There is a lot of information about the national debt, but misconceptions cloud the debate. There are five common misconceptions about the national debt. This video explains them, as well as why they are not accurate guides to measure the debt. Heritage’s Brian Reidl also mentions the real threat to the National Debt – unfunded entitlement programs.
Reidl closely examines the myths on how the debt was created, and what can be done to reduce the burden.
[youtube]http://www.youtube.com/watch?v=YabLqJ0RwPQ [/youtube]
Why not embed the video in the blog post, rather than post the link?
Nevertheless, great video, thanks for this.
I like the way the five misconceptions were explained. It cleared up a lot of things for me. Now it is the real threat that scares me. The myths on how the debt was created are understandable enough but the suggestions on how to reduce this debt are most welcome.
Evelyn Guzman
http://www.debtchallenges.com (If you want to visit, just click but if it doesn’t work, copy and paste it onto your browser.)
The truly sobering thought is that so much federal economic policy is based upon the misconceptions and not the realities. In addition to passing a test on the U.S. Constitution our Congress ought to be have to tested on elements of economics. I recommend "Common Sense Economics" by Gwartney, Stroup and Lee or anything written on economics by either Thomas Sowell or Walter E. Williams…the latter two gentlemen both being well-known economists and conservative authors.
The US is basically a bankrupt economy. Remember Ross Perot and his utterances. Perot blamed the nation’s economic problems on the government’s inability to contain deficit spending ($350 billion in 1992) and pay off the ever-increasing national debt (a little over $4.1 Trillion in ’92, less than half of what it is now). I am sure the Chinese have trillion USD investments in the US which is salvaging the US economy from total ruin. I am sure Iraq and Afghan war costs (which is deliberately overlooked by the CBO and the biased and unfair US media) are also adding up to the swelling crisis. The capitalist US economy has resorted to socialist principles of nationalization and interventions in the markets to retard the downslide far worse than the Great Depression. You even see the Bush administration trying to deviate the focus away from this financial fiasco by labeling Russia as isolationist and irrelevant which is an irresponsible and dangerous statement from a person who has hardly two months left in her dull fruitless career.
The capitalist US economy has resorted to socialist principles of nationalization and interventions in the markets to retard the downslide far worse than the Great Depression. You even see the Bush administration trying to deviate the focus away from this financial fiasco by labeling Russia as isolationist and irrelevant which is an irresponsible and dangerous statement from a person who has hardly two months left in her dull fruitless career