1
00:00:00,000 --> 00:00:02,060
OK, so get this.

2
00:00:02,060 --> 00:00:06,600
If we stacked all the US national debt in dollar bills,

3
00:00:06,600 --> 00:00:10,040
it could literally reach the moon and back twice.

4
00:00:10,040 --> 00:00:10,760
Whoa.

5
00:00:10,760 --> 00:00:15,480
Yeah, no, seriously, we're talking about $35 trillion.

6
00:00:15,480 --> 00:00:16,800
It's an astronomical sum.

7
00:00:16,800 --> 00:00:17,920
It's mind boggling.

8
00:00:17,920 --> 00:00:18,320
Right.

9
00:00:18,320 --> 00:00:20,160
And that's exactly what we're diving into today,

10
00:00:20,160 --> 00:00:24,440
trying to wrap our heads around this financial behemoth.

11
00:00:24,440 --> 00:00:25,920
How did we even get here?

12
00:00:25,920 --> 00:00:27,800
And what does it all even mean?

13
00:00:27,800 --> 00:00:30,200
Well, it's definitely a topic that can feel pretty

14
00:00:30,200 --> 00:00:31,480
overwhelming for sure.

15
00:00:31,480 --> 00:00:31,960
Absolutely.

16
00:00:31,960 --> 00:00:33,600
So we're going to try to break it down.

17
00:00:33,600 --> 00:00:37,680
We're taking a look at this recent analysis on US debt.

18
00:00:37,680 --> 00:00:38,180
OK.

19
00:00:38,180 --> 00:00:40,600
And hopefully, we can do this without getting too

20
00:00:40,600 --> 00:00:41,920
lost in all the jargon.

21
00:00:41,920 --> 00:00:43,640
So you ready to unpack this?

22
00:00:43,640 --> 00:00:44,320
Yeah, let's do it.

23
00:00:44,320 --> 00:00:44,640
All right.

24
00:00:44,640 --> 00:00:46,280
Now, I'm guessing most of us listening

25
00:00:46,280 --> 00:00:49,200
aren't economics professors or anything.

26
00:00:49,200 --> 00:00:52,520
So before we get into trillions with a capital T,

27
00:00:52,520 --> 00:00:56,600
can you remind us how debt actually works?

28
00:00:56,600 --> 00:01:00,360
Not even just for me personally, but for entire countries.

29
00:01:00,360 --> 00:01:01,160
Yeah, absolutely.

30
00:01:01,160 --> 00:01:03,600
So it's actually not that different from how

31
00:01:03,600 --> 00:01:04,560
we handle our own money.

32
00:01:04,560 --> 00:01:05,200
Really?

33
00:01:05,200 --> 00:01:07,360
Yeah, so imagine a country, right?

34
00:01:07,360 --> 00:01:10,560
It spends more on things like social programs or defense,

35
00:01:10,560 --> 00:01:13,220
maybe infrastructure even, than it makes back

36
00:01:13,220 --> 00:01:15,960
through things like taxes or other stuff.

37
00:01:15,960 --> 00:01:18,320
That creates what's called a budget deficit.

38
00:01:18,320 --> 00:01:19,000
That makes sense.

39
00:01:19,000 --> 00:01:20,960
It's like when I buy those extra pair of shoes,

40
00:01:20,960 --> 00:01:23,040
it throws my budget totally out of whack.

41
00:01:23,040 --> 00:01:24,280
Exactly.

42
00:01:24,280 --> 00:01:24,840
Exactly.

43
00:01:24,840 --> 00:01:27,320
So to cover that deficit, countries

44
00:01:27,320 --> 00:01:28,320
do what a lot of us do.

45
00:01:28,320 --> 00:01:29,800
They borrow money.

46
00:01:29,800 --> 00:01:33,240
And they often do this by offering government bonds,

47
00:01:33,240 --> 00:01:35,040
which are basically these IOUs.

48
00:01:35,040 --> 00:01:37,920
Props need to pay back that amount with a little extra

49
00:01:37,920 --> 00:01:39,200
interest to investors.

50
00:01:39,200 --> 00:01:42,640
And those investors could be like anyone, right?

51
00:01:42,640 --> 00:01:45,000
Yeah, it could be individuals, corporations, even

52
00:01:45,000 --> 00:01:45,640
other countries.

53
00:01:45,640 --> 00:01:46,440
Wow.

54
00:01:46,440 --> 00:01:46,940
OK.

55
00:01:46,940 --> 00:01:48,960
So it's like taking out a massive loan.

56
00:01:48,960 --> 00:01:50,480
OK, so it's like one giant loan.

57
00:01:50,480 --> 00:01:51,000
Got it.

58
00:01:51,000 --> 00:01:51,560
Exactly.

59
00:01:51,560 --> 00:01:55,360
And now here's where it gets interesting for the US, right?

60
00:01:55,360 --> 00:02:00,840
Since 2001, almost every year, we've had a budget deficit.

61
00:02:00,840 --> 00:02:02,960
So we've been spending more than we're making.

62
00:02:02,960 --> 00:02:04,360
Pretty much, yeah, consistently.

63
00:02:04,360 --> 00:02:05,920
And all those deficits, they just

64
00:02:05,920 --> 00:02:08,600
keep piling on top of each other year after year.

65
00:02:08,600 --> 00:02:12,520
And that's how we end up with this insane $35 trillion debt.

66
00:02:12,520 --> 00:02:14,680
Yeah, and visually, it's pretty striking.

67
00:02:14,680 --> 00:02:16,380
I bet, yeah, the analysis actually

68
00:02:16,380 --> 00:02:20,060
has this chart showing the debt increasing over time.

69
00:02:20,060 --> 00:02:22,840
And let me tell you, it's kind of terrifying looking at that.

70
00:02:22,840 --> 00:02:25,760
And this is where rolling over debt comes into play,

71
00:02:25,760 --> 00:02:29,640
which adds another layer of complexity to it all.

72
00:02:29,640 --> 00:02:30,360
OK, wait, hold on.

73
00:02:30,360 --> 00:02:32,240
Rolling over debt.

74
00:02:32,240 --> 00:02:34,040
See, that sounds like the financial jargon

75
00:02:34,040 --> 00:02:34,880
I was talking about.

76
00:02:34,880 --> 00:02:35,520
Oh, right.

77
00:02:35,520 --> 00:02:36,040
Yeah.

78
00:02:36,040 --> 00:02:38,120
Can you break that down a bit?

79
00:02:38,120 --> 00:02:38,600
Sure.

80
00:02:38,600 --> 00:02:42,840
So essentially, when debt reaches a certain date,

81
00:02:42,840 --> 00:02:45,080
a maturity date, the government often

82
00:02:45,080 --> 00:02:47,800
borrows even more money to pay it back.

83
00:02:47,800 --> 00:02:50,360
So it's like not really paying it off so much

84
00:02:50,360 --> 00:02:51,800
as kicking it down the road.

85
00:02:51,800 --> 00:02:53,720
It's kind of like refinancing your mortgage,

86
00:02:53,720 --> 00:02:56,360
where you're basically swapping out one debt for another.

87
00:02:56,360 --> 00:02:58,560
OK, so it's not like paying off your credit card every month.

88
00:02:58,560 --> 00:02:59,320
It's more like what?

89
00:02:59,320 --> 00:03:00,800
Just making the minimum payment.

90
00:03:00,800 --> 00:03:01,360
You got it.

91
00:03:01,360 --> 00:03:04,400
And this is where those interest rates become a major factor,

92
00:03:04,400 --> 00:03:05,480
you see.

93
00:03:05,480 --> 00:03:07,720
When the government borrows money,

94
00:03:07,720 --> 00:03:10,400
they have to pay interest on that loan, just like we do.

95
00:03:10,400 --> 00:03:11,160
Yay.

96
00:03:11,160 --> 00:03:11,840
Right?

97
00:03:11,840 --> 00:03:13,820
So when those interest rates are low,

98
00:03:13,820 --> 00:03:16,400
the cost of borrowing is manageable.

99
00:03:16,400 --> 00:03:17,720
But when rates go up?

100
00:03:17,720 --> 00:03:19,200
That's when things can get tricky.

101
00:03:19,200 --> 00:03:21,200
It's like those interest rate hikes that have been happening.

102
00:03:21,200 --> 00:03:22,040
Exactly.

103
00:03:22,040 --> 00:03:23,480
And it means the US government has

104
00:03:23,480 --> 00:03:27,800
to pay way more just to service its existing debt.

105
00:03:27,800 --> 00:03:29,200
And that can't be good.

106
00:03:29,200 --> 00:03:30,120
No.

107
00:03:30,120 --> 00:03:34,240
Because to cover those higher costs, they have to.

108
00:03:34,240 --> 00:03:36,440
You guessed it, borrow even more.

109
00:03:36,440 --> 00:03:38,640
Leading to even bigger deficits in the future.

110
00:03:38,640 --> 00:03:39,160
Exactly.

111
00:03:39,160 --> 00:03:41,080
Economists call this a debt spiral.

112
00:03:41,080 --> 00:03:43,320
OK, yeah, that sounds kind of ominous.

113
00:03:43,320 --> 00:03:45,200
It's definitely something to keep an eye on.

114
00:03:45,200 --> 00:03:47,440
I mean, it's clear that US has been spending more money

115
00:03:47,440 --> 00:03:48,280
than it brings in.

116
00:03:48,280 --> 00:03:53,040
But it's not like they're just lighting it on fire, right?

117
00:03:53,040 --> 00:03:54,920
Where's all this money even going?

118
00:03:54,920 --> 00:03:56,160
It's not like frivolous spending.

119
00:03:56,160 --> 00:03:58,080
No, a lot of it goes towards important things.

120
00:03:58,080 --> 00:03:58,600
Right.

121
00:03:58,600 --> 00:04:01,440
Like essential programs, you know?

122
00:04:01,440 --> 00:04:02,800
Social Security, Medicare.

123
00:04:02,800 --> 00:04:03,840
Yeah, those are important.

124
00:04:03,840 --> 00:04:05,920
Yeah, millions of Americans depend on those.

125
00:04:05,920 --> 00:04:06,440
Makes sense.

126
00:04:06,440 --> 00:04:08,000
And then there's defense spending,

127
00:04:08,000 --> 00:04:09,600
health care costs in general.

128
00:04:09,600 --> 00:04:12,080
Right, all this stuff that keeps the country running.

129
00:04:12,080 --> 00:04:15,040
Exactly, a whole bunch of necessary expenditures.

130
00:04:15,040 --> 00:04:16,720
OK, so if that's the spending side,

131
00:04:16,720 --> 00:04:18,080
what about the income side?

132
00:04:18,080 --> 00:04:19,960
Where does all that money come from in the first place?

133
00:04:19,960 --> 00:04:21,640
I mean, it's mostly taxes, right?

134
00:04:21,640 --> 00:04:22,440
Yeah, you're right.

135
00:04:22,440 --> 00:04:24,680
Taxes are a big chunk of the government's revenue.

136
00:04:24,680 --> 00:04:25,160
OK.

137
00:04:25,160 --> 00:04:27,200
Like the majority of it actually comes

138
00:04:27,200 --> 00:04:29,160
from individual income tax.

139
00:04:29,160 --> 00:04:29,720
Right.

140
00:04:29,720 --> 00:04:31,200
And then there are the contributions

141
00:04:31,200 --> 00:04:33,560
to Social Security and Medicare.

142
00:04:33,560 --> 00:04:36,080
OK, so we've got this whole flow of money in and out.

143
00:04:36,080 --> 00:04:38,280
And we're trying to make sure there's enough coming in

144
00:04:38,280 --> 00:04:39,520
to cover what's going out.

145
00:04:39,520 --> 00:04:39,760
Yeah.

146
00:04:39,760 --> 00:04:41,160
While still making sure we're taking

147
00:04:41,160 --> 00:04:42,680
care of these essential programs,

148
00:04:42,680 --> 00:04:44,840
it sounds like a pretty tough balancing act.

149
00:04:44,840 --> 00:04:46,040
It definitely is.

150
00:04:46,040 --> 00:04:48,360
And the challenge is that, well, no one really

151
00:04:48,360 --> 00:04:50,160
wants to pay higher taxes, right?

152
00:04:50,160 --> 00:04:50,800
True.

153
00:04:50,800 --> 00:04:55,280
And no one wants to see cuts to the programs they rely on.

154
00:04:55,280 --> 00:04:56,240
Of course not.

155
00:04:56,240 --> 00:04:57,440
It's a tough spot to be in.

156
00:04:57,440 --> 00:04:58,160
Yeah, no kidding.

157
00:04:58,160 --> 00:05:00,400
It's like politically, you're stuck between a rock

158
00:05:00,400 --> 00:05:01,320
and a hard place.

159
00:05:01,320 --> 00:05:02,120
It really is.

160
00:05:02,120 --> 00:05:05,840
And this analysis from the Congressional Budget Office,

161
00:05:05,840 --> 00:05:08,920
they're actually projecting that the deficit will just

162
00:05:08,920 --> 00:05:09,760
keep growing.

163
00:05:09,760 --> 00:05:10,360
Oh, no.

164
00:05:10,360 --> 00:05:11,520
If something doesn't change.

165
00:05:11,520 --> 00:05:12,480
Over the next decade.

166
00:05:12,480 --> 00:05:13,600
Over the next decade, yeah.

167
00:05:13,600 --> 00:05:14,200
Wow.

168
00:05:14,200 --> 00:05:15,640
So yeah, it's a big deal.

169
00:05:15,640 --> 00:05:16,840
So what can we even do?

170
00:05:16,840 --> 00:05:18,920
I mean, I keep hearing this thing about the US just

171
00:05:18,920 --> 00:05:22,960
like printing more money to pay off its debt.

172
00:05:22,960 --> 00:05:24,120
Is that even possible?

173
00:05:24,120 --> 00:05:26,960
It feels like, I don't know, is there some secret money tree

174
00:05:26,960 --> 00:05:29,080
solution that we're missing out on here?

175
00:05:29,080 --> 00:05:31,280
The classic just print more money solution.

176
00:05:31,280 --> 00:05:32,120
Right.

177
00:05:32,120 --> 00:05:33,600
It's definitely an idea.

178
00:05:33,600 --> 00:05:36,720
And it's not totally without merit.

179
00:05:36,720 --> 00:05:37,400
OK.

180
00:05:37,400 --> 00:05:38,440
Let me give you an example.

181
00:05:38,440 --> 00:05:41,760
Imagine a mortgage, but from the 1970s.

182
00:05:41,760 --> 00:05:42,400
OK, hold on.

183
00:05:42,400 --> 00:05:45,920
I'm picturing like avocado green appliances

184
00:05:45,920 --> 00:05:47,240
and some shag carpeting.

185
00:05:47,240 --> 00:05:48,320
I'm with you so far.

186
00:05:48,320 --> 00:05:51,640
But what does that have to do with like inflation and stuff?

187
00:05:51,640 --> 00:05:54,560
Well, think about how much a dollar was worth back then.

188
00:05:54,560 --> 00:05:55,640
The source talks about this.

189
00:05:55,640 --> 00:05:56,160
OK.

190
00:05:56,160 --> 00:05:59,920
A $24,000 house then would be a steal today.

191
00:05:59,920 --> 00:06:00,520
Right.

192
00:06:00,520 --> 00:06:04,040
That same house now could be like what $400,000?

193
00:06:04,040 --> 00:06:04,800
Exactly.

194
00:06:04,800 --> 00:06:07,360
But that $24,000 is still $24,000.

195
00:06:07,360 --> 00:06:09,000
The price of everything else went up.

196
00:06:09,000 --> 00:06:10,120
That's inflation.

197
00:06:10,120 --> 00:06:12,920
Exactly, inflation makes money worth less over time.

198
00:06:12,920 --> 00:06:13,720
Right.

199
00:06:13,720 --> 00:06:14,280
I get it.

200
00:06:14,280 --> 00:06:17,520
So theoretically, a government could print more money.

201
00:06:17,520 --> 00:06:18,360
OK.

202
00:06:18,360 --> 00:06:20,040
Which doesn't erase the debt, but it

203
00:06:20,040 --> 00:06:22,880
makes it less of a burden because now the currency itself

204
00:06:22,880 --> 00:06:24,120
is worth less.

205
00:06:24,120 --> 00:06:24,640
Oh, I see.

206
00:06:24,640 --> 00:06:26,640
So you're basically paying back the same amount

207
00:06:26,640 --> 00:06:28,360
but with like cheaper dollars.

208
00:06:28,360 --> 00:06:28,840
You got it.

209
00:06:28,840 --> 00:06:30,480
That's kind of sneaky, actually.

210
00:06:30,480 --> 00:06:31,720
It is but.

211
00:06:31,720 --> 00:06:33,160
And there's always a but.

212
00:06:33,160 --> 00:06:34,440
Yeah, I was just thinking that.

213
00:06:34,440 --> 00:06:35,920
There's got to be a catch.

214
00:06:35,920 --> 00:06:40,640
The biggest risk with intentionally causing inflation

215
00:06:40,640 --> 00:06:43,000
is that it could get out of control.

216
00:06:43,000 --> 00:06:43,600
What?

217
00:06:43,600 --> 00:06:44,800
It'll just keep going up and down?

218
00:06:44,800 --> 00:06:45,300
Exactly.

219
00:06:45,300 --> 00:06:48,240
Prices for everything could just keep skyrocketing.

220
00:06:48,240 --> 00:06:50,440
Groceries, gas, rent, all that.

221
00:06:50,440 --> 00:06:51,120
Everything.

222
00:06:51,120 --> 00:06:53,040
And that throws the whole economy out of whack.

223
00:06:53,040 --> 00:06:54,560
Yeah.

224
00:06:54,560 --> 00:06:55,360
That's not good.

225
00:06:55,360 --> 00:06:55,840
No.

226
00:06:55,840 --> 00:06:57,920
And it leads to a whole new set of problems.

227
00:06:57,920 --> 00:07:00,080
OK, so it sounds like intentionally trying

228
00:07:00,080 --> 00:07:03,320
to use inflation to get out of debt is less a solution

229
00:07:03,320 --> 00:07:06,600
and more like, I don't know, playing with fire.

230
00:07:06,600 --> 00:07:08,240
It's a pretty accurate way to put it.

231
00:07:08,240 --> 00:07:09,520
You don't have enough inflation.

232
00:07:09,520 --> 00:07:10,960
The debt's still there.

233
00:07:10,960 --> 00:07:13,080
But if you have too much, then the whole economy

234
00:07:13,080 --> 00:07:13,720
goes haywire.

235
00:07:13,720 --> 00:07:14,960
That's a great way to think about it.

236
00:07:14,960 --> 00:07:16,360
It's a tightrope walk, for sure.

237
00:07:16,360 --> 00:07:16,800
Definitely.

238
00:07:16,800 --> 00:07:18,920
And this is where central banks like the Federal Reserve

239
00:07:18,920 --> 00:07:19,480
come in.

240
00:07:19,480 --> 00:07:20,000
Right.

241
00:07:20,000 --> 00:07:22,120
They have to manage interest rates and inflation

242
00:07:22,120 --> 00:07:23,280
really carefully.

243
00:07:23,280 --> 00:07:24,800
But try and keep everything stable.

244
00:07:24,800 --> 00:07:25,360
Exactly.

245
00:07:25,360 --> 00:07:26,680
It's a big job.

246
00:07:26,680 --> 00:07:29,080
It is, with huge consequences.

247
00:07:29,080 --> 00:07:30,840
OK, so if just printing more money

248
00:07:30,840 --> 00:07:33,300
isn't a good long term solution, what

249
00:07:33,300 --> 00:07:34,560
are we supposed to do?

250
00:07:34,560 --> 00:07:36,680
What does this analysis suggest?

251
00:07:36,680 --> 00:07:38,880
Well, the analysis points to a couple of key things,

252
00:07:38,880 --> 00:07:42,600
like boosting productivity and getting

253
00:07:42,600 --> 00:07:43,840
that deficit under control.

254
00:07:43,840 --> 00:07:45,880
So basically, like we were talking about earlier,

255
00:07:45,880 --> 00:07:47,680
spend less, make more.

256
00:07:47,680 --> 00:07:48,800
Pretty much, yeah.

257
00:07:48,800 --> 00:07:51,640
Works for governments and for my own bank account, I guess.

258
00:07:51,640 --> 00:07:53,080
It's universal, right.

259
00:07:53,080 --> 00:07:55,480
And when we say increased productivity,

260
00:07:55,480 --> 00:07:57,200
we're talking about the economy growing,

261
00:07:57,200 --> 00:07:59,440
meaning more tax revenue, without having

262
00:07:59,440 --> 00:08:00,760
to raise rates or anything.

263
00:08:00,760 --> 00:08:01,640
Right.

264
00:08:01,640 --> 00:08:06,240
And with the deficit, it comes down to, well,

265
00:08:06,240 --> 00:08:09,400
making tough choices, looking at where we're spending,

266
00:08:09,400 --> 00:08:12,280
and maybe even making changes to the tax code.

267
00:08:12,280 --> 00:08:14,240
I mean, that's always easier said than done.

268
00:08:14,240 --> 00:08:14,800
For sure.

269
00:08:14,800 --> 00:08:16,680
Especially with how, I don't know,

270
00:08:16,680 --> 00:08:19,600
it seems like there's so much gridlock in politics

271
00:08:19,600 --> 00:08:20,480
these days.

272
00:08:20,480 --> 00:08:21,800
It's definitely a challenge.

273
00:08:21,800 --> 00:08:23,480
No one can agree on anything.

274
00:08:23,480 --> 00:08:24,720
It can feel that way sometimes.

275
00:08:24,720 --> 00:08:27,800
But it sounds like there's no quick fix here.

276
00:08:27,800 --> 00:08:31,080
It's just going to take a lot of hard work and compromise.

277
00:08:31,080 --> 00:08:32,360
It's a long game, for sure.

278
00:08:32,360 --> 00:08:34,400
Definitely not a sprint, more like a marathon.

279
00:08:34,400 --> 00:08:35,480
Exactly.

280
00:08:35,480 --> 00:08:37,960
So what's interesting is that the analysis actually

281
00:08:37,960 --> 00:08:40,560
compares the US to Australia.

282
00:08:40,560 --> 00:08:41,080
OK.

283
00:08:41,080 --> 00:08:43,280
Because Australia recently managed

284
00:08:43,280 --> 00:08:45,560
to do something that I think a lot of countries,

285
00:08:45,560 --> 00:08:48,560
including the US, kind of dream about.

286
00:08:48,560 --> 00:08:50,120
They had a budget surplus.

287
00:08:50,120 --> 00:08:52,080
They did, which is pretty impressive.

288
00:08:52,080 --> 00:08:55,720
A surplus, like they had more money coming in than going out.

289
00:08:55,720 --> 00:08:56,240
Yeah.

290
00:08:56,240 --> 00:08:57,560
What's their secret?

291
00:08:57,560 --> 00:09:00,040
Did they find a magical money tree after all?

292
00:09:00,040 --> 00:09:01,560
I wish it was that simple.

293
00:09:01,560 --> 00:09:02,200
Right.

294
00:09:02,200 --> 00:09:04,760
Basically, they've kept their economy growing,

295
00:09:04,760 --> 00:09:07,360
while also being careful about how much they spend.

296
00:09:07,360 --> 00:09:09,600
Which, again, sounds simple.

297
00:09:09,600 --> 00:09:11,880
But I'm sure it's way harder in practice.

298
00:09:11,880 --> 00:09:13,280
It's a delicate balance.

299
00:09:13,280 --> 00:09:15,560
But that's still pretty encouraging, right?

300
00:09:15,560 --> 00:09:17,560
I mean, it means that having a sustainable budget

301
00:09:17,560 --> 00:09:18,720
isn't impossible.

302
00:09:18,720 --> 00:09:20,320
It shows it can be done, yeah.

303
00:09:20,320 --> 00:09:23,040
But I imagine it's different for every country, right?

304
00:09:23,040 --> 00:09:26,360
Like, what works in Australia might not work here.

305
00:09:26,360 --> 00:09:26,880
Absolutely.

306
00:09:26,880 --> 00:09:28,800
You can't just copy and paste solutions like that.

307
00:09:28,800 --> 00:09:29,160
Right.

308
00:09:29,160 --> 00:09:30,480
It's not like doing your homework.

309
00:09:30,480 --> 00:09:32,600
You can't just cheat off someone else's paper.

310
00:09:32,600 --> 00:09:36,000
It's more about seeing what worked,

311
00:09:36,000 --> 00:09:38,160
understanding the challenges, and then figuring out

312
00:09:38,160 --> 00:09:40,400
how to apply those lessons in a different context.

313
00:09:40,400 --> 00:09:42,840
So OK, we've thrown a lot of information out there.

314
00:09:42,840 --> 00:09:44,800
Where do we even go from here?

315
00:09:44,800 --> 00:09:48,360
Like, for the average person who's not an economist

316
00:09:48,360 --> 00:09:50,880
or a politician, but still wants to understand

317
00:09:50,880 --> 00:09:54,440
this whole debt thing, what's the key takeaway here?

318
00:09:54,440 --> 00:09:58,680
I'd say the biggest takeaway is that managing a national debt,

319
00:09:58,680 --> 00:09:59,840
it's a long process.

320
00:09:59,840 --> 00:10:00,520
OK.

321
00:10:00,520 --> 00:10:02,960
It requires looking at the big picture,

322
00:10:02,960 --> 00:10:04,520
making responsible choices.

323
00:10:04,520 --> 00:10:07,320
Right, and thinking long term, not just about, like,

324
00:10:07,320 --> 00:10:08,560
the next year or two.

325
00:10:08,560 --> 00:10:09,080
Exactly.

326
00:10:09,080 --> 00:10:10,240
It's about making sure things are

327
00:10:10,240 --> 00:10:11,640
sustainable in the long run.

328
00:10:11,640 --> 00:10:12,400
Exactly.

329
00:10:12,400 --> 00:10:14,720
And that takes, well, a lot of courage

330
00:10:14,720 --> 00:10:15,880
to make those tough decisions.

331
00:10:15,880 --> 00:10:16,400
For sure.

332
00:10:16,400 --> 00:10:17,960
No one said it was going to be easy.

333
00:10:17,960 --> 00:10:19,640
Definitely not.

334
00:10:19,640 --> 00:10:23,600
Well, I've got to say, this deep dive has been really eye

335
00:10:23,600 --> 00:10:24,520
opening, it seems like.

336
00:10:24,520 --> 00:10:26,200
There's no simple solution here.

337
00:10:26,200 --> 00:10:28,040
But at least now, I feel like we understand

338
00:10:28,040 --> 00:10:29,040
the problem a little better.

339
00:10:29,040 --> 00:10:30,640
And that's always the first step, right?

340
00:10:30,640 --> 00:10:31,240
Absolutely.

341
00:10:31,240 --> 00:10:34,000
So for everyone listening, we want to hear from you.

342
00:10:34,000 --> 00:10:36,920
What do you think is the best way to tackle the US debt?

343
00:10:36,920 --> 00:10:39,240
It's a complex issue that affects all of us.

344
00:10:39,240 --> 00:10:41,600
So let's keep the conversation going.

345
00:10:41,600 --> 00:10:43,400
Thanks for joining us for another deep dive,

346
00:10:43,400 --> 00:10:59,040
and we'll catch you next time.