Milton Friedman - Deficits and Government Spending

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Information Milton Friedman - Deficits and Government Spending

Title	:	Milton Friedman - Deficits and Government Spending
Lasting	:	5.05
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Continued Government Deficit Spending WILL DESTROY AMERICA within 10-20 Years! Republicans are badDemocrats are WORSE! Much, Much WORSE! br brASK the AI: Yes, I posed this question to a popular AI Here is the answer br brGive predictions on what could happen if the United States government continues deficit spending and increases the national debt to 50 trillion or more br brChatGPT br brPredicting the precise outcomes of specific economic policies or scenarios is highly complex and uncertain However, I can provide some potential implications that could arise if the United States government continues deficit spending and increases the national debt significantly: br brIncreased interest payments: As the national debt grows, the government would need to pay more in interest to service that debt This would result in a larger portion of the budget being allocated to interest payments, potentially crowding out other important areas such as social programs, infrastructure, or education br brReduced investment and economic growth: High levels of debt can create uncertainty and negatively impact investor confidence If investors become concerned about the government's ability to manage its debt, they may demand higher interest rates on government bonds This could lead to increased borrowing costs for businesses and individuals, potentially reducing investment and slowing economic growth br brInflation and currency devaluation risks: If deficit spending is not accompanied by sustainable economic growth, it could increase the risk of inflation This occurs when the government creates more money to finance its spending, potentially eroding the purchasing power of the currency In extreme cases, persistent high inflation can lead to a devaluation of the currency on the global stage br brBurden on future generations: A growing national debt places an increasing burden on future generations, as they may be left to deal with the consequences of excessive borrowing It could limit their ability to invest in their own priorities, such as education, infrastructure, or social welfare programs br brPotential for fiscal crisis: If the national debt reaches unsustainable levels, the government's ability to borrow at affordable rates may be compromised This could lead to a fiscal crisis, similar to what some countries have experienced in the past, where the government struggles to meet its financial obligations, resulting in austerity measures, default, or a loss of investor confidence br brIt's worth noting that economic factors are interconnected and influenced by numerous variables, making it challenging to precisely predict the outcomes of any specific policy or level of debt Various measures, such as economic growth, fiscal policies, and global economic conditions, can impact the consequences of deficit spending and national debt levels
Comment from : Quintavious Gooch

2023: $32 Trillion We can't vote our way out of this
Comment from : Severian Wintermute

I wonder if every imagined the government would just print money instead of borrowing it
Comment from : Christopher Sandman

Keynes believed that we can fine tune the economy by spending during market recessions and taxing and revenue building during good times This was the economic orthodoxy of the 40s 50s and 60s When the oil crisis of the 1970s and foreign competition triggered stagflation (NOT THE FAULT OF KEYNES) we turned to crack pot economists of the Austrian who just let the market run wild and roughshod over our country Now unelected financiers are free to do whatever they please, buy as many politicians as they please and store masses of wealth in tax havens We now have debt, massive deficits (because wecannot touch the sacred job creating cows) it is like keeping a dirty moldy house and saying the the mold will make it clean
Comment from : woke eye

3:47brThe priceless look on his face when he realizes what Milton Friedman is suggesting 😂😂😂
Comment from : LovingPrinceTamayuki

Last clip $18Tand now it's like $30+ Trillion It's like the word "no" is unknown in the government brbrI'm no economist, but why don't we pass a bill that forces the country to run towards a surplus that goes towards social security funds
Comment from : mmastroleo

he's insane
Comment from : Shway

now, US debt surpassed 30 Trillion
Comment from : new shOt

SPANISH SUB PLEASE
Comment from : Leandro D

The mind of Milton Amazing
Comment from : Chris Hardin

F
Comment from : TAC Systems

Government debt is a problem because the loan and the interests are paid back by other people than those that spend the money from the loan It's stealing from future generations
Comment from : Robbe Demey

take 27 trillion in 2021, im really sad for America
Comment from : monti

So the debt is the symptom of the problem
Comment from : Merrilee McDonald

The latest stimulus bill was 19 trillion The Iraq war cost taxpayers between 19 and 24 trillion The debt is not the issue, it’s how the money is spent Milton was a outspoken critic of the gulf and Iraq wars There’s no telling how he would feel about pandemic assistance but he did advocate for lower taxes I think he would agree tax credits and direct checks may be the best way to stimulate the economybrbrI don’t think the majority of y’all are picking up what Milton is putting down
Comment from : John Tighe

The debt is now closing in on $30 trillion
Comment from : HolidayMan

Basically don't worry about the debt but worry about what causes the debt
Comment from : Rino PW

He didn’t seem to care about insulting them
Comment from : Barry Weiss

I am glad my teacher recommended this video
Comment from : Michael Hicks

I wonder where he thinks US dollars come from They've always just existed? People make dollars themselves? All US dollars are created by the Federal Government If the government did not spend them into existence, there would be no US dollars in the economy In fact, if there were no deficit or "debt," there would be no US dollars in the economy If the gov collected every dollar it spent (reducing the debt/deficit to zero), there would be no dollars in the economy Funny how these supposedly "great" economists don't have a clue about what dollars are or where they come from Attack me I'm ready
Comment from : Lil Scotchy

It sad when a brilliant man like Professor Friedman slips in irrelevance We have enjoyed the longest run of economic growth and the lowest unemployment in history despite enormous deficits There must be something seriously wrong with Friedman's analysis
Comment from : Bruce Rosner

Buy Bitcoin 🙌🏻
Comment from : Aadi Skywalker

The biggest spin doctor that ever lived
Comment from : Su Morley

They'll eventually be forced to run the inflation and dilute the real value of the debt through the inflationDishonesty of the first order
Comment from : shadrana1

Simple Government should not spend more than it takes in See the Optimal Economist software program at wwwtranspowercorpcom and wwwamazoncom
Comment from : Transpower

Deficits? What deficits?
Comment from : wegder

Is this Donald Trump?
Comment from : Azar K

What an absolute crank
Comment from : Danil Thorstensson

When a normal household calls for a budget they actually look where they can cut spending and dad and mom cut it The US government on the otherhand holds a budget meeting and asks how much more into debt should we go instead of cutting the damn spending The US government was never designed for welfare which I believe is one of the biggest drags because it creates a deficit and incentivizes some to no longer produce Although I do believe in a security net for those who have a legit issue such as being born with a disability or really can not find a job But the way it is set up is like a quicksand pit Once your in it, it is hard to get out We need to go back to principles of individual responsibility to make this country better as a whole brbrI work as a subcontractor that serves many people on welfare, what I commonly see (not all but roughly 8 out of 10) are that these people fundamentally blame others, hate on others, and try to use up other people's resources (time, money and labor) But don't assess whether they can do more for themselves brbrNow I am also for getting back to sound money but changes have to be set over a period of time over decades to undo the damage done which I feel is next to impossible Because it would be political suicide for any candidate who does this Much like trump Sure he sounds like a douche but he is at least putting america first which is what a President is suppose to do Hopefully he continues his audit of all the failed programs and deals
Comment from : Jay Romeo

Obviously his advice didn't fall on deaf ears, because he's saying that debt doesn't matter and most of our current debt has come in the form of tax cuts during war time and economic stimulus
Comment from : Cole Smith

So keep my butt out of Walmart and I'll be better off Pure genius No really
Comment from : Jim Hughes

FACT?
Comment from : Vincent Reynolds

where we are today, no one thing will help us to achieve our goal we must reduce politicians salaries/travel expenses, drastically reduce foreign aid, reduce the size of a grossly inflated government, reduce welfare and disability payments to the ones who are undeserving
Comment from : dufus

I am just glad I dont care about tomorrow
Comment from : TOM

the fed is a ponzi scheme
Comment from : Randall Skipper

Interest payment is good and government spending is bad?
Comment from : ΧΡΗΣΤΟΣ ΠΑΥΛΟΥ

To simplify:br(Numbers are way out, just think of them as percentages)brI make $100 a year, I spend $50 on taxes and $25 on food,brI have $25 left, I want to buy a $50 car, If I buy a $50 car I will be able to become a taxi and thus make $200 a year, which means I need to borrow $50 so my budget this year will end up being -$50, but next year I'll make $200 which I can pay back, meaning for a short time i had a negative bank account but now I make much more than I did beforebrbrIn short, a budget deficit isn't always bad, however, better money management would allow us to make more, For example, the USA would save billions of dollars if it cut spending on the military and spent it on improving healthcare Similarly, Australia would benefit in building more cities to allow for a bigger population and Canada would benefit from getting more immigration brbrShort term, it may look bad, but in the grand scheme of things, we are doing well It's all about good debt vs bad debt
Comment from : TheTrashMaster

Milton applying the household analogy to governments that are monopolist suppliers of their own currency through a central bank Anyone buying into this Monetarist garbage probably needs to loosen the chin strap on their tin foil hat
Comment from : tdunster2011

Obviouslyyyy
Comment from : Rocio Juarez

Yes, deaf ears😞
Comment from : Conservative Tradesman

And if your right hand causes you to stumble, cut it off and throw it away It is better for you to lose one part of your body than for your whole body to go into hellbrbr— Jesus
Comment from : Rusty Shackleford

US and most of the world have always ran deficits When is the world coming to and end?
Comment from : WSL

The federal government does not need to borrow in order to spend What the government can and has done for many years is create money out of thin air; this money can go into the economy to buy goods and services and not in any way cause inflation
Comment from : Banksta$Gangsta

Only Rand Paul would reduce government spending Everyone under 35 should vote for him for no other reason than that
Comment from : fzqlcs

Thanks Milton
Comment from : snowmanflo

It's simple - remove tariffs, give every low or slave producers free access to US markets and jobs will race off to those markets Government will than attempt to meet the needs of the unemployed Real simple: isn't it Milton
Comment from : louiethegreater1

A game of semantics to me One is the other The interest is the worst, not only for what that money might otherwise be spent on, but too, the way in which the whole loan structure to Gov kicks the can down the road hiding the true cost from people and giving them something for nothing from their point of view
Comment from : Vaughan Starr

So sad that so many of our Government officials have gone at break neck speed to do exactly the opposite of what Mr Friedman suggested
Comment from : raiderrob672

Debt becomes spending, and the amount of that spending is difficult to really know Only the minimum can be known Milton was a crafty man, but this assertion is playing with fire a bit too much, heh
Comment from : Rick Thom