Estoy preparándome un examen de inglés, y he hecho una transcripción de cinco minutos del vídeo.
No pienso seguir más...si alguien quiere que lo haga. Está sin revisar y tendrá muchos errores de ortografía o gramaticales, pero el sentido se capta.
Saludos
In late 2008, an extended period of financial irresponsability and weak oversight led to the largest governmet bailout in US history.
In a single piece of legislation, the federal government committed $700 billion to adress the resulting credit crisis, plus more than $100 billion tax cuts and spending increases to ensure passage
Many are starting to ask:
Where wold the US government turn if it needed a bailout?
Who was David Walker and why should be cared? It’s the nation’s top accounter, the comptroller general of the US.
(1:23) It’s totally up to the government’s income, liabilities and fiscal?? obligations, and concluded that our current standard of living is unsustainable unless some drastic action is taken and it’s not so long.(??)
We suffer from a fiscal cancer, it is growing within us. And if we do not treat it, ita can have catastrophic consecuences for our country.
How big is the federal debt?
I don’t know
I guess… it’s quite a bit
(murmullo incompresible para mí) + take more than probably 10 years ago.
69 million dollars
It’s probably huge.
What if I tell you it’s 8.7 trillion dollar?
(risitas)
That’s pretty crazy…shouldn’t be that way
$8.7 trillion, just how much money is that?
With a number this large it helps to compare it with the overall size of America’s economy, what the economist call “Gross Domestic Product” or GDP.
(2:33) In February 2007, when our federal debt was 8.7 trillion dollars, our GDP was around $13.5 trillion. That meant that our federal debt was about 64% of our GDP. This level of debt to GDP is not the role problem, it’s where we are headed that matters. If you have heard up all the federal government unfunded promises for MEDICARE or Social Security, you would see that in September 2007, America has dug itself into a $53 trillion hole and it’s getting deeper by/at? Least 2 to 3 trillion dollar every year by doing nothing.
Unfortunatelly, with increasing budget deficit and recent government bailout, we are now digging even faster.
(3:16) america faces four serious deficits today. The first is a budget deficit, the second is a savings deficit, the third is a balance of payment deficit o which the trade deficit is, and the forth and most serious of all is a leadership deficit.
How can this be happening to the richest country in the world?
We have lost our way, quite frankly. Let me tell you how we got to where we are.
(3:50) Trace?? Federal Debt is the sum of all our annual deficit and surpluses going back to the beginning of our federal government.
Our War for Independence created much of our early debt and by 4º March 1789, the first day of our Federal Government, our national debt was $75 millions, which was about 40% of our economy.
This terrified our Founding Fathers and they actived quickly to pay it down.
We didn’t stay there for long, the Civil War not only had a huge human cost, it brought US to the break of bankruptcy.
However, like before, we paid our debt down quickly. In 1913 the Federal Reserve System was created to help manage the nation’s money supply and oversee national banks. That year was also the birth of the modern income tax.
World War I was suppose to be the end-of-wars(??)
Several years later the Great Depression brought with and extreme economic hardship for millions of people???
These Social Security Measures give at least some protection to 30 (13 ó 30, sin ganas ya de verificarlo) million of our citicens.
It is insurance thata you and your employer have broght…(5:08)
