Ten Trillion and Counting

5.5/10 based on 2 votes

The journey begins as FRONTLINE correspondent Forrest Sawyer takes viewers to a secret location: the Treasury’s debt auction room, where the U.S. government sells securities backed by the “full faith and credit of the United States.” On this day, the government is auctioning $67 billion of Treasury securities. The money borrowed will be used to fund services and programs that the government cannot pay for through tax revenues alone.

Observers warn that the United States’ reliance on borrowing to fund essential programs is a dangerous gamble. For the first time, investors are beginning to question the ability of federal government to meet its growing financial obligations, and fading confidence can have dire consequences. “You might have a situation where there is one day when the government says we need to sell several billion dollars of bonds, and nobody shows,” Economist reporter Greg Ip says. “No money to pay the Social Security checks, no money to give to the states for their Medicaid programs. Cut, cut, cut, cut, cut.”

Yet more borrowing is exactly what the Obama administration plans to do: hundreds of billions to bail out the banks and other financial institutions; tens of billions more for the auto industry; $275 billion for homeowners and mortgage lenders; and a giant $787 billion stimulus package to jump-start an economy spiraling downward. Just like the Bush administration before it, Obama and his team are going to borrow big.

“That’s the paradox of the situation that we’re in now,” observes Matt Miller, author of The Tyranny of Dead Ideas. “Government has got to run big deficits to stimulate the economy, deficits that would have been unthinkable … because government’s the only entity with the wherewithal to prop up a demand in the economy when businesses and consumers are all pulling back.”

Released 24 March on PBS, 2009. 54 min. Writer: Mark Obenhaus. TV documentary.

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  • knottyrich

    i should’ve known coming from “frontline” but i watched anyway…we are in debt because we borrow money !! what is wrong with this picture….your the goverment you idiots! print your own debt/interest free money!!!! friggin morons!!!!

    • The reason the government in the USA doesn’t print its own money is because they have signed over that legal right and privilege to the owners of the “Federal” Bank, which by the way is a private institution.

  • knottyrich

    this is bias documentary….this is a main stream media bull crap tell them lies to make us sound good load of garbage. don’t waste your time watching.

  • omaha

    obama propaganda.. nuff said

  • Michael Kinsey

    Nothing here to see, move along. Nothing a cremation of care ceremony can’t take care.

  • Michael Kinsey

    NWO an Basel III banking ordered all these Edents to lie like a rug while they destroy the fact that Americans consume 25% 0f the worlds resources with only 4 % of the population. NWO will let them stay rich, the rest of us will do the modern equivalent of pounding rocks for the vanity and occultism of these new pharaohs, who alone got eternal life for building the pyramids. These guys just build pyramid schemes.

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