Ten Trillion and Counting Video Notes Obamas early presidency and the economy unsustainable economic path

h o low taxes, high social services (e.g. Medicare) o The debt on inauguration day was over $10 trillion, nearly $35,000 per American As the debt increases, our economic stability decreases Economic problems o Americans are in favor of low taxes and extensive social services Americas obligations exceeded the net worth of the American public o High debt & deficit When expenses exceed the annual income each year, a deficit is created. The debt is the sum of deficit. $10 trillion national debt o American government borrows money from foreigners like the Saudis, Chinese, and Japanese. o They auction of their debt obligations in the form of Treasury securities which pay interest and are backed by the US governments name. trillion-dollar deficit o recession economy was the worst it had been since World War II Obama began additional government spending to jump-start the economy, but he furthered Bushs policy of living beyond our means. o Obama talked about even higher spending Discussed spending more on infrastructure, education, healthcare, etc.

COLA cost of living adjustment un-sustainability of social security