Happy Friday!! Welcome to another edition of educational Fridays, where we will post up material (videos, infographics, links, etc) to help you learn more about passive income and investing.
The US national debt is at $17 trillion and growing. It is a big problem for America. The following video explains this huge debt crisis.
Fact: America’s national debt stands at $17 trillion. That’s a tough number to grasp. Most people will never come close to making $1 million in any given year. How can we understand the magnitude of the hole our country is in? Well, imagine you owed your credit card company $200,000. On top of that you have to pay them about $4,000 per year in interest. You are bringing in $150,000 per year, but you are spending way more than that. How are you going to ever pay back that $200,000 debt? And what happens if you default? Well, that is America today. The problem is clear. And we brought Michael Tanner, a senior fellow at the Cato Institute, to propose a solution.