A really serious recession was already in place, capable of becoming a depression. Will taxes rise during your lifetime? Of that 35 trillion, 630 billion dollars was the first crucial step to reforming health care. I mean, any Republican who had spent their career talking about fiscal discipline, lower taxes, the private sector, had to be deeply, deeply angry about what the Republicans in the House and Senate were doing. And this rule basically meant that if you wanted to introduce a new tax cut or a new spending program, you had to find a way to pay for it with an offsetting tax increase or spending cut. He now has to re-gain peoples confidence.
The measure of employment in the economy that show how efficiently the labor force is being used in terms of their skills, experience, and availability to work. Obama walked into a bad time period. Contents: Sponsors: Ten Trillion and Counting 0:44 -- Introduction to Ten Trillion and Counting 1:01 -- Barack Obama Takes Office 2:26 -- Why Are We in Debt? The Republicans worried about if the plan goes well, they will get no credits for anything they have done. Medicare itself is the government program that pays the cost of medical coverage for people over 65. We're either going to have to cut spending or we're going to have to raise taxes.
There's a cancer gnawing away at our nation's health. A lot of people thought of it. But one of the ways it caused us to have to readjust was that we went into a very severe economic slide. These systems tend to be high-cost investments, however, they are vital to a country's economic development and prosperity. And so that really pushes them politically, I think, to be more of an opposition party, rather than constructive partners. A surplus became an excuse to transfer wealth to the wealthy instead of an opportunity to invest in our future.
Besides, it is especially tough to talk to Americans about the government are going to spend less on benefits in a recession time. That cancer is the budget deficit. And it's hard to get out of. It's not a good thing, it's acceptable. And they'll push, and I'll say no.
All this we will do. And then came along this massive tax cut. The main events of this novel are in the beginning Scott was the new kid and kept on getting bullied by Jimmy and after chris came in and told Jimmy to stop. However, the first baby boomer is getting retired sooner and they are claiming early retirement for social security. If you were the President, what would you do to correct this problem? And I think that critique is fair, so I would like to see the Obama administration come out and be a little bit more honest - a lot more honest - about the fact that over the long term, taxes are going to have to rise not just on the top 1 percent, although they will very much have to rise on the top 1 percent. Obama has inherited: the federal government was already borrowing huge amounts, and now, as the only entity big enough to revive the gasping economy, it has to borrow more. Notes: Originally broadcast on Mar.
On the one hand, we have this looming national debt, which looks like a tsunami washing over us if we don't do something soon. Instead he expanded spending — on the Iraq war, on prescriptions for the aging — without a template of how to pay for it. One is that it leaves the smart-sounding commentators assembled here not much time to talk about what matters now: how we get out of the mire. Governments use lowering interest rates or increasing government spending to accomplish these goals. The background is coloured in blue to show that all the different components to. Series Title: Other Titles: Frontline Television program.
If you look at the whole package, what does Barack Obama inherit? And he has to sort of pull these pieces together and he has to pull these pieces together, you know, with remarkable speed. It's not that nobody thought of that in the '90s. And it never seems to happen, but one day it will. The unemployment rate is likely to hit double digits by the end of this year, a rate we haven't seen since 1982. All of the federal government's efforts to stem the tide in the financial meltdown that began with the subprime mortgage crisis have added hundreds of billions of dollars to our national debt. Everything else is almost a footnote.
We have to find a way to actually live on what we earn. This episode of Frontline reports on how this debt constrains and challenges the Obama administration and on the growing chorus that, without fiscal reform, the U. While going through the questions I was having mixed feelings about which one to rank higher on, so I was glad with the outcome of not varying much. At a very early stage in life Blake began to see visions. This quote from the story shows that Shelia Mant is a pampered, kind of stuck up.
And on the other hand, we've got this immediate problem and the government has to spend like crazy. In office less than two years, he was confronting a stubborn recession and a steadily escalating budget deficit. Let's imagine a scenario where the politicians would love to keep the government going, but they can't because there's nobody to lend us the money. That's the premise of it. The money borrowed will be used to fund services and programs that the government cannot pay for through tax revenues alone. It's hard to tell them that we have lived beyond our means and we're going to have to spend less money on benefits that you enjoy and we're going to have to collect more taxes from you than we do now because we over-promised in the past.
And that's what keeps pressure on them to reduce spending. If you keep cutting taxes, that will put pressure on the system to cut spending. Description: 1 streaming video file 60 min. Even as we confront these dangers, you need to know I know we have needs here at home, especially the need for a vigorous and growing economy. These entitlements are all enormously popular, but they're also enormously expensive. From watching this documentary, one can understand the harsh economic reality America is suffering through. Consumers are worried they're going to loose their job or someone in their family's going to lose their job, and so they're not spending.