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tv   Counting the Cost  Al Jazeera  February 2, 2023 2:30am-3:01am AST

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f, named after the telescope that saw it and the time it was seen likely comes from the distant or cloud, a cosmic mist of water, ice and rock that sits thousands of times further from our son than neptune. it's one of 2 places. comments come from in our solar system. the last time this comment appeared in our sky, earth was in an ice age, and modern humans were making stone age tools alongside now extinct neanderthals and dennis owens. as any common approaches, the sun, it heats up, the frozen material inside, gets thrown off as gas and dust that could be seen streaking across the sky. at the front of this one, a reaction that was only recently understood is happening. a molecule of 2 carbon atoms, burns green before being destroyed by sunlight. comments may have brought water to earth in its early years. this one is expected to leave the sun's pole entirely flying off into interstellar space. so seeing it really is
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a unique opportunity. ah, you're watching al jazeera and these are the top stories. the sour a funeral has been held in memphis for tare nichols who died after being beaten by police officers 3 weeks ago. his family was joined by the us vice president and civil rights activists. nichols, mother called on congress to pass police reform legislation in the wake of her sons killing at his me would evident george lloyd b a. we needed pest. yeah. because there should be no other chair. this is server the way mother and all the other peer it see here have lost their children. we need to get that bill passed. name. oh. that the next.
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yeah. that, that, that blurred is going to be on there. he in the f. b, i has found no classified documents at a beach house owned by you as president joe biden. the search was part of a special council investigation into his handling of classified material. and president biden has met with you as how speak a kevin mccarthy at the white house to discuss raising the government's borrowing limits. is the 1st time of hell talk since mccarthy took up his position in january the u. s. federal reserve has raised its target interest right by a quarter of a percentage point. the central bank continued to promise ongoing increases and borrowing costs, as part of its battle against inflation. the u. k has experienced its largest coordinated strike action in a generation of to half a 1000000 train and bus drivers, civil servants, university lecturers and security guards walked off the job in disputes of
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a pay and working conditions. at least 4 people have died after a fire broke out at a hospital in the egyptian capital of cairo. at least 32 people were injured and investigation is underway to determine the cause of the fire. accounting, the casters next and those are the headlines. informed opinion, far right extremism, it's really and need to be tackled as soon as possible. frank assessments. there was a joke about the interim government that it, it's not in friendly nor does it got insight story on al jazeera. i know i'm a clock. this is counting the cost on al jazeera. if you look at the, well, the business and economics this week, the u. s. is facing
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a fiscal standoff that could put the nation at risk of defaulting on a debt for the 1st time ever. so what's behind americas? debt ceiling crisis, and should the rest of the well be worried? also this week, it seen as britain's national treasure about the country's health service system is falling apart. so how did the nfl has reached this point? and is there a way out of the crisis? plus the travel and tourism industry is picking up speed this year. the travelers taste that changing and they're increasingly going green. ah, so the u. s. debts is now 6 times what it was at the start of the century, despite its growing liabilities. the country has never defaulted on its payments. now the u. s. has crashed through. it's $31.00 trillion dollar borrowing limit. and that means the government could run out of cash to pay its bills in less than 5 months and puts congress on the clock to raise or suspend the debt ceiling. but
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getting lawmakers to agree on that says, expect it to be a tough political battle on capital hill. the republican controlled house of representatives refuses to raise a debt limit unless president joe biden agrees to steep spending cuts. democrats wanted to be raised without any condition. the treasury department has started taking so called extraordinary measures, including suspending investments for retirees to avoid missing financial obligations to bondholders. but that would give congress and biden until early june to resolve the issue. while the united states is among a few countries to set a legal limit on bar, right. so what exactly is the debt ceiling? it's the maximum amount. the government's compared to pay bills already approved by lawmakers. it doesn't include new spending commitments. the measure was 1st introduced back in 1917 to make it easier for the government to finance its participation in the 1st world war. it has been periodically res because the u. s.
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runs large annual deficits in the revenue it collects isn't sufficient. the nations debt is currently at more than 120 percent of g d p. but that's still lower than more than a dozen countries, including japan, greece and italy. in recent years with the u. s becoming more partisan. lawmakers have used the debt ceiling votes as leverage against other issues. indeed, a stand off over the debt ceiling in 2011 lead standard and poors to cut the u. s. as a credit rating for the 1st time ever. well, to discuss all of that on join down from london by richard siegel. richard the research analyst that i'm brazier capital, welcome to the program. so. so 1st off, i think it's worth repeating in the u. s. that 6 times what it was at the start of the century. how come? well, there are number different reasons. there's natural growth in debt anyway, with the economy growing and spending growing and with inflation and the like. but
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i think the problems really go to the early part to thousands when fiscal discipline was last after the end of the dot bar dot com crisis. and then things really got bad in the last republican administration when there are some major tax cuts and things got even worse at the beginning of the last ministration. both because the parent dynamic related spending and also because of tax cuts. the difference between the republican tax cuts and then the credit tax cost is at the 1st corporate oriented and the 2nd were individual oriented. all right, and there was no relates. so we all where we are now. and if the debt limit is not res, basically the federal government just runs out of cash, right? yes, that's correct. there is a very arcane calculation which determines the depth and that you really do have to be a specialist in order to understand it. but at a certain point,
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the u. s. government can no longer borrow in, therefore technically it would go into default because the consequences would be so devastating. it's pretty likely that an agreement will be reached even if it's very painful, even if it's at the very last minute. why does it have to be painful? why does it has to be the last minute? why not just raise the debt ceiling? its politics, it is happen many times over the past 1520 years. in fact, the debt limit law itself dates to 1917. it doesn't really make any economic sense . maybe it make some economic sense. but it's just something that there's never been enough political will to do away with the treasury secretary john ellen has as introduce so called the extra ordinary measures. i think by time how costly are these to ordinary americans and what kind of things are we talking about? they're called extraordinary, but in fact, they're really just accounting techniques. the u. s. government issues, a lot of debt to social security funds like which are,
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are effectively non marketable and they're off balance sheet. it can effectively borrow from them for 6 to 8 months. it's a very serious situation by wouldn't say that any kind of default would be imminent . we have plenty of time in order to solve this. so we brace ourselves at the end of the well, the partisan wrangler. what are the republicans want and, and how compromise be reached? it will have to be reached eventually. the difficulty right now is that this is not just a battle between republicans and democrats, but it's also a battle within the democratic, excuse me, within the republican party. largely because of the long battle in order for kevin mccarthy to be nominated as how speaker he was required to give some concessions to some of the independent mining congressmen and they are the ones that are holding out against the republican party. so it's not just the typical republican versus democratic struggle bill, but what is it on the whole that the republicans want? well, what they want is some concessions in terms of lower spending, which would,
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as one would expect lower spending on districts. that would be a benefit to the democratic voters or perhaps in some of the swing states as we call them. what the independent minded republicans would like is lower spending as a whole, which wouldn't be realistic. it wouldn't be a good idea. perhaps the pe suspending increase should be lower, but you wouldn't want to spend too much. last when the economy is already very weak . you say there's no appetite for abolishing the debt limit, but it sounds like that's exactly what should be done given the, the rang being that seems to happen all the time over this. why is there no political appetite? it's difficult to tell. it's just one of these things that always falls by the wayside. other priorities tend to become more important and because it's been its place or sexual long time, more than a century, it just bills its own inertia. it has actually been beneficial sometimes in the past, for example, the mid ninety's when it encouraged fiscal discipline in
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a bipartisan matter. but that didn't last very long. a crisis happens. busy or something else becomes to per t and they lose that discipline. tell us more about. busy the u. s. is debt to g d p ratio just just how does americans that compare say to other countries? it is very high. it's approaching 140 percent of g d p. it will decline. actually, as some pandemic related spending declines. and because of what we call the inflation tax, but historically had been on the order of 70 to 80 percent. the european limit is 60 percent. both countries are above that. germany's about 70 percent germany was on the wrong path, but it managed to reduce its debt load even with low growth and low inflation. so can be done with a political well, it's much higher in countries. such is italy and japan. wherever the distinction there is that there's last private debt and savings rates in both of those
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countries are very high. and also they have trade surpluses so they can sustain much higher debt levels in the u. s. it's very high. so at some point, something has to be done is a default on that inevitable. if there is no agreement if there is, it would be inevitable. our, i think the silver lining is said it would be so devastating that within a day or 2 they wouldn't. it would be an emergency agreement, even if it's on a bipartisan matter in order to resolve it just because not the, it would be a great impact on the us government, but there will be a great impact on the us economy and the rest of the world versus appreciate that. thank you. thank you for nearly 3 quarters of a century, the british government is provided mostly free health care for all britons and the national health services. long being the country's most revered institution. in fact, ranking 1st and a 2016 survey, but the n h s is now at breaking point. hospitals are running beyond that capacity
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. ambulance weights are at record highs and stress staff, a striking over pay and working conditions. not baba looks at the debates on the future of the system. c with strike spreading and talk of a system on its knees is britain's reverence for its national health service. blocking much needed reform such a job. it certainly think so. the conservative form a health secretary and finance minister wrote recent levy 75 year old model of the n a chest is unsustainable. jeff, it's suggested people could pay for consulting, a family doctor and praise island system where patients must pay around $81.00 to access the equivalence of the case accident and emergency departments a and eat unless referred by their doctor. now that so sort of idea, most british politicians run away from because it means scrapping the doctrine that
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health care should be free at the point of need. the prime minister has distance himself from the comments which you do not did before taking office. talk about issuing fighting to any patients who missed appointment. he then backtracked, the opposition labor parties also stepped into the debate shadow hill secretary, west street, has suggested the growing waiting lists could be tackled by the n h s sending more patients to private hospitals. louisa in a retired family doctor, an anti privatization campaign. i think that's a bad idea. listen, an infinite pool of doctors, nurses, and a lot of doctors, nurses go to the private sector because they get paid more. and furthermore, when something goes wrong in the private sector, the patient is then, you know, red light um, straight into a and then it us, andy. now if we what we need is we need to build up on a chest. again, louise says she did see really improvements in patient experience in the 2 thousands on the labor when annual increases in n h s funding. well hi it and they are now,
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since it was created spending on the n h. s is increased by an average 3.7 percent per year in real terms, but from 2010 to 2018. when the conservatives governing coalition and then on their own annual n h s funding growth slow to 1.4 percent is rising more quickly. now, but an aging population, an increasing demand for expensive treatments means nobody's noticing. if we look at the energy as compared to other o e c d countries, we have fewer doctors and nurses per, had a population. we have few, a hospital beds for had a population. we have low levels of investment in things like diagnostic equipment . and all those things are not about the way in which the system they, they are not. jesse is organized and funded. that's about they, the fundamental decisions we made about the level of that we want to spend on health in this country. so the challenge to the politicians, is this dealing with the crises hitting the health service right now planning for the long term and avoiding a 2 tier system. nadine barber for counting the cost in london. well,
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let's take this on joining me now. also from london, his sam, tim's is an economist at the new economic foundation that think track sometimes welcome to the program. so the n h s is in crisis, even the former health factory surgeon, job id says the system is unsustainable. to agree with that. oh no, i think the a funding 3 and a chest is unsustainable. the model was kind of free. the point of use funded by general taxation that we're spur kind of over the last 13 years under the austerity policy that we've had. actually, we haven't been investing enough in the any chess compared to the needs of the country has glue the need for the n h. s is grown, but compared to our international is our funding. indiana chest has fallen fall below the average from is if we put more money into it just then don't other services suffer. no, that's not necessarily true unfortunately, because if you have a healthy work or you can go into work and therefore they necessarily in as much
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needed social security and they're able to pay more. so at the moment we've got about half 1000000 people that are economically inactive. so kind of not looking for work, half a 1000000 more compared to before the con, demik. and we go about how many people are just waiting lists half 1000000 more than before the panoramic. there was no one for one, but actually that will be a large amount of both. and by having a healthy population have, i hope you're me. so why, why we reached this point, was he and it just in such a state? well, there are a few different reasons the funding i just mentioned is it's a big issue of the needs of our country have grown. we have an aging population and actually the funding in the chest has been kept up. there's also a major issue of staffing. we've got like 160000 they can see in the chest. it's about one inch in positions. part of that is because of hey. ringback for and
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staff, there's a reason why nested around striking amendment and experience actually was all that have and they were about 1015 years ago. and you have message during the balance, dust, dust, know system, working in school, and a huge amount of back from down to the lack of pay and public sector pay freezes that we've had over the last 15 years. there's also a major issue to do with social care, which is then having an impact on the attic just as well. right. let's look at funding. there are various ideas floating about out there, including java himself. you propose making any just patients pay their doctors for doctors appointments and even any emergency departments using kind of means tested system nothing. i'm right. saying that that works in to a degree certainly in sweden and ireland, realistically, about not going to work in, in the u. k, 1st of all, let's not forget that we do pay for the just pay for free nations and income tax and other forms of transportation. so we are paying for the service that we get.
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but when you arrive at your g p, i or any, it's free of the point of views. if you charge on that, well, it's going to turn people going to the services. that means when you start to get a bill, they're not going to go to the g p. instead, they're going to wait several weeks longer, possibly most seriously ill. and then they require more time from the chest than they would have if kind of if the just so they were to be that brian onus, there's something here kind of you mentioned model a moment ago. the definitely more you can do around preventative care about care in the community. if you have the charge, the people going and trying to ensure that their health stays as good as it can be . we're never going to get close to that for the preventative care, or it's been how do you reform the funding process? well, we have to have the frank discussion here in the u. k. right now we have american style is
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a we're trying to get towards that box with european style state. so actually we need to have an honest discussion of how we're paying for the chest re taxation, who's paying for it. it's, it's well known, the non dorms, for example, on paying their fair share of tax landlords as well on paying their fair share national insurance or capital gains. there are lots of holes in the tax system which are quite easy when the government of any color to come in and fix and immediately you could, you could put that money back into the chess. what about this idea? finally, if rely on the private sector and hospitals to help rescue the energy put forward by the labor party. so maybe as a very short term plan, the trade work, but anything longer than, than short term doesn't quite make sense. we've. we have a self issue both in indiana and social care where we also go about $130000.00 vacancies. if i, if we can rely on that private model,
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staffing within the checking is going to get even worse. and that means kind of a greater reliance on private health. all right, well it's a battle ahead sometimes appreciate that. thanks very much. thank you. after 2 years of pandemic disruptions, the travel industry is roaring back this year. great use for countries to rely on tourism for revenue, but bad news over concerns rising c o 2 emissions on international flights. however, a new report shows there's a shift in travelers, mindset and many and now more encouraged to decrease that carbon footprint. more than 60 percent of travelers surveyed in the report have chosen sustainable options in the last couple of years and 3 quarters of travelers planned to do so in the future. it also found the majority of high end travelers are willing to pay more money to make their trips more environmentally friendly. the survey was part of a report conducted by the world travel and tourism sector trip dot com and the
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global consultancy firm delight. so let's dig in more into this report with julia simpson, the president and executive officer at the world travel and tourism council joining us from london. julia, welcome. so 69 percent of travelers actively seeking more sustainable travel options. what's driving this rise in demand for sustainable travel? yes, it's really an interesting and unique for inviting me from a very chilly lungs. and i have to say, i think off the pandemic, we saw a very big pent up demand. the travel and tourism and people were looking to get back to nature, looking to get the grades out doors and i think it was inevitable really off the being top. but i think that also made people have a great, a greater appreciation of nature and the value in the preciousness of travel. so apart from that thing to be lety has been going up everybody's list of what they
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need to achieve this year. you know, how can i be more dateable in every aspect of my life, but certainly we publish the trends report very top item with people saying that they want to travel more responsibly. so the demand is a, is the supply, is the travel and tourism industry adapting to this? are we seeing a rise in eco friendly hotels and travel destinations? absolutely. you know, you'll see all over the world. i was talking to a new member of the well traveling tourism council best western. and they said, you know that when they make hotels they'll often have solar panels associated at the back of the hotel and that will be powering the hotel. you'll seeing hotels around the world wanting to sort that food more locally from local suppliers that help build a strong local economy and get seasonal food. rather the may be a great big food fest where there's a lot of food ways people in hotels now are avoiding the use of plastics. watering
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countries where water is very, very scarce services. very incredible examples of how people are recycling and using water in places like africa. so yes, very, very much all the talk to the agenda for hoteliers globally as well, isn't sustainable travel a lot more expensive and you know, times a hard yes i, it's really interesting because the trends report that we, we knowledge the fact that people are from paying you know, higher inflation, they've got, you know, then living costs are going up. and yet really interestingly, when it look that, you know, spend that you wouldn't necessarily have to make people are saying that they want to keep travel top of their list. and again, i think that is very much a reaction of the being sort of locked up to 2 to 3 years. you know, china just read reopened and we're seeing the booking that going off the scale. so
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your thought in a way, i'm not surprised that people are privatizing travel and you took it back. does it affect call? interestingly, the hotel you for example, to become more efficient in terms of energy use. yes, it does sometimes costs an initial outline, initial investment. but once a hotel is set up, it will actually make the hotel cheap. it's a rum, there is one catch here, isn't that you have to fly to get to many of these destinations and flying currently is not sustainable travel. well, you know, it was so interesting because i was looking at the other day that when we use the internet now the use of the internet is now out stripping in terms of the carbon that it produces. because every time we do a search it 5 big data centers around the world, and that search now actually means that the carbon produce and that it more than it is in any trouble. but having said that,
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that's really just to put it into context is not about shaming one, but against another sector. we're all in this together and every human activity from the moment we wake up, or indeed, you know, even if we're lying asleep in bed with the heating all every human activity has an impact and flying. and i come from a navy ation background. we have been working since 19 seventy's. i'm trying to find a cleanup ways to fly as you know, jet fuel is a very particular elite type of fuel that the why so important is it so pure it says it doesn't freeze 30000 feet. so we'd been trying desperately to ponder, tentative to this. and now the really great news is there is a little tentative. it's called sustainable aviation fuel. and the technology exists. and what we need now is the big oil produces when they're pumping out so much power to reserve a part of their business to produce sustainable aviation few. because the money is
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that the technology is that the government can do it. because if you think about governments, they put a lot of regulation in to help people move from petrol and diesel call to electric calls. so they've done it the ground transportation. so all that sort of regulation is readily available to be able to use for a v ation as well. yeah, it's a question of scaling. that's the issue, scanning it up to the degree that it's needed that i just want to move on fine. i just want to ask you, given this issue about flow, or more sustainable type holidays being offered that you could take without having to bought in aircraft. yes, you know, domestic travel aground, the world really benefited. we all know that, you know, people in the middle east, they stayed locally. they discovered park middle east that never been before in the u. k. people were traveling around the cities and towns and the great outdoors that
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they possibly seen before. so i think that desire for domestic travel and understanding your own culture will continue and people are using the train. but actually if you look at the numbers that we're looking at, people are booking now when evolved and they're booking long, who and their booking to go and holidays. actually, the absence of cities and beach holidays are coming back, often wanting to be in the great outdoors and not having to be too because to not the human being. now people actually want to get back to see the culture in the cities and relax on the coast. all fascinating stuff pre said about julie simpson. thank you. i'm q. and that is all show you for this week. if you'd like to comment on editing, you see tweet me at nick la account jobs, please use the hash tag a j c p c will just drop as an e mail counter the cost at algebra dot net. it's our address, but there's more view on line it algebra dot com slash ctc,
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and that will take you straight to our page, which has individual report links and in time to catch up. so that's it for this edition of counting the cost. i'm the clock for the whole team here. thanks for joining us. news and algebra coming to the ah and african story from african perspective mint condition, select wireless, cuz your response to that once in jamie to one to 15 for short.
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documentaries, from african filmmakers from booking of fossil and head for me, it's really important to teach as it comes in do something that i can be proud of. the paint and g hines bench africa direct on. i'll just hear from the al jazeera london broadcast center to people in thoughtful conversation. i got much west races and when i was at the university of oxford, which really scared me because i like these people are going to be in positions of power with no host and no limitations. empire is the reason that we live in a multicultural society. part 2 of 5, shaheen and adam rather fit studio b unscripted on out his era. ah, ah, ah, a final emotional farewell for 29 year old tyrene nicholas beaten to death by
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