Sep 26, 2024 09:18 PM
PETER ZEIHAN
https://youtu.be/SZ3ij6fVJmk
VIDEO EXCERPTS: The Baby Boomers, over the last 40 years, have voted themselves more and more social benefits, have expanded things like Medicaid, Social Security, and such, and then raided the funds that were built to fund them to the point that they’re all going to go bankrupt in the next decade or two.
In addition, we had George W. Bush with the War on Terror and the 9/11 attacks that ran some of the largest budget deficits we’ve seen in modern history. Followed by Barack Obama, who doubled it in a time of peace. Followed by Donald Trump, who doubled again in a time of peace. And now Joe Biden [...] I think he’s going to top Trump’s record this month. Anyway, so, yes, the budget has gotten out of control...
[...] the new generation coming in—Generation Z—is the smallest generation we’ve ever had. So we’re going to be looking at a constrained ability of the government to raise money through taxes for at least the next 50 years.
But, you have to keep this in perspective. The Europeans are in a much worse situation. [...] they’re going through where we will be in 30 or 40 years right now.
[...] Second, look at the Chinese. ... since 2008, they have exploded their debt up to 300% of GDP.
[...] Japan crashed and had their demographic adjustment back in the 1990s. They haven’t run a budget surplus since...
[...] So yes, if all we do is keep going on the path we’re on, we have another 30 years before we reach a Japan-style situation. And Japan’s still there now. So is this a problem? Yes. Can it manifest in ways that we know? Yeah. Is it going to manifest in ways we don’t know? Oh yeah. But not today, and not next year, and probably not the next decade either....
The section above starts at circa the 1:45 minute mark.
Will the national debt kill they US economy?
https://www.youtube-nocookie.com/embed/SZ3ij6fVJmk
https://youtu.be/SZ3ij6fVJmk
VIDEO EXCERPTS: The Baby Boomers, over the last 40 years, have voted themselves more and more social benefits, have expanded things like Medicaid, Social Security, and such, and then raided the funds that were built to fund them to the point that they’re all going to go bankrupt in the next decade or two.
In addition, we had George W. Bush with the War on Terror and the 9/11 attacks that ran some of the largest budget deficits we’ve seen in modern history. Followed by Barack Obama, who doubled it in a time of peace. Followed by Donald Trump, who doubled again in a time of peace. And now Joe Biden [...] I think he’s going to top Trump’s record this month. Anyway, so, yes, the budget has gotten out of control...
[...] the new generation coming in—Generation Z—is the smallest generation we’ve ever had. So we’re going to be looking at a constrained ability of the government to raise money through taxes for at least the next 50 years.
But, you have to keep this in perspective. The Europeans are in a much worse situation. [...] they’re going through where we will be in 30 or 40 years right now.
[...] Second, look at the Chinese. ... since 2008, they have exploded their debt up to 300% of GDP.
[...] Japan crashed and had their demographic adjustment back in the 1990s. They haven’t run a budget surplus since...
[...] So yes, if all we do is keep going on the path we’re on, we have another 30 years before we reach a Japan-style situation. And Japan’s still there now. So is this a problem? Yes. Can it manifest in ways that we know? Yeah. Is it going to manifest in ways we don’t know? Oh yeah. But not today, and not next year, and probably not the next decade either....
The section above starts at circa the 1:45 minute mark.
Will the national debt kill they US economy?