The US debt is the total sum of all outstanding
debt owed by the federal government. As of February 11th 2019, the US National
debt was 22 trllion dollars trillion dollars. 2/3s of that debt is held by the public. The rest is intragovernmental debt. 22 trillion dollars lot of money, and it keeps
getting higher. One has to wonder if there’s any chance
that the US will ever pay off its debt. But what if, somehow, the US managed to pay
it off? What would that mean for the country itself? That’s the question We’re asking right
now on life’s biggest questions. Hello and welcome back to life’s biggest
questions. The channel that asks the fundamental questions
of life. I’m charlotte dobre, hit that subscribe
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behind LBQ, check out the description for the links to our social media accounts. The united states has the biggest debt in
the entire world, 22 trillion dollars. That’s almost as big as my student loan. So how was America’s collosal debt even
created in the first place? National Debts are created by too much spending
as well as tax cuts. One of the reason why the US’ debt is so
large is because tax cuts were implemented to try to help those affected by the recession. At the same time, Some of the spending was
justified. Hurricane Katrina cost the country 24.7 billion
dollars. The banks had to bailed out of 350 billion
dollars. Then, The US also spends a lot of money on
the military. In its entire history, the US has been at
war 91 percent of the time. After 9/11, the us government increased military
spending again for the war on terror. This cost 1.9 trillion dollars between 2001-2017. If you want to blame US presidents, for the
debt, here are a couple that greated the highest deficits. Francklin D Rosevelt added 236 billion to
the debt. President Obama added 800 billion per year. President bush had the second largest deficit,
but he also had to deal with the financial recession. Regan also cut taxes, adding to the debt. All 4 presidents lowered tax receipts as a
result of recessions. There was a time when the US wasn’t in debt
at all. In 1835, the US had no national debt, and
it was very low until 1938 when it began to skyrocket. Its difficult to imagine how and if the US
will ever pay off its debt. There are only a few ways to do that. First, America would have to cut spending,
but by cutting spending, this slows down economic growth. Another way is to raise taxes, which also
slows economic growth. And the third way is to drive economic growth
more quickly than the rate the debt rises. Republicans and democrats disagree on how
to grow the economy. Democrats say increased spending, republicans
say lower taxes. The government also would have to cut spending
on the military and create jobs at home. If the US paid off its national debt, that
would mean it wouldn’t have to pay back investors the money it owes. Instead, America would be able to spend a
lot more money on public services. Things like infrastructure, police, fire services,
education and hospitals. If there was no national debt, the economy
would grow. People would have money to spend on things
like clothes, housing and technology. The united states would become extremely wealthy
and advanced. It would have amazing public services, and
as a result, its citizens would have a much higher standard of living. Essentially, everyone would be happier. But Most experts think that at this point…there’s
no turning back. Its unlikely that the US will ever pay off
its debt. in order to get to the point that the us can
spend more money on public services, they would have to cut spending on those things
in addition to raising taxes in order to create a surplus. Especially because the US debt is so massive. It would take years and years of spending
cuts and raised taxes for America to get to the point that they can start spending on
public services again. Until that happens, public services would
suffer. Roads would be poorly maintained, government
owned buildings would fall apart. Not to mention, everyone would hate the fact
that they are paying more taxes. Until the US managed to pay off its debt,
average americans would suffer. Nobody wants that. Most of the worlds’ countries are in debt,
including America. The united states is still an extremely developed
country, it has the largest economy in the world, and the most powerful military. The good news is, as long as the US keeps
paying off its debt, it will continue to run normally. But now I open up the question to you dear
susbcribers, what do you think would happen if the US paid off its debt? Let me know down there in the coments. For now, I’m going to read out some comments
on my last video, How Do We Stop T Series. Animated Matter – what if we hack all phone
stores so that when you buy a new phone its already subbed to pewdiepie. I like the way you think. Techster – is this one of life’s biggest
questions? Yes. yes it is. Miles Monaco – Even lifes biggest questions
is helping. Always here to help, miles. Kim Jong un – if you want, I can nuke their
head quarters. Perhaps that will stop them. Well kim, that would definitely solve the
problem but we at lifes biggest questions take no responsibility for such actions. Pijush Rajbongshi – next question how to
stop life’sbiggest questions. We cannot be stopped. We are LBQ. Welcome to the end screen, this means the
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