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  • VIDEO: The Reality of America's National Debt

    America’s total debt now tops $15.2 trillion—the size of the entire economy. While this is a real concern, the greater problem is the growth of spending and debt in the future. Spending on entitlements is the real driver of future debt.

    In this clip from the documentary film “I Want Your Money,” Heritage expert Alison Fraser reveals why the national debt is a catastrophic crisis, stating: “We’re right on the cusp of 77 million baby boomers retiring into these entitlement programs, and that is absolutely unsustainable.”

    When Moody’s threatened to downgrade the U.S. bond rating, the credit rating agency clearly stated that the core of the problem lies in the growing long-term deficit trajectory. Americans know that we must tackle our spending and debt problem. Transformational changes in spending are needed to put this nation on the right course. As 43 percent of our national budget is currently spent on entitlement programs (primarily Medicare, Social Security, and Medicaid), it is most important to reform those programs to achieve long-term spending control. Deficit reduction will result.

    Heritage’s extensive budget reform plan, Saving the American Dream, has the bold reforms necessary to put our fiscal house in order while protecting seniors from poverty and assuring that future generations won’t be saddled with insurmountable debts.

    Created by a dozen policy experts including Fraser, Saving the American Dream would end our national debt crisis once and for all—by redesigning entitlement programs for the long haul, cutting government spending in half, and ultimately restoring prosperity in America.

    For more on the debt today, the recently released DVD “I Want Your Money (rated PG) takes a fast-paced look at America’s national debt crisis. It features experts including Edwin Meese III, Steve Forbes, Star Parker, Stephen Moore, John Stossel, and many more.

    Posted in Economics [slideshow_deploy]

    6 Responses to VIDEO: The Reality of America's National Debt

    1. Carrie Simms says:

      This video and commentary are fantastic! Every American needs to understand our national debt and I believe this video makes it very easy for anyone to comprehend this issue. Share this post with our friends and family!

      Carrie

    2. @iwym says:

      Thank you, Josh @Heritage for the timely blog post – Keep up the great work!

      And also, thank you to everyone out there for your continued support! Conservatives in Hollywood don't have it easy, but you all make it worth it!

    3. Stirling says:

      Amazing how a simple video can say so much… And people wonder why their are so many "Gold" comercials on the radio & tv today… at this rate of deficits paper will become worthless soon, and the 77 million retireree's will have a government IOU.. (also worth nothing)

    4. This is more of a taxing problem, not a spending problem. The rich always want to say it's spending that is the problem, but to me, I like spending their money. Lower taxes on me, and higher spending from them is good. why change?

    5. josh says:

      Every fair study of the debt attributes the majority of it to policies set before Obama took office and to the 07 recession. Instead of just putting cartoons of Obama, Pelosi, and Reid. you should have also put Bush, Hastert, and Frist and probably most importantly the american people for wanting more government than they are willing to pay for.

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