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John Stossel and his two guests discuss the size, growth, and economic consequences of the national debt. When the segment was produced in 2010, the national debt stood at $13.5 trillion. Even though 71% of Americans believe federal spending is too high, a majority of Americans do not want to cut entitlements such as Social Security and Medicare. These entitlements are the largest expenditures of the federal government. The panelists conclude that if interest rates are 5% and the debt continues to grow at the current rate, in 2080 Americans will spend 35% of GDP just to pay interest on the debt.
SEGMENT 11 / MECA DVD