Dave Ramsey Explains the National Debt Crisis

[cdoftx]

5:56 wow

[TheWarbirdPhoenix]

I been seeing this coming for years,the only thing to do is get out of debt and get physically fit,thoes who can't,well live like there's no tomarrow cause there might not be

[abeltrez4]

So what's going to happen and what do we do??

[LegSpreader69]

i say eat more corn

[lsnows]

@LegSpreader69 Can you explain what you mean by that?

[glazierEd]

In this scenario I would say the couple needs to not spend more than they make, but they also need to get second jobs to generate extra income, and also kick the loafer neighbors out, who intruded in to the house , moved themselves in Lock stock and barrel. But mostly they need to generate the same amount of revenue as they are cutting, otherwise how do they pay off the credit card balance?

[jebenn23]

The national debt isnt really a credit card we borrow at around 3%. Unless people are willing to sacrifice alot of social security and slash defense spending they have to raise taxes. They can not cut medicare payments to hospitals because it could implode 15% of our economy.

[derfowvayer]

This is a good analogy, however the government has one more ace up its sleeve: they can ask the Federal Reserve to print the money. All governments historically have done this, since taxes and cuts are usually politically unpleasant. But the dollar will eventually have no value. So yes, there will be Social Security cheques, but they eventually won't be enough to pay for the gasoline to drive to the bank to cash them!

[tacohager]

It hurts to cut back and stop our our government's addiction to spend spend spend. But that is the answer - government MUST cut the pork and entitlements - and make serious cuts. We cannot keep raising the credit card limit (debt ceiling). If we don't get this under control China will own us lock, stock and barrel.

[RepublicConstitution]

As the good Congressman from Texas, Dr. Ron Paul says, it is time to wake up!

[brianlarsen45]

@RepublicConstitution I sure wish Ron Paul would get elected

[MrConservative608]

It is even worse than Dave Ramsey is explaining. "Big cuts" in Washington are not cuts when you read a cut of $x trillion "over 10 years". Whenever you read "over 10 years", those are not cuts but spending INCREASES!!! A D.C. cut in Dave Ramsey's example of making $58k and spending $75k, a cut is spending $80k next year instead of $82k. Plus, in order to cut 25% of the budget in D.C., you could eliminate everything & still need to cut entitlements in order to break even

[waldo686]

its not the republicans, its not the democrats, ITS BOTH OF THEM