VIDEO: The Deficit and Debt Ceiling Game

The cliché goes: the Democratic leadership want to increase the deficit and go deeper into debt, bankrupting our government, and the Republican leadership wants to cut spending on everything but perks for the rich, bankrupting 99% of the American People. But what are the facts behind this perception?

Here’s an objective video by Khanacademy.org explaining — in layman’s terms — the constant game the government plays with the deficit, to keep up the illusion that the United States is a stable economy, that can go growing forever. It covers the last round of the game, and will not be a much different story from the future rounds. As observed in The End of Growth (first book to be read by Occupy Educated’s new Meetup), such a thing is physically impossible, and keeping up this game may best be described as collective insanity. As seen in Debt: The First 5,000 Years, this game has been a long time coming.

How do you see this game ending, and when? Comment here or in the discussion forums.

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Comments

  1. gliftor says:

    The video is OK for what it is, but if we’re going to look at things from the kind of Big Picture perspective encouraged by the two books you name, we have to go into the deeper question of what a deficit really means to a government that has the power to print money. Which brings us back, as usual, to the banker-designed monetary system.

    • Malcolm says:

      Yeah i agree, this video is “way” ( local, outdated axiom, think 1970′s ) introduction to debt. verses interest rate. It does not attempt to fathom the controls involved in the taxation and spending agendas that are now being controlled by the ” interest” of the rich and powerful.

  2. Mike Ridgway says:

    Happy to see that you have found us. We could use your help transcribing, subtitling and translating the Khan Academy’s collection of more than 2800 videos — such as this one.
    If you want to help, contact us at http://www.khanacademy.org/contribute. I’m working on a special project for the Khan Academy where I could use your help as well. Main skill set required is ability to understand and transcribe English.
    All the best.
    Mike Ridgway
    French Translation Advocate, Khan Academy
    miketangoromeo@gmail.com

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