Can The US Still Call Itself A Wealthy Nation?

• published: 12 Aug 2014
• views: 430275

The US is 17 trillion dollars in debt, yet is still considered to be the wealthiest nation on earth. How is this possible? Special Thanks to William Haynes for hosting TestTube! Follow William on Twitter: https://twitter.com/MrWilliamHaynes Watch William on SourceFed: https://www.youtube.com/SourceFed Learn More: The Dollar and the Deficits http://www.foreignaffairs.com/articles/65446/c-fred-bergsten/the-dollar-and-the-deficits "How Washington Can Prevent the Next Crisis" The Economic Effects of the President's 2015 Budget http://www.cbo.gov/publication/45540 "Each year, after the President releases his budget request, CBO analyzes the proposals in that request.." The 2014 Long-Term Budget Outlook http://www.cbo.gov/publication/45471 "Between 2009 and 2012, the federal government recorded the largest budget deficits relative to the size of the economy since 1946, causing its debt to soar." Fiscal Outlook and The Debt http://www.gao.gov/fiscal_outlook/overview "This section will help you understand the federal debt, how the federal deficit is measured, and the fiscal outlook that federal, state, and local governments face." Who Holds Our Debt? http://www.factcheck.org/2013/11/who-holds-our-debt/ "The biggest are the Social Security trust funds (16 percent), the Federal Reserve banks (12 percent), China (8 percent), Japan (7 percent) and mutual funds including money-market funds (6 percent)." Bureau of the Fiscal Service http://www.fiscal.treasury.gov/ "We're a new Bureau of the Treasury Department formed from the consolidation of the Financial Management Service and the Bureau of the Public Debt." Credit Suisse Research Institute: Thought leadership from Credit Suisse Research and the world's foremost experts https://publications.credit-suisse.com/tasks/render/file/?fileID=BCDB1364-A105-0560-1332EC9100FF5C83 "The 2013 Credit Suisse Global Wealth Report and the more detailed accompanying Global Wealth Databook aim to provide the most comprehensive study of world wealth." Watch More: How Do Corporate Inversions Work? https://www.youtube.com/watch?v=-o-zPXB_F6Y&list;=UUgRvm1yLFoaQKhmaTqXk9SA Watch More TestTube! http://www.youtube.com/subscription_center?add_user=testtubenetwork _________________________ TestTube's new daily show is committed to answering the smart, inquisitive questions we have about life, society, politics and anything else happening in the news. It's a place where curiosity rules and together we'll get a clearer understanding of this crazy world we live in. Watch more TestTube: http://testtube.com/testtubedailyshow/ Subscribe now! http://www.youtube.com/subscription_center?add_user=testtubenetwork TestTube on Twitter https://twitter.com/TestTube Tara Long on Twitter https://twitter.com/TaraLongest Trace Dominguez on Twitter https://twitter.com/TraceDominguez TestTube on Facebook https://facebook.com/testtubenetwork TestTube on Google+ http://gplus.to/TestTube Download the New TestTube iOS app! http://testu.be/1ndmmMq