We all knew it would come to this. According to this video America going bankrupt will collapse the world economy, which has never happened before. I predict nukes and post apocalyptia.
Me playing Fallout 3 was a part of the preparations they mention in the movie. And seriously, quite a lot of countries is in the similar situation but the debt equal to 100% GDP sounds like a real trouble. In my country there's a rule stated down in the constitution according to which the debt should never be greater than 60% of the GDP. If this ever happens, the government is supposed to cut down expenses immediately. And it is the responsibility of the National Central Bank to trace this and issue warnings. Does the US constitution say anything about debt? Or maybe there's some other law which introduces any regulations? Or it's just 'no one cares until we go bankrupt'?
That video is simply right wing propaganda. There is no government debt "crisis", other than the fact that the overall level of taxation is at a historical low point relative to GDP. Ending the Iraq/Afghanistan wars and allowing the Bush tax cuts to expire would literally solve the current deficit problem in the U.S. Those two things are the primary drivers of the current deficit, not government programs.
That is propaganda itself. Of course it's at a "historical" low, GDP has always been going up for one reason or another (possibly more propaganda in play here too). But I do agree. Our problems could literally be solved by dismantling DOD budget to something more practical. But our elected representatives are fucking worthless. I also don't understand how people/companies pulling in 100's of millions/billions a year whine about a 3% tax increase...
Exactly. This "debt crisis" is a result of our refusal to properly tax corporations and the extremely rich, and our refusal to cut military spending. This could all be gone very quickly if the people in power wanted it to be. The social programs the GOP claims are the problem are pretty much just a drop in the ocean. There's no reason to be cutting them. In fact, with the latest statistics showing crushing poverty in this country, the worst on record, we should be dramatically expanding them.
Here's the chart that should be required to be shown anytime someone writes an article or makes a video about the debt...