The Consequences of Default, and How it Affects You

[InuzukaCds]

So basically we're fucked! Great!

[lazyperfectionist1]

Well, you see, cutting taxes for the absurdly wealthy creates jobs. After all, it's only a matter of time before all these billionairs become so wealthy that they go on a frenzy and start hiring people left and right just because. One can only stand to have so much money.

[lazyperfectionist1]

No doubt, Republicans define "core commitments" as big oil subsidies, nuclear subsidies, military spending, and that sort of thing.

[parsonman05]

When families around the world see a problem like this they do two thing cut back a little on EVERYTHING, and two ask all members of the house who are able to work to help bring in some more money in the house. So, someone tell me why is the US government is acting like battered wife, allowing they drunken husband of a economy run wild with less and less control everyday and think that it will bring everything under control !?!

[trexilll]

The GOP isn't forcing this country to default. The GOP is trying to force the government to LIVE WITHIN THEIR MEANS. How is that such a big deal? WE CANNOT AFFORD ENTITLEMENTS. PERIOD. WE CANNOT AFFORD POLICING HE WORLD. CASE CLOSED. Balance the budget.

[dpetrano]

Senator, you offer no solution. America needs motivated. it's easy to do. Tell them 9/11 was an inside job and blame all our woes on those traitors who orchestrated 9/11 (Bush Cheney, etc), then suggestions I made 5 minutes ago.

[dpetrano]

There's no middle ground:

End the wars, prosecute war crimes, disgorge war profits, release classified documents to prove 9/11 was inside job/ hang everyone responsible (after an open trial).

return  Ike-era 90% income taxes on rich, phase-out free trade, invoke high import taxes and restart USA factories so we make 100% of what we consume .

rebuild infrastructure, move cities to higher ground, solar/wind electricity everywhere.

[trexilll]

@dpetrano Socialist

[katemail00]

Thank you for this video. It really makes it easy to visualize what's going on.

[mshark]

Why didn't the Senator explain why you got to earning just 170 bln and spending 300 bln every month in the first place? It's obvious that this model is NOT sustainable in any period of time and will lead to default regardless of the debt ceiling, be it 15 trillion or 100 trillion, it's just a matter of time.

[liyah623]

And please taking away ideology it is disegenuous to claim that this is the democrats fault. The tax cuts, wars and the Medical drug program, and the bank bailout were all the workings of Bush...... Those are the ones that keep spilling into extended budgets.. Bush both cut revenue and increased expenditure which is why there is a deficit since he was President

[liyah623]

Any American who thinks rationally will know that the US is suffering from both a Revenue problem and a spending problem. With so many people out of work and with continued tax cuts for the rich and corporations Revenue has certainly gone down. Corporation I making record breaking profits and yet are paying the lowest tax rate in History. This is insane. On the spending side the wars are the biggest unnecessary expediture that the US has.

[ronrayah]

Tax cuts, wars and medicare part D enacted by Bush is what screwed us. Now the republicans want to use their shitty policy decisions as a excuse to gut the things that made the middle class strong.

I cant understand what kind of shithead would ever vote for a republican.

[justageekbiz]

Thank you for the informative video.

But I'd like to see the Democrats and Republicans work to change the premise of "we are a nation at war" We're a nation of continual wars, and I think they were bad under Bush, and still think they are bad under Obama: Iraq, Afghanistan, Pakistan, Yemen, and now Libya?

This is madness and it has to end if we are to have any hope of getting our fiscal house in order. Maybe we should consider returning some of those non-essential services back to states

[mateofleckito]

How ironic that this fool says we "cannot afford a default." We have no choice. This problem did not sneak up over night. A dramatic change in how we run our government is going to have to happen in order to keep this country alive. There is no mention of a real change here. In fact there is no mention of change period. This is only a video blaming republicans. Quite honestly, I feel insulted that the man supposedly representing me is so shallow.

[mateofleckito]

This is the biggest joke of a video i have ever seen.  Anybody with half a brain could read right around Mr. Coons here, and realize that spending more money isn't going to make the problem go away. You either default very very soon and suffer immediate consequences and deal with our debt problem, or we deflate our currency until it is completely worthless. Sometimes I think that our politicians are completely oblivious to economic law. Actually, we WILL have to let the commitments go!

[ronrayah]

@mateofleckito

You sound like the joke, Default will tank the dollar faster than people leave the room when you show up.

We default and our treasury bond become worthless,interest rates will skyrocket and no bodies investments will be safe.

The problem is republican voters going to the polls and voting for people that aren't interested in effectively governing our country. GOP= RACIST ANTI INTELLECTUAL BIBLE THUMPERS INTERESTED ONLY IN HURTING MINORITIES.

[MrTimetomarket]

If you took this so seriously, why are you just publishing this now. And to treat all these funding areas with such a broad brush is bothersome and unproductive. You simply state that these are the commitments that we have made so we must follow through on them is representative of the problem. We cannot continue on this course of spending. How about a video detailing how you would fix the problem - where you would make cuts and how much.

[In2Peacefulness]

This is rubbish. It's not like this happened all of a sudden. If we weren't the police of the world and didn't send all of our jobs overseas, we wouldn't be in this mess. It's all of your fault! Democrats and Republicans! You sold us out. You crashed the dollar. You failed us long ago. Now it's all just a bunch of smoke and mirrors. We're all screwed and closer to becoming nothing but slaves to the governement. Human resources that don't matter. Epic failures in Washington!

I rest my case.

[Caleb6543]

Nice video! Very good graphical presentation of the problem! Three questions come to mind:

1) Democrats have controlled congress for years. Why are you still spending $307b a month when you take in only $172b?

2) Democrats control the Senate and have known this crisis was coming for a long time. Why haven't you come up with a plan yet?

3) If the consequences of inaction are so severe, why not pass the House plan?

[grnbbllntrck]

@Caleb6543 1. dem have had congress for 4 years and our budget problems start way back in the 80's. and because they can't decide on what to cut/scale back, or how to bring in more revenue. it's not that simple to just "not spend that much" 2.both sides have a plan execpt they just can't agree on a compromise. 3. because the dems don't like it because it is the republican plan. just like the house doesn't like the senate's democratic plan.

[Caleb6543]

@grnbbllntrck Sorry, I'm just a little miffed. The Democrats had a perfect opportunity to set things right. For two years they had a super majority in both houses and they had the White House. Instead of setting our financial house in order, they decided to socialize a huge portion of the private sector economy. Spending increased dramatically, they were too cowardly to produce a budget, and now we hit the debt ceiling. That is poor governance.

[ronrayah]

@Caleb6543

Set things right how? Which program exactly should have been cut specifically during a major economic disaster. I'm sure you understand fed withdrawal from the economy at this time would just make things worse?

[Caleb6543]

@ronrayah For starters, the programs responsible for the economic crisis; fannie mae and freddie mac. The "stimulus" program added a lot to the debt while doing next to nothing. Obamacare should never have been passed; bloated bureaucracy in the making. Obama did not pull out of Iraq and Afghanistan and instead got us involved with Libya. They could have challenged every department to cut 10 to 20% out of their budgets (I'm sure there is fat to be cut).

[fourspots]

Great video! What is the call to action?? What can I do ??

[browneyedgirl65]

Hey, I appreciate the efforts to inform the rest of us, but how about captions? Or a transcript? Not everyone can hear, some people are in libraries, others don't have speakers on their computers, etc. etc. etc. Plus a transcript makes your presentations pop up on search engines. C'mon guys, do it! I'd love to know what you are talking about (I'm deaf and I vote!)