Just for fun, check out this video from Debt Limit USA about the American debt crisis. Funny and informative.
P.S. I’m not posting this to spark a toddler fight in the comments between any elephants and donkeys. Remember, personal insults (including those flung at prominent political leaders) do absolutely nothing to change others minds. We all just think you’re annoying 
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{ 12 comments… read them below or add one }
Sadly, not a very good parody because it’s not at all a good translation of how the debt limit works and why it is the way it is. It’s the understanding most people have of it, probably because of news media soundbites, and it’s kind of horribly wrong.
I don’t agree with everything in this article–in particular, I think debt should be of more concern–but it raises some good points regarding all the flailing.
Excellent video! Thanks for posting it.
Laugh out loud funny! Love how it shows that it makes no sense to raise debt limit when we’re already so far behind.
Loved this Video. Now if we can only get the Government to watch it and Understand.
Can I use your quote about toddlers etc.? I loved that!
Not just the goverment. I know people in bankruptcy and they still doesn’t have a clue about money out < money in. Sad.
Not just the goverment. I know people in bankruptcy and they still don’t have a clue about money out < money in. Sad.
“We all just think you’re annoying” hahah love it.
Awesome! Thank you for posting!
Here are a couple links that talk about the debt limit and sequester if someone is curious.
http://thinkprogress.org/economy/2013/02/24/1626801/debt-does-not-exist/
This is from 2011, but can give an idea:
http://crooksandliars.com/jon-perr/10-inconvenient-truths-about-debt-ceiling
Another video:
http://www.washingtonpost.com/blogs/the-fix/wp/2013/01/22/the-debt-ceiling-explained-video/
Info on the sequester:
http://www.washingtonpost.com/blogs/wonkblog/wp/2012/09/14/the-sequester-explained/
More info on Sequester:
http://bipartisanpolicy.org/blog/2012/01/2013-sequester-may-not-be-what-you-think
p.s. As Angela said not posting to be personal. Take from it what you want.
I only wish this video came out 10 years ago when it needed to come out when government spending was truly out of control!
As citizens if you are probably interested in understanding the economy and how to help our nation. Therefore we all need to try to understand that the national debt is nothing like household debt. These are some suggestions:
First:
http://www.youtube.com/watch?feature=player_embedded&v=3ugDU2qNcyg
Then:
2. GOVERNMENTS ARE NOT HOUSEHOLDS
VIDEO
CORE READING
W. Mosler, 1995, Soft Currency Economics
BACKGROUND MATERIALS
Stephanie Kelton
2012, 2013 and the Fiscal Cliff, C-Span
2012, Ten Questions with Stephanie Kelton, Journal of Financial Planning
2012, You Cannot Consider the Deficit In Isolation
2011, Why You and I Can’t Spend More Than We Bring In, But the Government Can – And Probably Should
2011, What Happens When the Government Tightens Its Belt? (Part I), New Economic Perspectives
2011, What Happens When the Government Tightens Its Belt? (Part II), New Economic Perspectives
2011, Limitations of the Government Budget Constraint: Users vs. Issuers of the Currency, Panoeconomicus
2010, Are There Spending Constraints on Governments Sovereign in Their Currency? 1st Fiscal Sustainability Teach-In and Counter-Conference at George Washington University
Warren Mosler
2010, Seven Deadly Innocent Frauds of Economic Policy
2007, An Interview With the Chairman: Taxes, Spending, Deficits, Inflation: The Workings of Federal Finance, Center for Full Employment and Price Stability
1997, Full Employment and Price Stability
(with M. Forstater), 1999, A General Framework for the Analysis of Currency and Commodities, Full Employment and Price Stability in a Global Economy (Edited by P. Davidson & J. Kregel)
1996, Comments on the Budget Debate
Related Resources
L. Parramore, 2012, The Deficit: Nine Myths We Can’t Afford, The Huffington Post
M. Wolf, 2012, The Balance Sheet Recession in the United States, Financial Times
Econviz, 2012, Macroeconomic Balance Sheet Vizualizer
R. Wray, 2011, The Basics of Macro Accounting, New Economic Perspectives
P. Tcherneva, 2002, Monopoly Money: The State as Price-Setter, Oeconomicus
W. Vickrey, 2000, Fifteen Fatal Fallacies of Financial Fundamentalism: A Disquisition on Demand-Side Economics, Center for Full Employment and Price Stability
M. Forstater, 1999, Functional Finance and Full Employment: Lessons from Lerner for Today? Levy Economics Institute
M. Forstater, 1999, Robert Eisner’s Common Sense Commitment to Full Employment and Activist Fiscal Policy, Journal of Economic Issues
R. Eisner, 1989, Budget Deficits: Rhetoric and Reality. The Journal of Economic Perspectives
A. Lerner, 1943, Functional Finance and the Federal Debt