How the U.S. Spent $1.4 Trillion in Debt Last Year | WSJ

The United States relies on taxes and debt for much of its spending — but what would spending cuts look like? Just last year, the U.S. took on over a trillion dollars in debt.

WSJ explains how much the Treasury relies on debt, where it goes and what happens when the Treasury hits the debt ceiling.

0:00 The U.S. took on $1.4 trillion of debt last year
1:33 Where did the American government spend the money?
2:40 What happens when the U.S. debt ceiling is hit?
3:51 How to reduce the national deficit

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#Debt #Spending #WSJ

[AP-izlc]

I dont know how trustworthy WSJ is like any media company these days, but this video is incredibly well made and explains this stuff as it should be explained to the people.

[antiquehealbot]

US is spending that much money in medicare and still having the world's worst healthcare?

They need some radical change in that sector. It's insanity.

[nicolasbenson]

The US economy cannot survive without continuous credit and debt creation. The FED will print more money and the average American will go just that much further in debt. Meanwhile, foreigners lust for the greenback. Their economies are in worse condition than the US... if that's even possible. Someone is going to be left holding the bag...

[ClementRusso]

Don't fret, the debt ceiling always goes up. I wonder if 2008 crisis survivors had it easier. I'm concerned about the stock market, I've lost $35, 000 this month, and my income is down. Worried I won't save enough for retirement as I can't add to my savings.

[carloscamperos]

Brilliant. Thank you for your great communication skills and for putting it out there.

[robertmusil]

How do "politicians agree on the debt should go down" when everything they do is increase it every year? They only agree on saying it should go down. But they don't agree on keeping it actually down and reducing it. They are clearly increasing it. No matter which president.

[Mor_timer]

WSJ have set the bar on explainer video so high, and I’m so grateful they exist ❤

[alexandersokolov]

I like how every point of spending has some explanation except “The military”.

[nguoiEmOi]

Let do both. Reduce spending and increase on taxes. Meet on the middle on both sides.

[JWEATHERSBY]

The topic aside (these videos are always very well done and informative) -- I'm a data analyst & I just wanted to say kudos to the team that put this video together. The information was succinct & the presentation was captivating. Appreciate the random dose of inspiration for visual analytics!

[Woysla]

Imagine if civilians kept this same spending habits

[AllisonAhrens]

Given reduced inflation signals and as the Federal Reserve has halted rate hikes, what are the best additions for a $500K portfolio to enhance the overall performance of my portfolio this year

[edgardebruin]

I found a USA penny in dublin airport last week. my first US penny ❤️

[robocop]

If I managed my household's finances like this I would be divorced, broke and homeless

[celdur]

Inefficiency is a major area where there is a massive waste of money, improving on that area alone could massively improve the budget.

[alextkhou]

Love how these WSJ videos explain things in such an easy and clear way!

[nickw]

Pretty misleading title. The U.S. government did not spend $1.4 trillion in debt last year. Rather, the U.S. government incurred $1.4 trillion in debt through its spending and revenue activities during the 2020 fiscal year.

In 2020, the U.S. government spent $6.55 trillion on various programs and activities, such as defense, social security, Medicare, and infrastructure. However, it only collected $5.15 trillion in revenue, primarily from taxes. This resulted in a budget deficit of $1.4 trillion, which added to the existing national debt.

It is also worth noting that the pandemic significantly contributed to the increase in the U.S. government's spending and deficit in 2020. The government implemented several economic stimulus packages and relief measures to support individuals and businesses affected by the pandemic. These measures required significant spending, which added to the national debt.

[lailaalfaddil]

I invested in a retirement plan with ROI company and I'm very happy with the results. They offer great returns and excellent customer service.

[YT-mpei]

Corporate tax is 6% of total US revenue, while individual tax made up 42%. That doesn’t even include sales/property tax people pays. But record corporate earnings… 🤯

[LostMySauce]

The US has the largest military budget out of any other country by far. Military expenditures are roughly the size of the next seven largest military budgets around the world, combined. We have room to move the military budget for sure.