professor of capital formation and growth at the harvard kennedy school and in new york we cross to joe weisenthal he is a deputy editor at business insider all right gentlemen this is crosstalk that means you can jump in anytime you want but first let's have a quick look at america's debt mess. going broke i'm going for broke wanting stuff get asked of me and less the fourteen point three trillion dollar debt ceiling is lifted by i need me on the line the course of the u.s. is on a president obama so how do original money lives public debt at more than fourteen point two million dollars and rising by four wheeler dollars thirty hands and massive iou that's generation forty three cents of every dollar we spent this year . we borrowed against the future of our children the compromise voided a u.s. government shutdown with agreement on the largest single spending cut in u.s. history but thirty eight billion dollars is small change against the sun myself the debt and last month even though the war with largest bond trader said it was all out of u.s. treasuries smelling trillion dollar deficits as far

professor of capital formation and growth at the harvard kennedy school and in new york we cross to joe weisenthal he is the deputy editor at the business insider all right gentlemen this is crosstalk that means you can jump in anytime you want but first let's have a quick look at america's debt mess. going broke now going for growth wanting self-confessed of the unless a fourteen point three trillion dollar debt ceiling is lifted by need me on the lines of course the u.s. is on the wanted so courage in money leaves public debt more than fourteen point two trillion dollars and rising by four wheel and all there is then a massive iou to the next generation forty three cents of every dollar we spend this year. we borrowed against the future of the eleventh hour compromise boarded a us government shutdown with agreement on the largest single spending cut in u.s. history but thirty eight billion dollars is small change against the slice of the debt and last month the all three largest one trader said it was all off u.s. treasuries smiling trillion dollar deficits as far as i'm no skin sneak some conce

capitalism well joining me now to explain how we got here and what the future has in store for us is joe weisenthal he's the deputy editor of business insider so it's great to have you back on the program if you want to see the the drudge banner this morning and i know you did since you posted about it i mean it was an apocalyptic terms as if the end of the world is around the corner at least for the united states is this prediction the twenty sixteen deadline really the bombshell that is being made out to be or could we actually see very different world order comes when you're sixteen . i think there's a few things going on here for one thing you know this is just another con amisse forecasts and economists are wrong all the time who knows the other thing is important understand what this means even by two thousand and sixteen if the i am a prediction were to come true the us would still be a vastly wealthier country in china is the key thing to remember is bit. the best way to understand the wealth of any country is to look at the g.d.p. on a per capita basis how much wealth there is per person a