The National Debt: Last Week Tonight with John Oliver (HBO)

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LastWeekTonight

преди месец

The national debt has long been portrayed as a burden we’re placing on future generations. John Oliver discusses how national debt works, why people are so concerned about it, and why it might be more helpful that you think.
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Коментари
J Bryant
J Bryant преди 2 часа
HBO, a well known unbiased intellectual resource, gives you all you need to know.
Darren Steven
Darren Steven преди 3 часа
Nice work. The bit at the end really nailed it
Govi Modo
Govi Modo преди 4 часа
They “care” about kids futures for debt but not climate change
Stewart de Visser
Stewart de Visser преди 5 часа
If the american and for that matter Australian governments invested in bitcoin then maybe we wouldn't have debt now lol......... crap if I had of invested in bit coin I'd have no debt now, but I am still to afraid to risk my money lol
Adam Kuc
Adam Kuc преди 5 часа
Google MMT :)
Hashirama Senju
Hashirama Senju преди 6 часа
19:10 i was worried that my wife would get jealous so. This one is to replace my wife. Perfect
Ian Baker
Ian Baker преди 6 часа
Umm no it is
Ian Baker
Ian Baker преди 6 часа
Very true
Ian Baker
Ian Baker преди 6 часа
You dumb shots want to give money away to everyone
Ian Baker
Ian Baker преди 6 часа
And that’s why you are a mouth poece
Ian Baker
Ian Baker преди 6 часа
Annnddd....?
Ian Baker
Ian Baker преди 6 часа
Ummm did you forget we were attacked!
Ian Baker
Ian Baker преди 6 часа
You are a race batter
AlonditeMX
AlonditeMX преди 6 часа
Here's a fun fact: The _interest payments_ on the debt are greater than the _entire sum_ of the federal government's collected tax revenue. It doesn't matter if the majority is owed to the US people beyond those who actually own the federal bonds; you still need to pay taxes, and literally every penny you give them gets flushed down the toilet to finance an ever-increasing debt that nobody is doing anything about. But we don't need to eliminate the debt, we just need to be able to finance it while not running a deficit. But that will never happen because federal legislators are _entirely_ self-serving, and eliminating debt doesn't benefit them because they're playing with other peoples' money anyway. And this part is even more fun: In the like 60-70 years or so that the IRS has been tracking federal finances, raising taxes has, _not even once_ resulted in a statistically significant increase in tax revenue, regardless of tax rate (even with rates as high as 90%); they typically collect about 17% of the GDP (+/- 1-2%) in tax revenue. More than that, though, there's actually a _negative_ correlation between tax rates and federal revenue (particularly when most of the taxes are collected from the wealthy), likely because of the detrimental effect high tax rates have on the market. Sure, you're taking a larger percentage of the pie, but the pie itself is way smaller. So basically, the entire "tax the rich to pay for everyone else" rhetoric is objectively flawed and financially impossible. Cutting expenses (ideally by gutting the federal government) is the _only_ viable solution.
Niko Archer
Niko Archer преди 6 часа
“The key to ending inflation is to create a balanced budget” - Ronald Reagan. That’s not now inflation works lol.
Donald Kenne
Donald Kenne преди 6 часа
Well there is a massive difference between someone borrowing money to make a factory, and government borrowing tons of money. Number one, one is actually intending to produce something. Government produces nothing. It only takes. Government spending also tends to not be efficient in any way shape or form. Also, government revenue never fell under Donald Trump. In fact, it continued to rise, even after the tax cuts. Now, did it rise as much as it might have otherwise? Maybe not. Definitely not like revenue actually fell. Not to mention Americans got to keep more of their money.
Kevin Hickey
Kevin Hickey преди 7 часа
What does 2 + 2 = ? Mathematician : 4 Statistician : pretty close to 4 Economist: What do you want it to equal?
Jennifer Lundberg
Jennifer Lundberg преди 8 часа
That would be all well and good if our governments spent the money well. They don’t.
Roel Martin van der Velde
Roel Martin van der Velde преди 8 часа
That John Oliver guy is wickid smaa't
ArrZarr
ArrZarr преди 9 часа
"Economists really have no fucking idea" could probably be Wall Street's motto if it had any sort of self awareness.
ohsosmooth01
ohsosmooth01 преди 9 часа
I thought the best investment he ever made was that fucking rat painting.
Antonio Badillo
Antonio Badillo преди 10 часа
"I am not an economist", there you go
Pat Tanackered
Pat Tanackered преди 10 часа
1 in 15 people disliked this video.... I just can't fathom why
Jo Hayes
Jo Hayes преди 12 часа
A Durst winging about the national debt!!!😂😂😂
SheyD78
SheyD78 преди 12 часа
This is everything that's wrong with the republican stance (*hyperbole included). Crying about spending while giving tax cuts to those who need it least and spending more on the least productive sector of the economy. Yes everyone wants the US military to be strong but the spending is just crazy. I bet most US military who have any knowledge of how the money is spent would agree, so little for so much thanks to corporate shenanigans. I wish I could see a solution. Good luck Biden, you're going to need it.
David Riley
David Riley преди 13 часа
Money is a lie, anyway.
Alexander Robottom
Alexander Robottom преди 14 часа
I have a feeling this might not age well...
Brian T
Brian T преди 14 часа
No mention of 4 key facts: the biggest programs transfer wealth from the young to the old (SS and medicare), there is an additional $120T in unfunded obligations that is as good as borrowed, that much of the debt is funded short-term and the interest rate can rise in less than a year (like a variable rate mortgage), and finally even if we don't know when the economic crisis will happen we definitely know that it will: history is full of countries that have over borrowed and suffered an economic crisis, there's no reason to think US would be different.
Masha V
Masha V преди 15 часа
My boy John getting grey awfully quickly
somedeveloperblokey
somedeveloperblokey преди 15 часа
Who do we all owe this money to? Let's phone them up and say, "No. We're not paying. What the f*ck are you going to do about it?"
AlchemistsCookbook
AlchemistsCookbook преди 15 часа
What's with hating on Elon? You really think HE is the rich person we should tax!?!?!?
George Duke
George Duke преди 15 часа
Maybe don't spend nearly a Trillion dollars on your shitty military.... might be a start at reducing the debt!
Benedict Claxton Stevens
Benedict Claxton Stevens преди 16 часа
Thats all cute but its generally believed were about to hit inflation so the its okay until is a bit moot as it may be.... like starting last week.
Matt Brand
Matt Brand преди 16 часа
10:45 - 10:56.. best 11 seconds!
SupaDanteX
SupaDanteX преди 16 часа
"We can create all the money we need, as long as we dont end up with inflation" ...What? How does one create money without inflation? That's like saying we can blow up a balloon as long as we don't use gas. Or a better word Inflate a balloon.
Matt Brand
Matt Brand преди 16 часа
you're a fucking legend John!
Thomas L
Thomas L преди 17 часа
I guess it was naive of me to think that after spending 4 years of saying debt doesn't matter when it comes to tax breaks and subsidising trade wars, that they wouldn't start complaining when Democrats get in
balventray
balventray преди 18 часа
Don't worry it "JUBILEE YEAR" debt forgiveness. It's the only option
Jacob Price
Jacob Price преди 18 часа
Could not agree more. The “National Debt” is the biggest non-issue of modern politics. Are there things which are concerning about it? Yes. Should it be given the amount of attention it is? No. Does it work even remotely like most politicians and pundits say it does? Absolutely fucking not
ollyshuteye1982
ollyshuteye1982 преди 20 часа
Isn't the US Debt in US dollars? So if you really wanted to, you could just print more money and pay off a larger chunk of the debt.
Xiaotian Cui
Xiaotian Cui преди 20 часа
Dollar supermacy basically allows fed to print money non stop as dollors is the world reserve currency. America is actually have a whole world to inflat when it comes to debt... The worst thing is those American debt cant even be spent in those countries because it will inflat themselves. Btw japan is going to empty their nuclear waste water caused by Fukushima into Pacific (which they claim its clean now for the second time lol), so theyre going to buy more American debt to gain American support on that...
JhericFury
JhericFury преди 21 час
If you avoid taking out a loan even though you need it to replace your companies essential machinery, it's not fiscally sound. If you sell off essential machinery to make a quick buck, it's not fiscally sound (unless you're asset harvesting). It's the same with a country.
ZerreZ
ZerreZ преди 21 час
some economists belive a debt crisis can be avoided by a debt right off. would have to be a global agreement with many countries and organisations
ZerreZ
ZerreZ преди 21 час
the interest rate has been falling due to many factors QE and other shit
BluffaloSoldier
BluffaloSoldier преди 21 час
I think Oliver’s claim that economists have “no f’ing idea” about this topic is misleading. High levels of sovereign debt has precipitated many economic crises around the world for hundreds of years. Just b/c the relationship is imperfect, it doesn’t mean that high levels of debt are safe. Accruing high debt is like driving drunk and getting in a serious accident. U can get away with it some of the time, but it is really unwise.
Princess Buttercup
Princess Buttercup преди 22 часа
John Oliver replacing his wife with a Nicolas Cage pillow... time to write the best smut fanfiction ever.
Robyn Goh
Robyn Goh преди ден
I'm not an expert, but I recall from one of my economics classes in university (did my bachelors in business management) this: The fear that America will eventually devalue the dollar to reduce this debt (since they are denominated in USD), and massive economic repercussions will follow.
seigeengine
seigeengine преди 23 часа
Okay, so why would the USA do that? What precise conditions would force the USA to do that?
daniel job
daniel job преди ден
Give money to the poor, they use it to pay bills and buy stuff, stimulating economic growth and stabilising infrastructure. Give money to the rich, they hoard it in an offshore tax shelter. I thought everyone knew that!
seigeengine
seigeengine преди 23 часа
The entire republican narrative is that if you give money to the rich they'll invest it and grow the economy, which is (almost entirely) wrong. While some does get reinvested, generally the rich are already optimally investing in the growth opportunities beneficial to them, so more money just gets spent making them richer, generally by hoarding valuable assets.
Zilron
Zilron преди ден
We know exactly why interests rates are low, they are determine by the Federal reserve in the USA. Saying they don't know what causes low interest rates is a flat out lie.
seigeengine
seigeengine преди 22 часа
I mean, that's not entirely true. While the Fed does influence this, they also rely on other entities purchasing that debt. If rates are too low, they risk those entities simply refusing to do so. If confidence in the ability of the US to repay it's debt goes down, then demand for that debt would go down, forcing a higher interest rate to entice investors. The entire point raised is that it's predicted that would have already happened, but it hasn't, so prior theories on where the line is were clearly wrong, and they don't know what the actual line is.
Jonas
Jonas преди ден
very poorly researched piece. 'we don't know why interest rates are low' - BULLSHIT. The interest rates are so low because the FED is artificially manipulating them down. This is not a conspiracy theory, this is called officially 'Quantitative Easing', more commonly known as 'money printing'. The FED deliberately and openly does that to keep the interest rates low. And if they didn't do that, the interest rates would skyrocket and the US federal government would be broke within weeks. There, here's your answer, now you know.
Jonas
Jonas преди 22 часа
@Chris Haven oh, and they have been using QE SINCE the GFC, not DURING. Or the GFC just went on for 8 years, whatever you want to call it.
Jonas
Jonas преди 22 часа
@Chris Haven The money printing started in 71 when Nixon took the USD off gold. In 1980 it came to a head because people lost trust in the USD and Drucker raised interest rates significantly to stem the loss of value in the USD. Since then it has been going down, yes. And yes, QE started in GFC. So you're saying that interest rates have gone down before, QE cannot be the reason why they are going down/are down now? That is false logic. Also, the FED itself STATES that they do QE to keep interest rates down! They themselves say THIS IS THE PURPOSE OF QE, TO PROVIDE YIELD CURVE CONTROL (i.e. keep rates down).
Jonas
Jonas преди 22 часа
@seigeengine well they DO print money freely (FED balance sheet doubled in the past 12 months), and that is exactly the thing that is pushing down interest rates. The Fed types numbers into a computer and syphons up every US bond they can get their hands on - this demand drives interest rates down. They have been doing this since the GFC and when they tried stopping it, interest rates went up immediately and the US economy near crashed in 2019. Hence they print more money (oh sorry, should say 'perform quantitative easing'.
Chris Haven
Chris Haven преди 22 часа
Interest rates have been falling since the 1980s. Quantitative easing's not something they use all the time. As far as I can tell, since the 80s, they've only used it twice: During the financial crisis of '08 and '09 and in response to the covid pandemic. How exactly do you figure QE being reponsible for low interest rates considering it started dropping roughly 3 decades before they started doing QE the first time?
seigeengine
seigeengine преди 22 часа
If they just printed money freely, that would result in the same thing: devaluing of ownership of US debt, resulting in higher interest rates.
Mark Ironside
Mark Ironside преди ден
I’d honestly love to see an episode on computer viruses
pepe the frog poops on right wingers
pepe the frog poops on right wingers преди ден
hbo looking at their expenses - 2 pillows each with a picture of a topless nicholas cage inside a banana skin hbo - john oliver bought those pillows didn't he? we didn't even have to ask who would buy those, did we?
pepe the frog poops on right wingers
pepe the frog poops on right wingers преди 7 часа
@SupaDanteX i'm in favour of the pillows, the last comment was what hbo could be thinking XD
SupaDanteX
SupaDanteX преди 16 часа
"Look man, at least he didn't buy thousand dollar wax presidents again. What did those pillows cost? $20 each? Just let him have em."
Aaron Hahn
Aaron Hahn преди ден
AMERICA! The MOST Wealthiest Greatest Nation on Earth!!! .....Really?
MTG Rabbit Wizard
MTG Rabbit Wizard преди ден
except that benifits the rich... so eat the rich!
Tatenda Mhuriro
Tatenda Mhuriro преди ден
I’ve not had sexual because of many people’s personal choices
TheLegend_Doggo
TheLegend_Doggo преди ден
I can’t wait to see an audience return. Hopefully halfway through the season, or at the least by next season
Deimonik1
Deimonik1 преди ден
Wow no late night tv ad is going to get you out of that one. Are you 28 trillion dollars in debt? Would you like to consolidate that into a low monthly repayment?
Rag
Rag преди ден
"spending more money than they can get from taxes" its almost as if constantly refusing to tax the rich properly is a long term problem.
s j s
s j s преди 4 часа
don't be ridiculous, how could taxing the seven guys who have HALF THE MONEY possibly have a useful effect. it's not like they have HALF THE MONEY or anything.
Petros Dorizas
Petros Dorizas преди ден
Funny how different his coverage is now than it was during his (and everyone else's) coverage of the Greek financial crisis.
Liam
Liam преди 14 часа
Greece and the USA are very different. Greece have a currency that is shared with multiple nations this gives them less ability to go into debt. The USA owns the only bank that can create US dollars. Basically when Greece asks for a bailout they’re just asking for the EU to allow the increase in the Euro money supply to cover their deficits.
HMTarnus
HMTarnus преди ден
*bangs head repeatedly on table For the love of Marvel... Money is not exogenous in monetary capitalism, it’s endogenous. Has JO’s staff really not picked up a central bank report or an economic journal in 30 years?
BrSgtJordan
BrSgtJordan преди ден
conservatives being hypocrites about their own debt? same problem in Australia.
sonicshroom
sonicshroom преди ден
Only under capitalism could a country be in debt to itself.
seigeengine
seigeengine преди ден
I mean, I guess? Not sure if there's supposed to be a point here.
teamidris
teamidris преди ден
Maybe loans are like cars. The more you make the cheaper they get?
Joe Craft
Joe Craft преди ден
The republicans always talk about it, but they cause most of it.
Cyril Broom
Cyril Broom преди ден
When your going to steal billions you talk about trillions. If the government can print money at will why the hell do you want some of mine? Oliver is a talk show host that falls asleep before midnight.
seigeengine
seigeengine преди ден
... because money is not distinct from any other good. The more of it there is, the less valuable each unit of it is, unless the demand for that good also increases.
Abhijeet Mandal
Abhijeet Mandal преди ден
Debt is stealing your Hard Earned money no wonder why BITCOIN's inflating.
overinvested
overinvested преди ден
stick to comedy
Sol Lancer
Sol Lancer преди 2 дни
Nice message, better yet awesome your future kid message. That debt clock is a tool to pass the blame to the people for politician potential future error. Its like "alright citizen we politician will eat the steak as you all voted for, but not of the free will of hungry politicians which made the choice to eat it in the first place" after eating it up, and turn around telling your children needs to pay for their next steaks with their future pay check. Sure sound like a solid plan if I ever see one, and that hole hes digging is to hide the steak bones.
Chris Barlow
Chris Barlow преди 2 дни
did John Oliver just chastise Cruz and Mulvaney for calling out republican hypocrisy on debt? Cuz it sounds like Oliver just chastised two republicans for calling out republican hypocrisy.
seigeengine
seigeengine преди ден
... No, he's chastising them for publicly admitting to not caring when they're in power, but screeching endlessly while the other side is.
Lord Sesshomaru
Lord Sesshomaru преди 2 дни
Child's voice:"...all have 1 message for you. GROW. THE FUCK. UP.
Moxie Lofton
Moxie Lofton преди 2 дни
The more I watch LWT, the more I'm aware of the extent of the USAs propaganda machine and how susceptible the populace seems to be
Joe Weis
Joe Weis преди 2 дни
REAGANOMICS Began The National Debt Snow Ball !!!
RS
RS преди 2 дни
buy bitcoin.
Jaron Neutronix
Jaron Neutronix преди 2 дни
What is the argument here? That rising debt has worked fine so far, even though we know someday it could destroy everything.. We don’t know why so let’s just ignore it... I like John Oliver but this is some crazy dangerous bullshit
Jaron Neutronix
Jaron Neutronix преди ден
@seigeengine I was discussing the topic from the video: our rising debt. I guess you don’t have any relevant response
seigeengine
seigeengine преди ден
@Jaron Neutronix When you immediately started rambling about something neither of us were talking about, that made it clear you're a nutjob or a troll. Get muted.
Jaron Neutronix
Jaron Neutronix преди ден
@seigeengine To further clarify I am thoroughly disappointed by our failure to plan to for eventual failure in our economic system. It seems to me the attitude is ‘this hasn’t been a problem yet so let’s not worry about it”, which honestly reminds me a lot of our reaction to impending climate change
Jaron Neutronix
Jaron Neutronix преди ден
@seigeengine What I get from this segment is that the system is currently working even as the debt is more than the GDP the interest rates continue to fall. However Economists don’t fully understand why this continues to work or how long it will last, so let’s just keep doing what we’re doing and refuse to plan for failure or have a system in place for when we are called upon to pay our debts in the event of a catastrophic failure. I believe a government should plan extensively for failure, rather than plan for 4 years at a time.
Jaron Neutronix
Jaron Neutronix преди ден
@seigeengine Yes I did. Did you actually watch the video? What do you think will happen when the USA no longer has a market to exponentially grow production for, or when the interest rates rise and/or the value of the US Dollar lessens and the USD is no longer considered a preferable global currency? I understand this system has been working and could continue to work for decades. However what happens when it eventually fails? Do we have a solid plan for what to do?
Thomas Linnemann
Thomas Linnemann преди 2 дни
Buy nocalas cage pillow cases. Got it 👍
GSBgamesYT
GSBgamesYT преди 2 дни
The graphing calculator joke hurt me LMAO
Thomas Stecyk
Thomas Stecyk преди 2 дни
How and why does China build whole cities and leave them empty? The US can not keep infrastructure maintained or replaced. Why the hell can't we just fix or replace infrastructure. If businesses do not want to invest in the infrastructure that keeps or economy rolling. The put toll roads up in every state and if the existing infrastructure falls down around our ears. Then detour around it. Let the US government build the infrastructure take the money from the toll roads and pay that money to the states that ask for it.
seigeengine
seigeengine преди ден
Due to laws in China, the most viable way for local governments to generate revenue is land sales by converting rural land nearby into urban land. This gets sold to developers at huge markups with the requirement of immediate construction, which then generates large volumes of housing. This rapid construction outpaces migration, and is often purchased as investments, either for resale or for things like the children when they grow up. The USA is fully capable of maintaining and developing it's infrastructure, it just chooses not to. A big issue simply being that the Republican party is entirely corrupt and proto-fascist. They do little when they're in power, and then are overwhelmingly obstructionist when they're not.
Abe Hussein
Abe Hussein преди 2 дни
I know John mentioned creditors running with a baseball bat. But whom is our unions creditors?
James Campbell
James Campbell преди 2 дни
US Constitution Article 1 Section 8: Congress has the power to borrow Money on the credit of the United States. Not Presidents
Jimmy Danly
Jimmy Danly преди 3 дни
This is exactly why I don't like this show. So many episodes are well researched pieces of investigative journalism, then episodes like this, which, while in the same style, are really just thinly disguised op eds promoting fringe economic ideologies such as Modern Monetary Theory. It's fine for a news organization to editorialize, but it's unethical to not label editorial content.
Jimmy Danly
Jimmy Danly преди 23 часа
@seigeengine Are you kidding me? The very idea that debt levels don't matter if government spends the money on its own economy, the very thesis of this argument, is right out of MMT. I'm not even arguing it's wrong (though it is), what I'm arguing is "oh we're a comedy show, we never claimed to be an informational show" is a terrible excuse for the bait and switch they do. People obviously watch for the jokes, but they also watch to become informed on issues, as John Oliver has done a fair number of episodes that are highly informative. I'm also not arguing he shouldn't give opinions and always remain unbiased. In fact, it's those who have demonstrated their ability to convey information who tend to have the most valuable opinions. What I'm saying is unethical is this show's refusal to label editorial content and using the excuse that it's technically a comedy show to get away with it.
seigeengine
seigeengine преди 23 часа
@Jimmy Danly No, you're entirely wrong in that assertion. One is claiming to be news but isn't, the other isn't news and isn't claiming to be Your criticism also basically amounts to "wah, why does this entertainment show not explain everything!?!?!?" Furthermore, basically nothing in this video relies on MMT, and it's weird to claim otherwise when large portions of this video are clearly based on more mainstream economic beliefs. It doesn't even seem to me you have any actual specific objections to what's being said, nor reasons why you believe it's wrong, but your disagreement has lead you to criticize it anyway, as your best effort is making vague claims about economic theories that aren't even central to what's being said.
Jimmy Danly
Jimmy Danly преди ден
@Ben Jacobs The problem is that a lot of people look to LWT for information. In fact, a lot of episodes are primarily fact based. However, they'll have episodes like this, where they present a fringe idea as if it were fact. This is especially dangerous when they play clips of experts opining on the subject without clarification that the opinion presented is not widely accepted within the field. The argument that this doesn't matter since it's also a comedy is basically the same disingenuous argument used by those "ironically" being nazis.
Ben Jacobs
Ben Jacobs преди ден
LWT isn't investigative journalism any more than Tucker Carlson is. They're both oped all the way down. Seige is right as to why you refute this claim. As much as I enjoy Oliver, I think it's important that you understand the critique you're making applies to almost all of the stories they run with. The difference between JO and TC is that one resides on a news channel and portrays themselves as a serious outlet while the other resides on a comedy show which portrays itself as a satirical news outlet. (A point John Stewart and John Oliver have made many times). It's a difficult thing to convey what a factual news outlet is these days. (Very few/none actually exist. Reuters are probably the closest thing I've found).
Jimmy Danly
Jimmy Danly преди ден
@seigeengine No, it's why legitimate news sources clearly label opinion pieces as editorials. John Oliver may hide behind claiming that this isn't really a news show, it's a late night comedy, but a lot of people get information from these pieces. Ones like this are especially insidious, as they present clips of economists speaking without giving context that MMT isn't a widely accepted idea even within academic circles. But, the lay person doesn't know that. Really, it's not that different than Fox News or Newsmax. They present themselves as news outlets, but almost all of their programming is opinion.
Bogdan Vale
Bogdan Vale преди 3 дни
wow, I wonder whose fault it is. get your shit together, murica
CoalClear
CoalClear преди 3 дни
Amazing how you can shove so much nonsense in a video. Tally up the time he spent actually talking about debt? A minute? Politics politics politics. Politics are a symptom. Look up Luke Gromen, Preston Pysh, Jeff Booth, Lyn Alden if you're actually interested in this topic.
Erwin Macías
Erwin Macías преди 3 дни
It’s all fun and games until the world stops playing with monopoly dollars.
seigeengine
seigeengine преди ден
So post-apocalypse?
Fat Basterd
Fat Basterd преди 3 дни
I'm sure this will age like a fine wine...
Zzyzzyzzs
Zzyzzyzzs преди ден
We know it won't, but that's only because nothing we do within this construct is sustainable. It doesn't matter whether you're socialist, communist, capitalist, whatever; our entire prosperity as a species, and ability to provide for our community, is bound up in consuming and spending. The system is entirely propped up by our activities. We spend so money (in the form of taxes) flows back into the system to pay for infrastructure. The numbers shouldn't mean anything, but they do because the 'value' of things has to keep going up, even though we're long past the point where the numbers actually reflect anything practical. A tomato maybe cost 1c in 1920; now it costs 50c. A tomato is still just a tomato; there's no reason it should've gotten more expensive in 100 years, other than the fact that everything else has gotten more expensive and we need those numbers to keep rising so we can keep providing for more and more people. So we're basically slaves to growth at this point: we need more people to consume more resource so more money flows around the system to pay for more people. The Nicolas Cage pillow makes the point well: on top of buying for basic survival, the govt now needs us to buy more and more useless shit (draining energy and resources in the process) just to keep the system going. And we're at the point now where we've realised, holy shit, we shouldn't just be spending on useless shit, money now also needs to go towards things that actually matter. But in order to pay for climate funds, medicare and national disaster insurance, we need, yep, to spend on more useless shit. So we build more theme parks and shopping malls and beg people to take more holidays and buy and shop and spend more. We cause damage and waste by spending just so, for every amount we damage and waste, we spend 10% of the cost to fix 10% of the damage. And America's a rich country so it can afford to keep doing this, because other countries' wealth and security is so tied to America existing that they will keep shoveling goods and money at America so it can keep doing it, even as the sea rises around our ankles and the resource wars get ever hotter. We _know_ it's not sustainable, but we have to keep doing it because the alternative is our entire global society collapsing.
DoubleKnott
DoubleKnott преди 3 дни
You'll probably never read this, but um I was watching Wonderland with my kids and I swear I didn't recognize your voice until the part you described the warthog and back peddled when called out .... My only thought was "OMFG I know that porcupine is John Oliver" lol 🤣 😆😅 great movie, great character.
Håkon Steinsvåg
Håkon Steinsvåg преди 3 дни
It should now be abundantly clear that everyone NEED atleast one Nicolas Cage pillow, probably two.
Rick Smith
Rick Smith преди ден
But John bought them all. Or he will if given the chance.
Sander Van Alphen
Sander Van Alphen преди 3 дни
This is not going to age well.
Sander Van Alphen
Sander Van Alphen преди 3 дни
Spend in bad times save in good times. But now it only spending all the time.
seigeengine
seigeengine преди ден
To be fair, you should spend whenever the return on spending exceeds the cost of spending.
wingsandash
wingsandash преди 3 дни
21:06 -- Oh, my GOD.
Vox Temporis
Vox Temporis преди 3 дни
Replace income tax with a national sales tax.
seigeengine
seigeengine преди ден
That only incentivizes the hoarding of wealth.
Great Admiral
Great Admiral преди 3 дни
So quirky
harrison fuller
harrison fuller преди 3 дни
Oliver: oh my god RR cut welfare Me: the only welfare should be flour and vegetables
Reynald Kurniawan
Reynald Kurniawan преди 3 дни
Once he mentioned the pillow, I immediately thought "You have it under your desk, don't you?"
MO MO
MO MO преди 4 дни
Ohh "debt is good", thats why i dont listen to comedians trying to talk about serious issues.
seigeengine
seigeengine преди ден
​@MO MO Debt is bad because it makes you a literal penguin, even a child can see that. ^ This is how stupid you sound.
MO MO
MO MO преди ден
@seigeengine Debt is bad because it makes you a slave of the system, even a child can see that.
seigeengine
seigeengine преди ден
"Debt is bad because.... uh.... I'll get back to you on that."
Reelix
Reelix преди 4 дни
I still find it funny how OK Americans are that their Children are chanting in schools
samurai3071
samurai3071 преди 4 дни
when they cut taxes for the rich they usually dont put them back at the original rate by saying this isnt the time to raise taxes. if we ran the government like a business we would get screwed because the consumer always gets screwed by business over profit
Lehi Cândido
Lehi Cândido преди 4 дни
What a waste of global reach!! So sad! Dear Oliver, do some real research, you and your writers can't know everything
Lehi Cândido
Lehi Cândido преди ден
@seigeengine "I have no counter-argument and I must screech!" -You
seigeengine
seigeengine преди ден
"I have no counter-argument and I must screech!" -You
First Last
First Last преди 4 дни
What a joke. "America needs more debt to sustain useless eaters". Why are we ruining our economy and prospects to help poor fat Americans? There are literally billions of people around the world who are a lot more worthy of this sort of handout.
First Last
First Last преди ден
@seigeengine You understand that Nazis were national socialists right? I am advocating for international capitalism.
seigeengine
seigeengine преди ден
Gotta love it when the nazis just come out advocating for genocide.
Richard Johan de Boer
Richard Johan de Boer преди 4 дни
lol, central banks (directly and indirectly) determine the interest rates. how is that not part of this segment?
Halloween111
Halloween111 преди 4 дни
Funny how republicans don't seem to mind the debt when they incur it giving taxes to the CEO's and corporations that own them, but pretend to be outraged when it's incurred trying to do things like helping non millionaires and trying to keep bridges from falling over.
Naushad Ulhaq
Naushad Ulhaq преди 4 дни
Kids at the end knocked it out of the park. Good job children!
John Doesph
John Doesph преди 4 дни
Explaining NATIONAL debt, like CORPORATE debt is a really good way to mislead viewers. Going into debt for a business is a way to expand your business to eventually make money and pay off the debt. Government isn’t supposed to profit. It doesn’t provide a marketable good or service. so creating debt for effectively a company that doesn’t make money isn’t a “good thing”. The only reason we aren’t fucked is that our GDP is high and creditors assume we make the minimum payments.
seigeengine
seigeengine преди ден
A government is supposed to manage and organize society. Society is what profits. You might as well argue that because executives aren't supposed to profit, corporate debt is bad.
Don Anderson
Don Anderson преди 4 дни
John, I'm not an American, just like you. I used to follow and enjoy your commentary. About 4 years ago you seemed to lose the plot. This latest effort that BGpost recommended is absolute garbage when addressing the source of the debt problem. You can't be clueless. Which entity manages that debt? Who owns it? Why should a sovereign nation be paying a consortium of private bankers interest on the privilege of having a national currency? I am hoping that the shift to crypto currencies is really a decentralised (non-central bank) system for managing currency. John, I suspect you are intelligent and a student of economic history or at least know something. Please look in the mirror before you speak to camera. Can you live with the lie?
Brian Mumford
Brian Mumford преди 4 дни
I really need to know if that dog survived that riot.
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