Peter St Onge Podcast
Ep 98 Weekly Roundup: Why is American Healthcare so bad
Dec 16, 2024
The podcast dives into the alarming rise of U.S. federal debt, revealing how interest payments now outpace vital programs like Social Security. It critiques the reliability of employment statistics while spotlighting wage stabilization in low-skilled jobs. European political turmoil and the rise of populism are examined alongside the concerning return of inflation. A deep exploration into the American healthcare crisis highlights the negative impact of lobbyists prioritizing profits, advocating for a shift towards more cooperative and affordable healthcare models.
20:06
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Quick takeaways
- The significant financial burden from debt servicing in the U.S. surpasses essential programs like Social Security, highlighting a chronic addiction to excessive spending by both political parties.
- Concerns about economic stability arise from suspicious job statistics, as reported payroll increases juxtapose decreases in employed individuals, suggesting manipulation of government data.
Deep dives
Surging Federal Debt and Interest
The federal government is projected to spend more on servicing old debt than on essential programs like Social Security, with interest on debt becoming the largest item in the federal budget. This staggering cost has risen to $1.4 trillion, translating to nearly $900 per month for each American household solely for federal interest. Including private debts such as mortgages and car loans, the average American family faces about $1,350 monthly in debt interest, rivaling housing costs. This financial burden signifies a severe addiction to spending from both political parties, each focusing on their priorities rather than addressing the crippling national debt.
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