the the . ringback the hello, i'm adrian said again, this is counting the cost on elders 0 your we can look at the world of business and they couldn't fix this week. us dep continues to grow its own tracts to reach more than 50 trillion dollars over the next decade. should americans and the rest of the

world, people rich dumps with nomics taylor swift concepts a set to boost local economies. does the american 2nd travel big economic influence as well? many european nations are exploring a source of work with greece, is introducing long the office hours for the little, the 6 they showed you bought the. the u. s. is more than searching for trillion dollars in debt that's almost equal to its entire g d p. the figure is big, bigger than any of the nation's debt, but does that matter? when washington issues the world's leading was of currency? a new report by an independent fiscal watched august, now sounding the alarm among financial experts. the congressional budget office says that by 2034, that is expected to hit 122 percent of g d p. that would be the highest level ever recorded borrowing changes in tax and spending policies. so could the tired of

reading get out of control of the u. s. default when it's debt. we'll discuss that, but i'll guess shortly. but 1st, alexandra bias reports more than 50 trillion dollars. that's how much the us government is on track to. oh, it's creditors by 2034. it's an i watering number without precedent. it will be larger than the countries entire economy. 122 percent of us g d p. higher than at any point in history. the us already has the largest debt burden in the world and the government keeps spending more than it's bringing in. every year it borrows to cover that gap. the money is going to social services like health care, as well as defense. but a huge chunk of the budget is just paying interest on what it borrows. and thanks to searching inflation and high interest rates, that's getting more and more expensive to do. critics say it's the very definition

up on sustainable a spiraling debt truck to. as of right now, the us spends $2400000000.00 a day to pay the interest on its debt. more than it spends on the military by 2034 . that number will be more than $4600000000.00 as much as it will spend on medicare . and that's money that can be spent on the things the country needs, roads, bridges, health care, and education. republicans and democrats blame each other and in deep political gridlock during an election year. can't push through the solutions they need. tax increases and spending cuts, social security, medicare is off, is off the books now. instead they kick the problem a couple of years down the road with stop gap measure is the only postpone yet another tax and spending battle. you don't have to turn on the news to see how tough things are worth. $34.00 trillion dollars in debt or having to

borrow money just to make our interest payments. china own some of that debt. and i would love to tell you the job i did that to us. but i have always spoken in hard truths, and i'm going to do that with you today. donald trump that all republicans did that to us to, to the american public is already under strain. the cost of owning a home is the highest in 30 years. i feel for those people who are struggling and need to get out and get some place before it's too late before they're out of the streets and many feel less optimistic about the future. i think because of how expensive it is to live now, and a lot of people depend on like their financial situation to make them happy. and it's, it's the struggle when you don't have the financial stability to like live and the

us that spiral threatens far beyond its own borders. in april, the international monetary fund warrant, it poses a significant risk to the global economy. it drives borrowing costs worldwide, and fuels inflation, leaving billions of people potentially paying the price for american economic policy. alexandra buyers out 0 for counting the cost. let's take a look at just how big the us debt is $34.00 trillion dollars. is one of the value of the economies of china, germany, japan, india, and the u. k. combined, it amounts to $259000.00 for each household. on $101000.00 for each person in the us. it would take 22 years toward paying down the debt. if each family contributed $1000.00 per month, the vast majority of us debt is held by the public on foreign creditors through

bonds and other borrowing instruments. the rest of it is held by government programs such as social security and medicare at its depth is held by the public as a share of the economy. the borrower is economist most the debt to g d. p ratio measures just how much the us owes versus how much it produces at indicates if it is able to pay back it step. now that ratio is expected to reach 122 percent of gross domestic product in 2034 dwarfing the nation's fiscal position, following the 2nd world war. for more on this, let's talk to how it read. he's the director of land from economics, and he joins us now from coaches to in the u. k. godaddy with this. how so? how allow me is this report then from the congressional budget office to well, i would say is no actually what i was a, the upfront numbers look quite big is no, actually that allow me because even look at some of the countries resolve who japan currently has a debt to g d p ratio of around 250 percent. right?

so about in terms of us, relative to the size, these economies go twice as much that as the us. and there isn't really that much concern that japan's guy and the phone. there's a little bit of concerns, but not much inside of the us. what yeah, well stays down because a big in the context that during, you know, the eighty's and ninety's for example, where they still a very long way to go. and when we talk about that, what, what do we mean? i mean for, for you and i, if we're a data, talked out it's all credit cards. we owe money on, or loans, or, or a mortgage when a country is in debt. what does that mean? well, it means that i am, i have better is that the body in some, some of that is i didn't assign why you to con foreign credit says of, you know, by the cool or pension funds, etc. summit that that is that she and robbie us institutions decide that becomes a big lot the last time during the right. and um,

and the other thing. so the other thing to point out is that the, the us issues, it's on currency. so the apple even fee rate, it come actually goes bankrupt because it could, why was issue more currency to pay off the debt. that's not necessarily a good thing today because it could increase in inflation. it could the value, the dollar except your pot on the us. oh, oh yeah. accounts you the issues, it's on currency. i'm having allows there is no the same as a household or cool price. and having allows that there's crease, there's decreasing difference that you can assure resign currency to service that, that so do you mean how that, that there's no danger that the us could default on its debt? i think there's 90 times of us could default unless for some reason now she wants you to default, which is on lot of the sometimes countries have decided in, in the cost the opportunity developing comes to the she be easier to default and kinda start afresh then trying service, the service, the debt, but the, the us,

you know, technically doesn't have to have a default on the space that is know that there are certain drawbacks to having a very, very high debt to g d p. right? sure, i'd be went into several 100 threes and thousands of percent because, you know, i'm servicing that that could create inflation, could reduce the value of the currency inside. you know, i put my people with a sofa in the longer run, but that wouldn't be a default. it would be, yeah, of the kind of economic problems that arise from that for us consumers. all right, so i could make americans worse off in the longer run. what about the rest of us, how we affected by this? well, that's a really interesting question. i don't always become so ready back clear on that. to be honest. i mean, we heard in the, in the, in the video you print off before we, you have me on people assigned that extra us boring, could, could started configuration. but i think that's very much the jury spit out really on whether that's really the, the, the cause of the racing cost of living crisis and inflation that we've seen.

because we've seen inflation and shipping in across many industrialized countries, the u. k. the use of other countries as well, but most of them haven't most and don't have the same kind of size effect to g d p ratio. haven't had the, the, the, the increase in that, that cd p ratio of the rest of the last few years. it seems more like either this related to probably be 90 and the recovery and kind of like 90 did the things lots of probably both. so next i'm prices rising for produces, improve cost $6.00 cetera. a driving and prices robust and mounting government that that would be my to my position anyway. okay. so why does that continue to grow? and there is, why did, why does the us continue to borrow beyond its ability to pay it back? and why does nobody in the rest seem to, to what to do anything about this? well, they pass a very good question. never 2 things really. i mean, one is only on the spending side, there were a number of programs, but um,

social security. medicare also increased military expenditure, a huge increase in infrastructure expenditure for the impression reduction of the by that ministration. put fix that needed to be down because shoes, parts of us infrastructure, simply forwarding to pieces. so it was a big price, but invest the modem side, moving to rules 0, colvin and converting the economy to lot of call. and so on the spending side, there's been a, basically an extra spending for on the top side of the trumpet ministrations. when it costs the types of cops i didn't $27.00 se, uh, reduce tax type person. i'm not 2 trillion dollars out of the 10 years. and so a lot of those benefits went to the most well and corporations. and so there's been a huge reduction in the amount of tax that the, the us economy is actually getting a now the point ministration is planning to write. those costs expire if boston is re elected in the coming election. and so the,

the american enterprise institute is full cost the, the, the, the extra, the extra tax type under the bottom plan will be around full trillion dollars over the decade. 2025 to 2035. and that we've got some why tools kind of helping product, the product, the how would it be in terms of, um, the gap between what the, what the us government spends and what it gets in. so there's 3 things going on. one is the spending alone and the other one is the not taxing. now, the other 2 things, how it has been really good to talk to you on cash and the costs money. thanks, and thanks for being with us. thanks very much and watch the video. thanks as she's taking the world by storm americans. think of something right. have taylor swift isn't just the music icon, but an economic phenomenon to stop by some experts. a swift nomics because when swift performs in town, she released hundreds of thousands of fans on the so called swift is spend a lot of money on tickets and services like restaurants, hotels,

and local attractions, driving economic growth. but the super styles, tor could push prices up on central banks, believe it or not, keeping a close eye on how fast is going to affect installation concept goes spend on average of $1300.00 each. taylor swift arrows tool that is affiliated film is estimated to have objected billions of dollars into the us economy. arrows is the highest grossing music tool ever, on the 1st to reach $1000000000.00 in total ticket gross sales globally. swift will perform in 18 european cities in the coming few months and hotel prizes across concepts. cities are expected to increase by 44 percent on average, according to a recent report by lighthouse. well, one that is hosting more swift performances than any other city in the world drawing really 700000 people in 3 days. a report release last week says the mega styles concepts will boost the city's economy by around $318000000.00. a box raise

consume a spend research found that swift store is expected to boost the u. k. economy, by $1260000000.00. for a challenge. reports from london. its being cold swiftly, no makes the genuine leaf economy please think affects. if they scroll down to human well tool, $380000000.00 for the london economy, according to the london mass. 1.27000000000 for the u. k. economy according to follow these banks and eat super friends, he unsafe streaming towards wembley stadium behind me. what is spent on average, a $1000.00 each on tickets travel accommodation, foods, outfits off the policies, etc. so you can see the money is rolling and i'm assuming you might have spent that i'd say that maybe a little more. sounds about right maybe per ticket. right. but ticket, but then you go to combination. yeah. you serve about airfare and then you put

a number on it. like that. would, you know, hasn't been expensive. yeah. yeah, i would say that's a good combination. outfits. yeah, yeah. so we paid $95.00 pounds for to each 1000 from the top 10. i managed to get pretty much every single vintage. so our time out for is going for about 40 quest. we thought it pretty well when i punch it by, i'm doing 2 more times. so i've got to make the money. you know, just say what? no, i'm good, i'm good, ultimate twice to get into wembley. and okay, london is one of the richest cities and it, well, they puts on hundreds of thousands of music and sporting events every year. but the man's office knows that this is on a different scale. let's go to his property as any diehards with the boasting that london is hosting more tightest with confidence than any other city in the world. and that 700000 people at least, will have seen her live and not since the beatles,

old elvis presley madonna alarm, or michael jackson has the lock of this being seen. and if you're looking at just the cold, hard cash, not ever, for each out in the counseling the cost. joining us not from funding. i miss maria cielo, who is the assistant professor of economics at the university of dunning. i'm good to have you with us for it. now, as an economist, what do you make of swift? no makes. is it a real phenomenon or just type? it's safe to allow me to study a phenomenon. as we come see, tennessee. i have been very successful, businesswoman. it has been made a lot of time to start teaching decisions. and then when we talk about 6 dynamics that we mean the economy, inc cox, that taylor sees the, has on body to staff doors, which maybe i'm driven by head towards unconscious stairs. and of course, we also have them and say, suspecting that she brings to indicted the spending. so all central

bank has rights to keep an eye on what's going on here. could taylor swift actually have an impact upon a country's inflation? and that's a very good question. i yes, think about i because we, as we said, it's a nominal and it's something that we construct. she start past the girl, us touring, and that's one way to make sure that depending on the corner we of course. so he's the one that economies, there's a high plus the higher push the b b that the head of cease when she towards the back. she will bring the much hiring past on the caught them in may, most likely to increase the price is uh, the longer the tenant then actually caught on me. so depending on they call on me, of course, by the old ways we need to keep an eye because we sold a lot cheaper. she has to generate a little bit on girl by me as we hold. and that reports with these are spending a lot of money in order to see taylor perform live. surely that just means that not

spending money elsewhere doesn't this. so what i expect is on economies is that there is a locational spending, so the funds or saving money to spend on taylor c. ready 3rd, t get merchandise and so on, and they're competing from somewhere else, but i'm expecting that they are coming from no necessity boards, for example. that actually would, instead of going to, let's say, the holidays in spain and the u. k. am they asked for the money they come to land on for ship to or for example. so, and i'm expecting that then it has started boats, they will, that will be spent on those, but then they are saving for a long time just to go and check to us. so who actually profits from time us, let them know what we think she's making a lot of money herself but, but who else is making money? so as we can see that he said uh, it may be

a short term impact on the kind of economy where she does have to have the concepts so that i seek to that she doesn't have to immediately has a positive impact because they need more of us people be to the more tories a, we have a more of the, the one for what child dining the merchandise and so on. and that sort of, that i'm, as we come see, hired the mind and economies, we have higher prices. but these, those are the positive funds and so the more money they're spending, the funds seemed a c. t's in those of mommy's are injected back to the low kind of economy because some of the spending and as we can see because she has like blow by tour. any product, something that you've changed bumps you've easy that at the middle leave. it will cost him and then the dog we come see that there is also the national fx just on the economy. we are, we come see that the media to lee makes those come to m o c t. what a tough, it's

a choice. of course we no longer shall wish um, oh, it has many toys, little so either student cheese now that more popular to trusting taylor swift. and finally, globally, this is something that when they pump several check me because it had a long term effect. as with the more they town they'd columbus in the countries in may. 10 on 3. i many thanks. indeed. that's it. that's great to talk to you. i'd have didn't ask you i us 50. have you have you been to just to see her? ah, yes, it's a very good question. i as you see, i haven't managed your to what commitments but that we tie in the 10th grade. so please. all right, maria, thank you very much. have a good to talk to you on comes in the cost. thank you so much. now koko from us in west africa to wanting to rub up as production costs, right, as they say that i'm like co co, something rub up isn't as intense, that it's less costly. industry analysts say that the current dropping output is

due in part to the gradual shift by fall those to the rubber crop. i'll just here is i'm gonna address reports from april bill in only 3 coast. so the coffee industry in west africa blames these white dripping sap as the biggest threat to scope a supply of to climate change. a growing number of farm was either diversifying into not to rubber or turning their backs into crap. that's a steam livelihood for generations. and put a pretty cost on top of the global list of coca produces so i wanted to go most is a president of the local co cooperative and i both feel down north of the business copy to lobby show you problems both across the, the most you have so policies and things, so now you have farming rubber is like being on a salary. you harvested almost every month on like cocoa, which is harvested once or at most twice a year. and they may not fetch as much cocoa, but at least you have something to live on every month. it is not to worry about

production in ivory coast roast for 170000 tons of just 3 years ago. to 1500000 tons that great to get to propelling the country to the top 3 purchases, weld industry. analysts believe it gets a positive comment output for the trade to 232024th. and you said climate change and sort of production costs are forcing more farmers to switch to robot while rubber trees taken nearly as long as cocoa to produce a 1st output. they require less hard work and i'm like coco rubble prizes aust tables. something many pharmacy appreciate for their own financial stability. as always of concern for the corporate history, for harvest means less income for both farmers and produce agents will buy the cocoa beans. so some labeling unfit beams, that's fair trade certified. that way they can charge more for the produce ivory

coast, cocoa, regulate as high as 95 percent of the beans from last season. warmongers fat right to certified the previously that was around 50 percent as it has suspended the certification process to allow for what it calls transparency, colquitt, diversification, and sustainability consultant edmond on says the co create industry is that across road small scale on from farmers provide 90 percent of the low supply, they have to do that task. nobody confronted anytime they can cut on the couple trees, it's not like big farms dots and you know, the control photo sloane order from us. you can't control them. it says a cool, clean disagreements come up with an acceptable support system to have pharmacist who continued to live in poverty was applying a multi $1000000000.00 industry. if not fuel farmers would come to be at the crop, which could mean high prizes for the chocolate box. or supermarket shelves. no

greek employees work longer hours than any other workforce in europe, with an average 41 hours per week. many of them now expected to work even longer. the government has introduced a new law that enables employers to implement a 6 day work week starting from july 1st. employees couldn't siri choose if they want to do more office hours to do the. those who work more will be paid for the change and label is aimed at solving the nation shortage of skilled workers. among other issues with the legislation includes employees and some industrial and manufacturing facilities along with businesses that provide 247 services. food service and tours and workers are excluded greek workers and protested against the bill a day before it was passed, saying that the of a whole could create bomb barrick conditions. any nations, particularly in europe, are experimenting with a full day showed you with some studies showing that it increases stuff productivity, of joining us not from the land is jens best in who is an economist,

focusing southeast in europe at the german institute for international and secure cfs good to have you with this. one of is grace introducing a 6 day week, but as we said, a lot of european nations looking at sharpening it. you're very right appealing. you can say that it's a companion move by increase, but greek legislation in many parts. a few hops, you know, have companies experimenting and employees wanting for day more week for cupid working? or we can nominate from the cold in 19 days. the introduction of home office, in that sense, greece is going in the opposite direction by the introduction. will statute totally longer working hours and longer working weeks. could this potentially back files your thinking that they may be a longer working week, but productivity? good for? i think productivity here is an important issue. i'm not convinced that you combine

productivity for longer working hours in particularly since the involuntary. it's about working smarter. it's not about necessarily working longer. productivity gains can be achieved, otherwise, better education, better pay for your work for us. different forms of equipment, an equal opportunity for men and women in the workplace. grace rank something like 15th, a in the you, in terms of its minimum wage. is this going to have an impact on, on wages? do you think will work has to be paid extra for the hours that they work? at least on page is suggested that they will be paid higher wages if they work longer. but want to not forget that that may also mean that within our higher pay, they also then move into a higher tax bracket and make higher social security contributions. at the end of the day, what they take home may not be that much more. that is

a really voluntary to greek workers, actually have the power to say, you know, what, know i'm, i'm, i'm sticking to a 5 day or a 4th a working week. i think that anybody who's familiar with the creek political economy knows about the negotiation position of the employer is stronger. employers have discussions about how to implement longer working hours and to say no to suction employer. you may risk losing your job. you may risk that your fixed term contract is not prolonged, then you will rather say, i'll do it even if it's involuntary. really good to talk to you on counting the cost many thanks and thanks for being with us. and to do that, so i'll show for this week if you'd like to comment on anything that you've seen, i'm at a fitting on the on x trying to remember to use the hash tag h a c t c, or you can drop it on line counts. of the cost of elders 0 dot net as an e mail address. as always, there's plenty more for you online,

it will just 0. don't. com, slash ctc. that takes you straight to a page which has individual reports, links into episodes p as a capture. but that's it for this edition of counting the cost. i'm adrian sent again from the whole team here and go home. thanks for being with us. for news on al jazeera is next the full hales the planet, interrogates while i was thinking about climate change, the way we do this, the global issue is abstract. so whatever i do, it doesn't seem to make a dent. alley re reveals how with being and it collated into distancing also from the climate crisis and delaying meaningful action. as faculty reactions has been both intentionally and unintentionally, quite a few ideas to create confusions. if we're confused with the power of psychology, imp looking climate action on l. g 0, the

heartfelt letters written by l. julian resistance fighters of the 1950s. many remains on scene until now. our moral is high. now brothers die every day to the right to our country. to 0 world reveals the long lost personal testimonies from the men and women who fought for all julian independence. i'm writing to you, not knowing if this could be my last letter. letters of love letters or for analogies. 0. 14 is in power for prime ministers in 5 years.

now polls suggest that votes is one person's conservatives out. really, you can revise the change on the latest test on that will give what she soon economic jones stay without just a rough the coverage of the u. k. election. the, the hot on the bed, the bed as well as i used. but i know i do know. 2 how to tell the truth, joe, by whose problem is not his age? it's not. is anything really, it's got no problem other than it's his competence. back on the campaign trail. us president joe biden bowes to stay in the race against donald trump officer a lot. plus the 1st debate performance alarms, democrats, the.