Subtitles for Do You Understand Why the National Debt Defines the Future for Millennials?

  Pause sub
meet Lisa she's ready to stake
her claim in the world meet
Harold he's lived a good long
life and is ready to retire meet
the national debt
Lisa and Harold have both heard
about the national debt but they
don't know how worried to be our
national debt is not new
you may be surprised that our
founding fathers authorized a
national debt to fund the
Revolutionary War
in fact in 1785 Alexander
Hamilton one of the nation to
take on more
he said on national debt if it
is not excessive will be to us a
national blessing
so what is excessive well we
need to think about our ability
to pay down the debt by looking
at how much that we have
compared to how much we produce
as a country
this so-called debt to gdp ratio
that ratio spike during wars and
the Great Depression but our
economy bounce back and we were
able to get the debt back under
control
today our national spending
priorities have changed in the
early nineteen hundreds the
government spent a lot on
defense and education but today
it screams more on health care
and social security
it also spend significantly to
cover the interest on the
national debt having more debt
and higher interest payments are
a concern because these leave
less money for other areas such
as education and leave us with
fewer options during tough
economic times when things get
bad for an economy government
spending can be especially
important this last line of
defense is only available though
if the government has room to
increase spending
let's take a closer look at what
our government actually spends
money on the budget has two
broad categories
mandatory and discretionary
spending regardless of
priorities
the mandatory spending amount is
automatically approved every
year
this includes things like Social
Security Medicare and Medicaid
discretionary spending on the
other hand must be directly
authorized by Congress when we
look at mandatory spending we
can see why it is so hard to
limit spending these programs
are the safety net to care for
the elderly and the poor social
security is the main source of
income for many retired people
like Harold and the largest
program of any kind in the
budget
medicare and medicaid which
helped provide immunizations and
treatments to the poor elderly
and disabled are expected to be
the biggest causes of rising
government spending in the
future
this leaves discretionary
spending the kind which gets
reauthorized every year there
are two big categories defense
spending and everything else
military spending goes up during
wars and the conflicts of the
past decade have been no
exception which means the cuts
have fallen on everything else
yet these programs include
investment in medical research
science energy technology and
foreign aid without these
investments we wouldn't have put
a man on the moon and wouldn't
have developed search engines
like Google this category also
includes basic investment in the
roads and bridges we depend on
every day
these discretionary programs
have broad social and economic
benefits all of these things are
being crowded out by healthcare
which is already one quarter of
all federal spending and growing
fast
the way our government spends
money on health care today with
lots of money for treatment but
very little for preventive care
is a major problem for young
people
right now only three cents of
every dollar of health care
spending goes to prevent
conditions and diseases that
could actually save money down
the road
young people would be better off
physically and fiscally if the
government spent more on
prevention most government
health care spending today comes
from two major programs the
largest is Medicare which helps
pay for health care for all the
baby boomers over age 65 a task
which gets more expensive as
more of them become eligible the
next largest program is Medicaid
which pays for healthcare for
families and individuals with
low incomes or disabilities
despite the fact that the u.s.
spends more on health care than
any other country we are not the
healthiest why
one reason is that the
government and many private
plans pay doctors for how many
things they do not how well they
do them
this means more procedures and
tests some of which don't make
us any healthier the US
healthcare system spends a lot
on administration like building
agents and insurance
underwriters this doesn't
directly improve anyone's health
we also use more medication and
more expensive medical
technology than most other
countries finally long-lasting
diseases like heart
disease diabetes and cancer are
expensive to be cured and
controlled because these last a
long time
everyone would be better off if
we could delay or prevent these
chronic diseases altogether
besides health care Lisa also
faces a serious economic
situation and high unemployment
rates
the unemployment rate among 16
to 24 year olds is double that
of all other age groups in
addition students are graduating
from college with more debt than
ever up nearly fifty percent
from 2000 for young people are
unable to save making them more
likely to need government
assistance in the future and
businesses suffer because fewer
people have money to spend
so you see increased personal
debt slows economic growth on
the national level
the less money people have the
less they spend and invest this
in turn puts greater strain on
the national debt since the
government collects less in
taxes and spins more to help
people who are struggling
this is where some national debt
can be a good thing if it helps
break that cycle but if left
unchecked it can make for a
worse economy and fewer
opportunities for young people
so why aren't our political
leaders focusing on this problem
actually some of our
representatives are trying to
make this better
but politicians often respond to
their constituents and some
constituents have louder voices
and deeper pockets than others
these individuals and
organizations can influence
policy to a much larger extent
than the average citizen or
nonprofit interest group
young people don't have a
powerful organization to lobby
politicians and the result is
that education and other
priorities for young people are
under-represented on Capitol
Hill spending goes to programs
that benefit older generations
as the debt continues to
increase the national debt
affects everyone young old rich
poor so there's room for all of
us to get involved but how
the answer is simple young
people can assert their voices
by voting participating in
groups at school are contacting
their representatives and they
can reach out to the older
generation and start a dialogue
that may lead to a better
understanding young people
already have the potential to
change America's political
landscape and decide who wins an
election
all they have to do is fold in
the swing states the youth vote
without exception far exceeds
the margin of victory
the solution is free easy and
simple
voter turnout among young people
has remained relatively low
hovering between twenty and
thirty percent compared to the
more than fifty percent for the
population over 55 years old
that cast their votes
it is no surprise that the
result is a government which
pays more attention to and
spends more money on
older people participation
doesn't have to wait until
Election Day as young people you
can make a difference by helping
with political campaigns
particularly by volunteering in
person and by conversing with
friends family and those outside
your peer group about what
matters to you as a young person
the barriers to participation or
low and the costs of not
participating are high
washington d.c can seem distant
and irrelevant but our political
leaders have a huge influence
over daily life
the national debt is a
manageable problem but the youth
need to get involved and do
their part
if we don't make changes soon
there will be severe problems in
the years to come but together
we can make a more equitable and
effective national budget for
today and for future generations
let's talk with our friends
parents grandparents teachers
and co-workers about how the
ever growing debt is limiting
new opportunities our voices
will not be heard
unless we are willing to have
these conversations and to voice
our opinions at the polls
we may not be able to sit down
with the leaders of this country
over dinner but we can do that
with those we love at home
let's get educated about the
deck then come to an agreement
of what's fair for generations
to come together we can manage
the national debt
yeah

Share this subtitle



Description