Banking Reform Could Help Reduce National Debt

Wednesday, November 10, 2010

The National Debt Clock, around April 15th, 2010 (Mellydoll/flickr)

Will the cost of our national debt drop soon as a result of the recently passed banking reform? And will that change the political debate in Washington over raising our debt ceiling?

Louise Story, Wall Street and finance reporter for our partner, The New York Times,  fills us in on how much debt is too much, particularly when our lenders are willing to let us pay it back for next to nothing.

Guests:

Louise Story

Produced by:

Jen Poyant

Comments [2]

mountainbiker

Why the concern by conservatives about debt, when we have a Democratic president? The national debt rose from one trillion to 5 trillion during the Reagan-Bush 1 years, experienced slower growth up to 5.8 trillion during Clinton years, then shot up again to 10 trillion under Bush 2. Even worse the Republican administrations doubled the percent of GDP that the debt constitutes. When challenged that they were driving us into a hole, they responded that "Some Debt is Good!" Remember? At least Democrats try to tax and spend, rather than simply charging it.

Noam Chompsky asks, "Is America its people or its corporations?" The corporate economy is doing splendidly, thank-you. The economy for individuals is in the trenches. Nevertheless, media psy-ops convinced a majority of individuals, traditionally afraid of change, to shoot themselves in the collective foot. Maybe Colin Powell's "We want to be the Bully on the Block," the corporate imperium that profits from continuous war at the expense of poor by loyal recruits, will finally fall of its own weight. You can only put wars on the charge card for so long. The world will rejoice to be rid of these market driven terrorists.

Me, I want my Republic back.

Nov. 10 2010 11:12 AM
a listener

Earlier, it was stated that the share on the national debt for each US citizen is approximately $40,000. My question is - why should each US citizen share the burden of the National Debt equally? We do not share equally in prosperity in this country. In fact Nicholas Kristof of the NY Times recently released a story outlinine how the United States resembles a Banana Republic in the degree of income inequality we experience in this country. So when the richest 1% of Americans have 24% of all income is it really fair to ask them to only shoulder 1% of the burden?

The story can be found here for those interested:
http://www.nytimes.com/2010/11/07/opinion/07kristof.html?_r=1&ref=nicholasdkristof

Nov. 10 2010 10:34 AM

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