Focus on two key objectives. First, stay protected by learning when to sell st0cks to cut losses and capture profits. Second, prepare to profit when the market turns around.I recommend you seek the guiidance a br0ker or financial advisr
@@jonathanburtnick I agree, having a brokerage advisor for inveesting is genius! Not long ago amidst the pandemic crash in March 2020, I was really having inveesting nightmare prior touching base with a advisor. In a nutshell, i've accrued over $550k with the help of my advisor from an initial $120k investment thus far
@Chester Hitchcock The advisr I use is Elisa Angele Esparza, she's verifiable , so you could just search her.
@@dianarabbanii2 Thanks for the info , found her website and its really impressive
You are funny
It’s not the spending it’s the rich not paying their fair share of taxes like they did in the 50’s and 60’s.
Exactly
Pfft. Do you know what an s-corp is? It's designed for the wealthy to hide their earnings from being taxed to oblivion. Joe Biden has several. The most notable is Celtic-Capri. He paid nearly no taxes on about 8 mill earned in appearance and speaker fees between 2016-2019. 🤷♂️
You mean when we were in war?
@Kim Jong-il Ronald Regan: took us from 800 billion to 2.6 trillion in 8 years. Regan is the sacrid hero of the right. We need more tax cuts for rich to generate additional revenue?
It is the spending, it's LITERALLY the spending.
WE CANT KEEP SPENDING!!!!!! We have to have cuts somewhere.
RCX.........IT'S NOT SPENDING PER SE.....ITS ALL THE CORRUPTION, THEFT, GREED...
Gov MUST stop the insane spending. We will go bankrupt. Stop🛑spending
You work for 40yrs to have $1m in your retirement, meanwhile some people are putting just $10k in a crypto market for just few months and now they are millionaires , all thanks to Mrs Jane, God bless you madam 😇
Wow I' m iust shock someone mentioned expert Mrs Jane thought I'm the only one trading with her
She helped me recover what I lost trying to trade my self.
Who's this professional everyone is talking about I always see her post on top comment on every RUclips video I watched
I think I'm interested how can I get in touch with Mrs Jane
I knew her, I invested with her and i earned a lot of profit, all thanks to her ❤️
People LOVE voting against their own interests in this country!
“When I came in, I asked about the debt ceiling… I understand debt ceilings.”
Do you tho? 😂😂😂
Maybe the ONLY thing he’s ever understood- how to blow through millions to make thousands only to declare bankruptcy and start again.
No. I don't need to splash around in the puddle to know it is full of MUD. Your comment SEEMS condescending and I am searching for the value in your contribution. Are you aware that the US dollar is scattered around the globe and the MAJORITY of the PEACE loving people on THIS planet are using any US $$$ left on hand for butt wipe? This is a CULMINATION of CENTURIES of GREED.... history is BIG.
Simply cut the military spending by half and NO PROBLEM.
Every Year indefinitely ?
SSI is not tied to the national debt.
We spend almost 800 billion on it
@@Tony-723 so? Raise the taxes that fund it
The funding is contributed to by the recipient vis-a-vie monies deducted from the recipients paycheck over their lifetime.
@@ClownCarCoup Taxes don't fund any federal spending.
@@wyntyrmute Damn! Where are my Fed Income taxes going then?
Snap benefits in Louisiana are not being paid out to families in need as of today because of this debt ceiling crisis. I’ve been called all morning by young women in a panic because they can’t afford food and they are working full-time jobs. Republicans are just evil
What is to be "Republican" or "Democrat" in a UNIPARTY? WAKE UP
That's sounds illegal as SNAP should be in effect since it's a federal program. I would think that Louisiana is still receiving funds from the federal government for SNAP. What's their justification? Did they notify recipients before taking this action?
Sadly it has more to do with Republicans control of states and their refusal to pay out Federal allocated funds.
@@Kiyoone Not on this issue or issues like this.
Why don't you get a job and work????
It's been reported thst the PENTAGON has never passed an IRS AUDIT, SO where is the BILLIONS of dollars going?
Oh my God I hared the same thing in the last 18 years like dozens of times 😅😅😅😅 Republicans and Democrats. Nothing changed. Nothing will as long no body hold accountable. All of them irresponsible reckless at their job and yet somehow for some unknown reason they still employed!!!
Imagine if Americans stopped being apathetic to these crooks robbing them of their future.
@@FredX-ul4sv That's for you to decide. I have my popcorn ready. Guess it depends on your race whether it's legal or not
We are livestock.
Even from the mouths of fools some truth spills out.
An unfortunate handicap for the truth.
If our politicians on both sides of the aisle would stop grifting our programs and selling out the United States to line thier own pockets we would not be in this situation. Both parties of this country need to go.
The parties aren’t going anywhere but they have changed and can be changed again
How is this guy an economist? If you can't pay your bills without repeatedly borrowing more money... then you're bankrupt. If you always have to raise the debt ceiling and you have no way of turning your finances around - they you're bankrupt.
You can get anything you want at Alice's restaurant. 🎶 🎵
Even Food Poisoning...!!!
😃🤣 there's an Alice restaurant in Illinois 😃🤣😆😄
@@thenoseknows9391
It sounds like the type of place where culinary dreams go to die. Nothing good could ever come out of Illinois.
@@paulheydarian1281 that's a LIE 😡🤮 we have a VERY good Governor 💯💯 💯
This is not a negotiation. The US house of representatives passed a bill. Senate has to agree to this debt increase or they let the US stop paying it's bill. Where's the negotiation?
Know what, if any options you habe before you go into a meeting. Right now this administration has NO options. This is just how it is, good or bad. Now, we look to the leaders to do the right thing and pass their only option.
How about not raising the debt by taxing the billionaires??
The problem is the 'debt' not the 'debt ceiling'!
Stop all the money going to Ukraine!
James K. Galbraith consistently elevates economic discussions and decisions to a higher level.
Exactly right. It's an issue when there is a president of the opposing party.
It definitely crossed my mind.
It always takes some really smart people to totally mess something up!😂😂😂😂😂😂😂
Smart dumb people, unfortunately they're the ones winning in this f up upside down World😅
Smart cons.
You mean the Social Security they say is good till 2031? That Social Security?? These people are children!!😂😂😂
Poor people are the ones who are buying Tesla and attending elite universities and they can't do it without government help. Thanks for explaining Prof. Galbraith!
Mr. Galbraith managed to navigate the whole interview about the debt ceiling, failing banks, the fed raising interest rates, and the Russian (US Dollar) sanctions without mentioning the word "INFLATION". Instead he politicizes the debt ceiling issue and then goes on to claim that the main problem with the economy is Fed's decision to raise interest. So he calls the attempted solution the problem and fails to mention the actual problem. I guess the concept of INFLATION isn't part of his "theoretical framework". This Galbraith dude may have a prestigious academic pedigree but he is deeply problematic and sus af.
Well here's something to think about I think they better check into this which is worse financially to spending cuts or have a complete deck call by all the other countries because they're already getting scared of our debt and if they call it we're going to have no money and no land because we're going to owe all of it to them!
@2:00 the poor get hurt the most when the Government currency injection drops off in terms of social programs. But the bond holders also cry like babies, they even cry harder --- when Australia reduced bond issuance the financial class complained the most, the bonds are free income for them, since when the government is the debtor who cannot ever run out of their own money (there is no tax "pay for"), the Treasury debt in bonds outstanding is basic income for people who already have money in direct proportion to how much money they already have.
Only horrible investors love bonds.
Good morning all. 💜
Yes it is the beginning of the end. I hope something better comes along.
When all fails Wars will provail 🤣🤣 that's the American way
Vote red
Neither party cares about the middle class working people and small businesses. That's for sure.
Spend money on education, religion, and health. For our families, children, and friends across the world. No more money to war of destruction
The default scare, is the new “wolf”.
I didn't work long enough. That's todays funny fun game mail from the social security office. Under. What's your reading on that?
The debt ceiling is another relic of the gold standard. It is not relavent now that the US has ended the gold standard. Now, the US can always pay its debts when they are due, no matter how large they get. This is because the dollar is a fiat currentcy just like the Pound, the yen, and euro, etc. Now the so-called national debt is just a record of the number of dollars that have been spent into the economy and not taxed back out yet. These dollars are someone's or some corp's assets. Does it make any sense to tax them away from their holder just to reduce the total, when the total does't matter at all? When it comes to debt; people, corps and the US Gov. are 3 different types of things. Have you ever heard someone ask when with corp X (a large corp) pay-off all its debts? I never have. The US Gov. has enen less reason to pay off its debts, than a lrge corp does.
Many of the spending cuts rolls back some of the TRILLION dollars spent in the last two years for party interests.
We have 835 military bases, but let's cut food stamps!!!!!
The GOP wants to spend half federal money on the military and the other half on saving large multinational corporations with an PO box in Luxembourg .
Thanks professor! One of a very few sober judgements on Russian economy I've heard in a past months, as many analysts are still wearing rosy glasses
Your banks should be under the direct control of government.
It is like watching the collapse of the Roman Empire.
How about they cut corporate welfare! And Welfare for the rich cut those programs
Exactly! These Big Companies operate all over the World and are Taxed by every country ( even African Countries tax them) but America doesn't tax them! I HOPE YOU ARE SHOCKED BY THIS TRUTH!
God forbid we put responsibility into independent hands. There is a reason that we celebrate Independence Day. There is an irony that poor people celebrate the 4th of July and yet are enslaved by debt.
Didn’t they change the definition of “recession”
No, they didn’t.
So, neither the dems nor the reps know what to do with the debt ceiling.
Good insights by James K. Galbraith. 🌞JPMORGAN Bank was the investment bank that promoted the product and tool that resulted in the 2007-08 GFC, wasn't it⁉️🧐🤔
Reassessing our assumptions about the world? Isn't that called going woke by those who matter?
Nothing on reducing arm spending and USA creating wars worldwide
How come Republicans never want to cut spending that benefits rich people?
How about a Middle Class safety net.
Where we aren't obligated to pay for everything known to man...including having our Social Security pillaged that we, the hard work Middle Class have been paying into.
As the sole issuer of USD, we simply cannot "run out of money" any more than a stadium can run out of points during a game. The Constitution creates Congress, and grants it the ability to create the FED to produce currency in order to provide for the common defense AND the general welfare of citizens. That is true, and you don't need to be a Constitutional scholar to prove it. If you can prove that the debt ceiling interferes with that process unnecessarily - which an MMT framework definitely can do, then you can prove that it's unconstitutional.
Cut on spending on everything except the Military. Crazy people
Just found this channel so far I really like it sounds like real news!! Is that this an un biased news channel or do they support one side more than the other?
It is left leaning. They will always characterize issues in at least slightly dishonest loaded terms.
Thank you 🌎✊🗽🌹
Let us default.
The country is in debt? No problem. Just seize 3/4 of the assets of the top 2% wealthy people will be a great start, and certainly won't put a dent in their style of living. After all, they apparently have benefited the most from the current and past laws which determine economic success.
Here’s a novel idea… how about cutting the budget to the military industrial complex? If that was cut in half, at least a half of a trillion dollars could be saved. It’s called defense spending. Maybe it should be called offense spending? The US sits on the earth,between to vast bodies of water. Is that not defendable enough? Seems like the leadership in this country is always on the hunt for new enemies so as to justify an over inflated defense budget. How about shutting down half of the military bases abroad? Bring those military personnel home and put them on the border of Mexico? Wouldn’t that be money better spent?
why can they, congress take a paycut.....or not take the next 3 raises.....they ARE not earning their keep.....they only do bi-partisan.....IS when they, congrèss pocket "more" welfare for themselves AND there Family
Arrest the political factions attempting to obstruct justice instead of honestly adding positive efforts for the best interest of the American people
You failed to bring up the Trump/Republican tax cuts for the wealthiest among us. And for corporations. Those who need it the least.
All the left wings special interests/lobbyists/donors benefit from that as well. Trump pointed that out in the debates. Hillary's response was crickets and shoe gazing.
+ that will rapidly increase the rate at which the US economy busts... again
Because the tax cuts helped EVERYBODY. Unlike the dems inflation which affects the poor the most. Inflation is a tax too.
Tax rates on the rich over the decades:
1940s: 81%
1950s: 84%
1960s: 91%
1970s: 72%
1980s: 70%
1990s: 28%!!!!
2000s: 40%!!!
2010s: 35!!!!
Socialism and charity for the greedy sociopathic rich in US needs to STOP.
These figures provided by prof Robert Reich.
@@johnosborne4404 That doesn't even matter! We need to stop charity and socialism to the greedy sociopathic bloodsucking rich!! Yes, both tribe leaders, but ALWAYS much more reichwing fascists love their greedy donors over all other Americans and THAT needs to stop.
Why don't we just take the dept and launch it into space?
Thanks for the insight
Prof. James Galbraith comes from the reputable family. His position does not allow him to tell us anything of substance.
It will truly be gutted by 2033 if they don’t cut now. Those social security funds will be going to the interest payments on the debt.
I wonder if DeSantis is unconcsiously repressing himself
So allow me to ask. If we just keep raising and raising the debt ceiling what does that look like in 5 years?
A continuous rise in inequality in USA ?
No more war against freedoms
Ceiling is a misnomer. It's a hole.
The hole is getting bigger.
We're getting deeper and deeper into debt.
Until one day either the hole became as big as the country and we all fall in.
Or we dig too deep - dig into a river of lava. All toast.
Why would the Americans that have all the money in the world come after the poor show shames
Why do leftists never agree that the government needs to stop overspending?
Why did Trump Cut Taxes for more of the Fortune 500? (Your buddy and Dubya cut then for the rest of the 100 that pay zero federal tax). "Fortune 500" is defined as the 500 most profitable. Why do Republicans only want to Cut the kind of benefits that sustain people with full-time jobs at Walmart and Amazon (2 of the "no pay" corporations on that Fortune 500 list)? And why don't Republicans want to raise the Minimum Wage so that Taxpayers don't have to fund the Food Stamps and other assistance that those full-time employees qualify for?
Why do Republicans want to cut assistance for Green Energy but KEEP assistance for fossil fuels? Green Energy is eventually self-sustaining, assistance is for the new construction. Oil and coal are different however, Oil has to keep drilling and Coal has to keep digging. Why do we help THEM when they make MORE MONEY than most on the Fortune 500 list? They can certainly afford to pay their own way... they could even cut their prices and NOT drop out of the Fortune 500.
Have you ever compared the price of a Tank, Aircraft Carrier or F-35 with the $20,000 average yearly Social Security benefit? Why do Republicans want to keep increasing the Pentagon Budget but Cut Veterans Benefits and Cut Social Security? The Payroll Tax (F.I.C.A.) is for Social Security ONLY. Are you sure that Americans should trust Wall Street after the many financial bubbles like Housing and Dot Com?
All that I wrote and more is what Republicans are demanding before they agree to increase the Debt Ceiling Limit which is FUNNY because Republicans agreed with Trump and Cut Taxes as I explained above but now they wonder why we borrow money???? Their plans are intentional.
The debt ceiling is raised because this country grows. There are more people, houses, jobs, roads, libraries, fire stations, government buildings, etc.
Cut government spending
When default occurs gold to $21,000.00 per ounce.
In Bitcoin to a billion
Here we go again, unbridled and misplaced spending, no doubt plays a major role, this is NOT stoppable, blaming each other does not help, and they know it. Savings will most definitely be eroded, the only people that care are the average hard-working Americans.
Agriculture and other food supplies in the US are beyond dependant on Government Cheese. WAY too late to cut that tie...
They want to raise it and stop the rampant future spending!!
Stop voting blue then
Gut the poor and hard working to feed the war machine and overseas waste spending, will bring social unrest like never before.
Unfortunately, the last answer a half answer/non-answer. I wish there was more time for follow up on things like that. Good overview of the Silicon V. banking issue, however. There were a couple of components that weren’t mentioned (e.g., depositors making more withdrawals to cover their expenses because they could no longer rely on cheap loans), but overall this is great as you’d expect.
It's about time some adults stepped into the room
We must stop spending so much money
Constitutional Republic not democracy! Thats why we are in this predicament now as 9/11 shows!
No safety net