Why is the US in so much debt and does it matter? | Counting the Cost

The US is more than $34 trillion dollars in debt. That's almost equal to its entire gross domestic product (GDP). The figure is bigger than any other nation's debt, but does that matter when Washington issues the world's leading reserve currency? A new report by an independent fiscal watchdog is now sounding the alarm among financial experts. The Congressional Budget Office says by 2034 debt is expected to hit 122 percent of GDP, that would be the highest level ever recorded, barring changes in tax and spending policies. "Swiftnomics" - Does Taylor Swift have a big economic impact? Will Greece's six-day work schedule work? 00:00 - U.S. debt is ballooning 12:11 - “Swiftnomics’: Taylor Swift’s economic impact 20:26 - Africa’s cocoa farmers turn to rubber 23:37 - Greece’s six-day work week Subscribe to our channel http://bit.ly/AJSubscribe Follow us on Twitter https://twitter.com/AJEnglish Find us on Facebook https://www.facebook.com/aljazeera Check our website: https://www.aljazeera.com/ Check out our Instagram page: https://www.instagram.com/aljazeeraenglish/ Download AJE Mobile App: https://aje.io/AJEMobile #unitedstates #economy #aljazeeraenglish #debt #greece #taylorswift #washington #finance