The National Debt: Last Week Tonight with John Oliver (HBO)

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    The national debt has long been portrayed as a burden we’re placing on future generations. John Oliver discusses how national debt works, why people are so concerned about it, and why it might be more helpful that you think.

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    Kommentteja

    1. Gary Hughes

      The debt was 23.2 Trillion just as of last March of 2020. That's a 21.6% increase in the over all debt (MASSIVE TO BEGIN WITH) in just 15 months.....One trillion dollars is a block of 100 dollar bills 10 feet high, 90 yards long, and 53 1/3 yards wide. That's a football fields from the 5 yard line to the other stacked 10 feet high......:-o

    2. Alberto De Cristoforo

      I almost committed suicide when I found out I had herpes virus, I was going through a health blog when I saw how a woman testified of how Dr IGUDIA on FIblock cured her and I decided to contact him, to my greatest shock he actually cured me and now I test negative

    3. Bill Harris

      Still waiting for Oh by the way I, John Oliver was incorrect about boris

    4. Bill Harris

      John's rant about reagan was pathetic He used full brit face And yes , we can all say it Brit face Brit face

      1. Bill Harris

        I'm sure that if John even has a penIs It's only been used on animals

    5. Bill Harris

      At least tell anyone who owns any debt that we are never paying them back

    6. Joe Cockerline

      “The national debt is nothing like a credit card” THANK THE FUCKING LORD FOR THIS

    7. Letizia N. Menghini

      *Laughs in Italian* 160+% bitches The level is not really important (although overcomeing the 100% is somehow shown to make an economy less reactive in a crisis), what is crucial is the sustainability. If an economy grows more quickly than the debt "in the long run", the debt will keep stable. Truth is, the really important thing is the reputation of a country. Germany can spend a lot more money than Italy for example, at comparatively lower interests, because everyone is sure that Germany will pay back. Italy is... A bit less reliable to many.

    8. Poechi

      Anyone else notice that creepy stuff they did between 21:20 and 21:32? It might be for satire but I didn't like it personally. That being said I more or less agree with John Oliver on this. What matters is if we are using our debt well to build up better. Not if we have debt or not. This being said, both sides have this tendency of wasting money for no reason. It also does tend to matter if we have the assets to actually pay it off in the worst case without ruining the nation. When the bill does come do if we don't have the assets at that time that is how you get pre-WWII Germany. A situation where even a loaf of bread was $1,000,000. Alternatively, more recently Venezuela. Eventually the bill always comes due at some point this is proven by all of human history. We should at least keep that in mind as we spend. I think both right and left politically act like irresponsible children to varying degrees on varying things. It is like 5 year old children arguing about who has the best macroion art or who's daddy would win in a fight most of the time. At least that is based on what I have seen personally. Don't get me wrong when I comment I am just putting my thoughts out there blindly. I don't actually care one way or another. I am simply speaking into the void as always.

    9. Joel Henderson

      Almost no mention of the Federal reserve, the facilitator and financier of the majority of debt the US holds.

      1. Joel Henderson

        @seigeengine the clearest sign that you have no argument is resorting to personal attacks. Guess I'm just a "loser" now for not being up on your level of enlightenment LOL.

      2. seigeengine

        Hey, anybody notice how this loser didn't even try to back up their claim, just made a different one?

      3. Joel Henderson

        Please. The Fed has been buying assets, namely t-bills with QE1, QE2, operation twist, 120 billion per month of MBS allowing a great suppression of interest rates. We better all hope and pray that rates never rise too sharply or we are all boned. Sub 2% for like what the past 10 years or more? We are addicted to cheap money. When the punch bowl gets taken away, last one holding the bowl loses.

      4. seigeengine

        I mean, that's just objectively false.

    10. Zach B

      Typical Keynesian economics. The bubble will burst eventually, an no amount of interest rate drops will save it.

    11. Cucumber With Anxiety Disorder

      ok, so... what I understand from this is that economy is a free field of interpretation. In Greece (as well as in Argentina) the debt destroyed EVERYTHING (economy, education, the work relations, etc) and the country had to go under hard measures and austerity. BUT IN THE USA the interest rates declined (!!!!!) so the country has time to save the possible economic destruction...(???) I shouldn't be surprised, because the american debt hurts the citizens, but with few more wars the american economy might manage to balance

      1. seigeengine

        Basically we just don't really know, because economics is trying to describe the aggregate behaviour of eight billion humans in the context of an ever-shifting complex environment. We've developed lots of ideas that have had some value. Ultimately, the USA holds debts in US currency. It can pay off this debt at any time by simply making more currency, at the cost that doing so will increase the supply of currency, lowering the value per unit of the currency, which typically leads to a loss of confidence in the currency as a store of value, leading to further devaluation of the currency. Greece did not do this. Greece used the euro, which has advantages, but also means Greece couldn't just devalue the currency it used to pay off it's debts. One thing is certain though: austerity is not the correct response to debt. Austerity only leads to suffering. Countries are not like personal finances. You can't pinch pennies for a bit and have everything be fine, since the things the government spends money on are things directly related to productivity. A country doing austerity is like a factory deciding that in order to get out of debt, it'll stop maintaining it's machinery, when in reality that will lead to the machinery failing, increasing costs and lowering the output of the factory.

    12. Guido Beninca

      and yet, the US feel entitled to burden 3rd world countries like mine (Argentina) with huge interest rates

    13. AgentHEKTAH

      HOLY SHIT! Sad Im about to unsubscribe, this used to be my fav show, stupid pandemic killed this show, I dont know if they fired their best writers, but the jokes are way too weak., I used to laugh hard, now I just keep waiting for the punchline zzzz.

    14. Toxic Aristotle

      This didn't age well.

    15. Garland Ragland

      *looks at current inflation rate* How you feeling now, Oliver? This didn't age well, homie.

    16. tommy srs

      The unnatural lock distally memorise because pair angiographically twist by a amusing suit. encouraging, petite light

    17. Gokul Payyanur

      The reason Greece become bankrupt was that they use the euro and they can not print them like other countries can with their currency

    18. Joyful Sorrow

      I'm sorry, but that "that's not a clock!" kid is hilarious. Loved the bit at the end.

    19. Sean Falbee

      Or you could specialize schools, considering breeding is the only thing that isn't regulated, and we can use specific direction.

    20. Sean Falbee

      The biggest problem isn't the debt.. It's the inflation, while wages will not keep up. You've gone to the store, and noticed the increases.. Remember.. All jobs must be done for us to function properly.. It's where we are now. No one wants to work cheaply anymore, so there are finding better jobs, and many places are lacking employees.. This is where price inflation kicks in, because the business won't take the hit, so they raise prices across the board to pay higher wages for drafting new employees, therefore your saved capital will not go as far, and most people end up buying less... It's a redundant cycle, where we as individuals, all play the individual game, and no one except a few ends up winning.. Kind of like monopoly.. What's coming is a crash, and no.. Crypto can't save you, because there is no physical version. It's the problem with electricity.. You need it to have any value.. We are just digging a hole right now, that can cave in at any moment, because we refuse to work together..

      1. seigeengine

        @Sean Falbee I mean, in reality, purchasing power of Americans on average is roughly the same as it was a long time ago, which is bad enough, but the problem is the poor are being starved out in some kind of perverse self-destructive class warfare.

      2. Sean Falbee

        @seigeengine They just didn't know the difference.. They have been worked for pennies on the dollar.. They are just waking up to it now.

      3. seigeengine

        People never wanted to work cheaply. You kind of just flail all over with that.

    21. p sup

      National never a thing, when federal reverse is consider its interest rate, it base on mostly target inflation/growth Besides, as long as usd remain as the international reserve, the risk is for the globe not the country, who pay for it? China, and Japan l, and other country

      1. Zach B

        Another currency will take over. If the us cannot stabalise their debt, countries will move to more sensible currencies.

    22. jaykyu1

      So who exactly is the debt owed to? 5% to CCP, how about the 95%?

      1. seigeengine

        22% is owed within the government, for example, the social security trust fund invests in government bonds. 25% is owed to foreign entities, and, as I think John mentioned(???), the largest owner of this is Japan. 53% is owed to private American entities, individual or institutional investors, etc.

    23. Jessica Harding

      I'm more worried about the dog shown in the Greece riots

    24. thatperson 001

      Here's a question. Why is salary getting taxed more than the stuff that you own? Rich people should get taxed per home and per car. Not on their salaries.

      1. seigeengine

        because people generally don't like to be taxed endlessly on the shit they own. You can argue that would be good for society, but you could also argue eugenics would be good for society, yet we also have problems with that, don't we?

    25. ManOfManyHats

      13:05

    26. Americannovice Twocentnovice

      It’s a sad day when a foreigner knows more about political corruption in America than the American people themselves.

    27. Americannovice Twocentnovice

      The debt increased during the Obama tenure because the Republican Congress refused to release taxes to pay off the debt.

    28. Americannovice Twocentnovice

      A robust economy with record low interest rates is not a robust economy after all.

    29. Americannovice Twocentnovice

      The debt is not affecting the current politicians. The debt is going to affect the future generation.

    30. Americannovice Twocentnovice

      Trump wants to make America great. Republicans want to make China great again

    31. Americannovice Twocentnovice

      The poor get poorer because the Republicans will not increase the minimum wage.

    32. Americannovice Twocentnovice

      Borrow because you can’t see the future further than your nose.

    33. Americannovice Twocentnovice

      In America, the Republicans are so concerned about the increasing national debt, yet give the wealth a tax break in 2017 under the Trump presidency.

      1. Zach B

        And the middle class. Taxs were cut across the board. We saw a disporportionate tax cuts to the rich simply becasue the rich pay so much more in tax. Personally, I agree with you. The income tax cuts were ill-advised. But the corportate tax cuts were beneficial. The us had the highest corporate taxes in the country and it was holding back our economy. If I were to write the tax code, I would drop the coporate tax rate to 15%, but remove all deductions. I would also cut payroll taxes.

    34. Guru Ouroboros Bukele Nakamoto

      It's about taking in debt to improve productivity. Trouble is we're not improving productivity with added Debt!

      1. seigeengine

        It really depends. Republicans cutting taxes and inflating the military budget? Not meaningfully improving productivity. Democrats investing heavily into infrastructure, development, and social programs? Meaningfully improving productivity.

    35. Angela Wheeler

      Your poem about crazy Ted Cruz was great really great...

    36. Angela Wheeler

      Sir I love you so much. I watch your videos every day and laugh my but off...you are wonderful and please please trash the lieing churches again please. Thank you....

    37. Kijas

      16:00 What do you. Mean YOU DON’T KNOW??? It’s ALL Tied up. Watch Ray Dahl’s Video on the Economy Machine. Explains it all in very simple terms

    38. Cleolx0 Brennannh51

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    39. Tony D

      I love when he starts ragging on Ted Cruz

    40. JoshStobart

      If smart financial decisions were some magic key to reducing a deficit, surely we would see signs of it working by now... the argument John makes here is COMPLETELY full of holes and based on the american bias towards spending. If the debt goes up at a steady rate, so does inflation. Plus a lot of the 'smart investments' right now are still borrowing from the future in other ways (plastics, fossil fuels, desertification, need i say more?). Not to mention the psychological impact of being in debt as a country... it might be casually explained away by owls screeching into a void but that does not change that debt creates stress and prevents governments and people from making necessary changes for the good of the people and the planet. Fuck you for perpetuating a braindead argument. You should know better.

      1. JoshStobart

        @seigeengine I facetiously quoted John and replaced the initial subject. If you can't understand the sentence, take it up with him. As for having a good argument... how am I not? Do I need to spell it out for you?

      2. seigeengine

        See what working by now? You really aren't even trying to have a good argument, are you?

    41. Richard Banks

      "Wealthy people are wealthy because they took the risk and invested wisely" "OK. Since I have no money can I borrow some money to improve the conditions of the poor then?" "No. Balanced budgets is financial maturity."

      1. Zach B

        @Richard Banks What budget must balance?

      2. Richard Banks

        @Zach B Why invest in anything if all budgets must balance?

      3. Zach B

        "I deserve money just because" How about finding a job, and spending apropriately so that you can set up a decent investment fund?

    42. Gary Edwards

      This guy has always been a Democrat shill. Every episode before is a smoking gun and if you cant see that from this bullshit, you're lost

      1. seigeengine

        @Gary Edwards As hilarious as it is true.

      2. Gary Edwards

        @seigeengine this is funnier than anything john Oliver has ever said

      3. seigeengine

        Or maybe... the Democrats are right.

    43. raomega8

      Definitely glad John's estimation on the urn was wrong (4.23.77-3.30.21) and happy belated birthday!

    44. Jakob Winter

      @LastWeekTonight should do a show on compound interest, just to demonstrate how messed up our money system is.

      1. Jakob Winter

        @seigeengine Ok, I'll try to find sources to proof my assumption. You could speed things up by finding sources to disproof it.

      2. seigeengine

        @Jakob Winter Cool, now prove that ALL money derives from that. If you can't do that, you've just pushed your assumption back further. I told you that I'm not convinced of your answer, even after deliberately going to read about it for a while, not that I'm convinced I know the answer. Ultimately you're right where what I read was: just having pushed back the assumption without ever really proving that that's the source of all money. I mean, it begs the question: why? Why would addition to the money supply require accompanying debt? They could print currency at cost and ship it out if they wanted, for a basic example, right? That would ultimately devalue each unit of the currency, sure, but that would introduce new money without equivalent debt. It seems to me the answer is it doesn't, so that suggests to me that the currency isn't really based on debt and that there's an alternative motivation for that method of increasing the money supply.

      3. Jakob Winter

        @seigeengine To my knowledge thats how money is created - starting with central bank money (which is created in exchange for government bonds => debt) and going all the way to deposit currency (created when someone takes out a loan from a bank). Am I mistaken there? If so, could you point me in a direction to read up on it and understand it better?

      4. seigeengine

        @Jakob Winter Is this some kind of weird grade school math question? "If the wind is traveling South South-East at 34 mph and your bank loans you $100 is all money based on debt?" I mean, your literal example to try to prove your point just assumes your own conclusion. You just moved the assumption that all money derives from debt back one step. Instead of saying that all money comes from debt, you went "if you need more money than you have, where are you going to get it? MUST BE DEBT BECAUSE ALL MONEY COMES FROM DEBT! CHECKMATE ATHEISTS!"

      5. Jakob Winter

        @seigeengine Well, thats where logic leads me. If the bank lends you 100$ and expects you to pay back 110$ after a year... where do those extra 10$ come from? The bank is asking for something that never existed and only they can create. For those extra 10$ to come into existence, someone has to loan them from the bank, perpetuating the cycle of ever increasing debt. If you can spot a flaw in my reasoning or have good sources for me to read, please let me know. I'd prefer not to believe that our whole monetary system is founded on an inherently expansive, centralizing function. But currently, thats what it looks like to me...

    45. Ryan Anderson

      Uh, let me solve the "unknown" of why there are low interest rates. Because all the money is going to the top 5%. Therefore there is no velocity of money (normal people exchanging it for goods and services). It serves the rentier class to keep rates low so that they can afford to borrow more and buy EVERYTHING. Rates start to get too high? All that takes is a crisis........had any of those lately?

      1. Zach B

        The government loans money to banks. If the rates are too high, banks will not take the money and thus that home loan you might want will be denied.

    46. Ryan Anderson

      republicans are a fiscal abomination.

    47. Ryan Anderson

      If they are so worried about the future generations, perhaps think about what the rentier class is doing to do to them? Maybe think about the starvation ensured by global warming? A-holes want to talk about tyranny as they offer $7.29 an hour???

    48. Jf H

      Awwww ... Republicans care so much about the children. Then why did they defund CHIP? And American babies born with that debt are also entitled to what that debt bough: lots and lots of guns, and bombs, and jets, and aircraft carriers. They never ask how to pay for that, now you know: its on lease under the kid's name.

      1. Zach B

        Get insurance and you wont have debt

    49. Fat Gandalf

      The Ted Cruz poem is a masterpiece. I submitted this as my self-written poem

    50. Stephen

      Don’t pay a debt. It’s all fake.

    51. Leopoldo Esquibel Jr

      He did not mention that the inflation is higher now than before.

      1. seigeengine

        What? This month specifically, or?

    52. Andreas Bengter

      dept could cause another 1930s depression again..

      1. seigeengine

        Do you think the 1930s depression was caused by government debt or something?

    53. A Garcia

      The debt has been growing all my life. Nobody does anything about it. Not sure it matters.

    54. Tylor James

      I miss the background picture & background laughs on John Oliver show where you here peoples laughs.🤗🤗🤗🤗🤗🤗🤗🤗🤗 love John Oliver shows always watching him. I just miss some things missing on his show that aren't there anymore. Where's the background laughs.😀😀😀😀😀🍿🍿🍿

    55. MadeUpName TwoHundred

      (EDIT: Otherwise, Namaste.) Got the value of Uber wrong: In the electrical age, size is not profits, just fashionableness, i.e. not "valuable companies". Uber is merely a size that measures the fashionableness of a particular kind of abuse. Gravel's peeps did one about that. EDIT: in the age of pedestrianism it was like this in the middle east with the souvenir business. That's how people got upset enough to start Islam.

      1. Seldom Needy

        Uber's valuation is arguably too high, but they are beating the competition (e.g. Lyft) by a big factor because they were willing to outspend them. They've also spent a huge amount of money on avoid being regulated like say regular taxi services.

    56. Pataka Institute

      Government (National) Debt is simply Private Sector Savings. Both are numbers in accounts at a nations Central Bank. The term National Debt or Government Debt is an anachronism from when that nation was on a fixed currency such as a Gold standard or fixed to other currencies. The anachronism is effected when citizens, and therefore media falsely believe that a floating currency system requires borrowing or taxation in order to fund a Government. That is only true under a fixed currency system. In short, government debt is simply a record at a central bank of a nominal figure of the amount of government investment into the economy (private sector) this record of dollars not yet used to pay taxes or in other words, private sector savings. In this case of the US, this is approx $US22T of citizens savings not yet used to pay taxes ie Public Sector Debt is in fact Private sector savings right down to the penny. How is the debt paid back? it already is, its sitting in an adjacent account at the same central bank as private sector savings. No Chinese govt or Grandchildren in sight. In fact, our grandchildren don't inherit any debt, they are inheriting savings...even if they don't want the savings they can just use the same floating currency to build their economy when there time comes...Easy...

      1. Pataka Institute

        @seigeengine Yes it is, and I'm right you're wrong. No, if you don't pay you're taxes you are removed as in go to jail. An economy is made up of willing buyers ands sellers of goods and services. No, taxes don't 'work' people do. Taxes are used to cause people to produce goods and services to earn the currency to enable them to pay taxes, save and invest. No I'm not wrong, but yes it is certain for me to be wrong if I chose to talk about something I'm wrong. In this case I'm talking about something I'm correct about. But happy for you to try and show me where I'm wrong re the above. So, show me where I'm wrong, saying I don't know doesn't prove I'm wrong it just shows you disagree with me, or think I'm being 'circular' in my definitions, that jus shows you don't understand what I'm saying, not that I'm wrong, but I'd like more than just disagreement, I'd like you to literally show me I'm wrong about the economy, or the currency or taxes etc. Be my guest.

      2. seigeengine

        ​@Pataka Institute No, it isn't, and circular definitions won't help you out. Many people remain in the economy without money. What are you talking about? Why do you think an economy is a physical thing you can be physically removed from? What do you even think an economy is? You clearly don't know how taxes work. ... Or you're wrong. That's also a possibility. Wink wonk.

      3. Pataka Institute

        @seigeengine Wrong! It is verified empirically, you just don't understand it. Just because you don't understand something doesn't mean its not verified empirically. So here is the empirical evidence "what is the exact amount of private sector savings? it is the government deficit, not an estimate, not a hypothetical, the actual amount down to the penny. On your the second point you raise, you are likewise 'wrong'. The currency is entirely the foundation of any monetary economy. This is how you test this empirically, how do you remain in a monetary economy? ie what would cause you to be physically and thus empirically removed from an economy? when you don't earn the currency to pay your taxes. if you don't pay taxes you end up in jail, an this can proven that empirically as well. An economy is a group of willing buyers and sellers of goods and services. These buyers and sellers ended up that way because a liability was imposed on them by the Government, payable only in that Government's currency, in effect the currency is the only accepted tax credit in an economy ie you can't pay your taxes in Bitcoin or Cabbages you've bartered for. Therefore, to your points i) empirically government debt is an anachronism and a misnoma, it is easier refereed to as the amount of dollars invested into the economy by government that has not yet been used by citizens to pay taxes with. ii) the currency is the only accepted tax credit, backed by force in payment of your tax liabilities, so once you;ve finished having fun with the currency as a unit of account and as a more efficient transaction platform than barter, once all that fun is done, all road lead to the IRS for your portion in payment of taxes. There are however three entirely enormous barriers to this understanding as outlined....i) Cognitive Dissonance ii) Ego iii) a toxic mix of both. Over to you.

      4. seigeengine

        @Pataka Institute Yes, hypothetically. When the premise is attempted to be verified empirically, it fails to describe real world results, and no amount of circuitous nonsense wherein you define all creation of currency as spending or ignore that currency is not the foundation of an economy is going to change that.

      5. Pataka Institute

        @seigeengine Nope not hypothetically, its how it works right now. And yes, government spending is private sector savings, thats how you have savings, someone has to do the spending first, and only government are legally allowed to issue their currency. No govt spend, no m=dollars in the economy...simple. when you are the currency issuer, who do you borrow from? nobody, you are the source of the dollars. simple simple...but understandably mind boggling to many, simple things are.

    57. Diane L.

      John Stossel loss his credibility a long time ago when he lied on air about organic foods. Just another hypocritical GOP.

      1. seigeengine

        @Diane L. He admitted to having mistakenly thought one test mentioned out of many was done and had a certain result.

      2. Diane L.

        @seigeengine mistake? He admitted that he made the whole thing up. Ha!

      3. seigeengine

        ... What? From a quick goggle, he made some minor mistakes in recounting some tests on organic and conventionally farmed produce. That's fine to criticize him over, because his job is kind of to get it right, but you're acting a bit much. Also, organic food is still a scam, and a hilarious perversion only possible due to our immense privilege.

    58. Daniel Box

      never watched Oliver before. bit interesting. but 10 mins in and 4 strawmen? And it is mixed in with some good points though? Strange show, will have to watch again.

      1. seigeengine

        And yet again, someone whines, but says nothing that can be responded to.

    59. Sergei Abbitjakokov

      HEY!!! That's Ronnie Raygun your talkin smack about!

    60. deadlypandaghost

      You realize inflation has already started and its not done yet. Just track your grocery bills over the year. This has been your daily reminder that most government statistics are absolute bullshit that have been manipulated into meaninglessness. Also the fact that we haven't had a debt crisis yet doesn't mean we should continue spending money. Yes we absolutely should consider it as new data. However we do have tons of examples of how much debt can screw over everyone in a country.

      1. seigeengine

        Imagine making a statement as moronic as "inflation has already started and it's not done yet," and then thinking anyone will take you seriously.

    61. Arsenic

      I never believed that taking on debt was per-se a good thing. I also never believed that inflation was a good thing. Debt will have to be paid back and inflation is theft. Inflation is only good for debt-heavy countries because their money's value drops down the toilet. As has happened to both the US$ and the GBP over the past decade(s).

    62. Arsenic

      Just imagine what the debt would be were it not for inflation?

    63. DonMeisner

      America needs to raise its revenue. Tax corp, Tax the rich

    64. Mike Harrison

      Perfect. Check out Ann Pettifor, The Production of Money.

    65. JSan

      Interest rates are low.. is because you owe so much... imagine what would happen to your debt payments if they where raised??? And US has an underlying ace up it's sleeve owning the reserve currency which gives it some quiet a bit of leverage.

    66. Gibran Otway

      Too bad the simple solution is to stop spending on a bloated military and intelligence. Nothing else even makes a dent in it but nope that would be asking too much

      1. Gibran Otway

        @seigeengine I’m not saying drop it I’m saying move it to things that actually benefit the ppl most of that money goes to cia shells and bids for Raytheon and other contractors not the actual military.

      2. seigeengine

        It's not actually that simple. The USA would have to basically drop it's military spending to $0 to balance their budget. Last normal year was 2019. Spending in 2019 was $4.5T while revenue was $3.5T. Total military spending is about $1T.

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    68. Pharaoh Bubbles

      Our own govt DOES NOT need to lecture US about history

    69. Easter Rabbit

      This is very misleading

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      This is going to be epic! what a bunch of sheeps right here :D

    71. king bush

      Most people venture into crypto to be a millionaire, meanwhile, I just want to be debt free

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    72. Brian Tyson

      Ronald Reagan knew nothing of virtue.

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    75. Skylar Conover

      I love how the video went to a grave when they said ‘great-grandchildren’. Quality

    76. Kelly Parish

      I love that final message sooooo much!💖

    77. Mike Waker

      the US will owe by the end of 2021 about 30 billion USD.

    78. Tzu Hin

      yeah oliver dedt is no problem, just ask the weimar republic. Or venzuela. Or simbabwe...

      1. Brian Tyson

        Weimar republic was because of the onerous debt France imposed. Venezuela was a totally different economic paradigm. Zimbabwe was looted by the kleptocracy. They were nothing like each other . Specious logic.

      2. Tzu Hin

        ​@seigeengine so far the only thing you where able to do is scream out generic one liners. You might as well be a bot. How about you actually react to what i write, or is that a intellectual challenge for you?

      3. seigeengine

        @Tzu Hin Apparently it is too hard for you. Shucks.

      4. Tzu Hin

        @seigeengine I dident hear one good argument in the clip, so considering that, looking back at history is a pretty good indicator what their is to come. Or can you name me one country that had massive debt and continued to exist for a substantial amount of time? But if I just would pick randomly one false BS argument out of this mess of a video and add another country to the list above: the only reason why Greece didn't fall apart and became the next Somalia is because the EU payed their way out with even more debt. till this day Greece is suffering the effects and nothing has been resolved their as well it still is a ticking bomb witch can and probably will take down the EU. I wonder hows gonna pay for the US when the time comes. those that satisfy you?

      5. seigeengine

        How about you make an actual argument, or is that too hard for you?

    79. darkalman

      If the US Federal Government were a person making $75,000 a year, For that person to be in the same amount of debt as the US government they would have a $525,000 mortgage. Which is not even enough for an average house in New York. 27 Trillion dollars sure is a heck of a lot of money, but you have to look at it in perspective. Another thing to remember is the biggest debt drivers in the past 2 decades haven't been social programs and so called freeloaders, it's been the War on Terror. If you really want to save the tax payer money, you should stop using Foreign Policy and the CIA to meddle in other countries affairs.

      1. seigeengine

        To be fair, 22% of that debt is also intragovernmental, or, that is, it's owned within the government. Military spending is definitely a big cause, as is inefficient medical spending, each of which amounts for roughly a quarter of federal spending in a typical year, but Americans then spend more than that again privately. This suggests that if the USA implemented a proper public healthcare system, it'd free up over a trillion dollars a year that could enrich Americans directly, or be collected as revenue via higher taxes without decreasing quality of life, or any mid-point.

    80. LG Conlon

      Republicans can seriously damage your wealth.

    81. Gotham Bat

      Imma have to pay for this shit in a few years.

      1. Gotham Bat

        @seigeengine debt can be helpful in the long run, but being constantly in increasing amounts of debt for almost 100 years straight isn’t reasonable or helpful any way you cut it. Doesn’t matter if it’s $1 trillion on infrastructure or $1 trillion on binoculars for the blind, massive debt is massive debt and has to be paid off regardless of economic conditions or benefits.

      2. seigeengine

        @Gotham Bat Same shit. Debt isn't bad. The government increasing it's debt isn't, of itself, bad. Pay more mind to what it's being spent on, and not so much on whether or not it's being spent.

      3. Gotham Bat

        @seigeengine except when the debt has been piling up non-stop for decades...

      4. seigeengine

        Like with personal or business loans, it's all about what you do with it. Debt can be the road to riches or the road to ruin.

    82. AbsentMindedProf

      Richard Campbell of Omaha, Nebraska. If you're reading this, for god's sake don't step on any cracks!

    83. Yianni Mitropoulos

      "That's not a clock" -- Remember when Trump first took power? The doomsday clock was all the rage. No one had any issue calling it a clock. The left, in particular, loved talking about the doomsday clock. Yet now, suddenly this same side of politics now tells us the debt clock "is not a clock". Well, which is it going to be?

      1. Yianni Mitropoulos

        @seigeengine It's definitely you who is the loser, as is plain for all to see. Let's also go through your points, since this is more important. "No, I don't think using distance in time as a metaphor for how conceptually close Humanity is to doomsday is silly." -- That's because you don't understand my argument. My point is that the probability of doomsday occurring per second that passes is not really analogous to a time, or even a distance. And even if it were, displaying that distance on a "clock" still doesn't constitute a very intelligent metaphor. "No, I don't, and neither time nor a mean abstraction of debt are events." The event is the borrowing of debt. In the same way 1 second passing is an event, similarly $1 being borrowed is an event. Also, it's interesting how you complain about the intelligence of others, while failing to grasp analogies yourself. "You really wasted most of your comment whining about me mocking a whiny loser? kay." -- Let me guess, you also found psychology very confusing and a bit boring? Here, let me explain to you the basics. You talk that way because you're backed into a corner and can't win the debate. It's a classic strategy, but not very effective if you can't interrupt people. By the way, you must be very dumb to have chosen a strategy that doesn't work in a written form.

      2. seigeengine

        @Yianni Mitropoulos No, I don't think using distance in time as a metaphor for how conceptually close Humanity is to doomsday is silly. No, I don't, and neither time nor a mean abstraction of debt are events. You really wasted most of your comment whining about me mocking a whiny loser? kay.

      3. Yianni Mitropoulos

        @seigeengine Let's go through these points one at a time "... That's because the doomsday clock is a clock... as a metaphor." -- Trying to represent a probability of catastrophe per unit time as somehow analogous to a "time from midnight" is a pretty silly metaphor, don't you think? "The "debt clock" isn't actually a clock at all, it's just a big number out of context you watch going up." -- Whereas an ordinary clock ticks forward 1 second each time 1 second passes, the debt clock ticks forward $1 each time $1 is borrowed. They're both "event-tickers", it's just that the events that make them tick are different. So, the metaphor is quite strong, don't you think? "I realize you righties are some of the dumbest humans alive, but come on now..." -- Wow! You've somehow managed to combine 2 logical fallacies with 1 instance of hypocrisy, all in a single sentence! False dichotomy fallacy: mistakenly believing that anyone who understands that the contemporary left is extremely biased and hypocritical must necessarily be right-leaning. Ad-hominem fallacy: mistakenly believing that if you can somehow prove someone is unintelligent, that this somehow addresses their points. Hypocrisy: while you're quite correct that the political right contains "some of the dumbest people alive", pointing this out comes off as quite hypocritical, unless you've publicly criticized the hypersensitivity of the progressive left to word like "retard" fairly recently, in which case I retract my comment. In particular, recall that your side of politics is trying to ban the word "retard", which basically means "one of the dumbest humans alive". Yet you're apparently very comfortable accusing your perceived enemies of being "some of the dumbest humans alive"

      4. seigeengine

        ... That's because the doomsday clock is a clock... as a metaphor. The "debt clock" isn't actually a clock at all, it's just a big number out of context you watch going up. I realize you righties are some of the dumbest humans alive, but come on now...

    84. Paul, Does things.

      In all honesty if we believe in the economic system there is probably no reason it couldn't reach 100 trillion, maybe 100 septillion. You'll make a few million a year and houses will be worth hundreds of billions. In theory it could just go on infinitely, because the entire system isn't actually real, as long as the mases accept the perpetual debt machine and the banks or govs just allow it to continue I don't really see any change happening.

      1. seigeengine

        I mean, no system of exchange can be any more real than the one we have now.

    85. Andrew Harabin

      John buddy... Love ya but you're telling me that your team of writers did not bother to look at the FED's policy for the past 12 years to answer the question of why interest rates are so low!? I mean do you know know what Quantitative Eeasing is ? Did you not bother looking at the US bond market ? This is not only lazy writing but its extremely misleading.

      1. seigeengine

        Andre buddy... Don't care if you live or die, but you've stopped short of an actual argument.

    86. JLF

      The way John mentioned the Greece riots over debt, I thought he was going to say they weren't exactly rioting because of the debt....

    87. MonoPalisa

      US didnt become greece simply because people still believe in US currency so more than enough countries are happy to loan US money. Greece on the other hand did not share that luxury.

      1. seigeengine

        Also Greece using the Euro meant it couldn't devalue it's currency to pay off debts.

    88. Van Dieu

      Secular Inflation will make a return precisely because nobody thinks it will

      1. seigeengine

        ... as opposed to religious inflation?

    89. Handsome B. Wonderful

      I actually own a Mr. Cage pillow case. Ot has a close up of his smiling face. Written on the upper right corner it says "see you in my dreams". Definitely worth the investment.

    90. Bankside1997

      There is no mystery as to why interest rates are low. That that guy that works at the IMF does not know only speaks tons about how stupid he is. The Federal Reserve {the central bank of the USA} establishes interest rates according to monetary policy. Said policy is established by a group of humans that think they know best and that work in the Federal Reserve, with the help of the US Treasury Department. The Federal Reserve is funded and the Directors of the Federal Reserve are elected by, PRIVATE BANKS. Yes, the same private banks that cause financial crises, like the one in 2008. The Federal Reserve of New York directors are officials of Morgan Stanley and the like. Now you know who manages the Federal Reserve and how interest rates are established. Another thing, the interest rates the Federal Reserve establishes are what other central banks around the world use to establish their own interest rates, after all the global economy works on the US dollar.

      1. seigeengine

        You've missed a vital detail. None of that matters unless people keep buying that debt. Nothing is forcing them to do so, they are choosing to continue.

    91. Ehud Gamliel

      stupid man

    92. Hà Trần

      That bridgerton joke about not finnishing crap is gold 😂

    93. Galba

      I disagree. Interest payments are low due to investor confidence. That confidence is multifarious. Wealth concentrated in the richest Americans, buybacks of stocks which increase the price of stocks which directly increases the GDP, a large investment (older) population in the US (as opposed to the young folk considered consumers),

      1. seigeengine

        And here are some problems with your spiel: 1. Increase in stock prices does not directly increase the GDP. Stocks are not part of the GDP. 2. It's disingenuous to speak of age when you're really speaking of wealth. 3. Taxes are broadly on generated wealth. Selling off assets should not be necessary unless they are performing poorly anyway, especially if they've realized capital gains on those assets, which would trigger even more taxation. This doesn't apply to wealth taxes, which you mentioned, but you're conflating wealth taxes with taxing the rich and corporations in general, so you don't get a pass. 4. That entire giant spiel reads like parasite propaganda. I'll give you the benefit of the doubt that that is not your intent, so be sure to do better in future so what you're supporting those conclusions with isn't so flimsy. That said, it's absolutely confidence in future US ability to pay interest on those debts that keeps people buying up that debt, as well as some more complicated factors involving international trade that I am poorly equipped to explain.

      2. Galba

        Oh my gosh it is so difficult to post a comment. Continuing from “consumers),” which all results in favorable credit ratings from the approved indexes, e.g. S&P 500, and our rating is approximately triple A, which is globally outstanding. It’s a seemingly simple principle that interest rates are low when confidence is high. So even a strong military helps! The factors that can influence this confidence are too many to name, and I only covered a few, and myself not being an economist of any level I cannot claim that my explanation is correct, but I was told we could have a good faith discussion about this with lots of run on sentences! So yes, if the GDP to interest payment ratio remains essentially linear and almost flat over a long time, then debt really isn’t the MOST concerning issue in the US. Not being an economist, I guess that our payments are low due to sources of debt confidence. When we increase taxes on the rich and corporations they sell assets to pay those taxes, obviously so in the case of wealth taxes considering most (not all) rich people and corporations don’t keep Scrooge McDuck vaults. So there is a sell off in asset markets after the tax is implemented likely if not certainly leading to a bum rush to the primary bond market which decreases the yield on the secondary market, i.e. the bond yield. In other words, as taxes, especially on wealth, increase for corporations and the rich, our debt becomes less valuable at the same time that our economy inexorably contracts due to a sell-off, in the case of increasing taxes on the rich and corporations. Not a fun outlook, very pessimistic let the rich get richer type of thing, but the next time you see a rich person acting like an asshole you might just think, “Stay rich Richie, you are no better than a security deposit on an apartment!” I apologize for run ons, commas used for rhetoric, and the general auora of this post which is “I’m a young Republican asshole” Good morning!

    94. Lev

      Thats why we invest in Bitcoin, debt is just a symbolic number for us.

    95. Tracy Estabrooks

      no budget is a balanced budget you have any kind of debt then you have a negative and you can't even comprehend when I talk about positive increase expansion explain intial you don't even know what those terms are because you're too busy with f****** debt and negatives you live in the pit of Hell

    96. Tracy Estabrooks

      no you can train in the debt and reduce the spending because then you're going to reduce with the people actually get from it and the only reduced spending you're going to do it would be on the benefits that the people receive

    97. Tracy Estabrooks

      Did you ever get the erotic rat painting did you ever win that how's it going John Oliver you don't remember me watching you at the beginning of 2020

    98. Tracy Estabrooks

      No I'm not trying to hire a vitamin from a Ken doll

    99. Tracy Estabrooks

      you say you were getting stuff for the money that you're spending then how come with Medicaid you also get medical testing done on you you also get all kinds of weird s*** with your Medicare Medicaid and then also what about all the stupid s*** that we're not getting that they're spending money on like the 32 million that they spent on that election when we all know that Vladimir was the perfect person to hire, I'm even trying to hire him myself not going to let you know anyting

    100. Tracy Estabrooks

      whenever I was checking my my debt my debt log Japan yeah and I kept I kept going why why is that because China is at the top of the at the debt counter and Japan's right down below that but but it but it's a higher number and that kept always stumbles me whenever I talk about it but Japan's easy to take care of I Love The Land of the Rising Sun