"The U.S. routinely is spending more than the country and government is taking in, so we are living beyond our means." - 0:52
"As of this year, the U.S. is already spending more on the interest of its debt than on national defense. And that's not because military spending is decreasing. The reason is because servicing that debt has become so expensive." - 1:01
"Every year, Washington plays political football, avoiding the hard decisions to balance the budget. An 11th hour compromise always saves the day, but it also kicks the can down the road because the underlying problem isn't fixed." - 3:07
"There are real life solutions for the U.S. to reach a healthy debt equilibrium. But as you can imagine, none of them are easy." - 3:58
"Rapid growth, spending cuts and increased taxes were all elements of the Clinton administrations balanced budget, which at the time, was projected to pay off the national debt by 2012. But the role that government played through the great financial crisis and the pandemic has changed the country's economic landscape dramatically." - 4:31
"It's really easy for Republicans to blame Democrats or Democrats to blame Republicans for the problems that we currently have in our trajectory. Both parties have made decisions that have led to the immense deficits that we have right now." - 4:59
"As terrifying as the current debt trap is, what's more scary is that politicians in Washington are using it as a cudgel. We don't see enough moderates who are willing to reach across the aisle. Rather, parties are being pushed to opposite ends of the political spectrum, so that is going to get harder and harder to find ways to face our poor fiscal management." - 5:14
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