a life is actually the music of the way people talk. the way we walk is just everything is trusting timing. go tell them on the mountain. friend of the and mechanics see a new series of africa direct on. i'll just be around the hello. i'm, adrian said again, and this is counting the cost on elda 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 them will be well rich dumps with nomics taylor swift concepts a set to boost local economies. but does the american cigna travel big economic

influence as well? many european nations are exploring a short of what we, greece is introducing long the office hours for the little the 6 they said you bought the in the us is more than searching for trillion dollars in debt that's almost equal to its entire g d p. let's say a is big, bigger than any other 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 us 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 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 thinks the surging inflation and high interest rates that's getting more and more expensive to do. critics say it's the very definition of unsustainable, 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 amounts of 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 that 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. we're 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 are 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 up boiling cost 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 the one 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. its debt is held by the public as a share of the economy. the worries economists 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 lambs and economics, and he joins us now from coaches to in the u. k. godaddy with us. how so? how long 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 is a little bit of concern, but not much inside of the us. what, yeah, what was the, some is a big in the context that during, you know, the eighty's and ninety's for example. if i still a very long way to go, and when we talk about that what, what do we mean? i mean for you and i, if we're a dead, talked out it's all credit cards. we owe money on all 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, that is, i didn't assign why you to kind of foreign credit says uh, you know, uh either cool for or pension funds, etc. summit that the is that she owns, robbie us institutions decide that becomes a big lot the last time during the roy. um and the other thing. so the other thing to point out is that the, the us issues, it's on currency to 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 to do because it could increase in price than it could. the value, the dollar except your pot. i'm the us. oh, oh yeah, it comes with 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 decrease your 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 days 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 actually be easier to default and kinda start afresh then trying service the service to that, but the, the us, you know, technically doesn't have to have a default on the space that is know that they're also drawbacks to having a very,

very high debt to g d p restaurant. i've 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 could make people well self in the longer wrong, 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 it 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 productively helped me on people assigned that extra us boring, could, could start inflation. and so 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 cross isn't even pricing 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 of that to g d p ratio. haven't had the, the, the, the increase in that, that c d p ratio of the arrest i the last few years. it seems more like either this or not because 90 and the recovery coverage 90. so the things lot supply, both of next i'm prices rising for produces, improve across etc, a driving and prices rather than mounting government that that would be my to my position anyway. okay, so okay, why does that continue to grow? and it was 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 what to do anything about this as well? they pass a very good question. there are 2 things really, i mean, one is only on the spending side, there were a number of programs, but the social security, medicare also increase military expenditure, a huge increase in infrastructure expenditure through the impression reduction. i

bought it ministration, put fix that needed to be done because shoot pots with us infrastructure set the forwarding to places. so it was a big price, but invest the millennium side. moving to rules 0 tub, and i'm 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 in 2017 uh, reduce tax type person. i'm not suited trillion dollars out of the 10 years. and so a lot of those benefits went to the might as 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 let those costs expire. if boston is re elected in the coming election inside the, the american enterprise institute is full cost the, the, the, the extra, the extra tax type under the funding plan would be around $440.00 over the debt k

2025 to 2035 and that we've got some why tools currently helping product, the product, the how to fit 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 talk. so, you know, devotee 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. american singer songwriter taylor swift isn't just the music icon, but a economic phenomenon too dumped by some experts. a swift no mix. 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 inflation. a concept goes spend on

average of $1300.00 each taylor swift arrows tool that is affiliated film is estimated to have injected 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 in hotel prizes across concept. 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 the challenges reports from london.

it's being coal switch, the know, makes the genuinely economy. please think of facts of disco attempts, human well told $380000000.00 for the london economy. according to the london math . 1.27000000000 for the u. k. economy according to fall, these bank 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, food outfits off the policies, etc. you can see the money's rolling and i'm assuming you might have spent that i'd say that maybe a little more sounds about right maybe part ticket, right? but ticket, but then you go to combination who served about airfare and then you put a number on it. like that would you know, has to be an 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 with time out for is going for about 40 quest. we thought it pretty well when i punch it by, i'm doing 2 more time. so i've got to make the money. you know, just say what i'm going, i'm going to come in twice again to wembley. and olga london is one of the richest cities in a well, they puts on hundreds of thousands of musical 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 posting 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. oh michael jackson has the lock of this being said . 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, the i have been very successful, businesswoman. it has been made a lot of time to start teaching decisions. and then when we took about 6, don't all makes the we mean vac economy inc. cox that taylor sees the has own body to staff source, 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 bankers 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. yes. think about i because we,

as we said, it's a nominal and it's something that we construct. she sort past that a good, almost turing and that's what we need to make sure that done depending on the corner we of course. so he's the one that economies, there's a high, let's see, the higher possibility that the head of space. when she towards the back she will bring the much higher even possible. they caught them in may, most likely to increase the prices side, the longer term. and then actually economies. so depending on the economy, of course, by the old ways, we need to keep an eye because we saw that lodging. probably she has seen jen and a little bit on girl by me as we hold in that reports with diesel spending a lot of money in order to see taylor perform live. surely that just means that the not spending money elsewhere doesn't this. so what i expect is on economy is that there is, uh, the location with spending. so the funds or saving money to spend on tell us to

punch $30.00, get merchandise and so on. and they're competing from somewhere else. but i'm expecting that they are coming to you from no necessity, boards, for example, but actually good. instead of going to, let's say, the holidays in spain and the u. k. and they are so the money they come to land on for ship to afford example. so, and i'm expecting that then if i started boats, they will, that will be spent on those, but then they are saving for a long time just to go and for said to us. so who actually profits from tireless rep? i don't know what to say. 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 that to the concept. so that i seek to that she doesn't have to immediately has

a positive impact because they need are more of us people. these are the more tories a we have a more of the the one for courthouse dining, the merchandise and so on. and that for that, i'm, as we come see, hired the mind and economies, we have higher prices would be supposedly positive funds. and so the more money they're spending, the funds seemed a c. t's in those amante's are injected back to the low kind of economy because some of the spending and as we can see, because she has like below 5 tour any for the company that you changed bumps you easy that at the middle leave, it will cost him and then long story, we come see that there is also the national effects this on the economy. we are, we comes to 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 waste. um, oh, it has many tornadoes, so either student cheese, now the more popular to fussing taylor swift. and finally, globally,

this is something that we need to upstairs check really because it had a long term effect. as we the more they town they'd columbus in the countries in may. ted on maria. many thanks. indeed. that's it. that's great to talk to you. i didn't ask you. i was 50. have you have you been to just to see. huh. uh huh. yeah, it's a very good question. i, as you see, i haven't managed your to what commitments but that we try and 10th grade. so please. all right, maria, thank you very much. have a good to talk to you and come from the cost. thank you so much. now, co co farmers in west africa trying to rub up as production costs, right? as they say that unlike co co summing, rub up isn't as intense as less costly industry. analysts say that the current dropping output is due in part to the gradual shift by fall those to the rubber cropped. i'll just here is i'm gonna address reports from aqua bill in only 3 coast

. so the cool industry in west africa blames these white dripping sap as the biggest directed scope of supply of to climate change. a growing number of farm was either diversifying into not to rubber or turning that back, send a truck to steam livelihood for generations, and put a cost on top of the global list of coca produces. so why do go most is a president of deluca co cooperative. united will feel down north of the business capital. i'll be show you problems both across the the most you have so policies and thanks a lot of 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. they may not fetch as much cocoa, but at least you have something to live on every month. not to worry about production in ivory coast roast from 170000 tons to 3 years ago. 1.5000000 tons of

great ticket to propelling the country to the top 3 purchases world. industry analysts believe it gets a positive comment output for the 20232024. so 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 the 1st output. very quiet and less hard work. and i'm like cool, co rubble prizes aust table or something. many pharmacy i appreciate for the on financial stability. that's so is of concern for the corporate district for harvest means less income for both farmers and produce agents or by the cocoa beings. so some are labeling unfit beams, that's fat drapes that divide that way. they can charge more for the produce ivory coast. cocoa, regulate us as 95 percent of the beans from last season. warmongers fat right? certified. the previously there was around 50 percent,

as it has suspended the certification process to allow for what it call strengths of piracy colquitt, diversification, and sustainability consultant edmond corner says the copay industry is that across road small scale on from farmers provide 90 percent of the low supply, they have to do the costs. nobody from controlled any time the content on the couple of trees. there's no like big farms that can, you know, be controlled, photo, small order farmers. you can't control them. he 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 visit the crop, which could mean high prizes for the chocolate box, or the supermarket shelves of 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 bob barrack conditions. any nations, particularly in europe, are experimenting with a full day showed you with some studies showing that it increases stuff productivity. joining us now 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 us. one of is grace introducing a 6 day week,

but as we said, a lot of european nations looking at sharpening it was a right. and you can say that it's a companion move by greece, but greek legislation in many parts, a few hops, you know, have companies experimenting and employees warranty for day work week or 2 good working. or we can nominate from the over 19 days, being production of home office. in that sense, greece is going in the opposite direction by the introduction, will start, you totally, no longer working hours and longer working weeks. could this potentially back files your thinking that there 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 particular, i subsea involuntary. it's about working smarter. it's not about necessarily working longer, full activity gains can be achieved, otherwise, better education,

better pay for your work for us. different forms of free quote meant an equal opportunity for men and women in the workforce. 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 one page is suggested that they will be paid higher wages if they work longer. but one should 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 on, 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 that the negotiation position of the employer is stronger. employers have discussions about how to implement longer working hours and to say no to such an employer. you may be losing your job. you make risk that you fix term contract is not prolonged, then you will rather say, i'll do it even if it's in voluntary. really good to talk to you on counting the cost many thanks and thanks for being with us. thank you. ok. and that's our show for this week. if there's lots of comments on anything that you've seen, i'm at a fitting an on x. try to remember to use the hash tag h a c t c, or you can drop it on line counts of the cost of l, just 0. don't net as an email address. as always, most plans email for you on lineup. i'll just 0. don't com slash ctc. that takes you straight to a page which has individual reports, links into episodes visa catch up. but that's it for this edition of counting the

cost. i'm adrian sent again from the whole team. here though, how, thanks for being with us for news on al jazeera is next the whole team is in power for prime ministers in 5 years. now poll suggests that votes is one person's conservatives out, well that you can revise, but change on the latest test on up or get pushy soon. economic jones stay without just a rough. the coverage of the u. k. election. hard hitting interviews is israel and obstacles piece. i think that the new thing you have on his government with these says 5 digit, you say getting russell, a thought provoking. odd since the e, you made weapons being used in guns. no guns should be used in an offensive way. that's our facing realities you're running. mean, what does he bring to the table? hard from being presidential? could we go to some we cannot take the fact that you assigned him

a present as not that important effective. he had the story on talk to how does he have the millions of people to cherish the american dream of owning a home has slipped out of reach mike, price and accountant, and his wife had spent years searching for an affordable home. things are just so priced above what we can actually afford that we're constantly searching for something i feel for those people who are struggling, who need to get out before it's too late. i mean, i would say it's just the money in chicago, like many us cities, former working class holes now cost millions and there's a yawning racial gap in home ownership. the home ownership rates between black and latino households and wide households in chicago and even nationally is as much as 30 percent. yeah. lack of affordable housing is one of many factors that have put americans in a sour mood about the economy. and that's a problem for president joe biden as he goes head to head with donald trump in

november's election. the, the, the us supreme court gives presidents sweeping criminal immunity, effectively delaying donald trump's election subversion trying for all practical purposes. today's decision almost certainly means that there are virtually no limits. personally can do this. a fundamentally new prince. you took dangers, press the hello, i'm dire in jordan, this is out. is there a life coming up.