very ironic for the ceo of black rock to complain about our future. if the context to that isn’t him bringing about change in how his company drove up the housing market, it’s insane for him to say anything about the national debt
@@TA-np4mc That's why I'm not even going to bother trying to save any money for retirement because I know they're just going to screw me out of my own money like they're going to with social security
He is just saying it because he wants to try, and gin up fear, and drive people to vote for the party that largely caused this issue, and also enrich people like the CEO of black rock. The CEO of blackrock makes a lot of money holding US debt.
Because they aren’t. Sure they drive up house cost but that doesn’t mean the government spending our social security money and spending without a budget is their fault.
@@sggbuffistrash3445 literally read what you wrote again, then think again. I swear mouth breathers like you love to open your mouths without fully thinking stuff through.
They're merely a symptom of an out of control Congress. Congress wants you to think Blackrock is the problem so you wont take away their power. Blackrock was only able to drive up housing costs because Congress helped everyone lose their houses. Keep focusing on the distractions; Blackrock, term limits, the Federal Reserve, etc. Pay no attention to the Congress that wastes trillions of dollars because they have their fingers in every pie under the sun.
@@sggbuffistrash3445 it's not simply the government is spending our social security money. It's that our social security program is financially unsustainable. It works on the premise people of working age pay for those who are not working. The problem is that there are too many people taking money out and not enough people putting money in. It's dependent on there being enough workers in the workforce. It works fine when there are plenty of people in the workforce. But what happens if the birth rate decreases below sustainability levels, old people are living longer thus drawing more from SSI, and high inflationary growth? A financially unsustainable system that is guaranteed to become insolvent. It desperately needs to be reformed because simply there is not enough money being put in then there is money being taken out. And guess what Congress won't touch it with a ten foot pole. Because even speaking about fixing it, can see you out of office pretty quickly. SS and Medicaid and Medicare already consume about 80% of the US budget. Like everyone hates when benefits are cut, but if we don't cut them, it will literally kill our economy. None of these programs at their current levels are sustainable.
I have one positive thing to say about millennials and Gen z. And actually the American public enlarge. People today are a lot more aware of what's actually going on than they were in the '70s '80s and even through the '90s and early 2000s. And identifying a problem and bringing it to light is the first step in debating and figuring out a way to solve that problem for the American people whether it's a Boomer or a Gen z we're all in the same boat.
What is concerning is how social media helped bring this about...the education of the masses...and we are getting mote and more censorship and commercializing of all the apps and even Google search.
what is the problem specifically? where does money come from? (hint: the fed res makes it out if thin air every single day and has done since the US$ existed. money is an accounting system, not a resource). Who does it need to be repaid to? When does it need to be repaid, and why? What happens if it isn't repaid? what if you called government debt, government investment? #MMT
“Larry Fink says America’s $35 trillion national debt will be a ‘big burden on the backs of our children’ unless the private sector is given room to grow” is the whole title of the article. So basically it sounds like he wants less regulation like all corporations want.
@@kenjibacha2699 Too simple to use google, huh? BTW it's literally posted by another person in this thread, but keep proving how COMPLETELY INCAPABLE you are.
Nah they are causing a different sort of mess, this mess though is caused by the government itself. It's not the greedy corporations, it's the stupid politicians being afraid to fix the fundamental problems with our entitlements that are simply financially unsustainable and our stupid selves who punish actual politicians who even mention they would like to fix our problem. Like that saying goes, Americans know we should reduce our debt, and want to reduce our debt. But when asked what they would like to cut, they are like absolutely nothing.
I have worked since I was 16 years old, 63 and still working and paid INTO social security. Franklin Roosevelt set up Social Security so Americans had money to retire with. IT IS THE GOVERNMENTS FAULT for digging into social security for other reasons than what it is intended for.
Yeah, because they don't want to pay their taxes, just like they didn't in the 50's and 60's... when they were *children* - the boomers have *never* been responsible adults.
Don't trust this guy. He is PURPOSELY misquoting this headline to try and use Larry Fink's words as proof for his stance on things when Larry DIDN'T SAY WHAT HE WANTS YOU TO THINK LARRY SAID. "CEO Larry Fink says America's $35 trillion national debt will be a "big burden on the backs of our children" unless the private sector is given room to grow" Notice how a key part of that quote was covered up in this video?
where do you think money comes from? who do you think it needs to be repaid to? when would it need to be repaid and why? what do you think will happen if it isn't repaid? would you feel better if you called it government investment instead of government debt? please please please, read up on MMT.
The US borrows 78% from the public investors (including foreign governments). Remaining is interdepartmental (such as filling social security with IOUs). If there is no expectation of repayment, then there would be no “faith in the US government” and people would not lend money. In terms of just thinking of the debt as just investment, perhaps the US should just print tons of money and then it will have whatever it wants. Wouldn’t lead to runaway inflation like Zimbabwe or the Weimar Republic. Please educate yourself… especially if you vote!
@@grandgibbon2071You’re right. The US is one of the few nations that taxes citizens instead of residents. Don’t think they don’t have the ability to take current deductions for citizens working and living abroad, away.
Exactly! I know that Freddie keeps saying Millennials and Gen Z are being robbed of their future, but Gen Alpha definitely might not have one in the future, let alone Gen Beta.
Age doesn't generate wisdom. Experience does, and these wealthy old folks who allowed into politics have just a few ounces of experience and wisdom to go around.
Not true. They care a LOT about what is in their bank accounts and how much they are being paid to do a horrible job at running the country, ruining both it and the citizen's lives instead of trying to do a good job. If you mess with either of those things in ANY way, you will see just how much they care as you watch them have a Class V meltdown over it.
@davidireland2943 not really. Their parents made most of the things we are proud of: The interstate system, our electric grid, most of our dams and infrastructure, social security, public schools, medicare, medicade, the list goes on. Almost all of the things americans use and are proud of, the greatest generation did in the 50s, 60s, and 70s when the boomers were growing up. The boomers took advantage of this amazing system set up for them then pulled up the ladder.
We are screwed! The older generations have screwed us over. I was feeling optimistic today; however after hearing this I feel gloomy, “hello darkness my old friend, I’ve come to talk with you again.”
@@3beltwestywhat? The trump administration added twice the debt this one has. Democrats want to make the rich pay their fair share. Anyone making less than 400k won't pay more. That's a solution for solvency. Why do you fool yourself ?
They have screwed us over, but not because of this. At all. Its really important for people to understand that governments are not households, or businesses. government 'debt' is not debt, and is not a problem. it's fearmongering b-s to convince you that the government can't afford to spend money on any social good. please have a look at - The Deficit Myth by Stephanie Kelton, the doco 'Finding the Money', and MMT generally. There a several good, easy to understand videos on YT by Stephanie Kelton, and Modern Money Lab amongst others.
@3beltwesty no dummy, both parties lowering billionaire taxes and refusing to take them to court over tax evasion has done this. Tossing BILLIONS at wars we have no hand in has done this. You know the wealthy are working overtime when broke people think it's THEIR fault we're in this much debt...
One comedy factor. 1) America has private health, bankrupting many. 2) American taxes in 2023 spent $4.8Tn on health. 3) With a population of about 350m, that is $13,714.28 per person, per year. 4) The UK WITH a nation health service spends $3,525.52 per person, per year. America is being drained by the health companies who are making billions in profit. A small part of that profit goes to lobby politicians to keep the status quo. Only two types of people support the current American health model. Those earning millions from it, and idiots!!!!!!!!!!!
Social security & medicare have their own taxes seperate from income tax. The problem with social security is the govt spent the $ instead of putting it away. Now they have a ponzi scheme going using current workers taxes to pay the retirees. With a declining birth rate & ppl living longer this will eventually collapse
The problem is we haven’t been treating our billionaires very well. Think of how discouraging it must be for them when they have to pay a 15% tax rate. Absolutely outrageous.
Billionaires pay less because they understand the tax code and know how to allocate capital. People who don't know how to allocate capital and refuse to learn the tax system can only blame themselves.
@@criticalmass1884 I can't imagine what it's like to worship billionaires who don't give two licks about this country or your existence. They would gladly sell you every breath you take.
@@xtremecoastNo, they win if you do give them what they want and have children. Why else do you think the elites are banning abortions in a lot of places and shaming Millennials and Gen Z for not having enough children?
Me, a Gen-X never able to afford children, actually can’t even afford to “live” in current nightmare America! Sadly, never wanted kids of my own due to just too many issues. I don’t believe in having kids if you don’t have a good life for yourself, to me that means your kids will be at a disadvantage from the start. Please don’t come for me, just my opinion.
According to Modern Monetary Theory, when looking at nations, debt is not the problem. Inflation is the problem. The Daily Show interviewed an economist who summarised this really well about a month ago.
Larry: Man you kids are screwed...anyhoo I'm going to get back to making sure you can't own a home. Toodles. Thanks Fink, real swell of you to notice the plebs you're stepping on.
You: I'm going to believe someone who is CLEARLY deceiving me by covering part of the quote to make it seem like Larry is saying something COMPLETELY DIFFERENT than what he actually said.
@@shawnpitman876 I'll give Larry the benefit of the doubt when him and the goons at Black Rock stop pricing me out of the market with their shenanigans.
@@treesurgeon2441 Give him the benefit of the doubt? You're not giving him the benefit of the doubt by understanding what he ACTUALLY SAID rather than what someone else wants you to THINK he said.
I will never understand how the USA has an AA+ credit rating. Especially when if Bob in your hypothetical had that amount of debt/spending with THAT income, he would have an approximately -4392 credit rating and be in prison. Seems fair...
Countries aren’t people. You can’t compare things like this directly. It’s an ok analogy to bring things into perspective but personal credit scores and national ones are fundamentally different.
The government does not operate like a person because it issues currency. The government can't really go into too much debt, the only negative effect of that would be inflation.
An absolutely insignificant fraction of one drop in the bucket. The government factually misplaces more money every year than our commitments to both countries by *a lot* . Seriously, look up Lost Revenue 950 Billion. The politicians for all that they do wrong, understand the scale of money that America deals in at the international level. We could underwrite every penny Ukraine needs for the next fifty years of rebuilding, and still not equal one year of interest on our debt. Likely not one *month* of interest on it. The U.S helping Ukraine is like someone bumming the 2.50$ for a soda from you. Everything we might spend going forward is like you going ahead and buying that moocher a foot-long at Subway.
THIS IS WRONG! This is NOT how marco economics with fiat currency works. USA is not broke. It does not "spend" the given amount similar to how regular people do, aka none currency makers. Example, USA gets 20 000 barrels of oil. USA print ca 1,6 million US$ and says here == 0 debt created. However the oil sellers wants governmental bonds instead. So USA gives them 1,6 million of yellow dollars instead, aka bonds, aka debt. The deficit has now increased, while the 1,6 million green dollars, aka cash, was not created. US federal government controls the US currency. They can print it as well. Federal costs are not really payed by taxation. Taxation is something local government uses, because they are not able to print money. How much one can print depends on the size of the economy, supply and demand of US dollars and accepted inflation goals. To put it another way. USA printed 2 trillion dollars extra for the Afghanistan war and it did not change the cost of milk and bread because it was used outside the domestic US economy. However if you look at Afghanistan GDP, you can clearly see where the war started and ended. National debt is NOT like your mortgage or a even the biggest company in the worlds, debt!
This question is the route to understanding that this video is fearmongering and misleading. National debt is not equivalent to personal debt and anyone making that comparison is lying to you.
@@munchkingod6 Also he points out social security specifically which is another tell. The entire conversation about social security is another entire conversation in of itself, which is easily handled by just raising up the maximum taxable income. The USA spends more money on medicare, and medicade. Not to mention he hand waves away how if you die, and don't pay back your debt, which isn't entirely accurate because your estate can still be liable. That means some other people are losing out, and having to write off losses.
@@munchkingod6 anyone trying to minimize national debt is also lying. It doesn't matter who owns it, it matters what interest we have to pay for them to continue buying it. It's not fearmongering anymore, 30T+ is a real problem.
I know social security is expensive but in all fairness all those people collecting in theory also paid into the system.... the problem is that thr government is not doing a good job in protecting the social security revenue and reserving it for what it should be.... for the retirees once they cash into it.
@@PreaplanesAnd the scheme worked better when there were 18 workers paying in for each retiree; Now, we are approaching 2 workers for each retiree. Politicians talk about trying to save Social Security, but it is probably more realistic to phase it out and replace it with a different system. Hopefully, one that is better thought out.
Saying the ajority is spent on SS is misleading, SS is the highest single item, but is one fifth, not the more than half. It’s only because of the arbitrary definition of how we group things in the budget.
It's a ton more than 35 Trillion Dollars....Try over 200 Trillion when you include unfunded liabilities....things like pension and social security alone !
You are very wrong about how national debts work in general. As well the US can just raise more funding, unlike bob, who has limited options. Social security is being paid out to boomers who are a huge cohort, and hence the increased payout, and paydown of the trust fund created for them. The US government is not cooked as you say, almost all of the debt is held in bonds by US entities, and persons, hence the us is just sending money to those people enriching them. Bob's problem is that he cannot print money, he cannot just make up a huge difference in spending, and bob's debt is not owed to the people that build up, and enrich his household. Your analogy would work better if Bob was indebt to his soon who was starting a business, which would further enrich Bob. The US government can just raise taxes, tarrifs so on to increase the revenue. the US government would print out some money to pay down the debt. What the black rock person is leaving out, is he benifits a lot, and loves to keep his money in the US government. It is essentially free interest, and money. So no gen z, and millennials are not cooked. And largely all of the issues go back to stupid tax cuts that did nothing but reduce government revenue, with marginal economic gains.
Our money-printing depresses the economies of the rest of the world (as they have to buy food from us) which has an impact on their ability to buy our debt. Which impacts the rates we pay to borrow. Your enrichment argument is a tacit agreement with his overall point: They borrowed, we repay, they are enriched.
@@asdfbeau Yeah the prime interest rate has nothing to do with US debt. The US debt is not destroying the value of the dollar. The first course of action is just raising revenue some, to help service the deficit, rework programs, so on. Social security could raise more money, but just upping the maxium taxable income for social security some. This would effect only the people taking incomes in over 150k. The US GDP, and eocnomy is fueled on the back of people being able to buy bonds, and invest in the economy. The repayments go back into the US economy, so on. Programs like Social security, and medicare keep money in the hands of consumers. Just go study up on actual economics.
On the past Kennedy a Democrat dropped federal taxes to raise more tax. Today democrats dogma is people and businesses can pay higher taxes with ease. Ie zero effect.
In favor of what? Every other option is either unworkable (gold) or has the same issues but multiplied by 10 (Euro, RMB). That's why they are doing it, they know there's nowhere else to go.
@@TheObscuran2 countries have made the switch to cryptocurrency and their legal tender. We will find out how it works for them over the next decade or 2.
Countries are already trading more in their own currencies rather than exchanging for USD. BRICS doesn't need to create a new world reserve currency. They just need to facilitate enough international trade deals to limit and eventually end their dependence on the USD as a trading medium. USA will take care of itself when the middle class can't afford anything at Wal-Mart.
You are wrong. Please appreciate that the Debt is a savings account for American bond holders!! Also, American 's hold $4-$7 trillion in untaxed cash in foreign banks and over $30 trillion in assets in foreign nations.. Finally, please study Modern Monetary economics!!
'American bond holders' is a tacit admission that public borrowing mostly benefits the already-wealthy. MMT doesn't justify our current debt, and spending levels, Moser said as much, just last week.
The issue you have is that every president wants to be the best president there ever was, which involves spending more and more money to do more and more things. No president will ever reduce the US debt because doing so involves not spending to make themselves look better. America doesn't need a great president. You need a frugal president.
Invest in Bitcoin before retiring by diversifying across assets, allocating a small portion of your portfolio, staying updated on market trends, and considering long-term holding to balance risk and growth.😊
I recently sold half my tech stock holdings due to all-time highs, leaving me with $400k. Should I invest in ETFs now or wait for a market correction considering potential inflation?
From $37K to $45K that's the minimum range of profit return every week I thinks it's not a bad one for me, now I have enough to pay bills and take care of my family.
@@3beltwesty free pet car abd, we got an AARP member that doesn't know how to use a keyboard. Learn to type or proofread you make as much sense as a liberal.
I love yr videos.. This is getting rediculous.. I vould probably get a free home in isreal and get free land in ukrain because thats what im payong for
the US debt is fine, and comparing it to a household budget is silly. Would you say it's bad for your company to carry debt so it can expand, and grow? No, the country does the same thing by using investments to grow GDP, and the eocnomy.
@@grandgibbon2071 There is good, manageable debt like you described, and there is debt that will spiral you into default. The US has put itself into a position where printing dollars to pay for debts will become necessary.
@@grandgibbon2071 I understand the macro economics of the dire situation the US is in. I know the US Federal government probably won't be here in the next 20 years. I'm not allowed to say what I support on the internet. Not a free speech platform.
Let me translate what the CEO said: we're broke so SS, Medicare, funding for public education, school lunches, unemployment benefits, universal health care, affordable post high school education, retirement, etc. needs to be eliminated. Oh, we also need to cut his and his company's taxes further and deregulate them further.
If all the corporations in which Blackrock are involved were to pay the proper rate of Corporate Taxs, no government around the world would be short of money. The problem isn't scaling the figures for Bob to understand, its getting all the Bobs to stand together and insist their own government representatives serve the people and the country as promised.
This is amazing. Remember 1st running into this guys post. I know what he was going to say before he even open his mouth. Note how they all seem to look alike?
Our elders have failed us. The future prospers when old men plant trees whose shade they will never live to see. But our elders have chopped down the family orchard for firewood...
Remember all those "raise the debt ceiling" things that was the center of a lot of party politics and drama some years ago. Nobody seemed to take those debt ceilings serious, but those kind of things were supposed to be in place to prevent exactly this kind of problem. As for the solution, very high inflation or a very healthy economy. Since the economy is nowhere near that healthy, expect to see problems with inflation.
I'm so glad I don't live in the US. Knowing how irresponsible family members can be with money, I'll never be ungrateful for not having to pay for someone else's irresponsibility.
You pointed out in a previous video that Ross Perot said the same thing in 1992 when the National Debt was $4T. That the Government should work to pay it down. Of course the Government went on a spending spree instead
Social Security is your money. When they talk about cutting social security they’re speaking about stealing from your retirement to pay for tax cuts for rich people.
